Alpha-Centric ESG Research

Kyle Rudden

"Social" has been a third-wheel ESG pillar for a long time. Not that it matters any less, and there is plenty of evidence that strong Social-pillar ESG performance can do a lot of  good for a stock price. Rather, it's that the Social pillar stuff is more ethereal, harder to wrap one's head around. And, let's face it, the Social ESG pillar is a little more rosewater than crude oil.It is amazing how a global pandemic changes things. Whether it is ESG's social or Corporate Social Responsibility's (CSR) "social," socially-responsibility – as well as social irresponsibility or inaction – by corporations are front-and-center. In prior reports I assessed corporate coronavirus responses from an ESG perspective. In doing so, I something became increasingly (and painfully) obvious:Company responses are very diverse (as they should be), making comparative analysis difficult.For society, comparisons aren't necessarily relevant. A patient receiving better medical care due to a generous contribution from Company A probably doesn't care that Company B – same sector but the other side of the world – gave a larger contribution to its local hospital. For investors, however, comparisons kind of matter. After all, what's the value of a stand-alone P/E multiple?Rather than go insane trying to standardise and normalise everything – e.g., the economic value of donated masks or cost of retrofitting manufacturing lines to produce ventilators – I decided to look at coronavirus-related corporate philanthropy as a comparative metric. It is universal, quantifiable, and decidedly much easier to measure and value than, say, vats of hand sanitiser.This takes a data-driven look at coronavirus-related corporate social responsibility and specifically  philanthropy by listed companies in Asia Pacific countries. APAC first because Asian companies are doing a lot of giving, and nearly all of that inspirational cross-border humanitarian aid – including to the U.S., despite a certain orange-haired xenophobe in a white house.

"Social" has been a third-wheel ESG pillar for a long time. Not that it matters any less, and there is plenty of evidence that strong Social-pillar ESG performance can do a lot of  good for a stock price. Rather, it's that the Social pillar stuff is more ethereal, harder to wrap one's head around. And, let's face it, the Social ESG pillar is a little more rosewater than crude oil.It is amazing how a global pandemic changes things. Whether it is ESG's social or Corporate Social Responsibility's (CSR) "social," socially-responsibility – as well as social irresponsibility or inaction – by corporations are front-and-center. In prior reports I assessed corporate coronavirus responses from an ESG perspective. In doing so, I something became increasingly (and painfully) obvious:Company responses are very diverse (as they should be), making comparative analysis difficult.For society, comparisons aren't necessarily relevant. A patient receiving better medical care due to a generous contribution from Company A probably doesn't care that Company B – same sector but the other side of the world – gave a larger contribution to its local hospital. For investors, however, comparisons kind of matter. After all, what's the value of a stand-alone P/E multiple?Rather than go insane trying to standardise and normalise everything – e.g., the economic value of donated masks or cost of retrofitting manufacturing lines to produce ventilators – I decided to look at coronavirus-related corporate philanthropy as a comparative metric. It is universal, quantifiable, and decidedly much easier to measure and value than, say, vats of hand sanitiser.This takes a data-driven look at coronavirus-related corporate social responsibility and specifically  philanthropy by listed companies in Asia Pacific countries. APAC first because Asian companies are doing a lot of giving, and nearly all of that inspirational cross-border humanitarian aid – including to the U.S., despite a certain orange-haired xenophobe in a white house.

COVID-19 and ESG: Tencent, Alibaba Lead in Coronavirus Aid for Asia Pacific Region

China

Dashang Group Co., Ltd. owns and operates department stores in the northeast of China.  The Company also provides entertainment and food services.

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Dashang Group Co Ltd A (600694 CH)

COVID-19 and ESG: Tencent, Alibaba Lead in Coronavirus Aid for Asia Pacific Region

"Social" has been a third-wheel ESG pillar for a long time. Not that it matters any less, and there is plenty of evidence that strong Social-pillar...

Kyle Rudden

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