2025-05-14-Bernstein-可持续性研究亚太地区ESG领导者可以提供超额收益_但实属罕见_37页_4mb

Asia Pacific ESG Leaders: Key Insights

Executive Summary:

• ESG Leadership in APAC: Asia Pacific (APAC) is the only region where ESG leaders have consistently outperformed local peers since 2019, achieving an average outperformance of 8.4%. Unlike EMEA and the Americas, APAC's ESG leadership is driven by both high ESG scores and improving ESG momentum.

ESG Scoring and Methodology:

• Uses a proprietary ESG scoring system combining global standards and sector-specific materiality assessments.
• Categorizes companies into Tier 1, Tier 2, and Tier 3 based on ESG performance within each industry.

ESG Momentum Matters:

• Companies with Tier 1 ESG scores and improving ESG credentials ("ESG momentum") outperformed peers by 23.6% since 2019.
• Pure Tier 1 companies without momentum gains outperformed by 8.4%, while stagnant or declining ESG performers underperformed peers year-over-year.

Country & Sector Insights:

• Japan leads APAC with 38% of companies in Tier 1, strong performance across all major industries.
• Australia and South Korea show significant ESG leadership presence (56% and 59% Tier 1 allocations respectively).
• In China, only 10% of its companies are Tier 1, reflecting lower ESG transparency.
• Financials, Industrials, and Real Estate are among the best-performing sectors relative to peers.

Performance Variations by Industry:

• Certain industries like Auto Components, Banks & Financials, Energy, and Utilities underperformed despite being ESG leaders.
• While some sub-industries under ESG-performing sectors (e.g., Consumer Staples) showed recovery, others remained laggards.

APAC vs Global ESG Landscape:

• APAC contributes only 16% of Tier 1 companies globally despite comprising 40% of the regional coverage.
• High concentration of "Tier 5" companies (worst performers) in China, India, and Japan underscores the region's ESG challenges.

Key Investment Recommendations:

• Focus on ESG Momentum: Prioritize companies with high ESG scores AND demonstrated improvement.
• Regional Focus: Prioritize Japan, Australia, South Korea, and India.
• Sector Selection: Leading in Healthcare, Financials, Industrials, Information Technology, and Materials.
• Limit investments in sectors like Energy or Utilities due to underperformance in ESG leaders.

Data Points:

• Total APAC companies analyzed: ~1,500.
• Advanced evaluation of 42 companies highlighted for superior ESG leadership and positive momentum.

Disclosures:

• Analysis based on proprietary ESG leadership scores and performance data updated through July 24, 2025.
• Performance comparisons exclude CRSP Small Min Cap World Index.
• Icons may vary due to subject movement in ESG ratings.
• Does not constitute an investment recommendation.