Asiamoney’s 30th annual Brokers Poll runs from 3 June to 16 August. We invite senior institutional investors from around the world to assess their sell-side banks and brokerage firms for Asian equities.
The detailed results will be published online in December; full and bespoke data are available for purchase and released in early November.
METHODOLOGY & CATEGORIES:
The poll features the following 16 geographic sections:
Regional (Asia ex-Australia & Japan) | Korea |
Australia | Malaysia |
China (A & B shares) | Pakistan |
China (H-shares, Red chips, P-shares) | Philippines |
Hong Kong (local, non-China) | Singapore |
India | Taiwan |
Indonesia | Thailand |
Japan | Vietnam |
1) REGIONAL (ASIA EX-AUSTRALIA & JAPAN) SECTION
To qualify for the regional categories, firms, analysts and sales personnel need to receive votes from three or more sovereign countries/independent markets, where more than 40% of their votes come from investors based outside their home territory, to reflect that they are truly regional. For such purposes Hong Kong is not considered a sovereign country/independent market but an extension of the mainland China market. For example, for Chinese banks/brokers and their staff to be considered regional, more than 40% of their nominations for any particular category must originate from outside China and Hong Kong.
Regional Equity Sales
Best overall regional brokerages for sales services
Best regional sales people
Best regional sales traders
Best regional brokerages for execution
Overall regional research for Asia (ex Australia & Japan) as voted by most active traders*
Overall regional sales for Asia (ex Australia & Japan) as voted by most active traders*
* Asiamoney will tabulate ranks for these two categories using data from respondents: who previously have passed Asiamoney Brokers Poll auditing in 2018; nominated several banks/brokers in both 2018 and 2019 Broker Polls; are featured in client lists from various banks/brokers; whose firms have over US$2 billion in annual trading volume; whose firms have over US$501 million in AUM.
Regional Equity Research
The sectors covered are those most widely invested in – please refer to the below classifications for industry definitions.
Strategist
Economist
Quantitative/technical analyst
Automobiles & components analyst
Banks analyst
Casinos analyst
Consumer discretionary analyst
Consumer staples analyst
Diversified financials analyst
Energy analyst
Healthcare analyst
Industrial (aka conglomerates/capital goods) analyst
Insurance analyst
Materials analyst
Real estate analyst
Semiconductors & semiconductor equipment analyst
Software, internet & service analyst
Technology hardware & equipment analyst
Telecommunication services analyst
Utilities analyst
2) HEDGE FUND SECTION
Best for overall services in hedge fund
Best bespoke research
Best for depth and quality of inventory for stock loan
Best for idea generation
Best overall client service/ coverage
Best sales coverage – cash
Best trading execution – cash
Best trading execution – derivatives
3) PRIME BROKING SECTION
Best for overall services in prime broking
Best bespoke solutions for prime broking
Best client service for prime broking
Best for capital introduction
Best for customized reporting
Best for futures
Best for quantitative research
Best pricing for prime broking
Best product innovation for prime broking
Best risk management advisory services
4) COUNTRY/MARKET SECTION
Best local brokerage
Equity Sales
Best brokerage for sales trading
Best execution
Best overall sales service
Best sales persons
Best sales traders
Corporate Access
Best for corporate access
Equity Research
Best analysts per sector
Best research coverage for strategy, macroeconomics, small caps and each of the weighted and most frequently traded industries in that market
Best overall research
5) CALCULATION OF RESULTS
Points for place
For all categories, a first place vote rewards three points; second place two points and third place one point.
“One firm – one vote”
To avoid any one institution having more influence than others of equal size, multiple responses are fractioned according to the total number received from that one institution.
Asset size weightings
Each response is weighted according to the institution’s approximate asset size (total unleveraged Asian equity funds under management) in Asia-Pacific. Hedge fund firms will be weighted at six times their assets to reflect their higher turnover rate. The following table details the weightings according to asset size:
Asset size ($million) | Multiplied by |
<50 | 0.5 |
50 - 200 | 1 |
201 - 500 | 4 |
501 - 2,000 | 8 |
2,001 - 5,000 | 12 |
5,001 - 10,000 | 16 |
>10,000 | 20 |
Rankings for overall combined regional research & sales, overall regional research, and overall regional sales
For the Asia (ex-Australia & Japan) rankings a domestic market weighting system is used to compare brokerages as a whole in the region. The rationale is that the importance of markets varies across the region, so the points a brokerage receives in major markets should be weighted more than the points it receives in smaller markets. The MSCI AC Asia ex-Japan index was used as a guide to achieve this. A similar sector weighting system is used to address the importance of the sectors within the region. Please refer to the following tables for a mathematical breakdown:
Weightings for the Overall Research Rankings |
||
Regional (All) | 30.00% | Multiplied by |
Strategy | 3.00% | 0.48 |
Economics | 2.00% | 0.32 |
Quantitative | 1.00% | 0.16 |
Automobiles & Components | 0.58% | 0.12 |
Banks | 3.58% | 0.59 |
Casinos & Gaming | 0.29% | 0.06 |
Consumer Discretionary | 2.40% | 0.17 |
Consumer Staples | 1.17% | 0.18 |
Diversified Financials | 0.74% | 0.11 |
Energy | 1.11% | 0.16 |
Health Care | 0.68% | 0.11 |
Industrials | 1.27% | 0.21 |
Insurance | 1.39% | 0.21 |
Materials | 1.11% | 0.18 |
Real Estate | 1.60% | 0.22 |
Semiconductors & Semiconductor Equipment | 1.48% | 0.25 |
Software, Internet & Services | 2.53% | 0.62 |
Technology Hardware & Equipment | 1.96% | 0.34 |
Telecommunication Services | 0.98% | 0.15 |
Transportation | 0.36% | 0.05 |
Utilities | 0.77% | 0.11 |
Market (All) | 70.00% | Multiplied by |
China (A-shares) | 0.66% | 0.11 |
China (H-shares, Red chips, P-chips) | 25.48% | 3.86 |
Hong Kong (Local, non-China) | 8.39% | 1.25 |
India | 7.25% | 1.09 |
Indonesia | 1.73% | 0.27 |
Korea | 10.31% | 1.95 |
Malaysia | 1.74% | 0.32 |
Philippines | 0.87% | 0.13 |
Singapore | 2.72% | 0.47 |
Taiwan | 8.99% | 1.53 |
Thailand | 1.86% | 0.31 |
Total | 100.00% | |
Weightings for the Overall Sales Rankings |
||
Regional | 30.00% | Multiplied by |
Overall sales services | 30.00% | 4.8 |
Market (All) | 70.00% | Multiplied by |
China (A-shares) | 0.66% | 0.11 |
China (H-shares, Red chips, P-chips) | 25.48% | 4.08 |
Hong Kong (Local, non-China) | 8.39% | 1.34 |
India | 7.25% | 1.16 |
Indonesia | 1.73% | 0.28 |
Korea | 10.31% | 1.65 |
Malaysia | 1.74% | 0.28 |
Philippines | 0.87% | 0.14 |
Singapore | 2.72% | 0.43 |
Taiwan | 8.99% | 1.44 |
Thailand | 1.86% | 0.3 |
Total | 100.00% |
The scores for Australia, China (A&B share) and Japan Overall Combined Research & Sales are calculated by simply adding together the scores from the categories of Best Overall Research and Best Overall Sales Service in each of these independent markets.
Research sector classifications:
SECTOR | INDUSTRY |
AUTOMOBILES & COMPONENTS | AUTO COMPONENTS |
AUTOMOBILES | |
BANKS | COMMERCIAL BANKS |
THRIFTS & MORTGAGE FINANCE | |
CASINOS & GAMING | CASINOS & GAMING |
CONSUMER DISCRETIONARY | HOUSEHOLD DURABLES |
LEISURE EQUIPMENT & PRODUCTS | |
TEXTILES, APPAREL & LUXURY GOODS | |
HOTELS, RESTAURANTS & LEISURE | |
DIVERSIFIED CONSUMER SERVICES | |
MEDIA | |
DISTRIBUTORS | |
INTERNET & CATALOG RETAIL | |
MULTILINE RETAIL | |
SPECIALTY RETAIL | |
CONSUMER STAPLES | FOOD & STAPLES RETAILING |
BEVERAGES | |
FOOD PRODUCTS | |
TOBACCO | |
HOUSEHOLD PRODUCTS | |
PERSONAL PRODUCTS | |
DIVERSIFIED FINANCIALS | DIVERSIFIED FINANCIAL SERVICES |
CONSUMER FINANCE | |
CAPITAL MARKETS | |
ENERGY | ENERGY EQUIPMENT & SERVICES |
OIL, GAS & CONSUMABLE FUELS | |
HEALTH CARE | HEALTH CARE EQUIPMENT & SUPPLIES |
HEALTH CARE PROVIDERS & SERVICES | |
HEALTH CARE TECHNOLOGY | |
BIOTECHNOLOGY | |
PHARMACEUTICALS | |
LIFE SCIENCES TOOLS & SERVICES | |
INDUSTRIALS (CONGLOMERATES/CAPITAL GOODS) |
AEROSPACE & DEFENSE |
BUILDING PRODUCTS | |
CONSTRUCTION & ENGINEERING | |
ELECTRICAL EQUIPMENT | |
INDUSTRIAL CONGLOMERATES | |
MACHINERY | |
TRADING COMPANIES & DISTRIBUTORS | |
INSURANCE | INSURANCE |
MATERIALS | CHEMICALS |
CONSTRUCTION MATERIALS | |
CONTAINERS & PACKAGING | |
METALS & MINING | |
PAPER & FOREST PRODUCTS | |
REAL ESTATE | REAL ESTATE |
REAL ESTATE INVESTMENT TRUSTS (REITS) | |
REAL ESTATE MANAGEMENT & DEVELOPMENT | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
SEMICONDUCTOR EQUIPMENT & PRODUCTS |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |
SOFTWARE, INTERNET & SERVICES | INTERNET SOFTWARE & SERVICES |
IT SERVICES | |
SOFTWARE | |
TECHNOLOGY HARDWARE & EQUIPMENT | COMMUNICATIONS EQUIPMENT |
COMPUTERS & PERIPHERALS | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | |
OFFICE ELECTRONICS | |
TELECOMMUMICATION SERVICES | DIVERSIFIED TELECOMMUNICATION SERVICES |
WIRELESS TELECOMMUNICATION SERVICES | |
TRANSPORTATION | AIR FREIGHT & LOGISTICS |
AIRLINES | |
MARINE | |
ROAD & RAIL | |
TRANSPORTATION INFRASTRUCTURE | |
UTILITIES | ELECTRIC UTILITIES |
GAS UTILITIES | |
MULTI-UTILITIES | |
WATER UTILITIES | |
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS |
6) VERIFICATION & AUDITING
Several working days after completing the poll, some respondents may receive a validation email from Asiamoney. Respondents are required to click on a validation link in this email to confirm their vote. Failing to do so may lead to their votes being nullified. If a respondent doesn't validate their vote by e-mail, Asiamoney will follow up and attempt to verify by other means.
Asiamoney will investigate and audit individual responses; responses suspected of being fraudulent will be nullified and violating parties will be prohibited from participating in future Asiamoney Polls.
Please direct inquiries to Harris Fan by e-mail at harris.fan@asiamoney.com or by telephone at +852 2912 8037.
Disclaimer
This Disclaimer is in addition to our Terms and Conditions as available on our website and shall not supersede or otherwise affect those Terms and Conditions.
This poll is not based on scientific or representative samples. As set out in our Methodology, The results of the poll and other related information have been obtained from various opinion-based sources and have not been independently or professionally verified. The results of the poll are therefore statements of opinion of participants of the poll as of the date of participation and not statements of fact.
The information in this poll is provided on an “as is” basis. Your use or reliance on such information, including the results of the poll, is therefore at your sole risk. Neither we, nor any of our providers of information, make any representations or warranties, express or implied as to the accuracy, content, currentness, timeliness, reliability, completeness or fitness for a particular purpose of any information published in this poll. Neither our company, nor any of our officers, employees or representatives shall be liable to any person for any losses or damages incurred, suffered or arising as a result of use or reliance on the results or other information contained in this poll, howsoever arising, including but not limited to any direct, indirect, consequential, punitive, incidental, special or similar damage, losses or expenses.
We are not an investment advisor, a financial advisor or a securities broker. The information published has been prepared solely for informational and educational purposes and is not intended for trading purposes or to address your particular requirements. Such information is intended to be available for your general information and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.