General Disclosures/Disclaimers (for Macroeconomics, Currencies, Interest Rates)The information herein is published by DBS Bank Limited and/or DBS Bank (Hong Kong) Limited (each and/or collectively the "Company"). This report applies to "accredited investors" and "institutional investors" (as defined in Singapore's Financial Advisers Act and Securities and Futures Act and their subsidiary legislation), and "professional investors" (as defined in the Securities and Futures Act) Ordinance) Hong Kong) only. It is based on information obtained from sources believed to be reliable, but the company makes no representations or warranties, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. This study is prepared for general circulation. Any advice contained herein does not take into account the specific investment objectives, financial situation and particular needs of any particular subject. The information published here is for the recipient's information only and is not a substitute for the recipient's judgment, and the recipient should obtain independent legal or financial advice. The Company or any of its affiliates or any individual associated with the Group shall have no legal liability whatsoever for any use of the information herein (including any errors, omissions or misstatements herein, negligent or otherwise) or further communications, even if the Company or any other person has Be advised of this possibility. The information herein should not be construed as an offer or solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or service. The Company and its affiliates, their directors, officers and/or employees may have positions or other interests in the securities mentioned herein and may influence transactions, and may provide or seek to provide brokers, investment banks and other banks or a financial services company. The information herein is not directed at or intended for distribution to citizens or residents of or located in any local, state, country or other jurisdiction (including, without limitation, citizens or residents of the United States of America) , if such distribution, publication, availability or use would be contrary to law or regulation. This information is not an offer to sell or the solicitation of an offer to sell or the solicitation of any securities to buy in any jurisdiction, including but not limited to the United States of America, if such an offer or solicitation would be contrary to law or regulation.
This report is distributed in Singapore by DBS Bank Limited (Company Registration No. 196800306E), an exempt financial adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Limited may distribute reports produced by its respective foreign entities, affiliates or other foreign research institutes pursuant to arrangements under section 32C of the Financial Advisers Regulations. Recipients in Singapore should contact DBS Bank Ltd at 65-6878-8888 for matters arising out of or in connection with the report.
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DBS Bank Ltd., Hong Kong Branch, a limited liability company incorporated in Singapore. 18th Floor, Central Centre, 99 Queen's Road Central, Central, Hong Kong SAR
DBS Bank (Hong Kong) Limited, a limited liability company incorporated in Hong Kong. 13th Floor, Hong Kong Island East, 18 Warland Road, Quarry Bay, Hong Kong SAR
Virtual currencies are highly speculative digital "virtual goods" that are not currencies. It is not a financial product approved by the Taiwan Financial Supervisory Commission, and does not apply the guarantees of the existing investor protection system. The price of virtual currency fluctuates greatly, and the investment risk is relatively high. Investors should carefully assess the risks and seek their own independent advice before engaging in such transactions.
General Disclosure/Disclaimer (Credit)
Completion Date: Jan 18, 2023 11:04:34 (SGT)
Published: Jan 18, 2023 11:04:34 (SGT)
Sources for all charts and tables are from DBS Bank unless otherwise stated
General Disclosure/DisclaimerThis report is sponsored byDBS Bank Limited.This report is intended solely for the use of clients of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd, their respective associated and associated companies and subsidiaries and no part of this document may (i) be reproduced, photocopied or reproduced in any form or in any way or (ii) redistribute without the prior written consent of DBS Bank Limited. The research contained in this report is based on information obtained from sources believed to be reliable, but we (collectively DBS Bank Limited, DBS Vickers Securities (Singapore) Pte Ltd, their respective affiliates and associates, Affiliates and their respective directors, officers, employees and agents (collectively, the "DBS Group”) did not conduct due diligence on any company, verify any information or sources or consider any other factors that we may deem relevant or appropriate in preparing the research. Accordingly, we make no representations about the accuracy, completeness or correctness of the research contained in this report No representation or warranty. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any advice contained in this document does not take into account the specific investment objectives, financial situation and idiosyncrasies of any particular subject Requirements. This document is for the recipient's information only and is not a substitute for the recipient's judgment, and the recipient should obtain independent legal or financial advice independently. For any further DBS Group shall not be liable for any direct, indirect and/or consequential damages (including any claims for lost profits) arising from communications. This document should not be construed as an offer or a solicitation of an offer to buy or sell any securities. DBS The Group and its subsidiaries and/or persons connected with any of them may from time to time have interests in securities mentioned in this document. DBS Group may have positions in securities mentioned herein and may affect trading, Brokerage, investment banking and other banking services may also be provided or sought to be provided to these companies.
Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitute judgments as of the date of this report and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments . Information in this document is subject to change without notice, is not guaranteed to be accurate, may be incomplete or condensed, and may not contain all material information about the company (or companies) mentioned in this report, DBS The Group undertakes no obligation to update the information in this report.
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Valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report are based on a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which a valuation, opinion, estimate, forecast, rating or risk assessment is based will not materialize or will differ materially from actual results. Accordingly, valuations, opinions, estimates, forecasts, ratings or risk assessments stated herein should not be construed as representations and/or warranties by DBS Group (and/or anyone related to the aforementioned entities) that:
(a) such valuation, opinion, estimate, forecast, rating or risk assessment or its underlying assumptions will be realized, and
(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.
Please contact the principal analysts for valuation methodology and assumptions related to the covered companies or price targets.
Any assumptions made in this report with respect to commodities are intended to be forecasts for the company (or companies) mentioned herein. They should not be construed as a recommendation to trade in physical commodities or futures contracts related to commodities mentioned in this report.
Analyst CertificationThe research analyst who is primarily responsible for the content of this research report represents, in part or in whole, that the views expressed in this report about the company and its securities accurately reflect his own views. The analyst also certifies that no part of his/her compensation was, is or will be related, directly or indirectly, to the specific recommendations or opinions expressed in the report. The research analyst primarily responsible for part or all of this research report certifies that he or his colleaguesnot serve as an officer of the issuer or new listing applicant (including, in the case of a REIT, an officer of the REIT manager; in the case of any other entity, the entity responsible for managing the issuer or new listing applicant or its equivalent counterparty) and the research analyst or his associates who are primarily responsible for the content of this research report have no financial interest inIn the case of analyst-scrutinized issuers or new listing applicants. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interest related to the production of research reports. The research analyst responsible for this report operates as part of a separate team within the DBS Group Investment Banking function and has procedures in place to ensure that confidential information held by the research or investment banking function is handled appropriately. DBS Group's remuneration is in line with DBS Group's There is no direct link to any particular investment banking function.
Company Specific/Regulatory Disclosures
- As at 30 June 2022, DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”) or their subsidiaries and/or other affiliates had no proprietary positions in securities recommended in this report .
Compensation for investment banking services:
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Disclosure of prior investment advice yields:
- DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other associated companies may have issued other investment advice on the same securities/instruments recommended in this research report within the past 12 months . Please contact the key analysts listed on page 1 of this report to view the top analysts of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), its subsidiaries and/or other affiliates 12 Months of Investment Advice Published.
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DBS Bank Limited, DBSVS and DBSV HK are exempt from the requirement to hold an Australian Financial Services Licence, under the Corporations Act 2001 (“CA”) to provide financial services to recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under Singapore law, while DBSV HK is regulated by the Securities and Futures Commission of Hong Kong under Hong Kong law which differs from Australian law.
Distribution of this report is intended solely for what CA refers to as "Wholesale Investors".
This report has been prepared by personnel of DBS Bank Limited, which is not licensed by the Securities and Futures Commission of Hong Kong to be regulated in Hong Kong under the Securities and Futures Ordinance (Cap. 571 of the Securities and Futures Ordinance) securities advisory activities. Hong Kong law). This report is distributed in Hong Kong by DBS Bank (Hong Kong) Limited (“DBS Hong Kong”), a registered institution registered with the Securities and Futures Commission of Hong Kong to engage in securities advisory regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). DBS Bank Limited Hong Kong Branch is a limited liability company incorporated in Singapore.
For any questions regarding the material herein, please contact Dennis Lam (Reg. No. AH8290):[email protected]
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ADBSR Executive Director Wong Ming Tek
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For any queries regarding the material in this article, please contact Chanpen Sirithanarattanakul:[email protected]
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This communication is from a branch of DBS Bank Ltd operating in the Dubai International Financial Center ("DIFC") under the trade name "DBS Bank Ltd. (DIFC Branch)" ("DBS DIFC"), a company registered with the DIFC Registrar under number 156, Its registered office is at Units 608 - 610, 6th Floor, Gate Precinct Building 5, PO Box 506538, Dubai International Financial Centre, United Arab Emirates.
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Unless otherwise stated, this communication does not constitute an "offer of securities to the public" as defined in Article 12 of the Markets Act (DIFC Act No. 1 of 2012) or an "offer of units" as defined below Collective Investments Act " (DIFC Act No. 2 of 2010) Article 19(2).
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Any investments referred to in this communication may be illiquid and/or subject to resale restrictions. Prospective buyers should conduct their own due diligence on any investment. If you do not understand the contents of this document, you should consult an authorized financial advisor.
This report was prepared by DBS Bank Limited without the participation of DBSVUSA. Research analysts mentioned in this report are not registered as research analysts with FINRA and are not affiliated with DBSVUSA. Research analysts are exempt from FINRA Section 2241 restrictions regarding analyst compensation, communications with target companies, public appearances, and trading in securities held by research analysts. This report is distributed in the United States by DBSVUSA, which is responsible for its content. This report may be distributed only to principal U.S. institutional investors (as defined in SEC Rule 15a-6) and other institutional investors and qualified persons as may be authorized by DBSVUSA. Any U.S. person who receives this report and wishes to trade in any securities mentioned herein should contact DBSVUSA directly, and not its affiliates.
In any other jurisdiction, unless otherwise restricted by law or regulation, this report is intended for use only by qualified, professional, institutional or sophisticated investors as defined by the laws and regulations of such jurisdiction.
DBS Regional Research Office
DBS (Hong Kong) Limited
Contact: Dennis Lam
13th Floor, Island East,
18 Westland Road,
Quarry Bay, Hong Kong
Tel: 852 3668 4181
Fax: 852 2521 1812
DBS Bank Limited
Contact: Yang Bao
Marina Bay Financial Center Tower 3
Tel: 65 6878 8888
Company registration no. 196800306E
PT DBS Vickers Securities (Indonesia)
Contact: Maynard Priajaya Arif
DBS Bank Tower
Ciputra World 1, 32楼
Jl. Prof. Dr. Satterio Kraft. 3-5
Jakarta, Indonesia 12940
Tel: +62 21 3003 4900
Fax: 6221 3003 4943
DBS Vickers Securities (Thailand) Co., Ltd.
Contact: Chanpen Sirithanarattanakul
989 Siam Piwat Building,
9. Floor 14-15
Sub-branch all the way 3.
Bangkok, Thailand 10330
Phone 66 2 857 7831
Fax: +66 2 658 1269
Company Registration No 0105539127012
Thailand Securities and Exchange Commission
Affiliates are defined as (i) the Analyst's spouse or any minor child (natural or adopted) or minor step-child; (ii) the Analyst, his spouse, minor child (natural or adopted) or minor step-child; Trustees of trusts in which the children are beneficiaries or discretionary objects; (iii) other persons who are accustomed or obliged to act on the analyst's directions or instructions.
A financial interest is defined as an interest commonly referred to as a financial interest, such as an investment in securities by an issuer or new listing applicant, or a financial arrangement between an issuer or new listing applicant and a company or analysis. The term does not include an arm's length commercial loan, or an investment in any collective investment scheme other than the issuer or new listing applicant, although the scheme invests in the securities of the issuer or new listing applicant.