Recommendations

Recommendations 

• Explanation of Recommendations

Our analysts award a Strong Buy rating in those cases where they believe there will be total shareholder return - defined as the absolute rise in share prices plus dividend payment - in excess of 20% over a 12-month period. We assign a stock a Buy recommendation where our analysts believe there will be a total shareholder return of 10% or more over a 12-month period. We apply a Neutral recommendation where we anticipate a shareholder return of between plus 10% and minus 10%. We assign a Reduce recommendation where we anticipate a shareholder return of between minus 10% and minus 20%. Our Sell recommendation implies an expected shareholder loss over a 12-month period of 20% or more. 

Analysts have assigned a 'trading view' to stocks that they think might move materially within the following ten trading days; possibly in response to a move in currency, sentiment, or a specific event. The trading view is a short-term recommendation that does not fall within our normal recommendation classifications explained above. Technical analysis trading ideas produced by PH Partners Limited for distribution by Westhouse are also short-term recommendations that do not fall within our normal  recommendation classifications. Short term recommendations do not contradict any existing longer-term recommendation on a specific stock. 

• Recommendation proportions in last quarter

The FSA Handbook requires firms to make certain disclosures on research recommendations. This includes a requirement to publish on a quarterly basis the following information in relation to its research recommendations: 

(a) the proportion of all research recommendations published during the relevant quarter that are Buy, Hold, Sell or equivalent terms; and

(b) the proportion of relevant investments in each of these categories, issued by issuers to which the firm supplied material investment banking services during the previous 12 months.

The information in the table meets these requirements and will be updated as soon as possible after the relevant quarter end. The proportions will be calculated by reference to the research recommendations on the Firm's website, during the quarter together with any other research recommendations published in the relevant quarter. Short term research recommendations, including technical research recommendations, are excluded from the disclosure, as are research recommendations on AIM-quoted securities.

All Stocks (excluding AIM)

Strong Buy 16.9%
Buy 52.5%
Neutral 13.6%
Reduce 3.4%
Sell 13.6%

Corporate Stocks (excluding AIM)

Strong Buy 8.3%
Buy 33.3%
Neutral 58.3%
Reduce 0.0%
Sell 0.0%