About Us

Select Equities is an independently owned, research driven Australian institutional stockbroker. The firm was established in 2002, and is rated highly by its clients and peers for its skills, experience and integrity. The company conducts high quality, differentiated research on a broad selection of ASX and regionally listed stocks, and is constantly searching for new opportunities to add alpha to its clients’ portfolios.

Our Team

Mark Southwell-Keely

Executive Director BCom, MCom, GradDipAppFinInv, B Laws

Mark plays an important role in the oversight and corporate governance of the firm, as well as in the development and execution of the company's strategy. Mark focuses his time working on projects that aim to add value to the firm's clients and key counter parties. Mark has over 20 years of industry experience, and is a co-founder of the business.

Danny Goldberg

Executive Director BCom

As a Director of the firm, Danny is responsible for business strategy and client dealings. Danny focuses his time seeking and executing investment opportunities for client funds. Danny also leads the firm's corporate and equity capital markets initiatives. Prior to co-founding Select Equities in 2002, Danny worked at Macquarie Bank as a senior analyst.

Peter Meichelboeck

Head of Research BCom (Fin), LLB, GradDipAppFinInv, GradDipAgrib

As Head of Research, Peter oversees Select Equities’ research activities and is responsible for covering numerous small and mid-cap industrial companies. Peter has over 15 years international experience as a buy and sell-side research analyst with leading firms including Goldman Sachs JBWere and Deutsche Bank.

Tony Brinker

Institutional Equity Research B Agr Sc

Tony publishes proprietary macro-economic analysis and strategic investment advice for the firm's institutional clients. Tony brings to the role 20 years of experience as a specialist in stock research distribution, and who also brings to his clients an independent perspective benefited by working for 10 years in the bond markets.

Brynly Hughes

Institutional Adviser Institutional Sales & Client Engagement BA, MCom

Brynly manages a number of long-standing institutional client relationships, with a prime focus on Australian Mid and Small Cap sectors. Brynly is jointly tasked with distributing the firm's high quality research, whilst also communicating and executing equities investment opportunities. Brynly has over 15 years experience in equities research sales and dealing.

Mike Ryan

Senior Institutional Adviser Institutional Dealing B Bus, Grad Dip App Fin & Invest

Mike is an astute investment adviser to a network of valued institutional and private clients. He has over 30 years industry experience and has been working at Select Equities for more than a decade.

Mark Topy

Institutional Research M App Fin, SF FIN, CPA, B Bus

Mark focuses his research primarily on the Australian and New Zealand agribusiness sectors. Mark advises domestic and international institutions, and also lectures on securities analysis. Mark possesses over 20 years of industry experience, having joined Select Equities in June 2016.

Frida Wang, CFA

Head of China Research B Sc, M Com, CFA

Frida is an equity research analyst specialising in Australian and New Zealand companies doing business in China. Frida publishes industry leading China Research, and covers a number of ASX and foreign listed stocks that are positively leveraged to Chinese consumers. Frida is a highly regarded senior member of the team.

Ryan Wong

Institutional Analyst B Com, LLB

Ryan is an important member of the Select Equities research team. He is originally from Hong Kong and speaks Mandarin, English and Cantonese. His previous experience includes as an analyst at a top tier accounting firm and as a commercial lawyer.

Buya Zolbayar

Administrative Assistant B Com, M Acc

Buya provides additional administrative support to the directors and executives of the firm. She manages the company's books, and lends critical assistance in relation to the firm's compliance obligations.

Institutional Investors

Select Equities’ services that are available to institutional clients include the following:

Dealing with Select Equities

Select Equities is paid by its clients, predominantly, when they place dealing instructions with the firm. Select Equities manages these instructions on behalf of its clients, in relation to stocks traded on ASX/Chi-X, via a third party clearing and settlement agreement with CMC Markets Stockbroking Ltd. The firm manages instructions in regard to international securities via a clearing and settlement arrangement with Instinet.

Account Activation

To activate an institutional share trading account with Select Equities, please email us a copy of your standard settlement instructions (SSI’s) along with certified photo identification (driver’s licence or passport) for our primary contact at your company. Your instructions regarding ASX/Chi-X traded stocks will be managed, inter alia, according to the terms contained in the enclosed Institutional Terms and Conditions. Your SSI’s should also include any specific requirements you may have regarding trade confirmations – including Omgeo CTM, Iress IOS, or any other particular requirements relevant to your account.

Select Equities’ Standard Settlement Instructions (SSI’s)

Select Equities’ settlement agent for trades executed on ASX/Chi-X is CMC Markets Stockbroking Ltd. The SSI’s and contact details are as follows:

Settlement via DVP: PID 2662 Omgeo CTM Alert: CMMTAU21 BIC / Swift Code: CMMTAU21XXX
Street Address: Level 20, Tower 3, 300 Barangaroo Avenue Sydney NSW 2000
For Bookings issues, IOS and Omgeo matching queries: T 02 9234 4000 E operations@selectequities.com.au E bookings@cmcmarkets.com

Private Clients

Select Equities offers a range of private client services to sophisticated and professional investors, as summarised below. The firm also provides execution only services to retail clients. Select Equities private client services include:

Account Activation

To activate a private client share trading account with Select Equities, please contact us.

Select Equities Research

Select Equities Research encompasses a range of content – including research reports on small, mid and large cap domestic and international stocks; proprietary insights and industry analysis; as well as bespoke and exclusive work for clients. Select Equities Research also incorporates services such as planned meetings and events; and research trips – both at home and abroad. Clients elect to receive the content and services they are interested in based on the value they ascribe to the research.

Research Methodology

Select Equities publishes a range of research reports – including stock initiation, stock update, result update, china research, sector review, beyond the horizon and on the horizon reports. The level of detail contained in each type of research report varies greatly, as does the scope and limitations of each report. 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 presented above. Select Equities generally provides equity research on securities that are listed on the Australian Securities Exchange. 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 companies listed overseas that are within the firm’s scope of expertise. At any given time we might be conducting detailed research on 20-30 different industrial companies. 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 other research reports. Quality is one of the filters that Select Equities applies when selecting stocks for research coverage 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. Select Equities standard research process involves looking for high quality businesses, which have a sustainable competitive advantage, and identifying investment catalysts relevant to those 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 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.

Reviewing And Rating Products

The recommendations contained in Select Equities research reports are based on the rating system below. These ratings are prepared on an absolute, and not on a relative basis.

rating explanation
Buy Select Equities expects the security to appreciate by 10% or more in price within the next 12 months.
Hold Select Equities does not expect the security to appreciate or depreciate by 10% or more in price within the next 12 months.
Sell Select Equities expects the security to depreciate by 10% or more in price within the next 12 months.
Accumulate Select Equities expects the security to appreciate by 10% or more in price within the next 12 months, however we do not believe the security has valuation support.
Under review Select Equities recommendation and forecasts in relation to this security are currently under review.
Not rated Select Equities does not provide a recommendation in regard to this security.

Conflicts Management

Research Publication Policy

Select Equities publishes all research reports prepared by the firm to all of the firm’s clients at the same time. Certain research content may not be published to all clients when it is in some other form, for example where the work is only of a preliminary or incomplete nature; it refers to industry data or feedback; or it has been commissioned by a client. These qualifications do not apply in relation to a stock, where the firm has published a research report on the issuer within the last 6 months and the outcome of the work includes a change to the recommendation. Changes to recommendations are published and notified to all clients at the same time. Where research undertaken by the firm leads to a revision to our forecasts in relation to an issuer, but not a different recommendation, subject to the materiality of these changes, defined as a change to our earnings forecasts of greater than 5%, such revision may be published to the website without additional notification to clients. Material changes are published and notified to all clients at the same time. Select Equities historical research reports are available to the firm’s clients via the website.

Conflicts of Interest

Select Equities has adopted the following processes to help manage its conflicts of interest insofar as its research is concerned.

Fees paid by an issuer to Select Equities for research coverage. AVOID Select Equities does not charge fees to issuers for the provision of research coverage. The firm does not commit to provide research coverage during non-deal meetings with issuers, or to secure corporate mandates with issuers.
Fees paid by an issuer to Select Equities for the provision of non-research services, for example placing or underwriting an issue of new securities. AVOID Select Equities does not solicit corporate mandates from issuers where the firm provides research coverage. This policy does not preclude the firm from responding to an invitation, offer or instruction given by such an issuer to execute a mandate, or restrict the firm in regard to dealing in the issuer’s securities in the secondary market. Nor does it prevent the company from soliciting a mandate from an issuer about whom the firm does not currently provide research coverage. Select Equities will not publish an initiation of research report on an issuer following entry into a corporate mandate with the issuer and for a period of 42 days after completion of the mandate. In the case where research coverage already exists, Select Equities will not publish an update on an issuer following entry into a corporate mandate with the issuer and for a period of 5 business days after completion of the mandate. In the case where research coverage does not currently exist, Select Equities may publish factual information in relation to the issuer or offer in the interim, although such information shall not contain a recommendation, valuation or forecasts prepared by the firm. These fact sheets will not be distributed to retail clients.
DISCLOSE Select Equities shall disclose any material conflicts of interest arising in the preceding 12 month period in research reports that it publishes. For the purposes of this policy we define a disclosable interest as one where the fee paid to the firm exceeds $100,000.
Research services generate brokerage and commission. CONTROL Select Equities research reports are authored by appropriately qualified and experienced personnel. Research reports are reviewed and signed off by the Head of Research, a supervisory analyst or a director prior to publication. Services provided by Select Equities’ employees are monitored and supervised by the firm’s directors.
Awareness of market sensitive information that is not generally available, including advance knowledge of a Select Equities research report rating. AVOID Select Equities employees cannot deal or advise in securities when they are in possession of inside information. The firm employs stock embargoes when appropriate. Select Equities employees cannot trade in securities connected to an issuer before a scheduled research report on the issuer is published and for a period of 2 business days after publication of the report. This policy applies when Select Equities initiates the basis upon which a report is produced, but not when a report is written in response to an external event, such as a public or market announcement.
CONTROL All Select Equities employees’ securities holdings and trading is executed by the firm, and is monitored and supervised by the firm’s directors.
Existing holdings of securities where Select Equities research coverage is provided. AVOID Select Equities research report authors cannot trade inconsistently with a recommendation contained in one of their research reports for a period of 5 business days after the release of the report. This policy is also applied to directors of the firm.
CONTROL All Select Equities employees’ securities holdings and trading is executed by the firm, and is monitored and supervised by the firm’s directors.
DISCLOSE Select Equities shall disclose any material conflicts of interest in research reports that it publishes. For the purposes of this policy we define a disclosable interest as one where the securities holding exceeds 10% of the research report author’s portfolio and $100,000. This policy is also applied to directors of the firm.


Select Equities aims to be a preeminent securities research, dealing and advisory firm. Select Equities is one of the only independently owned research driven firms in the Australian market. Select Equities is a well established firm, supported by long standing client relationships. Our business is based on integrity, goodwill and reciprocity. If you share our philosophy and would like to align yourself with our firm, we would like to hear from you. If you feel that you could be a valuable member of our team, please email the following to careers@selectequities.com.au: