COVID-19 Impact Sector - Global Data

COVID-19
Cross-Sector
Impact
Thematic Research
GDCOV-TR-X088
Understand the impact of COVID-19 across

industry sectors
January 7, 2022
Copyright @ GlobalData PLC. All rights reserved.

Reproduction of part or all of this contents without permission is prohibited.
Contents
• Introduction
• Sector summaries
• Cross-sector indices
• Winners and losers
• Sector analysis
2
Sector analysis
Aerospace, Defense & Security Medical
Apparel Mining
Automotive Oil & Gas
Packaging
Banking & Payments
Pharma
Banking
Power
Payments
Retail
Wealth Management
Smart cities
Construction
Sports
Consumer
Technology & Telecoms
Foodservice Enterprise Technology & Services
Healthcare Telecom: Consumer Services & Technology
Insurance Travel & Tourism

3
Introduction
January 7, 2022
• Infection rates continue to increase. The virus has now spread to 199 countries and territories, with more than 274 million confirmed cases and more than
5.3 million deaths. Omicron has seen infection rates accelerate, even before the impact of Delta had been fully seen in many markets. The number of confirmed
cases in the US is more than 50 million and the US reached a grim milestone recently, surpassing 800,000 total deaths from COVID-19. The UK reported the highest
rates of new cases among the top 10 infected countries in the past month. The Omicron variant is rising rapidly in several European countries, including Denmark,
Norway, and the UK, and researchers predict that it will soon become the dominant strain in these areas.
• Markets and sentiment remain volatile. The Organization for Economic Co-operation and Development (OECD) had previously warned that policymakers should
fast-track COVID-19 vaccinations to curb the spread of the new Omicron variant. The OECD is particularly concerned that the spread of the virus will exacerbate the
existing supply-and-demand imbalances, with the risk further fueling inflation and providing an additional danger to the global economic recovery. Stock markets
fell in early December as infection rates increased across the globe. However, markets reached new record highs in Japan, Europe, and the US in the early trading
days of 2022, driven by suggestions that Omicron caused less serious infections and lower hospitalization rates compared to Delta. Sentiment is likely to remain
volatile over the coming months.
• New restrictions and COVID passports. Many countries have imposed new restrictions to deal with surging infection rates. Other measures are potentially more
controversial. Italy became the latest European country to mandate vaccinations for certain age groups, targeting the over-50s. Austria has announced a mandatory
vaccination plan for those over 14 from February, while Greece has already confirmed a vaccine requirement for over-60s. In contrast, the French government is in
the process of approving a new COVID passport law, requiring proof of vaccination to be shown to gain access to various public venues and long-distance travel.
• COVID-19 has already affected our lives forever. The way we work, shop, eat, seek medical advice, socialize, participate in sport, and entertain ourselves will all be
different. Quite how different remains to be seen, but all industries must plan for multiple eventualities. We include data from our recent Office of the Future poll
(slides 6-14). Slide 7 shows that many workers report an increase in productivity when working from home, with more than a quarter indicating a significant
increase. Slide 8 shows that a majority of offices will be back at least 50% capacity within the next 6 months as the return to office gathers pace.
• This report analyzes the impact of COVID-19 across industry sectors. It provides side-by-side analysis of alternative datasets to present you with unique quantitative
analysis of the effects of COVID-19 and how these differ across sectors. We also provide qualitative analysis of each sector and analyze COVID-19’s impact on leading
companies. It is a living document, updated every two weeks and is the result of a combined effort across GlobalData’s sectors, business fundamentals team,
economists, and thematic analysts.
4
Infection Rates Continue to Rise
Impact of COVID-19 +/- change between 30 November and 19 December 2021
as of 19 December 2021
Deaths Recovered In Treatment

12,623,908 new cases in the
300 past 20 days
COUNTRIES/TERRITORIES AFFECTED
250 199
CONFIRMED CASES
200 274,679,470 + 12,623,908
Note: Confirmed cases of COVID-19 does not represent the true
extent of cases in each country. The number of confirmed cases is IN TREATMENT
Millions
150 heavily dependent on the extent of testing. 125,444,602 + 12,475,862

RECOVERED
100 143,880,898
DEATHS
50 5,353,970 + 148,046
0
Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21
Note: Recovered cases data is not available since Aug’2021
Source: GlobalData; 2019 Novel Coronavirus COVID-19 (2019-nCoV) Data Repository by Johns Hopkins CSSE 5
Hiring prospects appear to have been good in 2021
100%
Do you see impact on

80%
recruitment in your
company due to
COVID-19 pandemic?
60% Lay-off announced
Lay-offs expected
Recruitment on hold
40%
Increased hiring
No impact
20%
0%
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021
Note: Analysis based on 45,377 responses received till 31 December 2021.

Data represents monthly average responses. Data for the month of December is till 31 December 2021
Source: GlobalData
6
Nearly 45% of employees report an increase in productivity during WFH
Have you experienced a change in productivity levels during work from home?
17%
27%
Significant increase
Slight increase
No change
19%
Slight decrease
Significant decrease
17%
20%
Note: Analysis based on 3,521 responses received till 31 December 2021

Source: GlobalData 7
Most offices will return to at least 50% capacity in the next six months
By when do you anticipate at least 50% of employees will be returning to the office?
24%
27%
Within the next 3 months
Within the next 6 months
Next year
Never returning to office/Will

continue working remotely
24%
25%

3 in 10 employees prefer to visit their office daily after the pandemic
as of 30 November 2021
In the aftermath of the COVID-19 pandemic, would you prefer to visit the office:
21%
30%
Daily
Weekly
Monthly
Quarterly
14%
Only when management asks
Never
5%
20%
10%
Note: Analysis based on 4,489 responses received till 30 November 2021.

Technology will continue to change the way we work over the next three years
Will technology change the way you do your job over the next three years?
22%
Yes
No
78%
Source: GlobalData
10
Many respondents continue to work from home full-time
Have you gone back to your normal place of work/office?
12%
I am going to the office once a week

44% 18%
I am going to the office 2-4 days a week
I am working from the office full-time
I am still working from home full-time
27%
Source: GlobalData
11
No commute and flexible hours are key benefits of remote work
Why would you want to keep working remotely?
No commute 75%
Flexibility of work hours 68%
Better time management 54%
Increased interaction with family 49%
Better opportunities to focus 45%
More self-development opportunities 37%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Source: GlobalData
12
Lack of social stimuli and unplugging after work are big challenges for remote workers
What are your biggest challenges while working remotely?
Lack of social stimuli 44%
Unplugging after work hours 39%
Collaboration and communication are difficult 35%
Finding motivation 35%
Inability to take time off 29%
Network/connectivity limitations 28%
Frequent interruptions 25%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Note: Analysis based on 736 responses received till 31 December 2021.
Source: GlobalData
13
AI is expected to change the way people will work
As of 31 December 2021
Which technologies do you think will change the way you do your job over the next 3 years?
(Please select up to 3 technologies)
Artificial intelligence 150
Robotic process automation 93
5G 71
Collaboration tools 70
Internet of Things (e.g. wearables) 61
Blockchain 58
Augmented reality 43
Note: Analysis based on 182 responses received till 31 December 2021.
Sector Summaries
Sector insight summaries
▪ Airbus now expects commercial aerospace to recover to pre-COVID levels between 2023 and 2025, led by single-aisle extra long-range aircraft.
The potential of further lockdowns and travel bans will impact the Primes unevenly, with Boeing having a higher exposure to the faster
recovering US domestic market. Omicron variant likely to complicate things further, returning to the travel bans of early 2020.
▪ Defense markets, although relatively shielded from both immediate demand and supply side shocks, are looking vulnerable in many parts of the
Aerospace, Defense &
world as national debates are ignited around fiscal priorities. However, countries with large domestic capacity are utilizing defense as a stimulus
Security
measure and to offset impact in related aerospace markets. Both the US & UK defense markets have seen significant uplift as a result.
▪ The future role of the military in supporting civil contingency planning is also under consideration, as is a redefinition of security to implicitly
encompass public health and biosecurity aspects. Western supply chain concerns stemming from Chinese-US rivalry have also been exacerbated
by COVID-19. This will result in greater FDI scrutiny, multi-sourcing, and onshoring in key areas such as microelectronics.
▪ The vaccination rollout in Western countries was leading to an opening up of society, with more social occasions and a return to the office for
some, leading to new incentives to buy more formal clothing, which has helped boost sales of retailers who have a compelling offer. Luxury
Apparel
retailers have seen boosts to sales in the APAC region in particular. As a new variant enters Europe there is the fear of further lockdowns hitting
sales at a peak period – the so-called Golden Quarter, with the prospect of more inflation cutting spending on discretionary items in Q1 2022.
▪ October’s sales finished broadly in line with expectations as inventory issues continued to bite. There was a marginal improvement in the SAAR
for October with the rate easing up to 74.8m from September’s 72.8m. However, for recent context the rate was still the lowest for October
Automotive since 2011 when markets were recovering from the global financial crisis. The sales declines that began in August were a watershed moment for
not only the 2021 outlook, but also for what 2022 and beyond will look like. Initial results for November look to be more of the same, but just
as supply issues are easing the markets have been thrown into more uncertainty due to the looming presence of the Omicron variant.
▪ The volume and velocity of channel shifts amid the pandemic has focused retail banks on operational agility. Redesigning core infrastructure to
be more modular has helped reduce interdependencies between processes, expediting time-to-market and limiting overall complexity and cost.
Banking & Payments As the low interest rate environment continues, agile tech platforms will help banks pivot to new business models, such as Bank-as-a-Service
(Baas) propositions and various types of B2B data sharing and/or enrichment. These alternative monetization strategies will bring data security
and privacy into even sharper focus, while financial wellness and ESG considerations will also become more important post-pandemic.
▪ Supported by stimulus packages, low interest rates, and other unprecedented policy measures across all major markets, the construction
industry is recovering from the severe disruption caused by COVID-19 lockdowns and other containment measures. The infrastructure and
Construction
residential sectors have been picking up quickly, but the commercial and industrial construction sectors have suffered from a drop in
investment, with planned projects being delayed or canceled.
16
Source: GlobalData
• Consumers continue to retreat within the home as new COVID-19 variants emerge, further fueling at-home food and beverage consumption.
Consumer Consumers continue to prioritize food staples with a long shelf life, household care products, and will likely remain cautious with their spending
in the future, inhibiting categories deemed ‘non-essential’.
• This year, all channels will continue to gradually recover from the impacts of 2020, though consumers remain cautious of both their social
Foodservice interaction and spend, as new variants continue to emerge. Potential future lockdown measures will put strain on both the profit and cost
sectors and will place a renewed focus on the home delivery channel.
• There is growing pressure on reinsurance rates as the impact of COVID-19 has meant global reinsurers are unable to recover the cost of capital
Insurance in 2020. Demand from primary insurers impacted by COVID-19 is also anticipated to increase the pressure on rates as the cost of claims begins
to mount.
• While companies continue to report recovery in revenues, it continues to be region-specific, with US recovery proving to be more fragile, due to
rising Delta cases. The emergence of Omicron adds further uncertainty.
• Companies are reporting supply chain issues, increasing costs and reducing profitability.
Medical/Healthcare • In Vitro Diagnostics continues to account for the vast majority of COVID-19 medical devices, accounting for 67% of devices in development,
followed by Anesthetic and Respiratory Devices and Hospital IT. This is reflected in device approvals in the last 6 months, with 89% of new
devices being In Vitro Diagnostics, likely as a result of these Class 2 devices being more easily able to obtain approval or emergency use
authorizations compared to other medical devices.
• Prices of all key commodities grew strongly in 2021, helped by rising demand as well as supply constraints in many cases. However, there were
declines in the latter part of the year in gold, platinum, and particularly iron ore. After a steep rise in iron ore prices in the first half of the year,
the iron price fell below $100/t in November due to continued steel production curbs in China as the country looked to reduce pollution and
Mining
power use. In contrast, the price of aluminum and thermal and coking coal have continued to rise, driven by increased demand and supply
constraints. The rise in thermal coal prices was so steep that it led to an intervention by the Chinese government, ordering its major miners to
cut prices and increase output.
17
Source: GlobalData
• Surging natural gas prices on European and Asian spot markets have taken the focus away from COVID-19 of late. The two major futures
contracts – TTF and JKM – were still trading at record high levels in November 2021. Crude oil prices, however, tumbled late last month due to
Oil & Gas
concerns over global economic recovery amid the discovery of the Omicron variant of COVID-19. High inflation and uncertainty over near-term
crude demand from the pandemic cloud keep the industry on an edge going into 2022.
• Shelf-stable food and household care packaging continue to be in high demand, while paper & board is anticipated to experience the greatest
Packaging volume growth this year. Manufacturers should continue to develop hygienic packaging formats as well as packaging optimized for the growing
e-commerce channel.
• The race for effective treatments and vaccines continues. Currently there are 6,093 clinical trials for COVID-19 and promising clinical data
continue to emerge for COVID-19 vaccines. While large trials have already had data readouts, vaccine manufacturing is underway and
Pharma
emergency approvals have been given for multiple vaccines. Clinical trials were disrupted at the height of the pandemic. Trial disruption is
levelling off, with 1,072 trials still disrupted and 633 Pharma/Biotech companies and CROs associated with disrupted clinical trials.
• Sustained recovery in electricity demand for most countries has brought the demand close to 2019 levels. Countries like India and China have
Power seen a much faster rebound and demand has risen to levels above that in 2019. Renewable energy capacity addition is estimated to be 4%
higher in 2020 as compared to 2019.
• Supply chain issues, with stock shortages, caused by outbreaks of the virus in various APAC countries closing down factories, and bottlenecks in
shipping, has led to stock disruption and price inflation. Consumers have brought forward buying for Christmas and other Q4 holidays but, their
Retail
discretionary spending is being restricted by higher food and energy costs. This is likely to last well into Q1 2022 placing further pressures on
non-food retailers.
• The sports industry is proving resilient in the face of COVID-19, with over $12.9bn spent on new or existing sponsorship agreements across the
industry. Meanwhile, media rights renewals for major sports and sporting properties remain strong, evidenced by the NFL’s 10 year, $100bn deal
Sports
signed in Q1 2021, while the English Premier League is expected to renew its domestic media rights packages without a tender on the same
financial terms.
18
Source: GlobalData
▪ GlobalData has analyzed the impact of COVID-19 on the leading companies operating in 17 separate sectors within technology, media, and
telecoms (TMT), with all TMT sectors negatively impacted by COVID-19 in 2020, although IT Services has been the hardest hit.
Technology, Media &
Telecom ▪ Despite this, some areas — including telecom services, some telecom infrastructure, and cloud-based solutions — are holding up well or
growing. Operators moved forward CAPEX to support critical connectivity requirements and are now restarting 5G, Edge Computing and other
initiatives temporarily put on hold or slowed down.
▪ After a summer that created hope for many global destinations due to vaccine rollouts and improved traveler confidence, the outlook now looks
significantly bleaker with the global outbreak of the Omicron variant. As infection rates surge across European countries, a sustained rebound
from the pandemic looks less likely as many destinations reimplement restrictions upon international travel, and the Netherlands goes back into
a national lockdown.
▪ Ski tourism now looks to be a major casualty of the Omicron variant. Skiing hotspots like France, Italy, and Switzerland will be fearing the worst,
Travel & Tourism with many relying on the upcoming winter months to offset some of the losses experienced in the last two seasons. The COVID-19 situation in
Germany could be a key deciding factor on the success of the upcoming European ski season. Germany has more skiers than any other country
in Europe, making this source market incredibly important for ski destinations.
▪ Domestic tourism remains an area of intense focus and has led to significant price surges in some markets. However, travel intermediaries are
engaging in aggressive marketing towards international travel with some advertising for as late as 2023 to increase revenue. However, even
though some borders are re-opening, the pandemic's uncertainty means that many will opt for a staycation in 2022.
▪ Wealth managers are adapting to remote working while managing clients at a key moment of truth: portfolio losses. Millennials are
experiencing their first severe market downturn. Baby boomers will appreciate help on how to manage their investments online and assurance
Wealth Management that digital channels are effective.
▪ Merger and acquisition activity has slowed due to the crisis but has not derailed the giant E-Trade-Morgan Stanley or TD-Ameritrade-Charles
Schwab deals and smaller robo-advisers are increasingly being targeted for acquisition.
19
Source: GlobalData
Cross-sector indices
Most sectors now exceed January 2020 valuations
Comparison of GlobalData’s sector indices since 2 January 2020
• Pharma and Medical’s recovery is based on availability of an effective treatment or
vaccine and the continued recovery of elective surgical procedures and restoration of
Change in Equity Index since January 2020 home healthcare.
• The Tech industry's valuation reflects increased demand for telecoms services, security
Technology
solutions, and cloud-based tools, and speculation that any recovery will require
Healthcare significant technology adoption.
Oil & Gas • Retail stock prices are holding up better than others; markets expect a quicker return
to normal than other sectors.
Packaging • Mining companies have benefited from rising prices for gold and other metals
Construction • In energy markets, Power has fared much better than Oil & Gas. Sustainable energy
Insurance use increased during lockdowns and may feature in many stimulus packages. Oil &
Gas’s short-term woes may continue long into the future if this shift to renewables
Apparel materialises.
Mining • Continued economic uncertainty could have profound effects on global
Banking & Payments Construction. Although construction work is resuming in most major markets, issues
including social distancing measures and supply-chain disruptions prevent activity from
Automotive proceeding at full pace. New projects could also be pushed back or delayed
ADS indefinitely.
Medical • Insurance is impacted on two main fronts, the first being an increased cost of claims
stemming from COVID-19. The second will be through economic recession reducing
Power new business opportunities and impacting solvency ratios through capital market
Retail volatility.
Consumer • Despite major shifts away from on-premise to delivery services, Foodservice is hit due
to lockdown restrictions.
Foodservice • Travel & Tourism is one of hardest hit of all sectors. Confidence in the sector remains
Travel & Tourism low as concerns about the length of the recovery period continue to grow. This
Pharma continues to spill over to Aerospace, but pain is partially mitigated here via exposure
to Defense
-5% 0% 5% 10% 15% 20% 25% 30% • Automotive's performance, in a down market, can attributed to hype around the
electric vehicle market's prospects.
as of 29 December 2021. ADS= Aerospace, Defense & Security 21
Source: GlobalData
Equity indices have recovered across sectors
COVID-19 hit all sectors, but recoveries take different trajectories
Aerospace, Defense & Security Apparel Automotive Banking & Payments Construction Consumer Index
200 200
150 150
100 100
50 50
0 0
Jan-20 Jul-20 Jan-21 Jul-21 Jan-20 Jul-20 Jan-21 Jul-21 Jan-20 Jul-20 Jan-21 Jul-21 Jan-20 Jul-20 Jan-21 Jul-21 Jan-20 Jul-20 Jan-21 Jul-21 Jan-20 Jul-20 Jan-21 Jul-21
Foodservice Healthcare Insurance Medical Mining Oil & Gas Index

200 200
150 150
100 100
50 50
0 0
Packaging Pharma Power Retail Technology Travel & Tourism Index

200 200
150 150
100 100
50 50
0 0
as of 29 December 2021, rebased to 100 on 2 Jan 2020. 22

Source: GlobalData
M&A volumes have recovered for many sectors; outlook for 2022 remains strong
Technology acquisitions will led the recovery in H1 2021
• Unlike other indices, the M&A index contains no forward-looking
Change in M&A Index by Sectors since January 2020 sentiment. Equity prices should reflect expectations of future
performance, as will news and company filings. Even the available jobs
Apparel
index represents a company’s confidence in future requirements for
Foodservice staffing levels.
Travel & Tourism • Consequently, the deals index showed the steepest decline since
Automotive January 2020 in the first half of 2020.
Construction • However, the M&A market recovered strongly in the second half of 2020
Consumer and this has continued into 2021.
Packaging
• Business priorities have changed and this will impact acquirer's M&A
strategy. Expect more investments in weak business areas highlighted by
ADS COVID-19 crisis, e.g. digitalization and cybersecurity.
Power • Well-capitalised US and Chinese big tech firms went on a spending spree
Oil & Gas in H2 2020 and this continued in 2021. China's plans will be hindered
Mining due to increased scrutiny by regulators.
Retail • There will be an increase in carve-out deals to divest non-core business
units across sectors, as most enterprises focus on profitability.
Banking & Payments
• Increased M&A activity has driven higher valuations in both the public
Technology and private markets.
Pharma • VC markets saw record levels of activity in 2021, driven by still plentiful
Insurance liquidity and the entry of non-traditional investors.
Healthcare
Medical
-40% -20% 0% 20% 40% 60% 80%
as of 29 December 2021. ADS= Aerospace, Defense & Security 23

Source: GlobalData
Monthly M&A volumes
Deals index represents volume of completed or announced deals on a monthly basis, rebased to 100 in Jan 2019
200 200
150 150
100 100
50 50
0 0
Feb-20 Aug-20 Feb-21 Aug-21 Feb-20 Aug-20 Feb-21 Aug-21 Feb-20 Aug-20 Feb-21 Aug-21 Feb-20 Aug-20 Feb-21 Aug-21 Feb-20 Aug-20 Feb-21 Aug-21 Feb-20 Aug-20 Feb-21 Aug-21
Foodservice Healthcare Insurance Medical Mining Oil & Gas Index

200 200
150 150
100 100
50 50
0 0

200 200
150 150
100 100
50 50
0 0
as of 29 December 2021 24
Source: GlobalData
News, jobs, and filing sentiments have turned positive in most sectors
YTD change in our unique alternative data indices show a recovering trend for most sectors, but not all are equal
Available Jobs News Sentiment Filings Sentiment
Travel & Tourism Apparel Automotive

Technology Travel & Tourism Insurance
Banking & Payments Retail Power
Mining Insurance Pharma
Automotive Foodservice Packaging
Insurance Healthcare Healthcare
ADS Power Construction
Power Packaging Consumer
Healthcare Mining Banking & Payments
Construction Banking & Payments Medical
Medical Consumer Oil & Gas
Oil & Gas ADS Technology
Pharma Automotive Apparel
Packaging Oil & Gas Travel & Tourism
Consumer Pharma Mining
Apparel Construction ADS
Retail Medical Retail
Foodservice Technology Foodservice
0% 50% 100% -20% 0% 20% 0% 100% 200%

As of 29 December 2021; ADS= Aerospace, Defense & Security 25
Source: GlobalData
Active jobs have recovered for most sectors
Jobs index represents adjusted active jobs per company.
250 250
200 200
150 150
100 100
50 50
0 0
Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21
Jan/20 Jul/20 Jan/21 Jul/21
Foodservice Healthcare Medical Mining Oil & Gas Index

Insurance
250 250
200 200
150 150
100 100
50 50
0 0
Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21
Jan/20 Jul/20 Jan/21 Jul/21

250
250
200
200
150
150
100 100
50 50
0 0
Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21 Jan/20 Jul/20 Jan/21 Jul/21
as of 29 December 2021, rebased to 100 on 1 Jan 2020. 26

Source: GlobalData
News sentiment
News sentiment index represents average news sentiment by month. Green represents positive sentiment; red represents negative sentiment. Grey line represents net
sentiment.
Aerospace, Defense & Security Apparel Automotive Banking & Payments Construction Consumer Score
+50 +50
+25 +25
0 0
-25 -25
-50 -50
Jan-19 Oct-19 Jul-20 Apr-21 Jan-19 Oct-19 Jul-20 Apr-21 Jan-19 Oct-19 Jul-20 Apr-21 Jan-19 Oct-19 Jul-20 Apr-21 Jan-19 Oct-19 Jul-20 Apr-21 Jan-19 Oct-19 Jul-20 Apr-21
Foodservice Healthcare Insurance Medical Mining Oil & Gas Score

+50 +50
+25 +25
0 0
-25 -25
-50 -50
Packaging Pharma Power Retail Technology Travel & Tourism Score

+50 +50
+25 +25
0 0
-25 -25
-50 -50
Source: GlobalData
Quarterly filings sentiment
Filings sentiment by quarter. Green represents positive sentiment, Red represents negative sentiment. Grey line represents sentiment change.
Aerospace, Defense & Security Apparel Automotive Banking & Payments Construction Consumer Score
+50 +50
+25 +25
0 0
-25 -25
-50 -50
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Foodservice Healthcare Insurance Medical Mining Oil & Gas Score

+50 +50
+25 +25
0 0
-25 -25
-50 -50
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Packaging Pharma Power Retail Technology Travel & Tourism Score

+50 +50
+25 +25
0 0
-25 -25
-50 -50
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Source: GlobalData
Notes
Equities:
GlobalData’s proprietary sector indices measure the combined share price performance of top companies in each sector. The data is collected daily.
Jobs:
GlobalData’s Jobs Index measures active, advertised jobs for a selection of companies in each sector. The data is collected daily.
Deals:
GlobalData’s Deals Index measures the volume of announced or completed M&A in each sector. The data is collected monthly.
News Sentiment:
GlobalData’s News Sentiment Index measures the net sentiment of news articles by sector on a monthly basis. Net sentiment is calculated by an
algorithm that assesses whether a news article is positive or negative. The index represents the proportion of positive and negative news articles.
Filings Sentiment:
GlobalData’s Filings Sentiment Index measures the net sentiment of listed companies’ regulatory filings. Net sentiment is calculated for each sector and
is calculated on a quarterly basis.
29
Sector analysis
Sectors covered
Medical
Aerospace, Defense & Security
Mining
Apparel
Oil & Gas
Automotive
Packaging
Banking & Payments
Pharma
Banking
Power
Payments
Retail
Wealth Management Smart cities
Construction Sports
Consumer Technology & Telecoms
Foodservice Enterprise Technology & Services
Healthcare Telecom: Consumer Services & Technology
Insurance Travel & Tourism

31
Aerospace, Defense &
Security
Return to sector analysis index page
Aerospace, Defense & Security COVID-19 overview
Complex and interdependent relationship between aerospace and defense markets spreads the pain
Targeted government aid to support sovereign capability will be instrumental in these sectors
Equity Index Active Jobs Deals Index
Market Index Jobs Index M&A Volumes
125 200 200
100 150 150
75 100 100
50
50 50
0
25 0 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21
Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21
News Sentiment & Volume Quarterly Filings Sentiment WoW MoM YTD
Positive News Negative News Positive Score Negative Score INDICES
50.00 50
Equity 5.3% 4.0% 12.6%
25.00 25 Jobs -3.7% -17.7% 67.9%
M&A - 31.8% 31.4%
0
-
SENTIMENTS
(25.00)
-25 News - 0.1% 9.3%
Filings - - 74.4%
-50
(50.00) 2019 2020 2021
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
Equity, jobs, deals, news and filings sentiments indices as of 29 December 2021 33
Source: GlobalData
Aerospace, Defense & Security COVID-19 sub-sector impact
Variation in impact across sectors, subsectors and timeframes
A potential "lost decade" for passenger growth. Caveats and variations on state aid will lead to uneven recovery.
Commercial Manufactures are moving to develop longer ranged single-aisle aircraft. Exposure to defense will provide a respite but
Aerospace opportunities will be limited and differ in accessibility. Emergence of Omicron increases volatility and will likely affect
future bookings.
Massive levels of deferred maintenance and upgrades for airliners. SARS impact suggests Civil MRO will take twice as
Maintenance,
long to recover as the length of decline in air traffic. Capital constraints may extend the utilization of existing aircraft,
Repair & Overhaul
giving a boost in the medium term to aftermarket parts.
Supply chain disruption from commercial aerospace impact and COVID-19 overall, and possible impact on low TRL-level
Military Aerospace programmes or legacy support programmes in favour of active production lines as an immediate stimulus measure.
Supply chain disruption has potential to resume in face of Omicron, may affect active production lines.
Elements of limited exposure to broader automotive industry supply chains but little impact on programs so far. Higher
Land Platforms levels of domestic capability across regions compared to naval and aerospace and less regulated supply chains means
future readjustment should be easier and quicker.
Naval Shipbuilding Mostly short-term production challenges. Defense demand impact only extant in medium term.
Source: GlobalData Significant negative impact Moderate negative impact No impact Moderate positive impact Significant positive impact 34
Aerospace, Defense & Security COVID-19 sub-sector impact
Variation in impact across sectors, subsectors and timeframes
Military Cybersecurity & IT subsectors well positioned in the medium term as a result of demands on distributed working
C4 ISR & Electronic
and secure collaboration. Logistic IT specialists also stand to benefit, with new Enterprise Resource Planning (ERP)
Warfare
implementations for supply chain tracking.
Homeland Security Thermal imaging cameras, decontamination systems, deployable medical capabilities and personal protective equipment
/ Soldier Systems submarkets are seeing immediate boosts.
Unmanned Demand for small form-factor drones has increased, with adjustment of civil aviation restrictions being made to allow for
Systems this in many regions. Precedent may result in permanent relaxation of current rules and greater adoption.
Simulation & Likely to hasten the adoption of distributed synthetic training environments (STE) in the medium term. Required enabling
Training technologies across C4ISR also stand to benefit. Emergence of variants including Omicron likely to affect troop training.
Aerospace, Defense & Security COVID-19 value chain impact
Variation in impact across tiers and timeframes
Prime Tier 1 & 2 Tier 3 & 4 Tier 5

Contractors Subcontractors Components & Raw Materials
Fabrication
L or U-shaped aviation
recovery defines
Consolidation needs
medium term Diversification to
Short and mid- become acute. Debt Global recession keeps
impact. Prospects for mitigate supply chain
term impact financing for M&A now civil demand checked.
defense budgets also and customer risk.
more feasible, however.
apparent in the mid-
term.
Rebalanced civil Broader view of what

Landscape emerges
aerospace sector and no Reshoring of some counts as strategic
after M&A. Greater
Long-term reversion to previous
supply chain scrutiny
capability to guarantee industry may include
impact demand patterns, security of supply (PCB, some elements of raw
from governments
depressed defense cables, assemblies etc.). material
throughout the tiers.
budgets. production/supply.
Aerospace, Defense & Security COVID-19 mitigation strategies
Short term liquidity, medium term mitigation, long term adjustment
Short and mid-term strategies Long-term strategies

1–3 years 3–5 years
▪ Mitigate supply chain risks, start long term movements ▪ Expect higher levels of long-term government
away from single sourcing where possible, full financial involvement and state ownership in key areas.
and commercial audits of supply chain, and ERP refresh. ▪ Prepare for future overproduction caused by
▪ Position for aftermarket parts boost to extend service government support to aerospace pulling forward
life of older models as well as long term drawn down in demand.
wide body demand, particularly if oil price still ▪ Confront rebooted Defense-Industrial policies – a
depressed. broader definition of strategic industry may emerge.
▪ For defense primes, future budgetary impact should be Governments will pick winners in this crisis and may get
extant by this point, allowing positioning to occur. used to it.
▪ Address regional and subsector variation in defense
austerity.
▪ Expect increased localised production demand for
export orders.
Defense thematic scorecard
Our thematic screens rank companies within a sector on the basis of overall leadership in the 10 themes that matter most to their industry, generating a leading
indicator of future performance
Defense Thematic Screen
10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 100%
Weighting
Company MKT CAP Ticker Country Drones China Impact India Impact Autonomous COVID-19 High Intensity Sustainability M&A Hypersonic Artificial C Thematic
(US$ M) Vehicles Warfare Technologies Intelligence o Ranking
l
u
Leidos 13,877 LDOS USA 4 5 3 5 2 5 4 4 5 5 1
Boeing 146,214 BA USA 5 4 4 5 1 4 4 3 5 5 2
Lockheed Martin 104,420 LMT USA 4 4 3 5 3 4 3 4 5 4 3
Safran 57,915 SAF France 4 5 4 4 1 5 4 3 5 4 4
Northrop Grumman 53,875 NOC USA 5 4 2 4 3 5 5 4 3 4 5
Elbit Systems 6,143 ESLT Israel 4 4 4 4 2 5 4 5 3 4 6
Raytheon Technologies 117,765 RTX USA 4 4 2 4 2 5 4 4 5 4 7
L3 Harris Technologies 41,697 LHX USA 4 5 3 5 2 4 3 3 4 5 8
BAE Systems 22,107 BA. UK 4 4 4 4 3 3 4 4 4 4 9
Israel Aerospace Industries Unlisted Unlisted Israel 5 5 4 3 2 5 3 4 3 4 10
Honeywell 152,231 HON USA 5 4 4 3 3 4 4 3 3 4 11
GE 113,761 GE USA 4 4 4 3 2 4 4 3 4 5 12
Mitsubishi 44,379 8058 Japan 4 5 3 4 2 5 4 3 3 4 13
Thales 20,960 HO France 4 4 4 5 2 5 4 3 3 3 14
Rolls-Royce 12,209 RR. UK 4 4 4 3 1 5 5 4 3 4 15
ThyssenKrupp 8,040 TKA Germany 3 4 4 5 2 5 4 4 2 4 16
QinetiQ 2,513 QQ. UK 4 4 3 4 3 5 3 4 3 4 17
Hanwha 2,324 880 Korea 5 4 4 4 1 5 4 3 3 4 18
Rafael Advanced Defense Systems Unlisted Unlisted Israel 5 2 4 4 3 5 3 4 3 4 19
Almaz-Antey Unlisted Unlisted Russia 4 4 5 3 3 5 3 3 3 4 20
Airbus 90,048 AIR Netherlands 4 4 4 3 1 5 3 3 4 5 21
AECOM 9,371 ACM USA 3 3 5 3 3 3 4 4 3 5 22
Perspecta 4,671 PRSP USA 3 3 3 4 3 4 4 4 3 5 23
Aerojet Rocketdyne 3,781 AJRD USA 3 5 2 3 3 5 4 4 4 3 24
Saab 3,561 SAAB B Sweden 4 4 2 4 3 5 2 4 4 4 25
ManTech International 3,532 MANT USA 3 3 3 3 3 5 4 4 3 5 26
Vectrus 631 VEC USA 3 4 3 4 4 4 3 4 3 4 27
Hyundai Motor 46,296 5380 Korea 2 4 4 4 3 4 4 4 3 3 28
TransDigm 31,675 TDG USA 4 4 3 4 3 4 3 4 3 3 29
Oshkosh 8,144 OSK USA 3 4 2 4 2 5 4 4 3 4 30
Aerospace, Defense & Security COVID-19 polls
Latest COVID-19 polls highlight clear divergence in defense & aerospace sentiment
39
Aerospace, Defense & Security COVID-19 further reading
Latest COVID-19 reports from the Aerospace, Defense & Security Intelligence Center
Date Report Date Report

Coronavirus (COVID-19) Weekly Macroeconomic Forecast Coronavirus (COVID-19) Weekly Macroeconomic Forecast
22 Nov 2021 13 Sept 2021
– 22 November 2021 - September 13th 2021
13 Sept 2021 06 Sept 2021
- November 15th 2021 - September 6th 2021
06 Sept 2021 30 Aug 2021
- November 8th 2021 – August 30th 2021
30 Aug 2021 23 Aug 2021
– November 1st 2021 - August 23rd 2021
Coronavirus (COVID-19) Weekly Macroeconomic Forecast 18 Aug 2021 Analyst Briefing: UK signals ambition to advance
23 Aug 2021
- October 18th 2021 hydrogen production
18 Aug 2021 Coronavirus (COVID-19) Weekly Macroeconomic Forecast Coronavirus (COVID-19) Weekly Macroeconomic Forecast
- October 11th 2021 16 Aug 2021
- August 16th 2021
Coronavirus (COVID-19) Weekly Macroeconomic Forecast
16 Aug 2021 09 Aug 2021 Coronavirus (COVID-19) Weekly Macroeconomic Forecast
- October 4th 2021
– August 9th 2021
09 Aug 2021 Coronavirus (COVID-19) Weekly Macroeconomic
02 Aug 2021 Coronavirus (COVID-19) Weekly Macroeconomic Forecast
Forecast - September 27th 2021
- August 2nd 2021
20 Sep 2021 Coronavirus (COVID-19) Weekly Macroeconomic Forecast
29 Jul 2021 COVID-19 - The Road to Economic Recovery - 29 July 2021
– 20 September 2021
40
Apparel
Apparel
The recovery is in progress and those that survive will be in a strong position, but another variant in Europe is threatening progress
Though hit hard, there is improving sentiment around the future of those that have survived, especially with the progress of the vaccinations.
150
200 200
150 150
100
100 100
50
50
50
0 0
0 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21
Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21
Positive News Negative News Positive Score Negative Score INDICES
50.00 50
Equity 5.8% -1.5% 14.1%

25.00 25 Jobs -2.2% -10.1% 24.7%
M&A - 35.0% 68.8%
0
-
SENTIMENTS
News - 2.7% 37.9%
-25
(25.00) Filings - - 84.0%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Apparel value chain impact
Supply chain disruption will force the industry to digitize and be more agile
Suppliers Manufacturers Distribution Point of Sale
Heavy discounting to raise

With stock piling up in the Businesses are seeking Aligning seasonal stock with
cash, negotiations with
supply chain, and casualties government assistance in current demand in stores and
Short and mid among retail outlets, developing countries to online and storing unsold
landlords to reduce rents.
term impact New store merchandising
businesses will have limited survive and pay workers, but stock of non-seasonal styles
and operating models
sales potential. many will close. for new season selling.
introduced.
Those remaining must work

Suppliers will have to
closely with clients to Businesses will step up
introduce greater agility and Fewer stores, more online
manage demand and be digital and technology
Long-term flexibility and improve
more agile. Technology investment to improve online
business. Different store and
impact forecasting models in order oline experience developing
will take a bigger capabilities and the ability to
to anticipate changing to adapt to new attitudes.
role, cutting cost and flex demand.
demand.
forecasting demand.
Apparel sub-sector impact
The pandemic continues to impact sales with second lockdowns and reluctance to visit shops further hindering sales
New ranges have adapted to changing lifestyles with more casual and leisure inspired products appearing in even the
Womenswear
most formal of ranges. A pick-up in more formal styles such as dresses is emerging as more social events happen.
Having little incentive to buy new products and fears about future prospects have deterred buying, so volumes are down,
Menswear particularly in higher priced smart work wear. Sport and leisurewear are the strongest categories, but there are signs of
more interest in smart/casual clothing as social life opens up.
Childrenswear has proved more resilient as parents prioritise growing children and new births. With health concerns and
Childrenswear less access to swapping, parents are switching to online, but volumes are still down. Specialists are hoping for a baby
boom, but parents will be looking for value.
Being housebound has removed the need for new footwear and existing footwear is not getting the wear outside to
Footwear
generate a need for replacement. There is demand for athletic footwear, but not enough to compensate for lost sales.
With social occasions being cancelled and no need to embellish new outfits, there is little drive to buy new accessories.
Accessories As social occasions increase following the vaccine rollout there should be some lift to sales with hope of gift buying in
Q4.
Apparel mitigation strategies
The immediate recession was deep, the bottom was short, but the recovery will be drawn-out
Short and mid term strategies Long-term strategies

▪ Step up investment into technologies that improve
delivery speed and efficiency and make the store
▪ Have robust procedures in place for similar and
unknown events in the future.
environment contactless but engaging.
▪ Develop a robust online strategy that reaches a wide, ▪ Carefully monitor changing consumer demands and
purchasing methods.
targeted audience and a flexible physical store network
that can adapt quickly to new demand. ▪ Incorporate an element of localized supply chain to
reduce complexity of global supply chain.
▪ Expand digital marketing reach and constantly innovate
the engagement with target markets. ▪ Review viability of low-capital operating models and
assess importance of stronger balance sheets.
▪ Geographically diversify supply network to reduce
dependency on singular countries or regions.
▪ Develop alternate distribution strategies to overcome
delays in logistics and distribution.
Apparel COVID-19 further reading
Latest COVID-19 reports from the Apparel Intelligence Center
Date Reports Date Reports
25/11/2021 Thematic Research: Delivery Innovation in Apparel 22/10/2021 VentureView: Apparel Investment Activity Q3 2021
Retail Viewpoint: The Very Group Q1 FY2021/22 for the 15/10/2021 Premium Brands in the Global Apparel Market
19/11/2021
weeks ending 2 October 2021
Finland: Apparel – Sportswear Market Shares, Summary
27/09/2021
18/11/2021 Thematic Research: The Impact of Brexit on Apparel & Forecasts to 2025
Consumer Survey Results: GlobalData 2021 Q3 Consumer
15/11/2021 The Apparel Market in the UK 2020-2025 20/09/2021
Survey – Global
Switzerland Databook: Womenswear – Brand Shares, Consumer Survey Results: GlobalData 2021 Q3 Consumer
12/11/2021 20/09/2021
Market & Sector Summary & Forecast to 2025 Survey – North America
Analyst Briefing: Full-price sales drive Burberry’s recovery, Analyst Briefing: Community spirit can help brands thrive
11/11/2021 13/09/2021
but tourism levels remain a challenge among Gen-Z consumers
Analyst Briefing: Cracks appear at Adidas as supply chain Analyst Briefing: Increased concerns about sustainability
10/11/2021
issues add to existing woes 23/08/2021 and personal finances drives demand for secondhand
Retail Viewpoint: Marks & Spencer H1 FY2021/22 for the apparel
10/11/2021
26 weeks ending 2 October 2021
12/08/2021 Luxury Fashion in the Global Apparel Market
Coronavirus (COVID-19) – Cross-Sector Impact – 03
03/11/2021
November 2021
46
Automotive
Automotive
The sector is turning upwards but the Fed's corporate bond operations and electric vehicle mania distort equity values
Auto’s chief concern is the chip shortage, which constricted vehicle supply when demand was strengthening, but Omicron variant is another unknown.
200
200 200
150 150
150
100 100
100
50 50
50
0 0
0 Jan/20 May/20 Sep/20 Jan/21 May/21 Sep/21 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21
Positive News Negative News Positive Score Negative Score
50.00 50 INDICES
Equity 3.7% -1.7% 12.6%
25 Jobs -2.5% -7.1% 69.9%
25.00
M&A - 3.9% 38.6%
0
-
SENTIMENTS
-25 News - -2.4% 9.3%
(25.00)
Filings - - 154.7%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Automotive sub-sector impact
No parts of the automotive value chain were undamaged in the short-term
The Red Sea is gradually lifting as markets recover.
In recessions the aftermarket has tended to benefit; vehicle parts age and need more attention. Starter battery demand
Aftermarket surged due to vehicles being immobile for weeks. During lockdown they suffered as vehicle owners skipped service and
maintenance.
Autonomous and shared mobility have suffered damage. The shared asset model is perhaps irredeemably damaged
Future mobility (witness GM's announcement over Maven) by virus transmission fears and this, in turn, removes much of the raison
d’etre for autonomous. EVs have been stimulated by incentives in Europe and the compliance need.
Tier 1s are largely beholden to OEMs and contribute about 60% of the value of a finished vehicle. Tier 2s and 3s, as
Parts & tires smaller companies, faced an even greater cash crunch. Now the ability of many suppliers to meet demand is pressured
by the semiconductor shortage. The aftermarket will provide an upside in the mid-term.
The early extreme impact as new vehicle sales tumbled has been replaced by inventory concerns. The chip crunch has
seen inventories sink to new lows and has had a knock-on impact on demand. Used vehicle demand up significantly in
Vehicle dealers
some markets – a crucial profit pool for dealers – and used pricing is hitting record highs. The combined effect has left
dealer profits strong but on lower turnover.
Demand bounced back strongly but chip supply shortages have weighed on recovery and led to factory downtime due to
Vehicle
disrupted chip supply. Fab plants have backfilled some demand, but supply now dented due to C-19 lockdowns and staff
manufacturing
issues at Asian chip plants. Model mix and transaction prices have been stronger to the benefit of OEMs.
Automotive value chain impact
Difficult to see beyond a rebasing of the entire value chain at this point: structural imbalances finally addressed
But last pandemic did give way to the ‘roaring twenties’…
Supplier Network Auto Manufacturers Sales & Marketing End Market Sale & Post-sale
Activity
Cash conservation is
king, R&D checked. Back Digital comms and More focus on ‘cradle-
Sales and marketing
M&A need accelerates. to basics. Capacity virtual commuting take to-grave’ support that
function reset at OEMs.
Short and mid- Technology and rationalization looked at. hold. Only vital journeys are the profit generating
Messages focus on
term impact geographic portfolios OEMs do right by undertaken, demand activities of any national
positive CSR aspects of
reassessed. society and don’t wait to becomes normalized to sales company or
the products.
be impelled by utility and not wealth. dealership group.
legislation.
Supply chain remap. Simplified but more Sector moves from

Leaner, more agile, Moves from footfall in
Single source risks oligopolistic marketing push-to-pull. Industry no
supplier base results. the showroom being the
mitigated. Industry function emerges. longer pushes product
Long-term Industry 4.0 fully mantra to traffic in
rationalized, less need Increased spend on into people’s hands who
impact implemented and service bay. Return to
to foist upon consumers advertising as non-price can ill-afford it. Damage
industrial manufacturing Jac Nasser-era vision for
costly tech for no competition becomes to PCP market after
repatriated. Ford.
competitive advantage. more important. macro damage.
Automotive mitigation strategies
The recession bit deep into Automotive, declines were heavily weighted to Q2 2020; virus suppression allowed for recovery from Q3 2020
Return of some economic normality, and tapered removal of government support, will allow for a truer macroeconomic picture to emerge

▪ Address oversupply in the market: M&A, footprint and ▪ Prepare for a market rebound that might require a very
product rationalization. different product mix to that needed now with different
▪ Understand customer sentiment: has there been a shift competitive environment:
in attitudes as to how people see the world? Are they ▪ Possible long-term shift to fewer unnecessary
more altruistic? Adjust product and volume strategies journeys; more remote working->more utility in
accordingly. vehicles for more one-car households->more
▪ Shared mobility competitive threat has been disrupted - SUVs: profit sources and fit the remit.
now to seize back lost ground; are there distressed ▪ Public transport and shared viewed very
technology companies with attractive assets? differently, boosting volumes?
▪ Build on aftermarket presence to exploit extended car ▪ Re-evaluate technology and product roadmaps.
ownership cycles.
Vehicle manufacturing thematic scorecard
Automotive COVID-19 further reading
Latest COVID-19 reports from the Automotive Intelligence Center

19 November 18 March
COVID-19 – Sector Impact Analysis – Automotive #35 COVID-19 – Sector Impact Analysis – Automotive #27
2021 2021
19 October 19 February
COVID-19 – Sector Impact Analysis – Automotive #34 Thematic Research: 2021 Automotive Sector Scorecard
2021 2021
20 18 February
COVID-19 – Sector Impact Analysis – Automotive #26
September COVID-19 – Sector Impact Analysis – Automotive #33 2021
2021
1 February Analyst Briefing: China light vehicle output finishes down
Analyst Briefing: Global light vehicle sales plummet to a 2021 by just 3.8% in 2020
7 September
14-month low as chip shortage bites
2021 20 January COVID-19 – Sector Impact Analysis – Automotive #25
2021
19 August
COVID-19 – Sector Impact Analysis – Automotive #32 13 January
2021 Analyst Briefing: The chips are down
2021
20 July 2021 COVID-19 – Sector Impact Analysis – Automotive #31 11 December COVID-19 – Sector Impact Analysis – Automotive #24
2020
21 June 2021 COVID-19 – Sector Impact Analysis – Automotive #30 24 November Analyst Briefing: New analysis reveals that GM, Toyota
2020 and Tesla best-placed for 2021 recovery
20 May 2021 COVID-19 – Sector Impact Analysis – Automotive #29 7 December Analyst Briefing: COVID-19 continues to pile pressure on
2020 supply chains
22 April 2021 COVID-19 – Sector Impact Analysis – Automotive #28 23 November 53
COVID-19 Weekly Macroeconomic Forecast
2020
Banking, Payments &
Wealth Management
Banking & Payments
Confidence and activity are improving as markets look to the post-COVID recovery
The sector is still hiring and doing business, but it must brace for severe economic shocks to come.
250
125 200
200
100 150
150
75 100
100
50
50 50
0 0
50.00 50 INDICES
Equity 3.9% 2.7% 13.1%
25 Jobs -3.3% -10.6% 84.0%
25.00
M&A - 5.0% 8.6%
0
-
SENTIMENTS
-25 News - -2.1% 10.2%
(25.00)
Filings - - 102.6%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Banking
Banking sub-sector impact
COVID-19 will impact all parts of the banking value chain, rendering obsolete many aspects of channel strategy, credit risk, and systems management
An infrastructure mismatch will force providers to double-down on end-to-end process automation across all sales and services pathways
COVID-19 has driven a step change in channel behavior, punishing slower-moving banks or those under-invested in
digital. As lockdowns ease, we are seeing a mix of channel reversion to pre-pandemic levels in some markets but mostly
Channels
the oft referenced 'new normal'. As new and existing users complete more high-value, high-risk banking activities online,
the call center plays a critical role in delivering human-like help and support at a cost to serve incumbents can sustain.
Reduced card usage (interchange) and foreign exchange (fees) have hit new digital banks hardest. Various product
innovations to limit near-term default risk, such as payment holidays, waived charges, and interest free periods continue.
Products
Operational ‘plasters’ are still necessary to render quickly digitized processes with front-to-back process integration
dependent on longer-term tech transformation. All providers are focused on deliver more product customization.
Risk models and stress tests (market, credit, and operational risk, etc.) must be rethought and rerun to account for
Operations market changes. Human-dependent processes become doubly vulnerable given the risk of contagion and human
error/fraud, continue to drive widespread automation in long-term hybrid work environment. Open banking-enabled
processes can help improve affordability checks, run credit stress tests, and reduce application fraud.
Legacy technology will impair time to market, putting incumbents at an operational disadvantage vis-à-vis new entrants
operating on entirely modern cores. The cost of any service outage will become much bigger (given the lack of physical
Infrastructure
alternatives and digital dependence) just as it becomes more likely, due to escalating volumes across all touchpoints on
internal systems (from increased working from home) and customer-facing apps.
Banking value chain impact
Significant negative impact across the entire value chain but ultimately ‘forcing’ through necessary business model changes
Channels Products Operations Infrastructure
Cloud migration,
Growing reliance on
Banks that built out Cautious resumption of software-as-a-service
open banking
Short and mid- mobile as a full sales lending but with non- partnerships, and data
partnerships to refine
term impact and service channel traditional credit risk consolidation to enable
credit assessment and
reap the benefits. metrics. more personalized
remote onboarding.
digital interactions.
Increased process
More flexible product Cloud-native, mobile-
Accelerated decline in automation to improve
options; greater native, microservices
Long-term branch usage and business resilience and
personalization and architectures to
impact conversion of digital the re-onshoring of
hybridization of optimize agility and
holdouts. business-critical
features. flexibility.
activities.
Banking mitigation strategies
The recession will bite deep into banking in the short term but ultimately create more productive conditions for innovation
Endgame for the industry is a more flexible and agile tech platform, enabling deep personalization at scale

One to three years Three to five years
▪ Close channel gaps and optimize all sales and service ▪ Implement digital transformation to create new digital
pathways for digital touchpoints. capabilities rather than digitize existing processes.
▪ Software-as-a-Service (Saas) partnership to realize time- ▪ Adopt a cloud-native approach to reduce startup costs,
to-market imperatives around small business lending runtime costs, and time to market, while enabling plug-
and mortgage capabilities. and-play partnership at scale.
▪ Increase the use of open banking-enabled data for ▪ Deploy an API-enabled microservices infrastructure to
affordability assessments, eKYC, and credit risks. deliver heightened flexibility and agility responding to
▪ Improve personalization in customer interaction across market changes.
price, place, product (3Ps). ▪ Adopt an approach of hyper-personalized, “segment-of-
▪ Increase product flexibility, with the ability to expand one” banking across channels, products, and processes.
and contract based on changing requirements. ▪ Adopt a mobile-first design across all sales and service
▪ Ongoing legacy rationalization. pathways.
Retail banking thematic scorecard
Banking COVID-19 further reading
Latest COVID-19 reports from the Banking Intelligence Center

Coronavirus (COVID-19) Weekly Macroeconomic Sep 25, 2020 M&A in Financial Services: Q1 2017–Q1 2020
Jan 3, 2022
Forecast - January 3rd 2022
Coronavirus (COVID-19) Weekly Macroeconomic Sep 11, 2020 COVID-19 The Road to Economic Recovery
Dec 27, 2021
Forecast - December 27th 2021
Sep 1, 2020 Thematic Research: Mobile Payments 2020
Coronavirus (COVID-19) Weekly Macroeconomic
Dec 20, 2021 Aug 26, 2020 Thematic Research: Social Media in Banking
Coronavirus (COVID-19) Weekly Macroeconomic Jun 23, 2020 Thematic Research: Payments Sector Scorecard
Dec 13, 2021
Coronavirus (COVID-19) - Cross-Sector Impact - 03 Jun 2, 2020 Thematic Research: Cloud Computing (2020)
Dec 3, 2021
December
April 23, 2020 Thematic Research: COVID-19 Impact on Banking
Oct 20, 2021 COVID - 19 Executive Briefing - 20 October 2021
April 23, 2020 Thematic Research: Sustainability in Banking
Coronavirus (COVID-19) Weekly Macroeconomic
Aug 16, 2021 April 22, 2020 Coronavirus (COVID-19) Sector Impact: Retail Banking – Italy
Forecast - August 16th 2021
Coronavirus (COVID-19) Weekly Macroeconomic April 14, 2020 Coronavirus (COVID-19) APAC Competitor Impact
May 10, 2021
Forecast - May 10th 2021
Coronavirus (COVID-19) Sector Impact: Retail Banking – the
Coronavirus (COVID-19) Sector Impact: Retail Banking – April 14, 2020
May 14, 2020 UK
India Financial Services: Adapting to the Coronavirus (COVID-19)
March 20, 2020
Outbreak
Payments
Payments sub-sector impact
The economic downturn will hit payments revenue overall, but significant opportunities exist for e-commerce and mobile payments.
Wallets and instant payment services will do best, but the sector is resilient overall.
The impact on e-commerce has been very positive, with locked-down consumers flocking to online storefronts. Online
E-commerce payment providers are reporting very strong results from the last year. Previously unengaged consumers are retaining
online spending habits and will likely continue to do so into the long term, driving strong future growth.
The recession will hit overall consumer spending hard – and thus also card payment revenue. Furthermore, as consumers
Card payments move away from cash to card payments, regulators will cast their eye once more over card fees, further constricting
revenue in the long term. Revenue from interest (credit cards) is also under pressure as consumers struggle with
recessionary conditions, and flock to alternatives such as BNPL in an effort to keep debt under control.
The pandemic’s impact on cash payments has been dramatic – consumers are avoiding it as a potential disease vector,
Cash payments and the industry is doing all it can to encourage this shift and attempt to kill off cash for good. Access to cash and
financial inclusion is now becoming an issue as ATM networks die off – in the meantime, governments are experimenting
with the concept of fully digital economies and digitizing cash itself (e.g. the Digital Yuan in China).
Mobile offers even less potential exposure to COVID-19 than contactless cards – consumers need only touch their
Mobile payments smartphone. Western mobile payments finally have the required push factor to move consumers away from cards and to
mobile. Companies are capitalizing here with product launches e.g. PayPal, Vipps. Wallets worldwide are striking up
partnerships for wider adoption and acceptance – leading to the emergence of regional mobile payment schemes.
Hard-hit families and communities will turn to P2P payments – especially instant payment (IP) systems – to support one
P2P another. IP services have a major opportunity to break out of P2P and into consumer-to-business payments as a result.
Instant payments should be expected to grow rapidly in the next 5 years as a proportion of overall credit transfers.
Payments value chain impact
Long-term economic depression will impact consumer spending strongly, hitting payments revenue
Cash is on the way out, though, which will buoy electronic payment spending specifically.
Banks/Issuers Acquirers and Schemes Card and terminal Alternative Payment

Processors manufacturers Providers
Electronic payments As lockdowns lift, Spending reductions will With strong enough
overall will go up, but physical stores will see Schemes will gain from bite hardest in face-to- marketing and a good
Short and mid- growth will be lower increased traffic, though greater electronic face commerce, and enough initial user
term impact than pre-COVID merchant partners may payments usage as cash merchants may struggle. impression, alternative
forecasts as economic struggle with lower falls off. Banks may shift to tools can funnel ex-cash
downturn bites. overall spending. virtual card issuing. users to their platforms.
More instant/remote
Ramping up of e- Schemes’ positions are In-store payments will
card issuing – lower cost Strong, sustained
commerce demand puts not guaranteed – recover, but remote
base offset revenue loss growth as consumers
Long-term the big, merged vulnerable to disruption digital spending will gain
from fee caps. Fintechs who adopted tools
impact processors and e-com from real-time payment a lot of ground. Growth
will continue to attack during the crisis
specialists in strong systems which have a prospects overall lower
card-based revenue maintain usage habits.
positions. big opportunity to grow. than pre-COVID.
models.
Payments mitigation strategies
Consumer spending will crash, putting pressure on the industry in the short term – push for a fast cashless transformation
Short-term pain, if managed well enough, will give way to long-term growth

▪ As consumers return to physical stores, keep contactless ▪ Market recovery will be positive in general for
limits high to encourage continued use of electronic payments, but risks to incumbents must be managed:
tools. ▪ Fraud will continue to surge upward, especially
▪ Prepare for a surge in electronic payment fraud – two online.
types: ▪ Real-time payments systems will pose a challenge
▪ E-commerce card fraud. Strong customer to card-based payments.
authentication and smart fraud recognition rollout ▪ Mobile payments may also challenge, but this can
should be stepped up. be managed by supporting card-based wallets
▪ Social engineering. Consumers need to be such as Apple Pay.
educated about risks of phishing etc. (particularly ▪ Market crash may realign consumer spending priorities –
those who shifted to electronic payment as a travel and tourism may not recover as fast as other
result of COVID). industries.
▪ Anticipate negative regulatory and merchant sentiment
on card fees.
Payments thematic scorecard
Payments Thematic Screen
10% 5% 10% 5% 15% 5% 15% 5% 20% 10% 100%
Weighting
Company MKT CAP Ticker Country Artificial Blockchain Cybersecurity Internet of Mobile Payments Regulation Ecommerce Ecosystems COVID-19 Cloud IaaS / C Thematic
(US$ M) Intelligence Things PaaS o Ranking
l
u
Amazon 1,548,829 AMZN USA 5 4 4 5 3 1 5 5 5 5 1
Ant Group Unlisted Unlisted China 4 3 2 5 5 1 4 5 4 5 2
Tencent 755,844 700 China 4 3 2 3 5 1 5 5 4 4 3
Apple 2,037,907 AAPL USA 5 3 4 5 4 2 4 5 4 2 4
PayPal 276,011 PYPL USA 3 3 4 4 4 2 5 5 4 3 5
Visa 458,467 V USA 4 4 3 3 4 5 5 5 3 3 6
Mastercard 360,501 MA USA 4 4 3 4 4 3 5 5 3 3 7
Alphabet 1,382,470 GOOGL USA 5 3 4 4 4 1 3 5 3 5 8
Paytm Unlisted Unlisted India 3 3 3 3 5 4 4 3 4 3 9
Adyen 66,286 ADYEN Netherlands 4 3 4 4 3 2 4 4 4 3 10
Stripe Unlisted Unlisted USA 4 3 4 4 3 3 4 3 4 3 11
Square 94,187 SQ USA 4 3 3 3 4 2 5 4 2 3 12
Amex 114,383 AXP USA 3 4 3 3 3 4 4 4 3 3 13
ACI Worldwide 4,387 ACIW USA 4 4 4 2 3 4 3 4 2 4 14
Line Unlisted Unlisted Japan 2 3 2 3 4 2 4 4 3 3 15
Samsung Electronics 485,689 5930 Korea 4 3 2 5 4 2 2 3 3 3 16
Worldline 23,001 WLN France 3 1 3 3 4 3 4 3 2 3 17
SecurePay Unlisted Unlisted Australia 3 3 3 1 3 3 4 2 3 3 18
FIS 89,424 FIS USA 3 2 3 3 3 4 4 3 2 3 19
Facebook 828,159 FB USA 4 3 1 4 3 1 4 5 2 3 20
Verifone Unlisted Unlisted USA 3 3 4 4 3 3 3 2 2 3 21
JCB Unlisted Unlisted Japan 2 2 3 1 3 3 4 3 3 3 22
Ingenico Unlisted Unlisted France 3 3 4 4 3 3 3 2 2 3 23
Discover 28,821 DFS USA 3 2 3 3 2 4 4 4 2 3 24
Wirecard 61 WDI Germany 3 2 3 3 3 2 4 3 2 3 25
Fiserv 81,333 FISV USA 3 2 3 3 3 4 4 3 1 3 26
Global Payments 60,644 GPN USA 2 2 4 3 3 3 3 3 2 3 27
JPMorgan Chase 465,904 JPM USA 4 2 4 1 1 2 2 3 4 2 28
Nets Unlisted Unlisted Denmark 2 2 4 2 3 3 3 2 2 3 29
Barclays 42,869 BARC UK 4 1 4 2 2 1 2 3 3 2 30
Payments COVID-19 further reading
Latest COVID-19 reports from the Banking & Payments IC

Coronavirus (COVID-19) Weekly Macroeconomic Forecast Analyst Briefing: Credit cards face further threat as
Jan 3, 2022 09 Apr 2021
- January 3rd 2022 retailers focus on tailored rewards schemes
Coronavirus (COVID-19) Weekly Macroeconomic Forecast Sweden Cards & Payments: Opportunities and Risks to
Dec 27, 2021 15 Mar 2021
- December 27th 2021 2024
Coronavirus (COVID-19) Weekly Macroeconomic Forecast Netherlands Cards & Payments: Opportunities and Risks
Dec 20, 2021 08 Mar 2021
- December 20th 2021 to 2024
Coronavirus (COVID-19) Weekly Macroeconomic Forecast Analyst Briefing: The buy now pay later sector needs to
Dec 13, 2021 25 Feb 2021
- December 13th 2021 be regulated
20 Apr 2021 China Cards & Payments: Opportunities and Risks to 2024 25 Feb 2021 Brazil Cards & Payments: Opportunities and Risks to 2024
Analyst Briefing: Financial institutions change their tune 12 Feb 2021 Thematic Research: Banking Predictions 2021
19 Apr 2021
on cryptocurrencies
France Cards & Payments: Opportunities and Risks to
Analyst Briefing: COVID-19 has increased the adoption of 12 Feb 2021
16 Apr 2021 2024
online banking
Singapore Cards & Payments: Opportunities and Risks to 29 Jan 2021 UK Cards & Payments: Opportunities and Risks to 2024
16 Apr 2021
2024
11 Dec 2020 COVID-19 Tracker Consumer Survey
Canada Cards & Payments: Opportunities and Risks to
15 Apr 2021
2024
67
Wealth management
Wealth management sub-sector impact
All sub-sectors of wealth management suffered due to the initial market downturn but AUM is up almost across the board at major brands
Wealth management, slow to embrace online channels previously, is getting a big push in digitization
Major international brands benefited from a flight to quality following market disruption, increasing their share of net
Private banks new money. Sub-scale brands are likely to rationalize footprint, consolidation of smaller players will increase as scale
becomes more important in all areas of the market regardless of geography or focus (UHNW, Swiss Private, etc).
New investors have turned to robo-advisers in greater numbers in the crisis. The US robo-advice industry is estimated to
be $1tn at the end 2020, a marked increase in investor market share. The higher AUM gives major players within it the
Robo-advisers
scale to be profitable and compete with even the largest traditional wealth managers, small scale robo-advisers are
being acquired. Managing and retaining new investors will be a major challenge, as highlighted by Robinhood's IPO.
Independent wealth managers will need to quickly embrace digital channels and help their typically older and less
Financial advice
technologically savvy clients adapt to the new remote era. Consolidation is expected to increase following this crisis,
firms
particularly as the need for a full suite of digital engagement tools becomes apparent in the 'new normal.'
Online brokerages fare well in crisis as there is ample opportunity for earning fees as investors chop and change their
portfolios in light of market volatility, a prolonged recession is more of a concern. Pressure on commission rates
Brokerage
(particularly for equity trades) will continue as investors increasingly expect near zero costs. Consolidation will continue
as ever greater economies of scale are needed.
While volatile markets make for difficult times for investment managers, it also throws up more and new investment
Asset managers opportunities and can show the value of actively managed funds. The costs associated due to coping with COVID-19 will
accelerate consolidation in the sector, with a number of major wealth managers buying up specialist asset managers.
Wealth management value chain impact
Churn in the portfolio will benefit those earning off of investor buying and selling in the short term
Longer term investors will transition to providers with better digital offerings and those offering more values/theme based investment, notably ESG
Brokerages/ Asset managers Private banks Financial Advisors Robo-advisers

custodians (HNW segment) (retail segment)
Depending on the length Uncertainty and Ultra-rich clients, after

Financial stress will
and severity of the recession will push the initial losses, have Fee-conscious investors
reduce capacity for
Short and mid- recession, trading clients into low fee added considerable will turn to low-cost
saving and investing by
term impact volume could drop earning products; wealth, benefiting from digital options such as
target. Market exits will
significantly hurting accelerating current market robo-advisers.
reduce numbers.
revenue. consolidation. disruption
Rising markets will boost Recovery will see a

Use of digital wealth
AUM/NAV boosting return to previous
Financial markets are Recovery will see a managers will be
revenue. Consolidation volumes. Sub-scale
Long-term leading indicators and return to previous heightened and
will continue, driven by footprints will be
impact once recovery takes volumes but increased consolidation will occur
interest in thematic rationalized and more
hold prices will rise. consolidation. with traditional players
investments such as digital tools integrated
buying sub-scale robos.
ESG. into workflow.
Wealth management mitigation strategies
The immediate recession will be deep, the bottom will be short, the recovery will be drawn out
Wealth managers will need a sustained investment in digital client interactions

▪ Position client portfolios to capture market upturns. ▪ Target wealth in markets with effective epidemic
responses.
▪ Improve or develop digital wealth management
capabilities. ▪ Ensure contingency plans for disaster response.
▪ Invest in regional offices and distributed working ▪ Ensure advisers can extend emergency credit to
arrangements outside of hotspots, particularly in Asia investors in a safe and timely manner.
Pacific ▪ Invest in digital distribution and/or acquire subscale
▪ Co-locate private wealth suites at retail branches to robo-advisors.
allow for continued operation into possible intermittent ▪ Cut personnel costs and ensure variable remuneration
lockdowns. figures more prominently in the cost base.
▪ Develop ESG and SRI products with investments in
pandemic prevention and epidemic response.
▪ Acquire choice books of clients from players rationalizing
their footprint.
Wealth management thematic scorecard
Wealth Management Thematic Screen
10% 5% 15% 10% 10% 5% 10% 15% 10% 10% 100%
Weighting
Company MKT CAP Ticker Country COVID-19 Sustainability Regulation Robo-Advice Cybersecurity Data Privacy Millennials / Gen Channel Personalization Artificial C Thematic
(US$ M) Z Strategy Intelligence o Ranking
l
u
DBS 55,194 D05 Singapore 4 5 4 4 4 4 4 5 5 4 1
Charles Schwab 120,677 SCHW USA 4 2 3 5 5 5 2 4 4 4 2
Wealthfront Unlisted Unlisted USA 4 2 3 5 4 3 4 4 4 4 3
SoFi Unlisted Unlisted USA 2 3 4 4 3 3 5 5 4 3 4
Betterment Unlisted Unlisted USA 3 4 3 5 3 4 4 4 4 4 5
WealthSimple Unlisted Unlisted Canada 3 5 4 4 3 3 4 4 3 4 6
JPMorgan Chase 465,904 JPM USA 4 4 2 4 4 3 4 4 4 4 7
Magnum Research Unlisted Unlisted Hong Kong 4 3 4 4 2 3 4 4 4 3 8
Fidelity Unlisted Unlisted USA 4 4 3 4 3 3 4 4 4 3 9
RBC 132,525 RY Canada 3 4 2 3 4 2 4 5 4 4 10
BlackRock 115,675 BLK USA 2 4 4 4 3 2 3 5 4 3 11
UBS 59,748 UBSG Switzerland 4 5 2 2 4 4 4 4 4 4 12
Nutmeg Unlisted Unlisted UK 2 4 4 5 3 3 4 4 3 3 13
Societe Generale 21,786 GLE France 2 4 3 4 4 4 3 5 3 3 14
Empower Retirement Unlisted Unlisted USA 4 4 4 4 3 3 3 3 4 3 15
OCBC 39,338 O39 Singapore 2 4 2 3 4 3 4 4 4 5 16
Robinhood Unlisted Unlisted USA 5 2 2 5 3 2 4 3 4 4 17
Citigroup 149,365 C USA 2 4 2 3 4 4 4 4 4 4 18
Morgan Stanley 146,448 MS USA 4 5 1 4 2 2 4 4 4 5 19
SigFig Unlisted Unlisted USA 2 2 4 5 2 3 4 5 3 2 20
Moneyfarm Unlisted Unlisted Italy 3 2 4 4 3 3 4 4 2 3 21
Bank of Montreal 57,829 BMO Canada 2 4 3 4 4 2 2 3 5 4 22
Deutsche Bank 24,654 DBK Germany 3 5 3 3 3 3 3 4 3 3 23
Stashaway Unlisted Unlisted Singapore 3 2 4 4 3 3 4 4 2 2 24
Acorns Unlisted Unlisted USA 2 4 4 4 2 3 4 4 2 3 25
Bank of America 330,510 BAC USA 3 3 2 2 4 3 3 4 4 4 26
Barclays 42,869 BARC UK 3 4 1 3 4 1 4 4 4 4 27
T Rowe Price 40,252 TROW USA 4 4 4 5 2 3 2 3 3 2 28
Scalable Capital Unlisted Unlisted Germany 2 2 4 4 1 4 4 4 3 3 29
Vanguard Unlisted Unlisted USA 2 2 4 4 3 4 3 3 3 3 30
Wealth management COVID-19 further reading
Latest COVID-19 reports from the banking, payments and wealth Intelligence Center

Analyst Briefing: 2008 crisis provides insight into current
18/03/2020
investor behaviour triggered by COVID-19
COVID-19 - Interventions Are Moving Forward, With No
27/03/2020
Shortage of Irons in the Fire
Analyst Briefing: Asia Pacific banks braced for COVID-19
12/03/2020
with hiring freeze
Analyst Briefing: US investors will suffer the most in the
09/04/2020
2020 COVID-19-driven market crash
Coronavirus (COVID-19) Sector Impact: Retail Savings &
08/04/2020
Investments – Australia
Analyst Briefing: COVID-19 Set to Have a Lasting Effect on
07/04/2020
the Australian Retail Investment Market
Analyst Briefing: Cybersecurity poses increased concern
31/03/2020
amid COVID-19 outbreak
Analyst Briefing: PFM tools need to tell customers much
27/03/2020 more about their finances to deal with the COVID-19
crisis
Construction
Construction
Major construction firms suffered a sharp drop in market valuations amid the COVID-19 outbreak
There has been a steady improvement in active jobs, and filing sentiment has turned positive
200
125 200
150 150
100
100 100
75
50 50
50
0 0
50.00 50 INDICES
Equity 2.8% 5.0% 15.6%
25 Jobs -1.3% -4.3% 56.9%
25.00
M&A - 34.5% 38.3%
0
-
SENTIMENTS
-25 News - 0.6% 6.6%
(25.00)
Filings - - 119.0%
-50
(50.00) 2019 2020 2021
Equity, jobs, news, deal, and filings sentiments indices as of 29 December 2021 75
Source: GlobalData
Construction sub-sector impact
All sectors experienced weakness, with commercial and industrial hit hard
Infrastructure investment will be a focus for efforts to boost the recovery
The leisure and hospitality sector will take time to recover from the devastation caused by the demise of the travel and
Commercial tourism industry, and although plans for new retail buildings and office space might not have been completely derailed,
changes in consumer behaviour and remote working practices could result in a re-examination of planned projects.
Spending on energy and utility projects was impacted by global supply chain disruptions and low oil prices. However,
Energy & Utilities governments and public authorities will likely advance spending on power and utilities projects, and the recovery in oil
prices will provide support.
Industrial construction is recovering from the COVID-19 induced downturn in 2020. Suring global demand for
manufactured products will provide scope for renewed investment growth in manufacturing plants to improve capacity.
Industrial
Although global supply chain disruptions are likely to dampen confidence in the short-term among manufacturers, the
expansion in “nearshoring” is likely to support investment in new facilities in various sectors.
Output in infrastructure was subject to relatively short-lived downturn in 2020, given the efforts by governments and
Infrastructure public institutions to accelerate investment in infrastructure to stimulate activity. However, their successes will depend
greatly on their capacity to continue to fund such schemes while dealing with the hit to their fiscal positions from the
economic downturn and support packages for households and private businesses.
Governments across the world are preparing to fight the virus outbreak by strengthening their healthcare
Institutional infrastructure, and building of new hospitals is rising sharply. This investment helping to support the expansion in
institutional buildings.
Investment in the residential sector has recovered quickly, and global residential construction is projected to expand by
Residential 7.4% in 2021, a sharp rebound following the 2.8% drop in 2020. The sector continues to be buoyed by government
support measures and housebuilding programs aimed to narrowing housing supply deficits in many markets.
Construction mitigation strategies
The immediate recession was deep, and the recovery in most buildings sectors will be slow
Government investment programs will be vital in driving an upturn

▪ To help assess labour costs, implement workforce ▪ Create a flexible supply chain that can quickly engage
contingency planning scenarios, including during a alternative suppliers.
period of diminished demand and activity. ▪ Ensure cybersecurity is fit for purpose.
▪ Reschedule debt with lenders. ▪ Use automation to reduce the number of workers on
▪ Prepare for government stimulus packages. sites. Focus on autonomous materials movement (e.g.,
▪ Prepare for a market rebound that requires a different autonomous forklifts and cranes and high-payload
product mix and a different competitive environment. drones) and the automation of repetitive tasks.
Construction thematic scorecard
Construction Thematic Screen
10% 10% 5% 10% 5% 10% 10% 20% 15% 5% 100%
Weighting
Company MKT CAP Ticker Country Internet of Smart Cities 3D Printing Modular Emerging Sustainability Workplace COVID-19 Building Artificial C Thematic
(US$ M) Things Construction Economies Safety Information Intelligence o Ranking
Modelling (BIM) l
u
Siemens 137,808 SIE Germany 5 5 5 4 3 5 3 2 5 5 1
Skanska 10,555 SKA B Sweden 4 4 5 5 2 5 3 2 5 5 2
Bechtel Unlisted Unlisted USA 4 5 3 4 2 4 4 3 4 5 3
Laing O'Rourke Unlisted Unlisted UK 4 4 3 5 2 4 4 2 5 4 4
AECOM 9,371 ACM USA 4 4 4 4 2 4 4 3 3 5 5
Balfour Beatty 2,808 BBY UK 4 3 3 5 2 5 4 1 5 4 6
Koninklijke BAM 707 BAMNB Netherlands 4 5 5 4 2 5 3 1 4 4 7
Shimizu 6,732 1803 Japan 4 4 3 3 2 4 4 2 4 5 8
POSCO 25,263 5490 Korea 4 3 3 4 3 5 4 2 3 4 9
VINCI 61,142 DG France 5 4 5 4 2 4 2 1 4 5 10
Samsung C&T 20,455 28260 Korea 3 5 4 4 4 3 3 1 4 5 11
M.A. Mortensen Unlisted Unlisted USA 3 3 2 3 2 3 3 3 5 4 12
Acciona 9,085 ANA Spain 4 4 4 3 2 5 4 1 3 5 13
Bouygues 15,240 EN France 3 4 5 4 2 3 2 1 5 4 14
STRABAG 3,927 STR Austria 3 3 5 3 2 2 3 2 5 4 15
Doosan 922 150 Korea 3 3 3 3 4 4 3 2 3 5 16
PCL Construction Unlisted Unlisted Canada 4 2 2 4 2 4 3 1 5 4 17
McDermott Unlisted Unlisted USA 2 3 2 4 4 3 5 2 3 4 18
China State Construction Engineering
33,104 601668 China 3 3 4 4 2 2 3 3 3 3 19
Lendlease 6,767 LLC Australia 3 4 3 4 2 4 4 1 3 4 20
Clark Construction Unlisted Unlisted USA 3 3 2 3 2 3 4 2 4 4 21
Petrofac 451 PFC UK 3 3 2 3 4 4 5 1 3 4 22
Ferrovial 19,077 FER Spain 4 3 4 3 2 2 2 2 4 4 23
Hyundai Engineering & Construction 4,367 720 Korea 3 3 2 3 3 4 3 2 3 4 24
TechnipFMC 3,486 FTI UK 3 3 2 3 4 4 4 1 3 4 25
MaireTecnimont 966 MT Italy 3 2 2 3 3 5 5 1 3 3 26
Tecnicas Reunidas 828 TRE Spain 2 3 2 3 2 5 5 1 3 3 27
ACS 9,851 ACS Spain 3 3 3 3 2 2 2 2 4 4 28
Larsen & Toubro 9,500 LTI India 4 4 3 4 5 2 1 1 3 4 29
Fluor 3,124 FLR USA 2 3 2 4 2 2 4 2 3 4 30
Construction COVID-19 further reading
Latest COVID-19 reports from the Construction Intelligence Center

30/11/2021 Trend Insight: Technology in Construction, 2021 Construction in Indonesia – Key Trends and
21/11/2021
Opportunities to 2025 (Q4 2021)
30/11/2021 Project Insight - Global Port Construction Projects
Construction in Norway – Key Trends and
21/11/2021
Project Insight - Global Water and Sewage Opportunities to 2025 (H2 2021)
25/11/2021
Construction Projects Construction in the UAE – Key Trends and
18/11/2021
25/11/2021 Construction Confidence Report - H2 2021 Opportunities to 2025 (Q4 2021)
Construction Project Momentum Index - October
Construction in Mexico – Key Trends and 15/11/2021
24/11/2021 2021
Opportunities to 2025 (Q4 2021)
Construction in Portugal - Key Trends and
Construction in Peru – Key Trends and Opportunities 13/11/2021
23/11/2021 Opportunities to 2025 (H2 2021)
to 2025 (Q4 2021)
Construction in the Czech Republic – Key Trends and
12/11/2021
Analyst Briefing: Tightened government regulations Opportunities to 2025 (H2 2021)
23/11/2021
weigh on China’s construction sector
Analyst Briefing: Australian residential approvals
12/11/2021 slow, but strong demand and cheap credit to drive
residential growth
79
Source: GlobalData
Consumer
Consumer
The sector has recorded a steady upward trend in most key metrics since March 2020
News sentiment and quarterly filings sentiment remain largely positive in the sector after overcoming the worst of the pandemic
150
125 200
100 150
100
75 100
50
50
50
0 0
50.00 50 INDICES
Equity 2.7% 4.6% 5.5%
25 Jobs -1.7% -8.6% 38.6%
25.00
M&A - 4.1% 37.6%
0
-
SENTIMENTS
-25 News - -0.7% 10.0%
(25.00)
Filings - - 110.3%
-50
(50.00) 2019 2020 2021
Equity, jobs, news, deals, and filings sentiments indices as of 29 December 2021 81
Source: GlobalData
Consumer sub-sector impact
Consumers whose lifestyles now revolve around the home continue to drive the food and household care sectors
Food consumption at home remains elevated compared with pre-COVID times, driven by continued risk-aversion and now-
Food established scratch-cooking behavior. Meat substitutes are expected to see the most value percentage growth this year,
albeit from a small base, and canned and dried foods follow behind as products with long shelf lives are still appealing.
The sector is anticipated to recover to its pre-pandemic value this year, driven by the anticipated growth for the spirits
Alcoholic drinks category, followed by wines, and beer & cider. However, consumers will likely remain cautious with both their social
interactions and spend, particularly as the new Omicron variant forces some nations back into lockdowns.
Hot coffee and hot tea are anticipated to see the most value percentage growth this year as more indoor, sedentary
Non-Alcoholic lifestyles have been established amid the pandemic. Flavored water will see the most growth following this, as consumers
drinks continue to prioritize ‘healthier’ beverages.
Paper products and dishwashing products will see the most growth this year, though the sector will continue to grow
Household goods strongly overall as demand remains heightened to match consumers' elevated home cleaning routines. Growth is expected
to continue in future as consumers remain risk-averse and hygiene-conscious as new variants continue to emerge.
The pandemic has slowed demand for cosmetics while hygiene products fared better. All categories are anticipated to
Cosmetics &
grow this year and have recouped their 2019 pre-pandemic values except fragrances, make-up, male toiletries, and
toiletries
suncare, driven by behavioral changes such as working from home and lockdown restrictions on social gatherings.
Consumer value chain impact
COVID-19 has altered consumer behavior and the most successful companies have adapted their strategies to accommodate this
Supplier Network Manufacturers Logistics and Channels Consumers

distribution
Product development Companies need to

Consumer Goods will be hampered by renew their logistics A global recession will
Online retailers will
companies are likely to COVID-19 disruption. operating models to increase demand for
Short and mid- become increasingly
be forced to analyse The sales mix is likely to increase resilience, value products
term impact important for consumer
their sourcing change– favourable for responsibility, and preference towards
goods manufacturers.
strategies. some, though others effectiveness and shopping local.
will struggle. efficiency.
New supplier networks

Economics of delivery
might be created to build While weaker
platforms key question Long-lasting impacts
more resilience into businesses and brands
Long-term “New normal” patterns for long term force CPG companies
overall might fail, those left
impact will bed in. profitability as to alter pricing and
arrangements. Use of should be well placed to
consumers look for promotion strategies.
more automation fill any voids.
value-based shopping.
in logistics hubs.
Consumer mitigation strategies
The immediate recession was moderate, the bottom will last for a couple of years, the recovery will also be moderate
However, within different sectors and countries the performance will vary; the average industry curve consists of winners and losers

▪ Diversify or revise supply chain arrangements to add ▪ Monitor carefully changing consumer consumption
resilience to shocks to the system. patterns and rebalance product portfolios to best match
▪ Develop alternative distribution strategies to overcome the areas you decide to play in.
delays in logistics and distribution. ▪ Revise consumer engagement strategies to account for
▪ Develop new channel management strategies to reflect likely permanent changes in the occasions and locations
greater channel complexity. of consumption patterns.
▪ Seek to add, where appropriate, value for money ranges ▪ Develop product portfolios and strategies that provide
to account for tightened consumer budgets. greater flexibility when future major disruption occurs.
Consider having shelved plans that are "ready to go" if
▪ Manage and monitor stock levels to maintain need be.
continuous supply to avoid shoppers switching brand
loyalty to get the benefits they need. ▪ Accelerate technology adoption that will act as a
powerful enabler which will help drive consumers both
online and in store in future.
Consumer thematic scorecard
Consumer Thematic Screen

5% 10% 15% 5% 15% 10% 10% 15% 10% 5% 100%
Weighting
Company MKT CAP Ticker Country Virtual and Direct-to- COVID-19 Cloud Ecommerce Health & Cybersecurity Sustainability Social Media Artificial C Thematic
(US$ M) Augmented Consumer Wellness Intelligence o Ranking
Reality l
u
Nestle 322,866 NESN Switzerland 3 4 4 4 4 4 4 4 4 4 1
P&G 338,763 PG USA 4 4 4 4 3 4 4 4 4 5 2
Unilever 148,042 ULVR UK 3 4 3 4 4 4 3 4 4 5 3
RB 64,394 RB. UK 4 4 4 4 4 4 3 3 4 3 4
Kraft Heinz 49,879 KHC USA 2 4 4 4 4 3 3 3 4 4 5
L'Oreal 215,066 OR France 4 4 3 4 4 3 3 3 4 4 6
PepsiCo 199,845 PEP USA 4 4 3 3 4 3 3 3 4 4 7
Estee Lauder 105,393 EL USA 4 4 3 4 3 3 2 4 4 5 8
General Mills 38,117 GIS USA 2 3 4 4 3 4 3 4 3 4 9
Colgate-Palmolive 67,800 CL USA 3 4 3 3 4 3 3 3 4 4 10
Kellogg's 22,106 K USA 2 3 4 4 3 4 3 4 3 3 11
Heineken 25,967 HEIO Netherlands 4 4 3 3 3 4 2 3 4 4 12
AB InBev 108,656 ABI Belgium 3 4 3 3 3 4 3 3 3 4 13
Diageo 97,450 DGE UK 4 3 3 1 3 4 3 4 3 4 14
Danone 47,730 BN France 3 4 3 3 3 4 3 3 3 4 15
Mondelez International 84,981 MDLZ USA 3 3 3 4 3 4 2 3 3 4 16
Coca-Cola 232,056 KO USA 3 3 3 3 3 3 3 3 3 4 17
British American Tobacco 907 BAT Malaysia 2 2 3 3 3 3 3 3 3 3 18
Phillp Morris International 141,809 PM USA 2 2 2 3 2 2 3 2 2 4 19
Imperial Brands 19,682 IMB UK 2 2 2 2 1 2 2 2 2 2 20
Consumer COVID-19 further reading
Latest COVID-19 reports from the Consumer Goods Intelligence Center
Consumer Survey Insights: Consumer Sentiment Amid

Consumer Survey Insights: Eating Locations by Daypart: 22 Nov 2021
31 Dec 2021 COVID-19
What Consumers Eat and When
Consumer Survey Insights: Appealing Claims in

19 Nov 2021
22 Dec 2021 Consumer Survey Insights: Beauty & Grooming Occasions Consumer Goods Products
Consumer Survey Insights: Dining At-Home vs Out-Of- Consumer Survey Insights: Mega-Trends and Their
22 Dec 2021 17 Nov 2021
Home Importance
Topical Insights: The Future of Cancel Culture for

21 Dec 2021 28 Oct 2021 Thematic Research: IoT in Consumer Goods
Consumer Goods
Consumer Survey Insights: Eating Locations by Daypart:

17 Dec 2021 22 Oct 2021 Consumer Behavior Case Study: Localism
Where Consumers Eat Their Key Meals
86
Foodservice
Foodservice
The sector has witnessed a steady upward trend in most key metrics since March 2020
News sentiment and quarterly filings sentiment remain largely positive in the sector after overcoming the worst of the pandemic
150
125 200
100 150
100
75 100
50
50
50
0 0
50.00 50 INDICES
Equity 6.4% 4.9% 3.9%
25.00 25 Jobs -0.3% -4.0% 9.9%
M&A - 9.1% 62.2%
- 0
SENTIMENTS
(25.00)
-25 News - -1.3% 20.5%
Filings - - 33.4%
-50
(50.00)
2019 2020 2021
Equity, jobs, news, deals, and filings sentiments indices as of 29 December 2021; 88
Source: GlobalData
Foodservice COVID-19 sub-sector impact
All foodservice channels continue to be affected by the pandemic, though home delivery models offer some relief for certain players
Coffee and tea shops returned to growth in 2021, though the channel is not anticipated to regain its 2019 value until
Coffee & Tea Shops 2023. Consumers who work from home have grown accustomed to consuming breakfast and having coffee and tea
breaks within the home, though a gradual return to office work may assist the sector’s comeback in future.
Scratch-cooking trends, price consciousness, and risk-aversion will continue to impact full-service restaurants this year.
Full-service The channel is anticipated to see healthy value growth this year, though the recuperation of its 2019 value will happen
restaurants only in 2023. Home delivery options will help this channel during potential future lockdowns.
Fast food chains are anticipated to recoup 2019 pre-pandemic values in 2022. Health-consciousness remains elevated
Fast Food among consumers, highlighting opportunities for players offering healthy menu items, while price-consciousness will also
play a role in the recovery of this channel.
Pubs, clubs & bars returned to growth last year but are not anticipated to regain their 2019 value in the period to 2025,
Pubs, Clubs & Bars highlighting the extent of the pandemic’s impact. The channel will benefit in markets where restrictions on socializing
and lockdown are minor, though consumers will remain cautious with both their social interactions and spend.
The cost sector returned to growth in 2021 after experiencing significant decline. It will see a further 11.3% value growth
Cost Sector this year driven by reopenings around the globe (in areas such as the education channel), though it will still not
recuperate its 2019 value.
Delivery services continue to help many operators stay afloat amid the pandemic. However, they remain impacted by
Home Delivery reduced consumer spending overall. Almost half (46%) of global consumers still claim to be staying at home as much as
possible, and 49% claim to have food delivered once per week or more, according to GlobalData’s Q4 global consumer
survey.
Foodservice COVID-19 value chain impact
Equipment Suppliers Food & Beverage Catering Service Channels & operators Food Delivery
Suppliers Providers Specialists
As restaurants begin to
As events, schools and Social distancing
The slow, drawn out open with social
Companies begin to get measures will decrease
Mid-term recovery of restaurants distancing measures Likely increased uptake
back to normal, catering restaurant capacity,
impact will be passed on to demand will increase of online delivery.
service providers negatively impacting
equipment suppliers. but lower than previous
revenues will increase. revenue.
years.
The slow, drawn out Cost- All channels will undergo

Delayed or cancelled
recovery of sector/contract a slow and painful Alternative methods of
Long-term restaurant openings will
recovery from the deep-
restaurants will be arrangements will delivery will be
impact negatively impact
passed on to food & require seated effect on explored, e.g. drones.
equipment suppliers.
beverage suppliers. restructuring. consumer behaviour and
household spending.
Foodservice COVID-19 mitigation strategies
The immediate recession will be moderate, the bottom will last for a couple of years, the recovery will also be moderate

▪ Advance developments in drone and contact-free ▪ Companies operating in the foodservice sector should
delivery options, dealing with partners as appropriate. look to automating processes. Digitalization provides the
opportunity for a convenient, contact-free and safe
▪ Divert capital expenditure to ensure business recovery. method of purchase, whilst also boosting exposure and
▪ Adopt expanded food safety and sanitization practices exclusivity.
and ensuring customers with greater supply chain
▪ Brands will need to be innovative, developing new
transparency and tracking. Brands can reassure
ranges and products to suit customers' changing
consumers through useful, straightforward and
preferences and price points.
understandable information in their marketing
campaigns, relating to the ‘new-normal’ that consumers ▪ Exploring new sales channels.
are concerned about in foodservice post-pandemic. ▪ Remodelling businesses and selling experiences for
customers e.g. cooking experiences.
▪ Create more robust supply chains by sourcing locally and
with chosen suppliers to ensure safety of ingredients.
Foodservice thematic scorecard
Foodservice Thematic Screen

10% 20% 10% 15% 5% 10% 5% 10% 10% 5% 100%
Weighting
Company MKT CAP Ticker Country Easy & COVID-19 Supply Chain Online Food Sensory & Health & Internet of Social Media Sustainability Artificial C Thematic
(US$ M) Affordable Management Delivery Indulgence Wellness Things Intelligence o Ranking
l
u
Domino's 14,437 DPZ USA 4 4 4 4 4 3 4 4 2 5 1
Yum! Brands 32,769 YUM USA 4 2 2 4 4 4 4 4 4 4 2
Chipotle 40,094 CMG USA 3 2 4 4 4 2 4 4 4 4 3
Doctor's Associates (Subway) Unlisted Unlisted USA 4 3 4 3 3 4 4 2 4 2 4
Wendy's 4,592 WEN USA 4 2 4 4 4 2 2 4 2 2 5
McDonald's Corp 169,506 MCD USA 4 2 2 2 3 3 2 4 3 4 6
Inspire Brands Unlisted Unlisted USA 3 3 3 3 3 2 2 2 3 3 7
Starbucks 128,479 SBUX USA 4 1 2 2 2 4 4 2 4 4 8
CFA Properties Unlisted Unlisted USA 4 3 2 2 2 2 3 2 2 4 9
Restaurant Brands Int (RBI) 31,290 QSR Canada 2 2 3 3 2 3 2 2 2 4 10
Seven & I Holdings 37,070 3382 Japan 1 2 2 2 2 2 4 2 3 4 11
Aramark 9,588 ARMK USA 2 1 2 2 3 3 3 2 2 4 12
Darden Restaurants 18,731 DRI USA 2 2 2 2 2 2 2 2 2 2 13
Brinker 3,159 EAT USA 1 2 2 2 2 2 2 2 2 2 14
Whitbread 9,494 WTB UK 1 1 2 1 1 1 4 1 4 4 15
Compass 35,921 CPG UK 1 1 2 2 1 2 2 1 1 2 16
Sodexo 14,197 SW France 2 1 2 1 1 1 2 2 1 1 17
Jollibee Foods Corp 4,020 JFC Philippines 1 2 2 1 2 1 1 1 1 1 18
Autogrill 1,991 AGL Italy 1 2 1 1 1 1 1 1 1 2 19
Dine Brands Global 1,465 DIN USA 1 1 2 1 1 1 1 1 1 1 20
Foodservice COVID-19 further reading
Latest COVID-19 reports from the Foodservice Intelligence Center
Consumer Survey Insights: Eating Locations by Daypart: Consumer Survey Insights: Eating Locations by Daypart:
31 Dec 2021 17 Dec 2021
What Consumers Eat and When Where Consumers Eat Their Key Meals
Consumer Survey Insights: Dining At-Home vs Out-Of-

22 Dec 2021 Success Case Study: Garten – A Corporate Foodservice
Home 17 Dec 2021
Brand That Adapted Quickly to the Pandemic
Consumer Survey Insights: Exploring Cuisine Preferences
22 Dec 2021
and Motivating Factors 22 Nov 2021 Webinar: Key Delivery and Tech Trends in Foodservice
21 Dec 2021 Foresights: Delivery Robots 2 Nov 2021 Thematic Research: M&A in Foodservice Sector
17 Dec 2021 Consumer Survey Insights: Eating Location Preferences 27 Oct 2021 Topical Insights: Trends and Opportunities in Meal Kits
93
Healthcare
Healthcare
COVID-19 has proven disruptive to hospital budgets, causing emergency uplifts of funds and deferments of upgrades
The loss of revenue from elective procedures is negatively impacting some hospitals, but hiring and M&A volumes have recovered
250
150 200
200
125
150
150
100
100
100
75
50
50
50
0 0
50.00 50 INDICES
Equity 4.5% 7.5% 19.4%
25 Jobs -2.6% -9.4% 66.7%
25.00
M&A - -8.0% -19.5%
0
-
SENTIMENTS
-25 News - 0.4% 12.2%
(25.00)
Filings - - 121.0%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Healthcare sub-sector impact
Providers are the hardest hit sector in healthcare, in terms of lost revenues and overburdened demand for equipment and COVID-19 treatments
Providers have some time to prepare before facing revenue losses, while Health Technology firms are presented with new opportunities to expand telehealth and virtual care
Elective procedures have resumed following declines in COVID-19 case volumes. Although the recovery has been robust
Providers in the US, regional spikes in COVID-19 cases and the emergence of the Omicron variant continue to put financial
pressures on healthcare providers.
The pandemic initially caused a reduction in care utilization, but later led to increased utilization due to continued
Payers COVID-19 cases and patient backlogs. The emergence of the Omicron variant has increased the level of uncertainty
regarding healthcare utilization moving into the first half of 2022.
With social distancing measures in place globally, Health technology companies are seeing opportunities to launch and
Service Suppliers
enhance telemedicine and virtual care capabilities. Reimbursement measures have been altered to cover telemedicine
and Providers
and virtual care, which is leading to increased adoption among broader populations than ever before.
Healthcare value chain impact
Healthcare systems are expected to remain stressed until an effective vaccine can be employed
Providers are particularly hard hit, but hard times are coming for Payers. Health Technology companies have strong opportunities for growth
Service Providers & Providers Payers Patients

Suppliers
Virtual Care and

Telemedicine will help
Telemedicine and digital Continued COVID-19 Economic pressures are
sustain healthcare
health initiatives will waves will keep expected to increase
Short and mid- interaction rates. Fear of
have mainstream equipment and staffing enrolment in public
term impact the virus is expected to
exposure and increased demand stresses high on programs such as
continue to impact
adoption. health providers. Medicaid.
modes of healthcare
utilization.
Virtual Care modes of Financial stresses will Payers will need to Healthcare engagement
healthcare interaction emphasize alternative adapt to uncertainty in will rely upon job
will become more delivery of care. Value- expected utilization and recovery and insurance
Long-term
commonplace and based care and appropriate premium cost. Value-based care
impact supported through population health pricing, resulting from and Virtual Care will
regulation and reinforcement are continued COVID-19 help increase
reimbursement. expected. waves. engagement.
Healthcare mitigation strategies
The immediate recession will be deep, the bottom will be short, the recovery will be drawn out.

▪ Focus on value-based care instead of volume-based ▪ Continue to innovate in digital health in order to expand
care. patient populations and increase care interaction rates.
▪ Supply chain diversification is necessary. ▪ Push for robust Population Health management
▪ Continue to integrate Virtual Care and Telemedicine strategies in order to proactively keep costs down in the
capabilities in order to increase patient pool reach. future.
Healthcare thematic scorecard
Healthcare Thematic Screen

15% 10% 10% 10% 10% 10% 10% 10% 10% 5% 100%
Weighting
Company MKT CAP Ticker Country Virtual Care Personal Health Cybersecurity Artificial Big Data Cloud IaaS / Seamless Connected COVID-19 Patient Access C Thematic
(US$ M) Data Intelligence PaaS Financing Patient to Healthcare o Ranking
l
u
Amazon 1,548,829 AMZN USA 3 4 4 5 5 5 3 3 5 3 1
Microsoft 1,774,231 MSFT USA 4 4 4 5 4 5 3 3 4 3 2
IBM 121,404 IBM USA 4 3 4 5 5 5 3 3 3 2 3
Cisco 221,924 CSCO USA 4 4 5 4 5 4 2 4 2 3 5
Ping An Insurance 220,873 601318 China 4 2 4 5 4 4 2 4 4 5 6
Humana 54,864 HUM USA 4 3 3 4 4 4 5 4 2 4 7
UnitedHealth 358,333 UNH USA 4 4 2 4 5 3 4 3 3 4 8
Oscar Health Unlisted Unlisted USA 4 4 2 3 4 4 4 4 3 4 9
Apple 2,037,907 AAPL USA 3 4 4 5 4 2 2 5 4 2 10
Cigna 85,994 CI USA 4 3 3 3 4 3 5 4 2 5 11
AXA 64,442 CS France 4 2 4 5 4 4 4 3 1 2 12
Cleveland Clinic Unlisted Unlisted USA 4 3 3 3 4 3 3 4 3 4 13
Accenture 185,926 ACN Ireland 3 3 4 4 4 4 3 3 3 2 14
Cerner 22,203 CERN USA 4 5 3 2 4 2 4 3 3 3 15
One Medical 5,100 ONEM USA 4 3 2 3 3 2 4 4 4 4 16
Mayo Clinic Unlisted Unlisted USA 4 3 3 4 3 3 3 3 3 3 17
Walmart 385,009 WMT USA 3 2 3 4 3 3 3 3 4 4 18
Anthem 90,461 ANTM USA 3 3 3 4 4 3 3 3 2 4 19
LabCorp 24,554 LH USA 3 3 3 4 4 3 3 3 3 2 20
Centene 38,176 CNC USA 4 2 3 3 3 3 3 3 3 4 21
Tenet 5,515 THC USA 3 3 3 3 3 3 3 3 4 3 22
Tencent 755,844 700 China 2 1 2 4 3 4 4 4 4 3 23
Tata Consultancy Services 156,235 TCS India 2 3 3 4 4 3 3 3 3 2 24
Quest Diagnostics 17,088 DGX USA 3 3 2 3 4 3 2 3 4 3 25
HCA Healthcare 63,071 HCA USA 4 2 3 3 3 3 1 4 3 2 26
Walgreens Boots Alliance 45,665 WBA USA 3 2 2 3 3 3 3 3 4 3 27
McKesson 31,197 MCK USA 3 2 2 3 3 4 3 3 3 3 28
Molina Healthcare 13,619 MOH USA 3 2 2 3 3 2 5 2 3 4 29
CVS Health 100,056 CVS USA 3 2 2 4 3 3 3 2 3 3 30
Healthcare COVID-19 polls
Latest COVID-19 polls suggest that telehealth is likely to remain in use after the pandemic and that demand for elective procedures reopening in the
short term is mounting.
100
Healthcare COVID-19 further reading
Latest COVID-19 reports from the Healthcare Intelligence Center

26/05/2020 Coronavirus (COVID-19) - Executive Briefing 11/05/2020 Coronavirus (COVID-19) - Executive Briefing
26/05/2020 Coronavirus (COVID-19) Weekly Macroeconomic Forecast 11/05/2020 Coronavirus (COVID-19) Weekly Macroeconomic Forecast
Coronavirus Disease 2019 (COVID-19) Sector Impact: 07/05/2020 Coronavirus (COVID-19) - Executive Briefing
21/05/2020
Health Insurance Implications
04/05/2020 Coronavirus (COVID-19) Insurance Regulatory Updates
21/05/2020 Coronavirus (COVID-19) - Executive Briefing
18/05/2020 Coronavirus (COVID-19) Weekly Macroeconomic Forecast
04/05/2020 Coronavirus (COVID-19) Weekly Macroeconomic Forecast

Insurance
Insurance
Insurers are beginning to be impacted by claims stemming from disruption caused by COVID-19
The economic slowdown will limit growth in the industry as demand for policies falls and providers' appetite for risk falls
200
125 200
150 150
100
100 100
75
50 50
50
0 0
50 INDICES
50.00
Equity 3.9% 3.8% 15.6%
25 Jobs -4.3% -10.6% 68.4%
25.00
M&A - 2.1% -4.8%
0
-
SENTIMENTS
-25 News - 0.4% 21.2%
(25.00)
Filings - - 150.2%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Insurance sub-sector impact
No sector of the insurance industry will see benefits from the pandemic
Those operating within specific lines of business may benefit but on the whole the industry will suffer
Insurers specializing in this sector will see a significant increase in claims stemming from the pandemic. The resulting
Accident &
increase in premiums combined with a fall in disposable income due to the global recession will see demand for policies
healthcare
contract.
Claims will increase beyond the expected seasonal rate, due to additional COVID-19 related deaths. Volatility in financial
Life insurance
markets place increased pressure on insurers’ balance sheets as returns on holdings fall.
Initially there will be a surge in claims in some lines of business, such as event cancellation. In the longer term the global
Non-life insurance
recession will reduce demand in both commercial and personal lines, despite continued government stimulus packages.
The impact on reinsurers will mirror that of insurers operating in other sub-sectors. The strain on reinsurers will increase
Reinsurance
as natural catastrophes will continue to occur throughout the year, compounding current losses.
Insurance value chain impact
Long term benefits are possible across the value chain despite short term pain
Product development Marketing & Underwriting & risk Claims management Customer service
distribution profiling
The cost of claims will The industry will need to The impact of customer
The impact on In the medium term
result in a lack of funds engage with customers service on market share
Shorts and mid- reinsurance will become claims will begin to
for innovation as core and highlight the will become evident as
term impact evident as natural stabilize after the peak
product lines are changes which have renewal dates are
catastrophes occur. of the virus is reached.
protected. occurred to policies. approached.
Changes in consumer New policies will have a The industry will benefit The need for a
habits which occurred as reliance on technology from the wealth of data contactless claims The high demand for
a result of lockdown particularly those which which will become process will result in clear communication of
Long-term
measures will create are usage-based, available allowing for significant investment in policy terms will lead to
impact demands for new resulting in the need for improved underwriting technology which a change in industry
policies to be new distribution accuracy relating to enables virtual claims practice.
developed. channels. future pandemics. processing.
Insurance mitigation strategies
The industry will experience a sharp initial decline but recover relatively quickly as economies bounce back

▪ Identify and develop policies for growth opportunities in ▪ Develop events coverage incorporating pandemic
both new lines of business and specific demographics. coverage for smaller scale events.
▪ Assess how business models have changed their ▪ Review insurtech partnerships following changing
operating models as a result of changes in consumer customer behaviour.
behaviour. ▪ Review investment strategies to establish exposure to
▪ Revise policy wordings to ensure clarity of exclusions. unforeseen events and continually monitor solvency
ratios.
▪ Invest in digitalization to reduce overheads and reduce
the need for human interaction following changes in ▪ Diversify product offering to minimise exposure to
consumer behaviour. vulnerable lines of business.
▪ Review and update crisis management and business ▪ Identify M&A opportunities as a way to further
continuity plans. strengthen and diversify.

Insurance thematic scorecard
Insurance Thematic Screen

5% 10% 5% 10% 15% 5% 10% 5% 20% 15% 100%
Weighting
Company MKT CAP Ticker Country Artificial Internet of Demographics Emerging Sustainability Personalization Cyber Insurance Computer vision COVID-19 Insurtech C Thematic
(US$ M) Intelligence Things Economies o Ranking
l
u
Ping An Insurance 220,873 601318 China 5 5 5 2 5 4 4 5 4 5 1
Swiss Re 31,871 SREN Switzerland 5 4 4 5 5 5 5 5 1 5 2
Root Insurance Unlisted Unlisted USA 5 5 5 1 4 5 3 3 4 5 3
Metromile Unlisted Unlisted USA 4 5 5 1 4 5 3 1 4 5 4
By Miles Unlisted Unlisted UK 4 5 5 1 4 5 3 1 4 5 5
AXA 64,442 CS France 5 4 4 5 5 3 5 1 1 5 6
Aon 52,797 AON Ireland 5 4 4 5 4 2 5 5 1 5 7
Munich Re 42,877 MUV2 Germany 5 4 3 5 4 4 4 5 1 5 8
Allianz 104,067 ALV Germany 4 4 1 5 5 4 5 5 1 4 9
Chubb 72,189 CB Switzerland 5 4 4 5 5 2 5 3 1 4 10
Zurich Insurance 64,973 ZURN Switzerland 4 4 4 4 5 5 5 2 1 4 11
Tokio Marine Holdings 35,260 8766 Japan 4 3 4 5 3 5 4 5 2 4 12
Extracover Unlisted Unlisted UK 4 4 5 1 3 5 3 1 4 5 13
Aviva 21,692 AV. UK 4 5 4 4 3 5 4 1 1 5 14
Marsh & McLennan 61,938 MMC USA 4 4 4 5 3 3 5 2 2 3 15
Neos Unlisted Unlisted UK 4 5 5 1 2 5 2 2 3 5 16
AIA 149,618 1299 Hong Kong 2 4 1 5 3 4 3 4 2 4 17
Direct Line 5,817 DLG UK 4 3 4 1 4 4 3 3 2 5 18
Discovery 6,104 DSY South Africa 4 5 4 4 3 5 3 1 1 4 19
Lemonade 5,124 LMND USA 5 1 5 1 1 5 3 4 4 5 20
Insurance Australia Group 8,885 IAG Australia 4 2 3 3 4 2 4 3 2 4 21
Policygenius Unlisted Unlisted USA 3 3 5 1 2 4 3 3 3 5 22
Anorak Unlisted Unlisted UK 5 3 5 1 1 4 3 2 3 5 23
Travelers 38,803 TRV USA 3 4 4 3 3 2 5 3 2 2 24
Prudential Financial 35,841 PRU USA 3 3 3 4 4 2 3 3 1 4 25
Cigna 85,994 CI USA 3 3 1 4 2 4 3 1 2 5 26
Assicurazioni Generali 31,625 G Italy 4 3 2 2 3 4 4 1 1 5 27
Suncorp 9,661 SUN Australia 3 2 3 1 5 2 3 2 2 4 28
PICC 35,120 1339 China 4 4 2 2 4 2 3 3 1 3 29
Arthur J Gallagher 24,757 AJG USA 4 2 2 4 2 4 5 2 2 2 30

Insurance COVID-19 further reading
Latest COVID-19 reports from the Insurance Intelligence Center

Aug 03, 2020 Coronavirus (COVID-19) Sector Impact: Insurance - Taiwan Jul 21, 2020 Coronavirus (COVID-19) Company Impact: Mapfre
Coronavirus (COVID-19) Sector Impact: Insurance - Jul 20, 2020 COVID-19 Tracker Consumer Survey
Aug 01, 2020
Germany
Coronavirus (COVID-19) Sector Impact: Insurance – South Coronavirus (COVID-19) Insurance Regulatory Updates –
Jul 29, 2020 Jul 20, 2020
Korea July 14 - 20, 2020
Coronavirus (COVID-19) Weekly Macroeconomic Forecast Jul 20, 2020 Coronavirus (COVID-19) Sector Impact: Insurance – Spain
Jul 27, 2020
- July 27th 2020
Coronavirus (COVID-19) Insurance Regulatory Updates – Jul 20, 2020 Coronavirus (COVID-19) Sector Impact: Insurance - India
Jul 27, 2020
July 21 - 27, 2020
Coronavirus (COVID-19) Weekly Macroeconomic Forecast -
Jul 20, 2020
Jul 23, 2020 Coronavirus (COVID-19) Sector Impact: Insurance – Japan July 20th 2020
Coronavirus (COVID-19) Sector Impact: Insurance – Jul 17, 2020 Thematic Research: The Future of Work
Jul 22, 2020
Switzerland
Coronavirus (COVID-19) Sector Impact: Insurance - South
Jul 16, 2020
Jul 22 2020 Coronavirus (COVID-19) Sector Impact: Insurance - China Africa
Jul 15, 2020 Coronavirus (COVID-19) Sector Impact: Insurance – France

Medical
Medical
Disruption of normal hospital operations is disruptive to medical device companies, but share prices and jobs have recovered
Medical device companies are more optimistic, as vaccinations lead to a reduction of serious COVID-19 cases.
250
200 200
200
150 150
150
100 100
100
50
50 50
0 0
50.00 50 INDICES
Equity 4.2% 4.7% 11.9%
25 Jobs -2.1% -4.1% 46.5%
25.00
M&A - -10.3% -43.5%
0
-
SENTIMENTS
-25 News - 1.5% 5.7%
(25.00)
Filings - - 100.4%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Medical sub-sector impact
Expectations increase for elective surgery volumes to continue to recover during H2 2021
Surgical volumes are continuing to recover, but the recovery is sensitive to a third wave. For some industries, the COVID-19 bonus has passed.
ResMed Inc. posted its results for 2021 Q3, reporting $806.5 million in total sleep and respiratory care revenue for a 22%
Anaesthesia & increase over last year. While hospitals are facing regional outbreaks, demand for respiratory equipment is falling due to
Respiratory load purchasing, improved clinical outcomes and vaccination efforts. GlobalData expects the market to return to pre-
Devices pandemic levels in 2022. Critical equipment, such as CPAP machines, is now experiencing supply issues due to the
ongoing semi-conductor shortage.
Medtronic reported $2,827M global cardiovascular revenue in its recent FY22 Q2 earnings report – representing a 3.7%
Cardiovascular growth year-over-year. However, in the US, Cardiovascular revenues declined -0.3% year-over-year. Medtronic reported
Devices 25.2% growth in their emerging markets, representing an additional $102M of revenue. This highlights the uneven and
fragile nature of recovery from the pandemic.
Signs that the Dental sector is recovering from COVID-19 are evident from Q3 results from Biolase, the market leader in
dental lasers, with net revenue increasing 46% to $9.5M, with 78% of US sales from new customers. According to
Dental Devices
GlobalData, Biolase had a 10.6% share of a market worth $2.6B in 2020, which GlobalData expects to bounce back to
$3.3N in 2022.
Smart Meter published new survey findings revealing that only 18% of respondents' glucose monitors are enabled to
share data directly to their providers. In the COVID-19 era, there is an opportunity to increase Remote Patient
Diabetes Care
Monitoring in devices. GlobalData surveys show that patients are supportive of continued telemedicine, and that this is
Devices
likely to be sustained in the post-pandemic period. There may be further opportunity to improve Continuous Glucose
Monitors, with respect to remote monitoring capabilities.
Expectations increase for elective surgery volumes to continue to recover during H2 2021
Elective surgery recoveries may be affected by further waves or emergence of vaccine escape variants
In October 2021, it was announced that Fujifilm India Private Limited has partnered with Bengaluru-based Sakra World
Diagnostic Imaging Hospital in order to establish new software powered by AI that is able to assist doctors in diagnosing the possibility of
Devices pneumonia among COVID-19 patients. With COVID-19 continuing affecting all countries worldwide, India and US still have
the highest number of patients who have died from COVID-19.
Drug Delivery Teleflex, in Q3 2021 earnings, reported that the Vascular Access revenue was up 8.5% at $175.5m, and 6.7% over the
Devices previous 9 months, indicating a continuing strengthening of revenues following the height of the COVID-19 pandemic.
Researchers found that COVID-19 can infect inner ear hair cells and cranial nerves that may lead to hearing and balance
Ear, Nose and problems, leading to hearing loss. According to GlobalData, the global market for Hearing Implants is estimated to total
Throat Devices nearly $1.5B in 2021, growing to over $2.2B by 2030. Hearing Implants, which include Cochlear Implants and other types
of implantable devices, continue to dominate the ENT market, especially within the United States.
GlobalData expects the growing volatility in the supply chain of critical components like semiconductors and capacitors
to increase costs and uncertainty in the development and sales of all robotic-assisted surgery (RAS) systems. Stabilization
General Surgery of the supply chain for such components and the regulatory approval decisions of new RAS systems are among the key
Devices indicators for the continued rapid growth of this market and its competitive dynamics. Johnson and Johnson reported
delays in the Ottava RAS system rollout due to supply chain pressures.
Expectations increase that elective surgery volumes will continue to recover during H2 2021
Success in vaccine rollout is driving reduced mortality, but vulnerable patient groups persist.
The University of Mississippi Medical Center partnered with C Spire to launch the C Spire Health smartphone app in
Healthcare March 2020 that will allow placing patients in virtual rooms with subsequent assessment of their symptoms and risk
Information evaluation. Wearable tech has been rapidly developing due to its implementation of mobile health technology, remote
Technology patient monitoring and COVID-19 testing apps. According to GlobalData, the global market value for wearable
technology is expected to grow at a compound annual growth rate (CAGR) of 19% to $64B by 2024.
Early in the COVID-19 crisis, medical device supply chains were hit hard, demonstrated by the global scramble for personal
protective equipment. While Stryker saw Q3 revenues in their hospital supplies related segment increase by 6.1%, the
Hospital Supplies company observed an increase in the Cost of Operations. Supply chain issues have limited source material shortages
resulting in reduced margins. As global economies recover, there is likely to be an intensification of supply chain
pressures.
Globally, major IVD players are citing strong recovery of base business revenues in 2021. Roche Diagnostics posted growth
of 18% for Q3, driven by strong performance in Core Lab (+26%), Molecular Lab (+36%) and POC (+280%) segments. Year-
In Vitro Diagnostic to-date, Roche Diagnostics has seen sales growth of 39% on a constant currency basis. In November, Roche launched the
Devices fully automated low-throughput Cobas 5800 instrument in CE-approved markets, aiming to expand laboratory access to
existing Cobas tests, including diagnostics for COVID-19. Roche expects an increased volume in molecular COVID-19 tests
for H2 2021.
Baxter’s Renal Care business grew by 3% to $98mn in Q3 2021 in comparison to Q3 2020 results. The performance was
Nephrology &
driven by the global growth in the Peritoneal Dialysis business, reflecting an improvement in global patient volumes, as
Urology Devices
the pandemic moves into an endemic phase.
Expectations increase that elective surgery volumes will continue to recover during H2 2021
Continued recovery of elective procedures is dependent on continued success of vaccination programs
Vagus nerve stimulation is being tested for treating COVID-19 induced inflammatory diseases. ElectroCore Inc.
conducted a study looking at non-invasive vagus nerve stimulation using gammaCore Sapphire in patients in hospital for
Neurology Devices COVID-19. The aim of using non-invasive vagus nerve stimulation for COVID-19 patients is to combat long term effects of
COVID. After sharply contracting to $4Bn in 2020, GlobalData found the Neuromodulation market sharply bounced back
to 5.7BN in 2021, after restrictions on non-essential surgeries were relaxed in the major markets.
The COVID-19 emergency has baked in ongoing delays for ophthalmic surgery until at least 2023. A recent study
Ophthalmic published in the Canadian Medical Association Journal estimated that a 34% increase in surgical volumes would be
Devices needed to clear Ontario’s backlog by 2023. Alcon, a global leader in eye care, posted Q3 2021 sales revenue of $2.1Bn,an
increase of 15% compared to Q3 2020. The company credited its performance to innovations within its Surgical and
Vision Care pipelines, and its overall strength within the US market as it recovers from COVID-19.
The Orthopedics sector is notably struggling to recover, despite hopes early on, especially in the US, that procedures
Orthopedic could return in specialty hospitals. Zimmer Biomet reported revenue of $1.9Bn, a decrease of 0.3% from the same period
Devices in 2020, with the hip & knee businesses down 1% and 2.4% versus 2019, respectively. Similarly, Smith & Nephew reported
revenue declining -5.9% in Orthopedics franchise in Q3, reaching $508 million.
Smith & Nephew created the product IODOSORB 0.9% Cadexomer Iodine Range, which is a wound dressing; the dressing
Woundcare is a topical antimicrobial that works in combination with desloughing and fluid handling properties. The new products
Devices will be beneficial to Smith & Nephew as they get sales back on track after dipping due to COVID-19, as systematic
reviews & meta analyses have shown this product is more effective than many others on the market.
Medical value chain impact
Disruption in medical markets is expected to continue through 2021, and may also impact 2022
Companies with minimal supply chain disruption are better equipped to perform well over the long term
End Users
Supplier Network Manufacturers Sales & Marketing (Patients, Physicians,
Hospitals)
As concerns over availability of Developers of COVID-19 Healthcare providers will

materials subside, interventions could thrive; the continue to struggle with
Sales will begin to recover once
Short and mid- manufacturing process will bulk of the industry will be provided adequate patient care
supply chains and procedures
term impact begin to resume, though will challenged with supply chain as long as a shortage in any
are not disrupted.
initially lag relative to regular interruptions, and limited aspect of patient care is
operations. procedures. deficient.
The need for devices will grow

The healthcare system will
Growth will be derived from above pre-COVID-19 levels due
Sales volumes will increase as remain overburdened by the
opportunities to manufacture to the increased number of
Long-term devices are sold to make up for number of procedures that are
and support distribution of procedures to catch up the
impact the lack of procedures in early required post COVID-19, but
COVID-19 tests and test delay. In some cases, not all
2020. providers will not be
capabilities. missed procedures will be
overburdened.
caught up.
Medical mitigation strategies
The immediate recession was deep for companies dependent on surgical procedures, but less severe for companies who are best placed to contribute
towards COVID-19 therapeutic solutions, the bottom will persist, and the recovery will be drawn out over several years
The length of the rebound will depend on the rate of procedure rescheduling
▪ Catch up with the wait list for elective and semi-elective ▪ Continue the shift towards virtual for physician detailing,
procedures. select conferences, and clinical trials to minimize future
▪ Embed telehealth and remote patient monitoring into disruptions.
patient treatment. ▪ Prepare for healthcare emergencies.
▪ Continue to trace isolated pockets of the disease to ▪ Re-examine current manufacturing capabilities for
control future outbreaks. critical supplies.
▪ Distribute widely vaccines or therapeutics to stem ▪ Replenish stockpiles.
current and future outbreaks, and improve patient ▪ Develop plans for rapid assessment and implementation
outcomes. of risks to general population and infrastructure.
▪ Minimize supply chain risk by increasing relationships ▪ Reinvigorate Diagnostics industry to provide better
with component producers. surge capacity in response to EIDs.
▪ Reappraise the supply chain to provide more agility in
times of sudden surge.

Medical thematic scorecard
Medical Devices Thematic Screen
10% 5% 10% 5% 5% 10% 10% 5% 15% 25% 100%
Weighting
Company MKT CAP Ticker Country 3D Printing Artificial Robotics Wearable Tech Cybersecurity Genomics Mobile Health Geopolitics Remote Patient COVID-19 C Thematic
(US$ M) Intelligence Monitoring o Ranking
l
u
Medtronic 160,636 MDT Ireland 5 5 5 4 4 3 5 4 5 3 1
Roche 282,179 ROG Switzerland 3 4 3 4 3 5 4 3 4 5 2
Philips 51,736 PHIA Netherlands 3 4 3 4 1 4 4 3 5 5 3
Apple 2,037,907 AAPL USA 3 5 3 5 4 3 5 2 5 4 4
Abbott 216,534 ABT USA 4 3 3 5 3 5 5 4 5 3 5
DexCom 33,601 DXCM USA 3 2 3 4 2 3 5 3 5 5 6
Amazon 1,548,829 AMZN USA 3 5 3 4 4 3 4 2 4 5 7
Johnson & Johnson 437,135 JNJ USA 5 4 5 4 3 4 4 4 4 3 8
Danaher 161,781 DHR USA 3 2 3 3 3 5 3 4 3 5 9
Agilent Tech 38,215 A USA 3 3 3 3 3 5 3 3 3 5 10
Qiagen 11,168 QIA Netherlands 3 3 3 3 2 5 3 4 3 5 11
3M 113,415 MMM USA 4 4 3 4 3 3 4 4 3 4 14
Boston Scientific 54,818 BSX USA 4 3 4 4 3 3 5 3 4 3 15
Zimmer Biomet 33,301 ZBH USA 5 3 5 4 1 3 5 3 5 2 16
Thermo Fisher Scientific 180,582 TMO USA 3 1 3 2 2 5 3 4 3 5 17
Siemens Healthineers 60,851 SHL Germany 4 4 4 3 3 4 3 4 4 3 18
Smith & Nephew 16,673 SN. UK 5 4 5 4 3 3 3 3 3 3 19
GE 113,761 GE USA 5 5 3 4 4 3 3 3 5 2 20
Alibaba 627,329 BABA China 3 5 3 2 2 4 4 2 3 4 21
Baxter 43,512 BAX USA 3 2 2 3 3 3 4 3 4 4 22
Stryker 91,082 SYK USA 5 4 5 2 3 3 2 3 3 3 23
Intuitive Surgical 85,700 ISRG USA 3 4 5 3 3 3 3 2 3 3 24
Becton Dickinson 71,809 BDX USA 3 3 3 4 2 5 1 3 4 3 25
Omron 16,911 6645 Japan 3 4 3 3 2 3 4 3 5 2 26
Garmin 24,899 GRMN Switzerland 3 3 3 5 2 3 4 2 4 2 27
Illumina 57,631 ILMN USA 3 2 3 3 3 5 3 3 3 2 28
Getinge 7,010 GETI B Sweden 3 2 4 2 1 3 2 2 2 4 29
Biotronik Unlisted Unlisted Germany 3 3 3 4 2 3 4 3 4 1 30

Medical COVID-19 further reading
Latest COVID-19 reports from the Medical Intelligence Center

NanoMosaic LLC Is Developing a Prognostic COVID-19 Jobs Tracker: GE Healthcare LLC Job Postings Increased
Nov '21 Oct '21
Test for Patient Treatment Monitoring by 5.5%
Jobs Tracker: Danaher Corporation Job Postings Influencer Tracker: How Mobile Health Clinics Can Be
Nov '21
Decreased by 5.55% Oct '21 Used for COVID-19 Testing and Vaccination and the FDA
Issues an Authorization for a New COVID-19 Home Test
Aerosol Devices Is Developing an Aerosol Sampling
Nov '21
System for COVID-19 Detection CardioSounds LLC Has Developed CardioSensor, a
Oct '21
Remote Patient Monitoring Platform for COVID-19
Influencer Tracker: COVID-19 Detection Breath Test
Developed by Ohio University and Becton Dickinson Jobs Tracker: Quest Diagnostics Inc Job Postings
Nov '21 Sept '21
Releases the Veritor Over-the-Counter Rapid Antigen Increased by 3.8%
Test
Mobile Health Applications Can Help in the Fields of
Sept '21
Will the Orthopedic Players Enjoy a Surge of Pent-Up Cognitive Function & Mental Health
Oct '21
Demand Due to COVID-19?
Sept '21 US Medical Devices Active Job Postings at Record Highs
Mix of Rapid Progress and Critical Setbacks Highlights
Oct '21 Rates of Ransomware Attacks Continue to Rise,
Current Robotic Surgical Systems Market Sept '21
Impacting Mortality Rates
A Faster Way of Detecting COVID-19 Has Been Developed
Oct '21
by MIT Researchers
118
Mining
Mining
Rising commodity prices since Q2 2020 have driven the market index, with steep growth in copper and iron ore prices in particular through to Q3
2021. While some have steadied or fallen sharply (such as iron ore, zinc, and aluminium) prices hit 10+ year highs in Q4 2021
250
200 200
200
150 150
150
100 100
100
50
50 50
0 0
50.00 50 INDICES
Equity 2.8% 3.0% 13.9%
25 Jobs -2.2% -9.7% 71.0%
25.00
M&A - -22.1% 27.3%
0
-
SENTIMENTS
-25 News - 1.9% 10.4%
(25.00)
Filings - - 74.5%
-50
(50.00) 2019 2020 2021
Equity, jobs, news, deal, and filings sentiments indices as of 29 December 2021 120
Source: GlobalData
Mining COVID-19 commodity impact
Copper and iron ore prices continue to surge
Rising demand as the northern hemisphere entered the winter months, coupled with increasing natural gas prices and supply
Coal constraints, led to a surge in thermal coal prices in September and October. After peaking at $269.50/t on October 5, an
intervention by the Chinese government, ordering its major miners to cut prices and increase output, led to thermal coal price
dropping to $140.90/t in early November, before it recovered to $166/t in December.
The gold price has fluctuated around the $1,800/oz mark for the last few months, with an increase in November due to rising
Precious Metals inflation followed by a dip, related to the spread of the latest COVID-19 variant in December.
After passing US$10,000/t in October, the copper price declined marginally over the remainder of the year, but still averaged
over 50% higher in 2021 compared with 2020. A drop in inventories has helped copper prices, which have been under pressure
Base Metals due to declining demand in China, with the country’s power supply crisis leading to factories being closed, thereby impacting
demand, with surpluses expected.
The global iron ore price fell steeply in November due to steel production curbs by China as the country looked to reduce
Iron Ore pollution and power use. However, while port stocks continued to climb, there followed an improvement in the price in
December, peaking at $113.6/t. For 2021, the average iron ore price was 52% higher than in 2020.
After reaching a six-year high of $1,325/troy oz in February, the price of platinum fell to a low of $925/troy oz in December,
Palladium &
before recovering marginally by the end of the year. The average price of platinum was still significantly higher in 2021,
Platinum
compared with the prior year, at $1,098/oz, an increase of 23%.
Mining value chain impact
The speed of recovery will also vary by commodity
Prospecting & Exploration Mine Development Extraction & Processing Marketing
With commodity prices

Recovery in China and public
improving and easing
Short and Continued travel restrictions will Miners are increasingly meeting sector investments have
restrictions, capex is on the rise,
hinder explorers, whilst investor production guidance unless non- supported rising
mid-term sentiment will impact capital
with developments constrained
COVID-19-related impacts have commodity demand in 2021
impact mainly by the ability to source
raising. led to reduced output. for industrial production and
the required workforce and avoid
infrastructure construction.
COVID-19 cases on site.
Improvements to emergency As the global economy returns to

Rising prices and the need to Recovery in commodity demand
response plans and investments growth, with rising demand from
meet rising future demand for and prices will spur an increase
Long-term in worker health. Increased construction and renewables
battery commodities and critical in mine development activity to
impact investment in technology and sectors, demand growth for
minerals will support exploration meet future demand
potentially an increase in commodities will return to pre-
activity. requirements.
automation. COVID expectations.
Mining mitigation strategies
The immediate impact will be hardest for those in commodities most tied to economic growth, such as construction and transport, with the recovery
dependent on the bounce back of the global economy

• Reschedule debt and address financing issues. • Ensure that liquidity is sufficient to weather the storm in
• Consolidate market position in growth commodities. the future.
• Acquire assets to enhance operational economies of • Ensure cybersecurity is fit for purpose.
scale. • Put in place effective collaboration tools.
• Consider divesting assets in weaker commodities. • Focus on autonomous materials movement (e.g.
• Use downtime to greatest advantage through upskilling autonomous trucks) and the automation of repetitive
workforce and upgrading assets. tasks to reduce the number of workers on sites.

Mining thematic scorecard
Mining Thematic Screen

5% 10% 5% 5% 5% 15% 10% 15% 15% 15% 100%
Weighting
Company MKT CAP Ticker Country Lithium-Ion Internet of Autonomous Capital Raising M&A Sustainability Climate Change Commodity Workplace COVID-19 C Thematic
(US$ M) Batteries Things Vehicles Markets Safety o Ranking
l
u
Fortescue Metals 48,385 FMG Australia 1 5 5 5 2 5 5 5 5 4 1
Newmont 49,748 NEM USA 1 4 3 5 5 4 4 5 5 4 2
Gold Fields 8,282 GFI South Africa 1 4 3 5 4 5 4 5 4 4 3
Newcrest Mining 15,577 NCM Australia 1 4 3 4 5 4 5 4 5 4 4
Polyus 24,892 PLZL Russia 1 4 3 4 3 4 4 5 4 4 5
Vale 89,582 VALE3 Brazil 4 5 4 5 5 3 5 5 2 3 6
Kirkland Lake gold 9,067 KL Canada 1 3 2 3 5 5 3 5 4 4 7
Northern Star 9,017 NST Australia 1 3 3 4 5 4 2 5 5 4 8
BHP 164,033 BHP Australia 3 5 5 3 3 4 5 4 3 3 9
Rio Tinto 126,087 RIO UK 3 5 5 3 2 2 4 5 5 3 10
Kinross Gold 8,478 K Canada 1 3 2 2 4 4 3 5 5 4 11
Barrick Gold 35,835 ABX Canada 2 4 3 3 4 3 3 4 5 4 12
Anglo American 52,772 AAL UK 4 4 3 4 4 4 5 4 3 2 13
POSCO 25,263 5490 Korea 3 4 3 5 4 5 3 3 4 2 14
AngloGold Ashanti 8,863 ANG South Africa 1 4 2 3 2 4 2 5 4 4 15
Boliden 10,159 BOL Sweden 3 4 3 1 1 5 5 3 4 2 16
Polymetal International 9,201 POLY Cyprus 1 3 2 4 4 4 3 5 2 4 17
Agnico-Eagle Mines 14,332 AEM Canada 1 3 3 3 2 4 2 5 4 3 18
Sumitomo Metal Mining 13,029 5713 Japan 2 3 2 1 5 3 4 4 4 3 19
Zijin Mining 37,176 601899 China 2 2 2 5 5 4 3 4 2 3 20
First Quantum Minerals 13,201 FM Canada 1 2 5 5 1 4 2 3 5 2 21
Freeport-McMoRan 46,817 FCX USA 2 4 3 5 2 3 4 3 3 2 22
ArcelorMittal 31,033 MT Luxembourg 1 3 3 5 5 1 5 5 2 2 23
Sibanye-Stillwater 12,957 SSW South Africa 3 3 2 4 3 3 3 5 2 2 24
Severstal 15,960 CHMF Russia 1 3 2 5 3 2 3 4 3 3 25
Nornickel 48,356 GMKN Russia 4 3 3 5 1 3 3 3 3 2 26
Antofagasta 22,461 ANTO UK 2 3 3 1 1 4 3 3 4 2 27
China Molybdenum 16,923 3993 China 3 4 4 4 4 4 1 3 2 2 28
Impala Platinum 14,822 IMP South Africa 3 2 2 2 4 3 3 5 2 2 29
Teck Resources 10,214 TECK.B Canada 2 4 4 2 4 4 5 1 3 1 30

Mining COVID-19 further reading
Latest COVID-19 reports from the Mining Intelligence Center

06/01/22 Commodity Price Tracker - December 2021 28/07/21 Global Lead Mining to 2025 - Impact of COVID-19
14/12/21 Mining Quarterly Review - Q3 2021 19/05/21 Global Uranium Mining to 2025 - Impact of COVID-19
22/04/2021 Mining Operations On Hold Due to COVID-19 (as at 22

07/12/21 Global Graphite Mining to 2025 – Impact of COVID-19
April)
06/12/21 Global Cobalt Mining to 2025 - Impact of COVID-19 30/03/2021 Global Coal Mining to 2025 - Impact of COVID-19
30/03/2021 Global Iron Ore Mining to 2025 – Impact of COVID-19

28/10/21 Global Lithium Mining to 2025 - Impact of COVID-19
09/02/2021 Global Copper Mining to 2024 - Impact of COVID-19
20/09/21 Global Platinum Mining to 2025 - Impact of COVID-19
25/02/2021 Analyst Briefing: Mining capital expenditure to bounce
31/08/21 Global Nickel Mining to 2025 - Impact of COVID-19 back in 2021
09/02/2021 Global Copper Mining to 2024 - Impact of COVID-19
24/08/21 Global Zinc Mining to 2025 - Impact of COVID-19
05/02/2021 Global Silver Mining to 2024 - Impact of COVID-19
23/08/21 Global Diamond Mining to 2025 - Impact of COVID-19
05/01/2021 Global Gold Mining – Impact of COVID-19
09/08/21 Global Bauxite Mining to 2025 - Impact of COVID-19
21/12/2020 COVID-19 - Tracking the Impact on the Mining Sector 125
Source: GlobalData
Oil & Gas
Oil & Gas
Key sectoral indicators have largely returned to pre-pandemic levels amid demand recovery and crude supply optimization
Despite lingering concerns, the overall industry sentiment has turned positive as crude prices surpassed 2019 average
150
125 200
100 150
100
75 100
50
50
50
0 0
50.00 50 INDICES
Equity 3.9% 1.4% 18.3%
25 Jobs -0.3% -4.1% 45.1%
25.00
M&A - -1.4% 28.3%
0
-
SENTIMENTS
-25 News - 1.3% 6.8%
(25.00)
Filings - - 85.3%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Oil & Gas value chain impact
After streamlining their operations, oil and gas participants are now seeking reaffirmation on new business models and strategies
Most new projects are expected to have some form of low-carbon technologies to support medium term and long term climate goals
Upstream Midstream Downstream Petrochemicals Equipment & Services
Review of asset Possible consolidation in

Opex reduction.
portfolio. the industry. Re-look of risk clauses.
Re-evaluation of new Opex reduction.
Short and mid- Reassessment of capital Refineries to assess Project backlogs to be
and active projects. Re-evaluation of new
term impact allocation based on margins and handled.
Possible consolidation in projects.
prevalent pricing and configurations in light of Margins under stress.
the industry.
demand. crude oil abundance.
Review of supply chain

Companies to Focus on large No perceptible impact
infrastructure for oil and Consolidation on E&S is
restructure with focus integrated refineries on demand.
Long-term gas. expected.
shifting to cleaner to continue. Focus shift to large
impact Reassessment of risk Diversification of sector,
options - gas, light oil, Demand for cleaner fuel integrated complexes
clauses for supplier and geography and service.
renewables etc. will increase further. for better profitability.
contractors.
Oil & Gas mitigation strategies
The immediate impact was severe, the bottoming out was painful; and the full recovery is expectedly a long-term process laced with uncertainties
Adopting emission reduction measures and low-carbon products in the medium to long term could improve sustainability

▪ Improve margins. ▪ Restructure business to evaluate diverse opportunities.

▪ Re-align production with demand. ▪ Capture new business opportunities, such as alternative
▪ Review delayed/stalled projects based on demand, energy.
prices and profitability. ▪ Maintain operational readiness for new business
▪ Maintain liquidity/Strong balance sheet. opportunities.
▪ Consider sectoral consolidation.

Oil & gas thematic scorecard
Integrated oil & gas Thematic Screen
15% 15% 15% 10% 5% 5% 5% 10% 10% 10% 100%
Weighting
Company MKT CAP Ticker Country LNG Shale COVID-19 Integrated Emerging Artificial Industrial Hydrogen Electric Vehicles Renewable C Thematic
(US$ M) Refineries Economies Intelligence Internet Energy o Ranking
l
u
Shell 152,829 RDSA Netherlands 5 4 3 5 4 5 5 5 5 3 1
Total 123,296 FP France 5 3 3 5 4 4 5 4 5 3 2
BP 84,299 BP. UK 4 4 2 4 4 4 5 4 5 4 3
ExxonMobil 243,004 XOM USA 5 5 3 5 4 4 4 2 2 2 4
Repsol 19,732 REP Spain 4 3 2 5 1 4 3 4 5 4 5
CNPC Unlisted Unlisted China 5 3 5 5 4 1 4 2 1 2 6
Sinopec Unlisted Unlisted China 5 3 4 5 3 2 2 3 1 2 7
Chevron 205,968 CVX USA 4 4 3 3 2 3 4 4 2 2 8
Reliance Industries 180,501 RELIANCE India 3 1 4 5 5 1 3 5 3 2 9
Gazprom 71,583 GAZP Russia 4 3 3 3 5 5 5 3 1 2 10
ONGC 17,742 ONGC India 4 3 3 5 5 3 3 2 2 2 11
PKN Orlen 6,922 PKN Poland 3 1 4 3 1 2 3 4 5 4 12
Equinor 64,292 EQNR Norway 4 3 2 3 3 3 4 5 1 3 13
Saudi Aramco 1,874,717 2222 Saudi Arabia 1 3 5 4 2 4 2 4 2 2 14
PTT 37,438 PTT Thailand 5 3 3 5 1 1 2 1 2 2 15
Eni 43,885 ENI Italy 4 3 1 4 2 3 3 3 2 2 16
Tatneft 18,464 TATN Russia 1 3 3 3 4 2 5 4 2 2 17
YPF 2,532 YPFD3 Argentina 4 4 1 5 1 2 1 3 1 2 18
Petronas Unlisted Unlisted Malaysia 5 1 2 3 2 4 3 3 2 2 19
Rosneft 80,599 ROSN Russia 1 1 3 3 4 5 5 4 2 2 20
Qatar Petroleum Unlisted Unlisted Qatar 5 3 3 3 1 1 1 1 1 2 21
Pemex Unlisted Unlisted Mexico 2 3 3 3 1 1 1 5 1 2 22
NIOC Unlisted Unlisted Iran 3 3 4 3 2 2 1 1 1 2 23
ADNOC Unlisted Unlisted UAE 1 3 2 5 2 4 4 1 2 2 24
Sonatrach Unlisted Unlisted Algeria 5 3 2 3 1 1 1 1 1 2 25
Lukoil 57,313 LKOH Russia 2 1 3 3 4 2 4 2 2 2 26
OMV 16,729 OMV Austria 3 1 2 5 1 2 3 4 1 1 27
Kuwait Petroleum Unlisted Unlisted Kuwait 5 1 2 4 2 1 3 1 1 2 28
MOL 6,028 MOL Hungary 1 3 3 3 1 2 2 2 1 2 29
Petrobras 53,549 PETR4 Brazil 1 1 3 3 5 3 4 1 1 2 30

Oil & Gas COVID-19 further reading
Latest COVID-19 reports from the Oil & Gas Intelligence Center

U.S. Independent Oil and Gas Emissions Reduction
Oil Demand Since COVID-19 – Recovery Assessment to Q3 21/09/2021
16/12/2021 Strategies
2021
16/09/2021 FSU Upstream Development Outlook, 2021–2025
15/12/2021 Thematic Research: Internet of Things in Oil & Gas (2021)
13/09/2021 Assessing Stranded Resources in Sub-Saharan Africa

26/11/2021 Global Risk Report Q2 2021: (Quarterly Update)
03/09/2021 Unconventional Production in the US Lower 48, H1-2021

19/11/2021 Thematic Research: Digital Oilfield (2021)
31/08/2021 Overview and Outlook of Recent Australian Mega Mergers

Conventional Oil Refineries to Renewable Fuel Production
18/11/2021
Facilities – Renewable Capacity Additions Gain Momentum
27/08/2021 North America Gas & LNG Market Outlook
16/11/2021 Methane: The Low-Hanging Fruit of Emissions Reduction
16/08/2021 Hydrogen Market Overview – North America
Thematic Research: Global M&A Deals in Q3 2021 - Top
21/10/2021
Themes in the Oil & Gas Sector
30/09/2021 Hydrogen Market Overview – Latin America & the Caribbean 13/08/2021 Global Oil & Gas FIDs in 2021 (H2 Edition)
Packaging
Packaging
The sector has witnessed a steady upward trend in most key metrics since March 2020
Active jobs listings remain above average, while news sentiment on the sector remains largely positive
150
200 200
150 150
100
100 100
50
50
50
0 0
50.00 50 INDICES
Equity 5.0% 1.2% 16.2%
25 Jobs -1.8% -8.3% 39.9%
25.00
M&A - 0.0% 37.4%
0
-
SENTIMENTS
-25 News - -0.7% 11.2%
(25.00)
Filings - - 125.8%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Packaging sub-sector impact
Packaging manufacturers continue to prioritize hygiene, product safety, and sustainability to satisfy demands amid the pandemic
Flexible packaging The demand for flexible packaging rose in 2020 and 2021 and will continue to see volume growth (3.6%) this year. The
ongoing impact of reduced foodservice operations has in part fueled this growth.
Glass is anticipated to see 1.9% volume growth this year compared with 2021. The demand for sustainable packaging
Glass solutions can be expected to drive this growth as we witness a shift toward the ‘circular economy’. In fact, 45% of global
consumers find ‘easy to recycle’ packaging to be ‘extremely important’, according to GlobalData’s Q3 global survey.
Paper & board is anticipated to see 4.4% volume growth this year compared with 2021. It is easily and widely recycled by
Paper & Board the industry and perceived as ‘natural’ and sustainable by consumers, which is a benefit considering that sustainability is
still top of mind amid the pandemic.
Demand for rigid metal remains high as canned foods continue to see growth in the food sector as consumers continue
Rigid Metal to prioritize essential and longer-life consumer goods. In 2022, rigid metal is anticipated to see 3.1% volume growth
compared with 2021.
Rigid plastics are in demand across categories. RPET emerged as a favorite for hand sanitizer and is a more sustainable
Rigid Plastics
option than virgin plastics. In 2022, rigid plastics is anticipated to see 3.2% volume growth compared with 2021.
Packaging value chain impact
Wholesale,
Packaging materials Packaging converters Retailers Consumers
distribution &
production
logistics
With it being uncertain Focus on reducing

A global recession will
how long social reliance on any one
E-commerce and food Rise in disposable increase demand for
Short and mid- distancing measures will country. It may also
packaging will be in high takeaway packaging value products, non-
term impact persist, production will mean a preference for
demand. options. food premium
be slow to get back to domestic suppliers
packaging will suffer.
100%. instead.
Recovery will depend Downturn in economic

Sustainability will come on packaging type; fast
Production of plastics activity and poor
back to the forefront, food will have a quick
Long-term will reduce; glass and “New normal” patterns performance of
alternatives for plastics rebound; high-end
impact cardboard packaging will will bed in. companies are likely to
will be increasingly luxury goods will
increase. reduce end use
important. struggle. demand.
Packaging mitigation strategies
The immediate recession will be moderate, the bottom will last for a couple of years, the recovery will also be moderate

▪ Diversify or revise supply chain arrangements to add ▪ Sustainability will become increasingly important post
resilience. COVID-19, companies will need to incorporate this into
▪ Develop alternative distribution strategies to overcome their business by looking into alternatives for plastics.
delays. ▪ COVID-19 has demonstrated how dependent companies
▪ Acquire potential M&A targets to strengthen position in are on long global supply chains. Companies should look
the market post COVID-19. towards a more localised and diversified supply.
▪ Identify areas that will experience the strongest • Accelerate technology adoption to enhance the safety
rebound and alter portfolio to cater for these. and efficiency of supply chains.
▪ Identify materials and substrates that have grown as a

result of COVID-19 and incorporate these into packaging
solutions.

Packaging thematic scorecard
Packaging Thematic Screen

10% 20% 5% 15% 10% 5% 15% 5% 10% 5% 100%
Weighting
Company MKT CAP Ticker Country Advanced COVID-19 Online Food Ecommerce Health & Direct-to- Sustainability Demographics Robotics Artificial C Thematic
(US$ M) Materials Delivery Wellness Consumer Intelligence o Ranking
l
u
Tetra Laval Unlisted Unlisted Switzerland 4 3 4 4 4 3 4 4 4 5 1
Elopak Unlisted Unlisted Norway 4 3 4 4 4 3 4 4 4 3 2
Amcor 18,431 AMCR UK 4 4 3 3 4 3 4 4 4 2 3
Crown Holdings 13,296 CCK USA 4 2 4 4 4 4 4 3 4 2 4
Berry Global 8,356 BERY USA 4 4 4 4 4 4 2 3 2 3 5
Ball Corp 27,919 BLL USA 4 4 4 4 4 3 2 3 2 3 6
Smurfit Kappa 12,327 SK3 Ireland 4 2 3 4 4 4 4 3 3 3 7
DS Smith 7,723 SMDS UK 2 3 3 4 2 4 4 3 2 3 8
Verallia 4,357 VRLA France 3 2 3 3 2 3 4 3 2 4 9
Pactiv Evergreen 2,482 PTVE USA 3 2 3 2 2 3 4 4 2 4 10
Avery Dennison 15,150 AVY USA 2 2 3 4 2 3 3 3 2 3 11
Mondi 12,709 MNDI UK 2 3 2 2 2 2 4 2 2 4 12
International Paper 21,437 IP USA 1 2 4 2 2 2 4 1 1 3 13
Oji Holdings 6,930 3861 Japan 4 2 2 2 2 1 2 3 2 2 14
Owens-Illinois 2,338 OI USA 2 2 2 2 2 2 3 2 2 2 15
Stora Enso 15,824 STERV Finland 2 2 2 2 2 2 2 2 2 4 16
Westrock 13,945 WRK USA 2 2 3 2 2 2 2 2 2 3 17
UPM-Kymmene 20,422 UPM Finland 2 2 2 2 2 2 2 2 2 3 18
Packaging Corp of America 12,904 PKG USA 2 2 2 2 2 2 2 3 2 2 19
Veritiv 638 VRTV USA 2 2 2 2 2 2 1 1 2 3 20

Packaging COVID-19 further reading
Latest COVID-19 reports from the Packaging Intelligence Center
Consumer Survey Insights: Packaging Size Preferences 11 Oct 2021 ForeSights: Letterbox Packaging
17 Dec 2021
Across FMCG
Consumer Survey Insights: Importance of Sustainable 29 Sep 2021 ForeSights: Next-Generation Labeling
14 Dec 2021
Versus Functional Packaging
Consumer Survey Insights: Packaging Material 29 Sep 2021 Consumer Behavior Case Study: Ethical Consumption
23 Nov 2021
Preferences Across FMCG
29 Sep 2021 Thematic Research: Augmented Reality (2021)

22 Nov 2021 Webinar: Top Trends to Watch in Packaging
Consumer Survey Insights: Appealing Claims in Consumer 06 Sep 2021 Thematic Research: Robotics (2021)
19 Nov 2021
Goods Products
138
Pharma
Pharma
Swift development of COVID-19 vaccines and strong capital markets continue to drive Pharma growth
Jobs and filing sentiment have largely recovered, with deals volumes also recovering
250
125 200
200
150
100 150
100
100
75
50
50
0 0
50.00 50 INDICES
Equity 1.9% 3.8% -0.3%
25 Jobs -1.4% -4.7% 40.6%
25.00
M&A - 31.9% -1.6%
0
-
SENTIMENTS
-25 News - 2.1% 6.8%
(25.00)
Filings - - 136.0%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Pharma sub-sector impact
No parts of the pharmaceutical value chain will be unaffected in the short-term
The overall impact on the industry will be negative, with disruptions to running clinical trials and deficiencies in healthcare being the most impactful
Developers with COVID-19 therapies and vaccines will benefit in the short-term, as intense investor interest will drive up
Drug Developers
stock prices and provide these companies with cash and resources to further pipeline development. In Q1 2020
with COVID-19
Bio/Pharma companies with a COVID-19 drug in the pipeline saw a smaller decrease in market cap than companies
Pipelines
without a COVID-19 drug in the pipeline.
Drug Developers Difficulties with clinical trial execution and potential drug shortages could negatively impact all developers; however,
without COVID-19 pipeline companies focused on non-infectious therapies areas will suffer from the ability to raise the additional funds
Pipelines they need to survive. In Q1 2020, Small cap Bio/Pharma companies without a COVID-19 drug saw the largest decrease in
market cap.
Stalled clinical trials created a work vacuum for CROs and CDMOs but disrupted trials are slowly starting to resume.
Outsourcers CMOs and Excess Capacity Contract Manufacturers with secure supply lines will benefit from short term boost in generic
(CROs/CMOs) drugs manufacturing needed to treat COVID patients. Outsourcing partners must deal with issues surrounding a
potential excess of client needs upon initiation of future trials, with guidance from regulatory agencies still pending.
Currently, payers are experiencing pressure to reimburse ICU care and eventually this could expand to include potentially
Payers expensive and unproven drugs if there is a suggestion that they might be effective in treating COVID-19. In addition,
payer plans have evolved to include reimbursement of telemedicine as providers began to rely on this service during the
pandemic. Reimbursement of telemedicine is likely here to stay.
Hospitals are being forced to operate with a shortage of proper personal protection equipment, complicating the health
Providers and safety of both patients and staff, while outpatient healthcare providers will have to rely on telemedicine and remote
methods of treating patients which may be less effective than face-to-face patient management.
Pharma value chain impact
In the short-term, impact will overall be negative, slowly recuperating over time
Adverse impacts to sales, drug development, and patient care will resolve as the outbreak is addressed by containment measures and the anticipated launches of interventions
Drug Development Supply Chain & Sales & Marketing End Users (Patients,
Manufacturing Physicians, Hospitals)
As concerns over Sales will begin to Healthcare providers

Developers will have to availability of APIs recover once supply will continue to struggle
cut losses and terminate subside, manufacturing chains and sales forces with provided adequate
Short and mid-
COVID-19 programs if process will begin to are not disrupted by patient care as long as a
term impact they do not appear resume, though will COVID-19 and shortage in any aspect
promising. initially lag relative to associated safety of patient care is
regular operations. measures. deficient.
Experience in The approval of an The availability of a

Growth will be derived
developing COVID-19 effective therapeutic or vaccine or therapeutic
from opportunities to
Long-term agents could be vaccine for COVID-19 will significantly improve
manufacture and
impact leveraged for other could drive blockbuster public health, reducing
support distribution of
investigational revenues for a stress on the healthcare
COVID-19 interventions.
programs. developer. system.
Pharmaceutical mitigation strategies
Mitigation of the COVID-19 outbreak will initially rely on containment, with long-term strategies will involve prevention of future crises
Developing an effective vaccine or therapeutic against COVID-19 is only part of the equation for addressing this and future outbreaks

▪ Continue to trace isolated pockets of the disease to ▪ Prepare for healthcare emergencies.
control future outbreaks. ▪ Re-examine current manufacturing capabilities for
▪ Continue shift towards virtual for physician detailing, critical supplies.
select conferences, and clinical trials to minimize future ▪ Replenish stockpiles.
disruptions.
▪ Develop plans for rapid assessment and implementation
▪ Widespread distribution of a vaccine or a therapeutic, to of risks to general population and infrastructure.
stem current and future outbreaks, and improve patient
outcomes following infection. ▪ Continue to monitor coronaviruses, as this family has
now been associated with three known outbreaks
▪ Reduce dependency on a single entity or region for associated with significant morbidity and mortality.
supply chain and manufacturing.
▪ China will remain a major source for manufacturing due
to cost constraints to shift process.

Pharma thematic scorecard
Drug development Thematic Screen

15% 15% 10% 10% 15% 5% 5% 10% 10% 5% 100%
Weighting
Company MKT CAP Ticker Country Immuno- Precision and Regenerative Rare Diseases Biosimilars Microbiome Nano Tech Genomics Strategic Artificial C Thematic
(US$ M) Oncology Personalized Medicine Partnerships Intelligence o Ranking
Medicine l
u
Novartis 216,485 NOVN Switzerland 5 5 5 5 5 2 3 5 5 5 1
Merck & Co 198,124 MRK USA 5 5 4 5 4 4 4 4 5 4 2
Pfizer 204,272 PFE USA 4 5 4 4 5 3 4 5 5 4 3
Gilead Sciences 83,174 GILD USA 5 5 5 5 3 1 5 5 5 3 4
Roche 282,179 ROG Switzerland 5 5 5 5 2 2 5 5 5 4 5
Bristol Myers Squibb 143,128 BMY USA 5 5 5 5 2 3 4 5 5 4 6
Takeda 59,841 4502 Japan 4 5 5 5 2 4 5 5 5 4 7
Johnson & Johnson 437,135 JNJ USA 4 5 4 4 4 3 4 4 5 4 8
Catalent 17,385 CTLT USA 4 5 5 5 5 1 3 5 3 2 9
Amgen 147,256 AMGN USA 4 5 4 4 5 1 4 4 4 4 10
AstraZeneca 133,820 AZN UK 5 5 2 5 2 4 5 5 5 4 11
Biogen 42,057 BIIB USA 3 4 4 5 5 1 3 5 5 3 12
Daiichi Sankyo 63,982 4568 Japan 4 4 4 5 4 1 5 4 5 2 13
IQVIA 36,628 IQV USA 5 5 3 4 5 2 3 4 2 4 14
Sanofi 125,098 SAN France 5 4 3 5 3 1 4 4 5 4 15
Lilly 178,699 LLY USA 4 5 3 5 3 2 3 4 5 3 16
GlaxoSmithKline 90,626 GSK UK 4 4 4 4 3 2 4 4 5 5 17
AbbVie 188,360 ABBV USA 5 5 3 4 3 2 3 3 5 3 18
Patheon Unlisted Unlisted Netherlands 3 5 5 4 4 1 3 5 2 3 19
Astellas Pharma 29,589 4503 Japan 4 5 5 4 1 1 4 4 5 3 20
Parexel Unlisted Unlisted USA 5 5 2 4 4 3 3 3 2 4 21
Merck 22,186 MRK Germany 5 4 2 4 4 2 2 3 4 4 22
Boehringer Sohn Unlisted Unlisted Germany 3 4 2 3 4 3 2 3 5 4 23
WuXi AppTec 50,628 603259 China 3 4 4 4 4 1 3 4 1 4 24
Lonza 43,163 LONN Switzerland 3 4 4 4 4 1 3 4 2 2 25
Bayer 61,659 BAYN Germany 3 4 3 4 1 2 4 4 5 4 26
Innovent Biologics 13,828 1801 China 4 4 3 4 4 1 1 2 4 2 27
Otsuka 8,873 4768 Japan 5 4 3 4 1 1 3 3 4 3 28
Novo Nordisk 123,770 NOVO B Denmark 3 4 2 4 2 2 4 3 4 4 29
Biocad Unlisted Unlisted Russia 3 4 1 4 5 1 3 2 3 1 30

Power
Power
Deal volumes have declined in the last two months after a sustained growth, news and filing sentiments are positive, jobs have been growing
All indicators point to a sustained recovery of the sector
250
125 200
200
150
100 150
100
100
75
50
50
0 0
50.00 50 INDICES
Equity 3.0% 4.1% 7.9%
25 Jobs -1.5% -1.7% 67.0%
25.00
M&A - 20.4% 30.5%
0
-
SENTIMENTS
-25 News - 0.3% 11.4%
(25.00)
Filings - - 139.0%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Power sub-sector impact
Increasing negative sentiment towards thermal power, specifically coal
Governments promising to incentivize or extend deadlines for renewable projects, in the absence of large stimulus package
Generation from wind and solar PV is set to grow by 17% in 2021, up from 16% in 2020.
Wind Two years of rapid growth means the share of renewables in total electricity generation will reach almost 30% in 2021,
up from less than 27% in 2019.
In 2020, coal demand dropped by 220 million tonnes of coal equivalent (Mtce), or 4%.
Coal
In 2021, coal demand has rebounded strongly, reversing the declines in 2020, though with major geographic variations.
In 2021, oil demand is expected to rebound by 6%, faster than all other fuels. The last time oil demand increased this
Oil
rapidly was in 1976. Despite the strong rebound, oil demand remains 3% (3.1 mb/d) below 2019 levels.
The combination of continued lower prices and rapid growth in economies across Asia and the Middle East should drive
Gas growth of 3% in gas demand in 2021.
As a result, global natural gas demand in 2021 is projected to rise 1.3% above 2019 levels.
Solar Renewables usage grew by 3% in 2020, largely due to an increase in electricity generation from solar PV and wind of 330
TWh.
Power value chain impact
Renewable energy has shown significant growth in 2020 and the same trend is being witnessed in 2021
Significant rebound in demand in 2021 driven by economic recovery; energy transition changing the business models towards sustainability
OEMs & Equipment Power Producers Transmission Distribution & Retail Services – EPCs, PMCs
Vendors Sales
Thermal equipment TSOs will need to revise

Thermal capacity to go Renewables and
manufacturers will need their plans in Electric vehicles, data
Short and mid- down. Renewable Hydrogen focused EPC
to diversify into accordance with centers, etc. will create
term impact capacity to see a companies to benefit
renewables to maintain renewable capacity new demand.
significant increase. from high demand.
their revenue stream. addition.
Significant shift in power New business

Distribution utilities will
mix towards Safety & surveillance opportunities from
Long-term Project owners try to need to make increased
renewables. Offshore technology adoption to renewables, hydrogen,
impact mitigate risks by GLOCAL investments in
wind and solar to drive increase. energy storage and
sourcing. technology.
capacity addition. distributed generation.
Power mitigation strategies
Rebound in power demand in most countries being witnessed on account of economic recovery
Record renewable capacity addition expected in 2021 as well; similar trends in the near future

▪ Set up taskforce to study supplier diversity; find local ▪ Focus on new business models in clean energy and
supply options. energy storage.
▪ Acquire stressed assets/ businesses, specifically aiming ▪ Change the business model through increased use of
at clean energy expansion. technology.
▪ Hedge fuel risks through portfolio diversification. ▪ Increase the pace of research and development and
▪ Develop local sources for equipment supply. become more innovative.
▪ Develop resilient business continuity plans. ▪ Make the business model more flexible and resilient.
▪ Explore new financing options for new projects.
▪ Enhance research & development for new energy
options such as hydrogen.

Power thematic scorecard
Power utilities Thematic Screen
5% 10% 10% 10% 5% 10% 10% 10% 15% 15% 100%
Weighting
Company MKT CAP Ticker Country Cybersecurity Electric Vehicles Smart Grid COVID-19 Hydrogen Digitalization Sustainability Energy Storage Renewable Technology C Thematic
(US$ M) Energy Diversification o Ranking
l
u
Iberdrola 83,303 IBE Spain 5 5 4 2 3 4 5 4 5 4 1
Enel 101,727 ENEL Italy 1 4 3 3 3 5 4 4 5 5 2
Electricite de France 41,584 EDF France 3 5 2 2 4 5 4 3 5 5 3
Engie 34,831 ENGI France 5 5 4 2 3 3 4 5 4 4 4
Vattenfall Unlisted Unlisted Sweden 3 3 3 2 4 4 4 4 4 4 5
NextEra Energy 146,599 NEE USA 3 3 2 2 2 3 4 4 5 4 6
Duke Energy 75,060 DUK USA 4 2 2 3 2 4 4 5 3 3 7
Fortum 24,334 FORTUM Finland 3 4 2 1 4 4 3 3 3 4 8
Korea Electric Power 13,283 15760 Korea 2 3 3 2 3 4 4 2 3 3 9
Exelon 42,733 EXC USA 3 3 2 2 2 3 3 3 2 5 10
AES 17,418 AES USA 2 1 1 3 1 4 4 5 3 3 11
CLP Holdings 24,570 2 Hong Kong 2 1 2 1 2 3 4 2 3 5 12
Xcel Energy 36,022 XEL USA 1 3 1 4 3 2 4 3 2 3 13
EGAT Unlisted Unlisted Thailand 2 1 3 2 3 3 2 4 3 3 14
China Huaneng Group Unlisted Unlisted China 1 1 1 2 2 2 3 4 4 4 15
Dominion Energy 61,820 D USA 3 1 2 2 1 2 4 4 3 3 16
RWE 26,016 RWE Germany 3 1 1 2 4 2 3 4 3 3 17
Taipower Unlisted Unlisted Taiwan 3 2 2 2 1 3 2 2 3 4 18
Berkshire Hathaway 596,360 BRK.A USA 3 3 2 2 1 2 2 1 3 4 19
Kanden 10,514 9503 Japan 3 3 3 2 2 2 3 1 2 3 20
CEIC Unlisted Unlisted China 1 1 1 1 3 3 3 1 4 4 21
Hydro-Quebec Unlisted Unlisted Canada 2 4 4 2 1 2 1 1 4 1 22
RusHydro 4,686 HYDR Russia 2 2 2 2 2 2 3 2 4 1 23
SPIC Unlisted Unlisted China 1 1 1 1 3 2 1 1 4 5 24
American Electric Power 42,633 AEP USA 3 1 2 2 1 1 3 3 2 3 25
Southern 65,848 SO USA 3 1 1 3 1 3 2 3 2 2 26
NRG Energy 9,259 NRG USA 2 1 2 3 1 3 5 1 1 2 27
JERA Unlisted Unlisted Japan 2 2 2 2 3 4 3 2 1 1 28
China Datang Unlisted Unlisted China 1 1 1 1 2 1 2 1 4 4 29
TVA Unlisted Unlisted USA 2 3 2 2 1 2 1 1 2 3 30

Power COVID-19 further reading
Latest COVID-19 reports from the Power Intelligence Center

27 July 2021 Coronavirus (COVID-19) Analyst Briefing: UK’s target of 16 June 2021 Coronavirus (COVID-19) Analyst Briefing: Electricity
having offshore wind farms provide electricity to power distribution business is the most impacted utility business
every home in the country by 2030 requires collaborative segment due to Covid-19: GlobalData Poll
effort
20 July 2021 Coronavirus (COVID-19) Analyst Briefing: Challenges lie 09 June 2021 Impact of COVID-19 on Power Genset Usage and
ahead for Biden Administration to meet decarbonization Applications
targets for the US power sector: GlobalData Poll
14 July 2021 US Solar PV Market Posted Record Growth in 2020 despite 07 June 2021 Coronavirus (COVID-19) Analyst Briefing: Solar installations
COVID Pandemic witnessed fastest recovery post COVID-19: GlobalData Poll
28 June 2021 Coronavirus (COVID-19) Analyst Briefing: Power Sector

expected to come back to normal within 12 months post 07 June 2021 Coronavirus (COVID-19) Analyst Briefing: Power sector will
COVID-19: GlobalData Poll play a very important role to support economic recovery in
the post Covid-19 situation: GlobalData Poll
India’s Smart Meters Procurement Picks-up Pace After
18 June 2021 COVID-19 Standstill in H1-2020
151
Retail
Retail
Sentiment and jobs are improving driven by vaccine roll-outs and re-opening of physical stores
Shift from physical to digital is impacting the type of active jobs available – more in distribution, technology, than store based managerial
150
150 200
125 150
100
100 100
50
50
75
0 0
50.00 50 INDICES
Equity 4.4% 1.8% 7.3%
25 Jobs -2.5% -11.0% 22.2%
25.00
M&A - -18.9% 13.6%
0
-
SENTIMENTS
-25 News - -1.4% 22.4%
(25.00)
Filings - - 68.4%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Retail sub-sector impact
Food & grocery is the big winner while clothing and big-ticket home items have been the hardest hit
Clothing & footwear will be the biggest loser
The shift to online food & grocery deliveries compressed 3-4 year plans into a few months in 2020, as retailers adjusted
Food & Grocery quickly to the new environment. This shift has generated new online customers from a wider age group and will continue
to be an important part of food & grocery retailing. Inflation is returning and consumers will be shifting to value.
Pent-up demand has boosted sales in the latter half of 2021 as the vaccine rollout allowed more social occasions,
Clothing &
holidays and events. As consumers are hit by higher food and household costs there will be a dampener on future
Footwear
demand.
The demand for new technology is unable to be met because of supply chain issues in components, which are hampering
Electricals sales during the critical Q4 period for retailers. There could be further restraint on buying big ticket items as households
face higher running costs and increased food prices.
High demand for health-related products was counter-balanced by a cut back on the sales of high margin products such
Health & Beauty as skincare, fragrances and cosmetics. The traditional route to market, department stores, is being replaced by direct-to-
consumer channels.
Home improvement products have been given a boost as those in lockdown take up projects in the home and replace
products and consumers have not spent on holidays or entertainment. Younger consumers have taken on new skills but
Home
whether they will continue to use them when work commitments change is not certain. The spend on big ticket items for
the home softened in 2021 as the lifecycle of these products is years.
Retail value chain impact
The shift online and acceleration of store closures will shake out weaker non-food operators faster, placing strain on the supply chain
Fewer non-food retailers will mean fewer suppliers and prices will rise as retailers seek local and more flexible sourcing
Suppliers Manufacturers Distribution Point of Sale
Heavy discounting in non-

Stockpiling in food lessens Shift in retail employment
Prices will rise in food. The food to raise cash,
and the chain starts to return from stores to distribution
Short and mid- non-food suppliers will begin
to normal. Non-food centres. Rise in demand for
negotiations with landlords
term impact to suffer and many may have to reduce rents. Food
manufacturers hit hard and distribution warehousing,
to close. retailers step up online
more business failures. collapse in retail stores.
capabilities.
Higher food prices will

Higher prices in non-food as Businesses will step up digital Faster shakeout of weaker
remain until supply returns
fewer manufacturers to and technology investment players in non-food – which
Long-term to normal and non-food
choose from and to improve online capabilities will be beneficial to the
impact prices will rise as shifts
negotiate. Loyalty and and the ability to flex survivors – less competition.
happen in supply chain to
support will be rewarded. demand. Fewer stores, more online.
more local sources.
Retail mitigation strategies
The immediate recession will be deep, the bottom will be short, and the recovery will be drawn-out

▪ Devise longer term strategies to deal with social

distancing, both operationally and in stores. ▪ Develop new products and distribution models that
better suit altered consumer attitudes.
▪ Divert planned capital expenditure to business recovery
where necessary. ▪ Stress testing of business mobility in preparation of
potential further black swan events.
▪ Accelerate investment and development of digital
transformation across the business. ▪ Reviewing viability of low-capital operating models and
assess importance of stronger balance sheets.
▪ Advance research into accelerated changes in consumer
behaviour.
▪ Reviewing store presence and reinforcing multichannel
alignment between physical and online where
applicable.

Retail thematic scorecard
Retail Thematic Screen
10% 20% 15% 5% 5% 5% 5% 5% 10% 20% 100%
Weighting
Company MKT CAP Ticker Country Sustainability COVID-19 Ecommerce Strategic Virtual and Big Data Smart Supply Artificial Digital Media Mobile C Thematic
(US$ M) Partnerships Augmented Chain Intelligence o Ranking
Reality l
u
Amazon 1,548,829 AMZN USA 3 5 5 4 2 5 5 5 5 4 1
Home Depot 325,490 HD USA 4 5 4 4 5 5 5 5 4 4 2
Lowe's 135,289 LOW USA 4 5 4 4 5 5 5 5 4 4 3
JD.com 126,262 JD China 3 4 5 5 5 5 5 4 5 4 4
Wayfair 34,455 W USA 2 5 5 4 4 5 4 5 4 4 5
The Kroger Co. 28,893 KR USA 4 4 5 5 3 4 4 5 4 4 6
Apple 2,037,907 AAPL USA 2 4 4 4 4 4 3 5 5 5 7
Alibaba 627,329 BABA China 2 4 5 4 4 5 4 5 4 4 8
Walmart 385,009 WMT USA 3 4 5 5 3 3 4 4 4 4 9
Nike 210,446 NKE USA 4 4 4 4 4 4 4 4 4 4 10
Carrefour 14,752 CA France 5 4 4 5 3 4 4 4 3 4 11
Foot Locker 5,778 FL USA 3 4 4 5 4 5 3 4 4 4 12
Tesco 24,287 TSCO UK 4 4 4 3 3 4 4 3 2 5 13
Rewe Unlisted Unlisted Germany 5 4 3 3 3 4 4 4 4 4 14
Best Buy 28,705 BBY USA 4 4 4 3 4 4 3 3 3 4 15
Ceconomy 2,071 CEC Germany 4 4 4 3 3 4 4 3 3 4 16
Walgreens Boots Alliance 45,665 WBA USA 4 4 4 4 3 3 3 3 3 4 17
Bed Bath & Beyond 3,442 BBBY USA 2 4 4 3 3 4 4 4 4 4 18
FNAC Darty 1,627 FNAC France 5 4 4 4 3 3 3 3 4 3 19
Target 98,831 TGT USA 2 4 4 3 3 4 5 3 3 4 20
Kingfisher 9,352 KGF UK 3 4 4 3 3 3 3 3 3 4 21
Edeka Unlisted Unlisted Germany 4 4 2 3 3 4 4 3 4 4 22
Auchan Unlisted Unlisted France 4 4 2 4 4 3 4 3 3 4 23
Kering 84,419 KER France 4 3 4 3 3 4 3 4 4 3 24
Ikea Unlisted Unlisted Netherlands 5 2 3 4 5 3 4 4 3 4 25
Inditex 102,935 ITX Spain 4 3 4 3 3 4 4 4 3 3 26
Rite Aid 1,048 RAD USA 3 4 4 4 3 3 3 3 3 3 27
Tengelmann Unlisted Unlisted Germany 3 4 3 3 3 3 3 3 3 4 28
Ace Hardware Unlisted Unlisted USA 3 4 4 4 3 3 3 3 3 3 29
LVMH 329,440 MC France 4 3 3 4 4 3 4 5 3 3 30

Retail COVID-19 further reading
Selection of Latest reports from the Retail Intelligence Center

Clothing, Footwear & Accessories Databook: APAC - Sector Nov 2021 Retail Viewpoint: US retail sales numbers for October
Dec 2021
Overview, Market Size & Forecast to 2025
Success Case Study: Loop – Deploying Reusable and
Nov 2021 Retail Hot Topic: UK Consumer Views November 2021 Nov 2021
Returnable Packaging to Eliminate Waste
Nov 2021 Duty-Free Retailing in MEA 2015–2025 Nov 2021 UK: Sector Series: Food & Grocery 2020-25
Retail Trend Tracker: UK Consumer Sentiment November UK: Home Category Data, The Consumer - Dining Room
Nov 2021 Nov 2021
2021 Furniture 2021
Nov 2021 Retail Trend Tracker: UK Consumer Spend October 2021 Food & Grocery Databook: Europe Sector Overview,
Nov 2021
Market Size & Forecast to 2025
Nov 2021 Retailers to Watch: Gorillas Electricals Databook: Americas - Market Shares, Summary
Nov 2021
Clothing, Footwear & Accessories Databook: MEA - Sector & Forecasts to 2025
Nov 2021
Overview, Market Size & Forecast to 2025 Nov 2021 Thematic Research: Delivery Innovation in Retail
Retail Occasions Series: UK Christmas Intentions, part 2
Nov 2021 Nov 2021 Consumer Behavior Case Study: Sharing Economy
2021
Nov 2021 Retail Occasions Series: UK Halloween 2021 Thematic Research: Internet of Things in Retail and
Nov 2021
Apparel

Smart cities
Smart city sub-sector impact
Cities have been at the sharp end of having to respond to the pandemic
Although densely populated cities provide better accessibility to local services and jobs, quicker access to health and social
services, and create support networks to combat social isolation, COVID-19 has exposed their vulnerability to infection.
Urban density
Citizens’ close proximity and difficulty applying social distancing measures have left cities rethinking how to maintain a safe
urban environment.
The rapid shift to remote working has had a dramatic impact on local transportation. The natural rhythm of city transportation
Transportation
- two commutes and two school runs - has been disrupted, and city public transportation revenues have collapsed. Transport
networks
for London (TfL) passenger numbers fell by about 90 per cent during the lockdown, a $4bn reduction in revenue.
The impact on working practices will be affected by the longevity of the virus and when or whether a vaccine is available. If a
Commerce vaccine becomes available, workplaces can return to normal. If not, companies must implement a range of measures, including
hygiene management, occupancy density reduction, limited gatherings, and new seating arrangements.
Cities are already making better use of data for urban management. A second wave will accelerate this further. South Korean
Digitization cities used contact tracing apps, while Newcastle University developed an urban data dashboard to help understand the
impact of social distancing measures on people’s movements within a city in real-time.
COVID-19 will force a new future on cities. Social distancing measures may destroy low-cost tourism in many cities. Public
City planning transportation must be redesigned. Public interactions in open spaces must change. City officials must reprioritize their
investments with much lower revenues.
Smart city mitigation strategies
Cities must develop short, medium and long-term strategies to plan for a post-COVID world
Priorities will include evaluating and mitigating the impact of COVID on city finances, and planning new approaches to urban design

▪ Re-evaluate the design of open spaces, road usage, and ▪ Prioritise climate-resilient and low-carbon urban
tourism strategies. infrastructure, such as by designing and constructing
▪ Focus future innovation projects - and technologies - green buildings and streets.
around citizens ▪ Reinvent long-term transportation strategies to reduce
▪ Regulate to protect citizens’ health. Consider applying reliance on public transport and cars: for example,
social distancing rules in the long run. cycling and escooters.
▪ Digitize citizen safety strategies and maximise the use of ▪ Strengthen strategic management and innovation
analytics to assess performance. capabilities of local public officials to design and
implement integrated and resilient urban strategies fit
for complex challenges, such as any future pandemic.
Source: GlobalData, OECD 161

Sports
Sport value chain impact
Difficult to see beyond a rebasing of the entire value chain at this point: structural imbalances finally addressed
But last pandemic did give way to the ‘roaring twenties’…
Media Rights Broadcasters Sponsorship Sector Event Hosting Agencies
Depending on the length A re-evaluation

Lower revenues as the of postponements, will expected on the value of Falling interest in large Pursue opportunities in
Short and mid- sector struggles to continue to struggle. sponsorship rights in scale event hosting new viable areas.
term impact attract interest in a Greater competition for sport. Money reallocated to Increased interest in
struggling economy. audiences upon backlog Tightened purse strings other domestic areas. esports.
of live events. will lower expectations.
Renewed interest in
High demand returns. sustainability.
Sport will continue to
Becomes a sellers’ Demand for sports Focus remains on legacy
offer prime marketing
market, as businesses content remains high in of an event, which is key Increasingly creative
Long-term opportunities.
flock back for biggest the long-term. to reinvigorate host development of brand
impact Millions of fans will
rights on offer. Recent Desire to attend events economies. Event impact.
attract millions of
NFL deal confirms this will be higher. hosting could be utilised
dollars.
trend. as a means of driving
tourism.
Source: Sportcal Significant negative impact Moderate negative impact No impact Moderate positive impact Significant positive impact 163
Sport mitigation strategies
The recession will bite deep into Sport, with further declines expected running into Q2; but expect a steady re-growth of the sector once scheduling
resumes, with the demand for sport remaining high thanks to it still being ‘appointment viewing’.

▪ Develop new markets such as esports. ▪ Following potential de-valuation of rights, place focus on
▪ Understand potential changes to consumer spending highlighting potential return on investments.
and react to how fans are re-engaging with sport. ▪ Sports such as F1 will explore new eco and financial
▪ Introduce new creative marketing campaigns that friendly innovations, focused on cost reduction.
encourage mass audiences. ▪ Continue investment into new areas of technology
▪ Continue to exploit influencer marketing. which can enhance viewer experiences – AR and VR.
▪ Position as a force for good, highlighting positive impact

made on local communities during crisis.
▪ Improve lines of communication with fans and
supporters.
Source: Sportcal 164

Technology & Telecoms
Technology
The technology and telecom market have recovered well, and new product and service launches continue
The IT services sector is struggling as others—such as cloud services—are surging; the industry is now focused on driving business plans forward with COVID-19 impact embedded
200
200 200
150 150
150
100 100
100
50 50
50
0 0
50.00 50 INDICES
Equity 5.5% 3.2% 26.6%
25 Jobs -2.3% -6.9% 87.2%
25.00
M&A - -9.3% -0.8%
0
-
SENTIMENTS
-25 News - 0.2% 4.6%
(25.00)
Filings - - 84.1%
-50
(50.00) 2019 2020 2021
Equity, jobs, news, deals and filings sentiments indices as of 29 December 2021 166
Source: GlobalData
Enterprise Technology &
Services
Enterprise Technology & Services sub-sector impact
The enterprise technology and services sectors fared better than many other industries
Enterprise demand was driven by the need for agility and to securely and quicky support a large and dispersed remote workforce
Industrial Organizations will focus on automation to improve productivity and efficiency. In the long term, machines will take on
automation more dangerous and repetitive tasks, while human workers will focus on resolving alerts and anomalies.
IT infrastructure 2021 spending on IT infrastructure will be slowly pick up as the economy improves and IT projects are re-prioritized.
Collaboration and contact center tools drove growth in cloud–based services due to their ability to support remote
Cloud workers. Longer term, expect companies that hastily migrated to cloud solutions in early 2020 to take a step back to re-
evaluate their cloud roadmaps, multi-cloud and cloud orchestration strategies.
Application The market will slowly recover in 2021 and beyond. Tech providers are launching return-to-work solutions to help
software manage the challenges associated with employees returning to the office and preparing for a new work environment in
which more employees work from anywhere.
Remote employees require access to enterprise information outside of the corporate perimeter and on employee-
Security software owned devices, driving the need for unified endpoint management. A growing number of security attacks underscore
the need for dual factor authentication.
Many IT projects that were considered 'nice to haves', such as those related to AI or analytics, were put on hold in 2020,
IT services but are slowly being revisited. Attention has shifted to transforming customer journeys, developing greater agility,
implementing flexible supply chains, building more robust business continuity and resiliency strategies, and improving
employee experiences.
Enterprise technology & services value chain impact
The enterprise IT market will see renewed interest in the agility and flexibility offered by digital transformation.
Component Supply Product Development Sales & Marketing Customer Demand Customer Experience
Chain
Uplift in demand for Enterprises look for Organizations invest in

Challenging market into Assuming some
cloud, IoT, edge, thought leadership to optimizing online
Short and mid- 2021.Supply chain economic bounce back,
collaboration, remote help with defining and experiences for
term impact diversification to reduce on-hold projects should
working and automation implementing return to customers.
reliance on China. resume.
solutions. work policies.
Enterprises invest to
The IT industry may well
broaden adoption of In industries with many
Organizations will need to reinvent its go
automation and robots company failures, Customer 360 initiatives
Long-term implement analytics to market strategy. The
to improve efficiency competitive pressure that prioritized and
impact solutions to optimize impetus behind
and resiliency; AI and will lighten, slackening accelerated.
supply chains. digitization will shift to
analytics to promote demand for new IT.
business continuity.
agility and flexibility.
Enterprise Technology & Services mitigation strategies
As the economy recovers, enterprises will look for solutions that support hybrid work environments and help them leverage insights from new data
sources

▪ Diversify supply chains to mitigate future shutdowns. ▪ Focus less on 'disruptive innovation', focus more on
▪ Track start-up failures and acquire relevant IP. pragmatic technologies that solve existing problems
rather than speculative moon shots.
▪ Help customers recover with the use of technology with
appropriate pricing and contract terms. ▪ Update business continuity planning to account for
extreme possibilities and incorporate digital
▪ Work closely with customers to define their on-going transformation initiatives such as virtualization and
technology requirements. greater automation.
▪ Plan for accelerated adoption of SaaS, IaaS and PaaS. ▪ Restart big-picture marketing and R&D with an eye
▪ Expect governmental organizations to invest in drones, towards larger market trends as economic conditions
biosensors, IoT and cloud-based analytics. improve.

IT services thematic scorecard
IT services Thematic Screen

10% 15% 5% 10% 5% 5% 10% 15% 10% 15% 100%
Weighting
Company MKT CAP Ticker Country Artificial Big Data Blockchain Internet of Sustainability Regulation Enterprise SaaS Cloud IaaS / Managed COVID-19 C Thematic
(US$ M) Intelligence Things PaaS security services o Ranking
l
u
IBM 121,404 IBM USA 5 5 5 4 4 3 3 5 5 3 1
Accenture 185,926 ACN Ireland 4 4 5 4 5 4 3 4 4 3 2
Infosys 78,107 INFY India 4 4 4 4 4 3 4 4 3 3 3
HCL Technologies 35,799 HCLTECH India 4 4 4 4 4 3 4 4 3 3 4
Capgemini 29,094 CAP France 4 4 4 5 4 3 4 4 2 3 5
Wipro 30,367 WIPRO India 4 4 4 4 4 2 3 4 4 3 6
Tata Consultancy Services 156,235 TCS India 4 4 4 4 4 4 4 3 3 3 7
NTT Data 21,823 9613 Japan 4 4 4 4 3 3 4 4 3 2 8
Tech Mahindra 13,214 TECHM India 4 3 2 4 3 3 4 4 3 3 9
DXC Tech 7,266 DXC USA 2 4 4 4 3 2 4 4 4 2 10
Fujitsu 31,020 6702 Japan 3 4 2 4 4 3 3 4 2 3 11
Atos 8,523 ATO France 4 4 2 4 5 3 3 3 3 2 12
Tieto 3,733 TIETO Finland 3 4 4 4 3 3 4 3 3 2 13
Mphasis 4,212 MPHASIS India 3 4 4 3 3 3 3 4 3 2 14
Cognizant 41,420 CTSH USA 4 4 4 3 3 1 3 4 3 1 15
EPAM Systems 21,240 EPAM USA 2 4 4 3 2 3 3 4 3 2 16
CGI 18,748 GIB.A Canada 3 4 3 3 3 1 4 3 3 2 17
Sopra Steria 3,493 SOP France 2 4 4 4 3 2 3 3 3 2 18
World Wide Tech Unlisted Unlisted USA 3 3 3 3 3 3 3 3 3 3 19
Computacenter 3,678 CCC UK 2 4 3 3 3 3 3 3 3 2 20
Conduent 1,387 CNDT USA 3 4 3 3 2 3 4 3 3 1 21
Genpact 8,283 G Bermuda 2 4 3 3 3 4 2 3 3 1 22
Indra 1,581 IDR Spain 2 3 3 3 3 3 3 3 3 1 23
Neusoft 1,785 600718 China 2 3 3 3 3 3 3 1 2 2 24

IT infrastructure thematic scorecard
IT infrastructure Thematic Screen
5% 20% 10% 5% 10% 5% 15% 10% 15% 5% 100%
Weighting
Company MKT CAP Ticker Country Artificial Software Defined Cybersecurity Internet of High Edge computing Programmable Everything as a COVID-19 5G C Thematic
(US$ M) Intelligence Networks Things performance infrastructure service o Ranking
computing l
u
Amazon 1,548,829 AMZN USA 5 4 4 5 5 5 4 5 5 3 1
Cisco 221,924 CSCO USA 4 4 5 5 4 5 5 4 2 4 4
Intel 262,064 INTC USA 5 4 4 4 5 5 4 3 3 4 5
Nvidia 321,117 NVDA USA 5 4 3 4 5 4 4 3 4 3 6
VMware 64,818 VMW USA 4 4 4 4 3 4 4 4 4 3 7
Broadcom 192,972 AVGO USA 4 4 4 4 4 4 4 4 3 3 8
IBM 121,404 IBM USA 5 3 4 4 5 4 4 4 3 3 9
Dell 67,275 DELL USA 4 4 4 4 4 5 3 4 2 3 10
HP Enterprise 20,376 HPE USA 4 4 3 3 4 5 4 4 2 3 11
Juniper Networks 8,427 JNPR USA 5 4 4 3 3 4 4 4 2 3 12
Huawei Unlisted Unlisted China 4 4 1 4 4 4 4 3 3 5 13
Arista Networks 23,486 ANET USA 4 4 4 3 3 3 4 4 2 3 14
Accton 5,467 2345 Taiwan 3 5 2 3 3 3 5 3 2 3 15
Oracle 205,106 ORCL USA 4 3 4 3 3 3 3 5 3 3 16
Fujitsu 31,020 6702 Japan 3 4 3 4 3 3 4 2 3 3 17
NEC 16,425 6701 Japan 4 4 3 3 2 3 4 3 3 3 18
Nutanix 5,313 NTNX USA 3 4 3 4 3 4 4 3 2 3 19
Lenovo 15,562 992 China 4 3 3 4 4 4 3 4 2 3 20
F5 Networks 12,871 FFIV USA 3 4 3 3 3 3 3 3 3 3 21
Extreme Networks 1,049 EXTR USA 4 4 3 3 4 3 3 3 2 3 22
Alcatel-Lucent Enterprise Unlisted Unlisted China 3 4 3 3 3 3 4 3 2 3 23
Hitachi 47,194 6501 Japan 4 3 3 4 3 4 3 3 3 3 24
NetApp 16,116 NTAP USA 3 4 3 3 3 3 3 4 2 3 25
Adtran 783 ADTN USA 3 4 3 4 3 3 3 3 2 3 26
Inspur Electronic 6,107 977 China 4 3 1 3 4 4 3 3 3 3 27
Western Digital 20,003 WDC USA 3 3 3 3 4 3 3 3 2 3 28
Ubiquiti Networks 23,665 UI USA 3 3 3 4 3 3 3 3 2 3 29
Motorola Solutions 31,926 MSI USA 4 3 3 4 2 2 3 3 2 4 30

Enterprise technology COVID-19 further reading
Latest COVID-19 reports from the Technology Intelligence Center

COVID-19: Mitigation Comes Ashore – Video Monitoring 5G Watch Q2 2020: COVID-19 Will Have a Short-Term but
11/06/2020 29/06/2020
for Social Distance Management on European Beaches Meaningful Effect on the Global Progression of 5G
COVID-19: U.S. Wireless Carriers Fasten Their Seatbelts Edge Computing Could Offer a Solution to Blockchain’s
12/06/2020 30/06/2020
for a Bumpy Q2 and Beyond Limitations
COVID-19: GlobalData Survey Reveals Bright Spots for IT 30/06/2020 Blockchain Watch: Initiatives Impacted by COVID-19 Crisis
30/06/2020
Spending
COVID-19: IoT Watch Q2 2020 – Voice Assistants Became
Mobility and IoT; Have Businesses Changed Their 06/07/2020
16/06/2020 Indispensable While Other IoT Players Struggled
Spending Due to COVID-19?
Data Analysis Teams with Data Synthesis to Navigate a
COVID-19: Some Countries Come Under Fire for the 03/08/2020
19/06/2020 Shaken Economy
Potential Misuse of Contact Tracing Apps
H1 2020 IT Services Watch: Earnings Results Shed Light
COVID-19: The Crisis Has Underlined the Need for 09/09/2020
24/06/2020 on the Impact of COVID-19 on ITSPs
Omnichannel Contact Centers
24/06/2020 COVID-19: IoT and Edge Computing Could Support Green 24/11/2020 COVID-19 Isn’t Over and It’s Still Tactical Time
Recovery for UK Economy 22/12/2020 COVID-19: Spotlight Shines on the Contact Center
25/06/2020 COVID-19: The Catalyzation of Contact Center
Cloudification 05/01/2021 COVID-19: The Contact Center Takes the Spotlight
03/08/2021 Have COVID-19 and the Internet Killed SD-WAN?

Telecom:
Consumer Services &
Technology Return to sector analysis index page
Telecom: Consumer services & technology sub-sector impact
The telecom sector is faring better than many other industries
The pandemic has driven greater recognition of telecom as critical infrastructure, nurturing greater digital support uptake and interest in higher-value services
Consumer Telecom Financial reports continue to demonstrate telecom service provider resilience to pandemic impact.
Services & Social
Media CSPs are leveraging new premium service and innovation opportunities as lockdown digital habits continue.
Consumer Earlier supply chain disruption for Apple, Samsung and other device OEMs has been solved in the main.
Platforms &
Devices Chipset shortages and ongoing supply chain disruption will have a longer-term impact on the market.
Telecom Operator demand remains solid as capacity requirements – particularly in the home – remain strong.
Technology &
Software Many operators have accelerated plans to automate network management and operation to reduce human touchpoints.
Semiconductors & While many handset and telecom infrastructure manufacturers are warning of looming semiconductor shortages, these
Component Makers are related to surging demand and insufficient foundry capabilities and not the pandemic. COVID-19 has driven demand
for biosensors. Medium-term, more aggressive network automation will rely on improved processing capabilities.
Telecom: Consumer services & technology value chain impact
In many ways the telecom sector is built for the challenge of COVID-19
Mid-term and long-term outlooks will depend on how well businesses learn lessons and put them to work to address future opportunities
Component Supply Product Development Sales & Marketing Customer Demand Customer Experience
Chain
Component
The emergence of Work
shortages in 2021 are Modest bounce-back as
Telecom and tech from Home as a semi-
unrelated to the some projects on hold,
companies need to permanent corporate Customer
pandemic but point to particularly with 5G, will
Short and mid- anticipate a change in policy should help boost engagement gains in
the need for supply resume. 5G-related
term impact consumer requirements. the sales case for new digital channel adoption
chain resiliency to 3GPP standards
Enhanced security types of guaranteed for sales and support.
prepare for a variety of development delayed.
becoming table stakes. performance residential
challenges, including
services and VAS.
future pandemics.
The COVID-19 era will

Many enterprises will be viewed as a
Will bounce back when Broader acceptance of The industry and embrace at least partial milestone for consumer
consumer confidence advanced technologies customers will be work-at-home as the digital self-service
Long-term
returns. such as AI and analytics digitally transformed, new normal. Schools acceptance - and
impact Biosensors up to 10% of will drive product and notably in the areas of and universities likely to potentially Telco
sensor market by 2025. CX innovation. CRM and sales. adopt more online progress in the
engagement. digitalisation of their
customers' experiences.
Telecom: Consumer services & technology mitigation strategies
The immediate recession will be relatively deep, but the bottom will be short, and the recovery will be fast
Even if customer demand is constrained by overall recession, technology will be valued as a way forward for consumers
Long-term strategies
Short and mid-term strategies 3–5 years
1–3 years
▪ Anticipate and meet post COVID-19 consumer service ▪ Position as digital service leaders and partners.
requirement for quality home connectivity and digital ▪ Leverage innovation investments made during downturn
experiences. to transform product lines.
▪ Address supply chain issues with diversification. ▪ Make enhanced humanitarian support and proactive
▪ Address internal digital transformation issues where they exist. community engagement a permanent part of corporate
▪ Solidify digital engagement with customers and partners. policy.
• Accelerate plans to automate network capacity management and ▪ Establish rules for proper use of smartphones in
network operations. pandemic tracing and other public emergencies.

Telecom services thematic scorecard
Telecom services Thematic Screen

15% 10% 15% 10% 10% 5% 5% 10% 5% 15% 100%
Weighting
Company MKT CAP Ticker Country 5G Cybersecurity Digitalization Internet of Collaboration Sustainability Ecommerce Cloud IaaS / Telecom COVID-19 C Thematic
(US$ M) Things Tools PaaS convergence o Ranking
l
u
AT&T 217,947 T USA 5 4 5 5 5 3 3 3 4 3 1
Verizon 243,447 VZ USA 5 4 5 4 5 3 3 3 3 3 2
Softbank 173,071 9984 Japan 4 3 4 5 4 3 4 4 4 3 3
Deutsche Telekom 95,963 DTE Germany 4 4 4 4 4 4 3 4 4 3 4
Orange 33,133 ORA France 3 4 3 4 5 4 4 4 4 4 5
SK Telecom 19,247 17670 Korea 5 4 4 4 3 3 4 3 4 3 6
China Mobile 134,419 941 China 5 3 4 5 3 3 3 3 3 3 7
Telefonica 25,201 TEF Spain 3 4 5 4 4 3 3 3 4 3 8
SingTel 30,082 Z74 Singapore 4 4 4 3 3 3 4 4 4 3 9
KT 6,455 30200 Korea 5 3 4 4 3 3 4 3 3 3 10
Vodafone 51,564 VOD UK 4 2 3 5 4 4 3 4 4 3 11
Etisalat 49,726 ETISALAT UAE 4 3 4 4 3 3 3 3 3 4 12
NTT 106,557 9432 Japan 4 4 4 3 4 3 4 4 3 2 13
China Telecom 27,920 728 China 4 3 4 4 3 3 3 4 3 3 14
Reliance Industries 180,501 RELIANCE India 4 3 3 3 3 3 3 3 3 5 15
Telstra 30,787 TLS Australia 5 3 3 3 4 3 3 3 3 3 16
BT 20,795 BT.A UK 4 4 3 3 4 4 3 3 3 3 17
China Unicom 17,370 762 Hong Kong 4 3 4 3 3 3 3 4 3 3 18
Ooredoo 6,158 ORDS Qatar 4 3 4 4 3 3 3 3 3 3 19
M1 Unlisted Unlisted Singapore 4 3 4 3 3 3 3 4 3 3 20
KDDI 75,783 9433 Japan 4 3 4 3 3 3 3 3 3 3 21
Saudi Telecom 64,002 7010 Saudi Arabia 4 3 3 4 3 3 3 3 3 3 22
Rakuten 17,886 4755 Japan 3 2 4 3 3 3 5 4 3 3 23
Zain 9,070 ZAIN Kuwait 4 3 3 3 3 4 4 3 3 3 24
T-Mobile US 153,437 TMUS USA 5 2 4 3 2 3 3 2 3 3 25
Chunghwa Telecom 30,377 2412 Taiwan 4 3 3 4 3 3 4 3 3 2 26
Telenor 24,654 TEL Norway 3 3 3 4 3 4 3 3 3 3 27
Vodacom 16,052 VOD South Africa 3 3 3 4 3 3 4 3 3 3 28
Mobily 6,150 7020 Saudi Arabia 4 3 3 3 3 3 3 3 3 3 29
NTT DoCoMo Unlisted Unlisted Japan 4 4 3 3 3 3 4 3 3 2 30

Telecom infrastructure thematic scorecard
Telecom infrastructure Thematic Screen

10% 15% 10% 5% 5% 15% 10% 10% 10% 10% 100%
Weighting
Company MKT CAP Ticker Country Artificial 5G Cybersecurity M&A Sustainability Edge computing Programmable Everything as a COVID-19 Private networks C Thematic
(US$ M) Intelligence infrastructure service o Ranking
l
u
Cisco 221,924 CSCO USA 4 4 5 4 4 5 5 4 2 5 1
Intel 262,064 INTC USA 5 4 4 3 4 5 4 3 3 5 2
Nokia 23,117 NOKIA Finland 4 5 4 3 4 4 4 4 3 5 3
Ericsson 44,912 ERIC B Sweden 4 5 4 4 4 4 4 3 3 4 4
Qualcomm 149,123 QCOM USA 4 5 3 4 3 4 3 3 3 5 5
Broadcom 192,972 AVGO USA 4 3 4 4 3 4 4 4 3 4 6
Mavenir Unlisted Unlisted USA 3 5 3 4 2 4 4 3 3 4 7
Juniper Networks 8,427 JNPR USA 5 3 4 4 2 4 4 4 2 3 8
Huawei Unlisted Unlisted China 4 5 1 1 2 4 4 3 3 4 9
Samsung Electronics 485,689 5930 Korea 4 5 2 4 3 2 3 3 3 4 10
Amdocs 10,734 DOX USA 4 4 3 4 2 3 4 3 2 3 11
Infinera 1,969 INFN USA 3 4 3 5 2 3 4 3 2 3 12
NEC 16,425 6701 Japan 4 3 3 2 2 3 4 3 3 3 13
Ciena 8,511 CIEN USA 3 4 3 3 2 3 4 3 2 3 14
Vecima 267 VCM Canada 3 3 3 4 2 3 3 3 4 3 15
Calix 2,028 CALX USA 3 4 3 2 3 2 4 3 4 2 16
Harmonic 769 HLIT USA 3 3 3 3 2 3 3 3 4 3 17
Telit 385 TCM UK 3 3 2 5 2 3 3 3 2 5 18
Ubiquiti Networks 23,665 UI USA 3 3 3 4 2 3 3 3 2 4 19
Ribbon Comms 1,148 RBBN USA 3 3 3 2 2 3 4 3 4 2 20
Casa Systems 785 CASA USA 3 3 3 4 2 3 2 3 4 3 21
ZTE 19,192 63 China 3 4 1 2 2 3 4 3 2 4 22
Adtran 783 ADTN USA 3 3 3 2 2 3 3 3 2 4 23
Fujitsu 31,020 6702 Japan 3 3 3 1 4 3 4 2 3 2 24
CommScope 3,106 COMM USA 3 3 3 3 2 3 2 3 2 4 25
InterDigital 1,921 IDCC USA 2 3 3 3 2 3 3 3 2 2 26

Telecom & technology COVID-19 further reading
Latest COVID-19 reports from the Technology Intelligence Center

COVID-19: Carriers Get Behind Vaccination Effort, in 2021 Predictions: What to Expect in Consumer Services
21/06/2021 17/12/2020
Multiple Ways Amid COVID-19
COVID-19 Raises New Questions for Net Neutrality and Huawei Sells Its Honor Brand to Tide Over COVID-19 and
27/05/2021 18/11/2020
the Need for Zero-Rating U.S. Sanctions
COVID-19 Raises New Questions for Net Neutrality and StreamTV Show Highlighted COVID-19's Impact, Ongoing
04/05/2021 16/11/2020
the Need for Zero-Rating Evolution of the Dynamic Streaming Video Market
IoT Watch Q1 2021 – Consumer: COVID-19, 5G Drive E- StreamTV Show Highlighted COVID-19's Impact, Ongoing
16/04/2021 16/11/2020
Health Innovations Evolution of the Dynamic Streaming Video Market
US Operators Signal Higher Capex in 2021 After a COVID- COVID-19: Q3 2020 – Growth in Overall Revenues, but
09/03/2021 11/11/2020
Dampened 2020 OEMs Brace for New Lockdowns
COVID-19: Q4 2020 - Apple Defies COVID-19 with the Global 5G Update: Advanced 5G Consumer Case Cases
09/11/2020
23/02/2021 iPhone 12; Smartphone Demand to Reach Pre-Pandemic May Come from COVID-19 Lockdowns
Levels in 2021 COVID-19 Lockdown 2.0: The European Telco Response Is
04/11/2020
2021 Predictions: What to Expect in Consumer Services Muted This Time Around
17/12/2020
Amid COVID-19 COVID-19: Orange Belgium Boosts Innovative Tourism
15/07/2020
COVID-19: Q4 2020 - Apple Defies COVID-19 with the App with Mobile Location Data
23/02/2021 iPhone 12; Smartphone Demand to Reach Pre-Pandemic COVID-19: AT&T Makes a So-So Effort to Smooth SMBs'
Levels in 2021 29/10/2020
Digitalization Journeys
Travel & Tourism
Travel & Tourism
Travel companies have increased recruitment as travel outlook improves
Sentiment and jobs improving as travel outlook improves, despite concerns around infection rates in numerous countries
200
125 200
150 150
100
100 100
75
50 50
50
0 0
50.00 50 INDICES
Equity 6.9% 1.7% 2.5%
25 Jobs -1.3% -10.8% 202.3%
25.00
M&A - -2.4% 48.1%
0
-
SENTIMENTS
-25 News - -0.9% 28.3%
(25.00)
Filings - - 77.8%
-50
(50.00) 2019 2020 2021
Source: GlobalData
Travel & Tourism COVID-19 sub-sector impact
Signs of recovery are emerging, but recovery will be uneven
Cruises and airlines continue to be under the most pressure during this uncertain time
Airline traffic continues to be volatile, and any surge in a country’s cases is negatively impacting carriers, with traveler uncertainty
Airlines continuing to remain moderately high. International travel demand could now face a period of decline due to the Omicron variant.
Ed Bastian, Delta chief executive, recently stated that Omicron had hit bookings for January 2022, mainly for international travel.
Car rental demand continues to be low due to less travel. The desire to see the great outdoors and travel privately may see a
stronger recovery for this sector compared to others. Companies such as Sixt reported strong earnings in 2021. A solid rebound
Car Rental came from a strong performance in European leisure holidays, starting in Q2 and continuing in Q3. Additionally, Sixt reported it was
seeing an uptick in business travel demand in Germany. However, it is probable that growth seen in 2021 will be stunted by the
Omicron variant.
The COVID-19 pandemic shut down the cruise industry in March 2020. Many operators have resorted to offering coastal and river
cruises aimed at the domestic market. Some have invested heavily in contactless technology and app-based engagement to create
Cruises
a contactless cruise experience compared to pre-COVID times. Many cruise companies require a COVID-19 test result or proof of
vaccine to board. Encouragingly, many cruise operators expect to have fleets return to full service in 2022.
Intermediaries have been under significant pressure during the pandemic. Many OTAs (Online Travel Agencies) have been on the
end of legal cases involving untimely repayments. In some cases, relationships with suppliers such as low-cost carriers have broken
Intermediaries down where conditions around flexibility and refunds have not been clear. Google is also being accused of delaying the recovery of
intermediaries. Online intermediaries blame Google for promoting either those that pay the most in auctions for advertisements,
or its own travel products, creating unfair competition in the process.
In recent months, the hotel industry has seen significant improvement, with more encouraging figures projected for 2022 and 2023.
Lodging However, occupancy rates are still substantially lower than pre-pandemic levels. Operators in the sharing economy have emerged as
leaders in the pandemic. Airbnb reported Q3 2021 revenue of $2.2 billion, which was its highest ever—36% higher than Q3 2019.
Travel & Tourism COVID-19 value chain impact
Demand for travel will return, but the process will be lengthy
Despite newfound optimism driven by vaccine progress, recovery will not occur immediately
Planning & Booking Transport Lodging Excursions
Adapting to a new Once leisure travel

Uncertainty over the Travel bubbles and normal will determine resumes, demand will
length of travel travel corridors branch the winners and losers. return. May be used by
restrictions and open for more Major players are likely tour operators to entice
Short and mid-
indication is that countries. COVID-19 to survive, which creates people to book.
term impact measures will be in tests/vaccination an opportunity for Demand for domestic
place even when travel requirements are part of acquisitions, allowing excursions experienced
opens back up. the new norm. for the broadening of a strong rebound in
customer bases. 2021.
Travel will return.

Consolidation is a
Intermediaries are seen
possibility, but airlines Hotels will need to adapt Excursions are
by many as a necessary
likely to be smaller quickly to changed something travelers can
aid when booking so
companies for the next demands. Staying ahead forgo but experiences
Long-term demand will
two to three years. Low- of the digital curve will are a primary travel
impact return. Direct bookings
cost carriers will benefit be crucial. Online motivator so once travel
with providers
and likely to be the first reputations will become picks up, so too should
could increase due to
to expand market of increased importance. this stage of the chain.
flexible cancellation
presence.
policies offered.
Travel & Tourism COVID-19 mitigation strategies
COVID-19 has hit the tourism industry hard. Consensus is that recovery will take longer than initially envisaged.
Some consumer demands and behaviors will be permanently altered, players at all stages of the value chain will need to adapt

▪ Address oversupply in the market: M&A, footprint, and ▪ Prepare for a market rebound that might require a very
brand portfolio rationalization. different product/service to that needed now within
▪ Prepare for a potential change in how customers see the different competitive environment:
world. Be prepared to adapt swiftly and invest in new ▪ Possible long-term shift to reduced business travel
technologies. as people have become more confident in
▪ Mitigate circumstances for new COVID variants and the videoconferencing.
impact on the marketplace ▪ Closely assess if particular consumer demands
▪ Assess how demands and expectations may change. revert to pre-pandemic standards. A need
for more human contact may return.
▪ Adjust product and marketing strategies accordingly.
▪ ESG is now a critical theme facing the future of
▪ Invest in effective marketing campaigns, incorporating tourism. Clear objectives outlining a clear strategy
the learnings from the COVID-19 crisis. will be critical to remain relevant.
▪ Maintain the momentum of domestic tourism, gained ▪ Continue to re-evaluate and, if necessary, adapt
during global travel restrictions. branding and product/service. Consumer behavior will
▪ Continue to focus on hygiene and sanitation. not be static. Continued investment will be key.

Lodging thematic scores
186
Airlines thematic scores
187
Travel & Tourism COVID-19 further reading
Latest COVID-19 reports from the Travel & Tourism Intelligence Center
15 Dec 2021 Tourism Source Market Insight: Turkey (2021) 25 Nov 2021 Tourism Destination Market Insight: North
Africa (2021)
15 Dec 2021 Enterprise Tech Ecosystem Series: Airbnb Inc. 23 Nov 21 Outbound Tourism Spending Habits in the Top
10 Expenditure Markets - 2021
09 Dec 2021 Analyzing the potential impact of Beijing 2022 22 Nov 21 Thematic Research: Augmented Reality in Travel
& Tourism (2021)
02 Dec 2021 Global Car Rental Market to 2025 22 Nov 21 Key Trends in Online Travel (2021)
29 Nov 2021 Thematic Research: Virtual Reality in Travel & 16 Nov 21 Tourism Construction Projects in South and
Tourism (2021) Central America – Q3 2021
25 Nov 2021 Tourism Source Market Insight: Australia (2021) 16 Nov 21 Tourism Construction Projects in North America – Q3
2021
25 Nov 2021 Thematic Research: ESG - Top Trends by Sector 16 Nov 21 Tourism Construction Projects in Middle East and
Africa – Q3 2021
188
Appendices
Appendix 1:
Our thematic research methodology
Our thematic research methodology
We define a theme as any issue that keeps a CEO awake at night
Viewing the world’s data by themes helps decision making Traditional research is poor at picking winners and losers That is why we developed our “thematic engine”
We define a theme as any issue that keeps a CEO awake at The difficulty in picking tomorrow’s winners and losers in any At GlobalData, we have developed a unique thematic
night. GlobalData’s thematic research ecosystem is a single, industry arises from the sheer number of technology cycles – methodology for ranking all companies in all sectors based on
integrated global research platform that provides an easy-to- and other themes – that are in full swing right now. their relative strength in the big investment themes that are
use framework for tracking all themes across all companies in impacting their industries. Our thematic engine identifies
all sectors. Companies are impacted by multiple themes that frequently which companies are best placed to succeed in a future filled
conflict with one another. What is needed is an effective with multiple disruptive threats.
It has a proven track record of identifying the important methodology that reflects, understands and reconciles these
themes early, enabling companies to make the right conflicts. To do this, we rate the performance of the top 1,000
investments ahead of the competition, and secure that all- companies against the 50 most important themes impacting
important competitive advantage. those companies, generating 50,000 thematic scores. The
algorithms in GlobalData’s thematic engine help to identify the
long-term winners and losers within each sector.
Our five-step approach for generating a sector scorecard, using the technology, media and telecom (TMT) sector as an example
Sectors Themes Research Thematic screen Sector scorecard First, we split each industry into its component sectors, because each sector is driven
by a different set of themes. Taking the TMT (technology, media and telecom) industry
1. Split the global TMT 2. Identify and rank the 3. Identify and score tech 4. Calculate overall 5. Determine leading companies
sector into 18 subsectors. top 10 themes driving leaders and challengers thematic rankings for in each sector using our three as an example, we split this industry into the 18 sectors shown in the graphic below.
earnings for each sector. for each theme. all companies in a sector. screens.
Second, we identify and rank the top 10 themes for each sector (these can be
Hardware
Semiconductors
Servers, storage, networking
1. Voice technology themes, macroeconomic themes, or industry-specific themes).
Telecom equipment Consumer
electronics Sector Scorecard =
Component makers
Industrial automation Third, we publish in-depth research on specific themes, identifying the winners and
Software 2. Cloud Thematic screen
Application software
Infrastructure software + losers within each theme. The problem is that companies are exposed to multiple
Security software
Video games software
Valuation screen investment themes and the relative importance of specific themes can fluctuate.
IT services +
Internet & Media 3. Blockchain
E-commerce
Risk Screen
Social media
Advertising So, our fourth step is to create a thematic screen for each sector to calculate overall
Music, film and television
Publishing
Telecoms
thematic leadership rankings after taking account of all themes impacting that sector.
10. Internet of
Telecom operators
Cable operators Things
Finally, to give a crystal-clear picture, we combine this thematic screen with our
valuation and risk screens to generate a sector scorecard used to help assess overall 191
Source: GlobalData winners and losers.
Our thematic research methodology (continued)
Our sector scorecards help us determine which companies are best positioned for a future filled with disruptive threats
What is in our sector scorecards? How do we score companies in our thematic screen? How does our three-tiered reporting system work?
Our sector scorecards help us determine which companies Thematic scores predict the future, not the past. Our thematic research ecosystem is designed to assess the
are best positioned for a future filled with disruptive threats. impact of all major themes on the leading companies in a
Each sector scorecard has three screens: Our thematic scores are based on our analysts’ assessment of sector.
their competitive position in relation to a theme, on a scale of
▪ Our thematic screen ranks companies on the basis of 1 to 5: To do this, we produce three tiers of thematic reports:
overall leadership in the 10 themes that matter most to
their industry, generating a leading indicator of future Vulnerable: The company’s activity with regards to ▪ Single Theme: These reports offer in-depth research into a
performance; this theme will be highly detrimental to its future specific theme (e.g. artificial intelligence). They identify
1 winners and losers based on technology leadership,
performance.
▪ Our valuation screen ranks our universe of companies market position, and other factors.
within a sector based on selected valuation metrics; and Follower: The company’s activity with regards to
this theme will be detrimental to its future ▪ Multi-Theme: These reports cover all themes impacting a
▪ Our risk screen ranks companies within a particular sector 2 performance. sector and the implications for the key players in that
on the basis of overall investment risk, classified into sector.
corporate governance risk, accounting risk, technology risk Neutral: The company’s activity with regards to this
and political risk. theme will have a negligible impact on the ▪ Sector Scorecard: These reports identify those companies
3 company’s future performance, or this theme is most likely to succeed in a world filled with disruptive
not currently relevant for this company. threats. They incorporate our thematic screen to show
how conflicting themes interact with one another, as well
Leader: The company is a market leader in this as our valuation and risk screens.
4 theme. The company’s activity with regards to this
theme will improve its future performance.
Dominant: The company is a dominant player in

5 this theme. The company’s activity with regards to
this theme will significantly improve its future
performance.

Appendix 2:
About GlobalData
About GlobalData
In an increasingly fast-moving, complex, and uncertain world, it’s never been harder for organizations to predict and navigate the
future. Which is why GlobalData’s mission is to help our clients decode the future and profit from faster, more informed decisions.
Today, over 4,000 organizations rely on GlobalData to be their trusted source of strategic intelligence on the world's largest industries.
As a leading information services company, we provide unique data, expert analysis, and innovative solutions, all delivered through
one platform.
Unique Data
We are a gold standard information provider to the world’s largest industries, and continuously collect, update, and enrich 50+
terabytes of unique data to create comprehensive, authoritative, and granular industry intelligence.
Expert Analysis
We leverage the collective expertise of over 2,000 in-house industry analysts, researchers, consultants, and business journalists, as
well as thousands of external thought-leaders, to create timely, differentiated and actionable insight.
Innovative Solutions
We help you work smarter and faster by giving you access to powerful analytics and customizable workflow tools tailored to your
role, alongside direct access to our expert community of research analysts.
One Platform
We have a single taxonomy across all of our data assets and integrate our capabilities into a single platform – giving you easy access to
a complete, dynamic, and comparable view of the world’s largest industries.
194
Trusted intelligence in uncertain times
Decision-makers are faced with tough choices regarding COVID-19, but an explosion of conflicting information and views on what to
do. It is more important than ever to separate fact from fiction, the subjective from objective, and use trusted, timely, and actionable
data and insights.
Which is why the world’s leading press and media outlets rely on GlobalData’s COVID-19 coverage.
195
Note: Select examples of press and media outlets that have sourced GlobalData COVID-19 data and insights
Discover thematic research with Disruptor
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COVID-19 Impact Sector - Global Data

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COVID-19 Impact Sector - Global Data

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COVID-19

Understand the impact of COVID-19 across

Copyright @ GlobalData PLC. All rights reserved.

Aerospace, Defense & Security Medical

Automotive Oil & Gas

Insurance Travel & Tourism

Deaths Recovered In Treatment

150 heavily dependent on the extent of testing. 125,444,602 + 12,475,862

Do you see impact on

Note: Analysis based on 45,377 responses received till 31 December 2021.

Note: Analysis based on 3,521 responses received till 31 December 2021

Within the next 6 months

Never returning to office/Will

Note: Analysis based on 5,299 responses received till 10 December 2021.

Note: Analysis based on 4,489 responses received till 30 November 2021.

Note: Analysis based on 6,143 responses received till 31 December 2021.

Have you gone back to your normal place of work/office?

I am going to the office once a week

Note: Analysis based on 5,456 responses received till 31 December 2021.

Why would you want to keep working remotely?

Flexibility of work hours 68%

Better time management 54%

Increased interaction with family 49%

Better opportunities to focus 45%

More self-development opportunities 37%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Note: Analysis based on 1,118 responses received till 31 December 2021.

What are your biggest challenges while working remotely?

Lack of social stimuli 44%

Unplugging after work hours 39%

Collaboration and communication are difficult 35%

Finding motivation 35%

Inability to take time off 29%

Network/connectivity limitations 28%

Frequent interruptions 25%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Note: Analysis based on 736 responses received till 31 December 2021.

Artificial intelligence 150

Robotic process automation 93

Internet of Things (e.g. wearables) 61

Note: Analysis based on 182 responses received till 31 December 2021.

Foodservice Healthcare Insurance Medical Mining Oil & Gas Index

Packaging Pharma Power Retail Technology Travel & Tourism Index

as of 29 December 2021, rebased to 100 on 2 Jan 2020. 22

as of 29 December 2021. ADS= Aerospace, Defense & Security 23

Foodservice Healthcare Insurance Medical Mining Oil & Gas Index

Packaging Pharma Power Retail Technology Travel & Tourism Index

Travel & Tourism Apparel Automotive

0% 50% 100% -20% 0% 20% 0% 100% 200%

Foodservice Healthcare Medical Mining Oil & Gas Index

Packaging Pharma Power Retail Technology Travel & Tourism Index

as of 29 December 2021, rebased to 100 on 1 Jan 2020. 26

Foodservice Healthcare Insurance Medical Mining Oil & Gas Score

Packaging Pharma Power Retail Technology Travel & Tourism Score

Foodservice Healthcare Insurance Medical Mining Oil & Gas Score

Packaging Pharma Power Retail Technology Travel & Tourism Score

Consumer Technology & Telecoms

Foodservice Enterprise Technology & Services

Healthcare Telecom: Consumer Services & Technology

Insurance Travel & Tourism

100 150 150

Prime Tier 1 & 2 Tier 3 & 4 Tier 5

Rebalanced civil Broader view of what