Disclosures and Disclaimers

  • This report has been prepared by the Research Department of Coronation Merchant Bank using sources believed to be reliable, trustworthy and factually accurate, however the Research Department has not independently verified these sources of information and Coronation Merchant Bank does not vouch safe the accuracy of these. No guarantee is given as to the independence of the sources themselves. Readers intending to act upon the contents of this report are advised to make their own enquiries.
  • The analyst(s) and/or Chief Economist has(have) produced this report independently of the company or companies, and independently of the issuer of security or securities, covered in this report, and (has) have done so using publicly-available information. Information used in the preparation of this report is believed to be accurate at the time of going to press, though not verified independently. No liability is accepted for errors nor omissions of fact, nor is any warranty given for the reasonableness, accuracy or completeness of the information presented. Market information may have been gathered from different sources, including official and government sources, and processed in arriving at the opinion(s) expressed in this report.
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  • The opinions expressed in this report concerning the company(ies) and securities covered, accurately represent the personal views of the analyst(s)and Chief Economist whose names are given at the beginning of the report. No part of the compensation of the analyst(s) and Chief Economist mentioned at the beginning of this report is, or will be, related to the views or recommendations(s) given in this report.
Conflicts of Interest
  • The compensation of the analyst(s), and/or Chief Economist, mentioned at the beginning of this report is not linked to the recommendations, forecasts, estimates or opinions expressed in this report, nor to commissions or spreads or other gains generated in trading securities, whether covered in this report or not.
  • This report is produced by the Research Department of Coronation Merchant Bank and may be used, after its publication, by other departments of Coronation Merchant Bank for advisory or trading purposes, or otherwise for the assessment of companies and securities. However, it is the policy of Coronation Merchant Bank that no department influences the opinions, estimates, forecasts or recommendations of the Research Department, nor is privy to the contents or recommendations of the Research Department’s reports and recommendations ahead of their publication. It is also the policy of Coronation Merchant Bank that members of the Research Department are not privy to knowledge of advisory mandates, or other fiduciary relationships, engaged in by other departments. Coronation Merchant Bank, its directors, contractors and staff, and its subsidiaries and affiliates and their directors, contractors and staff, and connected parties, may have positions in the securities covered by this report, and may have advisory and/or other fiduciary relationships with companies covered in this report. As such, this report should not be considered free from bias.
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