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The Thomson Reuters Analyst Awards

The gold standard in sell-side analyst performance

Methodology

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Hong Kong and China

2017

2017 THOMSON REUTERS ANALYST AWARDS

METHODOLOGY FOR HONG KONG & CHINA

Based on StarMine methodology, the Thomson Reuters Analyst Awards objectively measure the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2017 stock picking awards for Hong Kong and China are based on analyst recommendations from 01 October 2016 through 30 September 2017. The 2017 awards for estimating performance are scored on the fiscal period that reported between 01 October 2016 and 30 September 2017. Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.

DATA SOURCE

The Analyst Awards for Hong Kong and China are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, the Analyst Awards have combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, the Analyst Awards’ “Financials” industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance and Thrifts & Mortgage Finance.

INDUSTRY STOCK PICKING AWARDS

Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, the Analyst Awards build a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a Industry Stock Picking Award, an analyst must have met the following criteria:

  • (1) An analyst must have covered at least five stocks in a given industry throughout the awards performance period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  • (2) An analyst’s industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  • (3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS

Overall Stock Picking Awards go to the top 10 qualifying analysts, based on overall excess return. To calculate overall excess return, the Analyst Awards use the weighted average of each analyst’s Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, the Analyst Awards require analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS

The Analyst Awards’ proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst’s SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS

To determine the winners of Industry Earnings Estimate Awards, the Analyst Awards rank qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS

The 10 qualifying analysts with the highest Overall Estimate Scores earn the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ top overall list, an analyst must have had coverage on at least five stocks throughout the awards period.

TOP BROKER AWARDS

Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

2016

2016 THOMSON REUTERS ANALYST AWARDS

METHODOLOGY FOR HONG KONG & CHINA

Based on StarMine methodology, the Thomson Reuters Analyst Awards objectively measure the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2016 stock picking awards for Hong Kong and China are based on analyst recommendations from 01 October 2015 through 30 September 2016. The 2016 awards for estimating performance are scored on the fiscal period that reported between 01 October 2015 and 30 September 2016. Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.

DATA SOURCE

The Analyst Awards for Hong Kong and China are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, the Analyst Awards have combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, the Analyst Awards’ “Financials” industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance and Thrifts & Mortgage Finance.

INDUSTRY STOCK PICKING AWARDS

Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, the Analyst Awards build a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2016 Industry Stock Picking Award, an analyst must have met the following criteria:

  • (1) An analyst must have covered at least five stocks in a given industry throughout the awards performance period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  • (2) An analyst’s industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  • (3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS

Overall Stock Picking Awards go to the top five qualifying analysts, based on overall excess return. To calculate overall excess return, the Analyst Awards use the weighted average of each analyst’s Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, the Analyst Awards require analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS

The Analyst Awards’ proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst’s SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS

To determine the winners of Industry Earnings Estimate Awards, the Analyst Awards rank qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS

The five qualifying analysts with the highest Overall Estimate Scores earn the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ top overall list, an analyst must have had coverage on at least five stocks throughout the awards period.

TOP BROKER AWARDS

Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

2015

2015 STARMINE ANALYST AWARDS
METHODOLOGY FOR HONG KONG & CHINA


StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2015 awards for stock picking and earnings estimating for Hong Kong and China are scored on the fiscal period that reported between 01 August 2014 and 31 July 2015. Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.

DATA SOURCE
StarMine’s awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine’s “Financials” industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance and Thrifts & Mortgage Finance.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.
For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2015 Industry Stock Picking Award, an analyst must have met the following criteria:

(1) An analyst must have covered at least five stocks in a given industry throughout the awards performance period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2) An analyst’s industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top five qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst’s Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst’s SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The five qualifying analysts with the highest Overall Estimate Scores earn StarMine’s Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's top overall list, an analyst must have had coverage on at least five stocks throughout the awards period.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

2014

2014 STARMINE ANALYST AWARDS*
METHODOLOGY FOR HONG KONG & CHINA


StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2014 awards for stock picking and earnings estimating for Hong Kong and China are scored on the fiscal period that reported between 01 August 2013 and 31 July 2014 (typically FY December 2013). Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.

DATA SOURCE
StarMine’s awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine’s “Financials” industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance and Thrifts & Mortgage Finance.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.
For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2014 Industry Stock Picking Award, an analyst must have met the following criteria:

(1) An analyst must have covered at least five stocks in a given industry throughout the awards performance period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top five qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The five qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's top overall list, an analyst must have had coverage on at least five stocks throughout the awards period.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

Close

2013

2013 STARMINE ANALYST AWARDS*
METHODOLOGY FOR HONG KONG & CHINA
*(based on 01-Aug-2012 to 31-Jul-2013 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2012 stock picking awards for Hong Kong and China are based on the performance of recommendations between 01 August 2012 and 31 July 2013. The 2013 awards for estimating performance are scored on the fiscal period that reported between 01 August 2012 and 31 July 2013 (typically FY December 2012). Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.

DATA SOURCE
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology; Health Care Equipment & Supplies; Health Care Providers & Services; Health Care Technology; Life Sciences Tools & Services; and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.
For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2013 Industry Stock Picking Award, an analyst must have met the following criteria:

(1) An analyst must have covered at least five stocks in a given industry between 01 August 2012 and 31 July 2013. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks between 01 August 2012 and 31 July 2013. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top Ten list, an analyst must have had coverage on at least five stocks between 01 August 2012 and 31 July 2013.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

Close

2012

2012 STARMINE ANALYST AWARDS* METHODOLOGY FOR HONG KONG & CHINA
*(based on 2011 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2012 stock picking awards for Hong Kong and China are based on the 2011 calendar-year performance of recommendations. The 2012 awards for estimating performance are scored on the fiscal period that reported between 01 August 2011 and 31 July 2012 (typically FY December 2011). Only analyst performance on companies that are based in Hong Kong and China is included in the awards calculations.
DATA SOURCE
StarMine’s awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine’s “Health Care” industry is a composite of the following GICS industries: Biotechnology; Health Care Equipment & Supplies; Health Care Providers & Services; Health Care Technology; Life Sciences Tools & Services; and Pharmaceuticals. INDUSTRY STOCK PICKING AWARDS Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award. Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.
For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.
The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.
Qualification Criteria: To qualify for a 2012 Industry Stock Picking Award, an analyst must have met the following criteria:
(1) An analyst must have covered at least five stocks in a given industry throughout 2011. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
(2) An analyst’s industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst’s Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry. Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst’s SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.
SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.
Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2011. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine’s Overall Earnings Estimate Awards. Qualification Criteria: To qualify for StarMine's Top Ten list, an analyst must have had coverage on at least five stocks throughout 2011.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Hong Kong and China. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year.

2011

 

2011 StarMine Analyst Awards*
Methodology for Hong Kong and China
*(based on 2010 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2011 awards for Hong Kong and China are based on the 2010 calendar-year performance of recommendations and estimates on companies that are based in Hong Kong and China.

Data Source
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine's "Financials" industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, and Thrifts & Mortgage Finance.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2011 Industry Stock Picking Award, an analyst must have met the following criteria:

(1)  An analyst must have covered at least five stocks in a given industry throughout 2010. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2)  An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3)  An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the Overall Stock Picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2010. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2010.

Top brokers
The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

Non-participating brokers
The following broker did not participate in the 2011 Analyst Awards for Hong Kong and China: CLSA.

Close

2010

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2010 awards for Hong Kong and China are based on the 2009 calendar-year performance of recommendations and estimates on companies that are based in Hong Kong and China.

Data Source
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine's "Financials" industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, and Thrifts & Mortgage Finance.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2010 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2009. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2009. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2009.

Top Ten Brokers
The ten brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Ten Brokers.

Non-participating Brokers
The following broker did not participate in the 2010 Analyst Awards for Hong Kong and China: CLSA.
Close

2009

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2009 awards for Hong Kong and China are based on the 2008 calendar-year performance of recommendations and estimates on companies that are based in either Hong Kong or China.

Data Source
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for Hong Kong and China. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2009 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2008. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2008. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2008.
Close

2008

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2008 analyst awards for Hong Kong and China are based on the 2007 calendar-year performance of recommendations and estimates on companies that are based in those regions.

Data Source
StarMine's analyst awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts in Hong Kong and China organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2008 Industry Stock Picking Award, an analyst must meet the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2007. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks throughout 2007. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2007. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2007.

Non-Participating Firms
Lehman Brothers did not participate in StarMine's 2008 Annual Analyst Awards for Hong Kong and China.
Close

2007

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2007 awards are based on the 2006 calendar-year performance of recommendations and estimates on companies that are based in Hong Kong and China.

Data Source
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2007 Industry Stock Picking Award, an analyst must have met the following criteria:

  1. An analyst must have covered at least five stocks in a given industry throughout 2006. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2006. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2006.

Non-Participating Firms
The following firm did not participate in StarMine's 2007 Annual Analyst Awards for Hong Kong and China: CLSA Limited and Lehman Brothers.
Close

2006

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2006 awards are based on the 2005 calendar-year performance of recommendations and estimates on companies that are based in Hong Kong and China.

Data Source
StarMine's awards for Hong Kong and China are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Hong Kong and China, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts in the region organize their coverage. For example, StarMine's "Automobiles & Machinery" industry is a composite of the following GICS industries: Auto Components; Automobiles and Machinery.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2006 Industry Stock Picking Award, an analyst must have met the following criteria:

  1. An analyst must have covered at least five stocks in a given industry throughout 2005. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, an analyst must have covered at least five stocks. In addition, StarMine requires an analyst to have earned at least a 4-star rating on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2005. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top Ten list, an analyst must have had coverage on at least five stocks throughout 2005.

Non-Participating Firms
The following firms did not participate in StarMine's 2006 Annual Analyst Awards for Hong Kong and China: CLSA Limited and Lehman Brothers.
Close