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STRAITS ENERGY RESOURCES BERHAD

PART B - INDEPENDENT ADVICE LETTER FROM AER TO THE NON-INTERESTED SHAREHOLDERS OF STRAITS IN RELATION TO THE PROPOSED ACQUISITION OF 49% EQUITY INTEREST IN SMS FOR A PURCHASE CONSIDERATION OF RM 3,324,902 TO BE PAID BY VIA THE ISSUANCE OF 1,188,543 NEW TMDEL SHARES BASED ON AN ISSUANCE PRICE OF RM2.7976 (equivalent to USD0.6002) PER TMDEL SHARE

BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD

INDEPENDENT ADVICE LETTER FROM ASIA EQUITY RESEARCH SDN BHD TO THE NON-INTERESTED SHAREHOLDERS OF BHIC IN RELATION TO THE PROPOSED DISPOSAL AND PROPOSED INTERCOMPANY TRADE RECEIVABLES SETTLEMENT AGREEMENT

Hextar Capital Berhad

FAIRNESS OPINION LETTERS BY AER IN RELATION TO PROPOSED DISPOSAL OF 400,000 ORDINARY SHARES IN UNIGEL (UK) LIMITED REPRESENTING 40.00% EQUITY INTEREST FOR A CASH CONSIDERATION OF GBP1.30 MILLION AND PROPOSED DISPOSAL OF 400 ORDINARY SHARES IN UNIGEL IP LIMITED REPRESENTING 40.00% EQUITY INTEREST FOR A CASH CONSIDERATION OF GBP0.40 MILLION

EFFICIENT E-SOLUTIONS BERHAD

VI. INDEPENDENT FAIR VALUATION CERTIFICATE FOR REGALIA

CLASSIC SCENIC BERHAD

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HEKTAR REAL ESTATE INVESTMENT TRUST

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Executive Director, Corporate Finance

Ong Tee Chin (“Ong”) has a Bachelor of Pharmacy, majoring in Pharmaceutical Science from University Science Malaysia and a Bachelor of Laws from University of London. A Fellow Member of Association of Chartered Certified Accountants (“ACCA”), member of Malaysian Institute of Accountants (“MIA”), Associate Member of Chartered Institute of Management Accountants (“CIMA”), a graduate member of Malaysian Institute of Certified Public Accountants (“MICPA”), is a CFA® charter holder, a certified Financial Risk Manager (“FRM”) by the Global Association of Risk Professionals and a charter holder of the Chartered Alternative Investment Analyst (“CAIA”) Association. He was also the prize winner for Advance Taxation, Malaysian variant conducted by ACCA in December 2002. Also, he possesses a capital market representative license from Securities Commission Malaysia required for conducting advisory work on corporate finance.

Ong’s previous experience include an attachment with one of the Big Four International Accounting Firm and was a finance director for a number of listed companies with operations in Malaysia and Asia Pacific. His past eight years of experience was heading a licensed corporate finance company in Malaysia, providing corporate finance advisory functions in relation to equity valuation, expert report, independent advice letters and feasibility reports for a diverse range of industries such as energy, plantation, mineral, property development, manufacturing, aviation and insurance sector.

Faris Azmi Abdul Rahman (“Faris”) has obtained Bachelor of Commerce majoring Applied Accountancy from Bond University, Queensland Australia. He is a fellow member of Certified Practicing Accounts (“CPA”), Australia. He is currently pursuing the Chartered Islamic Professional Certificate with INCEIF.

He was attached to Arthur Andersen conducting statutory audit, analytical review and conducting risk analysis on clients. Thereafter, he has taken regulatory and compliance role in Securities Commission from 2002 to 2004, where Faris is involved in vetting corporate proposals for applicants seeking for Initial Public Offer (“IPO”), fund raising, restructuring of listed and unlisted public companies in line with the requirements of the SC Guidelines, and vetting of prospectuses for public offering. Thereafter, he has moved into commercial practices taking senior management role in Finance. He was a Finance Director in Coal FE Resources Ltd, a position he held from August 2006 until July 2014, where Faris was responsible for the IPO on the Australian Stock Exchange.

Prasenjit K Basu was Chief Economist for South-east Asia and India at Credit Suisse First Boston and Chief Asia Economist at Daiwa Securities for 5 years each. He had briefer stints (1.5-4 years each) as Global Head of Research at Maybank Kim Eng, Head of Malaysia research and Chief ASEAN Economist at Macquarie Securities, Director of Asia Macroeconomics at UBS Securities, and Director of the Asia Service at Wharton Econometrics.He currently runs an economics consultancy (Real-Economics) and is an Insight Provider at Smartkarma (Singapore) and OHM Research (Brazil). He is also a consultant to the ADB’s independent evaluation department. PK has taught Macroeconomics at the SPJain School of Global Management in Singapore and Dubai, and a course on Asia’s economies for 2 years at ESSEC Asia Pacific Business School (Singapore). He has dual Masters degrees in Public Administration and International Relations from the University of Pennsylvania and a BA (Hons) in Economics from St Stephen’s College, Delhi. His book on the modern economic and political history of the whole of Asia, “Asia Reborn” won the Best First Book award at the Tata Literature Live! Mumbai LitFest (2018h and a bronze award at Singapore’s Golden Door awards for non-fiction writing.

The Role of Equity Research in Stock Market Investing

Source: BURSA MALAYSIA | Published: April 2024

Equity research plays a crucial role in the world of stock market investing. It provides investors with valuable insights, analysis, and recommendations that can significantly impact their investment decisions. This article aims to shed light on the importance of equity research and how it empowers investors to make informed choices. By understanding the role of equity research, investors can navigate the complex landscape of the stock market with confidence and increase their chances of achieving favourable investment outcomes.

The Purpose of Equity Research

Equity research serves two primary purposes: providing fundamental analysis and identifying investment opportunities. Fundamental analysis involves evaluating a company's financial statements, assessing its performance, and determining its intrinsic value. This process helps investors understand the financial health, growth potential, and competitive position of a company.

Equity researchers also identify investment opportunities through sector analysis and company-specific research. Sector analysis involves examining industries and their growth prospects, regulatory environment, and market trends. Company-specific research delves into a particular company's operations, management team, competitive advantages, and prospects. By conducting thorough research, investors can uncover hidden gems and make informed investment decisions.

Equity Research Process

Process Step	Description	Tools / Techniques
	Accessing company reports, annual statements, quarterly earnings releases, and news articles.	Financial databases like Bloomberg, Thomson Reuters, and company-specific websites.
	Analysing balance sheets, income statements, and cash flow statements to assess financial health, profitability, liquidity, and cash flow.	Key financial ratios like Return on Equity (ROE), Earnings Per Share (EPS), and Debt-to-Equity Ratio.
	Determining the fair value of a company's stock.	Discounted Cash Flow (DCF) models, Comparable Company Analysis, and combination of various valuation techniques to arrive at a comprehensive valuation range.

Key Components of Equity Research Reports

Equity research reports are comprehensive documents that provide a holistic view of a company's investment potential. These reports typically include the following key components:

Executive summary: A concise overview of the company and its investment prospects.
Investment thesis: A well-defined thesis statement that presents the rationale for investing in the company.
Industry analysis: An examination of the industry's dynamics, growth drivers, and competitive landscape.
Company overview: A detailed description of the company's business model, products or services, target market, and competitive advantages.
Financial analysis and valuation: An in-depth analysis of the company's financial statements, key financial ratios, and valuation models.
Risks and challenges: A discussion of the potential risks and challenges that investors should consider.
Conclusion and recommendation: A summary of the research findings and a clear recommendation on whether to buy, sell, or hold the stock.

Benefits of Equity Research for Investors

Equity research offers a multitude of advantages to investors, enabling them to make well-informed investment decisions and elevate the performance of their portfolios.

a) Making informed investment decisions

Equity research provides investors with comprehensive and objective analysis, enabling them to understand the investment potential of different companies. Armed with this knowledge, investors can make informed decisions that align with their investment objectives and risk tolerance.

For example, a retail investor interested in the technology sector can leverage equity research reports to evaluate various technology companies and identify those with robust growth prospects, solid financials, and competitive advantages..

b) Mitigating risks

Equity research helps investors mitigate risks by providing insights into the potential pitfalls associated with specific investments. Researchers highlight factors such as regulatory changes, industry disruptions, and company-specific risks that may impact the investment's performance. For instance, equity research may reveal that a company heavily reliant on a single product faces significant risks if that product becomes obsolete or faces fierce competition. Armed with this information, investors can adjust their portfolio allocation or decide to avoid such high-risk investments.

c) Enhancing portfolio performance

Equity research can contribute to enhancing portfolio performance by identifying undervalued stocks and uncovering investment opportunities that may not be apparent to the broader market. Research-backed investment decisions based on thorough analysis and valuation models have the potential to generate favourable returns over the long term.

Challenges and Limitations of Equity Research

While equity research offers numerous benefits, it also faces certain challenges and limitations that investors should be aware of.

a) Availability of reliable data

Researchers heavily rely on accurate and up-to-date data to conduct their analysis. However, data availability can sometimes be limited, especially for smaller companies or those operating in less transparent markets. This can impact the quality and depth of research coverage.

b) Bias and conflicts of interest

Equity research may be influenced by bias or conflicts of interest, particularly when it is produced by brokerage firms that also engage in investment banking activities. Such conflicts can potentially impact the objectivity of research reports and recommendations.

c) Regulatory constraints

Regulatory requirements, such as the Chinese Wall, which mandates a separation between research and investment banking divisions within financial institutions, can limit the flow of information and collaboration among teams. These constraints can affect the quality and independence of equity research.

The role of equity research in stock market investing cannot be overstated. It serves as a valuable tool that empowers investors to make informed decisions, mitigate risks, and enhance portfolio performance. Through thorough analysis of financial statements, industry dynamics, and company-specific factors, equity research provides investors with valuable insights and recommendations that can shape their investment strategies.

By leveraging the expertise and research-backed information provided by equity research, investors can navigate the complexities of the stock market with greater confidence and increase their chances of achieving favourable investment outcomes. It is crucial for investors to recognize the benefits of equity research while being mindful of its limitations and potential biases. By incorporating equity research into their decision-making process, investors can optimise their investment strategies and pursue their financial goals with greater precision and success.

For investors seeking to obtain equity research reports in Malaysia, Bursa Malaysia’s website is a valuable resource. These reports can be especially useful for understanding the Malaysian stock market. To access these reports, visit Bursa Malaysia's research coverage page .

About Bursa Malaysia

Bursa Malaysia is an exchange holding company incorporated in 1976 and listed in 2005. One of the largest bourses in ASEAN, Bursa Malaysia helps over 900 companies raise capital – whether through the Main Market for established large-cap companies, the ACE Market for emerging companies of all sizes, or the LEAP Market for up-and-coming SME companies. Bursa Malaysia’s diverse product range includes equities, derivatives, offshore and Islamic assets as well as Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs) and Exchange Traded Bonds and Sukuk (ETBS). Find out more here

* Some financial products and services may not be classified as Shariah-compliant. Please research carefully before making any financial decisions

Ascentrik. (n.d.). Role of Equity Research and Reporting in Financial Markets. Retrieved January 5, 2024, from

Picardo, E. (2022, October 19). Equity Research vs. Investment Banking: What’s the Difference? Investopedia.

Powell, S. (n.d.). Equity Research Overview. Corporate Finance Institute.

Wallstreetmojo. (n.d.). What Is Equity Research? WallStreetMojo.

Wayman, R. (2022, September 1). How Has Equity Research Changed. Investopedia.

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What is an Equity Research Report?

Contents of an equity research report, buy side vs sell side research, why do banks publish equity research reports, equity research report recommendations, different types of reports, equity research report example, additional resources, equity research report.

A recommendation to buy, sell, or hold shares of a public company

An equity research report is a document prepared by an Analyst that provides a recommendation on whether investors should buy, hold, or sell shares of a public company . Additionally, it provides an overview of the business, the industry it operates in, the management team, its financial performance , risks, and the target price.

Equity Research Report - Cover Page of Kraft Foods Group Report

To learn more, check out CFI’s Valuation Modeling Classes .

Let’s take a closer look at what’s included in an equity research report. Below is a list of the main sections you’ll find in one of these reports.

Recommendation – Typically to either buy, sell, or hold shares in the company. This section also usually includes a target price (i.e., $47.00 in the next 12 months).
Company Update – Any recent information, new releases, quarterly or annual results , major contracts, management changes, or any other important information about the company.
Investment Thesis – A summary of why the analyst believes the stock will over or underperform and what will cause it to reach the share price target included in the recommendation. This is probably the most interesting part of the report.
Financial Information & Valuation – A forecast of the company’s income statement , balance sheet, cash flow , and valuation. This section is often an output from a financial model built in Excel.
Risk & Disclaimers – An overview of the risks associated with investing in the stock. This is usually a laundry list that includes all conceivable risks, thus making it feel like a legal disclaimer. The reports also have extensive disclaimers in addition to the risk section.

It’s important to distinguish between buy side and sell side research reports.

Buy side firms (asset management companies) have their own internal research teams that produce reports and recommendations on which stocks the firm and its portfolio managers should buy and sell. The reports are only used for internal investment decision making and not distributed publicly.

Sell side firms such as investment banks produce equity research reports to be disseminated to their sales and trading clients and wealth management clients. These reports are distributed for free for a variety of reasons (explained below) and have a specific recommendation to buy, sell, or hold as well as an expected target price.

Learn more about buy side vs sell side jobs.

The sell side publishes reports to generate fees, both directly and indirectly.

Direct: Trading Commissions

When an investment bank publishes valuable equity research for an institutional client, that client is then likely to use the bank to execute their trades for that stock. While there no actual agreement to do so, it’s an unspoken rule. The bank may also use the report to persuade the client to buy more shares in a holding they already have, to therefor further increase commissions.

Indirect: Investment Banking Relationships

All banks have a Chinese Wall between their investment banking teams and research departments, but there still remains an indirect incentive for research to be supportive of stocks the bank may provide investment banking services to. The fees that investment bankers earn on underwriting and mergers and acquisitions (M&A) are huge, and a bank would never want to miss out an opportunity to work with a CEO of a public company because the bank had a “Sell” rating on their stock.

For this reason, sell side research typically includes a disclaimer along the lines of, “Bank X seeks and does business with companies that are covered in its research reports. Because of this, investors should be aware that the firm may have a conflict of interest (due to these investment banking relationships) that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.”

Each bank has their own set of recommendations (terms) they use to rate a stock. Below is a list of the most common recommendations or rating analysts issue.

Ratings include:

Buy, Outperform, Overweight
Hold, Neutral, Marketweight
Sell, Underperform, Underweight

To learn more, check out CFI’s Valuation Modeling Courses .

This guide has focused on a “typical” equity research report, but there are various other types that can take slightly different forms. Below is a list of other types.

Types of reports:

Initiating Coverage – A long report (often 50-100+ pages long) that is released when a firm starts covering a stock for the first time.
Industry Reports – General industry updates about a few companies in a sector.
Top Picks – A list and summary of a firm’s top stock picks and their targeted returns.
Quarterly Results – A report that focuses on the company’s quarterly earnings release and any updated guidance.
Flash Reports – Quick 1-2 page report that comments on a new release from the company or other quick information.

Below is an example of an equity research report on Kraft Foods. As you can see in the images below, the analyst clearly lays out the recommendation, target price, recent updates, investment thesis, valuation, and risks.

Thank you for reading CFI’s guide on Equity Research Report. To learn more, these additional resources will be helpful:

Investment Research
Types of Valuation Multiples
DCF Modeling Guide
Finance Salary Guides
See all valuation resources
See all capital markets resources
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BURSA MALAYSIA LAUNCHES BURSA IN-DEPTH EQUITY ANALYSIS RESEARCH COMPETITION

Total of RM10,000 cash prizes to be won

Kuala Lumpur, 9 October 2023 – Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) has launched the Bursa In-Depth Equity Analysis Research Competition (Bursa IDEA) that aims to stimulate research interest and nurture research skills, while promoting a deeper understanding of the financial landscape among the public. For the competition, participants are invited to submit a research report on the theme ‘Market Trends and Sector Analysis’. This can cover topics related to the equity market and economic factors that may affect market trends. The submission may also include research on sectoral trends and analysis. The competition period runs from 9 October to 3 November 2023, and is open to all Malaysians aged 18 years and above. A total amount of RM10,000 in cash prizes will be awarded. Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia remarked, “This competition provides a platform for up-and-coming researchers, analysts, and market enthusiasts to showcase their prowess in equity analysis and report writing. This aligns with Bursa Malaysia’s efforts in nurturing talent and fostering growth in the capital market. Initiatives like these have the added benefit of sparking the generation of investment ideas, drawing inspiration from current economic developments and industry advancements, ultimately injecting greater vitality into the market." In the preparation of their submissions, participants can leverage on tools like Bursa Digital Research, Bursa RISE reports, Refinitiv data, Screener, heatmap and other educational content that are available on Bursa Malaysia’s websites. A webinar will also be held during the competition period to help interested participants understand how to craft a good research report. The submissions will be evaluated by a panel of expert judges following specific assessment criteria, which include the research methodology, coherence of ideas and analysis, structure as well as report presentation. Interested participants may visit https://www.bursamarketplace.com/idea for more information and to register for Bursa IDEA.

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Midf research: malaysia’s equity market to continue positive momentum in 2h2024 .

KUALA LUMPUR, June 26 — MIDF Research anticipates Malaysia’s equity market will continue its positive momentum in the second half of this year (2H2024).

In its market report for 2H2024 today, MIDF Research said that the local equity market has performed relatively well thus far this year with its main benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) recording a gain of 9.3 per cent year-to-date (until June 21).

“We expect the local equity market to gain further ground driven by the inflow of foreign funds, and premised on healthy macro and corporate earnings outlook,” it said

MIDF Research said that the positive market momentum was driven by foreign funds, which arguably played a major role in driving up the local equity market this year.

“From early January to February 27, the local equity market recorded net foreign purchases of RM2.4 billion while the FBM KLCI rose 104 points.

“From April 23 to May 23, the local equity market recorded net foreign purchases of RM3.7 billion and the FBM KLCI rose 82 points to its highest daily close thus far this year at 1,629 points,” said the report.

MIDF Research said it expects to see a resumption of foreign fund inflows as early as in third quarter of this year.

It said that the positive market momentum premised on healthy fundamentals and the boost driving up the local equity market thus far this year were premised on healthy macro and corporate earnings performance.

“Malaysia’s economic growth accelerated to 4.2 per cent year-on-year (y-o-y) in 1Q2024 (4Q2023: +2.9 per cent y-o-y), surpassing expectations.

“Meanwhile, corporate earnings expanded in 1Q2024 with the aggregate normalised earnings of FBM KLCI growing both quarter-on-quarter and y-o-y at 11.3 per cent and 15.8 per cent, respectively,” MIDF Research said.

Meanwhile, it said that macro and earnings growth is expected to continue.

“We expect Malaysia’s economy to see continued expansion in domestic demand and benefit from the recovery in external trade.

“We believe the positive momentum will continue in the coming quarters; therefore, we forecast that Malaysia’s GDP growth this year will be faster at +4.7 per cent (2023: +3.6 per cent),” said MIDF Research.

It also noted that local corporate earnings remain healthy going forward against the backdrop of a broader (both domestic and external demand) rise in macroeconomic activities amidst declining price pressure and a stable interest rate environment.

“In this regard, the consensus earnings of FBM KLCI are expected to grow by +5.3 per cent this year and +7.9 per cent next year,” MIDF Research added. — Bernama

Report: Philippine’s Jollibee to acquire 70pc stake in Korea’s Compose Coffee

The fortunes of a country’s equity or stock market are closely aligned with its economic well-being, and Malaysia is no exception. Similar to its global peers, Bursa Malaysia been enduring much turbulence in the last few years. Buffeted by strong external and internal headwinds, the market capitalisation of the local bourse had moderated further to RM1.74 trillion as at end-2022 (end-2021: RM1.79 trillion).

Bursa Malaysia has the distinction of being among the biggest bourses in ASEAN with well over 900 listed companies. Investors can choose from a variety of listed products, including equities, derivatives, exchange-traded funds (ETFs), real estate investment trusts (REITs), and exchange traded bonds and sukuk (ETBS). Notably, 789 (81.2%) of the 972 listed entities on the local bourse were Shariah-compliant securities as at end-December 2022. These accounted for RM1.139 trillion or 65.6% of Bursa Malaysia’s overall market capitalisation as at the same date. Despite the tumultuous global markets, a total of RM26.0 billion was raised from the Malaysian equity market in 2022. Of this amount, RM3.5 billion originated from the primary market, i.e., via 35 initial public offering (IPOs). The other RM22.6 billion stemmed from secondary fundraising. The sturdier performance in 2022 was driven by a 52% y-o-y surge in IPOs and a 58% spike in secondary issuances.

Bursa Malaysia operates through three markets – the Main Market, the ACE Market and the LEAP Market. Each has a different set of listing criteria for aspiring candidates. The following represents some of the most salient points of the respective marketshe Main Market is the primary market for larger companies with strong operating and profit track records, with a minimum required market capitalisation of RM500 million upon listing, among other things.

The Main Market is the primary market for larger companies with strong operating and profit track records, with a minimum required market capitalisation of RM500 million upon listing, among other things.
The ACE Market is a sponsor-driven alternative market designed for smaller companies that exhibit strong growth potential. No minimum profit or operating track record is required for listing.
The LEAP Market is a fundraising platform for what are perceived as underserved SMEs, which do not need to demonstrate any operating or financial track record. This adviser-driven market is only available to sophisticated investors.

In 2022, the Main Market hosted the listing of five companies while the ACE Market welcomed 25 and the LEAP Market contributed another five – bringing the total to 35 IPOS for the year. Together, these newly listed entities raised RM3.49 billion.

The listing process (from the time the candidate engages an adviser to the day of listing) usually takes four to nine months, depending on the structure and complexity of the listing scheme. Upon approval, the entity will be given six months to complete its IPO exercise.

Bursa Malaysia also offers an end-to-end Shariah-compliant investing platform, along with the world’s first end-to-end Shariah-compliant commodities-trading platform. In recognition of the importance of sustainable and responsible investment, Bursa Malaysia launched the FTSE4Good Index in 2014. This index permits investors to measure domestic companies’ performance based on ESG standards. In July 2021, the local bourse introduced the FTSE4Good Bursa Malaysia Shariah Index – the Shariah-compliant version of the former. This new index will assist fund managers to develop new investment products constituting a portfolio of Shariah-compliant equities, guided by sustainable investing principles.

The Malaysian stock market benefits from a diverse pool of investors, underscored by sturdy support from local institutional and retail investors. Domestic institutions remained net sellers in 2022, to the tune of RM6.53 billion (2021: RM9.1 billion). Meanwhile, local retail investors infused RM2.31 billion of net funds into the equity market, which paled in comparison to the previous year’s RM12.2 billion. Interestingly, foreign investors pumped in RM4.40 billion net (2021: RM3.15 billion) after four consecutive years as net sellers. Against this backdrop, the participation rate of retail investors declined to an average of 25.7% in terms of transaction value, relative to 34.6% in 2021. Nonetheless, this is still higher than the five-year pre-pandemic average of 18.8%

To invest in shares in Malaysia, one must be over the age of 18, open a Central Depository System (CDS) account and a trading account at a stockbroking firm. There are specific steps to follow pursuant to this, as detailed on Bursa Malaysia ’s website.

The Securities Commission Malaysia (SC) is the ultimate regulator of the Malaysian capital markets, including the equity market. As the front-line regulator, Bursa Malaysia, is tasked with safeguarding a fair and orderly market for the trading of securities and derivatives. The SC supervises and monitors Bursa Malaysia on listing, trading, clearing, settlement, and depository operations – to ensure the latter effectively performs its regulatory duties and obligations. Brokers and regulated entities must comply with the various rules set by Bursa Malaysia.

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The Institute for Capital Market Research Malaysia undertakes research topics relevant to Malaysia’s capital market development. Through a collaborative approach, insights and best practices from both global and local stakeholders will be harnessed to bridge the gap between theory and practice and to further promote sustainable market development.

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What’s in an Equity Research Report?

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Even though you can easily find real equity research reports via the magical tool known as “Google,” we’ve continued to get questions on this topic.

Whenever I see the same question over and over again, you know what I do: I bash my head in repeatedly and contemplate jumping off a building…

…and then I write an article to answer the question.

To understand an equity research report, you must understand what goes into a stock pitch first.

The idea is similar, but an ER report is a “watered-down” version of a stock pitch.

But banks have some very solid reasons for publishing equity research reports:

Why Do Equity Research Reports Matter?

You might remember from previous articles that equity research teams do not spend that much time writing these reports .

Most of their time is spent speaking with management teams and institutional investors and sharing their views on sectors and companies.

However, equity research reports are still important because:

You do still spend some time doing the required modeling work (~15%) and writing the reports (~20%).
You might have to write a research report as part of the interview process.

For example, if you apply to an equity research role or an equity research internship , especially in an off-cycle process, you might be asked to draft a short report on a company.

And then in roles outside of ER, you need to know how to interpret reports quickly and extract the key information.

Equity Research Reports: Myth vs. Reality

If you want to understand equity research reports, you have to understand first why banks publish them: to earn higher commissions from trading activity.

A bank wants to encourage institutional investors to buy more shares of the companies it covers.

Doing so generates more trading volume and higher commissions for the bank.

This is why you rarely, if ever, see “Sell” ratings, and why “Hold” ratings are far less common than “Buy” ratings.

Different Types of Equity Research Reports

One last point before getting into the tutorial: There are many different types of research reports.

“Initiating Coverage” reports tend to be long – 50-100 pages or more – and have tons of industry research and data.

“Sector Reports” on entire industries are also very long. And there are other types, which you can read about here .

In this tutorial, we’re focusing on the “Company Update” or “Company Note”-type reports, which are the most common ones.

The Full Tutorial, Video, and Sample Equity Research Reports

For our full walk-through of equity research reports, please see the video below:

Table of Contents:

1:43: Part 1: Stock Pitches vs. Equity Research Reports
6:00: Part 2: The 4 Main Differences in Research Reports
12:46: Part 3: Sample Reports and the Typical Sections
20:53: Recap and Summary

You can get the reports and documents referenced in the video here:

Equity Research Report – Jazz Pharmaceuticals [JAZZ] – OUTPERFORM [BUY] Recommendation [PDF]
Equity Research Report – Shawbrook [SHAW] – NEUTRAL [HOLD] Recommendation [PDF]
Equity Research Reports vs. Stock Pitches – Slides [PDF]

If you want the text version instead, keep reading:

Watered-Down Stock Pitches

You should think of equity research reports as “watered-down stock pitches.”

If you’ve forgotten, a hedge fund or asset management stock pitch ( sample stock pitch here ) has the following components:

Part 1: Recommendation
Part 2: Company Background
Part 3: Investment Thesis
Part 4: Catalysts
Part 5: Valuation
Part 6: Investment Risks and How to Mitigate Them
Part 7: The Worst-Case Scenario and How to Avoid It

In a stock pitch, you’ll spend most of your time and energy on the Catalysts, Valuation, and Investment Risks because you want to express a VERY different view of the company .

For example, the company’s stock price is $100, but you believe it’s worth only $50 because it’s about to report earnings 80% lower than expectations.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

In an equity research report, you’ll still express a view of the company that’s different from the consensus, but your view won’t be dramatically different.

You’ll spend more time on the Company Background and Valuation sections, and far less time and space on the Catalysts and Risk Factors. And you won’t even write a Worst-Case Scenario section.

If a company seems overvalued by 50%, a research analyst would probably write a “Hold” recommendation, say that there’s “uncertainty around several customers,” and claim that the company’s current market value is appropriate.

Oh, and by the way, one risk factor is that the company might report lower-than-expected earnings.

The Four Main Differences in Equity Research Reports

The main differences are as follows:

1) There’s More Emphasis on Recent Results and Announcements

For example, how does a recent product announcement, clinical trial result, or earnings report impact the company?

You’ll almost always see recent news and updates on the first page of a research report:

These factors may play a role in hedge fund stock pitches as well, but more so in short recommendations since timing is more important there.

2) Far-Outside-the-Mainstream Views Are Less Common

One comical example of this trend is how all 15 equity research analysts covering Enron rated it a “buy” right before it collapsed :

Equity Research Report for Enron With Buy Recommendation

Sell-side analysts are far less likely to point out that the emperor has no clothes than buy-side analysts.

3) Research Reports Give “Target Prices” Rather Than Target Price Ranges

For example, the company is trading at $50.00 right now, but we expect its price to increase to exactly $75.00 in the next twelve months.

This idea is completely ridiculous because valuation is always about the range of possible outcomes, not a specific outcome.

Despite horrendously low accuracy , this practice continues.

To be fair, many analysts do give target prices in different cases, which is an improvement:

Equity Research Report with Target Share Price Range

4) The Investment Thesis, Catalysts, and Risk Factors Are “Looser”

These sections tend to be “afterthoughts” in most reports.

For example, the bank might give a few reasons why it expects the company’s share price to rise: the company will capture more market share than expected, it will be able to increase its product prices more rapidly than expected, and a competitor is about to go bankrupt.

However, the sell-side analyst will not tie these factors to specific share-price impacts as a buy-side analyst would.

Similarly, the report might mention catalysts and investment risks, but there won’t be a link to a specific valuation impact from each factor.

So the typical stock pitch logic (“We think there’s a 50% chance of gaining 80% and a 50% chance of losing 20%”) won’t be spelled out explicitly:

Your Sample Equity Research Reports

To illustrate these concepts, I’m sharing two equity research reports from our financial modeling courses :

The first one is from the valuation case study in our Advanced Financial Modeling course , and the second one is from the main case study in our Bank Modeling course .

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

In each case, we started by creating traditional HF/AM stock pitches and valuations and then made our views weaker in the research reports.

The Typical Sections of an Equity Research Report

So let’s briefly go through the main sections of these reports, using the two examples above:

Page 1: Update, Rating, Price Target, and Recent Results

The first page of an “Update” report states the bank’s recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company.

For example, in both these reports we reference recent earnings results from the companies and expectations for the next fiscal year:

We also give a “target price,” explain where it comes from, and give our estimates for the company’s key financial metrics.

We mention catalysts in both reports, but we don’t link anything to a specific valuation impact.

One problem with providing a specific “target price” is that it must be based on specific multiples and specific assumptions in a DCF or DDM.

So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF.

Next: Operations and Financial Summary

Next, you’ll see a section with lots of graphs and charts detailing the company’s financial performance, market share, and important metrics and ratios.

For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

This section of the report explains how the analyst or equity research associate forecast the company’s performance and came up with the numbers used in the valuation.

The valuation section is the one that’s most similar in a research report and a stock pitch.

In both fields, you explain how you arrived at the company’s implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions.

The methodologies are the same, but the assumptions might differ substantially.

In research, you’re also more likely to point to specific multiples, such as the 75 th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones.

For example, you might argue that since the company’s growth rates and margins exceed the medians of the set, it deserves to be valued at the 75 th percentile multiples rather than the median multiples:

Investment Thesis, Catalysts, and Risks

This section is short, and it is more of an afterthought than anything else.

We do give reasons for why these companies might be mis-priced, but the reasoning isn’t that detailed.

For example, in the Shawbrook report we state that the U.K. mortgage market might slow down and that regulatory changes might reduce the market size and the company’s market share:

Those are legitimate catalysts, but the report doesn’t explain their share-price impact in the same way that a stock pitch would.

Finally, banks present Investment Risks mostly so they can say, “Well, we warned you there were risks and that our recommendation might be wrong.”

By contrast, buy-side analysts present Investment Risks so they can say, “There is a legitimate chance we could lose 50% – let’s hedge against that risk with options or other investments so that our fund does not collapse .”

How These Reports Both Differ from the Corresponding Stock Pitches

The Jazz equity research report corresponds to a “Long” pitch that’s much stronger:

We estimate its intrinsic value as $180 – $220 / share , up from $170 in the report.
We estimate the per-share impact of each catalyst: price increases add 15% to the share price, more patients from marketing efforts add 10%, and later-than-expected generics competition adds 15%.
We also estimate the per-share impact from the risk factors and conclude that in the worst case , the company’s share price might decline from $130 to $75-$80. But in all likelihood, even if we’re wrong, the company is simply valued appropriately at $130.
And then we explain how to hedge against these risks with put options.

The same differences apply to the Shawbrook research report vs. the stock pitch, but the stock pitch there is a “Short” recommendation where we claim that the company is overvalued by 30-50%.

And that sums up the differences perfectly: A Short recommendation with 30-50% downside in a stock pitch turns into a “Hold” recommendation with roughly equal upside and downside in a sell-side research report.

I’ve been harsh on equity research here, but I don’t want to disparage it too much.

There are many positives: You do get more creativity than in IB, it might be better for hedge fund or asset management exits, and it’s more fun to follow companies than to grind through grunt work on deals.

But no matter how you slice it, most equity research reports are watered-down stock pitches.

So, make sure you understand the “strong stuff” first before you downgrade – even if your long-term goal is equity research.

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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Read below or Add a comment

15 thoughts on “ What’s in an Equity Research Report? ”

Hi Brian, what softwares are available to publish Research Reports?

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

Is it possible if you can send me a template in word of an equity report? It will help the graduate stock management fund a lot at Umass Boston.

We only have PDF versions for these, but Word should be able to open any PDF reasonably well.

Do you also provide a pre constructed version of an ER in word?

We have editable examples of equity research reports in Word, but we generally only share PDF versions on this site.

Hey Brian Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field. I searched but reports could not be found even for a price. Thanks

We have an example of an oil & gas stock pitch on this site… do a search…

https://mergersandinquisitions.com/oil-gas-stock-pitch/

Beyond that, sorry, we cannot look for reports and then share them with you or we’d be inundated with requests to do that every day.

No worries. Thanks!

Hi! Brian! Do u know how investment bankers design and layout an equity research? the software they use. like MS Word, Adobe Indesign or something…? And how to create and layout one? Thanks

where can I get free equity research report? I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report?

Get a TD Ameritrade to access free reports there for certain companies.

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

In addition the whole S&T environment is becoming highly automated.

People have been predicting the death of equity research for over a decade, but it’s still here. It may not be around in 100 years, but it will still be around in another 10 years, though it will be smaller and less relevant.

Yes, things are becoming more automated, but the actual job of an equity research analyst or associate hasn’t changed dramatically. A machine can’t speak with investors to assess their sentiment on a company – only humans can do that.

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Research Coverage

Bursa Malaysia's performance is covered by the following analyst. Please be informed that any views, forecasts or recommendations made by these certified professional analysts does not represent Bursa Malaysia's opinions or recommendations and we also do not endorse any of their views, forecasts or recommendations.

--> -->

No.	Research House	Analyst	E-mail Address	Contact No.
1.	AFFIN HWANG CAPITAL	Tan Ei Leen		03-2142 4159
2.		Quah He Wei		03-2604 3974
3.		Kelvin Ong Toh Meng		03-2036 2294
4.		Winson Ng		03-2084 9686
5.		Tan Yong Hong
6.		Lim Sue Lin		03-2056 7875

8.
7.		Jeremy Goh		03-2083 1716
	Linda Koh		03-7721 8060
8.		Nurzulaikha Azali		03-2171 0502
9.		Clement Chua
10.		Ben Shane Lim		03-2059 8868
11.		Wong Chew Hann		03-2297 8686
12.		Imran Yassin Md Yusof		03-2173 8395
13.		Tushar Mohata		03-2027 6895
14.		Nabil Thoo		03-9280 8890
15.		TA Research		03-2072 1277 ext. 1626
16.		Nicole Goh		03-2781 1133
17.		Keith Wee		03-2147 1992

List of analyst is subject to change.
Bursa Malaysia does not distribute copies of analysts' reports and will only do so on selective basis.

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Penn Libraries

Q. How do I find analyst reports (investment bank research)?

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Answered By: Lippincott Library Last Updated: Apr 21, 2024 Views: 174953

Use LSEG Workspace (formerly Refinitiv).

To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research menu, click on Company Research . Use filters near the top of the page to refine your search.
To screen for analyst reports based on a set of criteria, type ADVRES in the search bar and select the Research Advanced Search app, or click on Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a 150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

Type your company's ticker symbol, then hit the yellow EQUITY key, then type DSCO and hit the green GO key.
To find reports by industry or keyword, type RES and hit the green GO key.

Morningstar equity research reports and analyst cash flow models can be found in PitchBook .

Hoovers contains some analyst reports as well.

Type in a company name and select the company you want.
Scroll down the screen; if available, analyst reports appear under Advanced on the left side.
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Corporate Social Responsibility And Brand Equity Of Malaysian Top 100 Brand Companies

In the recent economic systemic shifts perceived by the company value system from tangible to intangible assets, interest in brand equity receives growing attention from both practitioners and academics. Nevertheless, since most of these organisations accept these activities as part of their corporate social responsibility (CSR), corporations are also gradually implementing more ethical behaviours in relation to their communities. They are also acknowledging their crucial role in social, environmental and economic issues and the way in which they can enhance their companies’ brand equity. Having acknowledged the significance of CSR activities, the purpose of this paper is to provide a greater insight into how CSR practices affect company brand equity. Very few studies have examined this relationship in the context of Malaysian public listed companies (PLCs). Secondary data obtained through content analysis of Malaysian PLCs’ 2016 Annual Reports and a sample of Malaysia’s Top 100 Brands (whose names and brand equity values are set out on The Brand Finance website) was used to cover the assessment. The results showed that companies aggressively involved in CSR operations, especially environmental, community and workplace operations, found that this involvement enhanced their brand value. Reasonable CSR activities can effectively achieve high brand value. The findings are pertinent to both practice and theory. Keywords: Corporate social responsibility environmental community workplace brand equity

Introduction

The notion of good works or corporate social responsibility (CSR) was originally described as the accountability of management for the community from which their profit derived. The concept has evolved over time and led to a multitude of ideas such as corporate social efficiency, corporate social responsiveness, corporate philanthropy, accountable businesses, accountable entrepreneurship and corporate citizenship ( Kim et al., 2017 ; Pakseresht, 2010 ). CSR activities are essential for businesses today, not just to meet the interests of their investors and society ( Tuan, 2012 ), company strategies (Pakseresht, 2010; Ding et al. (2016) and environmental or social goals (Rhoua et al., 2016). CSR practices benefit companies by improving brand equity (BE) and gaining a strong brand reputation and image that could result in a competitive advantage and positive economic results (Pakseresht, 2010; Rhoua et al. 2016; Bajic & Yurtoglu, 2018). In addition, prior studies (Chomvilailuk & Butcher, 2010; Hoeffler & Keller, 2002) recognised CSR as one of the enablers that influence brand building. Thus, many companies have participated in CSR activities such as employee benefits and environmental protection to persuade and attract new and loyal clients while at the same time strengthening their brand confidence (Rhoua et al., 2016). Ultimately, the CSR activities of many businesses address the many requirements of the stakeholders of the firm.

The stakeholder principle enlightens us that an organisation is not only obligated to satisfy the interests of shareholders, but also the wants of a variety of people or businesses and is thus responsible for creating and maintaining good relations (Jones, 2005). These responsibilities can be defined as legal, moral or fiduciary responsibilities for their stakeholders (Clarkson, 1995). Therefore, this theory validates the concept of corporate citizenship (Clarke & Clegg, 1998). Additionally, past research has proven that weak or conversely strong moral responsibility developed by a company for its stakeholders, can have a huge effect on the company’s performance in a positive or negative way (Greenley & Foxall, 1997). Previous studies have found that stakeholders can have a major effect on CSR activities and should be made operational (Godfrey & Hatch, 2006; Piercy & Lane, 2009), especially in view of the marketing benefits of CSR for stakeholder relations (Hult et al., 2011; Maignan & Ferrell, 2004; Russo & Perrini, 2009). As a result, CSR practises are now regarded as extremely significant by individuals with authority in business (Pivato et al., 2008; Piercy & Lane, 2009). In the meantime, Sen et al. (2006) asserted that CSR are influencing stakeholders to buy products and improve their overall relationship with the firm.

The brand definition became well known and an important instrument for business success in the 1980s (Aydin & Ulengin, 2015; Pakseresht, 2010) as it conveyed and told a product to both company managers and customers. The product name became a sign of a commitment by following a product brand that the expectation of the consumer would be fulfilled and served as a protection against rivals copying or imitating the product (Aydin & Ulengin, 2015). Brands are to generally add benefits and the figure of these values forms equity (Pakseresht, 2010), a point completely endorsed by Wang (2010), who defined the additional economic value that a brand provides to a business, specifically from an economic perspective, as a result of BE. As a well-recognized brand can also bring tremendous corporate value and have a positive impact on clients' minds, it is advisable to perceive brand growth as an opportunity for future returns (Aydin & Ulengin, 2015). Furthermore, in the long term, a brand offers a valuable intangible financial asset that allows a company to build trust and loyalty among its customers (Pakseresht, 2010). As a result, it is anticipated that a business with a strong brand and high BE would have improved corporate results (Aydin & Ulengin, 2015; Bajic & Yurtoglu, 2018).

Nowadays, companies are facing considerable pressure from the government and the public to do good works and therefore, the majority of global companies has concentrated on CSR activities. In marketing literature (Bhattacharya, 2017; Golob & Podnar, 2018; Yang & Basile, 2019), CSR activities are clearly connected to BE and this relationship has forced companies to put more effort into CSR activities. Importantly, since strong brands are often related to marketing performance and is applied to assess the premium value that a customer can pay during a merger or acquisition process, the degree of rivalry has also forced businesses to control their brands (Campbell, 2002; Tiwari, 2010). A good brand is useful for corporate decision makers to achieve better financial terms and add value to the organisation in different crises, dynamic markets and adverse business circumstances (Tiwari, 2010; Dutordoir et al., 2015). It clearly demonstrates, therefore, that brands are one of the most significant intangible assets for a business. Importantly, one of the products of CSR operations is BE. Importantly, BE is one of the outcomes of CSR activities and with this in mind, this research is to investigate the impact of CSR activities on BE among Malaysia’s Top 100 Brands using a financial-based BE approach.

Problem Statement

Many past studies have proven that, in general terms, CSR affects BE (Benoit-Moreau & Parguel, 2007; 2011, Wang, 2010; Tuan, 2012, Wang et al., 2015; Singh & Islam, 2017; Lv et al., 2019) and specific CSR activities on BE (Fatma et al., 2015; Lv et al., 2019). Empirical studies have also revealed that a company employing CSR practices is able to strengthen its brand (Iqbal et al., 2013). In fact, many past studies by Pakseresht (2010), Torres et al. (2012), Iqbal et al. (2013), Fatma, Rahman and Khan (2015), Bhattacharya and Kaursar (2016) and Woo and Jin (2016) have evaluated the link between CSR and BE in both developed and developing countries. In developing countries like Malaysia, however, there has been minimal study into the relationship between CSR activities and BE (Choongo, 2017; Yang & Basile, 2019; Tilt, 2016). Therefore, in the Malaysian context, a limited research on the impact of CSR activities on BE motivated the authors to undertake this present study.Malaysia offers a unique business background to conduct research unravelling the relation between CSR and BE. Very few studies have delved into this relation in emerging economies that are characterized by high degree of inequality information and lower disclosure level.

Research Questions

This research aims to answer the questions as below:

Is there an effect of corporate social responsibility activities (environmental, community and workplace) on brand equity?

Purpose of the Study

This investigation is to analyse the impact on brand equity among Malaysia's Top 100 Brands in 2016 of CSR activities, namely environmental, community and workplace activities. The findings of this study could help the management of PLCs in Malaysia to engage, strategize and communicate their CSR activities and their benefits for BE. Indirectly, stakeholders will also benefit from CSR activities undertaken by these companies. Therefore, this study proposes the following hypothesis to explore more on this specific element of CSR:

H1: There is a relationship between environment and brand equity.

H2: There is a relationship between community and brand equity.

H3: There is a relationship between workplace and brand equity.

Research Methods

A content analysis was used in this study to review company annual reports and to assess the degree of CSR activities reported by the top 100 PLC brands in Malaysia. Content analysis was regarded, as suggested by Wolfe (1991) and Choi (1999), as an effective approach to examine the magnitude of disclosures. The company's 2016 annual reports of the Top 100 brands in Malaysia from the website of Bursa Malaysia were reviewed for reports of CSR activities. Due to the 2016 annual reports of eight firms unable to be obtained from Bursa Malaysia and their business websites, it is unable to present a complete set of 100 PLCs. Finally, only 92 companies were included. In certain instances, each company's annual report consists of financial and non-financial reports of the company and some information about the CSR activities of the companies are available in those reports (Rowbottom & Lymer, 2010). The present study adopted 13 checklist items from Anas et al. (2015) and Abd Rahim (2016) to assess CSR activities. Four items were used primarily to assess environmental CSR, five items were used for group CSR and four items for CSR in the workplace. In addition, the current study focuses on three pillars of CSR as business operations would impact the triple bottom line, individuals, climate and benefit. A score of “1” was given if any item on the checklist was mentioned by a company in their annual report, whereas a score of “0” denoted the absence of a CSR.

BE value was to measure the value of the brands in its league tables, using the Royalty Relief Approach (The Brand Finance Group, 2016). Calculation relates to the possible potential income that could be attributed to a brand and then deciding a rate of royalty that would be charged for the use of the brand, i.e. what the owner would have to pay for the use of the brand, assuming it was not already owned. Within the branded company, brand value is described as 'the value of the trademarks (and associated intellectual property marketing and goodwill attached to it)' (The Brand Finance Group, 2016). Furthermore, given the formula below, Brand Finance was used to calculate the brand value adopted for this analysis.

Brand Strength Index (BSI) x Brand ‘Royalty Rate’ x Brand Revenues = Brand Value

Based on The Brand Finance Community (2016), six procedures are needed to measure brand value. On a scale from 0 to 100, I calculate the brand intensity, based on the number of characteristics such as emotional relationship, economic performance and sustainability. This score is referred to as the Brand Strength Rating, (ii) for the respective brand sectors, the royalty rate ranges have been determined. This was achieved by evaluating comparable licencing agreements from the comprehensive licencing agreement database of Brand Finance, (iii) measuring the royalty rate where the brand strength score was added to the royalty rate range to achieve a royalty rate. For example, if the royalty rate range in a brand’s sector is 1-5 percent with a brand strength score of 80 out of 100, an appropriate royalty rate for the use of this brand would be 4.2 percent, (iv) Brand-specific revenue was calculated to measure the proportion of parent company revenue attributable to a specific brand, (v) Historical sales, equity analyst estimates and economic growth rates were used to assess the projected brand specific sales, and (vi) To extract brand revenues, the royalty rate was added to the forecast revenues, then the brand revenues were discounted post-tax to a net present value equal to the brand value.

This research analysed the CSR activities of 92 firms from Top 100 Brands of Malaysia. The first the consequence of the normality Kolmogorov-Smirnov and Shapiro-Wilk values were shown in Table 01 . The results in Table 01 show that for Kolmogorov-Smirnov and Shapiro-Wilk tests, environmental, population, workplace, and BE) reported less p-value < .05. This suggests that the data is not usually distributed and it is therefore important to further verify the parametric tests. The descriptive test is called the next analysis. In Table 01 , the mean value in this study shows the average percentage for each CSR operation disclosed by the organisation. For example, if the mean value for environmental CSR is recorded at .6766 percent, this means that 67.66 percent is the average percentage for each business to report environmental CSR. This implies that in 2016, in their annual reports, each organisation disclosed 67.66 percent of environmental CSR. Meanwhile, the average percentage of disclosure on group CSR and workplace CSR for each sector is 68.26 percent and 76.90 percent, respectively. In addition, for each company, the average BE value was RM 1,866.77.

Environmental CSR is at .300 with respect to standard deviation values and is followed by neighbourhood CSR (.248), workplace CSR (.252) and 5097.22 BE. For community CSR, the smallest standard deviation was recorded, indicating that the percentage of disclosures by companies for community CSR is less scattered and highly clustered around the average. Thus, almost all businesses registered as many as 3 out of 5 things on the checklist. The largest standard deviation, on the other hand, is BE, meaning that the companies' BE is more scattered and less oriented around the average. Therefore, the BE of most firms varies from each other and there is a massive difference between them. Moreover, Table 01 also displays the value of each variable's minimum and maximum amount. The findings indicate that the minimum norm for all CSR activities was 0. The possible cause is due to the company selected which could have concentrated on contributing to one or two CSR activities. The maximum level of all CSR activities in the meantime is 1, allowing the company to contribute to the four CSR activities reported in its annual reports. Moreover, BE's minimum value is RM31.43 million, while the overall value is RM45007.76 million. In comparison, the environment-based CSR is the lowest of all constructs on average (M = .677, SD = .300), while the CSR in the workplace reflects the highest average (M = .769, SD = .252).

The coefficient of association between CSR activities and BE is shown in Table 02 . As the data is not usually distributed, the relationship and intensity between each of the activities of the CSR and the BE of the companies was calculated by a parametric test (Spearman's rho). The findings indicate that the approximate Spearman correlation between environmental CSR and BE is .020, while .05 is the crucial significance value (p-value), thus supporting Hypothesis 1. It clearly shows that BE was significantly aligned with the efforts of the corporations to protect the environment. Importantly, the "good act" of maintaining nature by a company would in turn support the company by minimising the expense of the company and creating a good interpretation of the company in the minds of its consumers ( Jones et al., 2005 ; Kippenberger, 1996 ). The results correspond to previous works by Oberseder et al. ( 2013 ), Abdolvand and Charsetad ( 2013 ), Khojastehpour and Johns ( 2014 ), Wang et al. ( 2015 ), Farooq et al. ( 2015 ), Mensah et al. ( 2017 ), Lv et al. ( 2019 ). However, in studies by Feng et al. ( 2016 ), Yang et al. ( 2020 ) and Yang and Basile ( 2019 ), who found a negative relationship between environmental CSR and BE among the Top 100 Global Brands and 78 other businesses, a contrary outcome can be found. In addition, the CSR of the population (as shown in Table 02 ) was positively associated with BE, thus supporting Hypothesis 2. In other words, the group CSR clarified the 40.7 percent difference in the BE. It can be inferred that community-based CSR has been reflected in employee volunteerism, school adoptions, internship projects, underprivileged donations and the provision of BE-related scholarships. Previous research, like Khojastehpour and Johns ( 2014 ), Wang et al. ( 2015 ), Farooq et al. ( 2015 ), Feng et al. ( 2016 ), Mensah et al. ( 2017 ), Lv et al. ( 2019 ), support these results. For example, from 2002 to 2010 in the United States, Farooq et al. ( 2015 ) found a positive impact of group CSR on BE in various industries. However, Yang et al. ( 2020 ) identified a negative influence of community-based CSR on BE. He suggested that the firms should more effectively communicate the CSR activities to the community through the firms’ social media because it will help to strengthen the BE.

On another note, (correlation coefficient = .409; Sig. (2-tailed) = .000) was also confirmed by Hypothesis 3. This suggests that CSR in the workplace is associated positively to BE. Therefore, in order to ensure the protection and efficiency of human resources, one must aim in providing effective working culture ( Jones et al., 2005 ; Singh et al., 2017 ). Eventually, this would lead to the retention of staff, brand preference and customer loyalty to the products of the company ( Esmaeilpour & Barjoei, 2016 ; Liu et al., 2014 ; Williams & Adams, 2013 ). The results are comparable to those of Wang et al. ( 2015 ), Farooq et al. ( 2015 ), Mensah et al. ( 2017 ), Yang and Basile ( 2019 ) and Lv et al. ( 2019 ), who discovered a substantial positive link between CSR and BE in the workplace. In short, all forms of CSR activities implemented by 92 PLCs from 100 Top Brands of Malaysia in 2016 correlate positively with BE in 2016 and thus the stakeholder hypothesis is well supported with previous studies ( Anas et al., 2015 ; Lv et al., 2019 ; Yang & Basile, 2019 ).

The study’s primary objective was to analyse the relationship in 2016 between the three CSR activities and BE among the Top 100 Brands of Malaysia. The results indicate that all CSR activities have a strong and positive connexion with BE, namely environmental, community and workplace activities. It clearly shows that the BE value will also be increased if the firm reports on more of its CSR operations. Importantly, CSR activities would help improve the BE, which in the highly competitive environment of top brands are one of the elements of competitive advantage and success for a business. In addition, it has shown the Stakeholder Hypothesis has the advantage for the development of a high BE value. There are a few drawbacks to this study. First, only the CSR activities of 92 PLCs were assessed in the current research in 2016, so future studies could expand the period of the study of the impact of CSR activities on BE. Furthermore, this research included only content review, so it is important in future studies to collect input from market leaders or key executives. Finally, a future study could incorporate a mixed BE measurement approach and combine the findings of financial-based BE with consumer-based BE.

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https://doi.org/10.15405/epsbs.2020.12.05.6

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Esa, E., Zahari, A. R., Rajadurai, R. J. S. V., & Tamyez, P. F. M. (2020). Corporate Social Responsibility And Brand Equity Of Malaysian Top 100 Brand Companies. In N. S. Othman, A. H. B. Jaaffar, N. H. B. Harun, S. B. Buniamin, N. E. A. B. Mohamad, I. B. M. Ali, N. H. B. A. Razali, & S. L. B. M. Hashim (Eds.), Driving Sustainability through Business-Technology Synergy, vol 100. European Proceedings of Social and Behavioural Sciences (pp. 48-56). European Publisher. https://doi.org/10.15405/epsbs.2020.12.05.6

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Race and LGBTQ Issues in K-12 Schools

What teachers, teens and the u.s. public say about current curriculum debates, table of contents.

What do teachers think students should learn about slavery and gender identity?
Should parents be able to opt their children out of learning about certain topics?
How often do topics related to race and LGBTQ issues come up in the classroom?
How do teachers’ views differ by party?
What teachers think students should learn about slavery and gender identity
Should parents be able to opt their children out of learning about race and LGBTQ issues?
Influence over curriculum
What teens want to learn about slavery
What teens want to learn about gender identity
4. Public views on parents opting their children out of learning about race and LGBTQ issues
Acknowledgments
Teacher survey methodology
Teen survey methodology
General public survey methodology

Demonstrators outside a school board meeting in Glendale, California, on June 20, 2023. (David McNew/Getty Images)

Pew Research Center conducted this study to better understand how public K-12 teachers, teens and the American public see topics related to race, sexual orientation and gender identity playing out in the classroom.

The bulk of the analysis in this report is based on an online survey of 2,531 U.S. public K-12 teachers conducted from Oct. 17 to Nov. 14, 2023. The teachers surveyed are members of RAND’s American Teacher Panel, a nationally representative panel of public school K-12 teachers recruited through MDR Education. Survey data is weighted to state and national teacher characteristics to account for differences in sampling and response to ensure they are representative of the target population.

For the questions for the general public, we surveyed 5,029 U.S. adults from Nov. 9 to Nov. 16, 2023. The adults surveyed are members of the Ipsos KnowledgePanel, a nationally representative online survey panel. Panel members are randomly recruited through probability-based sampling, and households are provided with access to the Internet and hardware if needed. To ensure that the results of this survey reflect a balanced cross section of the nation, the data is weighted to match the U.S. adult population by gender, age, education, race and ethnicity and other categories.

For questions for teens, we conducted an online survey of 1,453 U.S. teens from Sept. 26 to Oct. 23, 2023, through Ipsos. Ipsos recruited the teens via their parents, who were part of its KnowledgePanel. The survey was weighted to be representative of U.S. teens ages 13 to 17 who live with their parents by age, gender, race and ethnicity, household income, and other categories. The survey on teens was reviewed and approved by an external institutional review board (IRB), Advarra, an independent committee of experts specializing in helping to protect the rights of research participants.

Here are the questions used for this report , along with responses, and the survey methodology .

Throughout the report, references to White, Black and Asian adults include those who are not Hispanic and identify as only one race. Hispanics are of any race. The views and experiences of teachers and teens who are Asian American or part of other racial and ethnic groups are not analyzed separately in this report due to sample limitations. Data for these groups is incorporated into the general population figures throughout the report.

All references to party affiliation include those who lean toward that party. Republicans include those who identify as Republicans and those who say they lean toward the Republican Party. Democrats include those who identify as Democrats and those who say they lean toward the Democratic Party.

Political leaning of school districts is based on whether the majority of those residing in the school district voted for Republican Donald Trump or Democrat Joe Biden in the 2020 presidential election.

Amid national debates about what schools are teaching , we asked public K-12 teachers, teens and the American public how they see topics related to race, sexual orientation and gender identity playing out in the classroom.

A pie chart showing that about 4 in 10 teachers say current debates about K-12 education have had a negative impact on their job.

A sizeable share of teachers (41%) say these debates have had a negative impact on their ability to do their job. Just 4% say these debates have had a positive impact, while 53% say the impact has been neither positive nor negative or that these debates have had no impact.

And 71% of teachers say teachers themselves don’t have enough influence over what’s taught in public schools in their area.

In turn, a majority of teachers (58%) say their state government has too much influence over this. And more say the federal government, the local school board and parents have too much influence than say they don’t have enough.

Most of the findings in this report come from a survey of 2,531 U.S. public K-12 teachers conducted Oct. 17-Nov. 14, 2023, using the RAND American Teacher Panel. 1 The survey looks at teachers’ views on:

Race and LGBTQ issues in the classroom ( Chapter 1 )
Current debates over what schools should be teaching and the role of key groups ( Chapter 2 )

It follows a fall 2022 survey of K-12 parents that explored similar topics.

This report also includes some findings from a survey of U.S. teens ages 13 to 17 ( Chapter 3 ) and a survey of U.S. adults ( Chapter 4 ). For details about these surveys, refer to the Methodology section of this report. Among the key findings:

38% of teens say they feel comfortable when topics related to racism or racial inequality come up in class (among those who say these topics have come up). A smaller share (29%) say they feel comfortable when topics related to sexual orientation or gender identity come up.
Among the American public , more say parents should be able to opt their children out of learning about LGBTQ issues than say the same about topics related to race (54% vs. 34%).

A diverging bar chart showing that most teachers think students should learn that the legacy of slavery still affects Black Americans today.

We asked public K-12 teachers what they think students should learn in school about two topics in particular:

Whether the legacy of slavery still affects the position of Black people in American society today.
Whether a person’s gender can be different from or is determined by their sex at birth.

For these questions, elementary, middle and high school teachers were asked about elementary, middle and high school students, respectively.

The legacy of slavery

Most teachers (64%) say students should learn that the legacy of slavery still affects the position of Black people in American society today.

About a quarter (23%) say students should learn that slavery is part of American history but no longer affects the position of Black people in American society. Just 8% say students shouldn’t learn about this topic in school at all.

Majorities of elementary, middle and high school teachers say students should learn that the legacy of slavery still has an impact on the lives of Black Americans.

Gender identity

When it comes to teaching about gender identity – specifically whether a person’s gender can be different from or is determined by their sex assigned at birth – half of public K-12 teachers say students shouldn’t learn about this in school.

A third of teachers think students should learn that someone can be a boy or a girl even if that is different from the sex they were assigned at birth.

A smaller share (14%) say students should learn that whether someone is a boy or a girl is determined by their sex at birth.

Views differ among elementary, middle and high school teachers. But teachers across the three levels are more likely to say students should learn that a person’s gender can be different from their sex at birth than to say students should learn gender is determined by sex at birth.

Most elementary school teachers (62%) say students shouldn’t learn about gender identity in school. This is much larger than the shares of middle and high school teachers who say the same (45% and 35%).

What parents and teens say

Parents of K-12 students are more divided on what their children should learn in school about these topics.

In the 2022 survey , 49% of parents said they’d rather their children learn that the legacy of slavery still affects the position of Black people in American society today, while 42% said they’d rather their children learn that slavery no longer affects Black Americans.

When it comes to gender identity, 31% of parents said they’d rather their children learn that gender can be different from sex at birth. An identical share said they would rather their children learn gender is determined by sex at birth. Another 37% of parents said their children shouldn’t learn about gender identity in school.

Teens, like parents, are more divided than teachers on these questions. About half of teens (48%) say they’d rather learn that the legacy of slavery still affects the position of Black Americans today. Four-in-ten would prefer to learn that slavery no longer affects Black Americans.

And teens are about evenly divided when it comes to what they prefer to learn about gender identity. A quarter say they’d rather learn that a person’s gender can be different from their sex at birth; 26% would prefer to learn that gender is determined by sex at birth. About half (48%) say they shouldn’t learn about gender identity in school.

For more on teens’ views about what they prefer to learn in school about each of these topics, read Chapter 3 of this report.

Most public K-12 teachers (60%) say parents should not be able to opt their children out of learning about racism or racial inequality in school, even if the way these topics are taught conflicts with the parents’ beliefs. A quarter say parents should be able to opt their children out of learning about these topics.

In contrast, more say parents should be able to opt their children out of learning about sexual orientation or gender identity (48%) than say parents should not be able to do this (33%).

On topics related to both race and LGBTQ issues, elementary and middle school teachers are more likely than high school teachers to say parents should be able to opt their children out.

How teachers’ views compare with the public’s views

A diverging bar chart showing that 54% of Americans say parents should be able to opt their children out of learning about LGBTQ issues.

Like teachers, Americans overall are more likely to say parents should be able to opt their children out of learning about sexual orientation or gender identity (54%) than to say they should be able to opt their children out of learning about racism or racial inequality (34%).

Across both issues, Americans overall are somewhat more likely than teachers to say parents should be able to opt their children out.

For more on the public’s views, read Chapter 4 of this report.

A horizontal stacked bar chart showing that topics related to racism and racial inequality come up in the classroom more often than LGBTQ issues.

Most teachers who’ve been teaching for more than a year (68%) say the topics of sexual orientation and gender identity rarely or never came up in their classroom in the 2022-23 school year. About one-in-five (21%) say these topics came up sometimes, and 8% say they came up often or extremely often.

Topics related to racism or racial inequality come up more frequently. A majority of teachers (56%) say these topics came up at least sometimes in their classroom, with 21% saying they came up often or extremely often.

These topics are more likely to come up in secondary school than in elementary school classrooms.

As is the case among parents of K-12 students and the general public, teachers’ views on how topics related to race and LGBTQ issues should play out in the classroom differ by political affiliation.

What students should learn about slavery: 85% of Democratic and Democratic-leaning teachers say students should learn that the legacy of slavery still affects the position of Black people in American society today. This compares with 35% of Republican and Republican-leaning teachers who say the same.

A diverging bar chart showing that teachers’ views on parents opting their children out of learning about race, LGBTQ issues differ widely by party.

What students should learn about gender identity: Democratic teachers are far more likely than Republican teachers to say students should learn that a person’s gender can be different from the sex they were assigned at birth (53% vs. 5%). Most Republican teachers (69%) say students shouldn’t learn about gender identity in school.
Parents opting their children out of learning about these topics: 80% of Republican teachers say parents should be able to opt their children out of learning about LGBTQ issues, compared with 30% of Democratic teachers. And while 47% of Republican teachers say parents should be able to opt their children out of learning about racism and racial inequality, just 11% of Democratic teachers say this.

A majority of public K-12 teachers (58%) identify with or lean toward the Democratic Party. About a third (35%) identify with or lean toward the GOP. Americans overall are more evenly divided: 47% are Democrats or Democratic leaners, and 45% are Republicans or Republican leaners .

For details, refer to the Methodology section of the report. ↩

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ABOUT PEW RESEARCH CENTER Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts .

Public ranks long-term challenges and health determinants as top priorities for new EU

To enhance public health, the post-election European Union (EU) should prioritise long-term challenges such as climate change and the ageing population, as well as factors that influence our health, according to a new report . The findings, derived from a seven-month public debate led by the European Observatory on Health Systems and Policies, highlight a collective call for the EU to play a more significant role in health.

The report, which is based on the public debate commissioned by the European Commission’s Directorate General for Health and Food Safety ( DG SANTE ), outlines the key priorities and actions desired by citizens and stakeholders from a wide range of sectors and mostly from Europe. The analysis included more than 800 responses in conference polls and a survey, plus comprehensive inputs across three webinars .

The large and participatory initiative allowed to collect public opinion on nine critical health topics: health security; determinants of health; health system transformation; the health workforce; universal health coverage; digital solutions and AI; performance and resilience; long-term challenges like climate change and ageing; and the EU’s global role in health.

The public’s calls for action – including across sectors

Participants called for the European Commission to coordinate across its different policy branches. Collaborating across sectors is considered key to deliver health priorities, making the concepts of ‘ Health in All Policies’ and ‘Health for All Policies ’ important tools for addressing the determinants of health. Interestingly, the topics which garnered the highest consensus in the discussion framework were those least controlled by the health sector alone.

Significant measures should be taken to mitigate the health impacts of environmental risks, including promoting environmental health and supporting health equity through integrated policies. Participants also considered addressing the needs of an ageing population essential, by improving health services and ensuring that health systems are prepared to meet the demands of older adults.

The public opinion suggested several actions to achieve universal health coverage (UHC) across the EU, such as ensuring equal access to comprehensive health care services for all EU citizens and financial protection for all. Other recommendations ranged from establishing a common minimum coverage package and a European health insurance scheme to focusing on underserved groups, improving health literacy, and including mental health in UHC policies.

What role for the EU?

Participants highlighted the importance of EU legal frameworks and instruments in promoting and safeguarding health, such as funding and technical support. They advocated both for new tools and for better implementation and coordination of existing mechanisms.

Aligning educational standards was raised as a key topic in the context of addressing shortages of health workers , regional disparities and managing the demands for new skills. Better addressing health workforce needs and improving their working conditions to mitigate existing gaps was also discussed. There was consensus on the need for EU approaches to health workforce issues, including better coordination of initiatives and pursuit of EU wide policies.

Digital solutions , health security and strengthening the EU’s global voice and leadership were widely discussed but ranked slightly lower. Possible explanations outlined in the report include the “transversal nature of digital solutions, which voters may have perceived as a means to achieving other priorities”. The COVID-19 pandemic and sustained EU action on health security may have elicited some voters to opt for other topics that have received less policy attention in recent years.

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