Regulatory Disclosures
The following information should be read in conjunction with equity research reports and comments prepared and issued by Lyscale Riskgrade Research.
Required Disclosures
In the U.S.
Research are disclosed as they happen periodically at year end.
In Europe
Research are disclosed as they happen periodically at year end.
In Asia
Research are disclosed as they happen periodically at year end.
Globally
Research are disclosed as they happen periodicallt at year end.
Risk Magnitudes 1 to 5 (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis.
Risk Magnitudes 5 to 10 (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis.
Risk Magnitudes 10 to 15 (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis.
Risk Magnitudes 15 to 20 (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price is not anticipated to show a gain.
Risk Magnitudes Above 20 (Strong Sell): Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis.
Relevant benchmarks: In the U.S. the relevant benchmark is the S&P 500 Index, in Europe and in Asia, the relevant benchmarks are generally the S&P Europe 350 Index and the S&P Asia 50 Index.
For All Regions:
All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.
Additional information is available upon request.
Other Disclosures
This report has been prepared and issued by Lyscale Riskgrade and/or one of its affiliates.
The research and analytical services performed by affiliates of Lyscale Riskgrade are each conducted separately from any other analytical activity of Lyscale Riskgrade.
Lyscale Riskgrade and/or one of its affiliates has not performed services for and received compensation from this company during the past twelve months. OR
This company is not a customer of Lyscale Riskgrade or its affiliates.
Disclaimers
This material is based upon information that we consider to be reliable, but neither Lyscale Riskgrade nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. With respect to reports issued by Lyscale in other jurisdictions and in the case of inconsistencies between the English and the other jurisdictions versions of a report, the English version prevails. Neither Lyscale Riskgrade nor Lybrosis Capital guarantees the accuracy of the translation. Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Neither Lyscale Riskgrade nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance is not necessarily indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.
For residents of the U.K. –this report is only directed at and should only be relied on by persons outside of the United Kingdom or persons who are inside the United Kingdom and who have professional experience in matters relating to investments or who are high net worth persons, as defined in Article 19(5) or Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, respectively.
For residents of Malaysia, all queries in relation to this report should be referred to
malaysiacompliance@LyscaleRiskgrade.co.uk