Mar 14, 2017 - Close. 1 Day Change YTD Change. EGX30. 12,790. â½1.1%. â³3.6% ... 35. 3. Market Breadth. # of Stocks. E
THE CLOSING BELL BULLETIN
JAZIRA SECURITIES BROKERAGE
Tuesday, March 14, 2017
Indices EGX30
Close 12,790
EGX70
521
▼0.2%
▲37.4%
EGX100
1237
▼0.5%
▲56.4%
EGP mn
% of Market
Trading Activity Total Market
1 Day Change YTD Change ▼1.1% ▲3.6%
1,140
Top Gainers
Closing Price
% Change
Egypt Aluminum
24.55
▲17.9
National Co. for maize products
17.86
▲10.0
Arab Aluminum
11.38
▲9.1
Kafr El Zayat Pesticides
30.28
▲8.0
Development & Eng. Consultants
10.66
▲7.4
GDRs (as of 15:00 CLT)
US$
% Change
COMIq.L
4.29
▼0.1
ETELq.L
2.45
-
HRHOq.L
2.65
▼1.1
OTMTq.L
0.25
-
Exchange Rates
Bid
Ask
EGX30
788
69
EGX70
193
17
OTC
0
0
Saudi Egyptian Inv. & Finance
46.27
▼5.7
EGP/ 1S$
17.6732
17.8011
Bonds
35
3
Asek Co. for Mining - Ascom
7.08
▼5.0
EGP/ 1€
18.8503
18.9938
# of Stocks
EGP mn
% of Market
Gulf Canadian Real Estate Inv.
7.45
▼4.6
EGP/ 1£
21.6020
21.7600
Advancers
▲174
1,102
51
Ismailia Dev. and Real Estate Co
3.14
▼4.3
EGP/ 1SAR
4.7110
4.7482
Decliners
▼53
341
16
92
724
33
Maridive & oil services
0.26
▼3.7
EGP/ 1AED
4.8114
4.8471
Buyers
Sellers
% of Market
EGP mn
% Change
Regional Indices
Close
% Change
712
648
62
121
▼0.7
Tadawul (KSA)
6,791
-
Dubai General
3,469
▼0.9
Abu Dhabi Gen.
4,388
▲0.1
Kuwait General
6,790
▲1.2
Market Breadth
Unchanged Market Participants Retail (EGP mn) Institutions (EGP mn)
Top Losers
Closing Price
Top Traded by Value Global Telecom
% Change
390
455
38
EFG-Hermes
93
▼2.6
Buyers
Sellers
Net Flow
TMG Holding
88
▲1.6
Egyptians (EGP mn)
758
795
-38
Arab (EGP mn)
110
122
-12
Palm Hills
82
▼1.9
Bahrain All share
1,375
▲0.3
Foreigners (EGP mn)
235
185
50
Telecom Egypt
65
▼2.9
Muscat 30
5,698
▼0.3
EGX30 Intraday Chart
Investor Type
13,000
Insider Trading Stock (Latest available)
Type Volume
12,950
Related Parties
Giza General Contract.
Buy
500,000
12,900
Related Parties
Egy. Financial & Ind.
Buy
175,000
12,850
Board Member
Credit Agricole
Sell
11,842
12,800
Contributor
Middle Eg. Flour Mills
Buy
5,861
12,750
Board Member
Golden Coast Co.
Buy
5,400
12,700
Board Member
Al Baraka Bank
Buy
2,756
Board Member
M. & W. Delta Flour
Buy
2,050
Board Member
Nasr Co. for Civil Works
Buy
1,872
12,650 10:00 10:20 10:40 11:00 11:20 11:40 12:00 12:20 12:40 13:00 13:20 13:40 14:00 14:2 0
Market Headlines
Oriental Weavers Group said that its board of directors has approved to buy a 34,100 sqm land plot at EGP54.1 mn from Mac Carpet Company to use it for establishing a new plant
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THE CLOSING BELL BULLETIN
JAZIRA SECURITIES BROKERAGE
Tuesday, March 14, 2017
Daily Price Sheet Sectors / Companies Prices are in EGP unless stated otherwise
EGX30 Jazira Securities Focus Companies Banking & Finance Commercial International Bank* Qatar National Bank Alahly Credit Agricole Egypt Bank* Abu Dhabi Islamic Bank Al Baraka Bank Egyptian Kuwaiti Holding (USD) EFG-Hermes Holding* Pioneers Holding* Citadel Capital* Naeem Holding (USD) Arabia For Investment & Development Egyptians Abroad for Inv. and Dev. Belton Financial Holding Stevedoring United Arab Stevedoring Construction & Related Ezz Aldekhela Steel Ezz Steel Rebars* Sewedy Cables* Suez Cement Misr Beni Suef Cement Misr Cement (Qena) South Valley Cement Sinai Cement Paint & Chemicals Industries Lecico Egypt Aracemco Upper Egypt Contracting Egyptian Electrical Cables Orascom Construction limited* Real Estate for National Banks Development Modern Water Proofing-Bitumode Egyptians For Investments Arabian Cement*
Reuters Last Code Price .EGX30 12,790
Close Price
COMI QNBA CIEB ADIB SAUD EKHO HRHO PIOH CCAP NAHO AIND ABRD BTFH
76.5 41.0 35.0 7.30 10.0 0.66 25.16 10.35 1.05 0.59 0.96 3.00 9.00
77.0 41.0 35.4 7.33 10.01 0.66 25.28 10.44 1.06 0.59 0.96 3.00 9.02
UAGS
0.76
0.76
IRAX ESRS SWDY SUCE MBSC MCQE SVCE SCEM PACH LCSW CERA UEGC ELEC ORAS NRPD WATP EIUD ARCC
456.5 19.25 81.5 15.5 20.6 90.0 4.90 20.0 27.8 3.44 2.36 0.73 0.73 93.0 7.90 0.64 1.53 9.75
19.44 81.5 15.1 20.4 90.0 4.91 20.1 27.7 0.0 2.37 0.73 0.73 93.1 7.9 0.65 1.55 9.61
DoD % Change ▼1.1 ▼0.1 ▼0.4 ▼1.9 ▲2.2 ▼2.6 ▼2.1 ▲1.5 ▼3.0 ▼1.1 ▼2.8 ▼1.7 ▼2.0 ▼1.0 ▼2.8 ▲12.9 ▲0.8 ▼3.0 ▲3.3 ▲0.8 ▲0.0 ▲1.9 ▼2.4 ▲3.2 ▼2.0 ▼1.3 ▼1.4 ▼1.4 ▼0.4 ▼1.5 ▼2.5 ▲3.4
YTD % Change ▲3.6 ▲3.1 ▲4.9 ▲4.7 ▲10.0 ▼3.5 ▲4.0 ▲0.7 ▲13.8 ▼1.4 ▼9.9 ▲1.9 ▼13.2 ▼9.4 ▼8.5 ▼20 ▼13.6 ▼0.1 ▲19.6 ▼2.5 ▲8.4 ▲9.9 ▼1.8 ▼4.0 ▲8.7 ▼5.8 ▲1.6 ▲47.7 ▼12.2 ▼10.9 ▼16.1 ▼15.1 ▼12.6 ▼5.0 ▼12.3 ▼13.6 ▲43.0
Volume k 149,940 188,242 58,142 709 23,499 57 512 1 427 3,698 4,032 23,499 12 1,696 24 51 25,478 5,029 12,087 0 2,539 86 41 5 0 1,762 4 2 1 33 2,209 1,569 40 4 68 329 3,395
Value Yr. Yr. Market Cap % Free EGP mn High Low (EGP mn) Float 924 13,544 11,845 348,868 43 971 445,754 42 226 164,656 50 54.6 82.3 28.9 88,271 66 0.1 43.5 25.2 30,423 3 2.0 42.5 18.1 10,885 34 3.8 9.6 3.1 1,460 38 1.2 11.3 7.0 1,372 26 2.5 0.7 0.4 5,936 45 93.5 29.2 6.4 15,471 68 42.1 12.9 4.9 7,456 31 24.9 1.7 0.6 1,489 94 0.1 0.7 0.3 1,471 41 1.6 1.2 0.8 423 98 0.1 4.1 2.5 121 43 0.5 21.9 2.9 1,521 39 182 121,278 49 3.8 1.10 0.60 152 49 106 62,440 35 0.0 500 188 6,100 33 49.4 22.8 6.1 10,458 32 7.0 93 28 18,209 32 0.6 25.5 8.7 2,819 47 0.1 27 17 1,547 55 0.0 111.0 70.0 2,689 50 8.6 6 3 2,363 50 0.1 25.7 19.0 1,400 57 0.0 30 17 668 33 0.0 4.5 2.0 275 55 0.1 4 2 295 33 1.6 1.0 0.6 413 67 1.1 1 1 380 69 3.7 115.5 48.2 10,952 10 0.0 10.5 6.0 41 76 0.0 1.0 0.5 76 64 0.5 2.2 1.2 61 74 32.6 10.6 4.3 3,693 22
Weight in EGX 100.0% 124% 51.0% 39.1% 2.5% 7.0% 1.6% 0.9% 2.3% 2.3% 3.9% 0.7% 0.6%
Weight in Focus 80.3% 100.0% 45.9% 32.4% 0.5% 2.1% 0.3% 0.2% 1.5% 5.8% 1.3% 0.8% 0.3% 0.2% 0.0% 0.3% 0.0% 0.0% 10.6% 1.1% 1.9% 3.2% 0.7% 0.5% 0.7% 0.7% 0.4% 0.1% 0.1% 0.1% 0.2% 0.1% 0.6% 0.0% 0.0% 0.0% 0.5%
Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization
2015 (a) 30.0 23.9 16.8 21.0 10.6 11.6 6.9 6.1 13.7 35.3 9.3 n/a 138.9 n/a 10.0 350.9 n/a n/a 136.8 n/a n/a 13.6 n/a 19.9 11.7 33.2 n/a 16.3 n/a 7.7 6.0 15.6 n/a 14.3 n/a 35.3 13.5
PER (x) 2016 (e) 15.5 14.3 14.1 16.5 8.1 8.9 3.7 3.1 11.4 33.6 8.4 n/a 277.9 n/a 8.8 584.9 n/a n/a 29.2 n/a n/a 6.5 n/a 20.9 11.2 31.7 34.3 9.2 3.5 5.2 8.6 14.8 n/a 35.6 n/a 34.6 12.3
2017 (e) 13.3 11.7 10.5 13.2 6.3 6.6 2.4 2.1 10.4 30.6 8.0 n/a 264.6 74.1 8.4 557.0 n/a n/a 22.2 n/a n/a 6.1 n/a 19.9 10.2 27.5 32.7 8.4 3.4 4.4 8.4 14.1 n/a 33.9 0.9 33.9 11.7
DY (% ) 2015 (a) 2016 (e) 2017 (e) 1.0 1.2 1.9 2.3 2.3 3.0 2.0 1.6 2.6 1.8 1.0 1.7 5.6 7.5 10.8 7.5 7.4 12.0 3.8 3.0 3.4 0.2 0.1 2.4 2.3 1.8 0.0 18.2 13.6 0.6 2.5 1.2 2.5 8.6 7.5 17.1 1.9 1.7 3.2 2.3 1.9 5.1 5.8 6.4 5.0 4.2 3.4 3.6 7.2 9.2 29.1 6.6 7.0 2.1 9.5 13.6 1.7 2.3 6.8 11.9 8.2 5.4 4.7 5.3
Daily Price Sheet continued next page... 2
THE CLOSING BELL BULLETIN
JAZIRA SECURITIES BROKERAGE
Tuesday, March 14, 2017
Daily Price Sheet (continued) Sectors / Companies Prices are in EGP unless stated otherwise
Egyptian Iron and Steel* Durable Goods Ghabour Auto* Food & Related Abu Kier Fertilizers Egyptian Financial & Industrial Juhayna Food Industries* Delta Sugar National Co. for Maize Products Edita food industries Eastern Company* Arabian Food Industries* Milling Upper Egypt Flour Mills Middle & West Delta Flour Mills East Delta Flour Mills North Cairo Mills Middle Egypt Flour Mills South Cairo Flour Mills Alexandria Flour Mills Oil Related Sidi Kerir Petrochemicals* Alexandria Minerals Oil Company Maridive & Oil Services (USD) Egypt Gas Extracted Oils Cairo Oils and Soap* Pharmaceutical Egyptian Int. Pharmaceuticals Ind. (EIPICO) Glaxo Smith Kline
Reuters Code IRON
Last Price 5.56
Close Price 5.46
AUTO
2.72
2.70
ABUK EFIC JUFO SUGR NCMP EFID EAST DOMT
130.4 12.56 7.06 12.7 17.86 16.6 204.1 7.5
129.9 12.66 7.12 12.3 17.9 16.6 204.1 7.7
UEFM WCDF EDFM MILS CEFM SCFM AFMC
96.0 79.5 75.0 19.1 25.0 18.01 18.0
96.0 79.4 19.1 25.0 0.0 -
SKPC AMOC MOIL EGAS ZEOT COSG
19.0 104.5 0.26 49.2 0.8 22.2
19.2 103.8 0.26 49.8 0.8 22.5
PHAR BIOC
105.5 10.6
0.0 0.0
DoD % Change ▲3.5 ▼1.4 ▼1.4 ▼0.2 ▼1.1 ▼2.9 ▼0.4 ▲2.1 ▲10.0 ▼1.1 ▼4.3 ▲0.5 ▲1.6 ▲0.3 ▼0.6 ▲0.6 ▼0.1 ▼1.6 ▼2.9 ▼1.2 ▼3.7 ▼2.5 ▼1.2 ▼4.1 ▲0.2 -
YTD % Change ▼0.2 ▼16.0 ▼16.0 ▼1.0 ▲25.1 ▲36.8 ▲14.1 ▼1.8 ▲34.9 ▲14.4 ▼26.6 ▲15.4 ▲30.1 ▲27.9 ▲26.7 ▲29.3 ▲27.8 ▲52.3 ▲29.8 ▲14.2 ▲21.9 ▲11.0 ▲41.2 ▼4.4 ▼2.4 ▼17.0 ▲17.3 ▲20.5 ▲12.5
Volume k 4,493 825 825 2,267 26 531 1,473 2 72 20 144 1,196 56 25 3 0 6 22 0 0 1,111 795 249 64 3 129 1,109 184 0 0
Value EGP mn 7.0 2 2.2 52 3.3 6.7 10.5 0.0 1.3 0.3 29.4 3.7 3 2.4 0.2 0.0 0.1 0.6 0.0 0.0 41 15.2 25.9 0.1 0.2 0.1 24.9 0 0.0 0.0
Yr. High 5.9
Yr. Low 2.9
3.6
1.8
143 13.3 9 14.8 17 20.0 220.0 10.9
95 5.3 4 8.0 11 7.5 71.3 4.2
102 79.9 80 21.0 29 19.8 20
56 37.0 35 11.3 10 8.6 13
22.2 121.1 0.3 66.0 1.0 28.4
10.0 21.3 0.2 26.1 0.6 14.2
107.0 11.6
55.8 7.8
Market Cap % Free Weight (EGP mn) Float in EGX 2,716 9 0.2% 2,976 54 1.1% 2,976 54 1.1% 37,038 39 5.4% 10,966 30 870 55 6,646 49 2.2% 1,804 38 527 57 6,021 9 10,203 39 2.7% 2,122 43 19.5% 2,542 0 672 48 596 38 450 45 204 43 368 33 108 29 144 17 20,507 43 3.4% 9,986 49 3.2% 8,996 39 935 34 591 20 127 68 889 30 0.2% 10,266 0 8,368 56 884 8 -
Weight in Focus 0.1% 0.9% 0.9% 6.7% 1.8% 0.3% 1.8% 0.4% 0.2% 0.3% 2.2% 0.0% 0.6% 0.2% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 4.9% 2.7% 1.9% 0.2% 0.1% 0.0% 0.1% 2.8% 2.6% 0.0%
Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization
2015 (a) n/a 15.5 15.5 9.7 12.1 14.6 7.0 66.9 11.1 272.9 9.0 16.5 12.7 10.1 11.4 39.9 10.5 17.8 31.9 5.4 24.2 13.3 29.7 n/a 198.0 220.3 n/a 19.5 23.4 12.8
PER (x) 2016 (e) n/a 14.8 14.8 8.9 10.7 18.2 7.0 39.4 7.8 222.7 7.7 21.5 8.3 8.3 6.8 7.0 22.9 6.2 n/a 6.0 15.8 14.0 23.1 4.3 188.5 n/a 0.0 17.7 20.3 10.7
DY (% ) 2017 (e) 2015 (a) 2016 (e) 2017 (e) n/a 14.1 14.1 8.6 4.8 5.8 6.5 10.2 6.5 7.6 9.3 17.9 4.9 2.0 2.4 7.0 2.1 3.2 2.4 37.5 7.2 8.5 12.0 13.1 193.6 7.3 4.9 5.9 6.5 12.3 6.6 6.8 7.2 10.5 7.5 7.0 7.8 8.9 5.4 6.9 10.1 15.7 6.1 7.0 9.0 10.6 21.8 8.4 5.2 4.6 5.9 4.8 1.8 5.4 6.0 5.6 22.2 5.7 9.4 9.4 8.2 15.2 5.4 4.7 4.5 12.7 6.6 6.3 5.5 25.7 4.8 3.6 4.1 4.1 179.6 4.1 1.9 2.4 n/a 0.0 16.2 3.6 4.4 4.8 18.5 3.3 4.0 4.4 9.7 6.8 8.9 9.7
Daily Price Sheet continued next page... 3
THE CLOSING BELL BULLETIN
JAZIRA SECURITIES BROKERAGE
Tuesday, March 14, 2017
Daily Price Sheet (continued)
Sectors / Companies Prices are in EGP unless stated otherwise
Real Estate & Related T M G Holding* Nasr City Housing Heliopolis Housing* Palm Hills Development Company* Amer Group* SODIC* Egyptian Resorts Company* United Housing & Development Cairo Housing Remco for Touristic Villages Construction Emaar Misr * Porto Group Holding* Telecom, Media & IT Telecom Egypt* Global Telecom Holding* Orange Egypt Orascom Technology, Media and Telecom* Egyptian Media Production City Raya Holding Textile & Related Oriental Weavers* Arab Cotton Ginning*
Reuters Last Code Price
Close Price
TMGH MNHD HELI PHDC AMER OCDI EGTS UNIT ELKA RTVC EMFD PORT
8.4 22.0 29.4 3.1 0.29 12.9 1.10 7.3 16.1 2.3 2.5 0.3
8.4 22.0 29.3 3.2 0.29 13.0 1.10 7.4 0.0 2.4 2.6 0.3
ETEL GTHE EMOB OTMT MPRC RAYA
11.3 6.8 85.0 0.69 2.7 8.9
11.4 0.00 0.0 0.68 2.7 8.8
ORWE ACGC
19.0 4.5
18.9 4.5
DoD % Change ▼0.8 ▲1.0 ▼1.4 ▲0.8 ▼2.8 ▼3.3 ▼0.5 ▼1.8 ▼6.1 ▼3.1 ▼3.8 ▼1.3 ▼3.7 ▼0.9 ▲1.0 ▼0.7 ▲5.1 ▼35.2 ▲0.2 ▼1.5
YTD % Change ▼1.2 ▼8.3 ▲6.4 ▲18.5 ▲0.6 ▼6.5 ▼14.3 ▲1.9 ▼9.4 ▲36.6 ▲25.5 ▼12.4 ▼13.8 ▼7.2 ▼3.7 ▼6.1 ▼16.6 ▼17.9 ▼18.9 ▲67.0 ▼25.4 ▲22.9 ▼5.0
Volume k 63,661 10,438 1,360 1,624 25,949 13,849 2,265 1,390 99 0 401 6,287 8,908 44,584 5,659 17,855 0 20,661 141 268 5,326 1,093 3,811
Value EGP mn 300 87.8 29.9 47.5 81.8 4.0 29.4 1.5 0.7 0.0 1.0 16.0 2.3 202 64.5 120.8 0.0 14.0 0.4 2.3 39 20.7 17.3
Yr. High
Yr. Low
10.0 22.9 31.3 3.6 0.5 16.7 1.3 9.4 17.0 3.1 3.3 0.4
4.4 11.2 9.3 1.7 0.2 6.6 0.6 5.8 9.4 1.2 1.9 0.2
14.2 7.9 143.0 1.0 3.8 8.6
5.5 1.5 81.7 0.5 2.1 3.4
20.0 5.6
4.9 2.3
Market Cap % Free Weight (EGP mn) Float in EGX 69,733 43 19.5% 17,272 50 5.8% 11,000 59 4.3% 13,084 28 2.4% 7,204 55 2.7% 1,322 44 0.4% 4,372 74 2.1% 1,155 77 0.6% 795 67 1,452 66 572 27 11,505 11 0.9% 1,140 53 0.4% 68,247 22 9.5% 19,307 20 2.5% 35,408 25 5.9% 8,500 4 3,620 41 1.0% 514 39 898 55 7,349 62 2.5% 4,590 57 1.8% 1,202 96 0.8%
Weight in Focus 16.7% 4.8% 3.6% 2.0% 2.2% 0.3% 1.8% 0.5% 0.3% 0.5% 0.1% 0.7% 0.3% 8.4% 2.1% 4.9% 0.2% 0.8% 0.1% 0.3% 2.5% 1.5% 0.6%
2015 (a) 31.4 25.4 62.9 83.0 19.3 7.6 30.7 n/a 27.8 18.3 7.9 30.4 30.8 n/a 7.5 n/a n/a n/a 68.1 9.5 22.5 25.8 36.3
PER (x) 2016 (e) 18.0 23.7 54.1 89.8 6.8 8.6 14.1 3.6 26.3 18.1 10.2 14.9 13.1 10.0 6.5 n/a 163.6 1.1 64.8 7.9 23.5 25.6 34.5
DY (% ) 2017 (e) 2015 (a) 2016 (e) 2017 (e) 19.9 1.2 1.1 1.3 20.6 1.7 1.7 1.7 41.6 45.9 1.1 2.3 2.6 16.9 4.8 0.6 1.0 6.0 3.7 9.2 15.0 13.5 18.2 15.9 24.1 12.8 12.4 11.9 2.2 9.3 0.6 1.7 2.2 5.9 1.8 5.3 7.1 134.4 136.3 1.0 61.8 7.2 7.5 14.3 12.8 6.4 3.1 3.1 9.9 8.0 3.0 3.0 9.6 32.9 -
Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization
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THE CLOSING BELL BULLETIN
JAZIRA SECURITIES BROKERAGE
Tuesday, March 14, 2017
Jazira Securities Brokerage 15 Shooting Club Street, Dokki, Giza, Egypt Tel: (+202) 3760 9915 - 37609941 Fax: (+202) 3760 9883 www.jaziracapital.com
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Title
Land Line
Email
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Managing Director
(+202) 3760 9915
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Head of Sales & Trading
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Nada Safeer
Research Department
(+202) 37609883
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Mohamed Mamdooh, CETA, CFTe
Senior Technical Analyst
(+202) 3760 98 73
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Customer Service
+20122 921 4069
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Disclaimer • Jazira Securities Brokerage (JSB) is a licensed Egyptian Stock Market Broker, regulated by the General Authority for Financial Supervision. • Opinions, estimates and projections contained in the research reports or documents are of the author as of the date published and are subject to change without notice • JSB research reports or documents are not, and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities. • Unless otherwise noted, all JSB research reports and documents provide information of a general nature and do not address the circumstances of any particular investor. • Neither JSB nor its mother company (Jazira Capital), or any of its affiliates accept liability whatsoever for any investment loss arising from any use of the research reports or their contents. • The information and opinions contained in JSB research reports or documents 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.
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