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Research analysts’ statement of independence
We hereby certifies that the views expressed in any reports available on this site (each a “Report” and collectively “Reports”) reflects the research analysts’ personal views about the companies covered and the securities that are the subject to the Reports. Opinions contained in Reports represent the research analysts’ present opinion only - at the time Reports are prepared - and may be subject to change without notice. Further, new research analysts’ with different opinions could become responsible for coverage.
No part of the research analysts’ compensation are, or will be, directly or indirectly, related to the specific recommendations or views expressed by the respective research analysts in Reports. DNB Markets’ employees, including research analysts, may receive compensation that is generated by overall firm profitability.
The Reports are based on information obtained from public sources that DNB Markets believe to be reliable but which DNB Markets has not independently verified. Sources for coverage also include communication with the companies. DNB Markets makes no guarantee, representation or warranty as to its accuracy or completeness.
DNB Markets, DNB Bank ASA and the DNB Group
The Reports are being prepared by DNB Markets, a division of DNB Bank ASA (“DNB Bank”), registered in Norway with registration number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Reports are subject to the General Business Terms for DNB Markets. Information about DNB Markets and the General Business Terms can be found at dnb.no/avtaler. For information regarding the General Business Terms of the Singapore Branch of DNB Bank ASA, please contact our Singapore Branch at telephone +65 6212 0753. DNB Bank ASA is a subsidiary of DNB ASA, and part of the DNB group (the “DNB Group”). Information about the DNB Group can be found at www.dnb.no.
The research analysts’ are not registered or qualified as research analysts, representative or associated person under the rules of FINRA, any other US regulatory organization or the laws, rules or regulations of any State in the USA.
DNB Markets is a member of the Norwegian Securities Dealers Association, which has issued recommendations and market standards for securities companies. The Association's Internet address where the recommendations and market standards can be found is: www.nfmf.no.
Reports are for clients only, and not for publication, and are prepared for information purposes only. Distribution of research reports is in certain jurisdictions restricted by law. Persons with access to Reports should seek further guidance regarding such restrictions. Reports are distributed out of our Oslo office.
Not for re-distribution
Reports are for clients only, and not for publication or re-distribution.
Reports are not offers to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Reports. The Reports shall not be used for any unlawful or unauthorized purposes.
Good faith and limitations
DNB Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a “DNB Party”; collectively, “DNB Parties”) do not guarantee the accuracy, completeness, timeliness or availability of Reports. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of Reports, nor for the security or maintenance of any data input by the user. Reports are provided on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT REPORTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT REPORTS WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of Reports, even if advised of the possibility of such damages. DNB Parties assume no obligation to update the Reports in any form or format. The Reports should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Recipients are urged to base their investment decisions upon such investigations as they deem necessary. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Reports. While Reports are based on information obtained from public sources that the DNB Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives.
Prevention and avoidance of conflicts of interest
Confidentiality rules and internal rules restricting the exchange of information between different parts of DNB Markets/DNB Bank ASA or the DNB Group may prevent employees of DNB Markets who are preparing Reports from utilizing or being aware of information available in the DNB Group which may be relevant to the recipients’ decisions. DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest. All Reports are produced by DNB Markets’ research department, which is separated from the rest of DNB Markets’ activities by an information barrier; as such, research reports are independent and based solely on publicly available information.
Potential conflicts of interest
DNB Markets or other companies in the DNB Group may have been giving investment-banking services or acted as financial advisor or manager/co-manager (and in such capacity received compensation), to companies subject to coverage in Reports during the last 12 months. Further, from companies covered, DNB Markets or other companies in the DNB Group may receive compensation for investment banking or other services in the next 12 months.
Furthermore, in view of DNB Markets’ position in its markets, one should assume that it may currently (or may in the coming three months and beyond) be providing or seeking to provide confidential investment banking services to the companies subject to coverage in Reports. DNB Markets may be a market maker/liquidity provider in covered companies. A member of, or an entity associated with, DNB Group or its affiliates, officers, directors, employees or shareholders of such members may from time-to-time be represented on the board of directors or similar supervisory entity of the companies covered, buy or sell the securities issued by such companies or options relating to them, or have a long or short position or holding in such securities. DNB Markets/DNB Group may have made agreements with companies to prepare and issue Reports. Reports may be disclosed to companies before distribution for facts control.
Please contact DNB Markets at telephone 08940 (+47 915 08940) for further information and inquiries regarding Reports, such as ownership positions and publicly available/commonly known corporate advisory performed by DNB Markets and similar, in relation to the Norwegian Securities Trading Act 2007/06/29 no. 75 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876.
Recommendation structure and risk classification
Buy - indicates an expected return greater than 10% within 12 months
Hold - indicates an expected return between 0 and 10% within 12 months
Sell - indicates an expected negative return within 12 months
The return-requirement bands above may be applied with some degree of flexibility depending on the liquidity and volatility characteristics of the individual share.
High risk - Volatility above 40 percent
Medium risk - Volatility from 25 percent to 40 percent
Low risk - Volatility under 25 percent
Investing in any security is subject to substantial risk. Return on investment may vary greatly. Price targets are based on a combination of several valuation methods such as discounted cash flow, pricing based on earnings multiples, multiple on book value, net asset value and peer comparison.
Substantial material sources for coverage include historical financial figures and communication with the companies, and relevant third party information. Recommendations and historical target prices in Reports may not compile all recommendations by DNB Markets, for further information please contact DNB Markets.
The Information has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in any attached report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.
You have received a copy of this Information because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the Financial Advisers Regulations (“FAR”). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.
Please telephone the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with, the Information.
This Information is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753.
We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Information by acting in various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Information.
In the United States
Each research analyst named on the front page of Reports, or at the beginning of any subsection thereof, certifies that (i) the views expressed in Reports accurately reflect that research analyst’s personal views about the companies and the securities that are subject of Reports; and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in Reports.
Reports are being furnished upon requests and are primarily intended for distribution to “Major U.S. Institutional Investors” within the meaning of Rule 15a-6 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934. To the extent that Reports are being furnished, or will be disseminated, to non-Major U.S. Institutional Investors, such distribution are being made by DNB Markets, Inc., a separately incorporated subsidiary of DNB that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Any U.S. recipient of Reports seeking to obtain additional information or to effect any transaction in any security discussed in Reports or any related instrument or investment should call or write DNB Markets, Inc., 200 Park Avenue, New York, NY 10166-0396, telephone number 212-681-3800 or fax 212-681-4119.
Reports and any materials attached with it, will be distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 subsection 8.18(2) and subsection 8.18(4)(b). Please be advised that:
1. DNB Bank ASA (DNB Markets) and DNB Markets, Inc. are not registered in Canada.
2. DNB Bank ASA (DNB Markets) and DNB Markets, Inc's jurisdiction of residence is Norway and the United States, respectively.
3. The name and address of the agent for service of process for DNB Bank ASA (DNB Markets) and DNB Markets, Inc. in the local jurisdiction is: Alberta: Blake, Cassels & Graydon LLP, Attention: Pat Finnerty/Ross Bentley, 855 – 2nd Street S.W., Suite 3500, Bankers Hall East Tower, Calgary, AB T2P 4J8. British Columbia: Blakes Vancouver Services, Inc., 595 Burrard Street, P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, BC V7X 1L3. Labrador: Stewart McKelvey, Cabot Place, 100 New Gower Street, Suite 1100, P.O. Box 5038, St. John’s, NL A1C 5V3. Manitoba: Aikins, MacAulay & Thorvaldson LLP, 30th Floor, Commodity Exchange Tower, 360 Main Street, Winnipeg, MB R3C 4G1. Newfoundland: Stewart McKelvey, Cabot Place, 100 New Gower Street, Suite 1100, P.O. Box 5038, St. John’s, NL A1C 5V3. New Brunswick: Stewart McKelvey, 10th Floor, Brunswick House, 44 Chipman Hill, Saint John, NB E2L 4S6. Nova Scotia: Stewart McKelvey, Purdy’s Wharf Tower One, 1959 Upper Water Street, Suite 900, P.O. Box 997, Halifax, NS B3J 2X2. Ontario: Blakes Extra-Provincial Services Inc., Suite 2800, 199 Bay Street, Toronto, Ontario M5L 1A9. Prince Edward Island: Stewart McKelvey, 65 Grafton Street, Box 2140, Charlottetown, PE C1A 8B9. Quebec: Services Blakes Quebec Inc., 600 de Maisonneuve Boulevard Ouest, Suite 2200, Tour KPMG, Montreal, QC H3A 3J2. Saskatchewan: MacPherson, Leslie & Tyerman LLP, 1500 Continental Bank Building, 1874 Scarth Street, Regina, SK S4P 4E9. Northwest Territories: Gerald Stang, Suite 201, 5120-49 Street, Yellowknife, NT X1A 1P8. Yukon: Grant Macdonald, Macdonald & Company, Suite 200, Financial Plaza, 204 Lambert Street, Whitehorse, YK Y1A 3T2. Nunavut: Terry Gray, P.O. Box 1779, Building 1088C, Iqaluit, NU X0A0H0.
4. There may be difficulty enforcing legal rights against DNB Bank ASA (DNB Markets) and DNB Markets, Inc. because each is a resident outside of Canada and all or substantially all of their assets may be situated outside of Canada.
If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note.
The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note.
Any financial interests, not disclosed in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence.
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