- Terms of Business
(Equities) 2008. - Execution Policy
Order Execution Policy. For professional clients.
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Research Ratings
SCM utilises the following system for stocks under formal coverage.
Target prices and recommendations are based on analyst expectations of total return over the next 12 months.
| Rating | Definition |
| BUY | +12.5% or above expected absolute performance over the next 12 months |
| FAIR VALUE | between -12.5% and +12.5% expected absolute performance over the next 12 months |
| SELL | -12.5% or worse expected absolute performance over the next 12 months |
| CORPORATE | A SCM corporate client |
| NOT-RATED | A stock not covered and therefore not rated by SCM |
SCM does not publish recommendations or target prices on corporate clients.
Rating Suspended or R/S means that the total return or recommendation has been outside the range dictated by the current recommendation for a period of 30 consecutive days and the analyst will need to discuss the recommendation with the Head of Research and Compliance.
Temporary movements by stocks across the boundaries of these categories due to share price volatility will not necessarily trigger a recommendation change.
Where applicable CP means Current Price, TP means Target Price, and TR means Total Return.
Allocation of Equity Ratings in Q3 2011
Rating |
Recommendation Universe* | Portion of these provided with investment banking services** |
|---|---|---|
| Buy | 68.4%
| 0%
|
| Fair Value | 28.6%
| 0% |
| Sell | 3.1%
| 0% |
* The percentage of companies under coverage within this rating category within the previous calendar quarter.
** Please note SCM does not produce recommendations or publish target prices on companies who are corporate clients of SCM.