January 21, 2015 Global Markets Research Daily Market Highlights Key Takeaways Overnight Economic Data US Renewed fall in oil prices and IMF growth forecast downgrade appeared to have little dent Eurozone on market sentiments and we believe the string of “not too bad” Chinese data that showed sustained growth of 7.3% YOY in 4Q and quicker gains in retail sales and industrial production has China Australia helped cushion some of the jitters. Days after World Bank’s downgrade, IMF cut its world growth New Zealand forecasts for this and next year by 0.3ppt to 3.5% and 3.7% respectively, amid downgrades in Eurozone, Japan, China, Russia, as well as some oil exporting economies, which offset the upgrade in the US. Back home, the government is again striking a fine balancing act between growth and fiscal consolidation amid the current oil turmoil, cutting 2015 growth forecast to 4.5- Government Bond Yield 5.5% and raising budget deficit target to 3.2% of GDP amid oil revenue loss as it seeks RM5.5bn opex cut whilst maintaining development expenditure at RM48.5bn. The DXY index extended its gain to a fresh 11-year high at 93.05 as at yesterday’s close as impending QE by ECB vis-à-vis Fed rate hike is set to enhance the appeal of USD denominated assets and debts. Back home, MYR weakened 1.01% to 3.6075 at close, its weakest level since MYR Aprr-09, after regaining some losses from 3.6153 hit in intraday trade. Markets were unnerved by a higher budget deficit target of 3.2% of GDP for 2015 and Fitch statement saying it is more 3-year 3.57 5-year 3.77 7-year 3.88 10-year 3.92 15-year 4.18 20-year 4.36 likely than not to downgrade the sovereign rating of Malaysia. We expect continued weakness in 30-year 4.62 the MYR amid lingering fiscal and growth concerns. 2-year 0.49 UST Moving into MYR bonds, benchmark govvies ended mixed yesterday with yields inching higher amid influence from weaker Ringgit performance. Total volume traded was over RM3.6b with focus skewed towards GII 7/22 with RM1.32b dealt. Levels ended circa 2-3 bps higher 5-year 1.28 10-year 1.79 30-year 2.38 from previous trade. PM announced that fiscal deficit target for 2015 will be revised to 3.2% of GDP versus previous level of 3.0%, whilst growth to moderate to 4.5%-5.5% versus previous forecast of 5.0%-6.0%. Fiscal consolidation is expected to continue. Despite the challenges, we opine fiscal consolidation although is a tad higher from previous forecast, its path of consolidation Daily Supports - Resistances remains on track in achieving a balance budget by 2020. All eyes on CPI release today. S2 S1 Indicative R1 R2 EURUSD 1.1500 1.1540 1.1555 1.1568 1.1600 What’s Coming Up Next USDJPY 117.87 118.54 118.59 118.91 119.32 GBPUSD 1.5075 1.5100 1.5140 1.5164 1.5200 Major Data Malaysia CPI US housing starts, MBA mortgage applications AUDUSD 0.8152 0.8164 0.8170 0.8182 0.8205 EURGBP 0.7595 0.7615 0.7632 0.7633 0.7673 UK jobless claims change, ILO jobless rate Japan all industry activity index, supermarket sales, leading index Major Events BOJ MPC meeting BOE minutes Bond Tender Nil USDMYR 3.6045 3.6153 3.6190 3.6258 3.6298 EURMYR 4.1600 4.1725 4.1824 4.1841 4.1937 JPYMYR 3.0300 3.0448 3.0532 3.0560 3.0679 GBPMYR 5.4590 5.4755 5.4797 5.4838 5.4970 SGDMYR 2.6920 2.7000 2.7037 2.7071 2.7083 AUDMYR 2.9455 2.9500 2.9583 2.9600 2.9718 NZDMYR 2.7560 2.7655 2.7680 2.7700 2.7777 = above 0.1% gain = above 0.1% loss Name KLCI Dow Jones Ind. Last Price DoD % YTD % 1750.1 -0.2 -0.6 CRB Index 17515.2 0.0 -1.7 WTI oil ($/bbl) S&P 500 2022.6 0.2 -1.8 FTSE 100 6620.1 0.5 0.8 Shanghai 3173.1 1.8 23951.2 3334.0 Hang Seng STI Source: Bloomberg 1 Name Brent oil ($/bbl) Outlook = less than 0.1% gain / loss Last Price DoD % YTD % 219.0 -2.4 -4.8 46.4 -4.7 -12.9 48.0 -1.7 -17.2 Gold (S/oz) 1295.4 1.5 9.2 -1.9 CPO (RM/tonne) 2331.5 0.5 1.5 0.9 1.5 Copper ($/tonne) 5672.0 -0.8 -10.0 0.8 -0.9 Rubber (sen/kg) 370.5 0.0 -1.9 Macroeconomics • Economic Data US NAHB housing market index EU ZEW survey Expectations JP convenience store sales CH fixed assets ex rural YTD CH retail sales CH industrial production CH GDP AU Westpac consumer confidence NZ CPI QOQ For Actual Last Survey Jan Jan Dec Dec Dec Dec 4Q 57 45.2 -1.2% 15.7% 11.9% 7.9% 7.3% 58 31.8 -1.7% 15.8% 11.7% 7.2% 7.3% 58 --15.7% 11.7% 7.4% 7.2% Jan 93.2 91.1 -- 4Q -0.2% 0.3% 0.0% The slew of China data was not as bad as feared. The China economy sustained a 7.3% YOY growth pace in 4Q underpinned mainly by robust 11.2% YOY growth in the tertiary industry. This brought full year 2014 growth to 7.4%, within the government’s target of “about 7.5%”. Retail sales and industrial production both exceeded expectations, registering 11.9% and 7.9% YOY increases respectively although the expansion in fixed asset investment moderated to 15.7% YOY YTD as expected. Growth outlook will turn a tad softer going into 2015 as the government continues with its reform efforts and amid looming headwinds in the world economy. • In its latest WEO update, IMF has downgraded China’s growth forecast to 6.8% and 6.3% for 2015 and 2016 (previous: 7.1% and 6.8%). Growth in the Euro region and Japan was also downgraded by 0.1-0.3ppt while that of the US were revised higher by 0.3-0.5ppt to 3.6% for 2015 and 3.3% 2016. Overall, the world economy is projected to grow at a slower pace of 3.5% in 2015 and 3.7% in 2016 (previous estimate: 3.8% and 4.0%). This came in higher than World Bank’s revised forecast of 3.0% for this year and 3.3% next (previous: 3.4% and 3.5%). • Overnight US data however came in a tad softer. NAHB housing market index dipped a notch to 57 in January but this remained near Source: Bloomberg 10-year high levels that signaled continued optimism over the US housing market this year. • On the contrary, ZEW expectations in the Eurozone climbed to a 6month high at 45.2 in January, suggesting increased optimism growth would improve at the end of the year as ECB roll out another round of QE. • At the local front, in his special address yesterday, the PM announced that growth is expected to come in lower at 4.5-5.5% this year (previous 5-6%) amid lower oil prices. This compares with our revised growth forecast of 4.5%. However, in the absence of development expenditure cut and amid RM5.5bn reduction in opex and lower revenue, budget deficit target is raised to 3.2% of GDP, but remained below 2014’s 3.5%. We believe this should offer some comfort that the government’s commitment in balancing its budget remains intact although this marked a derail from the original target of 3.0%. • Fitch in a statement yesterday said it is more likely than not to downgrade the sovereign rating of Malaysia in its review in 1H2015. Fitch commented that the upward revision in deficit target and lower growth forecast is reinforcing the fact that “dependence on commodities remains a key credit weakness for Malaysia”. Separately, S&P Associate Director of Sovereign Rating viewed Malaysia’s revised budget as an indication of continued focus on fiscal consolidation by the government but cautioned that prolonged oil slump could derail its fiscal consolidation efforts. • Today, BOJ meeting and BOE minutes will take center stage, followed by US housing starts and UK job reports. Malaysia CPI is due and we are expecting a more moderate print of 2.7%. Given less intense inflationary pressure stemming from lower pump prices and delay in electricity tariff hike, we have tweaked our 2015 full year CPI from 4.4% to 3.7%. This should strengthen the case for an extended OPR pause in 2015 amid prevailing growth risks. 2 Economic Calendar Release Date Country Date MA US Event Survey Prior Revised Dec 2.80% 3.00% -- Foreign reserves 15-Jan -- $116.0B -- MBA mortgage applications 16-Jan -- 49.10% -- Dec 0.80% -5.20% -3.70% -- 01/21 CPI YoY 01/22 01/21 Building permits MoM 01/22 Reporting Period Housing starts MoM Dec 1.20% -1.60% Initial jobless claims 17-Jan 300K 316K -- Continuing claims 10-Jan 2400K 2424K -- 22-Jan 0.05% 0.05% EU 01/22 ECB main refinancing rate SW 01/22 World economic forum-Davos -- UK 01/21 Jobless claims change Dec -25.0K -26.9K -- ILO unemployment rate 3Mths Nov 5.90% 6.00% -- Public finances (PSNCR) Dec -- 6.7B -- CBI trends total orders Jan -- 5 -- All industry activity index MoM Nov 0.0% -0.10% -- Supermarket sales YoY Dec -- -0.70% -- Leading index CI Nov F -- 103.8 -- Machine tool orders YoY Dec F -- 33.80% -- BOJ annual rise in monetary base 21-Jan -- Â¥80T -- -- Bank of England minutes 01/22 JP 01/21 Bank of Japan monetary policy statement HK 01/22 CPI composite YoY Dec 4.7% 5.10% -- AU 01/22 Consumer inflation expectation Jan -- 3.40% -- NZ 01/22 Source: Bloomberg 3 HIA new home sales MoM Nov -- 3.00% -- BusinessNZ manufacturing PMI Dec -- 55.2 -- ANZ consumer confidence index Jan -- 126.5 -- Forex MYR FX Table Nam e Last Price DoD % High Low YTD % EURUSD 1.1550 -0.48 1.1615 1.1541 -4.6 USDJPY 118.82 1.07 118.87 117.56 -0.9 GBPUSD 1.5145 0.21 1.52 1.5058 -2.8 AUDUSD 0.8172 -0.48 0.8218 0.8160 -0.2 EURGBP 0.7626 -0.70 0.76928 0.7613 -1.8 USDMYR 3.6075 3.5682 3.6 EURMYR JPYMYR • MYR slumped 1.01% to 3.6075 against USD, sliding further after the announcement of a restructured budget as concerns over Malaysia’s fiscal position remained, amplified by Fitch Rating’s warning of a rating downgrade. MYR weakened against 9 G10s. • Expect extended weakness in MYR from further declines in oil prices as well as on continued concerns over Malaysia’s fiscal strength; however, we note that technical viewpoint hints at MYR being grossly oversold and may trigger an imminent moderate pullback. 1.01 3.6153 4.1753 0.91 4.1863 4.1382 -1.6 3.0365 -0.05 3.056 3.0310 4.4 GBPMYR 5.4549 0.78 5.4553 5.3853 0.7 SGDMYR 2.6973 0.54 2.6999 2.6766 2.2 AUDMYR 2.9627 1.10 2.9638 2.9225 3.2 NZDMYR 2.7919 0.42 2.7958 2.7699 0.9 USD • USD bids returned and advanced against 8 G10s, supported by extended declines in commodity and Nordic majors. The Dollar index reversed early losses as bids firmed up in US trade, climbing to a fresh 11y high at 93.04. • We continue to expect a firm USD, supported by prevailing divergence in policy outlook between the Fed and ECB. Source: Bloomberg EUR • EUR rallied to a stronger ZEW survey, but reversed gains on the back of a MYR vs Major Counterparts (% DOD) well-bidded USD to fall 0.48% to 1.1550 at closing, a fresh 11y low. EUR closed higher against 6 G10s, cushioned by worse-off commodity and Nordic CHF -1.28 -0.05 MYR Depreciated JPY SGD 0.54 approaching ECB announcement on policy tomorrow. 0.78 GBP EUR 0.91 1.00 USD 1.01 -0.50 0.00 • GBP stemmed its recent weakness to rise 0.21% against USD to 1.5145, supported by firmer refuge demand as sell-off in most European majors 1.10 CNY -1.00 GBP HKD AUD -1.50 majors. • EURUSD remains bearish in our view, led lower by rising QE bets continued. GBP advanced against 9 G10s. 1.12 0.50 1.00 1.50 • We remain slightly bearish on GBPUSD ahead of UK employment data and BOE minutes; upsides likely to firm up on solid UK data, coupled with intensifying sell-off in European majors ahead of ECB announcement. JPY • JPY was pressured by more positive sentiment in Asian and European sessions before narrowing early losses in US trading to close lower against 8 G10s and weaken 1.07% to 118.82 against USD. • While we maintain that JPY would remain supported by refuge demand, its bids would most likely be superseded by a firmer USD. AUD • AUD was supported by firmer risk appetite in Asian and European trades to advance against 7 G10s but saw its gains overturned by a rising USD, closing 0.48% lower at 0.8172. • We now turn slightly bearish on AUD on the back of a firm USD. SGD • SGD advanced against 8 G10s, lifted by firmer risk appetite in Asian and European trade but weakened 0.25% to 1.3370 against a rising USD. • SGD is expected to stay slightly bearish on the back of a firm USD. 4 Fixed Income US Treasuries • UST rallied, pushing yields lower across the curve on speculation over an imminent bond purchase programme by the ECB. Meanwhile benign yields of government bonds of developed nation seen appealing the higher relative yield of USD safe haven assets. Yields on 10-year notes seen lowered to end at 1.79% yesterday. On the data tap, investors will be focusing on tonight’s release of housing starts (Dec) and building permits (Dec) ahead of tomorrow’s ECB meeting. Expect UST to remain supported. MGS • Moving into MYR bonds, benchmark govvies ended mixed yesterday with yields inching higher amid influence from weaker Ringgit performance. Total volume traded was over RM3.6b with focus skewed towards GII 7/22 with RM1.32b dealt. Levels ended circa 2-3 bps higher from previous last trade. PM announced that fiscal deficit target for 2015 will be revised to 3.2% versus previous level of 3.0%, whilst growth to moderate to 4.5%-5.5% versus previous forecast of 5.0%-6.0%. Fiscal consolidation is expected to continue. Daily Trades Government Bonds Securities MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS MGS GII GII GII GII GII GII Closing YTM Vol (RM mil) Previous YTM 3.432 3.341 3.263 3.451 3.411 3.586 3.573 3.669 3.769 3.856 3.869 3.881 4.015 3.923 4.184 4.364 3.954 4.118 4.137 4.237 4.399 4.400 150 30 313 0 100 12 75 27 177 9 56 200 19 187 41 44 40 6 1320 310 210 30 3356 3.377 3.271 3.290 3.520 3.441 3.631 3.597 3.638 3.757 3.914 3.889 3.843 4.020 3.920 4.191 4.364 3.949 4.235 4.103 4.233 4.553 4.414 8/15 9/15 10/15 7/16 9/16 2/17 3/17 10/17 10/19 3/20 7/20 9/21 8/22 7/24 4/30 4/33 11/18 3/21 7/22 5/24 12/28 2/24 Source : BPAM 5 Previous Trade Date (dd/mm/yyyy) 19/01/2015 14/01/2015 19/01/2015 19/01/2015 19/01/2015 15/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 15/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 14/01/2015 19/01/2015 19/01/2015 16/12/2014 15/01/2015 Chg (bp) 6 7 -3 -7 -3 -4 -2 3 1 -6 -2 4 0 0 -1 0 1 -12 3 0 -15 -1 • Meanwhile Fitch commented that it maintains its Negative outlook on Malaysia and will review Malaysia’s rating during the first half of 2015. The Negative outlook indicates that Fitch is more likely than not to downgrade the rating of sovereign. Dependence on commodities on account of high share of revenues linked to petroleum has been highlighted as a credit concern. Despite the challenges, we opine fiscal consolidation although is a tad higher from previous forecast, the path of consolidation remains on track in achieving a balance budget by 2020. All eyes on CPI- December scheduled for release this afternoon. PDS/Sukuk • On the PDS front, trading volume was over RM569m transacted. Amongst GG bonds, we saw Khazanah ’16 traded wider to end at 3.89% with RM100m crossed, PTPTN ‘3/24 and ‘12/24 with combined volume of RM70m and DanaInfra ’34 done tighter to close at 4.81% with RM20m changing hands. Meanwhile Berjaya Land ‘12/19 and ‘12/21 were again traded with levels closing at 4.79% and 5.15% with robust combined volume of RM160m done. Other notable trades include HLA ’20 done at 5.05% with RM40 dealt. Daily Trades: PDS / Sukuk Securities Khazanah Nasional Berhad Perbadanan Tabung Pendidikan Tinggi Nasional Perbadanan Tabung Pendidikan Tinggi Nasional DanaInfra Nasional Berhad Berjaya Land Berhad Berjaya Land Berhad Quill Retail Malls Sdn Berhad National Bank of Abu Dhabi PJSC Aquasar Capital Sdn Berhad Aman Sukuk Berhad Aman Sukuk Berhad Aquasar Capital Sdn Berhad Projek Lebuhraya Usahasama Berhad Telekom Malaysia Berhad Telekom Malaysia Berhad TNB Northern Energy Berhad Manjung Island Energy Berhad TNB Northern Energy Berhad Sarawak Energy Berhad YTL Power International Berhad CIMB Bank Berhad First Resources Limited Golden Assets International Finance Limited First Resources Limited Hong Leong Bank Berhad Temasek Ekslusif Sdn Berhad RHB Islamic Bank Berhad CIMB Thai Bank Public Company Limited RHB Bank Berhad Hong Leong Assurance Berhad Jimah Energy Ventures Sdn Berhad BGSM Management Sdn Berhad UEM Sunrise Berhad 12/16 3/24 12/24 11/34 12/19 12/21 3/17 6/15 7/15 4/19 5/19 7/20 1/24 3/24 6/24 5/29 11/31 5/35 6/16 10/21 8/21 7/17 11/17 12/17 6/19 11/19 5/19 7/19 7/19 2/20 5/21 12/23 12/18 Rating Closing YTM Vol (RM mil) Previous YTM GG GG GG GG AAA (FG) AAA (FG) AAA (BG) AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA1 AA1 AA+ AA2 AA2 AA2 AA2 AA3 AA3 AA3 AA3 AA3 AA3 AA3 AA- 3.896 4.475 4.480 4.807 4.798 5.149 4.163 3.872 3.956 4.189 4.190 4.437 4.600 4.610 4.640 4.949 5.005 5.358 4.024 4.507 5.600 4.424 4.820 4.441 4.996 4.591 4.746 5.129 4.968 5.047 5.010 5.138 4.514 100 60 10 20 105 45 2 5 25 5 5 10 10 15 15 10 6 10 4 3 0 1 20 2 20 10 0 2 1 40 5 1 2 569 3.690 4.470 4.550 4.840 4.800 5.200 4.214 3.636 4.019 4.097 4.177 4.431 4.598 4.549 4.655 5.337 5.006 5.319 4.094 4.508 5.600 4.428 4.819 4.446 5.239 4.579 4.758 4.969 5.200 4.915 5.142 4.520 Previous Trade Date (dd/mm/yyyy) 12/08/2014 19/01/2015 19/12/2014 05/01/2015 05/01/2015 05/01/2015 07/01/2015 31/12/2014 13/01/2015 06/11/2014 07/01/2015 23/10/2014 19/01/2015 16/12/2014 22/12/2014 28/01/2014 16/01/2015 22/01/2014 13/01/2015 15/01/2015 16/01/2015 15/01/2015 19/01/2015 16/01/2015 12/01/2015 26/11/2014 06/01/2015 14/01/2015 10/12/2014 21/11/2014 14/01/2015 12/01/2015 Chg (bp) 21 0 -7 -3 0 -5 -5 24 -6 9 1 1 0 6 -2 -39 0 4 -7 0 0 0 0 0 -24 1 -1 16 -23 13 0 -1 Spread Against IRS** 10 32 33 48 100 135 36 7 16 31 31 49 53 46 49 62 68 103 22 47 157 58 98 60 112 79 87 125 109 110 103 107 63 ** spread against nearest indicative tenured IRS Source : BPAM Market/Corporate News: What’s Brewing Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz did not give away any indication that there is going to be a hike in the current overnight policy rate of 3.25%, as it is still accommodative for the country’s economic growth. She said the country’s fundamentals were still intact and that growth prospects should prevail when external conditions stabilised. “The economic fundamentals will prevail to reflect the strength of the ringgit,” she said. According to Zeti, the central bank has taken prudent macroeconomic measures that included building up the country’s foreign reserves and capping credit growth at a reasonable level “very much earlier on”. “When we built up our reserves, we were being questioned for building up too much than that were required by a country of our size,” she said. She added that the country’s optimal level of reserves was “very much lower” compared with trades and financial activities. On the country’s current account surplus, she said: “We will continue to have a surplus in our current account, even though it might be a smaller surplus.” On top of that, Zeti added, the central bank had introduced cooling measures to contain rapid credit growth when there was a surge in foreign fund inflows. As a result, household credit growth had moderated from the peak of 15% in 2010 to 10% currently, she said. As for the country’s fundamentals, she said a projected gross domestic product (GDP) growth of 4.5% to 5.5% was still considered steady while the 2.5% to 3.5% inflation rate was still very credible. On top of that, public indebtedness had declined from 52.8% from 54.7%, she noted. “As we strengthen our position to address our vulnerabilities, this places us in a very positive position because over a period of time when conditions stabilise, our currency and country’s growth prospects will reflect our underlying fundamentals.” Nonetheless, that did not help with the weakening ringgit, which fell to a near six-year low of 3.607 against 6 the greenback yesterday. Zeti said volatility in the financial markets was not unseen by the country and that the more developed a country was, the more susceptible it was to external developments such as capital flows. Some analysts were concerned as foreign investors hold some 40% of Malaysian debt papers and the fear was the ringgit would depreciate significantly should they sell their bonds. To this, Zeti said short-term investors might have fled from the domestic market but the country had other long-term investors such as pension funds, sovereign wealth funds and other central banks. “These are more stable investors so we don’t expect an exodus like what was suggested.” Quoting the example of South Korea during 2009, she said the won had appreciated some 30% to 40% before all the gains were erased due to fund reversals. In comparison, the ringgit which appreciated by about 12% depreciated at the same rate, implying a lower volatility. Back in 2009, Malaysia’s foreign reserves fell by US$30bil compared with South Korea’s US$70bil. She also noted that the country continued to receive foreign direct investments (FDIs) of RM24bil annually as Malaysia was still one of the preferred destinations for FDIs. “If we should ever have a deficit, we will still have financing in the form of FDIs.” She assured that the central bank would support the real economic sector as well as keep tabs on the financial market so that it continued to be “orderly”.(Source : The Star) Rating Actions Issuer PDS Description Nil Sources: RAM, MARC 7 Rating/Outlook Action Hong Leong Bank Berhad Fixed Income & Economic Research, Global Markets Level 6, Wisma Hong Leong 18, Jalan Perak 50450 Kuala Lumpur Tel: 603-2773 0469 Fax: 603-2164 9305 Email: [email protected] DISCLAIMER This report is for information purposes only and does not take into account the investment objectives, financial situation or particular needs of any particular recipient. The information contained herein does not constitute the provision of investment advice and is not intended as an offer or solicitation with respect to the purchase or sale of any of the financial instruments mentioned in this report and will not form the basis or a part of any contract or commitment whatsoever. The information contained in this publication is derived from data obtained from sources believed by Hong Leong Bank Berhad (“HLBB”) to be reliable and in good faith, but no warranties or guarantees, representations are made by HLBB with regard to the accuracy, completeness or suitability of the data. Any opinions expressed reflect the current judgment of the authors of the report and do not necessarily represent the opinion of HLBB or any of the companies within the Hong Leong Bank Group (“HLB Group”). The opinions reflected herein may change without notice and the opinions do not necessarily correspond to the opinions of HLBB. HLBB does not have an obligation to amend, modify or update this report or to otherwise notify a reader or recipient thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. HLB Group, their directors, employees and representatives do not have any responsibility or liability to any person or recipient (whether by reason of negligence, negligent misstatement or otherwise) arising from any statement, opinion or information, expressed or implied, arising out of, contained in or derived from or omission from the reports or matter. HLBB may, to the extent permitted by law, buy, sell or hold significantly long or short positions; act as investment and/or commercial bankers; be represented on the board of the issuers; and/or engage in ‘market making’ of securities mentioned herein. The past performance of financial instruments is not indicative of future results. Whilst every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Any projections or forecasts mentioned in this report may not be achieved due to multiple risk factors including without limitation market volatility, sector volatility, corporate actions, the unavailability of complete and accurate information. No assurance can be given that any opinion described herein would yield favorable investment results. Recipients who are not market professional or institutional investor customer of HLBB should seek the advice of their independent financial advisor prior to taking any investment decision based on the recommendations in this report. HLBB may provide hyperlinks to websites of entities mentioned in this report, however the inclusion of a link does not imply that HLBB endorses, recommends or approves any material on the linked page or accessible from it. Such linked websites are accessed entirely at your own risk. HLBB does not accept responsibility whatsoever for any such material, nor for consequences of its use. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for the use of the addressees only and may not be redistributed, reproduced or passed on to any other person or published, in part or in whole, for any purpose, without the prior, written consent of HLBB. The manner of distributing this report may be restricted by law or regulation in certain countries. Persons into whose possession this report may come are required to inform themselves about and to observe such restrictions. By accepting this report, a recipient hereof agrees to be bound by the foregoing limitations. 8
© Copyright 2024