What is Equity Research Report

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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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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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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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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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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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Equity Research Report - Strategy/Economics Reports

Private and Confidential  – Not for Circulation 8

Comments on Economic Indicators

Economic Data Details

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Equity Research Report–

Results Update Report

Private and Confidential  – Not for Circulation 9

Quarterly Result Update Report

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Equity Research Report–

Results Update Report

Private and Confidential  – Not for Circulation 10

Flash Report