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April 20, 2026

In another year of increased volatility and geopolitical tensions, investors in Asia were looking to the sell-side for deeper insights and answers—and quickly.

“The volatile and geopolitically complex environment increased demands for faster, higher conviction sell side research,” according to Magdalena Stoklosa, director of Asia Research at Morgan Stanley.

Stoklosa reported that Morgan Stanley helped its clients navigate this heightened environment by anchoring insights around its key themes, delivering timely alpha signals, and translating macro uncertainty into clear, stock level implications. “We focused on helping clients generate Alpha via stock selection through our regional, thematic and country specific focus lists, where our strategists work with our industry analysts to best express high conviction ideas,” she said.

At UBS Global Research, Head of APAC Research Eric Lin reported this year’s market as even more unpredictable than a year ago, with geopolitical shocks such as the Middle East conflict driving rapid shifts across markets. The firm’s output matched the heightened demand.

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Contents

Firm Leaders Firm Leaders Weighted Firm Rankings 1st Placed Firms Analyst Leaders Analyst Leaders Weighted Analyst Rankings 1st Placed Analysts

The Heated Race for Sell-Side Research Dominance in Asia April 20, 2026

The Local Brokers Shining in Asia April 20, 2026

Methodology summary

2026 Asia (ex-Japan/ANZ) Research Team Methodology

To select the members of our 33rd annual All-Asia Research Team, Extel solicited the opinions of portfolio managers and analysts at institutions with major securities holdings in Asia (ex-Japan/ANZ). The research results were produced with the responses from firms paying at least $1million in Asia (ex-Japan/ANZ) commissions. Votes from more than 3,600 voters at 353 firms were incorporated for the ranking. Participants first rated their top firms in each sector on a scale from 1-5, and then separately rated individual analysts or economists/strategists at those firms to create results for each sector.

A numerical score was produced by weighting each vote based on both the respondent’s Asia (ex-Japan/ANZ) equity commissions and their average rating.     Using those scores, ranks were then determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores.      The individuals surveyed are kept confidential to ensure continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. 

Survey Information

CONTENTS

Firm Leaders

Firm Leaders Weighted

Firm Rankings

1st Placed Firms

Analyst Leaders

Analyst Leaders Weighted

Analyst Rankings

1st Placed Analysts