US Market Outlook as at March 5, 2018

One month ago, when DJIA plunged 666 points, I posted that DJIA will have good support from the 100-day SMA line at 23982 then. DJIA has jumped up and down like a yo-yo since then - with more news on the Russian collusion and more Trump Tantrums - and yet this support at 100-day SMA line still holds. Last week we had another Trump Tantrum - the steel and aluminium tariff - and the support seems to kick in again. There is now signs that the opposition to the tariff is gathering strength and Trump is trying to find a way to save his face (maybe the Mexicans have to pay again).

Back to the chart; look out for the 100-day SMA line support at 24470 now, and the uptrend line support at 23700. If both of these supports failed, you should be worried. Of course, that's not to say that these supports will not break. They are still intact and the market may still come back up.


Chart: DJIA's daily chart as at Mar 5, 2018 (Source: Stockcharts.com)

Orna: Earnings Soared

Background

Ornapaper Bhd ('Orna') is involved in the production of corrugated boxes and carton boxes. Its current capacity is 84,000 MT per annum.

Historical Financial Performance

Orna's top-line and bottom-line jumped in FY2017. The company attributed the increased revenue to due to higher sale orders received and higher average selling price. This led to improvement in its bottom-line.


Table 1: Orna's last 9 years' financial performance


Graph 1: Orna's last 9 years' financial performance

Latest Financial Performance

In QE31/12/2017. Orna's net profit rose 43% q-o-q or 2-fold y-o-y to RM5.0 million while revenue rose 5% q-o-q or 27% y-o-y to RM90.8 million. Revenue rose q-o-q due to 6.6%-increase in sales volume and 19.0%-increase in average selling price for corrugated cartons and boards. In line with the increase in revenue, profit before tax increased from RM1.5 million in the corresponding quarter to RM6.1 million in the current quarter.


Table 2: Orna's last 8 quarters' financial performance


Graph 2: Orna's last 8 quarters' financial performance

Latest Financial Position

Orna's financial position as at 31/12/2017 is deemed healthy with current ratio at 1.6 times and gearing ratio at 0.7 times.

Valuation

Orna (cloased at RM1.63 in the morning session) is now trading at a trailing PER of 7.7 times (based on last 4 quarters' EPS of 21.1 sen). At this PER, Orna is deemed fairly attractive.

Technical Outlook

Orna rallied to an intra-day high of RM1.73 today before it corrected back to around RM1.60. On Feb 28, it also rallied to a significant high of RM1.70 before correction kicked in and brought the share price back to RM1.60 level. An upside breakout of RM1.70 may signal the continuation of the uptrend for this stock.


Chart 1: Orna's daily chart as at Mar 2, 2018 (Source: Shareinvestor.com)


Chart 2: Orna's monthly chart as at Mar 2, 2018 (Source: Shareinvestor.com)

Conclusion

Based on good financial performance & position, fairly attractive valuation and mildly positive technical outlook, Orna could be a good stock for medium-term investment.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

Presbhd: Earnings recovered

Result Update

In QE31/12/2017, Presbhd's profit before tax rose 117% q-o-q or 9-fold y-o-y to RM18 million while revenue rose 48% q-o-q or 191% y-o-y to RM72 million. Revenue rose q-o-q due to higher contribution Software & Services and Concession segments. The Group recorded higher PBT mainly contributed by contribution from Software & Services and Concession segments. The Group's NP dropped q-o-q due to higher tax expenses of RM10.1 million which in turn was due to under-provision of taxation of RM7.78 million and deferred tax charge of RM2.29 million.


 Table: Presbhd's 8 quarters' P&L


 Graph: Presbhd's 21 quarters' P&L

Latest Financial Position

As at 31/12/2017, Presbhd's financial position is deemed satisfactory with current ratio at 2.1x and gearing ratio at 0.5x.

Valuation 

Presbhd (closed at RM1.63 last Friday) is now trading at a PER of 44x (based on last 4 quarters EPS of 3.7 sen). The fair value of this stock is given by DCF absolute valuation method that takes into account the new SKIN contract that it has secured. Presbhd is valued by AMInvestment at RM2.08, CIMB at RM2.69 and Public Investment Bank at RM2.87.

Technical Outlook

Presbhd is in an intermediate downtrend line, with resistance at RM1.95-2.00. See Chart 1 below. However it may be in a long-term uptrend line with support at RM1.40. See Chart 2.

Chart 1: Presbhd's weekly chart as at Mar 2, 2018 (Source: Shareinvestor.com)


Chart 2: Presbhd's monthly chart as at Mar 2, 2018 (Source: Shareinvestor.com)

Conclusion

Based on satisfactory financial performance & position, and fairly attractive valuation, Presbhd is considered a good stock for long-term investment. The main concern is the weak technical outlook which may lead to price weakness in the near term.

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

PMetal: Hit By Trump Tantrum

Donald Trump announced trade tariff on steel & aluminium import to the US last week after a meeting with business leaders and his Commerce Secretary. Trump's announcement surprised many, including his economic team. The impact on the stock market was swift as many markets dropped sharply on fear that the world may go into a trade war.

If you follow US politics, you will learn to expect the unexpected when it comes Donald Trump. The other thing that you should be aware of is that many of the decisions made by Donald Trump & his White House are either never implemented or were quietly dropped. I suspect the tariff decision may turn out to be another example of this category of decisions from this administration.

Meanwhile we can see PMetal dropping sharply today. The share price is now trading near the psychological RM5.00 mark, after it dropped to an intra-day low of RM4.91. If the psychological RM5.00 mark were to be violated, the stock may still find support at the 30-week SMA line at RM4.80.

Chart: PMetal's weekly chart as at Mar 5, 2018_11.45 (Source: ShareInvestor.com)

In FY2017, PMetal's exported about RM143 million of products to the American region (presumably America). This represents about 1.75% of its total sales valued at RM8.17 billion. Thus, the impact of a US tariff, if implemented, is likely to be minimal.


Table: PMetal's segmental results for FY2017

Based on the above, Trump's poor record of follow through on his decisions and PMetal's small exposure to the US market, I believe the selldown for PMetal is overdone. You should consider not selling your shares in PMetal, if you have any, or even nibbling into this stock at the current price. Good luck!

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

Teoseng: In a Sweet Spot

Result Update

In QE31/12/2017, Teoseng's net profit rose 179% q-o-q or 237% y-o-y to RM12.8 million while revenue rose 8% q-o-q or 6% y-o-y to RM118 million. The revenue increased mainly due to the increase in selling price of eggs and sales quantity. Coupled with the lower raw material and operating cost, the pre-tax profit increased from RM3.1 million to RM11.9 million.


Table: Teoseng's 8 quarterly result


Graph 1: Teoseng's 21 quarterly result

Heading for Higher Profit

Poultry players can be involved in layer or broiler operation (to produce either egg or meat), upstream feedmill operation or downstream retail operation. Teoseng is involved mainly in layer operation and it is the biggest layer farm operator in the country. This is based on an old report from Bursadummy (here).


Table 2: Malaysian major poultry operators (Source: Bursadummy)

For Teoseng o make good profit, it needs to have good egg prices and low raw material prices. In the past 6 months, egg prices have been fairly firm at around an average of 35 sen apiece. If egg prices can stay at this level for a few more months, Teoseng will get a big boost in revenue. Teoseng will get a secondary lift in revenue due to higher output - unlike some operators which have not increased their output capacity due to earlier depressed egg prices.


Graph 2: Egg Average Price Chart as at Feb 9, 2018 (Source: DVS. gov.my)

Teoseng will benefit from lower corn prices. Corn, which is the main input for production of chicken feed, have been at the low for the past 3 years. Despite this favorable price, poultry farmers did not enjoy the full benefit due to weak MYR. Now that MYR has strengthened, the poultry farmer will enjoy the benefit of lower corn prices.


Chart 1: Corn price for 10 years to Feb 2018 (Source: Nasdaq.com)

Based on the above, I believe Teoseng is likely to see higher profit next few months.

Valuation

Teoseng (closed at RM0.985 yesterday) is now trading at a trailing PER of 84 times (based on last 4 quarters' EPS of 1.16 sen). However, if we annualized the profit (using the QE31//12/2017 number), the PER for Teoseng is 6 times. At this PER, the stock is deemed fairly attractive.

Technical Outlook

Teoseng is in a downtrend. If it can surpass the RM1.00-1.05, the stock may be over and the next upleg may begin.


Chart 2: Teoseng's weekly chart as at Mar 1, 2018 (Source: ShareInvestor.com)

Conclusion

Based on improved financial performance and attractive valuation, Teoseng could be a good stock for a recovery play.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

AEON: Tentative Signs of Recovery Appear

Background

AEON Co. (M) Bhd ("AEON") was incorporated on September 15, 1984, and listed on Bursa Malaysia in 1997. It is the leading chain of General Merchandising Stores and supermarkets in Malaysia, where most of its outlets are situated in suburban residential areas and catering for the middle income group. AEON Group is also involved in specialty store operations, shopping canter development and operations, credit card business and services.

Past Financial Performance 

AEON's profits peaked in FY2013 and then went into a decline for 3 years in FY2014-2016. Despite a lethargic top-line, AEON's bottom-line reversed in FY2017 due to higher margin and better operation expenses control.


Graph 1: AEON's last 9 yearly results

Recent Financial Performance 

For QE31/12/2017, AEON's net profit rose 321% q-o-q or 26% y-o-y to RM39 million while revenue rose 11% q-o-q or 5% y-o-y to RM1.07 billion. The profit before tax increased by 28.5% q-o-q due to higher margin and better operation expenses control.


Table: AEON's last 8 quarterly results


Graph 2: AEON's last 44 quarterly results

Latest Financial Position

As at 31/12/2017, AEON's financial position is deemed weak with current ratio at only 0.34x and total liabilities to total equity at 1.25x. The extremely low current ratio is due to the use of short-term borrowings and suppliers' credit to finance its property, plant & equipment which amounted to RM3.50 billion as at 31/12/2017. This low level of liquidity can be addressed by capital-raising or by monetizing the shopping centers owned by the group.

Valuation

AEON (closed at RM1.61 yesterday) is now trading at a PE of 23 times (based on last 4 quarters' EPS of 6.86 sen). At this PER, AEON is fully valued. If profit recovery materializes, then PER would drop and the stock will be more attractive.

Technical Outlook

AEON has broken below its long-term uptrend line, SS at RM1.60. If it can recover back above this support, the slow recovery may begin.


Chart 1: AEON's monthly chart as at Mar 1, 2018 (Source: ShareInvestor.com)


Chart 2: AEON's weekly chart as at Mar 1, 2018 (Source: ShareInvestor.com)

Conclusion

Based on improved financial performance, AEON could be a good stock for a recovery play.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

PBBANK: Earnings Continued to Rise

Result Update

For QE31/12/2017, PBBank's net profit 5.8% q-o-q or 0.2% y-o-y to RM1.49 billion while revenue rose 0.7% q-o-q or 5.2% y-o-y to RM5.35 billion. PBT rose q-o-q mainly due to lower loan impairment allowance, higher other operating income, lower other operating expenses and higher net interest income, partially offset by lower investment income.


Table: PBBank's last 8 quarterly results

From the chart below, we can see that PBBank's revenue, profits and profit margins are beginning to rise again after stagnating for 6 quarters.


Graph: PBBank's last 44 quarterly results

Valuation

PBBank (closed at RM22.90 as at 12.30pm) is now trading at a PE of 16 times (based on last 4 quarters' EPS of 142 sen). At this PER, PBBank is deemed fully valued. It pays a decent dividend yield of 2.7%.

Technical Outlook

PBBank is still in a long-term uptrend, with 30-month EMA acting as a support at RM20.00.


Chart 1: PBBank's monthly chart as at Feb 23, 2018 (Source: ShareInvestor.com)

PBBank broke above the horizontal line at RM21.00 in late January. This breakout could signal the continuation of its prior uptrend. The immediate target price is at RM24.40.


Chart 2: PBBank's weekly chart as at Feb 23, 2018 (Source: ShareInvestor.com)

Conclusion

Based on good financial performance, fair valuation & positive technical outlook, PBBank is still a good stock for long-term investment.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

PetronM: Earnings Dropped Slightly

Results Update

For QE31/12/2017, PetronM's net profit dropped 6% q-o-q and 12% y-o-y to RM99 million while revenue rose 11% q-o-q or 24% y-o-y to RM2831 million. Revenue rose y-o-y due to 10%%-increase in total sales volume from 8.3 million barrels last year to 9.1 million barrels this year. Despite higher revenue, profit before tax dropped due to lower gross margin, which dropped 31% as compared to last year. The drop in gross profit margin was attributed to narrowing of crack spread where crude oil prices rose faster than product price increase. In my opinion, the period of abnormally high gross profit margin is over. Along with that, the super-normal profit for refineries will also cease.


Table: PetronM's last 8 quarterly results  


Graph: PetronM's last 22 quarterly results  

Valuation

PetronM (closed at RM11.48 last Friday) is now trading at a PER of 7.7 times (based on annualized EPS of 150 sen). At this PER, PetronM is deemed fvery attractive. However, if you agree that PetronM is now coming off its earning peak, then its share price will likely to trend lower as its earnings continue to go lower.

Technical Outlook  

PetronM has broken its intermediate uptrend line, SS at RM13.00 in late January. It has support at the horizontal line at RM10.60-10.70.


Chart 1: PetronM's weekly chart as at Feb 23, 2018 (Source: ShareInvestor,com)

From the monthly chart, we can see PetronM rallied strongly in the past few months after it broke above the upper line of the irregular upward channel. If the share prices were to drift lower, this upper line may provide support for the stock at RM8.50.


Chart 2: PetronM's monthly chart as at Feb 23, 2018 (Source: ShareInvestor,com)

Conclusion

Based on potential peak earnings and negative technical outlook, I think it is a good time to take profit on PetronM. Based on the same logic, you should also take profit on Hengyuan if you have that stock.

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

TOYOINK: Magic At Work

If Wishes Were Horses, Beggars Would Ride On Them

This morning TOYOINK broke above the horizontal line at RM0.85 and rallied to close the gap made in early 2013 at around RM1.05. The volume is decent at 3.7 million at the time of writing this post (11.20am).


Chart 1: TOYOINK's weekly chart as at Feb 22, 2018_11.12am (Source: Malaysiastock.biz)

The rally in TOYOINK has caused a sharp rally for TOYOINK-WA. The latter jumped from RM0.005 to RM0.135 now. You may ask, Why was this warrant so cheap? That's very good question. And the answer: It is due to expire worthless in 57 days... until now. With an exercise price of RM1.50, the chance of this warrant attaining any intrinsic value is pretty slim. In a market deprived of good trading opportunity, even dicey opportunity mustn't go to waste. I presume I don't have to say what you shouldn't do in this situation.


Chart 2: TOYOINK-WA's weekly chart as at Feb 22, 2018_11.12am (Source: Malaysiastock.biz)

[UPDATE] I better say it; Stay away or walk away from TOYOINK-WA. If nothing good is forthcoming in TOYOINK, the share price would drop back. And, TOYOINK-WA would not only drop back, it would tumble back quickly to RM0.005.  

AAX: Earnings Soared

Results Update

For QE31/12/2017, AAX reported a net profit of RM84 million as compared to a net loss of RM43 million in the immediate preceding quarter. At the same time, revenue rose 8.5% to RM1.22 billion.

When compared to the same quarter last year (4Q16), revenue rose 4% due to 12% growth in passenger volume. Ancillary revenue per passenger increased by 4% to RM142 year-on-year. The seat load factor was at 83% which was 2 percentage point higher than the same quarter last year. Average fare was down by 8% at RM519 as compared to RM565 achieved in 4Q16. Included in other operating expenses in 4Q17 was provision for doubtful debts of RM11.8 million. The profit before tax for the period was RM135.6 million compared to a profit before tax of RM29.9 million in 4Q16; while the net profit for the period was RM84.4 million compared to a net profit of RM39.0 million in 4Q16


Table: AAX's last 8 quarterly results

AAX's top-line, bottom-line and profit margins are all pointing upwards. Things are beginning to look quite positive for AAX.


Graph: AAX's last 13 quarterly results

Technical Outlook

AAX has been moving sideways for the past 17 months. A breakout above RM0.50 or below RM0.35 would point the way forward for AAX.


Chart: AAX's weekly chart as at Feb 21, 2018 (Source: Shareinvestor.com)

Conclusion

Based on good financial performance, AAX could be a good stock to consider for a very long-term investment.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

Freight: Earnings Stagnated

Results Update

For QE31/12/2017, Freight's net profit dropped marginally by 1% q-o-q but rose 16% y-o-y to RM5.9 million while revenue rose 3.4% q-o-q & 14.4% y-o-y to RM132 million. Revenue increased q-o-q mainly due to higher activities in Seafreight, 3PL & Warehousing and Landfreight services. PBT decreased slightly by 5% due to higher freight cost and higher share of loss from associates.


Table: Freight's last 8 quarterly results


Graph: Freight's last 39 quarterly results

Financial Position

As at 31/122017, Freight's financial position is deemed satisfactory with current ratio at 2.4x and gearing ratio at 0.6x.

Valuation

Freight (closed at RM1.21 yesterday) is trading at a PE of 9.9 times (based on last 4 quarters' EPS of 12.25 sen). The stock is deemed fairly valued.

Technical Outlook

Freight is struggling to hang onto its long-term uptrend line, SS.

Chart 1: Freight's monthly chart as at Feb 21, 2018 (Source: Malaysiastock.biz)


Chart 2: Freight's weekly chart as at Feb 21, 2018 (Source: Malaysiastock.biz)

Conclusion

Based on good financial performance and position, Freight is considered a good stock for long-term investment.

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

Nestle: That's All?

Results Update

For QE31/12/2017, Nestle's net profit rose 12% q-o-q or 99% y-o-y to RM133 million while revenue dropped by 3% q-o-q but rose by 3% y-o-y at RM1.28 billion. Revenue rose y-o-y due to 4.5%-increase in domestic sales, which was partially offset by slowdown in export sales. PBT rose 14.3% y-o-y due to the continuation of its robust and effective cost management as well as effective and efficient marketing-trade investments.

All in all, Nestle's latest result was a disappointment for me after its spectacular rally in the past 4 months- until I read this morning papers (here, here and here). If you have looked carefully at the Table 1 below, you could be amused by the idea that Nestle had a gang-buster quarter. I have to give credit to Nestle's investor relation team for such a good write-up. The choice of the 2 emboldened phrases above has certainly helped. For those who used to follow FMCG MNCs like Nestle or BAT, you will be familiar with the coincidence of a jump in profits whenever advertising & promotional expenses declined- a simple "trick". What happened in Nestle's results for QE31/12/2017 & QE31/12/2016 were a drop in advertising & promotional expenses in the period in 2017 ( boost profits) compared to a jump in advertising & promotional expenses in 2016 (depressed profit). If you are still not convinced, you can look at Table 2 where I compared the last 2 years results as well as the Graph below. 


Table 1: Nestle's last 8 quarterly results


Table 2: Nestle's last 2 years' results compared

Graph: Nestle's revenue, profits, profit margins & dividend for last 44 quarterly results

Valuation

Nestle (closed at RM121.50 yesterday) is now trading at a PE of 44 times (based on lats 4 quarters' EPS of 275 sen). If this is not expensive, I don't know what expensive means.

Technical Outlook

Nestle is still in an uptrend since the Asian Financial Crisis ended in 1999.


Chart: Nestle's monthly chart as at Feb 20, 2018 (Source: ShareInvestor.com)

Conclusion

Based on satisfactory financial performance and bullish technical outlook, Nestle is a good stock to invest in. However, its valuation is very demanding and it deserves a rating of UNDER-PERFORM or TAKE PROFIT.

Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

Happy Chinese New Year

I like to wish everyone a very Happy Chinese New Year. May the Year of the Dog bring you good health and abundant happiness along with success in your career, business and investment.


Artwork by Lu Yee Ann

Supermx: Earnings Jumped

Result Update

For QE31/12/2017, Supermx's net profit rose 29% q-o-q or 59% y-o-y to RM36 million while revenue rose 8% q-o-q or 42% y-o-y to RM336 million. Revenue rose y-o-y due to strong demand for gloves and higher output recorded. Profits rose due to higher revenue recorded, higher production capacity and also improved operational efficiency.


Table 1: Supermx's last 8 quarters' P&L

Graph 1: Supermx's last 45 quarters' P&L

Below is a comparison of the last 4 quarters' revenue, PBT, PAT, NP & EPS of the top 4 glove manufacturers against the preceding 4 quarters' numbers. This comparison is a bit unfair for Kossan because its latest result is QE30/9/2017 whereas Harta and Supermx have the results for QE31/12/2017 & Topglov's result is for QE30/11/2017. Since I am trying to make a point about Supermx, it sufficed that we compare it with Harta & Topglov. We can see that Harta's revenue and profits have the highest increase among these 4 companies. This is followed by Supermx and then Topglov. The point to note is that Supermx is finally catching up with the other players in this sector- something we have not seen for a while.


Graph 2: Top 4 glove manufacturers' recent changes in financial performance

Valuation

Supermx (closed at RM2.20 yesterday) is now trading at a PER of 16x (based on last 4 quarters' adjusted EPS of 13.70sen). At this PER, Supermx is the cheapest glove manufacturer listed on Bursa. From the table below, we can see that the other 3 players command PER ranging from 31 to 47 times. If we were to value Supermx at the average PER of 36.7 times and discount that by 20%, Supermx's fair value would be RM4.02.


Table 2: Glove Manufacturers' valuation by PER & PBR

The market is probably assigning a lower PER for Supermx because its major shareholder, Stanley Thai was found guilty of insider’s trading. He was sentenced to a 5-year jail term & a fine of RM5 million. Stanley is appealing that decision. I believe that a 20%-discount is sufficient to factor in the risk of business interruption if the appeal is rejected and Stanley has to serve the jail sentence.

Technical Outlook

Supermx is moving within a large band between RM1.70 and RM3.30. Within this trading band, its immediate support is at RM2.00 & immediate resistance is at RM2.40.


Chart: Supermx's monthly chart as at Feb 14, 2018 (Source: ShareInvestor)

Conclusion

Based on satisfactory financial performance and attractive valuation, I am revising my rating for Supermx from a HOLD to a BUY.

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.