text: Select Equities publishes a range of research reports - including stock research (initiation reports), stock updates, on the horizon and beyond the horizon reports, as well as a range of thematic and industry publications. The level of detail contained in each type of research report varies greatly. As does the scope and limitations of each report, which are explained in the various notes.
  Select Equities employs a number of expert research analysts to analyse these securities. A list of Select Equities employees and a description of their job title, job function, qualifications and experience is provided elsewhere on this website.
  Select Equities generally provides equity research on securities that are listed on the Australian Securities Exchange and are outside of the top 100 largest stocks. These businesses will normally have a market capitalisation of between $50 million to $1 billion. We focus on industrial businesses, as opposed to resource companies, and businesses that we believe are under researched. Select Equities also publishes targeted research in relation to large cap stocks and companies listed overseas that are within the firm's scope of expertise.
  At any given time we might be conducting detailed research on up to 30 different industrial companies. These securities can generally be found in the All Ordinaries Index, which contains 500 securities.
  In addition, Select Equities may publish market commentaries on certain small, mid and large cap companies, both domestic and international, themes and market sectors that are written by our Institutional Research Sales team. Where these market commentaries contain recommendations on particular stocks, they are subject to review, approval and conflicts management procedures in the same way as 'normal' research reports.
  Quality is one of the filters that Select Equities applies when selecting stocks for research or conducting research. A simple example of how this filter can be applied is that we will generally exclude unprofitable businesses from our research universe. Stocks selected for research by Select Equities may therefore be considered, to a greater or lesser extent, best of breed and this may explain why our research reports do not often contain sell recommendations.
  Select Equities standard research process involves looking for high quality businesses, which have a sustainable competitive advantage, and identifying investment catalysts relevant to those or other businesses. We apply outlook, valuation and risk filters to the businesses that we research. We also consider how a business that we research is performing compared to market expectations and industry peers.
  We normally conduct due diligence on a business before publishing any research on the company. This due diligence generally entails reviewing announcements from the issuer to the market, interviewing management of the business and assessing competitors of the business. Our standard research process also involves looking at the industry within which the business operates and any macro trends to which the business and industry are exposed.
  Follow this link for further details about how Select Equities reviews and rates products, and for further information on its spread of ratings and its conflicts management policy.