Mastercard Inc (NYSE:MA) announced the appointment of two Co-Presidents for the Asia/Pacific region – Ling Hai and Ari Sarker; as well the creation of two sub-regions – North East Asia and Australasia (NEAA) and South East Asia and South Asia (SEASA). The new sub-regions are in recognition of the growing importance of Asia/Pacific as a whole as it houses two of the region’s biggest markets – China and India – and reflects a more focused approach for these diverse markets.
Ling Hai will be President of North East Asia and Australasia. He was most recently Group Executive of Enterprise Development, International Markets for MasterCard. Ling Hai joined MasterCard in 2010 as Division President of Greater China and has over 22 years’ industry experience, including in financial services and consulting, across a number of markets.
Ari Sarker will be President, South East Asia and South Asia. Ari has been with MasterCard for over four years and was most recently MasterCard’s Division President for South Asia and Country Corporate Officer, India. He also has over 22 years of experience spanning the finance, commercial, and M&A sectors in senior management roles across key markets in the Americas, Europe and Asia Pacific.
Both Ling Hai and Ari will be based in Singapore, and together they will be taking over from Vicky Bindra, President, Asia/Pacific, who will be leaving the company.
Commenting on the appointments, Ann Cairns, President, International Markets, MasterCard said: “We see enormous potential for the Asia/Pacific region and with this new regional reorganization we intend to further build on our already strong business momentum across the overall geography. Both Ling Hai and Ari have a strong and successful track record in MasterCard and we look forward to them leading the next wave of growth for us.
“We would also like to acknowledge and thank Vicky for his contribution to the growth of the Asia/Pacific, Middle East & Africa markets in MasterCard over the last six years, and we wish him the best in his future endeavors,” Cairns added. (Original Source)
Shares of Mastercard Inc closed yesterday at $94.45 . MA has a 1-year high of $95.13 and a 1-year low of $69.64. The stock’s 50-day moving average is $92.64 and its 200-day moving average is $88.42.
On the ratings front, Mastercard Inc has been the subject of a number of recent research reports. In a report issued on June 1, Deutsche Bank analyst Bryan Keane reiterated a Buy rating on MA, with a price target of $100, which implies an upside of 5.9% from current levels. Separately, on May 19, Pacific Crest’s Josh Beck upgraded the stock to Buy and has a price target of $110.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bryan Keane and Josh Beck have a total average return of 12.8% and 6.7% respectively. Keane has a success rate of 76.4% and is ranked #415 out of 3629 analysts, while Beck has a success rate of 68.4% and is ranked #1427.
The street is mostly Bullish on MA stock. Out of 7 analysts who cover the stock, 6 suggest a Buy rating and one recommend to Hold the stock. The 12-month average price target assigned to the stock is $98.67, which represents a slight upside potential from current levels.