BARING Securities has the largest analyst team in Asia, according to The Estimate Directory. The publisher has issued the territory's most comprehensive directory of analysts by brokerage, country and topic. Australia has more equity analysts than Hongkong, yet Hongkong's stock market capitalisation is $70 billion higher. Hongkong's stock market capitalisation is more than three times that of Singapore and there are 80 more analysts in the territory than in Singapore, yet the broking industry constantly cites Singapore as a major competitor to Hongkong. Singapore came third in rankings for the number of analysts, with 107. The twice-yearly publication is expected to be well-received by fund managers and headhunters both in and outside Hongkong. Baring's has a total of 67 analysts, having the largest representation in Indonesia and Thailand. Barclays de Zoete Wedd (BZW) is second with 61 and Jardine Fleming Securities third with 50. Credit Lyonnais has the largest analyst team in Hongkong with 16, followed by Baring Securities and Jardine Fleming. The lack of penetration by Australian brokerage houses in Asia is in strong contrast to the widespread penetration by European houses. BZW is the only European brokerage with a strong presence in Australia. Australian houses included in the survey were ANZ McCaughan, Potter Warburg, Mcintosh, Bain Securities, Macquarie and JB Were. The United States investment banks have made little impression so far: Lehman Brothers, Salomon and Morgan Stanley all have five analysts or fewer; Merrill Lynch has nine. Asia Equity and Crosby Securities have a bigger analyst presence in the region - 29 analysts each - than more well-known names, including HG Asia (formerly Hoare Govett), Schroders Securities, Standard Chartered and Smith New Court. Countries where there are few analysts include the Philippines, Taiwan and Indonesia.