what is equity research report
TRANSCRIPT
8/22/2019 What is Equity Research Report
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
What is Equity Research Report?
The equity research report is a communication from a securities firmto its clients with a very specific purpose:
It is intended to help an investor make a decision about the allocation of resources.
All other purposes are secondary.
Private and Confidential – Not for Circulation 3
A document prepared by an analyst or strategist who is a part of the investmentresearch team in a stock brokerage or investment bank. A research report may focuson a specific stock or industry sector, a currency, commodity or fixed-incomeinstrument, or even on a geographic region or country. Research reports generally,
but not always, have "actionable" recommendations (i.e. investment ideas thatinvestors can act upon).
Source: Investopedia
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Who are you clients?
Investors are looking at ideas for directing their own inquiries
First thing First! Investment professionals receive more than 100 emails a day
They don’t have more than 1-2 minutes to read the research report The reason to read the report
One paragraph on key investment conclusions
What investor should do with the stock and why?
Private and Confidential – Not for Circulation 4
Brokerage Houses
JPMorgan
Goldman Sachs
Enam Securities
Credit Suisse
Nomura
Morgan Stanley
UBS
Deutsche Bank…many more…
Clients
Pension Funds
Life Insurance Companies
Non-life insurance companies
Equity Mutual Funds
Hedge Funds
FIIs
Banks
HNIsRetail Investors
Brokerage Houses SELL Ideas tothe Clients
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report–
Initiation Report
Initiation Reports
Brokerage houses when first initiate the coverage write a detailed report on thecompany and includes all details
This report is typically a detailed report and can vary from 20-50 page report
Industry / Sector Report
Theme based report or sector based report which deals with sector update
Strategy/Economics Reports
These reports contain information on general macro economic conditions and is usefulfor portfolio managers to take decision on country specific fund flows
Quarterly / Annual Results Update Report
These are 2-3 page report highlighting key result updates. These reports on not detailedreports and contain only key highlights of quarterly/annual results
Flash/News Report
These are short 1-2 page that highlights any major events or quick result update
Private and Confidential – Not for Circulation 5
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report–
Initiation Report
Private and Confidential – Not for Circulation 6
Initiating Coverage Report
Generally a long Report (here it is 38pages!)
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report–
Industry / Sector Report
Private and Confidential – Not for Circulation 7
Sector Report,
A detailed report with somediscussions about the companies in
the sector
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report - Strategy/Economics Reports
Private and Confidential – Not for Circulation 8
Comments on Economic Indicators
Economic Data Details
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report–
Results Update Report
Private and Confidential – Not for Circulation 9
Quarterly Result Update Report
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E q u i t y
R e s e a r c h
www.cbresearch.in; www.cbacademy.in; www.cbjobs.in
Equity Research Report–
Results Update Report
Private and Confidential – Not for Circulation 10
Flash Report