India - 2009
ET Now and StarMine Present the Top Analysts of 2009 for India
ET Now and StarMine, a Thomson Reuters company, are pleased to announce the results of StarMine's 2009 annual survey of analyst performance for India. StarMine, the leading provider of objective ratings of securities analysts, measures analysts' performance based on the return of their stock recommendations and the accuracy of their earnings estimates. The 2009 StarMine Analyst Awards program utilizes the I/B/E/S system as its data source. The 2009 awards for India are based on the period July 1, 2008 through June 30, 2009.
Analyst Spotlight: Abhijit Majumder
Abhijit Majumder of Prabhudas Lilladher is the top Overall Stock Picker in the 2009 Analyst Awards for India. Majumder, who focuses on India’s financial sector, made his most lucrative call on Bank of Baroda. He was bullish on Bank of Baroda (ticker: BOB.BO) throughout the entire awards period as it shot up 133%, outperforming its industry peers by 105%. Majumder also hit the mark with his positive outlook on Union Bank of India (ticker: UNBK.BO). During the 11 months that he had a "buy" on Union Bank of India, the stock returned 127% and outperformed the industry benchmark by 104%.
Methodology: View our awards methodology
| STARMINE ANALYST AWARDS METHODOLOGY | |
| StarMine objectively measures
the performance of analysts based on the returns of their buy/sell
recommendations and the accuracy of their earnings estimates. The
2009 StarMine Analyst Awards for India are based on the performance
from July 1, 2008 through June 30, 2009 of recommendations and
estimates on companies that are based in India. DATA SOURCE The StarMine Analyst Awards for India are based on the estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in India, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for India. For example, StarMine's "Financials" industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance, and Thrifts & Mortgage Finance. INDUSTRY STOCK PICKING AWARDS Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award. Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry. For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe. The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating. Qualification Criteria: To qualify for a 2009 Industry Stock Picking Award, an analyst must have met the following criteria:
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry. Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating. OVERVIEW OF EARNINGS ESTIMATE AWARDS StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates. SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score). INDUSTRY EARNINGS ESTIMATE AWARDS To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry. Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater. OVERALL EARNINGS ESTIMATE AWARDS The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards. Qualification Criteria: To qualify for the Top 10 list, an analyst must have had coverage on at least five stocks throughout the awards period. BEST BROKER AWARDS The brokers that have collected the most individual analyst awards earn a place on the Best Brokers list. Non-Participating Firms: The following firms did not participate in the 2009 StarMine Analyst Awards for India: CLSA and Bativala & Karani Securities. |
Trophies: Place an order
ET Now and StarMine Present the Top Analysts of 2009 for India
Top Stock Pickers
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Majumder, Abhijit | Prabhudas Lilladher | Financials |
| 2 | Puri, Abhishek | JM Financial | Industrials |
| 3 | Kasat, Amit* | Motilal Oswal Securities | Transportation; Industrials |
| 4 | Shanbhag, Abhay | Deutsche Bank Securities | Biotechnology; Real Estate; Financials |
| 5 | Panthaki, Percy | HSBC | Consumer Goods & Services |
| 6 | Sabnis, Avadhoot | RBS | Energy |
| 7 | Singh, Bhuvnesh | Credit Suisse | Information Technology |
| 8 | Krishnan, Pratish | DSP Merrill Lynch | Information Technology |
| 9 | Dunivant, Todd | HSBC | Financials |
| 10 | Sharma, Vishal | BNP Paribas | Industrials |
* This analyst is now at Anand Rathi Securities.
Top Earnings Estimators
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Vydianathan, Kanchana* | Pacific Crest Securities | Information Technology |
| 2 | Bhasin, Reena Verma | DSP Merrill Lynch | Industrials; Information Technology |
| 3 | Swamy, Mohan | RBS | Industrials; Consumer Goods & Services |
| 4 | Broachwala, Hatim | Khandwala Securities | Financials |
| 5 | Rajgarhia, Rajat | Motilal Oswal Securities | Financials |
| 6 | Agrawal, Vaibhav | Angel Broking | Industrials |
| 7 | Gandhi, Jinesh | Motilal Oswal Securities | Industrials |
| 8 | Handa, Saurabh | Citi | Energy; Biotechnology; Industrials |
| 9 | Mansingka, Niraj | Edelweiss Securities | Energy; Industrials |
| 10 | Katkar, Harshad and Raghavan, Nirmal | UBS | Energy |
Top Most Award-Winning Brokers
| Rank | Analyst | Number of Awards |
|---|---|---|
| 1 | Motilal Oswal Securities | 10 |
| 2 | DSP Merrill Lynch | 7 |
| 3 | Credit Suisse | 5 |
| 3 | Deutsche Bank Securities | 5 |
| 3 | HSBC | 5 |
Biotechnology
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Shanbhag, Abhay | Deutsche Bank Securities |
| 2 | Sharma, Rahul | Karvy Stockbroking |
| 3 | Desai, Nimish | Motilal Oswal Securities |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Vora, Rajesh | ICICI Securities |
| 2 | Gupta, Sonal | UBS |
| 3 | Desai, Nimish | Motilal Oswal Securities |
Consumer Goods & Services
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Panthaki, Percy | HSBC |
| 2 | Topiwalla, Hozefa | Morgan Stanley |
| 3 | Sarawagi, Manish | DSP Merrill Lynch |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Sethi, Ishan | Goldman Sachs |
| 2 | Shah, Anand | Angel Broking |
| 3 | Aggarwal, Amnish | Motilal Oswal Securities |
Energy
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Mehta, Kirtan | HSBC |
| 2 | Mookim, Sanjay | Credit Suisse |
| 3 | Balasubramaniam, Venkatesh | Citi |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Katkar, Harshad and Raghavan, Nirmal | UBS |
| 2 | Prasad, Sanjeev | Kotak Securities |
| 3 | Ramesh, Sankaranarayana | Deutsche Bank Securities |
Financials
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Majumder, Abhijit | Prabhudas Lilladher |
| 2 | Rajgarhia, Rajat | Motilal Oswal Securities |
| 3 | Srivastava, Punit* | Enam Securites |
* This analyst is now at Daiwa.
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Broachwala, Hatim | Khandwala Securities |
| 2 | Rajgarhia, Rajat | Motilal Oswal Securities |
| 3 | Agrawal, Vaibhav | Angel Broking |
Industrials
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Puri, Abhishek | JM Financial |
| 2 | Parekh, Bharat | DSP Merrill Lynch |
| 3 | Agarwal, Anand | Credit Suisse |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bhasin, Reena Verma | DSP Merrill Lynch |
| 2 | Gandhi, Jinesh | Motilal Oswal Securities |
| 3 | Garg, Lokesh | Kotak Securities |
Information Technology
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Singh, Bhuvnesh | Credit Suisse |
| 2 | Krishnan, Pratish | DSP Merrill Lynch |
| 3 | Singla, Manoj | JP Morgan |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Vydianathan, Kanchana* | Pacific Crest Securities |
| 2 | Goyal, Surendra | Citi |
| 3 | Mathrani, Ajay* | Deutsche Bank Securities |
Real Estate
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Shanbhag, Abhay | Deutsche Bank Securities |
| 2 | Negandhi, Chirag | Enam Securites |
| 3 | Sharma, Unmesh | Macquarie Research Equities |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bothra, Siddharth | Motilal Oswal Securities |
| 2 | Jain, Puneet | Kotak Securities |
| 3 | Agarwal, Amit* | DSP Merrill Lynch |
* This analyst is now at Ambit Capital.
Transportation
Top Stock Pickers
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Gupta, Sachin | HSBC |
| 2 | Iyer, Bharat* | JP Morgan |
Top Earnings Estimators
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Chellappa, Govindarajan | Credit Suisse |
| 2 | Dadabhoy, Jamshed | Citi |
| 3 | Goel, Ashutosh* | Edelweiss Securities |
* This analyst is no longer active in our database.
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