ICBC Standard Bank Plc. Investment Recommendation Disclosures

ICBC Standard Bank Plc. ("ICBCS") is a London based entity registered with the UK Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority (“PRA”).

Under the FCA rulebook ICBCS is required to make certain disclosures relating to its or its affiliates' relationship(s) to the companies or issuers discussed in Investment Recommendations distributed by ICBCS. Such disclosures are detailed in the Issuer Disclosure Table below. Please see the Issuer Disclosure Table Key for an explanation of the table headings.

Disclosures relevant to ICBC Standard Securities Inc. ("ICBCSSI") in New York, registered with the US Securities and Exchange Commission as a broker-dealer, and a member of the Financial Industry Regulatory Authority ("FINRA") may separately be found here.

Issuer Reference

Company/Issuer Name Bloomberg Ticker Bank Holds 0.5% Lead Man/Co-Lead Man IB 12mths Investment Recommendation Agreement Is Market Maker Other Material Conflicts
ABSA Group ABG SJ EQUITY          
Acacia Mining PLC ACA LN EQUITY          
Accelerate Property Fund Ltd APF SJ EQUITY          
Access Bank Plc ACCESS NL EQUITY          
African Rainbow Minerals ARI SJ EQUITY          
Anglo American Platinum AMS SJ EQUITY          
Anglo American plc AAL LN EQUITY          
AngloGold Ashanti Ltd ANG SJ EQUITY          
Anheuser-Busch Inbev ABI BB EQUITY           Analyst Conflict - SBGL Disclosure Appendix
Arçelik AS ARCLK TI          
ArcelorMittal South Africa ACL SJ EQUITY          
ARM Cement Ltd ARML KN EQUITY          
Aspen Pharmacare Holdings APN SJ EQUITY          
Assore Ltd ASR SJ EQUITY          
Astral Foods ARL SJ EQUITY          
Aveng AEG SJ EQUITY          
AVI AVI SJ EQUITY          
Bamburi Cement Ltd BMBC KN EQUITY          
Bank Of Kigali Ltd BOK RW EQUITY        
Barclays Bank of Kenya Ltd BCBL KN EQUITY          
Barloworld BAW SJ EQUITY          
BAT Kenya Plc BATK KN EQUITY          
BHP Billiton plc BLT LN EQUITY          
Bid Corp Ltd BID SJ EQUITY          
Bidvest Group BVT SJ EQUITY          
BIM BIMAS TI          
Bizim Toptan BIZIM TI          
Blue Label Telecoms BLU SJ EQUITY          
Brait BAT SJ EQUITY          
Britam Holdings Plc BRIT KN EQUITY          
British American Tobacco BATS LN EQUITY          
Cal Bank Ltd CAL GN EQUITY          
Clicks Group CLS SJ EQUITY          
Coca-Cola Icecek CCOLA TI          
Co-operative Bank of Kenya COOP KN EQUITY          
Coronation Fund Managers Ltd CML SJ EQUITY          
CRDB Bank Plc CRDB TZ EQUITY          
Dangote Cement PLC DANGCEM NL EQUITY          
Dangote Flour Mills Plc DANGFLOU NL EQUITY          
Dangote Sugar Refinery Plc DANGSUGA NL EQUITY          
Diamond Bank Plc DIAMONDB NL EQUITY          
Diamond Trust Bank Kenya Ltd DTKL KN EQUITY          
Dis-Chem Pharmacies DCP SJ EQUITY          
Distell Group Ltd DST SJ EQUITY          
East African Breweries EABL KN EQUITY          
Ecobank Ghana Ltd EGH GN EQUITY          
Ecobank Transnational INC ETI NL EQUITY          
Emira Property Fund EMI SJ EQUITY          
Equites Property Fund Ltd EQU SJ EQUITY          
Equity Group Holdings Ltd EQBNK KN EQUITY          
Exxaro Resources Ltd EXX SJ EQUITY          
FBN Holdings Plc FBNH NL EQUITY          
Fidelity Bank Plc FIDELITY NL EQUITY          
First City Monument Bank Plc FCMB NL EQUITY          
FirstRand Limited FSR SJ EQUITY          
Flour Mills Nigeria Plc FLOURMIL NL EQUITY          
Ford Otomotiv Sanayi AS FROTO TI          
Ghana Commercial Bank GCB GN EQUITY          
Glencore plc GLEN LN EQUITY          
Gold Fields Ltd GFI SJ EQUITY          
Group Five Ltd GRF SJ EQUITY          
Growthpoint Properties Ltd GRT SJ EQUITY          
Guaranty Trust Bank Plc GUARANTY NL EQUITY          
Guinness Nigeria Plc GUINNESS NL EQUITY          
Harmony Gold HAR SJ EQUITY          
Hyprop Investments HYP SJ EQUITY          
Impala Platinum Holdings IMP SJ EQUITY          
Imperial Holdings IPL SJ EQUITY          
International Breweries INTBREW NL EQUITY          
JSE Ltd JSE SJ EQUITY          
Jubilee Holdings Ltd JBIC KN EQUITY          
Kap Intl. KAP SJ EQUITY          
Kenya Airways (KQ) KNAL KN EQUITY          
Kenya Commercial Bank Ltd KNCB KN EQUITY          
Kenya Reinsurance Corp Ltd KNRE KN EQUITY          
Kumba Iron Ore KIO SJ EQUITY          
Lafarge Africa PLC WAPCO NL EQUITY          
Liberty Holdings Ltd LBH SJ EQUITY          
Libstar LBR SJ EQUITY          
Life Healthcare LHC SJ EQUITY          
Lonmin PLC LON SJ EQUITY          
LVMH MC FP EQUITY           Analyst Conflict - SBGL Disclosure Appendix
Massmart Holdings MSM SJ EQUITY          
Mediclinic International Plc MDC LN EQUITY          
Merafe Resources MRF SJ EQUITY          
Migros Ticaret AS MGROS TI          
MMI Holdings MMI SJ EQUITY          
Mondi Plc MNDI LN EQUITY          
Mr Price Group Ltd MRP SJ EQUITY          
MTN Group MTN SJ EQUITY          
Murray & Roberts MUR SJ EQUITY          
Nampak Ltd NPK SJ EQUITY          
Nascon Allied Industries Plc NASCON NL EQUITY          
Naspers NPN SJ EQUITY          
National Bank Of Kenya Ltd NBKL KN EQUITY          
National Microfinance Bank NMB TZ EQUITY          
Nedbank Group Limited NED SJ EQUITY          
Nestle Nigeria PLC NESTLE NL EQUITY          
Netcare Ltd NTC SJ EQUITY          
Nic Bank Ltd NICB KN EQUITY          
Nigerian Breweries Plc NB NL EQUITY          
Northam Platinum NHM SJ EQUITY          
Oceana Group OCE SJ EQUITY          
Old Mutual Limited OMU SJ EQUITY          
Pepkor Holdings Ltd PPH SJ EQUITY          
Petra Diamonds PDL LN EQUITY          
Philip Morris Intl. PM US EQUITY          
Pick n Pay Stores PIK SJ EQUITY          
Pioneer Food Group Ltd PFG SJ EQUITY          
Presco Plc PRESCO NL EQUITY          
Quilter QLT LN EQUITY          
Rand Merchant Investment Holdings RMI SJ EQUITY          
Randgold Resources RRS LN EQUITY          
Raubex Group Ltd RBX SJ EQUITY          
Rebosis Property Fund Ltd REB SJ EQUITY          
Redefine Properties RDF SJ EQUITY          
Reinet Investments RNI SJ EQUITY          
Remgro Ltd REM SJ EQUITY          
Resilient REIT Ltd RES SJ EQUITY          
Richemont CFR VX EQUITY          
Rio Tinto plc RIO LN EQUITY          
Royal Bafokeng Platinum Ltd RBP SJ EQUITY          
SA Corporate Real Estate Ltd SAC SJ EQUITY          
Safaricom Plc SAFCOM KN EQUITY          
Sanlam SLM SJ EQUITY          
Sanlam Kenya PLC PAIL KN EQUITY          
Santam SNT SJ EQUITY          
Sappi Ltd SAP SJ EQUITY          
Sasol SOL SJ EQUITY          
Sea Harvest SHG SJ EQUITY          
Shoprite Holdings Limited SHP SJ EQUITY          
Sibanye-Stillwater SGL SJ EQUITY          
South32 Ltd S32 SJ EQUITY          
Soz Marketler SOKM TI          
Stanbic Holdings Ltd CFCB KN EQUITY          
Standard Bank Group Ltd SBK SJ EQUITY          
Standard Chartered Kenya SCBL KN EQUITY          
Super Group SPG SJ EQUITY          
Swatch Group UHR SW EQUITY          
Tanzania Breweries Ltd TBL TZ EQUITY          
TAV Airports TAVHL TI          
Telkom Ltd TKG SJ EQUITY          
Tencent Holdings Ltd 700 HK EQUITY          
The Foschini Group Limited TFG SJ EQUITY          
The Okomu Oil Palm Company Plc OKOMUOIL NL EQUITY          
The Spar Group Ltd SPP SJ EQUITY          
Tiffany & Co TIF US EQUITY          
Tiger Brands TBS SJ EQUITY          
Tongaat Hulett TON SJ EQUITY          
Truworths International Ltd TRU SJ EQUITY          
Turk Hava Yollari THYAO TI          
UAC Of Nigeria PLC UACN NL EQUITY          
Umeme Ltd UMEM UG EQUITY          
Unilever Nigeria Plc UNILEVER NL EQUITY          
United Bank for Africa Plc (UBA) UBA NL EQUITY          
Vivo Energy Plc VVO LN EQUITY          
Vodacom Group Ltd VOD SJ EQUITY          
Wilson Bayly Holmes - Ovcon Limited WBO SJ EQUITY          
Woolworths Holdings Ltd WHL SJ EQUITY          
Zenith Bank Plc ZENITHBA NL EQUITY          

Last Updated: 15/11/2018

Bank 0.5% ICBCS, an affiliate of the ICBC group of companies together beneficially own a net long or short position in excess of 0.5% of the total issued share capital of the subject company.
Man/Co-Man ICBCS, an affiliate of the ICBC group of companies managed or co-managed a public offering of securities for the subject company in the past 12 months.
IB 12mth ICBCS, an affiliate of the ICBC group of companies received compensation for investment banking services from the subject company in the past 12 months.
Investment Recommendation Agreement ICBCS, an affiliate of the ICBC group of companies is party to an agreement with the issuer relating to the production of the Investment Recommendation.
Market Maker ICBCS, an affiliate of the ICBC group of companies is or was making a market in the securities of the subject company at the time of publication or distribution of the Investment Recommendation.
Other Material Conflicts ICBCS, an affiliate of the ICBC group of companies know or have reason to know of a material conflict of interest that is not identified above (see narrative in table).

Note: The term "affiliate" within the above Table includes the Industrial and Commercial Bank of China Limited ("ICBC") and its group affiliates, but excludes Standard Bank Group Limited and its group affiliates.

The above disclosures are current through the end of the month prior to the month that the Investment Recommendation was published, or in limited situations, through the end of the second month prior to the month that the Investment Recommendation was published.

While ICBCS reasonably believes that the disclosures capture relevant information regarding the relationships between companies and issuers that are the subject of Investment Recommendations (including Trade Ideas), it is possible that the information utilised by ICBCS in making its disclosures is dated, incomplete, or not verifiably accurate in relation to certain ICBC group entities. For example, an ICBC group entity may have undisclosed holdings that would cause the beneficial ownership disclosure threshold to be met, or may have an undisclosed qualifying investment banking relationship. These holdings or relationships, however, are unknown to ICBCS, and therefore, could not reasonably impact ICBCS’s decisions about what Investment Recommendations to distribute or make available. ICBCS will promptly update the above disclosures if it obtains actual knowledge of affiliate holdings, investment banking activities, or other conflicts of interest that are not already disclosed.

Research reports are disseminated and available to all ICBCS clients simultaneously through electronic publication to our internal client websites. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent.

ICBCS or its employees may from time to time have long or short positions in securities, commodities, warrants, futures, options, derivatives or other financial instruments referred to in the Investment Recommendations issued by ICBCS Sales and Trading businesses or by affiliates, and ICBCS does and seeks to do business with companies covered in such Investment Recommendations. As a result, investors should be aware that ICBCS may have a conflict of interest that could affect the objectivity of relevant Investment Recommendations.

Please note that Investment Recommendations:

  • distributed by ICBCS to clients may result in transactional business for ICBCS that financially benefits ICBCS and its affiliates;
  • on subject companies may also be available from other third-party sources. Recipients are encouraged to consult multiple independent sources of information about the subject companies before making any investment decision;
  • do not constitute personal recommendations or take into account the particular investment objectives, financial situations, or needs of specific clients;
  • do not constitute any prospectus or other offering document or an offer or solicitation to buy or sell any securities or other investments;
  • are published for the reference of recipients and should not to be relied upon as authoritative, acted upon without the recipient’s own independent verification, or taken in substitution for the exercise of judgment by the recipient; and
  • issued in the form of Trade Ideas are not issued with any formal degree of regularity.

Details of the internal arrangements through which ICBCS looks to prevent and avoid conflicts of interests can be found in the ICBCS Conflicts Policy.