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           See SBG Disclosures Appendix
Acacia Mining PLC ACA LN EQUITY           See SBG Disclosures Appendix
Accelerate Property Fund Ltd APF SJ EQUITY           See SBG Disclosures Appendix
Access Bank Plc ACCESS NL EQUITY           See SBG Disclosures Appendix
African Rainbow Minerals ARI SJ EQUITY           See SBG Disclosures Appendix
Anglo American Platinum AMS SJ EQUITY           See SBG Disclosures Appendix
Anglo American plc AAL LN EQUITY           See SBG Disclosures Appendix
AngloGold Ashanti Ltd ANG SJ EQUITY           See SBG Disclosures Appendix
Anheuser-Busch Inbev ABI BB EQUITY           See SBG Disclosures Appendix
ArcelorMittal South Africa ACL SJ EQUITY           See SBG Disclosures Appendix
ARM Cement Ltd ARML KN EQUITY           See SBG Disclosures Appendix
Assore Ltd ASR SJ EQUITY           See SBG Disclosures Appendix
Astral Foods ARL SJ EQUITY           See SBG Disclosures Appendix
Aveng AEG SJ EQUITY           See SBG Disclosures Appendix
AVI AVI SJ EQUITY           See SBG Disclosures Appendix
Bamburi Cement Ltd BMBC KN EQUITY           See SBG Disclosures Appendix
Bank Of Kigali Ltd BOK RW EQUITY           See SBG Disclosures Appendix
Barclays Bank of Kenya Ltd BCBL KN EQUITY           See SBG Disclosures Appendix
Barloworld BAW SJ EQUITY           See SBG Disclosures Appendix
BAT Kenya Plc BATK KN EQUITY           See SBG Disclosures Appendix
BHP Group Plc BHP LN EQUITY           See SBG Disclosures Appendix
Bid Corp Ltd BID SJ EQUITY           See SBG Disclosures Appendix
Bidvest Group BVT SJ EQUITY           See SBG Disclosures Appendix
Blue Label Telecoms BLU SJ EQUITY           See SBG Disclosures Appendix
Brait BAT SJ EQUITY           See SBG Disclosures Appendix
Britam Holdings Plc BRIT KN EQUITY           See SBG Disclosures Appendix
British American Tobacco BATS LN EQUITY           See SBG Disclosures Appendix
Cal Bank Ltd CAL GN EQUITY           See SBG Disclosures Appendix
Clicks Group CLS SJ EQUITY           See SBG Disclosures Appendix
Co-operative Bank of Kenya COOP KN EQUITY           See SBG Disclosures Appendix
CRDB Bank Plc CRDB TZ EQUITY           See SBG Disclosures Appendix
Dangote Cement PLC DANGCEM NL EQUITY           See SBG Disclosures Appendix
Dangote Flour Mills Plc DANGFLOU NL EQUITY           See SBG Disclosures Appendix
Dangote Sugar Refinery Plc DANGSUGA NL EQUITY           See SBG Disclosures Appendix
Diamond Trust Bank Kenya Ltd DTKL KN EQUITY           See SBG Disclosures Appendix
Dis-Chem Pharmacies DCP SJ EQUITY           See SBG Disclosures Appendix
Distell Group Ltd DST SJ EQUITY           See SBG Disclosures Appendix
East African Breweries EABL KN EQUITY           See SBG Disclosures Appendix
Ecobank Ghana Ltd EGH GN EQUITY           See SBG Disclosures Appendix
Ecobank Transnational INC ETI NL EQUITY           See SBG Disclosures Appendix
Emira Property Fund EMI SJ EQUITY           See SBG Disclosures Appendix
Equites Property Fund Ltd EQU SJ EQUITY           See SBG Disclosures Appendix
Equity Group Holdings Ltd EQBNK KN EQUITY           See SBG Disclosures Appendix
Exxaro Resources Ltd EXX SJ EQUITY           See SBG Disclosures Appendix
FBN Holdings Plc FBNH NL EQUITY           See SBG Disclosures Appendix
Fidelity Bank Plc FIDELITY NL EQUITY           See SBG Disclosures Appendix
First City Monument Bank Plc FCMB NL EQUITY           See SBG Disclosures Appendix
FirstRand Limited FSR SJ EQUITY           See SBG Disclosures Appendix
Flour Mills Nigeria Plc FLOURMIL NL EQUITY           See SBG Disclosures Appendix
Ghana Commercial Bank GCB GN EQUITY           See SBG Disclosures Appendix
Glencore plc GLEN LN EQUITY           See SBG Disclosures Appendix
Gold Fields Ltd GFI SJ EQUITY           See SBG Disclosures Appendix
Group Five Ltd GRF SJ EQUITY           See SBG Disclosures Appendix
Growthpoint Properties Ltd GRT SJ EQUITY           See SBG Disclosures Appendix
Guaranty Trust Bank Plc GUARANTY NL EQUITY           See SBG Disclosures Appendix
Guinness Nigeria Plc GUINNESS NL EQUITY           See SBG Disclosures Appendix
Harmony Gold HAR SJ EQUITY           See SBG Disclosures Appendix
Hyprop Investments HYP SJ EQUITY           See SBG Disclosures Appendix
Impala Platinum Holdings IMP SJ EQUITY           See SBG Disclosures Appendix
Imperial Logistics IPL SJ EQUITY           See SBG Disclosures Appendix
International Breweries INTBREW NL EQUITY           See SBG Disclosures Appendix
Jubilee Holdings Ltd JBIC KN EQUITY           See SBG Disclosures Appendix
Kap Intl. KAP SJ EQUITY           See SBG Disclosures Appendix
KCB Group Plc KNCB KN EQUITY           See SBG Disclosures Appendix
Kenya Airways (KQ) KNAL KN EQUITY           See SBG Disclosures Appendix
Kenya Reinsurance Corp Ltd KNRE KN EQUITY           See SBG Disclosures Appendix
Kumba Iron Ore KIO SJ EQUITY           See SBG Disclosures Appendix
Lafarge Africa PLC WAPCO NL EQUITY           See SBG Disclosures Appendix
Liberty Two Degrees L2D SJ EQUITY           See SBG Disclosures Appendix
Libstar LBR SJ EQUITY           See SBG Disclosures Appendix
Long4Life Ltd L4L SJ EQUITY           See SBG Disclosures Appendix
Lonmin PLC LON SJ EQUITY           See SBG Disclosures Appendix
LVMH MC FP EQUITY           See SBG Disclosures Appendix
Massmart Holdings MSM SJ EQUITY           See SBG Disclosures Appendix
Merafe Resources MRF SJ EQUITY           See SBG Disclosures Appendix
Mondi Plc MNDI LN EQUITY           See SBG Disclosures Appendix
Motus Holdings Ltd MTH SJ EQUITY           See SBG Disclosures Appendix
Mr Price Group Ltd MRP SJ EQUITY           See SBG Disclosures Appendix
MTN Group MTN SJ EQUITY           See SBG Disclosures Appendix
Multichoice Group Ltd MCG SJ EQUITY           See SBG Disclosures Appendix
Murray & Roberts MUR SJ EQUITY           See SBG Disclosures Appendix
Nampak Ltd NPK SJ EQUITY           See SBG Disclosures Appendix
Nascon Allied Industries Plc NASCON NL EQUITY           See SBG Disclosures Appendix
Naspers NPN SJ EQUITY           See SBG Disclosures Appendix
National Bank Of Kenya Ltd NBKL KN EQUITY           See SBG Disclosures Appendix
National Microfinance Bank NMB TZ EQUITY           See SBG Disclosures Appendix
Nedbank Group Limited NED SJ EQUITY           See SBG Disclosures Appendix
Nestle Nigeria PLC NESTLE NL EQUITY           See SBG Disclosures Appendix
Nic Bank Ltd NICB KN EQUITY           See SBG Disclosures Appendix
Nigerian Breweries Plc NB NL EQUITY           See SBG Disclosures Appendix
Northam Platinum NHM SJ EQUITY           See SBG Disclosures Appendix
Oceana Group OCE SJ EQUITY           See SBG Disclosures Appendix
Pepkor Holdings Ltd PPH SJ EQUITY           See SBG Disclosures Appendix
Petra Diamonds PDL LN EQUITY           See SBG Disclosures Appendix
Philip Morris Intl. PM US EQUITY           See SBG Disclosures Appendix
Pick n Pay Stores PIK SJ EQUITY           See SBG Disclosures Appendix
Pioneer Food Group Ltd PFG SJ EQUITY           See SBG Disclosures Appendix
Presco Plc PRESCO NL EQUITY           See SBG Disclosures Appendix
Raubex Group Ltd RBX SJ EQUITY           See SBG Disclosures Appendix
Rebosis Property Fund Ltd REB SJ EQUITY           See SBG Disclosures Appendix
Redefine Properties RDF SJ EQUITY           See SBG Disclosures Appendix
Reinet Investments RNI SJ EQUITY           See SBG Disclosures Appendix
Remgro Ltd REM SJ EQUITY           See SBG Disclosures Appendix
Resilient REIT Ltd RES SJ EQUITY           See SBG Disclosures Appendix
Richemont CFR SW EQUITY           See SBG Disclosures Appendix
Rio Tinto plc RIO LN EQUITY           See SBG Disclosures Appendix
Royal Bafokeng Platinum Ltd RBP SJ EQUITY           See SBG Disclosures Appendix
SA Corporate Real Estate Ltd SAC SJ EQUITY           See SBG Disclosures Appendix
Safaricom Plc SAFCOM KN EQUITY           See SBG Disclosures Appendix
Sanlam Kenya PLC PAIL KN EQUITY           See SBG Disclosures Appendix
Sappi Ltd SAP SJ EQUITY           See SBG Disclosures Appendix
Sasol SOL SJ EQUITY           See SBG Disclosures Appendix
Sea Harvest SHG SJ EQUITY           See SBG Disclosures Appendix
Shoprite Holdings Limited SHP SJ EQUITY           See SBG Disclosures Appendix
Sibanye-Stillwater SGL SJ EQUITY           See SBG Disclosures Appendix
South32 Ltd S32 SJ EQUITY           See SBG Disclosures Appendix
Stanbic Holdings Ltd CFCB KN EQUITY           See SBG Disclosures Appendix
Standard Bank Group Ltd SBK SJ EQUITY           See SBG Disclosures Appendix
Standard Chartered Kenya SCBL KN EQUITY           See SBG Disclosures Appendix
Super Group SPG SJ EQUITY           See SBG Disclosures Appendix
Swatch Group UHR SW EQUITY           See SBG Disclosures Appendix
Tanzania Breweries Ltd TBL TZ EQUITY           See SBG Disclosures Appendix
Telkom Ltd TKG SJ EQUITY           See SBG Disclosures Appendix
Tencent Holdings Ltd 700 HK EQUITY           See SBG Disclosures Appendix
The Foschini Group Limited TFG SJ EQUITY           See SBG Disclosures Appendix
The Okomu Oil Palm Company Plc OKOMUOIL NL EQUITY           See SBG Disclosures Appendix
The Spar Group Ltd SPP SJ EQUITY           See SBG Disclosures Appendix
Tiffany & Co TIF US EQUITY           See SBG Disclosures Appendix
Tiger Brands TBS SJ EQUITY           See SBG Disclosures Appendix
Tongaat Hulett TON SJ EQUITY           See SBG Disclosures Appendix
Truworths International Ltd TRU SJ EQUITY           See SBG Disclosures Appendix
UAC Of Nigeria PLC UACN NL EQUITY           See SBG Disclosures Appendix
Umeme Ltd UMEM UG EQUITY           See SBG Disclosures Appendix
Unilever Nigeria Plc UNILEVER NL EQUITY           See SBG Disclosures Appendix
United Bank for Africa Plc (UBA) UBA NL EQUITY           See SBG Disclosures Appendix
Vivo Energy Plc VVO LN EQUITY           See SBG Disclosures Appendix
Vodacom Group Ltd VOD SJ EQUITY           See SBG Disclosures Appendix
Wilson Bayly Holmes - Ovcon Limited WBO SJ EQUITY           See SBG Disclosures Appendix
Woolworths Holdings Ltd WHL SJ EQUITY           See SBG Disclosures Appendix
Zenith Bank Plc ZENITHBA NL EQUITY           See SBG Disclosures Appendix

Last Updated: 28/06/2019

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.