DABUR INDIA LTD - RESEARCH REPORT - Q2 FY18

BHARAT FORGE LTD - Q2 FY18

DABUR LTD - Q2 FY18

DABUR Ltd reported spectacular sequential growth for the September quarter FY18 with mild yearly numbers. Revenue or Income From Operations fell 1% YOY at Rs. 19589 Mn in the current quarter against Rs. 19816 Mn same period previous year. Sequential growth was reported at 9% in September quarter driven by 10% domestic & volume growth of 7.2% with international business growing at 3.9% in constant currency. Domestic & international business contributed 68% & 29% respectively in September quarter FY18. EBDITA grew 1% and stood at Rs. 5042 Mn against Rs. 4979 Mn corresponding quarter previous year. On quarterly basis EBDITA growth was 29% in Q2 FY18. Profit After Tax grew 37% QOQ at Rs. 3627 Mn against Rs. 3584 Mn corresponding quarter previous year with yearly growth of just 1%. Operating Expenditure declined 2% YOY from Rs. 15730 Mn in Q2 FY17 to Rs. 15390 Mn in the current September quarter. Other expenditure came fell from 12.1% of sales to 10.8% of sales on the back of cost synergies and declined 12% YOY.   On quarterly basis, operating expenditure jumped 4% QOQ in Q2 FY18. EBDITA margin expanded 394 basis points QOQ and 61 basis points yearly at 25.74% in the current quarter. Net Profit Margin too followed suit, rising 372 basis points sequentially and 43 basis points YOY. Net Profit Margin was reported at 18.51% against 18.08% same period previous quarter. Taxation was almost constant at Rs. 880 Mn where as finance costs declined 20% and were reported at Rs. 133 Mn YOY buttressing bottom-line. Depreciation on the other hand jumped 12% at Rs. 401 Mn in the current September quarter.  Other Income fell 6% YOY and rose 4% on quarterly basis. Other Income was reported at Rs. 843 Mn compared to Rs.893 Mn corresponding quarter previous year.

Dabur Ltd is one of the most trusted Indian brand world’s largest Ayurvedic and Natural Health Care Company. Dabur operates in key consumer product categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care and Foods. The company has wide distribution network of about 6 million retail outlets in both urban and rural markets.  The company’s revenue basket is broadly divided into consumer care, food & retail business. Consumer care business contributing 82% of total revenues de-grew 2% YOY with positive sequential growth of 13% in the September quarter. Food business contributes the next business chunk of about 15% exhibiting 5% YOY growth. Retail business reported negative growth both yearly & sequentially. Consumer Care, Food & Retail revenues were reported at Rs 16147 Mn, Rs. 2828 M & Rs. 265 Mn respectively in September FY18. DABUR Ltd has weathered GST disruption and is expected to perform better with an uptick in the domestic rural economy and global growth. The company has collaborated with Amazon to increase its online and overseas presence and aims to double its ecom volumes which are currently about 1.5% of domestic sales. The company has improved its bottom-line in September quarter with strong volume growth of 7% without any beneficial restocking impact. With respect to product category, Real juices witnessed margin improvement with market share of 55% in Q2 FY18, Dabur Honey grew by 8.6% reversing the declining trend of previous quarters and oral care growth was around 23%. Dabur seems to have stabilized its business model and is expected to take competition head on in the coming quarters. We recommend BUY for the stock for medium & long term investment with target price of Rs. 550.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

HERO MOTOCORP LTD - Q2 FY18

HERO MOTOCORP Ltd reported stable second quarter FY18 with double digit sequential growth. Revenue or Income From Operations witnessed mild decline of 1% YOY and stood at Rs. 83620 Mn compared to Rs. 84487 Mn in September quarter FY17. Profit After Tax grew 1% YOY and 11% sequentially at Rs. 10105 Mn against Rs. 10042 Mn same period previous year. EBDITA was up 3% YOY at Rs. 15733 Mn against Rs. 15212 Mn corresponding quarter previous year. On sequential basis, growth was stronger at 10% in the current September quarter. After a sluggish Q3 & Q4 FY17, FY18 has started on a strong note for HERO MOTOCORP and the company has maintained its double digit June growth momentum though on lower pace. Operating Expenditure declined 2% YOY from Rs. 70799 Mn in Q2 FY17 to Rs. 69063 Mn in the current September quarter. On quarterly basis, expenditure was further curtailed by 6% in Q2 FY18. As a result, both EBDITA & Net Profit Margins improved yearly & sequentially and were reported at 18.81% & 12.08% respectively in Q2 FY18. YOY jump was 81 & 20 basis points whereas on sequential basis, expansion was 224 & 147 basis points for EBDITA & Net Profit Margins respectively in the September quarter FY18. One basis point is equivalent to 0.01%. Net Profit Margins were slightly restrained as taxation & depreciation expenditure jumped 7% & 14% YOY. The effective tax rate was higher due to phasing out of investment allowance and reduction in allowable deduction of R&D expenditure. Interest expense was almost constant on yearly terms and was reported at Rs. 15.60 Mn in Q2 FY18. Other income was reported at Rs. 1176 Mn against Rs. 1524 Mn in Q2 FY17.

Hero MotoCorp Ltd. is the world's largest manufacturer of two - wheelers, based in India. The company achieved this feat in  2001 and still retains this position in terms of unit volume sales in a calendar year. The company has crossed 75 million units in cumulative sales in July-September period and also clocked 2 million unit sales in a quarter which included more than 7 lakh sales in the month of September. YOY, Hero Motocorp grew 11% in unit sales and 9% sequentially in September quarter. Moving into the next quarter, October unit sales fell short by about 5% YOY, whereas November sales have grown 26% YOY. The company has witnessed strong rebound aided by the festive season and supported by strong urban and rural demand and is expected to continue this momentum in the next quarter. We recommend BUY for the stock for medium & long term investment with a target price of Rs. 4320.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

BAJAJ AUTO LTD - Q2 FY18

BAJAJ AUTO LTD reported strong September quarter with phenomenal sequential growth but mild decline in yearly numbers. Revenue or Income From Operations rose 2% YOY and stood at Rs. 65664 Mn compared to Rs. 64323 Mn in the current September quarter FY18. Profit After Tax was lower by 1% YOY at Rs. 11936 Mn against Rs. 12007 Mn corresponding quarter previous year. EBDITA declined 3% YOY at Rs. 15947 Mn against Rs. 16371 Mn in the same period previous year as operating costs jumped 3% and other income declined 13% YOY in the current Q2 FY18. Though Bajaj Auto yearly September numbers look somber, quarterly performance is strong and zestful with double digit growth in every parameter. Revenue growth was reported with 12% rise QOQ and EBDITA growing 1.2 times vis-a vis the previous June quarter. Net Profit galloped 43% sequentially even as operating costs climbed 7% QOQ. Operating costs stood at Rs. 52690 Mn in the current Q2 FY18 against Rs. 51379 Mn same period previous year. As a result margins were stronger sequentially witnessing de-growth on yearly basis. EBDITA Margin was reported at 24.28% in the current quarter vis-à-vis 25.45% same period previous year. Controlled depreciation & taxation expenditure & negligent interest costs have lead to strong Net Profit Margins in September quarter at 18.18% against 18.67% corresponding quarter previous year. On sequential basis EBDITA & Net Profit Margin expanded 274 & 388 basis points in the current quarter. One basis point is equivalent to 0.01%.  Bajaj Auto has one of the best operating margins in the auto industry.

BAJAJ AUTO LTD is world’s fourth largest two wheeler & three wheeler manufacturer in the world. The company manufactures motorcycles & commercial vehicles both for domestic and international markets. On the volume front motorcycles grew 2% and commercial vehicles jumped 14% YOY. Total volume growth was about 4% on yearly basis with motorcycles contributing 86% & commercial vehicles 14% YOY. Motorcycle segment performed better with respect to exports vis-à-vis domestic market growing 1% & 5% respectively. Commercial Vehicles reported highest ever quarterly sale in domestic market with 84938 units in Q2 FY18. Commercial Vehicles grew 14% in the domestic market and 13% in international market. Total volumes or units for the current quarter stood at 918721 and 152789 units for motorcycles & Commercial Vehicles respectively. The October and November volume data has also been encouraging with YOY growth of 7% & 21% respectively. During the quarter, BAJAJ Auto witnessed highest ever monthly sale of 428752 units which includes highest ever sale of pulsars of 112075 units in September 2017.

BAJAJ Auto signifies technologically superior product profile catering to both urban & rural markets with its popular brands Pulsar, Dominar, Avenger, Discover, Platina & CT 100. The company has consolidated its position internationally and improved its market share for motorcycles in domestic market from 25% to 32% sequentially. We recommend BUY for the stock with target price of Rs. 3820 for medium & long term.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

BATA INDIA LTD- Q2 FY18

CONCOR LTD -Q2 FY18

Container Corporation Of India Ltd (CONCOR) reported robust yearly growth in September quarter FY18. Revenue jumped 5% YOY at Rs. 14302 Mn compared to Rs. 13603 Mn in the corresponding September quarter previous year.  PAT or Net Profit grew 41% YOY at Rs. 2229 Mn against Rs. 1578 Mn same period previous year. EBDITA was reported at Rs. 3774 Mn compared to Rs. 3036 Mn growing 24% YOY. Other Income exhibited positive growth both yearly and QOQ rising 25% & 2% respectively in the current Q2 FY18 quarter. Other Income was reported at Rs. 954 Mn against Rs. 763 Mn in corresponding quarter previous year. Sequential growth has been lower with Revenue, EBDITA & PAT declining by 2%, 10% & 8% respectively in the current quarter. Operating Expenditure grew 1% YOY and 2% sequentially in the current September quarter. Operating expenditure stood at Rs. 11481 Mn in Q2 FY18 compared to Rs. 11330 Mn in Q2 FY17. EBDITA margin expanded 407 basis points YOY and declined 246 basis points sequentially in the current September quarter. EBDITA Margin was reported at 26.39% against 22.32% corresponding quarter previous year. Taxation expenditure de-growth was about 3% YOY at Rs. 576 Mn in the current September quarter against Rs. 596 Mn same period previous year. Sequentially Taxation witnessed decline of 14%.  Tax rate was lower on account of policy change and 80IA benefit received by the company last year. Net Profit Margin was reported at 15.60% expanding 399 basis points YOY and fell 112 basis points sequentially in the current September quarter FY18. CONCOR is an undisputed market leader having 73% market share in containerized traffic and the largest network of 72 ICDs/CFSs in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. The company developed multimodal logistics support for India's International and Domestic containerization and trade.

CONCOR’S core business is divided into two main segments, Exim which contributes 80% of total revenues and domestic the rest. Exim revenues were reported at Rs. 11415 Mn against Rs. 11137 Mn same period previous year rising 2% YOY. Domestic revenues on the other hand jumped 17% YOY at Rs. 2887 Mn compared to Rs. 2466 Mn in Q2 FY17. Sequential performance was hampered in both segments particularly domestically due to GST. The company is moving forward with its capex plans which is around Rs. 10000 Mn in the current year.  The company is planning to commission seven logistics parks in the next two quarters.  The company plans three MMLPs at Nagpur, Mihan, Raipur and Paradip in Q3 FY18. The remaining four MMLPs at Balli in Goa, Baroda, Varnama in Andhra Pradesh Krishnapatnam port and New Mangalore Port in Kanataka in Q4 FY18 . The company has witnessed stable growth in September quarter and is expected to grow strongly in the long run as only 20% of domestic trade is containerized which gives vast scope of opportunities for companies like CONCOR. We recommend BUY for the stock for medium & long term investment with a target price of Rs. 1520.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.