Ratings are indicative, forward looking and provided to assist clients in assessing the
potential performance of the relevant asset. They are not advice.
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 |
IDLC Securities
| 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 |
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 |
Alfa
| Rating | Meaning |
|---|
| Overweight | Expected total stock return > 15% |
| Equalweight | Expected total stock return < 15% and > 0% |
| Underweight | Expected total stock return < 0% |
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.
PhillipCapital
| Rating | Meaning |
|---|
| Buy | The stock’s total return is expected to exceed 20%. |
| Accumulate | The stock’s total return is expected to be between 5% and 20%. |
| Neutral | The stock’s total return is expected to be between -5% and 5%. |
| Reduce | The stock’s total return is expected to be between -5% and -20%. |
| Sell | The stock’s total return is expected to fall below 20% or more. |
We do not base our recommendations entirely on these quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculatively undertones surrounding the stock, before making our final recommendation.
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%. |
Bondcritic
| Rating | Meaning |
|---|
| Overweight | Expected return of more than 15% in the next 12 months. |
| Neutral | Expected return of between 2% to 15% in the next 12 months. |
| Underweight | Expected return of less than 2% in the next 12 months. |
FinMind
| Rating | Meaning |
|---|
| AAA | Highest Credit Quality |
| AA+ | Very High Credit Quality |
| AA | Very High Credit Quality |
| AA- | Very High Credit Quality |
| A+ | High Credit Quality |
| A | High Credit Quality |
| A- | High Credit Quality |
| BBB+ | Medium Credit Quality |
| BBB | Medium Credit Quality |
| BBB- | Medium Credit Quality |
| BB+ | Speculative Credit Quality |
| BB | Speculative Credit Quality |
| BB- | Speculative Credit Quality |
| B+ | Highly Speculative Credit Quality |
| B | Highly Speculative Credit Quality |
| B- | Highly Speculative Credit Quality |
| C+ | Substantial Credit Risk |
| C | Substantial Credit Risk |
| C- | Substantial Credit Risk |
| D | Extremely Speculative/Default Risk |
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. |