Terms & Conditions

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The use of this website is subject to the following terms of use:

• The content of the pages of this website is for your general information and use only. It is subject to change without notice.
• Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
• Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
• This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
• Unauthorised use of this website may give rise to a claim for damages and/or be a criminal offence.
• From time to time, this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).
• Use of this website and these terms are governed by the laws of Singapore. Any claim relating to use of the website shall be heard by Singapore Courts.

Disclaimer

Origin of the publication or report

This publication or report originates from: GEM COMM PTE. LTD.

Content of the publication or report

This publication or report has been prepared solely by GEM COMM (GEM: RE).

NOTE: THIS DOCUMENT IS INTENDED FOR INFORMATION ONLY AND SHOULD NOT BE VIEWED AS A RECOMMENDATION FOR STOCKS. CONTAINS FACTUAL INFORMATION OBTAINED FROM THE COMPANY’S MANAGEMENT.

Opinions or suggestions from GEM: RE equity research may deviate from one another or recommendations or opinions presented by other brokerage houses. This may result from differing time horizons, methodologies, contexts, or other factors. Investment opinions are based on one or more valuation methods, for instance, cash flow analysis, multiples, and behavioural and technical analyses of underlying market movements combined with considerations of the market situation and the time horizon. Key assumptions of forecasts and projections in the research cited or reproduced appear in the research material from the named sources.

The date of publication appears from the research material cited or reproduced. Opinions and estimates may be updated in subsequent versions of the publication or report, provided that the relevant company/issuer is treated anew in such later versions of the publication or report.

The publication or report is intended only to provide general and preliminary information to clients and investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by GEM: RE as general information for the private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies, and thus it does not provide individually tailored investment advice and does not take into account the individual investor’s specific financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment.

Before acting on any information in this publication or report, it is recommended to consult one’s financial advisor. The information in this publication or report does not constitute advice on the tax consequences of making any investment decision. Each investor shall make his/her own appraisal of the tax and other financial merits of his/her investment.

Sources

This publication or report may be based on or contain information, such as opinions, recommendations, estimates, price targets and valuations, which emanate from: GEM COMM analysts or representatives, publicly available information, and information from other available sources. To the extent this publication or report is based on or contains information emanating from other sources (“Other Sources”) than GEM: RE (“External Information”), GEM: RE has deemed the Other Sources to be reliable, but neither the companies in the Nordea Group, others associated or affiliated with said companies nor any other person, guarantee the external information’s accuracy, adequacy or completeness.

Limitation of liability

GEM COMM or other associated and affiliated companies assume no liability regarding any investment, divestment or retention decision taken by the investor based on this publication or report. In no event will entities of GEM COMM or other associated and affiliated companies be liable for direct, indirect or, incidental, special or consequential damages resulting from the information in this publication or report.

Risk information

The risk of investing in certain financial instruments, including those mentioned in this document, is generally high, as their market value is exposed to a lot of different factors such as the operational and financial conditions of the relevant company, growth prospects, change in interest rates, the economic and political environment, foreign exchange rates, shifts in market sentiments etc. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in exchange rates may adversely affect the value, price or income of or from that investment to the investor. Past performance is not a guide to future performance. Estimates of future performance are based on assumptions that may not be realised.

When investing in individual shares, the investor may lose all or part of the investments.

Conflicts of interest

GEM COMM, affiliates or company staff may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report.

To limit possible conflicts of interest and counter the abuse of inside knowledge, the analysts of GEM COMM are subject to internal rules on sound ethical conduct, the management of inside information, handling of unpublished research material, contact with other units of the Group Companies and personal account dealing. The internal rules have been prepared in accordance with applicable legislation and relevant industry standards. The object of the internal rules is, for example, to ensure that no analyst will abuse or cause others to abuse confidential information. GEM COMM’s policy is that no link exists between revenues from capital markets activities and individual analyst remuneration.

Distribution restriction

The securities referred to in this publication or report may not be eligible for sale in some jurisdictions. This research report is not intended for and must not be distributed to private customers in the UK or the US.

This research report is intended only for and may be distributed to accredited investors, expert investors and clients of GEM COMM, who may contact the Company directly at connect@gem-comm.com.

This publication or report may not be mechanically duplicated, photocopied or otherwise reproduced, in whole or part, under applicable copyright law.