Information • Insight • Ideas Global Research€¦ · Disruptive Technologies, Urbanisation and the Future Consumer. Sincerely, David May Global Head of Research. PUBLIC 4 | Global

Economics, FX, Fixed Income, Equities, Emerging Markets, ESG, Multi-Asset

Information • Insight • Ideas

Global Research

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By combining unparalleled local insights, global connectivity and professional integrity, we deliver the best investment opportunities to our clients through fundamental analysis and thought provoking ideas.

To download this guide and access reports, including videos, go to the HSBC Global Research website:

www.research.hsbc.com

IntroductionFinancial markets constantly generate new investment opportunities, and our highly experienced team of analysts around the world is ideally placed to identify them.

Whether it is identifying major investment themes, responding to breaking news, or offering our thoughts on specific opportunities, our analysts aim to be topical, relevant and insightful. In an increasingly globalised environment we aim to produce multi-asset reports around key political and economic developments and act as a bridge between the developed and emerging markets.

We have the DNA to understand emerging markets, and the depth of coverage to put this in a global context and make informed recommendations across asset classes. Our EM emphasis aligns us with the strategic footprint of HSBC as a whole. It differentiates us from other research houses as we have analysts on the ground in some of the fastest growing markets in the world. This enables us to comment with authority on themes such as the internationalisation of the renminbi, international trade and capital flows, and the development of the Belt and Road initiative.

The most exciting development in the last year has been the launch of HSBC Qianhai Securities, our majority-owned China onshore joint venture, as this is leading to a substantial build-out of our coverage of China A shares. But we are also expanding in Environmental, Social and Governance research, and writing more thematic pieces around the new trends that we think are likely to influence global markets. These themes include: Demographics, Disruptive Technologies, Urbanisation and the Future Consumer. Sincerely, David May Global Head of Research

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4 | Global Research 2019

Who are we?HSBC Global Research is an independent research house with a strong focus on Emerging Markets. We have 350 analysts in 24 countries across Asia-Pacific, Europe, the Americas, the Middle East and Africa. We aim to generate the best investment opportunities for our clients by providing information, sharing our insights, and creating thought-provoking ideas.

What do we offer?We offer our clients published and bespoke research, presentations, conferences, seminars, one-on-one meetings, attendance at expert events and corporate access.

Who are our clients?

How can our clients access HSBC Global Research?Our clients can receive all of our research by email subscription, by accessing our website, via third party aggregators, or by using the HSBC Global Research app on their mobile device. We offer an extensive library of video interviews, podcasts, webcasts and audios of our events and conference calls.

® GOVERNMENT ® CENTRAL BANKS

® SOVEREIGN WEALTH FUNDS ® HEDGE FUNDS

® PENSION FUNDS ® ASSET MANAGERS

® CORPORATES ® PRIVATE CLIENTS

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www.research.hsbc.com | 5

Our strengths

06 Our credentialsGlobal Research is highly ranked and rated across multiple asset classes and over a broad geographic platform.

08 Our footprintWe cover multiple asset classes including macroeconomics,EM, FX, equities, fixed income, climate change and corporate governance (ESG).

09 Our coverageWe are known for our strong EM expertise. We have market-leading coverage and offer key competitive advantages generating the best opportunities for our clients. Our USPs and thematic research identifies key emerging opportunities and how to gain exposure to them.

16 Our teamOur analysts are experienced in their sector and a number have worked in the industries they cover. Many of our team have been recognised as leaders in their field as reflected in client votes.

23 ResearchDirectThe synergies between our asset classes, our quick reaction to breaking news and our thematic coverage allow us to create impactful multi-asset research.

24 Government and corporate accessGlobal Research analysts use their well-established local relationships to gauge investor sentiment, and to provide unparalleled access to key markets.

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Equities

APAC — Asiamoney - 2018

1st ® Regional Analyst Ranking: Casino

& Gaming, Utilities, Materials & Energy, Telecommunication Services, Transport, Industrials, Technology Hardware & Equipment

2nd ® Overall Regional Research: Asia

ex AU & JP ® Overall Country Research: HK,

Korea and Singapore ® Regional Analyst Ranking:

Economics, Consumer Discretionary, Real Estate, Telecoms, Semiconductors, Utilities, Diversified Financials, Healthcare

3rd ® Overall Country Research: China ® Regional Analyst Ranking:

Real Estate, Industrials, Equity Strategy, Healthcare, Energy, Consumer Staples, Autos, Tech Hardware, Economics

Extel - 2019

1st ® Luxury Goods ® Integrated Climate Change ® SRI Research ® Emerging EMEA:

Chemicals / Industrials, Consumer, Financials, Metals & Mining, Middle East & North Africa

2nd ® Corporate Governance ® Multi Asset Research ® Emerging EMEA: Healthcare &

Pharmaceuticals, South Africa: Country Research, Turkey: Country Research

3rd ® Telecommunication Services ® Transport ® Emerging EMEA: Construction

& Real Estate, Oil & Gas, TMT ® Emerging EMEA Economics ® Emerging EMEA Equity Strategy

Greenwich Fixed Income - 2018

IRRI Extel - 2019Asiamoney - Global RMB Poll - 2018

1st ® Rates Research Greenwich

Quality Index (Strategic & Focus Accounts)

® Most helpful Rates Analyst; Most helpful individual Rates Analyst

® Government Bonds (Full market) -Best Research

® Government Bonds (Strategic & Focus Accounts) -Best Research and Access to research personnel

2nd ® Rates Research Greenwich Quality

Index (Full Market)

3rd ® Government Bonds (Full Market)

-Access to Research personnel ® EM Rates (Full market) –Research ® EM -Most Helpful Individual

Analyst

1st ® SRI research

1st ® Best overall global RMB

products/services

Our ratingsGlobal Research is highly ranked and rated across a number of geographies and asset classes

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Euromoney - 2018

1st ® Most accurate Economic

Forecaster -Japan and South Korea

2nd ® Pan Asia Rates ® Honk Kong Economics

3rd ® Pan Asia Rates ® Philippines Economics

1st ® Sovereigns Rates Research ® EM Sovereigns, Banks Credit

Research ® Overall provider Fixed Income

Research

2nd ® EM Corporates, Actionable Trade

Ideas, EM Banks

3rd ® Actionable Trade Ideas, SSA’s ® Utilities

1st ® MENA Research ® Turkey Economics

2nd ® Asia Economics

3rd ® Emerging Markets ® Local interest rates & EM FX

Financial Mail Awards* - 2018

2nd ® Banks, General Retailers,

Diversified Industrials

3rd ® Gold Mining, Platinum & Precious

Metals, Media

Eleonora - 2018

Greenwich Latin American Equities - 2017

Greenwich Corporate FX - 2018

Focus Economics - 2019

Top 5 ® GEM Strategy, Agribusiness,

Media, Pulp & Paper, Real Estate, Utilities

1st ® Best EM Research

1st ® Best Overall Forecaster –

Bangladesh, Japan, Korea, South Africa, Sri Lanka, UAE

® GDP Forecaster – Qatar, South Africa

® Inflation Forecaster –Bangladesh, Korea

® Exchange Rate Forecaster –Vietnam

® Interest Rate Forecaster -Poland ® Current Account Forecaster –

Bahrain, Malaysia, Mexico, New Zealand, Sri Lanka

® Fiscal Balance Forecaster –Korea, Russia

2nd ® Best Overall Forecaster –

Ghana, Hong Kong, Indonesia, Kazakhstan, Kuwait, New Zealand

3rd ® Best Overall Forecaster –

Bahrain, Nigeria, Russia, Taiwan, Ukraine

Consensus Economics Awards - 2018

The Asset Benchmark Research Awards - 2019

* Firms’ Ranking Awards

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NATURAL RESOURCES

MACRO-ECONOMICS

FIG

EM

RETAIL/CONSUMER

FIXED INCOME

INDUSTRIALS

FX

TMT

CLIMATE CHANGE

CORPORATE GOVERNANCE

EQUITIES

Our footprintOur award winning research offers market leading insight over eight research disciplines, each managed by specialists in their field

Metals & Mining Banks Conglomerates & Transport Retail / Consumer Telecom & Media

® Gold & PGM ® Steel ® Coal ® Aluminium ® Commodities ® Battery Materials ® Paper & Forest

Products

® Banks ® Other Financials

® Conglomerates ® Transport ® Shipping ® Business Services

® Food Retail ® Food

Manufacturing ® Beverages ® Agricultural

Products ® Consumer Goods ® Luxury Goods ® Consumer Gaming ® Leisure ® Specialty & General ® Household /

Personal Care

® Telecoms ® Telecoms

Equipment ® Media ® Internet

Cleantech & Utilities Insurance Capital Goods Healthcare Technology

® Cleantech ® Utilities

® Insurers ® Asset Managers

® Shipbuilding ® Machinery ® Power Equipment ® Autos ® Auto Parts

® Pharmaceuticals ® Biotech ® Medical devices ® Healthcare service

providers

® Display Technology ® Semiconductors ® Memory Devices ® Downstream

Hardware ® Handset & IC

Design ® IT Services

Oil, Gas & Chemicals Real Estate Infrastructure

® Oil & Gas ® Chemicals ® AgChem ® Petrochem ® Energy Equipment

® Developers ® Investors ® REITs

® Engineering & Construction

® Building Products

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Our coverageGlobal

We have over

350 analystsin 24 countries across Asia-Pacific, the Americas, Europe, the Middle East and Africa …

… covering Economics, Fixed Income, Emerging Markets, Climate Change and Corporate Governance

Our Equities analysts cover

1,900 companies around the world …

… producing (circa)

1,900research reports each month.

We also offer an extensive multimedia library of video interviews, report

summaries, podcasts and webcasts.

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Our coverageEurope

Macro economics

FX Equity:coverage

Equity:strategy

Fixed Income

Austria d d d d dBelgium d d d d dCyprus d d d d

Czech Republic d d d d dDenmark d d d d d

Estonia d d d d dFinland d d d d dFrance d d d d d

Germany d d d d dGreece d d d d d

Hungary d d d d dIreland d d d d d

Israel d d d d dItaly d d d d d

Kazakhstan d d d d dLuxembourg d d d d d

Malta d d d d dNetherlands d d d d d

Norway d d d d dPoland d d d d d

Portugal d d d d dRomania d d d d d

Russian Fed. d d d d dSerbia d d d d d

Slovenia d d d d dSlovakia d d d d d

Spain d d d d dSweden d d d d d

Switzerland d d d d dUkraine d d d d dTurkey d d d d d

UK d d d d d

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Asia-Pacific

Macro economics

FX Equity:coverage

Equity:strategy

Fixed Income

Australia d d d d dBangladesh d d d d d

*China d d d d dHong Kong d d d d d

India d d d d dIndonesia d d d d d

Japan d d d d dKorea d d d d d

Malaysia d d d d dMongolia d d d d d

New Zealand d d d d dPakistan d d d d d

Philippines d d d d dSingapore d d d d dSri Lanka d d d d d

Taiwan d d d d dThailand d d d d dVietnam d d d d d

Key: Equity coverage only:

d Coverage more than 60% of MSCI

d Coverage between 30% and 60% of MSCI

d Coverage less than 30% of MSCI

*Fixed Income & FX cover both onshore & offshore China

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Our coverageMiddle East and Africa

Macro economics

FX Equity:coverage

Equity:strategy

Fixed Income

Bahrain d d d d dEgypt d d d d d

Ghana d d d d dIraq d d d d d

Jordan d d d d dKenya d d d d d

Kuwait d d d d dLebanon d d d d d

Libya d d d d dMorocco d d d d d

Nigeria d d d d dOman d d d d dQatar d d d d d

Saudi Arabia d d d d dSouth Africa d d d d d

Tunisia d d d dUAE d d d d

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Americas

Macro economics

FX Equity:coverage

Equity:strategy

Fixed Income

United States d d d d dCanada d d d d d

Argentina d d d d dBrazil d d d d dChile d d d d d

Colombia d d d d dMexico d d d d d

Panama d d d d dPeru d d d d d

Uruguay d d d d dVenezuela d d d d d

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Our USPsWe aim to generate the best investment opportunities for our clients by providing information and insights, and creating thought-provoking ideas

EM / DM BridgeWe have the DNA to understand Emerging Markets and the depth of coverage to align both EM and DM with the strategic footprint of HSBC Global Research as a whole.

UKWe provide comprehensive analysis of the UK economic and political outlook, and the implications for financial markets, with a special focus on the progress of Brexit.

Multi-assetWe regularly produce reports with the views of more than one asset class, to give a broad perspective on a particular event or market development. In 2017 we appointed a head of multi-asset strategy to further strengthen our position in this space.

ChinaIn December 2017 we launched HSBC Qianhai Securities – our majority owned joint venture. The ownership structure will allow us to maximise coordination and collaboration between on-shore and off-shore China research with our global research teams.

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Our key themesOur thematic research identifies key emerging opportunities and how to gain exposure to them

Lower for Longer

Future Consumer

Demographics

Disruptive Tech

Urbanisation

ESG

Renewables and the gridA transformation in 3D

ASEAN InfrastructureFull throttle – transport moves into the fast lane

Nomadic investor reduxDisrupt 2018: AI, VR, blockchain and more

GEMs Equity StrategyA wider EM equity story

Global AutosDisruptive threats: carmakers versus new entrants

Global Equity StrategyThemes you can use

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Economics

What are our strengths? ® Deep insight and integrated analysis of global economic trends.

® Broad geographic footprint covering both developed and emerging markets.

® Leading conference speakers. ® Close contact with policy makers. ® Major media profile: TV, radio, frequent comment in leading newspapers.

® Expertise on Renminbi internationalisation.

Coverage: ® We have more than 35 economists globally.

We provide cutting-edge research across global macro-economic and political environments, with unparalleled coverage of emerging markets. Our economists cover more than 50 countries worldwide.

Janet HenryGroup Chief [email protected]

Our key research:

Global EconomicsCould the sweet spot turn sour?

Asian EconomicsKeepin’ the balance

CEEMEA EconomicsPromises, promises

European EconomicsTrouble at the top?

Latin American EconomicsFiscal fog

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FX

What are our strengths? ® In depth discussion of key drivers, both current and prospective, of the FX market.

® A blend of fundamental analysis, rigorous quantitative studies.

® A thematic approach which does not come at the expense of forecast accuracy.

® Bespoke quantitative modelling and risk management for top-tier clients.

Coverage: ® We have FX strategists in the three major financial centres, and economists on the ground in developed and emerging markets. In addition, we have a team covering precious metals.

We provide timely forecasts and thematic research on the global FX markets, and offer broad coverage of EM FX with a specialised focus on the RMB.

David BloomGlobal Head of FX [email protected]

Our key research:

Currency OutlookThe greenback is back

Emerging Markets FX RoadmapCracks appearing

Asian FX FocusNew forecasts: Meat on the bone

Emerging MarketsCurrency Guide 2018An essential companion

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Fixed Income – Credit and Rates

What are our strengths? ® Experienced analysts across the full spectrum of Credit and Rates, EM and DM.

® Adaptability to an evolving market; eg unconventional monetary policies and the impact on markets.

® Actionable ideas and themes designed for the benefit of our clients.

® Low for longer has been our consistent theme for the last five years and we have produced a number of significant pieces to support this view

® Providing insight to the growing Green Bonds market ® Website access to a wide range of tools covering Government Bonds, Swaps, Inflation, Volatility and Futures.

Coverage: ® We have fixed income analysts and strategists working in both credit and rates in the main investment hubs, across the developed and emerging markets.

We draw on a wide range of skill and experience to provide strategic recommendations across rates and credit in both developed and emerging markets.

Steve MajorGlobal Head of Fixed Income [email protected]

Our key research:

Fixed Income Asset AllocationThinking twice

DM Rates Ideas Seize the moment

EM Rates: Hold your nerveMacro fundamentals remain intact for the Super Six

Green Bond HandbookClarity and confusion: what’s unresolvedin green bonds

Dollar droughtLooming liquidity scarcity

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Raj Sinha Head of Equity Research [email protected]

Equities

What are our strengths? ® Key research house in developed and emerging markets.

® Present where the growth is to be found, to connect our clients to investment opportunities via unparalleled local insights.

® Leverage the broad network and reach of HSBC to the benefit of our clients.

® With 60% coverage of the MSCI EM and FM indices; we offer a compelling competitive advantage in emerging markets.

® Collaboration with the social and governance teams to integrate their factors into fundamental stock analysis.

Coverage: ® We have 250 analysts covering 1,900 companies.

We aim to deliver a unique insight into the companies we cover and the sectors in which we operate. Whether it is identifying secular trends or responding to results, we position our research against the backdrop of HSBC’s global expertise and EM footprint to ensure our recommendations are timely and a source of differentiated returns.

Our key research:

Global Equity StrategyThemes you can use: Q1-18

Disruptive technologiesThe quest to fi nd the next game-changers

Global Equity StrategyEight key calls for 2018

Energy storageHow to make the sums stack up

David PhillipsHead of Equity Research, [email protected]

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Emerging Markets

What are our strengths? ® Coverage of Asia, Africa, Latin America, Central and Eastern Europe, and the Middle East to bring the best ideas to global investors.

® Macro analysis combined with strategy and quantitative work to uncover value, help mitigate risks, and put those with an interest in emerging markets ahead of the curve.

® Research covering thematic topics and executable trade ideas for a wide range of investors in the four asset classes: equities, credit, rates and FX.

Coverage: ® Multi asset analysis with input from our emerging market research platform.

We offer comprehensive analysis of emerging market trends and investment themes across all asset classes. This builds on the group’s wide geographical presence and a very strong team of economists and strategists around the world.

Murat Ulgen Global Head of EM [email protected]

Our key research:

HSBC EM ViewOur multi-asset summary

HSBC EM ViewInteractive survey results

GEMs InvestorA rockier path

Global Emerging MarketsWhy Europe matters a lot

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ESGWe offer analysis and insight around Environment, Social & Governance issues which are increasingly part of the investment decisions made by our clients. We focus on climate policy and how to finance the transition to a 2°C world. We also build on the group’s global expertise in EM where social and governance issues present clear risks and opportunities for investors.

Climate Investment UpdateTalking climate – from Bonn to Bangkok

Our key research:

Wai-Shin Chan, CFAGlobal Head, Climate Change Centre of ExcellenceGlobal Co-Head of ESG [email protected]

Ashim PaunGlobal Co-Head of ESG ResearchClimate Change [email protected]

Tessie PetionHead of ESG Research, [email protected]

What are our strengths? ® Framework for highlighting long terms risks and opportunities based on social & governance trends and their materiality on a sector and regional basis.

® A focus on both low-carbon opportunities as well as strategic risks for key sectors and resources such as energy, water and food.

® Collaboration with equity teams to integrate social and governance factors into fundamental stock analysis.

® A cross asset approach to connect macro developments with equity and fixed income market opportunities.

Coverage: ® Global equity research.

Fragile PlanetScoring climate risks around the world

No Sugar CoatingUS opioid epidemic examined

ESG MattersHow to analyse executive pay

Laurie Fitzjohn-Sykes Analyst [email protected]

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Multi-Asset

What are our strengths? ® We look at the global direction of markets and highlight HSBC’s key views and trade ideas across asset classes.

® We offer a full suite of proprietary indicators and in-depth analysis of cross-asset volatility and correlations.

® Our thematic reports provide actionable investment ideas for multi-asset portfolio managers.

Coverage: ® Multi-Asset research.

The synergies between our asset classes, and our thematic coverage allow us to create multi-asset research with impact.

Max KettnerMulti-Asset [email protected]

Our key research:

Data MattersAnatomy of the sell-off

Multi-Asset Analysts’ MeetingDisconnected

The 2018 HSBC ViewOur multi-asset summary

Multi Asset StrategyTransitioning

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ResearchDirect

What are our strengths? ® In a MiFID II world we are offering access to our research platform to new clients in a simple and effective way.

® We have a simple sign-up process to enable you to become an HSBC Global Research client.

® You will get access to our research through website and third party aggregators.

® You will be able to use the HSBC Global Research mobile app.

Coverage: ® Access is global and multi-product.

New clients to HSBC Global Research can be quickly on-boarded, gaining access to reports by email subscription, by accessing our website, via third party aggregators, or by using the HSBC Global Research mobile app.

Piers Butler Head of Global Research [email protected]

To get started please email [email protected] to arrange a call or meeting, or for helpful advice in completing this on-boarded process.

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Government & Corporate Access

Unparalleled access ® Global Research may suggest to a company’s management it undertakes a roadshow with HSBC.

® Effective dialogue between investors and corporate management provides greater insight into corporate strategy.

® Dedicated teams in Hong Kong, London, Dubai, Dusseldorf, Paris and New York. ® Global Research analysts use their well-established local relationships to gauge investor sentiment, and to provide unparalleled access to key markets.

Our services include ® One-on-one meetings with senior HSBC management who provide local knowledge on countries, regions and sectors.

® Over 30 themed conferences a year (by sector and/or region) give insight to corporates. ® One-on-one meetings with corporate management, either in clients’ offices or investors’ home countries.

® Expert events where guest speakers provide insight into topical issues.

HSBCInternal Network

Executive DirectorsRegional & Country Heads

Product SpecialistsIndustry Specialists

Access toFaster Growing Markets

GovernmentsCentral Banks

China, India and Brazil

Emerging Economies including: Private CompaniesQuoted Companies

Regulators

HSBCExternal Network

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How to access Global Research

Podcasts ® Subscribe to all our

audio and video reports on your personal phone or tablet

® Special podcasts include The Macro Brief, The Equity Brief and The ESG Brief

® How to subscribe: Scan the code

Other platforms

Website ® All our Research,

including multi-asset, thematic and daily reports, is available on research.hsbc.com

® Subscribe by asset class, analyst, region, country, sector, ticker, and periodical

® View our essential daily and weekly highlights

Symphony ® Access the Symphony

Market

® Add the HSBC Global Research app

® Use the smart search function to find reports

Mobile app ® Available on iOS and

Android phones and tablets

® Download the app from the App Store or Google Play, search Global Research

Help with access or subscriptions email: [email protected]

® Bloomberg ® BlueMatrix ® Factset ® MarkitHub ® RedDeer ® Refinitiv

® ResearchExchange ® ResearchPool ® S&P Global Market Intelligence ® Visible Alpha/ONEaccess

mailto:research%40hsbcib.com?subject=Help%20with%20access%20or%20subscriptions

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Notes

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Notes

Documents

Information • Insight • Ideas Global Research€¦ · Disruptive Technologies, Urbanisation and the Future Consumer. Sincerely, David May Global Head of Research. PUBLIC 4 | Global