top of page
Man Hands On Keyboard

Research Disclaimer

Version 1.1

Last Updated: 13 November 2020

The information and opinions in this report were prepared by Focus Finance or one of its members (collectively "FF"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, FF makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. FF neither endorses the content nor is responsible for the accuracy or security controls of these websites.


FF may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account, in a manner inconsistent with the views taken in this research report. Others within FF, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. FF issues a variety of research products, including fundamental analysis, equity-linked analysis, and quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. In case the assigned analyst has a vested interest in the organisation, fund or entity included and discussed in the report, an appropriate disclaimer will be included at the end of the material.


Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of FF and are subject to change without notice. FF research analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with FF's existing longer term ratings. Any such trading strategies or ideas are distinct from and do not affect the analysts' fundamental rating for such securities, which rating reflects the analysts' current 12-month view of total return as described herein. FF has no obligation to update, modify or amend this report or to notify a recipient otherwise thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage and the frequency of changes in market conditions and both general and company-specific economic prospects make it difficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or of the Leadership Team and as such the majority of reports are published at irregular intervals.


This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst's judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from FF, subject companies, and in some cases, other parties.


FF is not acting as a financial adviser, consultant or fiduciary to you, any of your agents (collectively, "You" or "Your") concerning any information provided in the materials attached hereto. FF does not provide investment, legal, tax or accounting advice, FF is not acting as your impartial adviser, and does not express any opinion or recommendation whatsoever as to any strategies, products or any other information presented in the materials. Information contained herein is being provided solely on the basis that the recipient will make an independent assessment of the merits of any investment decision, and it does not constitute a recommendation of, or express an opinion on, any product or service or any trading strategy.

The information presented is general in nature and is not directed to retirement accounts or any specific person or account type, and is therefore provided to You on the express basis that it is not advice, and You may not rely upon it in making Your decision.


Alternative modelling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis.

Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. Reports may not be reproduced, distributed or published without FF's prior written consent.


bottom of page