Copyright © 2021 Vanda Securities Pte. Ltd. All rights reserved. Reproduction, dissemination or distribution of this material by any means is strictly prohibited without written consent.
This report has been prepared by Vanda Securities Pte. Ltd. or its affiliates (together “Vanda Securities”). It is prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security or to participate in any trading strategy. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information on which the report is based has been obtained from publicly available sources which we believe to be reliable, but we have not independently verified such information and we do not warrant or guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Third party data providers make no warranty relating to the accuracy, completeness or timeliness of their data and shall have no liability whatsoever for losses that may arise from reliance upon such data. Vanda Securities. shall have no liability whatsoever for losses that may arise from reliance on this report (including, without limitation, such third party data) its forecasts, statements concerning the future, or opinions expressed. This report is confidential and for your internal business purposes only.
This report is solely for whom it is addressed and must not be disclosed to or relied upon by any other person for any purpose whatsoever. It is intended for accredited and institutional investors as defined under section 4A of the Singapore Securities and Futures Act. Accordingly, for the purposes of this report, Vanda Securities is exempted from complying with sections 25, 27 and 36 of the Financial Advisers Act in accordance with the exemptions set out in regulations 33, 34 and 35 of the Financial Advisers Regulations. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial objectives and circumstances of the recipients. You should consider this report as only a single factor in making any investment decision. Vanda Securities. and their respective directors, officers and employees may from time to time have a long or short position, or other interest, in the securities mentioned and may sell or buy such securities and may trade them in ways different from those discussed or recommended in this report. Additional information with respect to any securities referred to herein will be available upon request.
Vanda Securities Pte. Ltd. is an exempt financial adviser regulated by the Monetary Authority of Singapore. Recipients of this report in Singapore are to contact Vanda Securities Pte. Ltd. in respect of any matters arising from, or in connection with, the report.
Vanda Research Ltd is a wholly owned subsidiary of Vanda Securities Pte. Ltd and is responsible for the distribution of this report in the United Kingdom. Vanda Research Ltd is an appointed representative of Messels Ltd which is authorised and regulated by the Financial Conduct Authority. Residents of the United Kingdom should seek specific professional financial and investment advice from a stockbroker, banker, solicitor, accountant or other independent professional adviser authorized pursuant to the Financial Services and Markets Act 2000. This report is intended only for investors who are 'professional clients' as defined by the FCA, and may not, therefore, be redistributed to other classes of investors. The content of this report is covered by our Policy of Independence which may be viewed at www.messels.com.