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The Thomson Reuters Analyst Awards

The gold standard in sell-side analyst performance

Methodology

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Australia and New Zealand

2017

2017 THOMSON REUTERS ANALYST AWARDS

METHODOLOGY FOR AUSTRALIA & NEW ZEALAND

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 Australia and New Zealand 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 Australia and New Zealand is included in the awards calculations.

DATA SOURCE

The Analyst Awards for Australia and New Zealand are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use the GICS (Global Industry Classification System) for its industry definitions. In some instances in Australia and New Zealand, 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 Australia and New Zealand. For example, the Analyst Awards’ “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.

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 ten 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 time period covered by the awards. 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 the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ Top Ten 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 Australia and New Zealand. 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 AUSTRALIA & NEW ZEALAND

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 Australia and New Zealand 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 Australia and New Zealand is included in the awards calculations.

DATA SOURCE

The Analyst Awards for Australia and New Zealand are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use the GICS (Global Industry Classification System) for its industry definitions. In some instances in Australia and New Zealand, 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 Australia and New Zealand. For example, the Analyst Awards’ “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, 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 ten 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 time period covered by the awards. 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 the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ Top Ten 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 Australia and New Zealand. 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 AUSTRALIA & NEW ZEALAND



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 stock picking awards for Australia and New Zealand are based on analyst recommendations from 01 October 2014 through 30 September 2015. The 2015 awards for estimating performance are scored on the fiscal period that reported between 01 October 2014 and 30 September 2015. Only analyst performance on companies that are based in Australia and New Zealand is included in the awards calculations.

DATA SOURCE
StarMine’s awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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 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 the time period covered by the awards. 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 the awards period.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Australia and New Zealand. 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 AUSTRALIA & NEW ZEALAND



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 stock picking awards for Australia and New Zealand are based on analyst recommendations from 01 October 2013 through 30 September 2014. The 2014 awards for estimating performance are scored on the fiscal period that reported between 01 October 2013 and 30 September 2014. Only analyst performance on companies that are based in Australia and New Zealand is included in the awards calculations.

DATA SOURCE
StarMine’s awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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 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 the time period covered by the awards. 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 the awards period.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Australia and New Zealand. 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 AUSTRALIA & NEW ZEALAND

*(based on 2012/2013 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 2013 stock picking awards for Australia and New Zealand are based on analyst recommendations from 01 October 2012 through 30 September 2013. The 2013 awards for estimating performance are scored on the fiscal period that reported between 01 October 2012 and 30 September 2013. Only analyst performance on companies that are based in Australia and New Zealand is included in the awards calculations.

DATA SOURCE
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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 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 the time period covered by the awards. 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 the awards period.

TOP BROKER AWARDS
Awards go to the three brokerage firms that have accumulated the greatest number of individual analyst awards in Australia and New Zealand. 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 AUSTRALIA & NEW ZEALAND
*(based on 2011/2012 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 Australia and New Zealand are based on analyst recommendations from 01 October 2011 through 30 September 2012. The 2012 awards for estimating performance are scored on the fiscal period that reported between 01 October 2011 and 30 September 2012. Only analyst performance on companies that are based in Australia and New Zealand is included in the awards calculations.

DATA SOURCE
StarMine’s awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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.

2011

 

2011 StarMine Analyst Awards*
Methodology for Australia and New Zealand
*(based on 12-month period ending September 30, 2011)

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 Australia and New Zealand are based on the performance of recommendations and estimates on companies that are based in the region for the 12-month period that ended on September 30, 2011.

Data Source
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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 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.

(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 the 12 months ended September 30, 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 10 list, an analyst must have had coverage on at least five stocks throughout the 12 months ended September 30, 2011.

BROKER Awards
The three brokers who have the most winning analysts are named to the list of top performing brokers.

Non-Participating Firms: The following firm did not participate in StarMine's 2011 Analyst Awards for Australia and New Zealand: CLSA.

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2010

 
2010 STARMINE ANALYST AWARDS*
METHODOLOGY FOR AUSTRALIA AND NEW ZEALAND
*(based on 12-month period ending September 30, 2010)

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 Australia and New Zealand are based on the performance of recommendations and estimates on companies that are based in the region for the 12-month period that ended on September 30, 2010.

DATA SOURCE
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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 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.

  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 the 12 months ended September 30, 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 the 12 months ended September 30, 2010.

BROKER AWARDS
The ten brokers who have the most winning analysts are named to the list of Top Ten Brokers.

Non-Participating Firms: The following firm did not participate in StarMine's 2010 Analyst Awards for Australia and New Zealand: 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 Australia and New Zealand are based on the performance of recommendations and estimates on companies that are based in the region for the 12-month period that ended on September 30, 2009.

Data Source
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 Australia and New Zealand. 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 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.
  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 the 12 months ended September 30, 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 the 12 months ended September 30, 2009.

Broker Awards
The ten brokers who have the most winning analysts are named to the list of Top Ten Brokers.

Non-Participating Firms: The following firm did not participate in StarMine's 2009 Annual Analyst Awards for Australia and New Zealand: CLSA.
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 are based on the performance of recommendations and estimates from October 1, 2007 through September 30, 2008 on companies that are based in Australia and New Zealand.

Data Source
The awards for Australia and New Zealand 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 Australia and New Zealand, 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 of the region. 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 an 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 12-month 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.
  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 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 the 12-month 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 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 the 12-month awards period.

Non-Participating Firms
Lehman Brothers did not participate in StarMine's 2008 Analyst Awards for Australia and New Zealand.
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 awards are based on the performance of recommendations and estimates from October 1, 2006 through September 30, 2007 on companies that are based in Australia and New Zealand.

Data Source
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 "Financial Services" 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 resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for an 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 during the period October 1, 2006 through September 30, 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 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 within Australia and New Zealand during the period October 1, 2006 through September 30, 2007. 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 within Australia and New Zealand from October 1, 2006 through September 30, 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 Ten list, an analyst must have had coverage on at least five stocks within Australia and New Zealand from October 1, 2006 through September 30, 2007.

Broker Awards
To determine the winners of Broker Awards, StarMine tallies the number of Analyst Awards won by each brokerage firm. Broker awards are presented to the ten brokerage firms that have won the most Analyst Awards.
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 awards are based on the one-year performance of recommendations from October 1, 2005 through September 30, 2006 and estimates for the 2006 fiscal year on companies that are based in Australia and New Zealand.

Data Source
StarMine's awards for Australia and New Zealand 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 Australia and New Zealand, 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 "Financial Services" industry is a composite of the following GICS industries: Capital Markets, Commercial Banks, Consumer Finance, and Diversified Financial Services, Insurance, and Thrifts and 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 resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for an 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 during the period October 1, 2005 through September 30, 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, an analyst must have covered at least five stocks within Australia and New Zealand region during the period October 1, 2005 through September 30, 2006. 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 within Australia and New Zealand throughout the 2006 fiscal year. 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 within Australia and New Zealand throughout the 2006 fiscal year.

Broker Awards
To determine the winners of Broker Awards, StarMine tallies the number of Analyst Awards won by each brokerage firm. Broker awards are presented to the ten brokerage firms that have won the most Analyst Awards.
Close

2005

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell/hold recommendations and the accuracy of their earnings estimates. This year's Australia-New Zealand awards are based on the performance of recommendations and estimates on companies based in Australia or New Zealand during the 12-month period ending September 30, 2005.

Data Source
StarMine's awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine used the GICS (Global Industry Classification System) for its industry definitions. Where GICS classifications produced industries that are too small for the region, StarMine combined multiple industries together to maximize the alignment with how analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, and Pharmaceuticals.

Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst against an industry-based benchmark. Overall stock picking winners are determined using an average of each analyst's industry excess returns, weighted based on the number of stocks the analyst covers in each industry. The details are below.

Industry Stock-Picking Awards
To qualify for this ranking, an analyst must have covered at least 5 stocks (or 1/3 of the stocks in the industry, for industries with fewer than 15 stocks) throughout the year.

All analyst returns are determined relative to the Industry-based benchmark. The benchmark is a market capitalization-weighted portfolio of all of the stocks in the industry. StarMine then 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 the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "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. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero).

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

Analysts needed to deliver a positive excess return in their industry in order to qualify.

In addition, StarMine requires analysts to earn at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating, in order to win any stock picking awards.

The top three analysts in each industry are chosen for the awards.

Overall Stock-Picking Awards
To qualify for the overall stock-picking awards, analysts need to have covered at least 5 stocks throughout the year. An analyst's overall excess return is computed as an average of each of his Industry Excess Returns, weighted based on the number of stocks the analyst covers in each industry.

In addition, StarMine requires analysts to earn at least a 5-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating, in order to win an overall stock picking award.

StarMine sorted all analysts in the database based on their overall excess return to determine the top 10 overall stock pickers.

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. SES ranges 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).

The Industry Earnings Estimate Awards
To qualify for this ranking, an analyst must have coverage on at least 5 stocks (or 1/3 of the stocks in the industry for industries with fewer than 15 stocks) during the time period.

StarMine ranked qualifying analysts based on their Industry Estimate Score for the stocks in the specific industry. The top three analysts in each industry are chosen for the awards.

The Overall Earnings Estimate Awards
To qualify for StarMine's Top 10 list, analysts needed to provide earnings estimates for least 5 stocks throughout the time period. StarMine ranked qualifying analysts by their Overall Estimate Score.

StarMine sorted all analysts in the database based on their overall estimate score to determine the top 10 overall earnings estimators.

Non-Participating Firms
The following firms did not participate in StarMine's annual awards for Australia and New Zealand: Lehman Brothers and Macquarie Research Equities.
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