Australian Broker Call *Extra* Edition – Dec 02, 2019

This story features ADACEL TECHNOLOGIES LIMITED, and other companies. For more info SHARE ANALYSIS: ADA

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ADA   APT   BVS (2)   BWX   GUD   IPH   LVT   MLX   NBL   PAL   PWG   RIC   RMC  

ADA    ADACEL TECHNOLOGIES LTD

Software & Services – Overnight Price: $0.60

Bell Potter rates ((ADA)) as Buy (1) –

Adacel Technologies has upgraded pre-tax profit guidance and Bell Potter says forecast revenue, either contracted or with a high probability of being contracted, rose to 85% from 77% at the beginning of FY20.

The broker expects the company will be cash-flow positive in FY20 and will recommence dividend payments this year.

Bell Potter makes no changes to forecasts but changes to valuation methods result in a 15% increase in the target price to 75c a share. Buy rating retained.

This report was published on November 26, 2019.

Target price is $0.75 Current Price is $0.60 Difference: $0.15
If ADA meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 1.50 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 2.50 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.17.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

APT    AFTERPAY TOUCH GROUP LIMITED

Business & Consumer Credit – Overnight Price: $31.39

Bell Potter rates ((APT)) as Buy (1) –

Bell Potter considers the independent auditors final report for AUSTRAC on Afterpay to be as good as it gets, noting the company should now be classified as 'Low Risk' under AUSTRAC's money laundering framework.

Given respectable reviews from ASIC, the Australian Senate Enquiry, and New Zealand Parliamentary Enquiry, the broker believes Afterpay's regulatory challenges are behind it.

The broker makes no changes to EPS forecasts but again discards its -7.5% AUSTRAC risk discount on valuation. Target price rises to $49.35 from $45.50. Buy rating retained.

The report was published on November 25, 2019.

Target price is $49.35 Current Price is $31.39 Difference: $17.96
If APT meets the Bell Potter target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $33.00, suggesting upside of 5.1%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 224.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 468.5.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of 30.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 104.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 241.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 137.1.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $4.99

Goldman Sachs rates ((BVS)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs upgrades Bravura Solutions to a Buy from Neutral after the company signed a series of contracts and raised guidance at its annual general meeting.

Cigna has moved to Bravura Solutions' Sonata product, switching from Talisman, and Bravura also signed a contract with a leading Australian fund administration outsourcer.

The news, combined with assurances of a healthy pipeline, prospects of increased margins, a strong balance sheet, room for acquisitions, low churn favourable regulatory announcements, and opportunity in the UK pension market, triggered upgrades in earnings per share: 6.6% in FY20, 8.4% in FY21 and 8.2% in FY22.

The target priced edges up 0.2% to $5.06.

This report was published on November 27, 2019.

Target price is $5.06 Current Price is $4.99 Difference: $0.07
If BVS meets the Goldman Sachs target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 2.60 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 0.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.35.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 3.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.26.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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Wilsons rates ((BVS)) as Buy (1) –

Wilsons retains its Overweight rating for Bravura Solutions and raises the target price to $5.97 from $5.44 after the company reported positively at the annual general meeting.

The company repeatedly spoke of a confident outlook and strong pipeline, and increased guidance, causing the broker to upgrade net profit after tax forecasts by 4%.

The broker notes the company has plenty of room to grow with opportunities opening in Europe, and merger-and-acquisition potential. Add to that solid contracts, a broad, recurring earnings mix and signs of fog clearing on BREXIT (55% of Bravura's earnings are sourced from Britain), and the broker is feeling positive.

This report was published on November 27, 2019.

Target price is $5.44 Current Price is $4.99 Difference: $0.45
If BVS meets the Wilsons target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 11.70 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.88.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 14.40 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.22.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BWX    BWX LTD

Household & Personal Products – Overnight Price: $4.22

Moelis rates ((BWX)) as Hold (3) –

BWX Limited management has reaffirmed guidance at the annual general meeting, forecasting revenue growth of roughly 20% to 25% for FY20.

Moelis notes domestic Sukin sales have been strong in both pharmacies and Coles, and the company has extended its agreement with Coles for two years. The product has gained market share by both volume and value.

The broker expects the company to roll out its Mineral Fusion product to 700 Target stores in the United States, and Sukin to 300 Target stores. The company is trialling in-house manufacturing for Andalou.

The broker upgrades EPS forecasts by 3% to 5% across FY20-FY22 to reflect a lower interest rate on a renegotiated facility. Target price rises to $4.44 a share from $3, a figure already captured in the share price. Hold rating retained.

This report was published on November 22, 2019.

Target price is $4.44 Current Price is $4.22 Difference: $0.22
If BWX meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 4.30 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.31.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 5.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.05.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GUD    G.U.D. HOLDINGS LIMITED

Household & Personal Products – Overnight Price: $10.99

Wilsons rates ((GUD)) as Downgrade to Market Weight from Buy (3) –

Wilsons has downgraded GUD Holdings to Market Weight from Buy after a strong re-rating in the share price. Price target remains unchanged at $11.05.

Meanwhile, the company reports an uptick in sales in segments of its Auto business, that costs have fallen -5%, and plans to proceed with price increases across CY20. The company guides to cash conversion of 80%. Acquisitions remain a focus for Auto and GUD is assessing production innovation and export opportunities.

EPS estimates fall -2% to reflect the timing of cost-reduction realisation and FX changes.

This report was published on November 27, 2019.

Target price is $11.05 Current Price is $10.99 Difference: $0.06
If GUD meets the Wilsons target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.66, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 53.70 cents and EPS of 69.80 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of -1.7%.
Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 59.00 cents and EPS of 73.90 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.3, implying annual growth of 6.8%.
Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

IPH    IPH LIMITED

Legal – Overnight Price: $8.28

Goldman Sachs rates ((IPH)) as Upgrade to Buy from Neutral (1) –

Goldman Sachs upgrades IPH to a Buy after changes to the broker's discounted cash flow assumptions.

The broker expects synergies from the XIP acquisition should boost margins and that the company is well placed for organic growth, particularly in China, which it believes will represent 10% of the group's patent filings within five years.

More accretive acquisitions are expected. EPS forecasts are steady. Target price rises 5.6% to $9.50.

This report was published on November 25, 2019.

Target price is $9.50 Current Price is $8.28 Difference: $1.22
If IPH meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 30.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.79.

Forecast for FY21:

Goldman Sachs forecasts a full year FY21 dividend of 34.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

LVT    LIVETILES LIMITED

Cloud services – Overnight Price: $0.30

Wilsons rates ((LVT)) as Sell (5) –

Wilsons updates its valuation for Livetiles to account for the recent acquisition of Swiss intranet software provider CYCL for $32.2m, split between cash and shares.

The broker perceives the acquisition as positive, adding a mobile intranet functionality that should accelerate deployment in new clients and offer cross-sell opportunities. 

Underweight rating retained, as the broker remains concerned about cash burn and dilution given the likelihood the company may have to come to market ahead of FY22. Target price inches up to 26c a share from 24c.

This report was published on November 27, 2019.

Target price is $0.26 Current Price is $0.30 Difference: minus $0.04 (current price is over target).
If LVT meets the Wilsons target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.34.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.29.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MLX    METALS X LIMITED

Tin – Overnight Price: $0.12

Bell Potter rates ((MLX)) as Buy (1) –

Bell Potter notes that Metals X has suspended its Nifty mining operations.

The broker has little to say about the company's recent $32.7m entitlement offer seeking funding for Nifty, in which management said that the mine was showing real progress and the funds would be used to advance progress at the mine, fund further exploration in the area, and support working capital.

Bell Potter estimates the closure will cost -$19m, with monthly costs of -$1.4m after that. The broker notes that Nifty has absorbed about -$140m of cash in the past three years, excluding closure costs, and suspects a sale may be on the cards.

Metals X is now focusing on Renison and Bell Potter expects the company will have to seek further capital by 2021 to fund these operations. Nonetheless, the broker retains a Buy rating, believing Nifty still has significant strategic value. The target price falls to 24c from 39c previously.

This report was published on November 26, 2019.

Target price is $0.24 Current Price is $0.12 Difference: $0.12
If MLX meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.16.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.50.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NBL    NONI B LIMITED

Apparel & Footwear – Overnight Price: $2.57

Wilsons rates ((NBL)) as Buy (1) –

Noni B has bought a 51% stake in EziBuy Limited and has an option to buy the balance of the company by December 31, 2020, for $11m. A vote for shareholder approval is scheduled for December 23, 2019.

Wilsons notes the acquisition yields online scale, online breadth and online cross-selling opportunities, and says management has guided to 20% sales growth by FY20.

The broker expects the deal will also allow the company to leverage its store network to higher gross margins than peers. Target price rises to $4.20 from $3.84. Wilsons' forecasts sit roughly 2.6% ahead of FY20 consensus. Buy rating retained.

This report was published on November 23, 2019. 

Target price is $4.20 Current Price is $2.57 Difference: $1.63
If NBL meets the Wilsons target it will return approximately 63% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 23.00 cents and EPS of 30.50 cents.
At the last closing share price the estimated dividend yield is 8.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.43.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 23.50 cents and EPS of 40.20 cents.
At the last closing share price the estimated dividend yield is 9.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.39.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PAL    PALLA PHARMA LTD

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.85

Shaw and Partners rates ((PAL)) as Initiation of coverage with Buy (1) –

Shaw & Partners initiates coverage of Palla Pharma, one of only three vertically integrated narcotic manufacturers in the world with a Buy rating.

Palla Pharma uses a proprietary water-based solvent-free processing technique to extract narcotic raw material from poppy straw which gives it a unique estimated 40% to 50% cost advantage in an industry with high cost and regulatory barriers to entry.

Shaw & Partners notes the company has a record of strong sales growth and margin improvement and has posted three years of sales with a compound average growth rate of 182%. Contract wins are expected to underpin further growth.

The company also has a track record of missed guidance and debt is on the high side, although the broker says capital management should ease this concern. Target price is $1.02.

This report was published on November 25, 2019.

Target price is $1.02 Current Price is $0.85 Difference: $0.17
If PAL meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

Shaw and Partners forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.33.

Forecast for FY20:

Shaw and Partners forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.48.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PWG    PRIMEWEST

Real Estate – Overnight Price: $1.17

Moelis rates ((PWG)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage of Primewest Group, an Australian real-estate funds management business with $3.9bn in assets under management across 75 funds and seven asset classes.

The broker notes the company is fully integrated, with in-house leasing, development and asset management capability with a scaleable platform given its offices across Perth and Sydney. The three founders each own 20% of the company.

Primewest has no debt and $83m in cash to splash on acquisitions. If invested into co-investments yielding 6%, Moelis says it would be 19.5% earnings accretive on an annualised basis. The broker estimates every additional $100m growth of syndicate assets under management could add roughly 8% to earnings per share.

Rating kicks off with a Buy. Target price is $1.28.

This report was published on November 22, 2019.

Target price is $1.28 Current Price is $1.17 Difference: $0.11
If PWG meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 3.20 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.67.

Forecast for FY21:

Moelis forecasts a full year FY21 dividend of 4.50 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.27.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RIC    RIDLEY CORPORATION LIMITED

Agriculture – Overnight Price: $1.09

Wilsons rates ((RIC)) as Buy (1) –

A soft quarter for Ridley Corporation's Dairy and Aqua divisions triggered EPS downgrades of -5% to -6% but Wilsons remains bullish, citing lower costs following a restructure, new feedmill contributions and guidance to strong growth.

The broker notes the core valuation of the business is $1.18 – above the share price – but expects harvesting of Novacq should flow through to sales by the end of FY20. Target price is $1.53. Buy rating retained.

This report was published on November 26, 2019.

Target price is $1.53 Current Price is $1.09 Difference: $0.44
If RIC meets the Wilsons target it will return approximately 40% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 4.30 cents and EPS of 2.40 cents.
At the last closing share price the estimated dividend yield is 3.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.42.

Forecast for FY21:

Wilsons forecasts a full year FY21 dividend of 4.80 cents and EPS of 26.90 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.05.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RMC    RESIMAC GROUP LTD

Banks – Overnight Price: $1.21

Bell Potter rates ((RMC)) as Buy (1) –

Bell Potter lifts Resimac's target price to $1.40 from 92c following the most recent cut to the Reserve Bank of Australia's cash rate.

The majority of the company's funds is from domestic floating rate residential mortgage backed securities priced at a margin to the one-month bank bill, and Resimac has benefited on the funding front from the recent round of rate cuts, and from improved interest margins.

The broker notes the company guided to profit growth of roughly 75% for 1H20, including 7% growth from funds under management. The company has guided to an unfavourable move to the bank bill/cash rate spread in the second half but the full-year prognosis is strong.

EPS forecasts rise 33.3% for FY20 and 38.6% for FY21. Buy rating retained.

This report was released on November 25, 2019.

Target price is $1.40 Current Price is $1.21 Difference: $0.19
If RMC meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 3.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.80.

Forecast for FY21:

Bell Potter forecasts a full year FY21 dividend of 3.50 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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