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By using this website, you agree to certain Terms and Conditions set out below, which EFG Hermes may modify at its sole discretion at any time.
The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country, where such distribution or use would be contrary to law or regulation, or which would subject EFG Hermes or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site, constitutes a solicitation or offer by EFG HERMES or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
Disclaimer of warranty and limitation of liability
The information on this website is provided "AS IS". EFG Hermes does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose, and expressly disclaims any warranties of merchantability or fitness for a particular purpose. EFG Hermes will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this website. Although the information provided to you on this website is obtained or compiled from sources, we believe to be reliable, EFG Hermes cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither EFG Hermes, nor any of its affiliates, directors, officers or employees, agents nor any third-party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause related to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of EFG Hermes or of any vendor providing software or services support. In no event will EFG Hermes, its affiliates, or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind, even if EFG Hermes or any other party have been advised of the possibility thereof.
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Should you leave this website via a link contained herein, and view content that is not provided by EFG Hermes, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by EFG Hermes. EFG Hermes is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. EFG Hermes makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.
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As a result of high Internet traffic, transmission problems, systems capacity limitations, and other problems, you may, at times, experience difficulty accessing our website or communicating with EFG Hermes through the Internet or other electronic and wireless services.
Content not to be construed as a solicitation or recommendation
Research reports and information provided on this website are prepared for general circulation, and you are viewing it as a client of one of the entities in the EFG Hermes Group and are intended for general information purposes only. This material has been prepared for informational purposes only, regardless of any particular user's investment objectives, financial situation, or means; and EFG HERMES is not soliciting any action based upon it. This material is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction, in which such an offer or solicitation, or trading strategy, would be illegal. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors.
Research reports and information provided on this website must not be considered as advice nor be acted upon by you unless you have considered it in conjunction with additional advice from an EFG Hermes entity with which you have a client agreement. We strongly advise potential investors to seek financial guidance when determining whether an investment is appropriate for their needs. Although the information on this website has been obtained from sources that EFG Hermes believes to be reliable, we have not independently verified such information, and it may not be accurate or complete. EFG Hermes does not represent or warrant, either expressly or implied, the accuracy or completeness of the information or opinions contained within this report, and no liability whatsoever is accepted by EFG Hermes or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Investment in equities or other securities is subject to various risks, including, among others, market risk, currency risk, default risk and liquidity risk. Income from such securities, and their value or price may, therefore, fluctuate. Basis and levels of taxation may change, which would affect the expected return from such securities. Foreign currency rates of exchange may affect the value or income of any security mentioned in this report. Investors should, therefore, note that by purchasing such securities, including GDRs, they effectively assume currency risk.
No determination of suitability has been made; not all risks are disclosed; private advisors should be consulted
The fact that EFG Hermes has made the data and services provided on this website available to you constitutes neither a recommendation that you enter into a particular transaction, nor a representation that any product described on this website is suitable or appropriate for you. Many of the products described on this website involve significant risks, and you should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein, with respect to any product, should not be considered to be a disclosure of all risks or complete discussion of the risks that are mentioned. You should neither construe any of the material contained herein as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice nor make this service the basis for any investment decisions made by or on behalf of you, your accountants, or your managed or fiduciary accounts, and you may want to consult your business advisor, attorney, and tax and accounting advisors concerning any contemplated transactions.
Hermes Securities Brokerage, a subsidiary of EFG Hermes Holding SAE, or any of its subsidiaries or officers (other than the authors of this report) may have financial interest in one or any of the securities that are the subject of this report. Funds managed by EFG Hermes Holding SAE and its subsidiaries (together and separately, “EFG Hermes”) for third parties may own the securities that are the subject of this report. EFG Hermes may own shares in one or more of the aforementioned funds or in funds managed by third parties. The author(s) of this report may own shares in funds open to the public that invest in the securities mentioned in this report as part of a diversified portfolio over which the author(s) has/have no discretion. The Investment Banking division of EFG Hermes may be in the process of soliciting or executing fee-earning mandates for companies (or affiliates of companies) that are either the subject of this report or are mentioned in this report. Research reports issued by EFG Hermes are prepared and issued, in accordance with the requirements of the local exchange conduct of business rules, where the stock is primarily listed.
This research report is prepared for general circulation and has been sent to you as a client of one of the entities in the EFG Hermes Group and is intended for general information purposes only. It is not intended as an offer or solicitation or advice, with respect to the purchase or sale of any security.
It is not tailored to the specific investment objectives, financial situation or needs of any specific person that may receive this report. This research report must not be considered as advice, nor be acted upon by you unless you have considered it in conjunction with additional advice from an EFG Hermes entity with which you have a client agreement. We strongly advise potential investors to seek financial guidance when determining whether an investment is appropriate to their needs.
Our investment recommendations take into account both risk and expected return. We base our long-term fair value estimate on fundamental analysis of the company’s future prospects, after having taken perceived risk into consideration. We have conducted extensive research to arrive at our investment recommendation(s) and target price estimate(s) for the company or companies mentioned in this report. Readers should understand that financial projections, target price estimates and statements regarding future prospects may not be realised. All opinions and estimates included in reports constitute our judgment as of this date and are subject to change without notice.
Although the information in reports has been obtained from sources that EFG Hermes believes to be reliable, we have not independently verified such information and it may not be accurate or complete. EFG Hermes does not represent or warrant, either expressly or implied, the accuracy or completeness of the information or opinions contained within this report and no liability whatsoever is accepted by EFG Hermes or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
The decision to subscribe to or purchase securities in any offering should not be based on our reports and must be based only on public information on such security and/or information made available in the prospectus or any other document prepared and issued in connection with the offering. Investment in equities or other securities are subject to various risks, including, among others, market risk, currency risk, default risk and liquidity risk. Income from such securities, and their value or price may, therefore, fluctuate. Basis and levels of taxation may change, which would have an impact on the expected return from such securities. Foreign currency rates of exchange may affect the value or income of any security mentioned in this report. Investors should, therefore, note that by purchasing such securities, including GDRs, they effectively assume currency risk.
Reports may contain a short- or medium-term recommendation or trading idea, which underscores a near-term event that would have a short-term price impact on the equity securities of the company or companies’ subject of this report. Short-term trading ideas and recommendations are different from our fundamental equity rating, which reflects, among other things, both a longer-term total return expectation and relative valuation of equity securities relative to other stocks within their wider peer group. Short-term trading recommendations may, therefore, differ from the longer-term stock’s fundamental rating.
For entities and clients in the United States
Hermes Securities Brokerage is not registered as a broker-dealer with the US Securities and Exchange Commission, and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Hermes Securities Brokerage is not a member of the Financial Industry Regulatory Authority (FINRA), and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest.
This research report is only being offered to Major US Institutional Investors and is not available to, and should not be used by, any US person or entity that is not a Major US Institutional Investor. Hermes Securities Brokerage cannot and will not accept orders for the securities covered in this research report placed by any person or entity in the United States. Hermes Securities Brokerage is an affiliate company of Financial Brokerage Group (FBG), located at B129, Phase 3, Smart Village – KM28 Cairo, Alexandria road 6 of October 12577 – Egypt. FBG has a 15a-6 chaperoning agreement with EFG-Hermes USA, Inc., a FINRA member firm, located at 3 Columbus Circle, 15th Floor, Suite 1617, New York, NY 10019 | USA. . Orders should be placed with our correspondent, EFG-Hermes USA Inc. 212-315-1372.
A Major US Institutional Investor who may receive and use this report must have assets under management of more than USD100,000,000 and is either an investment company registered with the SEC under the US Investment Company Act of 1940, a US bank or savings and loan association, business development company, small business investment company, employee benefit plan as defined in SEC Regulation D, a private business development company as defined in SEC Regulation D, an organization described in US Internal Revenue Code Section 501(c)(3) and SEC Regulation D, a trust as defined in SEC Regulation D, or an SEC registered investment adviser or any other manager of a pooled investment vehicle.