FM Ranking The Analysts 2016

Financial Mail Page 1 -19/05/16 04:12:41 PM
Financial Mail
ANNUAL
MAY
26 2016REPORT
SPECIAL REPORT
WW
INA
NCNC
IALIM
ILA.CILO..CZO.
A ZA
WW.
WFW.
FINA
ALAM
RANKING THE
ANALYSTS 2016
Measuring
up globally
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FM SPECIAL REPORT
RANKING THE ANALYSTS
WINNING FORMULA
SA firm has for the first time beaten its

global peers and won the research award
BG Securities, the institutional

stockbroker of the Standard Bank
Group, tops the research rankings in
this years Financial Mail ratings. It is
the first time an SA-owned and operated
broker has topped the tables in recent memory, edging last years top-rated firm, UBS,
into third place after four years at the top.
RMB Morgan Stanley was placed second.
SBG raced up the rankings from fifth
place last year. This year, its analysts took 35
finalist positions in the sector categories
compared with 26 last year. It topped the
rankings for several large sectors including
beverages, insurance and telecommunications. This was helped by Rey Wium, who
moved from Renaissance Capital to SBG last
year. He took the top ranking in an unprecedented four different sectors.
SBG head of research Marc Ter Mors says
the firm has been differentiating itself by
focusing on its regional specialisation of
Africa. The integration of different Standard
Bank Group offerings has enabled us to offer
WHAT IT
MEANS
a one-stop-shop a house
not only for equities but
also macro, currency, comand fixed income
BREAKING NEW modity
insights. We tend to see that
GROUND FOR SA a top regional specialist is
RESEARCH FIRMS always in the top three of
the set of brokers that
INDEPENDENT
houses will use. Thats
CREDIBILITY
where SBG has been able to
WITHOUT GLOBAL differentiate.
When Standard Bank
PARTNERSHIP
broke off its partnership
with Credit Suisse in 2010,
it had to forge a new go-it-alone strategy in
a business where having an international
partner was considered essential to access
global liquidity.
Ter Mors says at the time clients questioned how committed Standard Bank
would be to its brokerage business. Weve
proved that we are committed. Clients no
longer question that.
SBGs achievement stands out in an
Russell Roberts
Leader of the pack
Marc Ter Mors

SA firms are independently
gaining global respect
May 26, 2016
Financial Mail 3
Financial Mail Page 4-5 -19/05/16 04:58:20 PM
FM SPECIAL REPORT
WINNING ANALYSTS
Sector
Analyst
Firm
industry that is facing tumultuous change.

Asset managers are placing ever more pressure on firms to justify the cost of research,
while regulators in turn pile the pressure on
asset managers to justify the costs to end
clients.
The bundling of research and execution
costs by brokers in the commissions they
charge clients is under attack, but the separation is proving difficult. The way people
pay for research has changed dramatically,
says the head of research at one large international broker, who cant be named for
compliance reasons. Clients claim that their
research cost is completely unbundled,
which is true in theory but not in practice.
As a result, analyst time is still skewed
towards those firms that pay a lot for dealing.
Historically, the bundled cost was always
passed on to end clients and buried in the
trading costs incurred by the fund, separate
from the asset managers own charges. But
research, in the view of regulators, should be
a cost faced by the manager rather than the
client.
So far this has not been pushed by regulators in SA, but in a global industry the
pressure is always to comply with the most
% of points
Gold Mining
Johann Steyn
Citigroup Global Markets
19.1%
Platinum & Precious Metals
Johann Steyn
12.2%
General Mining
Johann Pretorius
Renaissance Capital
19.4%
Oil & Gas and Chemicals
Gerhard Engelbrecht
Macquarie
27.3%
Forestry & Paper
Sean Ungerer & Wade Napier
Avior Capital Markets
24.5%
Industrial Metals
Brian Morgan & Leroy Mnguni
RMB Morgan Stanley
18.6%
Resources Small & Medium Market Cap Companies
Tim Clark, Heidi Sternberg, Setendra Naidoo & Adrian Hammond
Standard Bank SBG Securities
16.1%
Construction, Building Materials & Machinery
Rowan Goeller
Macquarie
29.0%
Banks
Stephan Potgieter
UBS SA
23.8%
General Financial
Harry Botha & Romy Sandler
18.0%
Insurance
Risto Ketola & Magdel Neale
28.3%
Beverages
Rey Wium
Standard Bank SBG Securities, Renaissance Capital
24.8%
Food Producers
Vikhyat Sharma
RMB Morgan Stanley
29.1%
Health care Providers & Pharmaceuticals
Alex Comer & Ross Krige
JPMorgan
31.1%
Luxury Goods
Rey Wium
27.8%
Tobacco
Rey Wium
31.6%
General Retailers
Sean Holmes
Deutsche Securities
22.8%
Eckhard Goedeke
17.4%
Hotels, Travel & Leisure
Michele Olivier & Leila Areff
RMB Morgan Stanley
32.5%
Diversified Industrials
John Kim
Deutsche Securities
22.6%
Investment Companies
Rey Wium
28.7%
Computing & Electronics
Chris Grundberg
UBS SA
25.7%
Media
Richard Tessendorf & Kevin Mattison
21.9%
Telecommunications
Jonathan Kennedy-Good
28.2%
Financial and industrial small & medium market
Anthony Clark
Vunani Securities
18.7%
Real Estate
Naeem Tilly & Adrian Jardine
30.1%
Africa Ex-SA Equities
Adesoji Solanke
Renaissance Capital
14.3%
cap companies
Africa Ex-SA Nonequities
Phumelele Mbiyo, Ayomide Mejabi, Jibran Qureishi & Standard Bank Research Team
20.8%
Commodities
Colin Hamilton, Gerhard Engelbrecht & James Oberholzer
Macquarie
20.4%
Corporate Governance
Mark Hodgson, David Levinson & Team
43.1%
Credit Analysis
Elena Ilkova & Stephan Pienaar
Rand Merchant Bank
37.3%
Derivatives
Anthony Seymour, Florence Chikurunhe & Emlyn Flint
Peregrine Securities
31.7%
Fixed-Interest Securities
Carmen Nel
Rand Merchant Bank
29.0%
Innovative research
Mary Curtis, Chris Nicholson, Brian Morgan, Vikhyat Sharma, Michele Olivier
RMB Morgan Stanley
16.6%
20.1%
15604
Household Goods Retailers
puts pressure on everyone else to

comply.
The fear among brokers is
that the rules will have unintended consequences in the form
of reduced market efficiency as
less analysis is undertaken of
some companies. A survey of
European brokers by WeConvene
Extel highlighted a fear about the
damage that will be done to coverage of mid- and small-cap companies that
dont earn significant amounts from dealing.
Brokers facing revenue cuts will respond
with less coverage, particularly of small- and
mid-cap stocks. That will lead to less liquidity and therefore less opportunity for
such companies to raise capital on equity
markets.
In the Extel survey, 84% of respondents
said the MiFID 2 proposals would affect the
ability of small caps to access capital markets. Asset managers also said the proposals
would increase barriers to entry for new
asset managers.
In the SA market several asset managers
have already begun paying brokers separate
amounts for research and dealing. However,
assessing the value of research remains a
THE INTEGRATION HAS ENABLED US TO

OFFER A ONE-STOP-SHOP SERVICE
MARC TER MORS
stringent regulations worldwide.

That standard is being drawn up by the
European Union and its so-called MiFID 2
regulations (MiFID stands for Markets in
Financial Instruments Directive) that will,
among other things, direct EU member
states to implement regulations that require
asset managers to separate out the payments
they make for execution and research.
In 2014 the UKs Financial Conduct
Authority had been tightening its rules over
commissions for over a decade and indicated its support for the EU process. This
translates directly into SA practices, with
large firms such as Investec Asset Management and Old Mutual having to comply with
UK regulations. SA clients then come to see
the benefit of the practices, which in turn
MAKING
SUSTAINABLE
SOLUTIONS
HAPPEN
& Roy Campbell

International Markets & Economies
Mary Curtis, Ian Doyle, Jonathan Garner, Andrea Masia & Manoj Pradhan
RMB Morgan Stanley
Investment Strategy
Mary Curtis
RMB Morgan Stanley
27.9%
Economic Trends (domestic)
Elna Moolman
Macquarie
24.6%
Political Trends/Industrial Relations
Simon Freemantle
29.4%
Quantitative Analysis
Josiah Rudolph & Gurvinder Brar
Macquarie
23.7%
Risk Management
Petrus Bosman
23.2%
Technical Analysis
Neels Heyneke & Peet Serfontein
Nedgroup Securities
30.9%
4 Financial Mail May 26, 2016
At Nedbank Corporate and Investment Banking, we believe in taking the long-term approach in all we do.
We are proud that our Markets business includes Nedgroup Securities, which has been a member of the
JSE for 20 years. Our Securities equity offering includes: cash equities trading; direct market access; listed:
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Reg No 1951/000009/06. Authorised financial services and registered credit provider (NCRCP16).
15604 NB RockyBarren CIB 145X235 REV2.indd 1
May 26, 2016
Financial Mail 5
2016/05/18 2:48 PM
FM SPECIAL REPORT
highly qualitative process. Investec Asset
Management, for example, keeps logs of all
research that its in-house analysts value.
That is reviewed every six months and
budgets are then set for brokers research.
The sell side has not provided a menu of
what the cost of their research is so weve
had to figure it out ourselves by looking at
what the value of it is to us, says Investec
Asset Management global head of dealing
Doug Blatch.
Basically we would look at different
drivers to the process we know what our
primary platform costs, we know what an
independent research provider is charging,
then we look at the value add from the sell
side, and weve formed broad metrics on
how much things are worth.
Investec has built a large team of research
analysts internally as well, which gives it an
edge in a market in which brokerage
research is accessible to everyone.
Brokers are going to focus their efforts on
those clients that are still willing to pay for
research. Increasingly, that is coming from
hedge funds rather than traditional large
long-only fund managers.
We do have certain levels of research
offering and engagement that are defined by
clients willingness to pay for research
specifically, says Ter Mors. But we are also
looking at clients as a whole their value
across a service bundle.
So even though regulators want a strict
separation of research and other services, it
often doesnt make sense for brokers who
are focused on the total value of the client.
Research also remains an important marketing mechanism a new client can be
attracted if they are impressed by a particularly strong piece of research.
That means even if research becomes the
poor cousin of dealing from an explicit
client fee point of view, it will still be provided by brokers who want to maintain
strong client service levels. So research,
while facing headwinds, is going to remain a
core part of broking business.
M E T H O D O LO GY
Based on stringent measures

The rankings and other results presented in
this survey are drawn entirely from a confidential questionnaire process conducted
with the domestic institutional clients of SA
stockbroker firms.
The structure of the survey is developed
by the Financial Mail in conjunction with
research house Intellidex.
The survey was conducted through an
online questionnaire process. The Intellidex
team collected the results and analysed
them to determine the rankings and ratings.
The intention of the survey is to capture
each institutions house view of the brokerage services it obtains, rather than the
views of its individual fund managers.
However, the online questionnaire made
it possible for multiple individuals at an
institution to complete different sections.
This allows for specialists to contribute their
insights in particular sectors.
Questionnaires were completed by 45
institutional respondents before the deadline. Respondents included asset managers,
life insurance companies, some wealth
managers and hedge funds. We attempted to
include all of the largest fund managers by
assets.
According to the information submitted,
the respondents manage a total of R4.7 trillion in domestic assets, and spend well over
R1.9bn in brokerage each year.
Before compiling the questionnaire, Intellidex asked all institutional brokers to submit a list of their analysts and the sectors
they covered in the past year. This year 35
firms submitted lists, three more than last
year. Those names and sectors were then
placed into lists on the questionnaire.
This year, two sell-side firms, Investec
and Bank of America Merrill Lynch, did not
BROKERS WILL FOCUS ON

CLIENTS WHO ARE WILLING TO
PAY FOR RESEARCH
provide us with names of analysts. Institutional investors were nevertheless encouraged to insert the names of analysts into our
questionnaires and the resulting rankings in
this survey reflect the firms performance on
that basis.
Some changes were made to the sectors
this year following feedback from the industry.
Retailers & Household Goods was split
into two: Household Goods Retailers and
General Retailers
Business Support Services & Packaging
and Diversified Industrials & Transportation
were merged into Diversified Industrials
Electronic & Electrical Equipment and
Computer Services were merged into Computing & Electronics
For each research sector, respondents
were asked to rank the five best firms and,
separately, the five best analysts, using the
following criteria:
Quality of written fundamental research
in terms of content and value;
Accuracy of forecasts and buy/sell recommendations; useful ideas;
Effective communication, both written
and verbal; and
Consistency over the past 12 months.
OVERALL RANKING OF FIRMS FOR RESEARCH

FUND MANAGERS BROKERAGE WEIGHTED
Equity sectors
weighted
% of points
Rank % of points
All sectors weighted

Rank
1
2
3
4
5
6
7
8
9
10
n/a
Firm

RMB Morgan Stanley
UBS SA
Deutsche Securities
JPMorgan
Macquarie
Absa Capital
Renaissance Capital
HSBC Securities
12.9%
11.0%
9.5%
9.5%
9.4%
8.0%
6.7%
5.8%
5.4%
4.9%
4.1%
1
5
2
4
3
6
9
10
8
7
n/a
14.1%
8.8%
11.2%
10.6%
11.2%
8.5%
4.8%
4.3%
5.9%
6.1%
4.0%
Sectors
unweighted
Rank % of points
All sectors
weighted
Rank % of points
1
2
4
6
3
7
5
8
9
10
n/a
1
2
4
3
5
6
7
8
9
10
n/a
13.1%
11.3%
8.2%
7.3%
9.0%
6.1%
7.5%
5.9%
5.5%
5.0%
3.8%
13.1%
9.8%
9.4%
9.5%
8.9%
8.1%
7.0%
5.8%
4.8%
4.8%
4.3%
FUND MANAGERS AUM WEIGHTED

Equity sectors
Sectors
weighted
unweighted
Rank % of points
Rank % of points
1
6
2
4
3
5
9
n/a
8
7
10
14.5%
7.8%
11.2%
10.7%
10.7%
8.8%
5.1%
4.1%
5.3%
6.0%
4.2%
1
2
4
6
3
7
5
8
9
10
n/a
13.3%
10.4%
8.3%
7.2%
8.6%
5.9%
7.8%
5.9%
5.0%
4.6%
4.1%
All sectors
weighted
Rank % of points
FUND MANAGERS UNWEIGHTED

Equity sectors
Sectors
weighted
unweighted
Rank % of points
Rank % of points
1
2
5
4
3
6
8
9
7
10
n/a
1
5
3
4
2
6
10
9
8
7
n/a
12.7%
11.4%
10.7%
10.8%
11.4%
7.7%
5.4%
5.3%
5.5%
5.3%
2.5%
13.6%
9.4%
12.4%
11.6%
13.2%
8.0%
3.8%
4.2%
5.9%
6.4%
2.4%
1
2
4
5
3
6
7
8
9
10
n/a
13.0%
12.0%
9.2%
8.9%
10.9%
6.3%
6.0%
5.5%
5.4%
5.3%
2.4%
Points were then awarded to each analyst

according to the rankings, ranging from five
points for first place to one point for fifth.
The analysts rankings are derived from the
votes specifically for individuals, while the
firms rankings are derived from the votes
specifically for firms. Votes for individual
analysts were not transferred to the firms.
In the sections covering institutional sales
teams, corporate access, dealing and backoffice administration, the respondents were
asked to nominate and rank the firms they
considered to be the best 10. There are no
rankings for individual traders or sales specialists.
Results were weighted in the first
instance by brokerage paid to the sell side.

Also included were weightings by domestic
assets and unweighted results. This ensures
the survey correctly reflects achievement in
the industry according to its own business
objectives.
The brokerage weightings were determined from two sources. Brokers were
asked to place their clients into different
brokerage buckets. In addition, institutions
were asked to tell us how much they paid in
brokerage broken down into equity, fixed
interest and derivatives or other. On both
the sell and buy sides, some firms would not
disclose this information, but most did.
The brokers buckets were added together
EXTERNAL VIEW
In the eyes of the world
OVERALL RANKING OF SA FIRMS BY EUROPEAN INSTITUTIONS
or the first
time this
year, the
Firms providing research on SA markets and assets, weighted by
Financial Mail Rankcommission paid
ing the Analysts sur- Position
Prev Pos
Firm Name
% of Vote
vey includes the
1
4
JPMorgan
15.1
opinions of for2
1
Bank of America Merrill Lynch
14.3
eign-based fund
3
3
Deutsche Bank
11.4
managers about
4
2
UBS
11.1
SAs institutional
5
8
SBG Securities (ICBC Standard Bank)
7.6
brokers.
6
5
Morgan Stanley
7.2
This is the result 7
6
HSBC
6.9
of a new partner8
7
Barclays
6.4
ship between
9
5
Citi
4.8
research house
10
10
Macquarie Securities Group
4.3
Intellidex and
Source: WeConvene Extel
WeConvene Extel,
Top-ranked firm JPMorgan ranks only
the worlds longest running assessment of
6th in the eyes of domestic institutions,
the European cash equities market.
reflecting its strong international marketA total of 78 institutions voted on SA
ing capabilities.
firms in the Extel survey, and 37 of those
Second-placed Bank of America Merrill
rank among the top 100 global asset manLynch fell outside of the top 10 domestic
agers.
institutions ranking in part because the
Their opinions are weighted according
firm did not submit analyst names for this
to the amount of commission they pay
years research exercise after deciding to
brokers.
focus its efforts on foreign institutions.
Unlike the core Financial Mail survey of
Deutsche and UBS hold 3rd and 4th
domestic institutions, the survey of foreign
spots as they do in the SA rankings, but the
institutions is coarse-grained and asks for
other way around.
feedback only on firms as a whole, rather
A notable achievement is that of SBG
than asking for individual sectors or anaSecurities, which tops the domestic ranklysts.
ing, and ranks 5th in the view of foreign
The results reveal the overall opinions
of foreign institutions on brokers who pro- institutions.
SBG, as part of Standard Bank, is the
vide services on the SA financial markets.
only SA-owned and operated firm that
The difference in ranking in part
makes the global list (though 6th-placed
reflects slightly different methodologies,
but also reflects the firms ability to market Morgan Stanley operates a joint venture
with Rand Merchant Bank).
themselves globally.
May 26, 2016
Financial Mail 7
Russell Roberts
FM SPECIAL REPORT
to get an indication of the total
paid by each institution. This was
compared with the institutions
disclosure, where we had it.
Where we had no information,
assets under management and our
own market insights were applied
to give a subjective weighting. All
institutional respondents were categorised into 10 bands which were
used to weight their responses. A
similar process was used for the
AUM weightings.
All of the sectors, equity dealing,
sales teams, corporate access and
administration tables are presented
without further amendment.
However, in the case of the
derivatives and fixed-interest
securities dealing tables, an additional weighting was applied to
firms that indicated they make
extensive use of derivatives and
Rey Wium fixed interest research and trading.
The assets under management
Was ranked top analyst
and brokerage weightings were
in four categories adjusted to give greater weight to
those firms that indicated that
derivatives and fixed interest trad-

ing was a greater priority for them. This
attempts to cater for the distortion that arises from the fact that most brokerage and
assets are connected to equity instruments.
In the case of the overall rankings for
research, an additional layer of weightings
was applied. Equity sectors were weighted
according to their market capitalisation as at
December 31 2015 using the Swix index constituent weightings.
The rankings with this weighting applied
are presented in the column Equity sectors
weighted by market cap.
Nonequity sectors, such as quantitative
analysis and risk management, were
weighted according to the institutions feedback on how important these nonequity
sectors were to them.
Investment strategy and both international and domestic economics carried the
largest weightings of the nonequity sectors.
We then gave the equity sectors a 70% total
weight and the nonequity sectors a 30%
total weight to determine the results presented in the all sectors weighted column.
Finally, auditors KPMG checked all calculations made in finalising the results.
We will continue to develop the methodology in future surveys.
SECTION TEAM RANKINGS

ADMINISTRATION EFFICIENCY RANKINGS
Brokerage-weighted rank
AUM-weighted rank
% of points
Unweighted rank
% of points
10.9%
9.7%
9.2%
8.9%
8.6%
6.5%
6.2%
5.6%
5.1%
4.6%
4
3
2
5
1
6
8
9
7
10
9.7%
9.9%
10.2%
7.5%
10.8%
7.0%
5.9%
5.8%
6.4%
5.1%
1
3
4
1
4
6
7
10
8
9
12.1%
79.1%
88.8%
142.3%
70.3%
72.1%
98.8%
69.6%
129.1%
84.5%
18.9%
12.1%
11.2%
10.2%
9.7%
8.7%
6.1%
5.7%
5.4%
5.2%
3.0%
2.2%
1
2
5
4
3
6
8
9
7
n/a
10
n/a
18.8%
13.4%
8.9%
9.5%
10.9%
8.0%
5.6%
4.4%
7.0%
3.9%
4.4%
4.1%
9
n/a
1
3
4
5
2
8
7
6
n/a
10
6.8%
2.9%
12.5%
10.3%
9.2%
8.9%
10.7%
7.6%
8.1%
8.6%
3.1%
4.9%
14.2%
11.7%
10.0%
8.5%
7.8%
5.8%
4.9%
4.8%
4.7%
4.3%
3.9%
3.3%
0.9%
1
2
3
4
5
6
n/a
9
7
n/a
8
10
n/a
14.2%
12.7%
9.9%
7.6%
6.9%
6.2%
3.6%
4.5%
5.6%
3.0%
5.3%
4.5%
0.7%
1
3
2
6
5
7
9
n/a
8
n/a
4
n/a
10
17.1%
14.0%
15.5%
5.6%
5.9%
5.1%
4.1%
2.3%
4.8%
2.8%
6.9%
2.8%
3.0%
14.6%
12.8%
9.3%
9.3%
7.2%
6.8%
6.8%
6.6%
6.1%
4.3%
3.7%
1
2
3
4
5
7
8
5
10
n/a
9
14.0%
14.0%
10.0%
9.0%
7.9%
6.5%
6.0%
7.9%
4.6%
3.8%
4.8%
1
2
3
10
6
7
5
9
8
4
n/a
13.9%
11.3%
8.2%
5.4%
7.1%
6.9%
7.6%
5.6%
6.6%
8.0%
4.5%
18.2%
17.2%
13.4%
11.4%
10.1%
8.4%
8.1%
3.4%
2.7%
2.0%
0.6%
1
2
3
4
5
7
6
8
9
10
n/a
18.5%
17.1%
13.4%
12.4%
10.7%
7.7%
8.5%
3.0%
2.8%
2.1%
1.0%
1
2
3
5
4
6
8
7
10
n/a
9
21.4%
16.3%
15.6%
7.9%
12.1%
6.5%
4.7%
5.1%
2.2%
1.9%
2.3%
14.9%
11.6%
9.4%
8.9%
8.7%
7.9%
7.9%
6.7%
6.6%
4.8%
4.2%
1
2
4
3
5
6
9
8
7
10
n/a
13.1%
12.0%
9.6%
10.2%
8.8%
8.5%
6.3%
6.8%
7.3%
4.9%
3.4%
1
2
4
7
3
5
6
9
8
n/a
10
15.6%
10.8%
9.4%
7.0%
10.4%
9.2%
8.5%
4.9%
5.5%
2.8%
4.8%
% of points
1
RMB Morgan Stanley
2
Macquarie
3
UBS SA
4
5
Deutsche Securities
6
BofA Merrill Lynch
7
Absa Capital
8
9
JPMorgan
10
Investec Securities
CORPORATE ACCESS RANKINGS
1
RMB Morgan Stanley
2
BofA Merrill Lynch
3
4
Deutsche Securities
5
6
UBS SA
7
Macquarie
8
Absa Capital
9
JPMorgan
10
Investec Securities
n/a
n/a
Renaissance Capital
DEALING DERIVATIVES RANKINGS
1
2
Prescient Securities
3
Constellation Capital
4
Absa Capital
5
BofA Merrill Lynch
6
AngloRand Futop
7
UBS SA
8
ICAP
9
Deutsche Securities
10
Investec Securities
n/a
RMB Morgan Stanley
n/a
Credit Suisse Securities
n/a
DEALING EQUITIES RANKINGS
1
RMB Morgan Stanley
2
UBS SA
3
BofA Merrill Lynch
4
5
6
Macquarie
7
Deutsche Securities
8
JPMorgan
9
Absa Capital
10
n/a
Investec Securities
DEALING FIXED INTEREST SECURITIES RANKINGS
1
Absa Capital
2
Nedgroup Securities
3
Rand Merchant Bank
4
5
6
JPMorgan
7
HSBC Securities
8
Investec Securities
9
Deutsche Securities
10
Bond Street
n/a
Vunani Securities
SALES TEAM RANKING
1
RMB Morgan Stanley
2
Deutsche Securities
3
BofA Merrill Lynch
4
JPMorgan
5
UBS SA
6
7
Absa Capital
8
9
Investec Securities
10
n/a
Macquarie
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May 26, 2016
Financial Mail 9
FM SPECIAL REPORT
NEW ENTRANTS
YOUNG ANALYST OF THE YEAR
so it did not make any difference to the rankings.

Next year however, the
EQUITIES
NONEQUITIES
rule will be applied strictly.
1. Jumai Mohammed
Exotix 1. Emlyn Flint
Peregrine
The judges all volun2. Gareth Visser
Avior 2. Mehul Daya
Nedbank
teers
were convened
3. Roelof Brand
Avior 3. Chernay Johnson Credit Suisse
through CFA SA.
They were: Nigel Suliaman (Sanlam Investments); Aadil Omar
the top three entries in the equities category
(Prudential); Ashveena Teeluckdharry-Khuwere from sole authors, while all three in
sial (Hollard); Dahn Webb (Curo); Franita
the nonequities section were co-authored,
Young guns get their

due honours
they went for the Nigerian
cement report, and that
makes it stand out more,
he says.
It provided an excellent
overview of the industry
with a good analysis of the
individual companies. It
described each company
from an operational as well
as financial perspective,
and included a sensitivity
analysis of the companies,
which we liked.
The second-ranked
equities report, PPC: Egg of
the Phoenix by Aviors
Gareth Visser, also contained well-described valuations and judges liked
the regional breakdown of
the business.
Suliamans main criticism about reports in the
nonequities category was
that none gave investment
recommendations or conclusions but were information pieces more like
economic reports.
Flints winning report,
In Search of the Perfect
Hedge, also stopped short
of making real recommendations. But the description of the case study was
clear and well-articulated.
EM Debt Bonanza by
Nedbanks Mehul Daya
assessed debt at a sovereign
level.
Suliaman says the analysis was interesting, though
valuations were implied
ANALYSTS RANKING
Business description
Industry overview & competitive positioning
Investment summary
Valuation
Financial analysis
Other headings
Investment risks
1
2
3
4
5
6
n/a
Description and relevance of case

Originality and independent thought
Coherence of case proposal
Analytical rigour and depth
Other
Johann Steyn
Adrian Hammond
Derryn Maade
Andrew Byrne
Kane Slutzkin
Patrick Mann
Leroy Mnguni & Christopher Nicholson

HSBC Securities
Absa Capital
UBS SA
Deutsche Securities
RMB Morgan Stanley
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
19.1%
16.5%
13.2%
11.3%
7.3%
6.9%
5.2%
1
2
3
4
5
6
n/a
21.4%
19.3%
14.6%
10.7%
8.4%
5.5%
4.6%
1
2
5
3
n/a
6
4
15.4%
14.7%
7.8%
10.3%
7.3%
7.6%
9.2%
1
2
3
4
4
6
n/a
18.5%
15.7%
15.0%
9.8%
9.8%
7.6%
4.9%
1
2
3
4
5
6
n/a
% of
points
Number of analysts who received one or more votes 16

HSBC Securities
UBS SA
Absa Capital
Deutsche Securities
RMB Morgan Stanley
Unweighted
% of
points
21.6%
16.4%
16.2%
11.1%
10.0%
5.8%
5.0%
1
1
3
5
n/a
6
4
14.5%
14.5%
9.6%
9.0%
7.9%
8.7%
9.3%
Unweighted
11.3%
11.0%
10.6%
10.1%
10.0%
8.2%
8.2%
8.1%
6.0%
AUM
% of
weighted points
2
1
4
6
3
4
n/a
n/a
n/a
12.6%
11.6%
9.3%
8.0%
9.4%
9.3%
5.9%
6.3%
4.6%
6
2
n/a
1
6
3
n/a
5
4
% of
points
8.1%
10.7%
6.9%
11.4%
8.1%
10.5%
6.4%
8.8%
9.3%
Unweighted
% of
points
Number of teams who received one or more votes 14
PLATINUM & PRECIOUS METALS

ANALYSTS RANKING
1
2
3
4
5
6
6
n/a
Johann Steyn
Andrew Byrne
Emma Townshend
Seten Naidoo
Steven Friedman
Christopher Nicholson
Hurbey Geldenhuys
Patrick Mann

Absa Capital
HSBC Securities
Renaissance Capital
RMB Morgan Stanley
Vunani Securities
Deutsche Securities
% of
points
12.2%
12.1%
11.2%
10.4%
9.8%
7.8%
7.8%
6.9%
AUM
weighted
2
4
3
1
6
n/a
n/a
5
% of
points
12.4%
11.9%
12.0%
13.3%
8.3%
6.3%
7.7%
9.2%
Unweighted
2
4
6
3
1
6
n/a
5
FIRMS RANKING
% of
of points
9.8%
9.2%
8.6%
9.4%
11.8%
8.6%
7.8%
9.0%
1
2
3
4
5
6
6
n/a
n/a
HSBC Securities
Absa Capital
Renaissance Capital
Deutsche Securities
Macquarie
RMB Morgan Stanley
JPMorgan
GENERAL MINING
THE REPORT PROVIDED AN EXCELLENT

OVERVIEW OF THE INDUSTRY WITH A GOOD
ANALYSIS OF THE INDIVIDUAL COMPANIES
NIGEL SULIAMAN
NONEQUITIES
5%
15%
20%
20%
20%
5%
15%
FIRMS RANKING
REPORT CARD
EQUITIES
Special Report written by Intellidex

Advertising executive: Cris Stock
GOLD MINING
Hetty Zantman
Exotixs Jumai Mohammed is the winner of

the Young Analyst award in the equities category. Peregrines Emily Flint takes the
award in the nonequities section.
The awards were introduced to the Financial Mails analyst rankings last year to
recognise young talent in the industry.
Entrants, who had to be under 30 years old
as at December 31 2015, submitted reports
provided to asset management clients, motivating for investment ideas.
Each entry was judged according to
scorecards developed for the process, with
originality and independence of thought
high on the priority list. Each report was
assessed by six judges, which resulted in a
wide array of marks.
Nigel Suliaman, convenor of the judging
panel and a member of the CFA Society SA,
says the quality of the submissions matched
that of the industry.
I read lots of broker reports just about
every day and these are pretty much at the
same standard as those I normally see. I
wouldnt have known they were written by
junior analysts, says Suliaman.
Interestingly, however, one of the judges
is an academic, and Suliaman says he was
more critical than his fellow judges, who
were working professionals.
I think academics look at things differently. For me, being concise and getting
to the point is important, while academics
want to see basic concepts explained and
expanded upon. I think the professionals
assume a certain level of knowledge
though we all frown on jargon.
However, the academic judge concurred
with his peers in giving Mohammeds report
on the Nigerian cement industry the highest
ranking in the equities category. Suliaman
says that with all the judges being South
African, he might have expected them to go
for something they were familiar with. But
Neuville (Thompson Reuters); Hugh Hacking

(Old Mutual); Marco Efstathiou (Citi); Mark
Bunting (Rhodes University); Michael
Parusel (PWC); Muitheiri Wahome (Investment Solutions); Rosanne Howarth (Sanlam
Investments); and Sanjay Bhana (selfemployed).
15%
25%
25%
25%
10%
rather than specific.

However, there was sufficient detail presented to make the result clear.
One problem was that some submissions
were co-authored, whereas the rules state
that the young analyst must be the sole or
lead author and the report should be clearly
marked as such. In such cases the judges
applied a points penalty rather than disqualifying the entrant altogether. However,
ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
6
Johann Pretorius
James Bennett & Heath Jansen
Tim Clark & Heidi Sternberg
Kieran Daly
Rene Kleyweg
Menno Sanderse, Brian Morgan &
David Prowse
Renaissance Capital
UBS SA
Deutsche Securities
RMB Morgan Stanley
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
% of
points
AUM
% of
weighted points
19.4%
18.9%
15.4%
11.2%
9.7%
6.7%
2
1
3
4
5
6
16.4%
19.4%
16.2%
11.0%
9.4%
6.5%
1
3
2
5
4
6
19.7%
14.7%
16.3%
10.9%
11.7%
8.9%
1
2
3
4
5
6
Renaissance Capital
UBS SA
Deutsche Securities
RMB Morgan Stanley
20.7%
18.1%
16.6%
12.9%
9.7%
5.4%
1
2
3
4
5
n/a
19.4%
19.1%
17.2%
13.1%
9.8%
4.8%
1
3
2
4
4
6
19.5%
15.5%
17.9%
12.7%
12.7%
6.1%
n/a
Macquarie
4.9%
4.9%
n/a
3.9%
Unweighted
% of
points
OIL & GAS AND CHEMICALS

ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
6
Gerhard Engelbrecht
Alex Comer
Johann Steyn
Christopher Nicholson
Nishal Ramloutan
Sean Ungerer & David Lerche
% of
points
Macquarie
JPMorgan
RMB Morgan Stanley
UBS SA
27.3%
24.9%
10.7%
8.2%
7.3%
4.5%
AUM
weighted
% of
points
Unweighted
1
2
3
5
4
6
28.1%
26.0%
13.3%
6.6%
7.0%
3.9%
1
2
5
4
3
6
% of
points
% of
points
AUM
% of
weighted points
23.7%
23.3%
6.3%
10.1%
11.1%
5.5%
1
2
3
4
5
6
n/a
28.2%
23.3%
10.8%
8.8%
6.9%
6.2%
3.0%
1
2
3
4
5
6
n/a
Macquarie
JPMorgan
RMB Morgan Stanley
UBS SA
Investec Securities
Deutsche Securities
28.0%
23.9%
14.2%
7.6%
7.4%
5.8%
2.0%
1
2
5
3
3
n/a
6
25.7%
21.0%
6.8%
9.9%
9.9%
4.5%
6.4%
May 26, 2016
Financial Mail 11
FM SPECIAL REPORT

GENERAL FINANCIAL
FORESTRY & PAPER

ANALYSTS RANKING
1
2
3
4
5
6
n/a
n/a

Lars Kjellberg
Brian Morgan
Nishal Ramloutan
Matthias Pfeifenberger
Tom Burlton David Roux
James Hutchison & Caroline Learmonth
David Roux

RMB Morgan Stanley
UBS SA
Deutsche Securities
BofA Merrill Lynch
Absa Capital
BofA Merrill Lynch
% of
point
24.5%
24.3%
19.0%
17.9%
4.6%
2.9%
2.5%
2.4%
AUM
weighted
1
2
3
4
n/a
6
n/a
5
% of
points
24.8%
23.0%
19.8%
18.6%
3.0%
3.0%
2.2%
4.4%
Unweighted
1
4
3
2
5
n/a
6
n/a
% of
points
24.4%
16.7%
19.6%
22.7%
7.4%
1.0%
4.5%
1.7%
FIRMS RANKING
1
2
3
4
5
6
n/a

UBS SA
RMB Morgan Stanley
BofA Merrill Lynch
Deutsche Securities
Absa Capital
ANALYSTS RANKING
% of
points
24.2%
23.3%
19.7%
15.5%
7.6%
5.6%
2.6%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
23.6%
23.5%
20.9%
14.8%
9.9%
3.6%
2.1%
Unweighted
4
1
2
3
6
5
6
% of
points
15.5%
24.4%
22.0%
16.6%
4.8%
9.7%
4.8%
Harry Botha & Romy Sandler

Nicholas Watts & Chantelle Baptiste
Stephan Potgieter
Henry Hall
Bankole Ubogu
Stefan Swanepoel
Vincent Anthonyrajah & Magdel Neale

Absa Capital
UBS SA
HSBC Securities
Deutsche Securities
Deutsche Securities
18.0%
16.4%
13.9%
10.0%
9.9%
9.0%
8.5%
AUM
weighted
% of
points
Unweighted
% of
points
3
2
1
5
4
6
n/a
13.8%
16.5%
16.9%
11.1%
12.4%
8.7%
7.3%
1
2
3
n/a
4
6
5
19.3%
14.8%
12.6%
4.5%
10.7%
9.0%
9.3%
ANALYSTS RANKING
% of
point
AUM
weighted
% of
points
Unweighted
RMB Morgan Stanley

18.6%
Standard Bank SBG Securities 18.2%
Renaissance Capital
10.4%
UBS SA
10.1%
9.6%
Macquarie
9.4%
6.4%
1
2
5
4
3
6
n/a
19.3%
19.1%
9.0%
10.8%
11.7%
8.7%
5.7%
2
1
3
n/a
4
5
5
% of
points
17.5%
18.0%
13.7%
6.7%
8.6%
7.8%
7.8%
1
2
3
4
5
6
% of
points
AUM
weighted
% of
points
RMB Morgan Stanley

UBS SA
Renaissance Capital
Macquarie
19.6%
16.4%
15.0%
10.6%
9.9%
9.6%
1
2
3
6
4
5
20.3%
16.7%
16.6%
8.8%
11.9%
9.3%
Unweighted
1
4
1
3
5
6
% of
points
17.4%
11.3%
17.4%
12.6%
9.7%
7.7%
1
2
3
4
5
6
Risto Ketola & Magdel Neale

Larissa Van Deventer
Michael Christelis
Francois du Toit
Grant Davids
Brian Mushonga

Absa Capital
UBS SA
Renaissance Capital, JPMorgan
Nedgroup Securities
% of
points
28.3%
20.7%
19.5%
13.2%
8.1%
7.3%
AUM
weighted
1
2
3
5
4
6
% of
points
28.2%
19.9%
18.2%
10.6%
12.4%
7.7%
Unweighted
1
3
2
4
5
6
% of
points
27.5%
19.5%
20.6%
15.5%
6.2%
5.6%
RESOURCES SMALL & MEDIUM MARKET CAP COMPANIES

ANALYSTS RANKING
2
3
4
5
6
n/a
n/a
% of
point
16.1%
Macquarie
Renaissance Capital
14.0%
11.9%

RMB Morgan Stanley
HSBC Securities
JPMorgan
AUM
weighted
% of
points
Unweighted
17.4%
2
4
14.3%
9.2%
11.6%
9.1%
7.8%
3
5
n/a
6.3%
4.1%
6
n/a
% of
points
FIRMS RANKING
% of
points
18.4%
17.1%
3
2
11.8%
14.5%
2 Macquarie
3 Renaissance Capital
12.7%
12.5%
12.1%
8.6%
7.0%
5
n/a
4
7.9%
4.2%
10.9%
4 Citigroup Global Markets

5 RMB Morgan Stanley
6 Prescient Securities
8.3%
4.4%
n/a
6
3.3%
5.4%
n/a HSBC Securities

n/a Avior Capital Markets
AUM
weighted
% of
points
Unweighted
19.1%
2
5
13.1%
8.1%
11.8%
8.3%
7.7%
3
4
6
6.6%
5.4%
6
6
% of
points
3
2
11.9%
14.9%
10.8%
8.9%
7.4%
5
4
n/a
7.9%
10.9%
3.3%
2
3
4
5
6
n/a
7.4%
7.4%
n/a
6
3.0%
6.6%
ANALYSTS RANKING
Macquarie
RMB Morgan Stanley
JPMorgan
Renaissance Capital, BPI Capital Africa
UBS SA
% of
point
29.0%
20.8%
13.2%
12.3%
8.4%
6.7%
5.3%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
29.7%
17.4%
16.0%
13.0%
9.6%
5.5%
4.3%
Unweighted
1
2
3
4
n/a
5
6
% of
points
24.1%
20.3%
15.2%
10.6%
6.0%
9.3%
7.5%
FIRMS RANKING
1
2
3
4
5
6
n/a
Macquarie
RMB Morgan Stanley
JPMorgan
BPI Capital Africa
UBS SA
% of
points
27.0%
20.6%
15.8%
14.3%
6.8%
5.5%
5.3%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
27.8%
18.2%
16.0%
15.2%
7.5%
5.5%
4.8%
Unweighted
1
2
3
4
6
n/a
5
% of
points
22.8%
20.7%
15.7%
11.5%
7.9%
4.7%
9.7%
Stephan Potgieter
Henry Hall
Vincent Anthonyrajah
Stefan Swanepoel
Ilan Stermer
Nicholas Watts & Chantelle Baptiste
Charles Russell
% of
point
UBS SA
23.8%
HSBC Securities
19.4%
Deutsche Securities
9.6%
Renaissance Capital
9.1%
Absa Capital
7.4%
6.4%
% of
points
Rey Wium
24.8%
26.3%
14.5%
12.2%
10.2%
9.3%
6.5%
6.4%
2
4
3
5
6
n/a
12.7%
11.7%
12.5%
11.5%
5.4%
4.1%
3
2
4
n/a
5
6
Standard Bank SBG Securities,

Renaissance Capital
Andrea Pistacchi & Adam Spielman
Tristan van Strein
Deutsche Securities
Nik Oliver
UBS SA
Sanjeet Aujla
Simon Hales
Absa Capital
Vikhyat Sharma, Olivier Nicolai & Richard Taylor RMB Morgan Stanley
AUM
weighted
% of
points
Unweighted
Deutsche Securities
UBS SA
Absa Capital
HSBC Securities
RMB Morgan Stanley
19.0%
18.8%
14.3%
14.0%
11.3%
10.8%
2.8%
1
3
2
4
6
5
n/a
21.3%
14.6%
17.9%
14.1%
9.1%
11.8%
1.6%
% of
points
AUM
weighted
% of
points
Unweighted
Unweighted
2
1
3
4
5
6
6
% of
points
19.4%
20.5%
13.1%
12.9%
11.0%
4.5%
4.5%
FIRMS RANKING
1
2
3
4
5
6
n/a

UBS SA
Absa Capital
Renaissance Capital
Nedgroup Securities
31.4%
20.1%
17.5%
10.3%
9.2%
6.7%
2.1%
1
2
3
5
4
6
n/a
30.2%
18.3%
17.8%
7.9%
13.1%
7.7%
1.8%
1
2
3
4
5
n/a
6
% of
points
29.8%
20.5%
17.4%
12.0%
7.1%
4.4%
4.9%
% of
points
% of
points
AUM
weighted
% of
points
22.6% 1
24.9%
26.3%
21.3%
10.9%
12.0%
9.3%
5.7%
8.7%
8.5%
UBS SA
Deutsche Securities
Absa Capital
RMB Morgan Stanley
14.5%
12.2%
11.4%
8.7%
6.5%
5.1%
4.2%
2
4
5
3
6
n/a
n/a
16.1%
11.1%
8.8%
12.0%
5.6%
2.9%
2.8%
2
3
5
n/a
n/a
4
5
15.5%
10.8%
8.7%
4.7%
7.9%
8.9%
8.7%
% of
points
AUM
weighted
% of
points
RMB Morgan Stanley

Renaissance Capital
UBS SA
29.8%
17.8%
17.1%
11.8%
6.5%
5.0%
4.9%
1
2
3
4
5
n/a
6
29.5%
19.4%
16.8%
10.4%
6.1%
4.9%
5.0%
% of
points
AUM
weighted
% of
points
JPMorgan
Deutsche Securities
Macquarie
HSBC Securities
Investec Securities
31.7%
23.1%
13.5%
7.9%
4.4%
3.6%
3.2%
3.0%
1
2
3
4
6
n/a
n/a
5
32.9%
22.8%
13.6%
6.6%
4.6%
2.1%
2.9%
5.3%
AUM
weighted
1
2
3
4
6
5
n/a
% of
points
25.6%
18.3%
13.8%
10.1%
7.7%
8.7%
4.7%
Unweighted
1
2
4
3
5
n/a
6
% of
points
22.3%
14.7%
12.1%
12.9%
7.0%
5.5%
6.5%
FIRMS RANKING
1
2
3
4
5
6
n/a
UBS SA
HSBC Securities
Deutsche Securities
Renaissance Capital
Absa Capital
RMB Morgan Stanley
2
3
4
5
6
n/a
n/a
% of
points
FOOD PRODUCERS
FIRMS RANKING
1
2
3
4
5
6
n/a
Vikhyat Sharma
Jiten Bechoo
Robyn Collins
Sumil Seeraj
Kgosi Rahube
Pieter Vorster
Caron Bramwell
% of
points
RMB Morgan Stanley

Renaissance Capital
Deutsche Securities
29.1%
16.8%
15.6%
14.6%
5.7%
5.6%
2.1%
AUM
weighted
1
3
4
2
5
6
n/a
% of
points
29.3%
17.3%
14.5%
17.4%
5.0%
4.6%
1.7%
Unweighted
1
2
3
4
n/a
6
5
% of
points
26.5%
18.6%
15.5%
13.1%
3.6%
4.2%
4.4%
1
2
3
4
5
6
n/a
Unweighted
1
3
2
4
6
n/a
5
% of
points
27.9%
16.4%
18.2%
13.3%
4.7%
3.1%
5.2%
HEALTH CARE PROVIDERS & PHARMACEUTICALS
BANKS
1
2
3
4
5
6
n/a
Unweighted
FIRMS RANKING
ANALYSTS RANKING
ANALYSTS RANKING
ANALYSTS RANKING
18.2%
CONSTRUCTION, BUILDING MATERIALS & MACHINERY

Rowan Goeller
Roy Campbell & Bradley Ablett
Marc Ter Mors & Luresha Chetty
Necessity Ngorima
Brent Madel
Kwame Antwi
Roelof Brand
% of
points
BEVERAGES
1
2
3
4
5
6
n/a
AUM
weighted
Tim Clark, Heidi Sternberg, Setendra

Naidoo & Adrian Hammond
James Oberholzer
Johann Pretorius, Steven Friedman
& Kabelo Moshesha
James Bennett & Johann Steyn
Willie Venter
Christopher Nicholson, Brian Morgan
& Leroy Mnguni
Derryn Maade & Emma Townshend
Allan Cooke & Abhishek Tiwari
% of
points
ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
6
n/a
INSURANCE
INDUSTRIAL METALS
Heidi Sternberg & Tim Clark
Johann Pretorius & Steven Friedman
Kieran Daly
James Oberholzer
James Bennett
1
2
3
4
5
6
n/a
% of
points
Number of analysts who received one or more vote 14
1
2
3
4
5
6
n/a
FIRMS RANKING
ANALYSTS RANKING
% of
points
25.9%
17.5%
11.8%
10.7%
8.5%
7.4%
4.0%
AUM
weighted
1
2
3
4
6
5
n/a
% of
points
27.3%
17.0%
14.4%
10.7%
7.5%
8.2%
2.0%
Unweighted
1
4
3
2
5
n/a
6
% of
points
23.0%
10.4%
13.6%
14.7%
6.4%
5.5%
5.8%
FIRMS RANKING
1
2
3
4
5
6
n/a
n/a
Alex Comer & Ross Krige

Avinash Kalkapersad
Mathew Menezes
Ada Li
Raj Sinha
Andre Bekker
Luresha Chetty
Marcelle Jankelow
% of
points
JPMorgan
Deutsche Securities
Macquarie
HSBC Securities
Investec Securities
31.1%
23.2%
14.0%
7.9%
4.1%
3.8%
3.5%
2.9%
AUM
weighted
1
2
3
4
6
n/a
n/a
5
% of
points
32.6%
22.5%
13.9%
6.5%
4.6%
2.6%
2.9%
5.3%
Unweighted
1
2
3
4
n/a
5
6
n/a
% of
points
27.0%
21.6%
11.2%
8.3%
2.5%
7.1%
5.0%
2.3%
1
2
3
4
5
6
n/a
n/a
Unweighted
1
2
3
4
n/a
5
6
n/a
% of
points
27.9%
22.9%
10.3%
9.1%
2.4%
6.2%
5.3%
1.9%
May 26, 2016
Financial Mail 13
FM SPECIAL REPORT
LUXURY GOODS
ANALYSTS RANKING
Rey Wium
2
3
4
5
6
n/a
n/a
David Smith & Louise Singlehurst

Thomas Chauvet
Erwan Rambourg
Melanie Flouquet
Guillaume Gauville
Helen Brand
Renier Swanepoel

Renaissance Capital
RMB Morgan Stanley
HSBC Securities
JPMorgan
UBS SA
UBS SA
% of
point
27.8%
15.1%
14.9%
10.9%
7.1%
4.9%
3.5%
2.7%
AUM
weighted
% of
points
Unweighted
% of
points
FIRMS RANKING
DIVERSIFIED INDUSTRIALS
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
30.0%
24.1%
23.2%
18.4%
3
2
4
5
6
6
n/a
14.4%
16.8%
13.1%
5.1%
3.6%
3.6%
1.7%
2
3
5
4
n/a
n/a
6
18.6%
11.8%
5.8%
9.7%
2.3%
1.4%
5.1%
2
3
4
5
6
n/a
n/a

RMB Morgan Stanley
HSBC Securities
JPMorgan
UBS SA
Deutsche Securities
Goldman Sachs
2
4
3
5
n/a
n/a
6
20.8%
12.3%
12.7%
5.8%
3.8%
3.2%
4.5%
3
2
n/a
5
4
6
n/a
13.4%
16.6%
6.8%
8.7%
8.9%
8.4%
1.3%
18.3%
12.3%
11.3%
6.7%
5.5%
4.9%
4.5%
Rey Wium
2
3
4
5
6
n/a
n/a
Rupert Wilson
David Smith & Matthew Grainger
Adam Spielman
Simon Hales
Catherine Farrant
Renier Swanepoel
Richard Tessendorf
% of
point

Renaissance Capital
Noah Capital Markets
RMB Morgan Stanley
Absa Capital
JPMorgan
UBS SA
AUM
weighted
% of
points
Unweighted
% of
points
31.6%
32.9%
28.9%
19.3%
15.3%
9.9%
5.1%
4.2%
3.2%
2.7%
2
3
4
6
n/a
n/a
5
19.1%
13.4%
11.3%
3.7%
3.6%
3.1%
4.2%
2
3
4
5
6
6
n/a
18.0%
15.3%
8.0%
6.7%
4.2%
4.2%
3.8%
2
3
4
5
6
n/a
n/a
n/a
1
2
3
4
5
6
n/a
John Kim
Rowan Goeller
Kwame Antwi
Mark Hodgson
Ceri Moodie
Roy Campbell & Bradley Ablett
Eckhard Goedeke & Marc Ter Mors
% of
points
Deutsche Securities
Macquarie
UBS SA
Ceri Moodie Investment Research
RMB Morgan Stanley
22.6%
13.2%
9.0%
8.9%
8.2%
7.3%
5.1%
AUM
weighted
1
2
3
4
5
6
n/a
% of Unweighted
points
% of
points
% of
points
AUM
weighted
% of
points
22.6%
15.2%
9.7%
8.3%
7.7%
6.3%
5.2%
19.6%
12.5%
11.5%
8.8%
5.0%
10.2%
7.3%
1
2
3
4
5
6
n/a
n/a
19.9%
10.4%
9.7%
9.3%
8.4%
8.1%
6.4%
6.4%
1
2
4
5
3
n/a
n/a
6
20.6%
13.7%
8.7%
7.8%
8.8%
7.2%
6.2%
7.4%
% of
points
AUM
weighted
% of
points
34.5%
2
1
1
2
3
5
n/a
4
6
% of
points
AUM
weighted
% of
points
28.4%
22.8%

RMB Morgan Stanley
UBS SA
JPMorgan
Absa Capital
Renaissance Capital
2
3
4
5
n/a
n/a
6
n/a
19.6%
14.5%
11.9%
6.5%
3.5%
2.9%
4.9%
2.3%
2
3
5
4
n/a
6
n/a
6
17.3%
14.9%
8.4%
9.7%
4.7%
5.2%
5.0%
5.2%
18.7%
15.3%
10.4%
7.0%
4.3%
4.2%
3.9%
3.3%
Unweighted
% of
points
Rey Wium
Richard Tessendorf , Atiyyah Vawda

& De Wet Schutte
Johann Scholtz
David Smith & Howard Penny
Necessity Ngorima
Eckhard Goedeke
Michael Christelis
3
4
5
6
n/a

Renaissance Capital
BPI Capital Africa, Afrifocus Securities
RMB Morgan Stanley
JPMorgan
UBS SA
% of
points
28.7%
AUM
weighted
ANALYSTS RANKING
FIRMS RANKING
% of
point
34.1%
% of
points
23.8%
Deutsche Securities
Absa Capital
UBS SA
JPMorgan
Primaresearch
HSBC Securities
22.8%
14.8%
10.5%
9.9%
8.4%
7.0%
5.8%
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
1
2
4
3
n/a
5
6
24.7%
13.0%
9.2%
12.3%
7.0%
7.8%
7.1%
1
3
2
4
6
5
n/a
21.0%
14.4%
14.8%
8.6%
7.1%
8.4%
3.6%
1
2
3
4
5
6
n/a
21.4%
14.1%
10.9%
9.9%
8.4%
7.7%
7.0%
1
3
2
4
n/a
5
6
24.1%
12.2%
12.5%
8.8%
6.6%
8.7%
7.4%
1
3
4
2
6
n/a
5
Deutsche Securities
Absa Capital
UBS SA
JPMorgan
Renaissance Capital
Primaresearch
20.9%
13.6%
9.6%
14.9%
6.8%
6.6%
8.1%
ANALYSTS RANKING
Unweighted
% of
points
30.9%
25.7%
26.3%
31.6%
28.2%
25.5%
9.8%
9.3%
6.6%
5.7%
3.8%
3
5
4
6
n/a
9.9%
7.4%
9.0%
5.4%
1.9%
4
3
n/a
5
6
7.5%
11.1%
4.2%
6.3%
4.8%
3
4
5
6
n/a
n/a
RMB Morgan Stanley

JPMorgan
BPI Capital Africa
Afrifocus Securities
Renaissance Capital
UBS SA
8.9%
7.4%
6.6%
4.9%
4.1%
2.7%
4
3
5
n/a
6
n/a
7.6%
9.5%
6.3%
4.5%
5.1%
1.9%
3
n/a
n/a
4
6
5
11.5%
3.8%
2.8%
5.9%
4.5%
4.9%
33.0%
Unweighted
% of
points

JPMorgan
Deutsche Securities
Deutsche Securities
Absa Capital
RMB Morgan Stanley
FIRMS RANKING
1
2
3
4
5
6
6
Chris Grundberg
Roelof Brand
Willie Venter & Stephen Heath
Irnest Kaplan
Franca di Silvestro
Ahmed Motara
% of
points
UBS SA
Vunani Securities
HSBC Securities
Renaissance Capital
25.7%
24.3%
12.5%
12.2%
6.9%
6.4%
6.4%
AUM
weighted
1
2
4
3
5
6
n/a
% of Unweighted
points
% of
points
% of
points
AUM
weighted
% of
points
25.0%
22.2%
12.8%
13.4%
8.0%
5.9%
4.7%
24.8%
24.8%
8.6%
14.3%
9.7%
3.5%
6.7%
1
2
3
4
5
6
n/a
25.4%
24.4%
13.1%
12.4%
7.0%
6.8%
4.9%
1
2
3
4
5
6
n/a
24.5%
23.2%
14.5%
13.7%
6.5%
5.1%
4.7%
1
1
5
3
4
n/a
6
% of
point
17.4%
16.2%
11.5%
10.7%
8.5%
7.5%
5.6%
AUM
weighted
1
2
4
3
5
n/a
6
% of
points
18.1%
14.8%
11.9%
13.8%
9.0%
4.4%
4.9%
Unweighted
1
3
2
4
n/a
5
6
% of
points
14.5%
12.8%
13.9%
10.4%
6.8%
9.9%
7.3%
FIRMS RANKING
1
2
3
4
5
6
n/a
n/a
Deutsche Securities
JPMorgan
Absa Capital
RMB Morgan Stanley
UBS SA
Investec Securities
% of
points
19.5%
18.6%
12.5%
11.1%
6.5%
5.8%
4.5%
3.3%
AUM
weighted
1
2
4
3
n/a
n/a
6
5
% of
points
20.3%
19.4%
11.3%
13.7%
3.6%
5.1%
5.5%
5.7%
Unweighted
1
2
3
3
5
6
n/a
n/a
% of
points
20.3%
15.7%
10.6%
10.6%
9.9%
7.3%
3.5%
1.8%
HOTELS, TRAVEL & LEISURE

RMB Morgan Stanley

Primaresearch

UBS SA
Vunani Securities
HSBC Securities
Renaissance Capital
1
2
5
3
n/a
4
6
26.7%
22.4%
9.4%
13.6%
3.9%
9.7%
6.1%
ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
6
Richard Tessendorf & Kevin Mattison

Ed Hill-Wood & David Smith
David Ferguson
Ziyad Joosub
Chris Grundberg
John Kim

RMB Morgan Stanley
Renaissance Capital
JPMorgan
UBS SA
Deutsche Securities
% of
points
AUM
weighted
21.9%
16.8%
15.1%
12.0%
11.0%
9.2%
1
4
2
3
6
5
% of Unweighted
points
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
22.4%
14.8%
16.1%
15.2%
8.2%
8.4%
23.9%
13.4%
13.8%
10.3%
12.6%
9.7%
1
2
3
4
5
6
22.6%
14.5%
13.6%
12.3%
11.7%
10.7%
1
2
5
6
4
3
21.6%
16.9%
11.1%
10.7%
11.6%
12.9%
1
3
5
2
3
6
Unweighted
1
3
2
5
4
6
% of
point
32.5%
25.1%
22.0%
14.3%
2.2%
1.9%
AUM
weighted
1
3
2
4
6
5
% of
points
31.7%
23.0%
25.2%
12.2%
2.3%
4.1%
Unweighted
1
2
3
4
6
5
% of
points
30.9%
30.0%
17.7%
14.3%
2.3%
2.9%
FIRMS RANKING
1
2
3
4
5
6
RMB Morgan Stanley

Primaresearch
31.5%
27.3%
23.1%
12.6%
2.4%
1.5%
AUM
weighted
1
3
2
4
5
6
% of
points
30.9%
24.8%
25.5%
11.6%
5.0%
1.5%
Unweighted
2
1
3
4
5
6
% of
points
29.3%
32.3%
18.0%
13.3%
3.4%
1.7%
23.4%
12.2%
10.7%
15.0%
12.2%
10.4%
TELECOMMUNICATIONS
FIRMS RANKING
% of
points

JPMorgan
RMB Morgan Stanley
UBS SA
Deutsche Securities
Renaissance Capital
% of
points
ANALYSTS RANKING
ANALYSTS RANKING
Michele Olivier & Leila Areff

De Wet Schutte & Robyn Turner
Cheree Dyers
Kgosi Rahube
Des Mayers
Jasmine Lin
MEDIA
1
2
3
4
5
6
19.6%
12.3%
5.7%
9.2%
10.6%
9.7%
7.8%
3.1%
% of
points
HOUSEHOLD GOODS RETAILERS

Eckhard Goedeke
Stephen Carrott & Dino Constantinou
Sean Holmes
Mark Hodgson
Charlie Muir-Sands
Rod Salmon & Thaule Masemola
Michele Olivier, Leila Areff & Audrey Borius
1
2
n/a
5
3
4
6
n/a
27.8%
ANALYSTS RANKING
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
COMPUTING & ELECTRONICS
GENERAL RETAILER
Sean Holmes
Rod Salmon & Thaule Masemola
Darren Cohn
Kaeleen Brown
Stephen Carrott & Dino Constantinou
Shamil Ismail
Jeanine Womersley
FIRMS RANKING
% of Unweighted
points
1
2
3
4
5
6
n/a
Deutsche Securities
Macquarie
UBS SA
RMB Morgan Stanley
BofA Merrill Lynch
Unweighted
ANALYSTS RANKING
FIRMS RANKING
FIRMS RANKING
INVESTMENT COMPANIES
TOBACCO
ANALYSTS RANKING
ANALYSTS RANKING
1
2
3
4
5
6
n/a
Chris Grundberg
Maddy Singh & Ed Hill-Wood
JP Davids & Louise Pillay
Mike Gresty
Ziyad Joosub
David Lerche
% of
points

UBS SA
RMB Morgan Stanley
Absa Capital
Deutsche Securities
JPMorgan
28.2%
18.3%
13.1%
10.6%
9.6%
8.2%
5.8%
AUM
weighted
1
2
3
5
4
6
n/a
% of Unweighted
points
% of
points
% of
points
AUM
weighted
% of
points
29.7%
19.5%
13.1%
8.2%
9.3%
7.5%
4.8%
25.5%
18.2%
11.9%
9.1%
9.7%
7.3%
9.7%
1
2
3
4
5
6
n/a
25.2%
18.7%
13.1%
9.8%
8.2%
7.2%
5.3%
1
2
3
5
4
6
n/a
25.9%
19.6%
13.2%
8.2%
8.9%
7.3%
4.8%
1
2
3
6
4
n/a
4

UBS SA
RMB Morgan Stanley
Absa Capital
Deutsche Securities
JPMorgan
1
2
3
6
5
n/a
4
% of
points
24.6%
18.6%
11.4%
7.8%
8.6%
7.1%
9.5%
May 26, 2016
Financial Mail 15
FM SPECIAL REPORT
FINANCIAL AND INDUSTRIAL SMALL & MEDIUM MARKET CAP COMPANIES
COMMODITIES
ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
6
n/a
n/a
Anthony Clark
Roelof Brand
Willie Venter, Cheree Dyers, Zain Amod &
Jeanne-Marie Snalam
Nicholas Watts, Christina Steyn &
Chantelle Baptiste
Sumil Seeraj, Eckhard Goedeke, Luresha Chetty,
Risto Ketola, Vincent Anthonyrajah & Magdel Neale
Rowan Goeller
Mark Bryson
Janine Weilbach
% of
point
ANALYSTS RANKING
AUM
weighted
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Vunani Securities
18.7%
10.9%
9.9%
1
3
2
22.7%
10.8%
12.6%
1
2
4
17.8%
9.3%
7.7%
1 Vunani Securities
2 Avior Capital Markets
3 Standard Bank SBG Securities
21.4%
18.5%
9.9%
1
2
4
25.6%
22.7%
7.1%
1
2
3
18.8%
15.7%
10.1%
Absa Capital
8.6%
5.5%
8.2%
8.2%
8.4%
n/a
5.8%
5.1%
6.9%
5 Deutsche Securities
7.2%
7.1%
10.1%
4
5
n/a
n/a
5
4.7%
3.8%
5.1%
n/a
5
n/a
5.0%
6.9%
1.3%
6 Absa Capital
n/a Afrifocus Securities
n/a RMB Morgan Stanley
6.4%
5.8%
4.0%
n/a
6
n/a
4.9%
5.4%
2.8%
5
n/a
6
7.5%
4.3%
6.4%
Macquarie
Thebe Stockbroking
5.5%
4.6%
2.5%
FIRMS RANKING
6
n/a
Colin Hamilton, Gerhard Engelbrecht &

James Oberholzer
Heath Jansen, Ed Morse, Johann Steyn
& James Bennett
Tom Price, Christopher Nicholson,
Johann Pretorius & Steven Friedman
Tim Clark, Heidi Sternberg, Melinda Moore
Leon Westgate, Setendra Naidoo
& Tom Kendall
Kieran Daly
Grant Sporre
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
19.9%
FIRMS RANKING
% of
point

Macquarie
Deutsche Securities
RMB Morgan Stanley
Renaissance Capital
JPMorgan
30.1%
18.0%
13.7%
12.7%
9.7%
5.7%
2.8%
AUM
weighted
% of
points
Unweighted
1
2
3
4
5
n/a
6
31.7%
17.2%
15.2%
13.5%
7.6%
3.0%
3.7%
1
2
4
5
3
6
n/a
% of
points
% of
points
AUM
weighted
% of
points
30.0%
15.7%
12.3%
10.1%
13.2%
6.5%
3.1%
1
2
3
4
5
6
n/a
31.9%
19.7%
14.2%
13.5%
6.3%
3.9%
3.1%
1
2
3
4
5
n/a
6
32.3%
18.2%
15.1%
14.3%
6.1%
2.6%
3.9%

Macquarie
Deutsche Securities
RMB Morgan Stanley
Renaissance Capital
JPMorgan
Unweighted
% of
points
1
2
3
4
5
6
n/a
31.2%
17.1%
12.3%
11.5%
10.0%
5.9%
3.6%
AFRICA EX-SA EQUITIES

Adesoji Solanke
Kato Mukuru
Lionel Therond
Esili Eigbe
Nema Ramkhelawan-Bhana & Celeste Fauconnier
Binta Drave
Gregory Waweru, James Starke, Anne
Kahure & East Africa Team
6 Omair Ansari
n/a Gareth Visser, Craig Metherell, Jiten Bechoo,
De Wet Schutte & David Lerche
n/a Muyiwa Oni, Gbenga Sholotan, Rele Adesina
& West Africa Team
15.9%
17.9%
19.9%
16.8%
17.2%
19.9%
17.4%
RMB Morgan Stanley
15.0%
15.6%
14.7%
13.4%
13.1%
12.0%
Renaissance Capital
7.2%
7.1%
n/a
6
5.2%
5.4%
5
4
8.5%
8.8%
4 UBS SA
5 HSBC Securities
12.2%
6.3%
4
5
10.6%
7.8%
4
n/a
10.3%
2.7%
UBS SA
Deutsche Securities
6.3%
6.0%
5
4
6.0%
6.6%
n/a
6
5.5%
6.5%
6 Renaissance Capital
n/a Deutsche Securities
n/a Standard Bank SBG Securities
6.2%
5.5%
5.4%
n/a
6
n/a
4.6%
5.4%
4.1%
5
n/a
6
7.8%
7.1%
7.6%
% of
points
AUM
weighted
% of
points
Unweighted
41.0%
31.2%
6.9%
7.7%
1.9%
2.4%
2.3%
3.0%
0.8%
1
2
3
4
6
n/a
4
6
6
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
AUM
weighted
% of
points
Unweighted
25.9%
CORPORATE GOVERNANCE
ANALYSTS RANKING
1
2
3
4
5
5
n/a
n/a
Mark Hodgson, David Levinson & Team

Waseem Thokan
Jessica Alsford
Henry Hall
Julie Hudson (UK)
Ceri Moodie
Shamil Ismail & Jasmine Lin
Nic Borain

Legae Securities
RMB Morgan Stanley
HSBC Securities
UBS SA
Primaresearch
BNP Paribas Securities SA
% of
points
43.1%
30.3%
8.3%
3.8%
2.7%
2.7%
1.8%
1.4%
AUM
weighted
1
2
3
4
6
n/a
5
n/a
% of
points
40.9%
31.6%
6.8%
6.4%
2.4%
1.9%
3.0%
0.8%
Unweighted
1
2
3
4
n/a
5
5
5
% of
point
Renaissance Capital
Exotix Partners
Exotix Partners
Rand Merchant Bank
Exotix Partners
14.3%
8.7%
7.8%
7.8%
7.2%
6.5%
6.5%
Renaissance Capital
AUM
weighted
% of
points
Unweighted
% of
points
FIRMS RANKING
1
n/a
3
4
2
n/a
5
13.7%
6.0%
7.9%
7.8%
8.1%
6.5%
7.7%
1
6
5
n/a
n/a
n/a
2
15.4%
6.4%
7.1%
3.8%
5.1%
3.2%
9.0%
1
2
3
4
5
6
n/a
Exotix Partners
Renaissance Capital
African Alliance Securities
Rand Merchant Bank
6.5%
5.6%
n/a
n/a
6.5%
4.0%
n/a
3
3.2%
8.3%
6.8%
7.7%
% of
points
45.1%
26.0%
5.3%
3.7%
0.8%
2.8%
2.8%
2.8%
n/a
22.4%
21.6%
15.5%
9.7%
8.6%
7.4%
5.5%
AUM
weighted
2
1
3
4
5
6
n/a
% of
points
19.5%
22.5%
17.3%
10.9%
8.2%
7.5%
4.4%
Unweighted
2
1
3
4
n/a
6
5
% of
points
19.2%
20.9%
18.6%
9.9%
4.7%
5.2%
7.0%
43.2%
29.6%
8.4%
5.2%
2.8%
2.8%
2.5%
1.8%
1.4%
1
2
4
3
n/a
6
n/a
5
n/a
45.7%
24.4%
5.6%
4.3%
3.0%
0.9%
4.3%
3.0%
3.0%
ANALYSTS RANKING
1
2
3
4
5
6
Elena Ilkova & Stephan Pienaar

Kate Rushton
Robin MacLennan & Steffen Kriel
Janine Pein
Danelee Masia
Rene Prinsloo & Petrus Bosman
Rand Merchant Bank

Absa Capital
Nedgroup Securities
Deutsche Securities
% of
points
37.3%
34.1%
17.2%
4.2%
2.7%
1.8%
AUM
weighted
1
2
3
4
5
6
% of
points
37.7%
34.8%
17.8%
4.6%
1.9%
1.3%
Unweighted
1
2
3
4
6
4
% of
points
37.0%
29.4%
17.1%
4.3%
3.8%
4.3%
FIRMS RANKING
1
2
3
4
4
6
n/a
n/a
n/a
Rand Merchant Bank

Absa Capital
Deutsche Securities
Nedgroup Securities
RMB Morgan Stanley
34.5%
33.6%
12.5%
3.4%
3.4%
2.8%
2.6%
2.0%
1.4%
1
2
3
6
5
4
n/a
n/a
n/a
34.9%
34.1%
12.4%
3.0%
3.3%
4.0%
2.0%
1.5%
1.2%
1
2
3
4
6
n/a
6
5
6
% of
points
32.2%
28.2%
11.9%
6.9%
2.5%
1.5%
2.5%
5.0%
2.5%
DERIVATIVES
ANALYSTS RANKING
FIRMS RANKING
n/a Renda Rundle

2 Legae Securities
4 HSBC Securities
5 Ceri Moodie Investment Research
5 UBS SA
n/a Standard Bank SBG Securities
n/a Primaresearch
ANALYSTS RANKING
2
3
4
5
6
n/a
CREDIT ANALYSIS
AFRICA EX-SA NONEQUITIES

Phumelele Mbiyo, Ayomide Mejabi, Jibran
Qureishi & Standard Bank Research Team
Yvonne Mhango
Nema Ramkhelawan-Bhana & Celeste Fauconnier
David Cowan, David Lubin & Adriaan du Toit
Andrea Masia & Loyiso Daka
Alan Cameron
Chris Becker
FIRMS RANKING
% of
points
16.9%
23.3%
ANALYSTS RANKING
1
2
3
3
5
6
6
ANALYSTS RANKING
Naeem Tilly & Adrian Jardine
Nazeem Samsodien
Bandile Zondo
Ryan Eichstadt
Howard Penny, Bart Gysens & Shalin Pather
Ahmed Motara
Tim Leckie
22.6%
20.4%
REAL ESTATE
1
2
3
4
5
6
n/a
% of
points
Macquarie
Macquarie
Unweighted
% of
point
AUM
weighted
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
20.9%
17.0%
22.8%
19.1%
15.1%
13.4%
11.2%
6.7%
3.2%
2
3
4
5
n/a
n/a
18.7%
15.0%
12.1%
9.6%
5.7%
1.7%
2
4
3
5
n/a
6
16.3%
13.1%
15.0%
12.4%
2.6%
7.8%
2
3
4
5
6
n/a
Renaissance Capital
Rand Merchant Bank
RMB Morgan Stanley
Exotix Partners
22.3%
13.2%
11.2%
9.4%
8.6%
6.8%
2
3
5
6
n/a
4
3.4%
7.1%
n/a
3.3%

Renaissance Capital
Rand Merchant Bank
RMB Morgan Stanley
Exotix Partners
Investec Securities, African
Alliance Securities
Unweighted
% of
points
23.6%
18.6%
23.1%
11.0%
9.5%
8.0%
7.0%
10.7%
1
3
4
4
n/a
6
19.3%
15.9%
9.7%
9.7%
6.2%
7.6%
2
3
4
5
6
n/a
Anthony Seymour, Florence Chikurunhe

& Emlyn Flint
Chris Craddock, Daniel Polakow, Gideon
van der Linde & Paul Marais
Mtho Mvubu, Lorraine Mekwa &
Jonathan Margolius
Constellation Team
Aveshan Pillay
Petrus Bosman & Shivaan Gurayah
Logan Neels & Mpho Mokgoro
% of
points
AUM
weighted
% of
points
Unweighted
30.6%
21.3%
23.7%
Absa Capital
11.5%
Constellation Capital
UBS SA
Mergence Africa Capital
8.0%
7.7%
6.6%
6.5%
5
n/a
6
4
31.7%
% of
points
FIRMS RANKING
28.5%
% of
points
26.3%
25.7%
14.3%
22.4%
21.8%
17.1%
10.8%
8.0%
3 Constellation Capital
9.4%
8.3%
14.3%
8.5%
5.4%
6.0%
8.8%
2
6
4
n/a
14.9%
6.9%
13.1%
3.4%
4 Absa Capital
6 BNP Paribas Securities SA
8.6%
8.1%
6.2%
4
3
6
8.6%
9.6%
8.2%
6
4
5
6.3%
13.7%
8.6%
May 26, 2016
Financial Mail 17
FM SPECIAL REPORT

ECONOMIC TRENDS (DOMESTIC)
FIXED-INTEREST SECURITIES
ANALYSTS RANKING
1
2
3
4
5
6
n/a
Carmen Nel
Adriaan du Toit
Walter de Wet
Barry Ross, Neels Heyneke & Mehul Daya
Danelee Masia
Rene Prinsloo & Petrus Bosman
Min Dai & Andrea Masia
ANALYSTS RANKING
FIRMS RANKING
Rand Merchant Bank

Nedgroup Securities
Deutsche Securities
RMB Morgan Stanley
% of
points
AUM
weighted
% of
points
Unweighted
29.0%
24.5%
16.0%
8.8%
5.8%
4.0%
2.0%
1
2
3
4
5
6
n/a
29.1%
24.4%
17.0%
7.3%
5.3%
4.9%
2.1%
1
2
3
6
4
5
6
% of
points
% of
points
AUM
weighted
% of
points
28.3%
18.8%
13.0%
5.4%
9.9%
6.3%
5.4%
1
2
3
4
5
6
n/a
27.2%
26.7%
15.4%
10.2%
8.0%
4.2%
3.6%
1
2
3
4
5
6
6
27.8%
26.6%
14.9%
11.5%
8.1%
3.6%
3.6%
Rand Merchant Bank

Absa Capital
Nedgroup Securities
RMB Morgan Stanley
Deutsche Securities
Unweighted
1
2
4
3
n/a
5
6
% of
points
23.8%
20.3%
10.4%
11.4%
7.9%
9.9%
8.9%
n/a
n/a
n/a
RMB Morgan Stanley
% of
points
16.6%
AUM
weighted

Legae Securities
Nedgroup Securities
% of
points
FIRMS RANKING
Unweighted
% of
points
11.8%
20.7% 1
18.4%
23.3%
14.4%
11.6%
7.9%
7.6%
7.6%
1
4
n/a
n/a
3
19.1%
10.3%
5.0%
6.5%
11.1%
3
6
2
4
4
8.3%
6.6%
10.7%
7.4%
7.4%
2
3
4
5
6
RMB Morgan Stanley

Nedgroup Securities
Legae Securities
16.3%
16.0%
7.4%
7.1%
6.7%
3
1
5
n/a
n/a
10.8%
24.4%
5.9%
4.2%
4.2%
1
5
n/a
2
2
20.0%
8.0%
7.2%
9.6%
9.6%
4.3%
4.0%
3.6%
6
n/a
5
6.9%
3.1%
7.6%
n/a
6
n/a
2.5%
6.6%
4.1%
n/a
n/a
n/a
n/a
Absa Capital
Lefika Securities
HSBC Securities
6.0%
5.7%
4.3%
3.5%
6
6
n/a
4
5.6%
5.6%
2.8%
7.0%
5
n/a
n/a
n/a
8.0%
3.2%
6.4%
4.0%
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
18.4%
18.9%
12.8%
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
9.6%
INTERNATIONAL MARKETS & ECONOMIES

ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
5
5
n/a
n/a
Mary Curtis, Ian Doyle, Jonathan Garner,

Andrea Masia & Manoj Pradhan
Robert Buckland, Willem Buiter & David Lubin
Bruce Kasman, Sonja Keller, Michael Marrese
& David Hensley
Andrew Garthwaite
Michael Gavin & Peter Worthington
Torsten Slok
Geoff Dennis
Larry Hatheway
% of
points
AUM
weighted
% of
points
Unweighted
RMB Morgan Stanley
20.1%
16.7%
23.4% 1

JPMorgan
17.6%
9.3%
1
4
20.3%
8.2%
2
3
12.5%
9.7%

16.7%
14.2%
3
4
14.9%
13.7%
1
2
19.7%
13.4%

Absa Capital
Deutsche Securities
UBS SA
UBS SA
7.7%
6.8%
6.8%
4.6%
4.6%
3
n/a
5
n/a
6
n/a
4
n/a
6
5
3.3%
8.5%
2.7%
5.5%
5.8%
4
5
6
n/a
12.9%
10.8%
9.0%
7.8%
2
5
n/a
6
15.2%
12.6%
7.5%
9.9%
n/a
6
5
4
7.2%
7.5%
8.9%
9.5%
8.5%
4.4%
7.9%
5.0%
7.6%
% of
points

HSBC Securities
JPMorgan
UBS SA
INVESTMENT STRATEGY
ANALYSTS RANKING
FIRMS RANKING
1 Mary Curtis
2 Deanne Gordon & Adele Fermoyle
3 Ayan Ghosh, Mislav Matejka, Jan Loeys
& David Aserkoff
4 Andrew Garthwaite & Robert Griffiths
5 Richard Schellbach, Robert Buckland
& Markus Rosgen
6 Alexander Redman (GEM Strategy)
n/a Neels Heyneke, Mehul Daya, Peet
Serfontein, Barry Ross & Ian MacFarlane
n/a Jim Reid
n/a Geoff Dennis
Macquarie
RMB Morgan Stanley
Deutsche Securities
JPMorgan
Rand Merchant Bank
24.6%
11.8%
10.0%
9.0%
8.0%
7.9%
7.1%
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
RMB Morgan Stanley

27.9%
JPMorgan
12.8%
1
2
3
25.8%
17.1%
13.5%
1
2
3
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
26.7% 1 RMB Morgan Stanley

16.7% 2 Standard Bank SBG Securities
12.1% 3 JPMorgan
26.3%
15.3%
13.8%
1
3
4
24.3%
16.0%
13.8%
1
2
3
% of
points
24.9%
16.9%
13.9%

8.7%
5.5%
4
n/a
11.5%
3.9%
5
4
5.1%
6.4%
4 Credit Suisse Securities

12.8%
6.0%
2
5
16.3%
6.8%
n/a
4
5.5%
8.0%

Nedgroup Securities
5.3%
3.8%
5
6
4.9%
4.1%
n/a
n/a
2.6%
2.6%

n/a Nedgroup Securities
5.9%
4.1%
n/a
6
3.9%
4.1%
6
n/a
6.9%
2.8%
Deutsche Securities
UBS SA
2.7%
1.7%
n/a
n/a
1.8%
1.9%
6
6
3.9%
3.9%
n/a UBS SA
3.8%
n/a
3.8%
7.5%
1
2
3
4
5
6
n/a
n/a
n/a
Simon Freemantle
Nic Borain
Steven Friedman
Allister Sparks
JP Davids & Peter Worthington
Azar Jammine (Econometrix)
Elna Moolman
Tina Fordham & Gina Schoeman
Ian Doyle, Howard Penny & Mary Curtis
1 Macquarie
3 Standard Bank SBG Securities
5 JPMorgan
% of
points
Unweighted
24.5%
14.0%
10.3%
8.4%
8.0%
7.4%
AUM
% of
weighted points
1
2
3
4
5
6
1
3
4
5
6
2
20.1%
10.6%
10.4%
9.9%
6.9%
12.1%
Unweighted
% of
points
1
2
3
4
6
5
n/a
25.0%
11.7%
11.1%
9.1%
7.7%
8.5%
5.9%
1
3
5
4
2
6
6
18.5%
11.1%
9.8%
10.7%
11.7%
7.4%
7.4%
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
% of
points
AUM
% of
weighted points

Absa Capital
Macquarie
RMB Morgan Stanley
29.4%
20.2%
11.2%
9.4%
5.5%
4.7%
4.1%
4.0%
3.4%
1
2
3
4
n/a
n/a
6
5
n/a
30.9%
21.9%
11.6%
8.0%
3.4%
4.0%
4.9%
6.0%
1.8%
1
2
3
4
5
n/a
n/a
n/a
6
31.6%
15.3%
9.5%
8.2%
6.5%
2.4%
4.8%
3.7%
5.4%
1
2
3
4
5
6
n/a
31.1%
23.2%
21.1%
5.1%
4.8%
3.9%
3.8%
1
2
3
5
4
6
n/a
% of
points
AUM
% of
weighted points
25.0%
13.8%
10.8%
8.6%
8.1%
7.5%
% of
points
ANALYSTS RANKING
1
2
3
4
5
Josiah Rudolph & Gurvinder Brar

Matt Burgess & Chris Montagu
Yashin Gopi
Petrus Bosman & Dan Golding
Anthony Seymour, Florence
Chikurunhe & Emlyn Flint
6 Renda Rundle
n/a Ayan Ghosh, Viquar Shaikh & Robert Smith

Macquarie
Lefika Securities
Absa Capital
30.7%
24.3%
20.9%
5.2%
6.3%
3.9%
3.1%
1
2
3
5
n/a
4
6
30.4%
18.3%
17.6%
5.5%
4.4%
5.9%
5.1%
QUANTITATIVE ANALYSIS
Macquarie
% of
points
23.7%
12.9%
11.7%
10.4%
8.6%
AUM
weighted

JPMorgan
7.2%
7.0%
n/a
5
1
3
2
6
4
Unweighted
1
5
3
2
4
21.1%
9.2%
11.5%
13.8%
10.1%
1
2
3
4
5
Macquarie
BNP Paribas SecuritiesSA
20.9%
16.8%
10.5%
10.0%
8.6%
1
2
3
n/a
5
22.3%
19.3%
10.5%
7.2%
8.4%
7.3%
8.4%
6
n/a
6.9%
6.4%
6
n/a
n/a
n/a
JPMorgan
UBS SA
8.2%
7.2%
5.2%
4.6%
4
6
n/a
n/a
24.3%
12.2%
15.2%
7.8%
8.8%
% of
points
FIRMS RANKING
% of
points
Unweighted
% of
points
1
2
5
3
4
17.1%
15.4%
6.5%
13.4%
10.2%
9.2%
7.6%
5.5%
3.9%
n/a
6
6
6
5.7%
6.1%
6.1%
6.1%
Unweighted
% of
points
RISK MANAGEMENT
ANALYSTS RANKING
FIRMS RANKING
1
2
3
4
Petrus Bosman
Yashin Gopi
Roland Rosseau & Seva Gorlach
Anthony Seymour, Florence
Chikurunhe & Emlyn Flint
5 Gideon van der Linde, Daniel Polakow,
Lyndi Buhrmann & Odwa Sihlobo
6 Mary Curtis & Jonathan Garner
n/a John Cairns & Tseke Maserumule
% of
points
AUM
weighted
% of
points
Unweighted
1
3
2
4
% of
points
% of
points
AUM
% of
weighted points
20.3%
12.7%
13.9%
10.1%
1
2
3
4

27.8%
17.6%
14.5%
14.0%
1
3
5
2
33.3%
14.8%
11.9%
16.0%
1
2
3
5
20.6%
16.5%
12.4%
10.3%
Absa Capital
11.4%
12.1%
11.3%
4.6%
3.4%
n/a
6
2.5%
4.4%
n/a
6
7.2%
9.3%
Unweighted
% of
points

Absa Capital
23.2%
19.0%
14.9%
14.0%
1
1
3
4
22.2%
22.2%
18.1%
10.4%
9.5%
9.3%
n/a
7.6%
RMB Morgan Stanley

Rand Merchant Bank
6.0%
3.8%
n/a
6
3.7%
4.4%
6
4
8.9%
10.1%

n/a UBS SA
TECHNICAL ANALYSIS
ANALYSITS RANKING
FIRMS RANKING
1
2
3
4
5
6
n/a
n/a
Neels Heyneke & Peet Serfontein

Judy Padayachee
Tricia Lunenburg
Costa Perdikis
Moxima Gama
Ayan Ghosh & David Aserkoff
Andre Bekker
David Jessop
FIRMS RANKING
FIRMS RANKING
2
3
4
5
5
Elna Moolman
Gina Schoeman & David Cowan
Kim Silberman & Team
Andrea Masia
Danelee Masia
Sonja Keller
Ilke van Zyl
AUM
weighted
ANALYSTS RANKING
ANALYSTS RANKING
Mary Curtis, Chris Nicholson, Brian Morgan,

Vikhyat Sharma, Michele Olivier & Roy Campbell
Michael Mauboussin
Daniel Polakow & Prof Stan du Plessis
Waseem Thokan
Neels Heyneke & Mehul Daya
Willem Buiter, David Lubin, David Cowan, Tina
Fordham, Gina Schoeman, Adriaan du Toit & team
Nic Borain
Kim Silberman
David Levinson
1
2
3
4
5
6
n/a
% of
points
POLITICAL TRENDS/INDUSTRIAL RELATIONS
INNOVATIVE RESEARCH
1
% of
points
Nedgroup Securities
Absa Capital
Legae Securities
Lefika Securities
JPMorgan
UBS SA
30.9%
16.7%
10.8%
9.6%
8.9%
8.0%
5.9%
4.8%
AUM
weighted
% of
points
Unweighted
1
2
n/a
4
n/a
3
5
6
30.6%
14.1%
6.2%
9.8%
6.6%
11.3%
8.4%
6.8%
1
2
3
6
5
6
4
n/a
% of
points
% of
points
AUM
% of
weighted points
29.7%
17.8%
15.3%
5.9%
6.8%
5.9%
9.3%
5.1%
1
2
3
4
5
6
n/a
30.7%
17.5%
12.6%
10.3%
9.3%
6.8%
5.6%
1
2
3
n/a
4
5
6
Nedgroup Securities
Absa Capital
Legae Securities
JPMorgan
UBS SA
31.8%
15.9%
13.8%
6.2%
10.6%
8.0%
6.4%
1
2
3
5
6
4
n/a
29.8%
19.4%
14.5%
6.5%
5.6%
8.9%
4.8%
May 26, 2016
Financial Mail 19
What opportunities are

there in African equities?
A continents worth.
We aspire to make a difference to our institutional

clients investment decisions, with both insightful
analysis of African markets and our world-class
trading platform. We thank you for the recognition
received and continue to be your partner for growth
on this continent we call home.
www.sbgsecurities.com
Corporate and Investment Banking
Authorised financial services and registered credit provider (NCRCP15).

The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). Moving Forward is a trademark of The Standard Bank of South Africa Limited. SBSA 200513 05/16.

FM Ranking The Analysts 2016

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Financial Mail Page 1 -19/05/16 04:12:41 PM

Financial Mail Page 2 -19/05/16 10:10:38 AM

If at rst you dont succeed,

Financial Mail Page 3 -19/05/16 04:26:07 PM

RANKING THE ANALYSTS

SA firm has for the first time beaten its

BG Securities, the institutional

Leader of the pack

Marc Ter Mors

May 26, 2016

Financial Mail Page 4-5 -19/05/16 04:58:20 PM

RANKING THE ANALYSTS

industry that is facing tumultuous change.

Citigroup Global Markets

Platinum & Precious Metals

Citigroup Global Markets

Oil & Gas and Chemicals

Forestry & Paper

Sean Ungerer & Wade Napier

Avior Capital Markets

Brian Morgan & Leroy Mnguni

RMB Morgan Stanley

Resources Small & Medium Market Cap Companies

Tim Clark, Heidi Sternberg, Setendra Naidoo & Adrian Hammond

Standard Bank SBG Securities

Construction, Building Materials & Machinery

Harry Botha & Romy Sandler

Avior Capital Markets

Risto Ketola & Magdel Neale

Standard Bank SBG Securities

Standard Bank SBG Securities, Renaissance Capital

RMB Morgan Stanley

Health care Providers & Pharmaceuticals

Alex Comer & Ross Krige

Standard Bank SBG Securities, Renaissance Capital

Standard Bank SBG Securities, Renaissance Capital

Standard Bank SBG Securities

Hotels, Travel & Leisure

Michele Olivier & Leila Areff

RMB Morgan Stanley

Standard Bank SBG Securities, Renaissance Capital

Computing & Electronics

Richard Tessendorf & Kevin Mattison

Avior Capital Markets

Standard Bank SBG Securities

Financial and industrial small & medium market

Naeem Tilly & Adrian Jardine

Avior Capital Markets

Africa Ex-SA Equities

Africa Ex-SA Nonequities

Standard Bank SBG Securities

Colin Hamilton, Gerhard Engelbrecht & James Oberholzer

Mark Hodgson, David Levinson & Team

Avior Capital Markets

Elena Ilkova & Stephan Pienaar

Rand Merchant Bank

Anthony Seymour, Florence Chikurunhe & Emlyn Flint

Rand Merchant Bank

RMB Morgan Stanley

Household Goods Retailers

puts pressure on everyone else to

THE INTEGRATION HAS ENABLED US TO

stringent regulations worldwide.