Market Outlook as at November 29, 2016

Our market is now taking direction from the way MYR is trading. At lunch time, USD was trading at MYR 4.46 - not far from the high of 4.48 recorded in September 2015. A convincing break above the 4.50 mark may send MYR to 4.90-5.00. And, that's why foreign funds are selling in our market. They are anticipating MYR to breakdown and the stock market to go into a selldown. If this scenario pans out - MYR weakens (say by 10%) and stocks tumble (say by 10%) - today sellers would "make or save" a lot of money (about 20% in this example). Before you join in the fun, you should bear in mind that technical resistance levels (such as the 4.50 mark for USD-MYR) should be respected. They are there for a reason! Failure to break that resistance could set off a decent rebound!


Chart 1: USD-MYR's wekly chart as at Nov 29, 2016_12.30pm (Source: Investing.com)

There is two sides to a coin. MYR is very much a victim of a strengthening USD. You may note that USD Index (below) has broken above its resistance. Thus USD may strengthen further.


Chart 2: USD's wekly chart as at Nov 28, 2016 (Source: Stockchart.com) 

The strengthening of USD only tells one side of the story; our MYR is weakening against many other currencies! Look at the SGD-MYR chart below. SGD is now trading at the September 2015 high of MYR3.13. Thus it is critical that MYR must stage a strong rebound now or else we may fall into the abyss! 


Chart 2: SGD-MYR's wekly chart as at Nov 29, 2016_12.30pm (Source: Investing.com) 

A quick look at our indices shows that most of them are drifting to their strong horizontal support. For FBMKLCI, FBM70 and FBMSCAP, the support that we hope will not be violated are 1600, 12500 and 14000 respectively.

 
Chart 4: FBMKLCI's monthly chart as at Nov 29, 2016_12.30 (Source: Shareinvestor.com)  

 
Chart 5: FBM70's monthly chart as at Nov 29, 2016_12.30 (Source: Shareinvestor.com)   

 
Chart 6: FBMSCAPs monthly chart as at Nov 29, 2016_12.30 (Source: Shareinvestor.com)    

Meanwhile, FBMACE is already at its strong horizontal support of  4800. 


Chart 7: FBMACE's monthly chart as at Nov 29, 2016_12.30 (Source: Shareinvestor.com)    

Of course, there is always a black sheep in every family! FBMFLG - the index for the weakest stocks - is showing us how to live life to the fullest.


Chart 8: FBMFKG's monthly chart as at Nov 29, 2016_12.30 (Source: Shareinvestor.com)

Our market is now a buyers' market. If you are looking for bargains, you will love this market. If you exercise careful discretion, carry out due diligence and observe strict discipline, you will get many bargains that will reward you handsomely in the months and years ahead. Good luck!

MFCB: Earning Increased

Result Update

For QE30/9/2016. MFCB's net profit rose 35% q-o-q or 35% y-o-y to RM36 million while revenue rose 9% q-o-q or 48% y-o-y to RM215 million. Net profit rose more than the increase in PBT due to lower effective tax rate - mainly due to the lower effective tax rate for construction profit from the Don Sahong Hydropower project, foreign exchange translation gains which are non-taxable and over-provision of income tax in the previous financial year- and foreign currency translation difference for foreign operations of RM8.0 million and fair value changes of available-for-sale financial assets of RM3.3 million.

 
Table: MFCB's last 10 quarterly results


Graph: MFCB's last 13 quarters' P&L 

Valuation

MFCB (closed at R2.34 last Friday) is now trading at a trailing PER of 6.7x (based on last 4 quarters' EPS of 34.99 sen).MFCB enjoys steady growt, with earnings CAGR of 20% in the past 2 years. This gives the stock a PEG ratio of less than 1 time.

Technical Outlook

In October, MFCB has broken above the resistance from the horizontal line at RM2.12. This breakout could send the stock to RM2.50.


 Chart: MFCB'sweekly chart as at Nov 25, 2016 (Source: Chartnexus)

Conclusion

Based on good financial performance, attractive valuation and bullish technical outlook, MFCB is 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.

MKH: Earnings Soared (Updated)

Result Update

For QE30/9/2016, MKH's net profit rose 34% q-o-q or 107% y-o-y to RM50 million while revenue rose 43% q-o-q or 16% y-o-y to RM404 million. Profit before taxation rose y-o-y mainly contributed by the property and construction division from its on-going and new development projects and the turnaround in the plantation division from a loss before tax of RM31.1 million (included unrealized foreign exchange losses of RM17.7 million) in QE30/9/2015 to a profit before tax of RM12.7 million (included unrealized foreign exchange gains of RM7.4 million). PBT improved q-o-q mainly due to

mainly due higher profit contribution from property and construction division.

Table: MKH's last 10 quarterly results


Graph: MKH's last 15 quarterly results

Valuation

MKH (closed at RM2.82 last Friday) is now trading at a trailing PER of 5.8x (based on last 4 quarters' EPS of 48.9 sen). In addition to being very attractively priced at a low PER, MKH has a high growth - with earnings CAGR of 36% in the past 2 years. This gives the stock a PEG ratio of less than 1 time. This makes MKH an exceptional growth stock, trading like a cheap value stock.

(Updated: MKH has announced a dividend of 7 sen which will go ex on December 16. For more, go here)

Technical Outlook 

MKH is in an intermediate uptrend line with support at RM2.70. Immediate resistance will come from the overhead horizontal line at RM2.98-3.00.


Chart: MKH's weekly chart as at Nov 25, 2016 (Source: Chartnexus)

Conclusion

Based on satisfactory financial performance, attractive valuation and positive technical outlook, MKH is rate a STRONG BUY as a growth/value 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.

Ulicorp: Earnings Recovered

Result Update

For QE30/9/2016, Ulicorp's net profit rose 27% q-o-q or 38% y-o-y to RM11 million while revenue was mixed - down 6% q-o-q but up 14% y-o-y to RM52 million. Profit before taxation rose q-o-q mainly due to better profit margin achieved on goods sold during the quarter under review.


Table: Ulicorp's last 10 quarterly results


Graph: Ulicorp's last 13 quarterly results

Valuation

Ulicorp (closed at RM3.50 last Friday) is now trading at a trailing PER of 14.6x (based on last 4 quarters' EPS of 23.91 sen). As the company has once again returned to high growth - with earnings CAGR of 39% in the past 2 years - the PEG ratio is down to less than 1 time. Thus its valuation is deemed acceptable.

Technical Outlook 

Ulicorp hase found support at the horizontal line at RM3.50.


Chart: Ulicorp's weekly chart as at Nov 25, 2016 (Source: Chartnexus)

Conclusion

Based on improved financial performance and attractive valuation as a growth stock, I revised my rating for Ulicorp from a SELL to a HOLD.

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.

Huatlai: Earnings Soared

Background

According to a recent Affin report, Huat Lai is a major integrated poultry player in Malaysia. It is Malaysia’s largest layer and the second largest broiler player in the country, behind unlisted Leong Hup. Based in Marlimau, Malacca, its operations span from the production of poultry feed, the breeding of day old chics, broilers, layering and also downstream processing of chicken. Huat Lai has intentions to further beef up its boiler and layering capacity with planned capex of RM80-100m over the next 2 years.

From Company's website

It announced a sterling set of results 2 days ago. Prior to that, its major shareholders, the Lim Brothers had offered to buy up the remaining shares not owned by them (about 25%) at RM5.00 apiece. For more, go here.

Industry Outlook

In QE30/9/2016, the  prices of chicken egg were quite volatile while prices of meat were relatively stable. In the current quarter, prices of egg has been sliding while prices of meat has recovered some of the lost ground. See Graph 1 below.

Graph 1: Price charts of chicken egg and meat from June to November 2016 (Source:

Jabatan Perkhidmatan Veterinar)

Graph 2: Price charts of chicken egg and meat for the past 4 years  (Source:
Jabatan Perkhidmatan Veterinar ) 

Financial Performance

For QE30/9/2016, Huatlai's net profit rose 221% -o-q or 245% y-o-y to RM45 million while revenue rose 12% q-o-q or 6% y-o-y to RM441 million. The improved profits for the current quarter was mainly attributed by improved selling prices of eggs and higher average selling prices of broilers as compared to the preceding quarter due to the shortage in the supply of poultry products in the market.


Table: Huatlai's last 8 quarters' result

Over the past 14 quarters, we can see that revenue has been on steady rise while profits have also been rising but on a zigzag pattern.


Graph 3: Huatlai's last 14 quarters' results

Latest Financial Position

Huatlai's financial position is stretched as at 30/9/2016, with current ratio at 0.8 times and gearing ratio at 1.4 times. The reason for this is due to its aggressive expansion plan and a small paid-up capital of RM86.6 million (comprising of 86.6 million shares). 

Valuation

Huatlai(closed at RM4.97 today) is trading at a PER of 7.6 times (based on last 4 quarters' EPS of 65 sen). This compares favorably to Teoseng and LTKM which are trading at PER of 14 and 13 times respectively. If Huatlai trades up to a PER of 13 times, its fair value could be RM8.45.

Technical Outlook

Huatlai is in a long-term uptrend. Its immediate resistance will be at the psychological RM5.00 (which is also the offer price for the buy-out by the Lim Brothers). Beyond that, it may test the November 2015 high of RM5.28. 


Chart 1: FGV's weekly chart as at Nov 23, 2016_4.00 (Source: Shareinvestor.com)

Conclusion

Based on good financial performance, attractive valuation and positive technical outlook, Huatlai is a good stock for long-term investment. I think we should not be deterred by the presence of the buy-out offer at RM5.00, which under-valued the stock. If the offerors are keen to privatize Huatlai, they may have to raise the offer price to get more acceptance. The risk is that the offer lapsed and the share price drops back. If that were to happen, then the share price will have to find its fair value, which I hope will eventually be closer to my estimate of RM8.45.

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.

Harbour: Earnings Took A Heavy Knock

Result Update

For QE30/9/2016, Harbour's net profit dropped 53% q-o-q or 15% y-o-y to RM8.8 million while its revenue dropped 30% q-o-q or 3% y-o-y to RM112 million.


Table 1: Harbour's last 8 quarterly results

All 4 segments suffered q-o-q decline in revenue & profits.


Table 2: Harbour's segmental results for QE30/9/2016 & QE30/6/20165


Graph 1: Harbour's last 37 quarterly results

Valuation

Harbour (closed at RM0.80 in the morning session) is now trading at a PE of 5.5 times (based on last 4 quarters' EPS of 14.36 sen). At this PER, Harbour is deemed attractively valued. 

Technical Outlook

Harbour is in a long-term "uptrend line" with support at RM0.55.


Chart 2: Harbour's monthly chart as at Nov 24, 2016_3.30pm (Source: ShareInvestor)

Conclusion

Despite the weak financial performance, I am keeping my rating for Harbour as a BUY based on attractive valuation and mildly positive technical outlook.

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.

FGV: Market Over-reaction?

Results Update

In QE30/9/2016, FGV reported a net loss of RM23 million due to poorer performance for all its 5 divisions (Palm Upstream, Palm Downstream, Sugar, TMLO & Others). However it must be noted that Palm Upstream reported lower profit of 39.4% q-o-q mainly due to higher fair value charge of RM105.32 million on LLA compared to RM12.24 million charged in preceding quarter (QE30/6/2016). Excluding the LLA effect, the segment’s profit would have been RM195.67 million compared to RM161.25 million in preceding quarter and the FGV would not have reported a net loss for the quarter.


Table 1: FGV's last 8 quarterly results


Graph 1: FGV's last 14 quarterly results

Reported Fraud In Turkish Operation

In the notes to the account (under Prospects on Page 32), it was reported that "(t)he performance of the Group for the quarter was dragged down by the significant losses suffered by one of the jointly controlled entity due to stock losses discovered in this quarter." We now learned that the loss was due to fraud in its 50%-owned unit in Turkey, which resulted in a stock loss of RM57million. For more, go here.

This reported fraud, which has been included into its latest quarterly result (surreptitiously), has caused a further selldown of FGV shares today. FGV suffered a selldown yesterday when it reported a net loss when nearly every plantation companies were reporting better results. In my opinion, the market could be over-reacting to the negative news.

Industry Outlook

From the chart below, we can see that CPO is in an uptrend line, with support at RM2700. At this price, the profit for plantation companies is very substantial.


Chart 1: CPO's daily chart as at Nov 23, 2016_4.00pm (Source: ifs.marketcenter.com)

Technical Outlook

FGV has dropped back significantly from its recent high of RM2.40-2.50. It may test the support from the horizontal line at RM1.50. This should be a good support level for a bottoming phase to form. At this level, funds may begin to accumulate for a recovery play which will be driven by higher earnings as well as speculative buying ahead of 2017-2018 General Election.


Chart 2: FGV's daily chart as at Nov 23, 2016_4.00 (Source: Shareinvestor.com)


Chart 3: FGV's weekly chart as at Nov 23, 2016_4.00 (Source: Shareinvestor.com)

Conclusion

Based on expected return to profitability, better prospects for the plantation sector, a more transparent management team and potential speculative play ahead of next General Election, I believe FGV is a good stock to buy at the present price level.

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.

Orient: Back To The Black

Results Update

For QE30/9/2016, Orient's net profit dropped 6% y-o-y to RM89 million on the back of a 15%-increase in revenue to RM1376 million. It has recovered from a net loss of RM12.6 million recorded in the immediate preceding quarter (QE30/6/2016) on the back of a 27%-increase in revenue.


Table 1: Orient's last 8 quarterly results

From the segmental table below, we can see that the loss in QE30/6/2016 & the recovery in the latest quarter, was due to the downturn & subsequent recovery in the automotive & plantation divisions. The changes are explained below:

• Revenue from automotive segment grew by 46.3% to RM 1,069.5 million and recorded higher operating profit by 121.2% to RM 55.8 million (Q2FY16: RM 25.3 million). Revenue for retail operating increased by 51.0% mainly due to higher number of cars sold particularly from newly launched of Honda Civic during this quarter. Higher operating profit recorded in line with higher revenue.
• Revenue from plantation segment decreased by 20.3% (Q3FY16 : RM 85.4 million; Q2FY16 : RM 107.2 million) but recorded operating profit of RM 13.0 million (operating loss in Q2FY16 : RM 74.9 million). Due to El Nino effect on FFB yields, CPO and PK sales volume from Indonesian operations declined by 27.8% and 21.7% respectively as compared to Q2FY16. The segment managed to registered an operating profit due to lower foreign exchange loss for the JPY borrowings (weakened IDR against JPY (September16 : 0.1% ; June16 : 10.0%).

Table 2: Orient's segmental results compared


Graph 1: Orient's last 44 quarterly results

Valuation

Orient (closed at RM6.81 at the end of the morning session) is now trading at a PE of 21 times (based on last 4 quarters' EPS of 32 sen). At this PER, Orient is deemed overvalued.

Technical Outlook

Orient has pulled back to its long-term uptrend curve-linear line with support at around RM6.50.


Chart 1: Orient's monthly chart as at Nov 18, 2016_12.30 (Source: Shareinvestor.com)
 

Chart 2: Orient's weekly chart as at Nov 18, 2016_12.30 (Source: Shareinvestor.com)

Conclusion

Based on return to profitability, Orient is deemed 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.

Cepat: Earnings Jumped

Background

Cepatwawasan Group Bhd ('Cepat') is cultivating oil palm and operating palm oil mills; operating biomass & bio-gas renewal energy power plants and sells oil palm products.


via Company's website

Result Update

For QE30/9/2016, Cepat's net profit increased by 105% q-o-q or 187% y-o-y to RM10.4 million while turnover rose 54% q-o-q or 8% y-o-y to RM79 million.

Despite a drop in construction income of RM29.95 million arising from the recognition of IC Interpretation 12 Service Concession Agreements for the Power Plant segment as compared to the preceding year corresponding quarter, revenue rose by RM5.55 million to RM79.08 million y-o-y mainly due to an increase in both sales volume and prices of CPO and PK. Sales volume of CPO and PK increased by 31% and 39 % respectively whereas price of CPO and PK increased by 26% and 89% respectively.

Profit before tax rose RM8.88 million to RM14.38 million y-o-y mainly due to an increase in CPO and PK price by 26% and 89% respectively and a corresponding increase in FFB price by 42%.

Performance of the respective operating business segments on y-o-y basis are as follows:

• Plantation – The increase in profit before tax by RM6.27 million (>100%) mainly due to higher FFB price by 42%.
• Oil Mill – The increase in profit before tax by RM1.79 million (>100%) from loss before tax of RM0.05 million to a profit before tax of RM1.74 million was mainly due to higher milling margin and higher CPO and PK sales volume by 31% and 39% respectively as well as higher CPO and PK price by 26% and 89% .
• Renewable Energy Power Plant – The increase in profit before tax by RM1.99 million (>100%) mainly due to increase in efficiency and export of electricity by 29%. The 12MW Biomass Power Plant generated and exported 15,715,635 kWh for this current quarter as compared to 12,170,697 kWh in the corresponding preceding quarter.

(Note: The results was announced on October 20, 2016.)


Table 1: Cepat's last 8 quarterly results


Graph 1: Cepat's last 40 quarterly results

Valuation

Cepat (at RM0.875 as at end of morning session) is trading at a PE of 18.6 times (based on adjusted last 4 quarters' EPS of 4.76 sen). However, if Cepat can maintain its earning similar to the last 2 quarters, then its full-year EPS would be about 10 sen. Its PER would be at a decent 8.8 times.

Technical Outlook

Cepat broke above its intermediate downtrend line, RR at RM0.72 in late October. On November 11, it broke above the resistance from the horizontal line at RM0.82. Its immediate resistance will be at RM0.95 and beyond that at RM1.05.


Chart 1: Cepat's daily chart as at November 16, 2016 (Source: Chartnexus)


Chart 2: Cepat's weekly chart as at November 16, 2016 (Source: Chartnexus)

Conclusion

Based on improving financial performance & bullish technical outlook, Cepat could be a good stock for Trading 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.

USD-MYR: Déjà Vu, Again (Amended)

BNM’s clamp-down on offshore ringgit trading – by ceasing the trading the ringgit in the Non-Deliverable Forward (‘NDF’) markets – is viewed as a form of capital controls by the broader market views.

BNM required foreign banks to sign letters of commitment to cease trading the ringgit in the NDF markets. One banker was quoted as saying that banks “cannot repatriate our money and our investments stay in Malaysia if we don't sign (the letters of commitment). For more, go here.

Trading in the NDF markets is like trading of call warrants or put warrants on the Bursa; where on expiry date, the option is cash-settled. As physical delivery is waived, the MYR value is deemed better reflected in the off-shore NDF markets.

Will MYR weakness subside with this restriction in place? Only time will tell. From the chart, we can see that USD-MYR is now trading in the same pattern we saw in August 2015. Back then, USD-MYR broke above the holding level of 3.80, with MACD crossing above the MACD signal line and ADX breaching the preceding high. It then rallied to a high of 4.48 (or a gain of 18%). Now we saw the same breakout in the holding level of 4.25 last week, accompanied by a positive crossover in MACD (meaning uptrend) and a breakout of recent high in ADX (meaning uptrend momentum). My guess is that BNM is trying to cap USD-MYR at 4.50 by clamping down on the off-shore trading of MYR. If this failed, then MYR may potentially rally to 5.00 in the next 3 months' time.

Be careful!!    

Chart: USD-MYR's daily chart as at Nov 18, 2016_9.45am (Source: Investing.com)

CSCStel: Earnings May Have Peaked

Results Update

CSCStel's net profit dropped by 17% q-o-q to RM24.2 million on the back of a 4.5%-decline in revenue to RM258 million. When compared to the corresponding quarter last year, net profit rose 137% despite a 16%-drop in revenue.. Revenue dropped q-o-q due to significant decrease in the sales volume. Profit before tax dropped q-o-q due mainly to significant drop in sale of our higher priced higher margin products and substantial increase in raw material cost.


Table: CSCStel's last 8 quarterly results


Graph: CSCStel's P&L for last 36 quarterly results

Valuation

CSCStel (closed at RM1.99 yesterday) has a PER of 8.2 times (based the last 4 quarters' EPS of 24.42 sen). At this PER multiple, CSCStel is deemed fairly valued.

Technical Outlook

CSCStel rallied from a low of RM0.90 in September last year to a high of RM2.20 in October.We can see that the share price is within a large "upward channel" with resistance from the upper line, RR at RM2.10-2.20.


Chart 1: CSCStel's monthly chart as at Nov 16, 2016 (Source: ShareInvestor.cm)

From the weekly chart, we can see the MACD has hooked down though it has not crossed below the MACD signal line. +DMI is still above -DMI, indicating uptrend. ADX has hooked down, signaling a weakening of the uptrend momentum. While the indicators have yet to give a negative reading, the signs are there that the stock could have made a temporary top. Taken together with the monthly chart study above, I am inclined to believe that the risk is on the downside for now.


Chart 2: CSCStel's monthly chart as at Nov 16, 2016 (Source: ShareInvestor.cm)

Conclusion

Based on the weaker financial performance and recent sharp rally, I am revising my rating for CSCStel from a HOLD to a 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.

CIMB: Earnings Rose

Results Update

For QE30/9/2016, CIMB's net profit rose 17% q-o-q or 27% y-o-y to RM1023 million. Revenue rose 6% q-o-q or 7% y-o-y to RM4123 million.


Table: CIMB's last 8 quarterly results

We can see from the graph below that CIMB's financial performance is on the mend.


Graph 1: CIMB's last 16 quarterly results

Valuation

CIMB (closed at RM4.79 yesterday) is now trading at a trailing PER of 12x (based on last 4 quarters' EPS of 40 sen). At this PER, CIMB is deemed fairly valued.

Technical Outlook

The weekly chart shows CIMB could have form an uptrend as the July low was higher than the January low and its recent October high was higher than its April high of RM5.00. In addition, MACD has also gone into the positive territory.Its immediate support is at RM4.60-4.70.


Chart 1: CIMB's weekly chart as at Nov 16, 2016_3.50pm (Source: ShareInvestor.com)

The monthly chart shows the MACD has crossed above the MACD signal line. In addition, ADXR has peaked and dropping. The last 2 times we saw a peak in ADXR was in 2007 & 2011 when the stock peaked. This round the peak in the ADXR could well signal the trough in the stock.


Chart 2: CIMB's monthly chart as at Nov 16, 2016_3.50pm (Source: ShareInvestor.com)

Conclusion

Based on improving financial performance & developing bullish technical outlook, CIMB 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.