Financial Mail Top Analyst Awards
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South Africa's definitive analyst ratings and rankings. Search 12 years of results by analyst, firm, sector and methodology.

4,508Analyst records
12Years
39Sectors
101Firms
1,661Analysts
🔒 Free access — results limited to 2024–2026, top 3 per sector. Upgrade for full access
Showing 1–25 of 240 results Page 1 of 10
RankYearSectorAnalystFirm% of votes
12026Banks
James Starke
RMB Morgan Stanley
21.9%
12026Beverages & Tobacco
Rey Wium
SBG Securities
30.3%
12026Commodities
Amy Sergeant, Brian Morgan and Chris Nicholson
RMB Morgan Stanley
24.8%
12026Computing & Electronics
Viwe Kupiso
Prescient Securities
31.1%
12026Construction, Building Materials & Machinery
Rowan Goeller
Chronux Research
33.0%
12026Credit Analysis
Robyn MacLennan, Steffen Kriel and Latisha Nunan
RMB Morgan Stanley
26.6%
12026Derivatives
Emlyn Flint, Florence Chikurunhe and Luke van Schaik
Peresec
28.1%
12026Diversified Industrials
James Twyman
Prescient Securities
23.6%
12026Economic Analysis (Domestic)
Elna Moolman
SBG Securities
25.5%
12026Economic Analysis (International)
Mary Curtis, Andrea Masia and Rajeev Sibal
RMB Morgan Stanley
22.8%
12026ESG / Corporate Governance
Penny Byrne
SBG Securities
31.2%
12026Financial And Industrial Small & Medium Market Cap Companies
James Twyman, Viwe Kupiso and Olwethu Peter
Prescient Securities
24.5%
12026Fixed-Interest Securities
Mike Keenan, Nikolaus Geromont and Siyasiya Nonkonela
Absa CIB
31.6%
12026Food Producers
Sumil Seeraj
SBG Securities
28.2%
12026Forestry & Paper
James Twyman
Prescient Securities
27.4%
12026General Financial
Harry Botha, Sven Thordsen and Keenon Choonoo
Anchor Stockbrokers
27.2%
12026General Mining
Tim Clark and Nic Witten
SBG Securities
30.4%
12026General Retailers
Ya'eesh Patel
SBG Securities
23.6%
12026Gold Mining
Adrian Hammond
SBG Securities
29.8%
12026Healthcare Providers & Pharmaceuticals
Dr Anuja Joshi
SBG Securities
34.8%
12026Hotels, Travel & Leisure
Ya'eesh Patel and Tinashe Hofisi
SBG Securities
49.9%
12026Household Goods Retailers
Ya'eesh Patel
SBG Securities
19.4%
12026Industrial Metals
Tim Clark and Nic Witten
SBG Securities
32.3%
12026Innovative Research
Elna Moolman, Simon Freemantle and Dr Penny Byrne
SBG Securities
19.0%
12026Insurance
Warwick Bam
RMB Morgan Stanley
25.8%
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Since 1974 · South Africa's premier analyst recognition

About the FM
Top Analyst Awards

Each year, Krutham conducts independent research that produces ratings and rankings of South African sell-side analysts — the FM Analyst Ratings. The FM Top Analyst Awards recognise the highest-rated analysts across sectors, and have been South Africa's most respected benchmark of sell-side research performance since 1974.

The Awards

Krutham conducts the annual research programme — formerly known as the Financial Mail Ranking the Analysts survey — that produces the FM Analyst Ratings. These ratings underpin the FM Top Analyst Awards, and Krutham and the Financial Mail are pleased to announce the return of the Awards in 2026 due to strong market demand.

The FM Analyst Ratings have been South Africa's leading assessment of sell-side research since 1974. They recognise analysts who provide the most accurate, insightful and useful research to institutional investors, and give asset managers a reliable, independent measure of analyst performance from the perspective of the users of that research.

The Return in 2026

Since taking over the project in 2014, research house Krutham has worked extensively to ensure that the survey remains relevant, credible and valuable to the industry. However, these efforts faced dwindling resources due to the loss of traction of print advertising which historically underpinned the business model, and the awards did not take place in 2025.

Feedback from the market has been almost unanimous that the ratings continue to be important for both institutional stockbrokers and asset managers. The awards return with strengthened systems and processes, including an enhanced membership model ensuring the sustainability of the awards; a new industry advisory committee for ongoing input to keep the awards at the cutting edge; and strengthened governance, including independent verification of the results by BDO South Africa.

Fieldwork for the 2026 FM Top Analyst Awards began in February, culminating in the awards event hosted by the JSE in June, with EquityRT — a global provider of investment research and market-data solutions — as the platinum sponsor.

Key changes for 2026
  • 1
    Comprehensive methodology review — informed by direct feedback from sell-side analysts to ensure the framework is analytically sound and market-relevant.
  • 2
    Enhanced membership model — offering participating firms detailed performance reports, full rankings and exclusive benefits.
  • 3
    Industry advisory committee — for ongoing input to keep the awards at the cutting edge of market practice.
  • 4
    Strengthened governance — independent verification by BDO South Africa and unparalleled analytical oversight from Krutham's senior team.
Methodology

Rankings are determined solely by buy-side asset managers — the primary clients of sell-side research. Votes are weighted by commission, ensuring fairness and reflecting true market influence. All active brokers and analysts are included, safeguarding independence and preventing bias. A parallel calculation by BDO guarantees accuracy and trust.

The 2026 survey voting period ran from 9 March to 14 April 2026. All results are independently verified by BDO South Africa before publication.

2026 Timeline
December 2025
Market announcement and firm engagement
January 2026
Firms' information session
Jan–Feb 2026
Methodology refinement and platform design
9 Mar–14 Apr 2026
Data collection: buy-side survey fieldwork
June 2026
Awards event at the JSE
July 2026
Full results and member reports published
The FM Analyst Team
Dr Stuart Theobald, CFA
Executive Chairman
Stuart's expertise is focused on financial systems, financial innovation, banking, sustainable investing and policy. He oversees the project, drawing on decades of experience in capital markets research and governance.
Tinashe Kambadza, CHBP (SA), MIFM
Research Manager
A former FM-rated equity analyst with extensive experience across market structure and equity research evaluation. He examines banking sector performance including earnings models, forecasts and monthly reports.
Thembi Baloyi
Senior Researcher
Thembi excels in primary research and cross-functional analysis. She translates insights into strategic recommendations, ensuring clients make informed decisions based on robust market intelligence.
Thobekile Nxumalo
Junior Data Analyst
Thobekile is a junior data analyst with experience in data extraction, dashboard development, predictive modelling and reporting. She holds a BSc in applied mathematics and statistics and a BSc Honours in statistics from the University of KwaZulu-Natal, and is currently pursuing an MSc in data science.
Colin Anthony
Head of Media Projects
Colin heads up Krutham's wide range of media projects and writes the editorial for key Krutham reports including Top Securities Brokers, Top Private Banks & Wealth Managers and Financial Mail Ranking the Analysts. He is a highly experienced financial journalist who has published and edited a variety of publications.
Partners
JSE
Awards host
Financial Mail
Media partner
Krutham
Research partner
EquityRT
Platinum sponsor
CFA Society South Africa
Young Analyst Award
Member Firm Access

Firms that are members of the FM Top Analysts Awards get free access for unlimited users to the FM Analyst Ratings.

Contact us to check if your firm is a member or to enquire about membership.

Contact the team
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