Disclaimer



Disclaimer


Definition of ratings:

BUY             =  stock return > 10% over the next 12 months (excluding dividend)

HOLD          =  stock return -10% to 10% over the next 12 months (excluding dividend)

SELL            =  stock return <10% over the next 12 months (excluding dividend)

 

Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

 

This report is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning Kresna Securities, its subsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. The report should not be regarded by recipients as a subtitute for the exercise of their own judgement. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of Kresna Securities as a result of using different assumptions and criteria.

 

Kresna Securities is under no obligation to update or keep current the information contained herein. Kresna Securities, its directors, officers and employees or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. Kresna Securities may act or have acted as market-maker in the securities or other financial instruments discussed in this report, and may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Employees of Kresna Securities may serve or have served as officers or directors of the relevant companies. Kresna Securirties may rely on information barriers, such as “Chinese Walls”, to control the flow of information contained in one or more areas within Kresna Securities, into other areas, units, groups or affiliates of the company.

 

The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative, products and futures are not suitable for all investors, and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their respective sales representative. Neither Kresna Securities nor any of its affiliates, directors, employees or agents accept any liability for any loss or damage arising out of the use of all or any part of this report. Additional information will be made available upon request.

 

2016 Kresna Securities. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of Kresna Securities and the firm accepts no liability whatsoever for the actions of third parties in this respect.

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