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Ranking the Analysts AWARDS 2020 Why SA’S Top Researchers Believe Covid-19 Will Accentuate the ‘S’ in ESG

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Ranking the Analysts AWARDS 2020 Why SA’S Top Researchers Believe Covid-19 Will Accentuate the ‘S’ in ESG Financial Mail Page 1 -2020/07/23 02:03:14 PM w w w. f i n a n c i a l m a i l . c o . z a July 30 2020 Ranking the Analysts AWARDS 2020 Why SA’s top researchers believe Covid-19 will accentuate the ‘S’ in ESG ENVIRONMENT SOCIAL GOVERNANCE Financial Mail Page 20 -2020/07/23 02:05:25 PM 1011117/FM UNTURNED NO THOUGHT THOUGHT NO RMB. Solutionist Thinking. INSIGHTS AND THINKING RECOGNISED AT THE FM TOP ANALYST AWARDS. At RMB and RMB Morgan Stanley, we put our clients first. And rightfully so, because we appreciate that any recognition we receive would not be possible without them. It’s why our Solutionist Thinking track record combines seasoned analytical experience, industry understanding and reliable thinking – achieving success for our clients and for us. Search RMB Research Rand Merchant Bank is an Authorised Financial Services Provider. Corporate and Investment Banking 1011117_RMB FM Awards Ranking 297x235 B2.indd 1 2020/07/21 15:34 Financial Mail Page 3 -2020/07/23 02:03:28 PM ranking the special report analysts OVERVIEW Quality research matters most In times of crisis, forecasting may permanently change the way to disrupt the market. Asset earnings is not enough many in the industry operate. managers are using fewer research “We ’ve found our clients like the firms, which is squeezing out ý The future has been turned into virtual meeting format. It enables smaller brokers, leading to a Covid-imbued haze, but in the us to do more meetings in a consolidation and a shrinking institutional stockbroking-research shorter time period. It also makes commission pool. sector, the pandemic is already the world a much smaller place In SA this is particularly highlighting two strong future for us. Where before we did road- problematic in that it retards the t r e nd s . It is also w o r s e n i ng shows, now we can see people in i ndu s t r y ’s transformation. Many of structural problems introduced by Cape Town, London and Europe in the smaller players are black the second iteration of the Markets the same day.” brokers who already have difficulty in Financial Instruments Directive Pretorius says Rencap has gaining access to the large asset (MiFID 2) in Europe. enjoyed higher productivity during managers, or struggle to provide The first trend is working from the Covid-19 period, producing their analysts with the resources home — a transition that was more research reports and more that those who work for the big relatively seamless for the industry. client calls than before, and expects investment houses may receive. The second trend is the rising work-from-home to remain Ter Mors says that MiFID has prominence of the “social” aspect prevalent beyond the pandemic. Roberts Russell resulted in much lower payments of ESG: environment, social and Marc Ter Mors: With Covid-19, the emphasis fo r research, “so it’s more difficult governance. Finally, Covid-19 is ESG will shift to the social pillar of ESG to build scale in a research team if expected to make the environment The virus, Pretorius says, highlights you’re a black brokerage”. even more difficult for smaller the fragility of humankind and the Pretorius expects further brokers, accelerating consolidation planet. “It shows what catastrophic Europe to €220bn last year from consolidation but believes t h at brought about by MiFID 2. consequences there could be if €120bn in 2018. An interesting clients should be paying for As the virus wreaks economic something goes wrong with any of point, he says, is that the bulk of research — whereas historically devastation across the globe, the elements: environmental, social the ESG inflows went into active, research costs were bundled into investors are grappling with what and governance.” not passive funds. “Therefore, the execution services. Europe itself is the future holds. The crisis is Espoused by the King reports theme of ESG investing mainly grappling with the problems highlighting the critical importance on corporate governance, these speaks to the capabilities of active caused by MiFID 2 as European of quality research. three factors are i nc r e a s i ng ly fund managers. They are better brokers are falling behind their US Standard Bank SBG Securities is prevalent in investment decisions placed on stock selection.” counterparts, who are not bound the top-ranked firm for research across the globe. Within SA, ESG factors were by the regulations. for the fifth consecutive year. This Marc Ter Mors, head of equity already top of mind. Ter Mors Neil Scarth, principal at overall team award is based on research at Standard SBG says: “I think SA companies are investment research company consolidated scores for all 40 Securities, says the governance punching above their weight in Frost Consulting, writing in research categories, with team aspect of ESG has always been ESG mainly because of adherence Enterprise Investor, a CFA Institute scores used rather than those of prevalent in SA. Focus shifted to to the King 4 codes.” He SA says publication, says the active the individual analysts. RMB the environment with climate has dropped in its ratings in the strategies of European managers Morgan Stanley retains second change. “Now with Covid-19, I MSCI World index in recent years are at risk. Europe is, in fact, place, while Renaissance Capital think the emphasis will shift to the but in the MSCI ESG indices, the reviewing the MiFID 2 regulations. (Rencap) moves up to third from social pillar of ESG: how do firms country is still highly ranked. “Divergent commercial models fifth last year, displacing UBS SA support a recovery and limit the Despite Covid-19, ESG factors between US and European asset into fourth spot. Avior Capital social impact of the health crisis?” remain important. “In this crisis,” managers are furthering the Markets and Absa Capital both Ter Mors points to a surge in he says, “survival is first priority, already gaping divide between the moved up two places into fifth ESG-type investment inflows in ESG second and dividends third.” research haves and have-nots. US and sixth respectively. research budgets are correlated What it means MiFID 2 with trading volumes, which are Work from home The Covid-19 pandemic has The unintended consequences of up significantly post-Covid, while Johann Pretorius, Rencap’s head of changed the way the industry the directive to separate invoicing Eu r o p e a n profit & loss research research: Africa, believes Covid-19 operates, and what it values of research and execution continue budgets correlate with manager Thursday July 30, 2020 3 Financial Mail Page 4 -2020/07/29 12:09:57 PM special report ranking the analysts WINNING ANALYSTS RESEARCH SECTOR INVESTMENT ANALYST RESEARCH TEAM % of votes Africa Nonequities Research (excl SA) Yvonne Mhango Renaissance Capital 25.8 African Equities (excl SA) Adesoji Solanke, Dayo Ayeni, Nikolas Stefanou and Renaissance Capital 26.7 Oluwatoyosi Oni Banks Stephan Potgieter UBS SA 22.2 Beverages & Tobacco Rupert Wilson Noah Capital Markets 20.8 Commodities Thabang Thlaku, Tim Clark and Adrian Hammond Standard Bank SBG Securities 27.5 Computing & Electronics Ruhan du Plessis Avior Capital Markets 37.4 Construction, Building Materials & Machinery Marc Ter Mors Standard Bank SBG Securities 35.6 Credit Analysis Kate Rushton Rand Merchant Bank 40.6 Derivatives Emlyn Flint, Florence Chikurunhe and Legae Peresec 30.5 Ndinae Masutha Diversified Industrials Munira Kharva Nedbank 20.2 Economic Analysis (Domestic) Andrea Masia RMB Morgan Stanley 24.4 Economic Analysis (International) Mary Curtis, Ian Doyle, Johnathan Garner, Andrea RMB Morgan Stanley 24.5 Masia and Jocob Nell Environmental, Social & Governance Waseem Thokan and Rob Worthington-Smith Legae Peresec 28.8 Financial and Industrial Small & Medium Market Ruhan du Plessis, David Talpert and Steph Erasmus Avior Capital Markets 31.0 Cap Companies Fixed-Interest Securities Mike Keenan Absa Capital 22.1 Food Producers Sumil Seeraj Standard Bank SBG Securities 23.8 Forestry & Paper James Twyman Prescient Securities 25.3 General Financial David Talpert, Harry Botha and Warwick Bam Avior Capital Markets 26.3 General Mining Tim Clark and Thabang Thlaku Standard Bank SBG Securities 32.7 General Retailers Sean Holmes RMB Morgan Stanley 25.6 Gold Mining Adrian Hammond Standard Bank SBG Securities 27.7 Health-care Providers & Pharmaceuticals Kane Slutzkin UBS SA 24.5 Hotel, Travel & Leisure Ian Doyle and Jamie Pegg RMB Morgan Stanley 44.0 Household Goods Retailers Sean Holmes and Vikhyat Sharma RMB Morgan Stanley 27.9 Industrial Metals Thabang Thlaku and Tim Clark Standard Bank SBG Securities 28.5 Innovative Research Deanne Gordon and Adele Fermoyle Standard Bank SBG Securities 14.8 Insurance Michael Christelis UBS SA 24.5 Investment Companies Rey Wium Standard Bank SBG Securities 31.6 Investment Strategy Mary Curtis RMB Morgan Stanley 30.6 Luxury Goods Rey Wium Standard Bank SBG Securities 28.7 Media Kevin Maison and Charl Wolmarans Avior Capital Markets 20.2 Oil & Gas and Chemicals Adrian Hammond Standard Bank SBG Securities 20.0 Platinum & Precious metals Christopher Nicholson RMB Morgan Stanley 27.8 Political Analysis Simon Freemantle Standard Bank SBG Securities 38.3 Quantative Analysis Emily Flint, Florence Chikurunhe and Ndinae Masutha Legae Peresec 33.0 Real Estate Bandile Zondo and Mweisho Nene Standard Bank SBG Securities 30.6 Resources Small & Medium Cap Companies (tied) Tim Clark, Thabang Thlaku and Adrian Hammond Standard Bank SBG Securities 27.5 Resources Small & Medium Cap Companies (tied) Johann Pretorius, StephenSteven Friedman Freidman, Kabelo Renaissance Capital 27.5 Moshesha, Siphelele Mhlongo and Derick Deale Risk Management Odwa Sihlobo, Nico Katzke and Prescient Securities 24.8 Charloe van Tiddens Technical Analysis Neels Heyneke Nedbank 47.9 Telecommunications Jonathan Kennedy-Good and Preeti Sukha Standard Bank SBG Securities 25.7 For full methodology of Ranking the Analysts, see w w w.
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