澳大利亚-环境、社会和治理-澳大利亚：引入ESG维度.docx

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1、Asia Pacific Equity Research15 August 2019J. R MorganJPMs ESGQ Stock Screens - AustraliaIntroducing ESG DimensionsAustraliaESGStephen Blagg AC(61-2) 9003-8637 Bloomberg JPMA BLAGG J.P. Morgan Securities Australia LimitedAustraliaESGStephen Blagg AC(61-2) 9003-8637 Bloomberg JPMA BLAGG J.P. Morgan Se

2、curities Australia LimitedAs Wesfarmers locks in the top spot on the ESGQ ladder for the second consecutive month, we look for best-in-class sector scores, WESf CCL, CAR, RMD, BXB, PPT, SBM, WOR and MEL NZ are top sector picks. Wesfarmers5 ESGQ score, boosted after the corporate carve-out of Coles,

3、maintains the top spot on the Australian ESGQ ladder. The company is investing in digital, such as Bunnings new online click-and-collect service, and electric vehicles offers blue sky potential. Stockland also has consistently strong scores on ESGQ metrics. It owns and operates the most green star r

4、ated shopping centres in the country and has set a target for a 60% carbon intensity reduction for its office and retail assets by FY25. TPM and DMP consistently rank in the lowest global ESGQ quintiles. For both companies: minimal disclosure of workforce metrics; a failure to transition a large fem

5、ale workforce into management roles; and board composition that does not adhere to the ASX Corporate Guidelines impact ESGQ score. The chart below illustrates the eight ESG dimensions within JPMS ESGQ stock allocation framework. Materials, Energy, and Industrials show the most attractive ESGQ ranks.

6、 In contrast, Communication Services, and Real Estate show the most unattractive ESGQ ranks. WES is the top pick in the Consumer Discretionary sector whilst SGP leads the pack in REITs. CAR is the top pick in the Communication Services sector with attractive Social and Governance scores. CCL is the

7、top pick in the Consumer Staples sector, with an ESGQ in the 12th percentile. In Health care RMD has the best ESGQ rank driven by strong Social and Governance scores.EnvironmentalEmissions& Wa*toFigure 1: ESGQ, ESG Pillars and ESG DimensionsResource EfficiencyRisk& ControlsCustomer & Community Satis

8、factionHuman& Labour RightsCipital ManagementEmployment PolicyEnvironmental PolicySource: J.P. Morgan Quantitative and Derivatives StrategySee page 28 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies co

9、vered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Communication ServicesTable 5: Austr

10、alian Communication Services Industry Groups - ESGQ and the ESG DimensionsSource: J.P. Morgan Quantitative and Derivatives StrategyMkt Cap %EnvironmentalHuman &LabourRights ScoreSocialCustomer & Community Satisfaction ScoreGovernmentESGQEm is sions& Waste ScoreEnvironm e ResourceEmployme Risk &Capit

11、al Managem ent Scorental Policy ScoreEfficiency Scorent Policy ScoreControlsScoreCommunication Se rvices5.0Diversif iedMMTelecommunication3.1+-+. . .Interactive Media & Services0.9 -+- +Media1.0 , , Within the Communication Services sector, Interactive Media & Services rank much better than Diversif

12、ied Telecommunication. The ESG dimensions show that Interactive Media & Services have relatively unattractive environmental signals. Under the Social pillar, Interactive Media & Services rank relatively well on Customer & Community Satisfaction, although Human & Labour Rights and Employment Policy s

13、cores are poor. Overall, TMT stocks are driven by attractive data for Governance and Social pillars.The table below shows movements in ESG Pillar scores & percentiles and dimension percentiles. CARs ESGQ score has surged over the past month elevating its ESG rank into the top 14 global percentile.Ta

14、ble 6: Australian Communication Services Top PickSource: J.P. Morgan Quantitative and Derivatives StrategyBB CodeEm issions & WasteEnvironm e Resource ntal Policy EfficiencyEnvir onme Human & ntal EQ Labour Percentile RightsCustomer & Community SatisfactionEm ployment PolicySocial SQ PercentileRisk&

15、 ControlsCapital Managem entGovernance GQ PercentileESGQ Per centileCAR AU-=59.1+-4.10+13.813.6Prev-=69.0+-35.6+52.049.5Change+9.9up from + to +31.5+38.2+35.9Although CARs Environmental EQ Score remained slightly negative CARs Social SQ Score went from positive to strongly positive elevating CARs So

16、cial rank into the 4th percentile. This is driven by an increase in customer and community satisfaction (now considered top echelon). CARs Governance GQ Score went from slightly negative to strongly positive elevating CARs Governance rank into the 14th percentile.Consumer DiscretionaryTable 7: Consu

17、mer Discretionary Industry Groups - ESGQ and the ESG DimensionsMktCapEnvironmentalSocialGovernmentESGQ%Human &Customer &Emissions Environme ResourceEmploymeRisk &CapitalLabour& Waste ntal Policy EfficiencyCommunity x nt PolicyControls ManagemcccRightsScoreScoreScore.Satisfaction . cScoreScoreent Sco

18、reScoreScoreConsumerDiscretionarySource: J.P. Morgan Quantitative and Derivatives StrategyAuto Components0.2 - , , +, Diversif ied Consumer Services0.4 .+, ,+ ,+Hotels, Restaurants & Leisure2.5+, Multiline Retail2.5+,+ , Specialty Retail0.6 ,+ +Within the Consumer Discretionary sector, Diversified C

19、onsumer Services rank much better than Auto Components. The ESG dimensions show that Diversified Consumer Services have relatively attractive signals for Environmental Policy. However, Emissions & Waste and, Resource Efficiency score less well for the Environmental pillar. Under the Social pillar, D

20、iversified Consumer Services rank relatively well on Customer & Community SatisfactionAmong the largest Australian stocks WES AU has the best ESGQ rank. WES ESGQ score was flat over the past month maintaining its ESG rank into the top 1 global percentile.Table 8: Australian Consumer Discretionary To

21、p PickSource: J.P. Morgan Quantitative and Derivatives StrategyBB CodeEm issions & Was teEnvironme ntal PolicyResourceEfficiencyEnvironme ntal EQ PercentileHum an & Labour RightsCustom er & Com munity SatisfactionEm ploym ent PolicySocial SQ Pe rcentileRisk & ControlsCapitalManagem entGovernanceGQPe

22、 rcentileESGQ PercentileWES AU-+12.5+=+0.90+10.11.1Prev-+11.7+=+0.9+10.81.0Change-0.80.0+0.7-0.1WES Environmental EQ Score remained strongly positive with WESs Environmental rank in the 13th percentile. WES Social SQ Score remained strongly positive maintaining WESs Social rank into the 1st percenti

23、le. WES Governance GQ Score remained strongly positive maintaining WESs Governance rank into the 10th percentile.Consumer StaplesTable 9: Consumer Staples Industry Groups - ESGQ and the ESG DimensionsMktCapEnvironmentalSocialGovernmentESGQ%Emissions EnvironmeResourceHuman &Customer &Employm eRisk &C

24、apital& Waste ntal PolicyEfficiencyLabourRightsCommunity Satisfactionnt PolicyControlsManagemScoreScoreScoreScoreScoreent ScoreScoreScore4.4ConsumerStaplesBeverages1.0+Food & Staples Retailing2.3+ +Food Products1.0,+ + , Personal Products0.1 ,+, +, , +Source: J.P. Morgan Quantitative and Derivatives

25、 StrategyWithin the Consumer Staples sector, Food Products rank relatively poorly compared to other sub sectors. The ESG dimensions show that Food and Beverages have relatively attractive signals within the Environmental pillar.Under the Social pillar, Beverages rank relatively well on Human & Labou

26、r Rights, Customer & Community Satisfaction and Employment policy. Among the largest Australian stocks CCL AU has the best ESGQ rank. CCLs ESGQ score was down over the past month but itss ESG rank remains in the top 12th global percentile.Table 10: Australian Consumer Staples Top PickSource: J.P. Mo

27、rgan Quantitative and Derivatives StrategyBB CodeEm issions & WasteEnvironme ntal PolicyResourceEfficiencyEnvironme ntal EQ PercentileHum an & Labour RightsCustom er & Com munity SatisfactionEm ploym ent PolicySocial SQ Pe rcentileRisk& ControlsCapital Managem entGovernance GQPe rcentileESGQ Percent

28、ileCCL AU=+7.4=+=12.10+29.511.6Prev=+4.9+7.5+-24.36.8Change-2.5-4.6-5.2-4.8CCL Environmental EQ Score, Social SQ Score and Governance GQ Score remained positive although CCLs ESG rank dropped slightly into the 12th percentile.FinancialsTable 11: Financials Industry Groups - ESGQ and the ESG Dimensio

29、nsMktCapEnvironmentalSocialGovernmentESGQ%_ .一.-Human &Customer &Emissions Environm e ResourceEmployme Risk &CapitalLabour& Waste ntal Policy EfficiencyCommunitynt Policy Controls ManagemcccRightsScoreScoreScore.SatisfactionScoreScoreent ScoreScoreScoreFinancials 27.8Banks20.0+BSBB BCapital Markets3

30、.8+ +- +Consumer Finance0.1, ,+ DiversifiedFinancial Services0.5, Insurance3.4+,+Source: J.P. Morgan Quantitative and Derivatives StrategyWithin the Financials sector, Capital Markets rank much better than Banks. Under the Social pillar, Capital Markets rank relatively well on , Customer & Community

31、 Satisfaction , less so on Human & Labour Rights and Employment PolicyTable 12: Australian Financials Top PickBB CodeEm issions & WasteEnvironme ntal PolicyResourceEfficiencyEnvironme ntal EQ PercentileHum an & Labour RightsCustom er & Com munity SatisfactionEm ploym ent Social SQRisk& ControlsC 叩 i

32、tal Managem entGovernance GQPe rcentileESGQ PercentilePolicyPe rcentilePPT AU+-39.9-+1.10=+1.70.8Prev+-39.9-+1.1=+1.80.8Change0.00.0+0.10.0Source: J.P. Morgan Quantitative and Derivatives StrategyPPT ESGQ score was flat over the past month maintaining its ESG rank into the top 1 global percentile. P

33、PT Environmental EQ, Social SQ Score and Governance GQ Score remained strongly positive.Health CareTable 13: Healthcare Industry Groups - ESGQ and the ESG DimensionsMktGovernmentCapEnvironmentalSocial%Emissions EnvironmeResourceHuman &Customer &Employm eRisk &Capital& Wastental PolicyEfficiencyLabou

34、rCommunitynt PolicyControlsManagemScoreScoreScoreRights ScoreSatisfactionScoreScoreScoreent ScoreHealth Care 9.6Biotechnology5.0 - +- -Health CareEquipment & Suppli2.7+ +Health CareProviders & Servic2.0, , + Source: J.P. Morgan Quantitative and Derivatives StrategyWithin the Health Care sector, Heal

35、th Care Equipment & Supplies rank much better than Health Care Providers & Services. The ESG dimensions show that under the Social pillar, Health Care Equipment & Supplies rank relatively well on Human & Labour Rights , Customer & Community Satisfaction , yet Employment Policy Overall ranks less wel

36、l,RMD AU has the best ESGQ rank (1) driven by strong Social and Governance scores. The table below shows movements in ESG Pillar scores & percentiles and dimension percentiles. RMD ESGQ score was flat over the past month maintaining its elevated ESG rank in the top 1 global percentile.Table 14: Aust

37、ralian Health Care Top PickSource: J.P. Morgan Quantitative and Derivatives StrategyBB CodeEm issions & WasteEnvironme ntal PolicyResourceEfficiencyEnvironme ntal EQ PercentileHum an & Labour RightsCustom er & Com munity SatisfactionEm ploym ent PolicySocial SQ Pe rcentileRisk& ControlsCapital Manag

38、em entGovernanceGQPe rcentileESGQ PercentileRMD US=+=36.2+2.20=+1.11.4Prev=+=35.7+1.9=+1.01.5Change-0.5-0.3-0.1+0.1IndustrialsTable 15: Industrials Industry Groups - ESGQ and the ESG DimensionsSource: J.P. Morgan Quantitative and Derivatives StrategyMktCap %EnvironmentalSocialGovernmentESGQEmissions

39、 EnvironmeResourceEfficiency ScoreHuman &LabourRights ScoreCustomer & Community Satisfaction ScoreEmployme nt Policy ScoreRisk & Controls ScoreCapital Managem ent Score& Waste Scorental Policy ScoreIndus trials8.4Building Products0.2+-+-Commercial Services & Supplies1.6+Construction & Engineering0.9

40、+ + .Prof essionalServices0.7 , +Transportation Infrastructure5.1+Within the Industrials sector, Commercial Services & Supplies, Building materials and Professional Service rank much better than Construction & Engineering.BXB ESGQ score was up over the past month elevating its ESG rank into the top

41、9 global percentile.Table 16: Australian Industrials Top PickSource: J.P. Morgan Quantitative and Derivatives StrategyBB CodeEm issions& WasteEnvironme ntal PolicyResourceEfficiencyEnvironme ntal EQ PercentileHum an & Labour RightsCustom er & Com munity SatisfactionEm ploym ent PolicySocial SQ Pe rc

42、entileRisk & ControlsCapital Managem entGovernanceGQPe rcentileESGQ PercentileBXB AU+10.1+30.90+1.89.1Prev+10.6+十十33.6+十十十2.610.3Changeup from + to+0.5+2.7+0.8+1.2BXB Environmental EQ Score remained strongly positive supporting BXBs lofty environmental rank in the 10th percentile. This is driven by and improved efficiencies with emissions and waste. BXB Social SQ Score remained positive elevating BXBs Social rank into the 31st percentile. BXB Governance GQ Score remained strongly positive elevating BXBs Governance rank into the 2nd percentile.MaterialsTable 17: Materials Industry Groups - ESG