The ideas presented in this communication were composed by the Asymmetric Advisors Pte Ltd (“Asymmetric”) research team.
T018, Asymmetric Advisors Pte Ltd, 160 Robinson Road #12-01 Capital Tower, Singapore
Asymmetric is exempt from the requirement to hold a financial adviser’s licence under section 23(1)(f) of the Financial Advisers Act read together with regulation 27(1)(e) of the Financial Advisers Regulations. This is on the basis that it carries out financial advisory services only for or on behalf of institutional investors, as defined in section 4A of the Securities and Futures Act. If you are not an institutional investor, as defined, you must notify us immediately and must not place any reliance whatsoever on the contents of this research material. Asymmetric is an approved exempt Financial Advisor by the Monetary Authority of Singapore.
This report is circulated to you as a client of Asymmetric. Unauthorised copying or distribution is prohibited. This report and its contents are subject to prohibition on dealing ahead of the dissemination of investment research.
Asymmetric and its respective members, officers, directors, and employees may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned or described in this report, either as agent or as principal for their own account. In accordance with the firm’s compliance policies, all relevant transactions require the prior written approval. No person may undertake personal transactions in financial instruments to which this report relates, or in any related financial instrument, contrary to the firm’s current recommendations, except in exceptional circumstances and with the prior written approval of Compliance. Controls are in place to ensure compliance with the firm’s policies in this area.
In this context ‘Buy’ means +10% or more upside on absolute basis over a 6-12 month period. ‘Sell’ means -10% or more downside on absolute basis over a 6-12 month period.
Asymmetric does not deal with, or for retail clients.
This report is not, and should not be construed as, a recommendation, solicitation or offer to buy or sell any securities or related financial products. This report does not constitute investment advice, nor does it constitute a personal recommendation. This report has been prepared without regard to the individual financial circumstances, needs or objectives and knowledge of persons who receive it. To the extent the report has been prepared on the basis of valuation or methodology and the underlying assumptions, such assumptions and parameters have been determined by Asymmetric in good faith, however, no guarantee is given as to the accuracy, completeness or reasonableness of any such underlying assumptions, or any other quotations, disclosure or analyses contained in the report. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the relevant transaction.
The Analyst is primarily responsible for the content of this research report, in part or in whole, and certifies that the views about the companies and their securities expressed in this report accurately reflect his personal views. The Analyst also certifies that no part of his compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published, the Analyst and his spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities).
Nothing in this report constitutes a representation that any investment strategy or recommendation contained is suitable or appropriate to a recipient’s individual circumstances. Asymmetric does not represent or undertakes that recipients of this report will obtain profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment losses or tax consequences that they may suffer. Investments in any financial instrument involve risks, and recipients of Asymmetric’s reports should exercise prudence in making their investment decisions. Asymmetric’s reports should not be regarded by recipients as a substitute for obtaining independent investment advice and/or the exercise of their own judgement, and is not to be relied upon by recipients. To the fullest extent permitted by law, Asymmetric, nor any of their members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of Asymmetric’s reports.
The investments discussed in this report may fluctuate in price and/or value. Investors may realise less than the initial amount invested. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Any commentary in the report constitutes preliminary judgement at, and is based solely on the information received by Asymmetric before, the date of the report and is subject to change without notice. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. Asymmetric’s reports do not contain an exhaustive statement of the risks associated with the investments or types of investments referred to in the report.
Back-tested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retrospective application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can constitute to be changed until desired or better performance results achieved. Alternative modelling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.
Any prices stated in Asymmetric’s reports are for information purposes only and do not represent valuations for individual securities or other instruments. There is no representation that any transaction can or could have been affected at those prices. Different assumptions, by Asymmetric or any other source, may yield substantially different results.
This report does not contain sufficient information to support an investment decision and investors should ensure they obtain all relevant stock information before making an investment. The report may contain various plans, estimates, projections and other forward-looking information (“Projections”). The Projections are based on various assumptions and internal models which may or may not be reasonable, involve known and unknown risks and are subject to significant uncertainties and contingencies, many of which are outside the control of Asymmetric and which may ultimately prove to materially incorrect.
All information and opinions presented in the report have been obtained or derived from sources believed by Asymmetric to be reliable, however Asymmetric or any of its members, directors, employees or agents make no representation as to their accuracy of completeness. Opinions expressed in this report may be subject to change without notice. The information used in this report is sourced from market contributors such as the Company, Regulatory Filings, Stock Exchange Data as well as those labelled throughout the report.
Unless expressly stated otherwise the opinions, interpretations or findings expressed herein are those of the Analyst and not representative of any other partner. The report has been produced for informational purposes only and should not be deemed to constitute an offer, recommendation or solicitation to buy or sell any security or other instrument. To the fullest extent permitted by law, Asymmetric do not accept any liability arising from the use of this message.