Ratings

Equity

Tellimer Research

Rating Meaning
Buy Upside of 15% or more within a trading range of 180 days
Hold Upside or downside of less than the above within a trading range of 180 days
Sell Downside of 10% or more within a trading range of 180 days

Asia Securities Research

Rating Meaning
Buy Upside of 15% or more within a trading range of 365 days
Hold Upside or downside of less than the above within a trading range of 365 days
Sell Downside of 15% or more within a trading range of 365 days

IMS Research

Rating Meaning
Buy Upside of more than 15% in the next 12 months
Neutral Upside of 0% - 15% in the next 12 months
Sell Upside below 0% in the next 12 months
Based on 12-month horizon unless stated otherwise in the report. Upside is the percentage difference between the target price and market price.

IH Securities Research

Rating Meaning
Buy Expected 1-year return is at least 20% in the next 12 months
Hold Expected 1-year return of between -10% and 20% in the next 12 months
Sell Expected 1-year return of -10% and below in the next 12 months

NCB Capital Research

Rating Meaning
Overweight Target price represents an increase in the share price in excess of 15% in the next 12 months
Neutral Target price represents a change in the share price between -10% and +15% in the next 12 months
Underweight Target price represents a fall in share price exceeding 10% in the next 12 months

Pharos Research

Rating Meaning
Overweight Upside is more than 15% in the next 12 months
Equalweight Change potential is within +/-15% in the next 12 months
Underweight Downside is more than 15% in the next 12 months

Rong Viet Research

Rating Meaning
Buy Total return including dividends of more than +20% in the next 12 months
Accumulate Total return including dividends of +5% to +20% in the next 12 months
Neutral Total return including dividends of -5% to +5% in the next 12 months
Reduce Total return including dividends of -20% to -5% in the next 12 months
Sell Total return including dividends of less than -20% in the next 12 months

Capital Markets Argentina Research

Rating Meaning
Outperformer Upside is more than 15% in the next 12 months
Performer Change potential is within +/-15% in the next 12 months
Underperformer Downside is more than 15% in the next 12 months

GK Capital Research

Rating Meaning
Buy Total returns of 10% or greater in the next 12-18months
Hold Total returns of -5% to 10% in the next 12-18 months
Sell Total returns below -5% in the next 12-18 months

InterCapital Research

Rating Meaning
Strong Buy Equities with expected absolute revenue of more than 20% in the monitored time period
Buy Equities with expected absolute return of 10%-20% in the monitored time period
Hold Equities with expected absolute return of -10% to 10% in the monitored time period
Sell Equities with expected absolute return below -10% in the monitored time period
Under Review An issuer might be placed Under Review due to new information which is not included in the analysis

Bualuang Securities

Rating Meaning
Buy Expected positive total returns of 15% or more over the next 12 months.
Hold Expected total returns of between -15% and +15% over the next 12 months.
Sell Expected negative total returns of 15% or more over the next 12 months.
Trading Buy Expected positive total returns of 15% or more over the next 3 months.

ATA Invest

Rating Meaning
Outperform The stock is expected to return above the benchmark index (ISE-100) over 12 months in the market, or else provides the best risk/reward ratio.
Market Perform The stock is expected to return in line with the benchmark index (ISE-100) over 12 months in the market, or else does not offer a compelling risk/reward profile.
Underperform The stock is expected to return below the benchmark index (ISE-100) over 12 months in the market, or else with unacceptable risk relative to the potential reward.

Banorte

Rating Meaning
Buy The expected performance of the stock is greater than the MEXBOL estimated performance.
Hold The expected performance of the stock is similar to the MEXBOL estimated performance.
Sell The expected performance of the stock is lower than the MEXBOL estimated performance.

CGS-CIMB

Rating Meaning
Add The stock’s total return is expected to exceed 10% over the next 12 months.
Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

FFBH

Rating Meaning
Buy The stock estimated target price is more than 10% higher than the share price as of the valuation date.
Hold The stock estimated target price is in the range -10% to +10% compared to the share price as of the valuation date.
Sell The stock estimated target price is more than 10% lower than the share price as of the valuation date.
Under Review The company is currently under review and latest target price estimation is considered not to be up-to-date.
Restricted Financial forecasts, rating and target price estimation are restricted from disclosure due to regulatory, compliance or other reasons.

Fixed Income

Tellimer Research

Rating Meaning
Buy An expected tightening of the hard currency bond to the relevant OECD benchmark bond of more than 50bp within the next 180 days. Or for local currency bond or forex investments an expected profit in US$ terms of more than 10%.
Hold An upside or downside of less than the above within a trading range of 180 days.
Sell An expected widening of the hard currency bond to the relevant OECD benchmark bond of more than 50bp within the next 180 days. Or for local currency bond or forex investments an expected loss in US$ terms of more than 10%.

Sector Ratings

CGS-CIMB

Rating Meaning
Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings

CGS-CIMB

Rating Meaning
Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.