Competition for business among Asia’s equity brokerages heated up to new levels during 2012, as lacklustre trading volumes led each company to scrabble to find business. Yet despite this pressure the region’s investors remain remarkably consistent about which brokerages they consider to be doing the best job.
In China, last year’s top firms CICC and CITICS extend their domination in the best local brokerage category, coming in first and second respectively. BOCI makes a marked improvement this year, advancing into top three in both China and Hong Kong in this category.
In Hong Kong HSBC preserves its best local broker title, and in addition it climbs to the top in best for overall country research – Hong Kong, beating previous winner CLSA, which dropped to second. However the best for overall country research – China category is where HSBC’s performance is stellar. After being ranked outside of top 10 last year the bank soared to seize second place this year.
In India, Kotak and Motilal Oswal continue their impressive performance, taking first and second spots for best domestic brokerage, respectively. IIFL comes third, overtaking Edelweiss. Motilal Oswal also impresses in best for overall country research – India where it ranks fifth this year, an improvement of four places from 2011, while the firm advances from fourth to second for best overall sales services. Morgan Stanley also improves in sales coming in third while Citi drops a few places and is ranked out of top five.
Korea Investment Securities (“KIS”) beats Samsung as Korea’s best local brokerage while Woori edges out Daewoo to grab third. KIS repeats this strong performance in both best for overall country research and best overall sales; in research it advances two places from third while in sales it jumps from fifth place in 2011.
DBS Vickers maintains its lead among the few Singaporean local firms in the best local brokerage, best for overall country research and best overall sales categories. Similarly, CIMB was the favourite of investors in Malaysia’s market for most categories. Perhaps the biggest surprise in Malaysia is AmInvestment Bank. After performing fairly strong in 2011 it drops across all three major categories this year.
In Taiwan it is Yuanta that dominates, while KGI and Fubon rank in second and third positions, respectively. KGI in particular has enjoyed positive momentum, progressing form seventh place for best research in 2011 to third place this year.