Top ER firms in Asia?

Looking for insights on the top firms providing Asia coverage? I am thinking about firms domiciled in HK, Singapore and Japan.

I know that some of the more local banks are pretty dominant. Eg HSBC, DBS, Mizuho. But I have heard that some of the larger US companies like JPM and MS are still very relevant.

Hoping to get a tier list similar to previously posted discussions but this time focusing on Asian ER.

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When it comes to Equity Research (ER) in Asia, the landscape is shaped by a mix of global heavyweights and dominant local players. Here's a breakdown based on the most helpful WSO content:

Top Global Players in Asia ER

Morgan Stanley (MS) - Known for strong China coverage and a robust presence across Asia.
J.P. Morgan (JPM) - Maintains relevance with comprehensive regional coverage.
Credit Suisse (CS) - Particularly strong in Asia, with a significant presence in markets like Indonesia and Greater China.
UBS - A major player in Asia, with a strong focus on regional equities.
Goldman Sachs (GS) - While still relevant, GS has reportedly fallen slightly behind MS and CS in certain Asian markets.

Dominant Local Players

HSBC - A powerhouse in Asia, especially in Hong Kong and Greater China.
DBS - A leader in Southeast Asia, with a stronghold in Singapore.
Mizuho - A key player in Japan, leveraging its local expertise.
Nomura - Highly active in Japan and across Asia, with a strong local focus.
Maybank - Prominent in Southeast Asia, particularly Malaysia and Indonesia.

Regional Insights

Hong Kong/Greater China: MS, CS, and HSBC dominate, with UBS and JPM also being strong contenders.
Singapore/Southeast Asia: DBS and Maybank lead the pack, with global players like CS and UBS maintaining a presence.
Japan: Mizuho and Nomura are the go-to firms, with some competition from global players like MS and JPM.

Additional Notes

Local banks often have an edge in their respective markets due to language, cultural understanding, and established relationships.
Global firms bring broader sector expertise and access to international markets, making them competitive in cross-border research.

This tier list should give you a solid starting point for understanding the ER landscape in Asia!

Sources: Non US/Europe IB/PE Overview, Non US/Europe IB/PE Overview, What would you like to know about Equity Sales / Research?, What would you like to know about Equity Sales / Research?, HK/SG Investment Bank Rankings

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