Equity Research

[kawad]

Does anyone know where one can access institutional equity research on FTSE 250 stocks (and AIM if possible)?

If so, would you have any idea on cost?

Cheers

 

[bobby8971]

It's expensive

 

[kawad]

Any idea on how much / vendors?

 

[alloy]

Its expensive and worthless, most companies covering AIM are house brokers, they are bias and would lose the contract with the company if they were pumping out a bear story!

 

[Jack o'Clubs]

Its expensive and worthless, most companies covering AIM are house brokers, they are bias and would lose the contract with the company if they were pumping out a bear story!

+1

 

[kawad]

+1

Fair point, though i'm looking at research more to inform my overall decision making process, rather than taking it at face value. After all, it's better to read a report and make up my own mind, rather than spend half a day "reinventing the wheel".

Any comments on research report sources (i.e. those vendors that will have equity reports from several providers) and any numbers on costs would be great

 

[Jack o'Clubs]

Research is written for institutional investors by and large and the disclaimers make it clear that it's not to be distributed to retail clients - that makes it quite hard to get hold of unless you're in the trade. I can't think of a source for retail clients, although lots of investment sites (eg Digital Look) contain consensus numbers if you're trying to pull forecasts or valuation tables together.

 

[alloy]

Research notes are not what they use to be, they are full of opinion and expectation and don't report the facts. Seems like every one is in need of their hands being held with regard to focus on target prices etc. The public is fickle, they have short memories and analysts exploit this by covering their inadequacies with price revisions during the period....following research notes is the quickest way to get burnt. Look at GS everytime they put a note out the stock gets smashed, HAWK LN is perfect example.....creating liquidity for their own greedy dealings?

 

[Jack o'Clubs]

To be fair, institutional investors fully understand the limitations of research which is why it is generally kept away from the retail market. As an example, there simply isn't the trading volume in AIM stocks to justify properly independent research. The only way it pays for itself is if its part of a wider relationship with the company concerned where the bank is its corporate broker, has first dibs on primary work, etc. The institutions understand that and will use the research purely as background info (much as Kawad wants to use it as it happens), and will pay no attention to price targets or recommendations. if they really want to know what the analyst thinks about the stock they'll give him a call. This is simply a function of the economics of AIM broking and the fact that they average retail investor doesn't understand this and is likely to take the research at face value is why the FSA tries to keep it away from them.

 

[Liquid validity]

None of the following is insti level, its decentish retail info.
Fox davies ain't bad for oilers and miners:
http://www.fox-davies.com/research.aspx?altTemplate=ResearchCategories&submenu=1
Bear in mind they are also market makers as well...
http://www.efinancialnews.com/story...unches-market-making-unit-to-boost-small-caps

Having said that their report on DES is pretty fair and honest (considering its a turd thus far ):
http://www.fox-davies.com/media/267356/fdcdesiredec62010.pdf

Something else worth a shot:
http://www.hemscott.com/

TBH though best way is to DYOR, start with daily filtered RNS scans, example:
http://www.londonstockexchange.com/...newsPerPage=200&rbDate=released&preDate=Today

Trawl the financials yourself, its not hard really

 

[jamezz34]

I used to work in Equity Research and also covered AIM companies. I really wouldnt want to go near most of these companies having seen what goes on first hand. But if you are really adamant, take my advice and avoid those whose house broker is the only analyst on the stock. There are a lot of companies who are passed from one bullish analyst to the next as the previous loses interest, precisely what regulation is intended to prevent.

There are some genuinely decent stocks but those tend to move up to the main market eventually

I also second all that Jack O'Clubs has said in this post, obviously knows what he is talking about

 

[Lewis202]

There are many trades within Equity Research. Those 10 subdivisions are the consumer discretionary, consumer staples, energy, industrials, financials, healthcare, materials, information technology, telecommunications and utility's sectors.

 

[easttrader]

where is it possible to download free pdf analytics of stocks?

 

[chinabean]

Choice of independent equity research providers - London Stock Exchange

dunno if they are free! If you can get access to Thomson OneBanker that basically is like the uber repository.......also on Bloomie (not the website but the actual platform) there are a few pieces.

 

[jamezz34]

eastrader, please see my thread on broker research. I've looked at Reuters and other subscribed services

http://www.trade2win.com/boards/stocks/151036-broker-research.html