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Sustainability Research Summary

Core Content

This report provides a data-driven analysis of ESG (Environmental, Social, and Governance) leadership in the Asia Pacific region, highlighting that ESG leaders in this area have outperformed their local peers, delivering an 8.4% outperformance since 2019. In contrast, ESG leadership in EMEA and the Americas has not consistently translated into excess returns. The report emphasizes the importance of combining ESG leadership with ESG momentum to identify companies that are not only high in ESG scores but also improving over time.

Main Points

• ESG Leadership in APAC:

  • APAC is the only region where ESG leaders have consistently outperformed local peers.
  • The report identifies 42 ESG leaders in the region that are improving their ESG scores, showing 23.6% outperformance since 2019.
  • These companies are categorized into Tier 1, 2, and 3 based on ESG performance, with Tier 1 representing the highest.

• Performance by ESG Tier:

  • Tier 1 ESG companies have outperformed regional peers by 8.4% since 2019.
  • When combined with ESG momentum, the performance increases significantly to 23.6%.
  • Companies that remain Tier 1 but declined in ESG ratings have performed in line with regional peers, underscoring the need for ESG improvement.

• Country and Sector Insights:

  • Only five countries account for 75% of Tier 1 ESG companies in APAC.
  • ESG leaders outperform in 18 out of 33 industries.
  • Japan leads with strong ESG performance across most sectors.
  • In India, ESG leaders are particularly strong in Aerospace & Defence, Software & Services, and Food.
  • China has mixed results, with strong performance in Healthcare, Internet, Semiconductors, and Utilities, but underperformance in other areas.
  • Australia excels in Energy, Financials, and Materials.

• Top Performing Companies:

  • Outperform:
    • Alibaba Group
    • Beijing Kingsoft Office Software
    • Chugai Pharma
    • Grab Holdings
    • HDFC Life Insurance
    • TSMC
  • Market-Perform:
    • DENSO Corp
    • Hong Kong & China Gas (Towngas)
    • Vanguard International Semiconductors

• ESG Momentum:

  • ESG momentum is a key differentiator in performance.
  • Companies that are improving their ESG scores show better returns than those that are not.

Key Information

• The report uses proprietary ESG scoring that integrates global standards and sector-specific materiality assessments.
• The ESG ratings framework considers:
  1. Company-provided sustainability reports.
  2. Industry and regulatory guidance (e.g., SASB, TCFD, GRI).
  3. Analysts' assessments of ESG impact on valuation and performance.
• The report highlights that APAC's ESG maturity does not yet allow ESG leaders to consistently outperform, unlike in EMEA and the Americas. Therefore, investors should focus on Tier 1 ESG companies with positive momentum.
• ESG leadership is rare in APAC, with only 16% of global ESG leadership coming from this region despite its 40% global coverage.

Conclusion

The report underscores the value of investing in Tier 1 ESG companies in Asia Pacific that are also showing positive ESG momentum. These companies are more likely to outperform regional peers, offering ESG alpha. The analysis also highlights the importance of ESG transparency and the need to focus on companies that are improving their ESG credentials rather than just those with high ESG scores.