Dagens aksjerapport

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ANALYSE
Aksjemarkedet i dag
20 April 2015
KINESISKE TILTAK, KVARTALSTALL,
HELLAS – HLNG, RCL & NAS
Svakere kvartalsrapporter fra blant annet American Express og AMD enn ventet,
reduserte oljepriser, smitteeffekter av et fall i de kinesiske markedene og fornyet
bekymring for at det nærmer seg et punkt hvor greske myndigheter må melde om
misligholdte betalingsforpliktelser sendte det amerikanske aksjemarkedet ned før
helgen. Dow og Nasdaq stengte begge ned 1.5%, mens S&P500 sluttet ned 1.1%.
Volumet på hovedindeksene kom inn på 84-87% av snittet for de siste tre måneder.
Etter at kinesiske myndigheter fredag sendte aksjemarkedene ned ved hjelp av
skjerpede marginkrav og samtidig utvidete muligheter for shortsalg har de asiatiske
indeksene fått noe drahjelp i morgentimene i dag fra reduserte krav til bankenes
reservekapital. Hensikten skal være å løfte bankenes utlånskapasitet med estimert
opp mot USD 200 mrd. Tiltakene ser i øyeblikket imidlertid ikke ut til å være
tilstrekkelig til å snu investorene og de kinesiske indeksene er i øyeblikket ned 0.31.8%. Nikkei stenger imidlertid ned 0.2% etter at yen-kursen i tillegg har styrket seg.
Det kommer begrenset med nøkkeltall ut i markedene i dag og fokus ventes fortsatt
rettet mot implikasjonene av de kinesiske tiltakene samt utsiktene og forventningene
til en gresk gjeldsløsning etter helgens annonsering av en avtale med russiske
myndigheter. Blant selskap som legger frem Q1-resultater i dag er Halliburton,
Morgan Stanley og IBM. Senere denne uken kommer det også oppdateringer fra
blant annet Technip og Caterpillar. I det norske markedet får vi denne uken rapporter
fra blant annet Q-Free, Norske Skog, Atea, TGS, Tomra, Kitron, Medistim og Yara.
I oljemarkedet var WTI-prisen fredag ned USD 0.48 pr fat til USD 56.01 pr fat.
Prisen ligger i morgentimene i dag på USD 56.49 pr fat. Brent åpner på USD 64.14 pr
fat, ned USD 0.26 pr fat i forhold til nivået ved stengetid i det norske markedet før
helgen. Prisutviklingen fulgte aksjemarkedene ned på fredag, men har til gjengjeld fått
noe støtte fra de annonserte kinesiske utlånstiltakene og ytterligere reduksjon i
amerikansk riggaktivitet ved åpning i dag.
Vi tar ingen aksjer ut av porteføljen med anbefalte aksjer denne uken. Inn i
porteføljen kommer Höegh LNG.
I forbindelse med dagens kvartalsrapport fra RCL venter vi en omsetning på US 1.8
mrd, en EBITDA på USD 288 mill og en justert EPS på USD 0.07. Konsensus for
EBITDA og EPS ser ut til å ligge på henholdsvis USD 293 mill og USD 0.13.
Indikasjonene så langt tyder på en dempet utvikling inn i Q2 og vi ser en risiko i
forhold til selskapets guiding for hele året. Vi har en salgsanbefaling på RCL med et
kursmål på NOK 575 pr aksje.
Vi har sett på leasingvirksomheten Norwegian har skissert for flyene som skal leveres
i tiden fremover og ser det som sannsynlig at flåten av A320neo som vil bli levert i
2017-2022 går inn i denne modellen. Etter vårt syn vil denne utviklingen bidra til å
løfte selskapets inntjening, og ikke minst kunne øke verdsettelsen som følge av en
dempet samlet risikoprofil. Vi har en kjøpsanbefaling på Norwegian og tar
kursmålet opp fra NOK 330 til NOK 400 pr aksje.
Selskap
Halliburton
Morgan Stanley
Land
UK
USA
Tidspunkt
Før markedet
Før markedet
Nøkkeltall
Boligpriser
Chicago Fed
14.30
Konsensus
0.36
0.78
Våre anbefalte aksjer:
-
TIL
SALM
OCY
LSG
BRG
NAS
HLNG
YTD DNB: +15%
YTD OSE: +13%
Internasjonale børser
Siste
Endr.
%
17,826
-279
-1.54
S&P 500
2,081
-24
-1.13
NASDAQ
4,932
-76
-1.52
Nikkei 225
19,701
48
0.24
274
-5
-1.67
Dow Jones
Euro 500
Danmark-KFX
968
-16
-1.59
9,083
-204
-2.20
Norge-OSEBX
651
-9
-1.34
Sverige-SAX
544
-11
-1.93
Finland-HEX
Valuta/råvarer
Siste
I går Endr. %
EUR/USD
1.078
1.081
USD/JPY
118.8
118.9
0.07
USD/NOK
7.853
7.832
-0.29
8.463
8.466
0.04
Siste
Endr. Endr. %
EUR/NOK
-0.29
CRB indeks
224
0.36
0.16
Brent sp. ($/bbl)
61.7
-0.48
-0.77
Brent 1m ($/bbl)
64.1
0.11
Alum. 3m ($/ton)
1,815.0
3.00
0.17
2.6
0.05
2.09
US Nat.gass
0.17
Renter
Siste
I går
Endr.
USA 10år
1.865
1.890
-0.02
Tyskl. 10år
0.078
0.107
-0.03
Norge 10år
1.429
1.439
-0.01
USA 3m
0.276
0.274
0.00
Euro 3m
0.001
0.004
0.00
Norge 3m
1.510
1.500
0.01
DNB Markets følger markedet konstant og
nå kan du følge oss på Twitter. Slik gjør vi
det enda lettere for deg å forstå hva som
skjer. Sjekk oss ut på
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ANALYSTS
Ole-Andreas Krohn
[email protected]
TLF: 08940
Please see the last page for important information
DNB Markets | Sentrale US-INDekser
20 April 2015
SENTRALE US-INDEKSER
Endring
i poeng
-279.47
-23.81
-75.98
-21.04
-4.93
-3.08
-15.09
-2.06
-53.68
-10.00
-2.67
Siste
17,826
2,081
4,932
1,252
776
212
1,423
582
3,730
696
233
Dow Jones Industrial
S&P 500
Nasdaq Composite
Russel 2000
Amex naturgass-indeks (XNG)
Amex Oil Service Indeks
Philadelphia-børsens oljeproduksjon-indeks (XOI)
Amex farmasi-indeks (DRG)
Nasdaq biotech-indeks
Philadelphia-børsens halvleder-indeks (SOX)
S&P 500 Paper & Forest Index ( PAFO)
Endring
1 dag (%)
-1.54
-1.13
-1.52
-1.65
-0.63
-1.43
-1.05
-0.35
-1.42
-1.42
-1.13
Endring
1 mnd.(%)
-1.66
-1.28
-1.88
-1.15
10.40
12.66
7.06
-0.15
-2.79
-4.76
-2.33
Endring
hittil i år(%)
0.02
1.08
4.13
3.91
6.72
0.49
5.55
9.20
17.40
1.34
0.88
Gj.snittlig
est. P/E
15.26
18.06
29.32
47.16
18.00
13.95
14.88
25.37
293.89
21.02
0.00
NORDISKE AKSJER I USA
Sluttkurs USA Endr.1 dag
(USD)
(USD)
Norge
Frontline
Royal Caribbean Cruises
Questerre (CAD)
Statoil
Yara
Sverige
AstraZeneca
Finland (EUR)
Nokia
Danmark
Novo Nordisk B
Volum USA
Sluttkurs USA,
hjemlig valuta
Sluttkurs Forskjell sluttkurs
hjemme
USA/hjemlig
2.81
79.03
0.33
19.93
52.84
-0.12
-0.41
-0.03
-0.25
-1.28
2,573,379
2,995,230
36,164
2,160,914
8,052
22.07
620.61
2.09
156.51
414.95
22.20
611.50
2.13
156.30
416.30
-0.13
9.11
-0.04
0.21
-1.35
71.32
-0.71
973,320
617.38
613.00
4.38
7.62
-0.22
89,883,408
7.15
-0.08
54.77
-0.43
964,014
376.90
2.32
7.07
379.22
SAMMENLIGNBARE SELSKAPER (PEERS)
BEST
-1d%
Furniture Brands Internatio
#N/A N/A
Dell Inc
#N/A N/A
Overseas Shipholding Grp
#N/A N/A
Ubs
#N/A N/A
Exact Holding
#N/A N/A
Furniture Brands Internatio
#N/A N/A
Ipsen
1.7
Mitsui Osklines Ltd
1.5
Bp
1.2
Schlumberger Ltd
1.1
Peer
SVAKEST
EKO
KOM
FRO
DNB
Sampo Leonia Oyj
Holmen Ab
Polycom
Industrie Natuzzi
Efore
Transocean Inc
Metro
Finnair
La Z Boy Chair Co
Cap gemini
EKO
PHO
WWI
STL
PGS
-1d%
Peer
-7.4
-4.6
-4.4
-4.2
-3.8
-3.3
-3.3
-3.1
-2.9
-2.8
STB
NSG
TAA
EKO
ELT
FOE
SCH
SASNOK
EKO
ATEA
RÅVARER & SHIPPING
CRB indeks
GS råvare indeks
Oil
Brent Spot
Brent olje 1m
Brent olje 3m
WTI olje 1m
Flybensin
Naturgass US Henry Hub
Fyringsolje
Metals
Aluminium 3m
Nikkel
Kopper
Gull
Shipping
WS AG - Japan, 250 dwt
WS AG - USG, 250 dwt
Containerships index
Baltic dry index
Siste
I går
223.9
3,193
223.9
3,193
61.68
64.09
65.56
56.44
604.50
2.64
189.7
61.21
63.45
64.92
55.74
604.50
2.64
188.2
1,815
12,555
6,060
1,203
1,815
12,555
6,060
1,204
63
33
0
597
0
33
0
597
Endr.
-1.8 -21.9
0.47
0.64
0.64
0.70
10.00
0.06
1.4
-5 -290 0
-1 0
0
0.0
4.0
%1D
1W
1M
3M
YTD
12M
52W H
52W L
0.79
-0.7%
7
133
9.8
214
5.0
267
-6.0
-40
-87.5
-1,883
313.3
5,214
206.8
2,856
0.77
1.01
0.99
1.26
1.68
2.17
0.8
5
6
6
5
39
0
11
8.49
8.77
8.25
10.72
64.50
-0.15
16
16.21
16.10
15.20
10.05
82.25
-0.46
27.0
5.92
6.76
6.37
3.17
31.50
-0.36
5.0 -
-48.03
-45.44
-43.10
-47.86
-372.50
-1.93
111.2
115.71
114.44
107.73
45.19
47.68
42.03
0.3
2.3 0.1
50
70
21
4
29
-1,170
275
21
-30
-2,225
345
-92
-38
-2,595
-240
18
3
13
5
0
6
-5
-5
0
-156
5
0
0
-185
0
0
0.0%
0.67
17
307.1
158.9
-50
-5,370
-589
-91
2,120
21,625
7,212
1,345
1,745
12,205
5,340
1,131
25
5
0
-333
0
1,484
0
509
2
DNB Markets | US-INTRADAG REBASERT
20 April 2015
US-INTRADAG REBASERT
104
103
102
101
100
99
98
97
96
95
OSX (O ljeservice )
XOI (Oljep roduksjon)
Olje pris (WTI)
S&P 500
Olje / Indekser
Endring USA
close/close
Endring
US-open/Oslo-close
Endring
Oslo-close/US-close
Endring
US-close/this morning
WTI
Oljeservice
Oljeproduksjon
-1.43 %
-1.05 %
0.73 %
-1.12 %
-1.36 %
-1.44 %
-0.52 %
0.10 %
1.26 %
.
Kilde: Bloomberg/DNB Markets
3
DNB Markets | S&P 500-indekser på bransjenivå
20 April 2015
S&P 500-INDEKSER PÅ BRANSJENIVÅ
Fritidsutstyr
Bildeler
1 dag
3.0%
0.0%
1 m nd.
9.8%
2.0%
3 m nd.
8.0%
15.4%
1 år hittil i år
-12.4%
-1.1%
9.4%
7.5%
Farmasi
Kraft
Helseartikler
Luftfart
Energi og relatert utstyr
Matvarer
Drikkevarer
Datamaskiner og tilbehør
Metall
Hotell og restaurant
Kjemikalier
Diversifiserte telekomtjenester
Olje og gass
Industrielle konglomerater
Elektrisk utstyr
Bygg og anlegg
Elektronisk utstyr og instrumenter
Husholdningsartikler
Papir- og skogprodukter
Programvare
Bank
Forsikring
Maskiner
Media
Kommunikasjonsutstyr
Legemiddelindustri og bioteknologi
Internett programvare og -tjenester
Bioteknologi
-0.2%
-0.4%
-0.5%
-0.5%
-0.5%
-0.7%
-0.8%
-0.8%
-0.8%
-0.8%
-0.8%
-0.8%
-0.9%
-0.9%
-1.0%
-1.0%
-1.1%
-1.1%
-1.1%
-1.5%
-1.5%
-1.5%
-1.7%
-1.9%
-1.9%
-1.9%
-2.0%
-2.1%
-1.3%
-1.9%
-0.9%
-9.7%
11.4%
7.1%
0.0%
-1.4%
4.7%
-2.0%
0.6%
-1.9%
5.2%
3.1%
0.5%
4.5%
-4.3%
-2.1%
-2.3%
-2.9%
-1.7%
-1.5%
-0.7%
-2.7%
-2.7%
-0.3%
-4.6%
-6.2%
2.4%
-10.6%
4.2%
-6.7%
12.2%
3.6%
-2.4%
8.8%
-0.1%
6.6%
3.4%
-1.4%
5.8%
9.0%
2.4%
12.9%
5.3%
-7.4%
-0.3%
-4.3%
7.4%
4.0%
0.6%
5.7%
-3.0%
11.8%
4.2%
1.4%
18.9%
4.3%
25.2%
45.4%
-18.9%
13.4%
10.7%
47.3%
-19.6%
10.2%
6.6%
-2.5%
-10.4%
7.8%
-9.3%
-23.3%
12.0%
1.8%
20.6%
9.3%
7.0%
8.7%
-5.5%
15.8%
0.1%
39.9%
8.9%
46.9%
5.1%
-7.6%
4.2%
-8.1%
5.5%
4.9%
1.0%
5.8%
-6.4%
4.5%
2.6%
0.3%
1.2%
4.3%
-1.8%
1.6%
4.0%
-7.1%
0.9%
-5.4%
-3.5%
-1.8%
-3.6%
1.2%
-4.1%
22.8%
0.5%
7.1%
est. P/E
20.0
14.4
18.2
16.0
19.3
7.2
23.8
20.3
21.3
13.7
19.8
23.1
18.1
13.6
34.8
17.3
15.9
13.5
16.9
21.1
14.0
18.4
11.6
11.3
16.7
18.3
13.5
19.5
23.6
18.3
MSCI EUROPA PÅ BRANSJENIVÅ
Endring Endring Endring Endring Endring Gj.snittlig
1 dag 1 m nd. 3 m nd.
1 år hittil i år
est. P/E
Energi
-0.8%
6.4%
16.5%
0.4%
16.8%
18.95
Hotell-, underholdnings- og restaurantvirksomhet
-0.9%
-1.5%
12.3%
43.1%
16.9%
21.35
Forsyningsselskaper
-1.1%
0.5%
6.2%
10.5%
6.0%
15.53
Drikkevarer, mat og tobakk
-1.2%
1.8%
12.4%
31.5%
19.5%
21.19
Eiendomsselskaper
-1.4%
-2.1%
8.8%
35.1%
19.4%
23.80
Media
-1.5%
-0.4%
16.0%
41.7%
22.6%
20.95
Telekommunikasjon og tjenester
-1.5%
-0.4%
8.6%
26.0%
14.4%
20.45
Husholdningsvarer og personlige produkter
-1.5%
0.2%
16.0%
36.9%
23.2%
24.16
Kommersielle tjenester og leveranser
-1.6%
0.2%
12.8%
18.9%
18.3%
18.36
Forbruksvarer og klær
-1.7%
-0.6%
17.2%
20.2%
17.5%
19.75
Biler og komponenter
-1.7%
-3.4%
19.8%
23.3%
28.4%
11.66
Programvare og tjenester
-1.7%
0.0%
18.9%
22.0%
16.0%
19.04
Transport
-1.8%
0.5%
12.0%
20.4%
17.5%
16.08
Detaljhandel
-1.9%
-0.4%
11.2%
25.4%
15.1%
21.73
Teknologisk utstyr
-1.9%
-1.7%
12.6%
30.8%
16.0%
20.31
Finansieringsselskaper
-2.1%
1.7%
25.0%
24.2%
24.1%
13.91
Materialer
-2.1%
-1.8%
13.7%
11.4%
15.9%
17.65
Mat- og apotekhandel
-2.2%
-0.4%
14.9%
8.9%
26.6%
18.37
Kapitalvarer
-2.2%
-1.3%
13.7%
14.2%
18.0%
17.84
Forsikring
-2.2%
-2.6%
12.5%
31.5%
18.7%
12.14
Banker
-2.4%
-0.6%
12.7%
8.4%
11.7%
11.96
Helsevern - utstyr og tjenester
-2.5%
0.3%
10.0%
43.1%
16.2%
23.79
4
DNB Markets | Indekser
20 April 2015
INDEKSER
DOW 30
Kurs Endring Endring Endring
siste
1 dag
1 m nd
1 år
GENERAL ELECTRIC CO
27.25
-0.1%
7.3%
2.6%
JOHNSON & JOHNSON
99.58
-0.2%
-2.8%
0.6%
PFIZER INC
35.04
-0.4%
2.3%
15.8%
COCA-COLA CO/THE
40.30
-0.7%
-0.9%
-1.0%
VERIZON COMMUNICATIONS INC 48.90
-0.8%
-1.3%
2.7%
MCDONALD'S CORP
94.88
-0.8%
-2.2%
-5.4%
EXXON MOBIL CORP
86.93
-0.9%
2.8%
-13.4%
CHEVRON CORP
109.11
-1.0%
1.9%
-11.8%
DU PONT (E.I.) DE NEMOURS
71.55
-1.0%
-3.8%
6.8%
HOME DEPOT INC
112.10
-1.1%
-4.6%
45.4%
APPLE INC
124.75
-1.1%
-0.9%
66.4%
PROCTER & GAMBLE CO/THE
82.53
-1.2%
-2.6%
0.9%
INTEL CORP
32.47
-1.2%
3.7%
20.1%
CATERPILLAR INC
83.28
-1.3%
2.6%
-19.0%
MICROSOFT CORP
41.62
-1.3%
-3.0%
4.0%
WALT DISNEY CO/THE
106.69
-1.3%
-1.6%
33.4%
NIKE INC -CL B
98.55
-1.4%
-3.4%
33.1%
GOLDMAN SACHS GROUP INC 197.35
-1.4%
2.2%
25.3%
INTL BUSINESS MACHINES CORP 160.67
-1.5%
-1.4%
-15.4%
JPMORGAN CHASE & CO
62.84
-1.5%
1.8%
13.8%
BOEING CO/THE
149.60
-1.6%
-3.2%
16.9%
MERCK & CO. INC.
56.88
-1.7%
-2.9%
0.7%
WAL-MART STORES INC
77.88
-1.7%
-6.4%
0.3%
VISA INC-CLASS A SHARES
64.52
-1.7%
-4.3%
24.1%
UNITED TECHNOLOGIES CORP 115.11
-2.0%
-3.6%
-2.9%
UNITEDHEALTH GROUP INC
118.71
-2.4%
-0.4%
56.7%
CISCO SYSTEMS INC
27.92
-2.4%
-1.8%
20.3%
3M CO
161.71
-2.5%
-2.9%
17.4%
TRAVELERS COS INC/THE
105.40
-3.0%
-3.9%
21.6%
AMERICAN EXPRESS CO
77.32
-4.4%
-6.5%
-10.3%
S&P 500 - 30 fra toppen
S&P 500 - 30 fra bunnen
S&P 500 - 30 fra toppen
S&P 500 - 30 fra bunnen
Kurs Endring Endring Endring
siste
1 dag
1 uke
1 år
MATTEL INC
26.75
5.8 %
11.4 % -28.6 %
MYLAN NV
69.82
4.5 %
10.7 %
48.8 %
SOUTHWESTERN ENERGY CO
27.16
2.9 %
20.2 % -44.5 %
CSX CORP
33.30
2.7 %
-5.3 %
18.3 %
SEAGATE TECHNOLOGY
57.43
2.6 %
1.6 %
3.3 %
BRISTOL-MYERS SQUIBB CO
65.35
2.6 %
-3.6 %
32.1 %
HUDSON CITY BANCORP INC
9.50
2.2 %
-8.8 %
-4.0 %
EMC CORP/MA
26.61
2.1 %
-0.3 %
0.0 %
HOST HOTELS & RESORTS INC 20.60
1.8 %
-5.2 %
-1.6 %
NETFLIX INC
571.55
1.7 %
33.4 %
65.3 %
WESTERN DIGITAL CORP
99.44
1.6 %
-1.0 %
9.2 %
ALTERA CORP
44.02
1.5 %
19.1 %
27.7 %
BOSTON SCIENTIFIC CORP
18.40
1.3 %
3.1 %
34.8 %
SCHLUMBERGER LTD
92.86
1.1 %
12.7 %
-7.1 %
TENET HEALTHCARE CORP
51.38
1.0 %
3.5 %
29.4 %
P G & E CORP
52.36
0.8 %
-3.0 %
16.7 %
EASTMAN CHEMICAL CO
75.86
0.7 %
9.2 % -14.4 %
GOODYEAR TIRE & RUBBER CO 27.23
0.6 %
6.1 %
0.9 %
REYNOLDS AMERICAN INC
74.70
0.6 %
6.9 %
36.1 %
TRACTOR SUPPLY COMPANY
87.00
0.6 %
-2.2 %
29.4 %
JOHNSON CONTROLS INC
50.54
0.6 %
0.3 %
7.9 %
KINDER MORGAN INC
43.90
0.5 %
4.2 %
30.0 %
MOHAWK INDUSTRIES INC
177.10
0.4 %
-2.2 %
31.4 %
NORFOLK SOUTHERN CORP
100.65
0.4 %
-8.9 %
4.5 %
GENWORTH FINANCIAL INC-CL A 8.02
0.4 %
8.7 % -52.5 %
HCP INC
43.22
0.4 %
1.8 %
6.6 %
PHILIP MORRIS INTERNATIONAL 85.26
0.4 %
7.3 %
2.5 %
CHIPOTLE MEXICAN GRILL INC 683.95
0.4 %
-0.4 %
31.6 %
STRYKER CORP
92.50
0.3%
-1.2%
17.4%
Kurs Endring Endring Endring
siste
1 dag
1 uke
1 år
TIME WARNER CABLE
149.61
-5.4 %
-5.2 %
10.6 %
AMERICAN EXPRESS CO
77.32
-4.4 %
-6.5 % -10.3 %
TRANSOCEAN LTD
17.98
-3.3 %
19.9 % -55.7 %
NOBLE CORP PLC
16.94
-3.1 %
23.5 % -36.1 %
LENNAR CORP-A
48.58
-3.1 %
-3.3 %
27.1 %
GAMESTOP CORP-CLASS A
39.66
-3.1 %
-3.1 %
-4.4 %
SALESFORCE.COM INC
65.81
-3.1 %
-2.8 %
17.3 %
TRAVELERS COS INC/THE
105.40
-3.0 %
-3.9 %
21.6 %
VERTEX PHARMACEUTICALS INC125.07
-3.0 %
-4.5 %
94.9 %
DEAN FOODS CO
17.24
-3.0 %
6.7 %
11.1 %
ROSS STORES INC
100.40
-3.0 %
-6.6 %
45.5 %
YAHOO! INC
44.45
-2.9 %
-1.3 %
22.2 %
WALGREENS BOOTS ALLIANCE INC
86.96
-2.9 %
-1.4 %
30.3 %
HELMERICH & PAYNE
73.64
-2.8 %
8.0 % -33.6 %
TEXTRON INC
44.81
-2.8 %
-0.4 %
13.3 %
COGNIZANT TECH SOLUTIONS-A 60.70
-2.8 %
-5.2 %
22.5 %
RR DONNELLEY & SONS CO
19.52
-2.8 %
1.5 %
9.9 %
L BRANDS INC
89.44
-2.8 %
-4.2 %
69.4 %
GANNETT CO
34.95
-2.8 %
-4.0 %
30.1 %
AVAGO TECHNOLOGIES LTD
121.85
-2.8 %
-8.6 % 100.1 %
FRANKLIN RESOURCES INC
51.18
-2.8 %
-4.1 %
-3.8 %
AMAZON.COM INC
375.56
-2.7 %
-0.8 %
15.6 %
INTERCONTINENTAL EXCHANGE IN
223.67
-2.7 %
-5.5 %
12.8 %
VERISIGN INC
66.06
-2.7 %
2.0 %
30.4 %
ADOBE SYSTEMS INC
73.15
-2.7 %
-5.4 %
14.2 %
CHESAPEAKE ENERGY CORP
15.45
-2.6 %
13.5 % -42.0 %
NORDSTROM INC
76.43
-2.6 %
-7.2 %
25.6 %
DIAMOND OFFSHORE DRILLING 30.44
-2.6 %
10.0 % -33.9 %
URBAN OUTFITTERS INC
42.00
-2.6 % -10.7 %
17.9 %
RALPH LAUREN CORP
133.78
-2.6 %
0.5 % -13.3 %
3M CO
161.71
-2.5 %
-2.9 %
17.4 %
VIACOM INC-CLASS B
69.14
-2.5 %
-0.9 % -17.7 %
Nasdaq 100 - 30 fra toppen
Nasdaq 100 - 30 fra toppen
Kurs Endring
siste
1 dag
SEAGATE TECHNOLOGY
57.43
2.6 %
NETFLIX INC
571.55
1.7 %
ALTERA CORP
44.02
1.5%
TRACTOR SUPPLY COMPANY
87.00
0.6 %
BAIDU INC - SPON ADR
207.87
0.5 %
SIGMA-ALDRICH
138.39
0.1 %
TESLA MOTORS INC
206.79
0.0 %
MICRON TECHNOLOGY INC
28.02
0.0 %
AMERICAN AIRLINES GROUP INC 48.19
-0.1 %
SYMANTEC CORP
24.24
-0.2 %
KRAFT FOODS GROUP INC
86.73
-0.4 %
INTUITIVE SURGICAL INC
540.70
-0.5 %
SBA COMMUNICATIONS CORP-CL119.75
A
-0.6 %
O'REILLY AUTOMOTIVE INC
214.05
-0.6 %
CATAMARAN CORP
59.25
-0.8 %
MONSTER BEVERAGE CORP
136.91
-0.8 %
DISH NETWORK CORP-A
69.26
-0.8 %
AKAMAI TECHNOLOGIES INC
71.90
-0.8 %
MONDELEZ INTERNATIONAL INC-A36.97
-0.9 %
EXPRESS SCRIPTS HOLDING CO 85.55
-0.9 %
ILLUMINA INC
191.16
-1.0 %
DIRECTV
86.60
-1.0 %
LINEAR TECHNOLOGY CORP
46.17
-1.0 %
ANALOG DEVICES INC
63.42
-1.1 %
NETAPP INC
35.97
-1.1 %
LIBERTY VENTURES - SER A
42.51
-1.1 %
MARRIOTT INTERNATIONAL -CL A 77.64
-1.1 %
APPLE INC
124.75
-1.1 %
VERISK ANALYTICS INC-CLASS A 71.84
-1.1 %
DISCOVERY COMMUNICATIONS-A 32.80
-1.1 %
Endring
1 uke
1.6 %
33.4 %
19.1%
-2.2 %
-2.3 %
0.1 %
4.4 %
-2.3 %
-13.6 %
-0.6 %
40.0 %
6.2 %
-2.3 %
-0.3 %
20.3 %
-0.4 %
-5.7 %
-1.3 %
6.4 %
0.2 %
-2.5 %
0.4 %
-4.9 %
3.8 %
-3.6 %
1.7 %
-7.6 %
-0.9 %
0.5 %
1.1 %
Endring
1 år
3.3 %
65.3 %
27.7%
29.4 %
33.4 %
47.1 %
4.4 %
17.2 %
36.1 %
17.0 %
52.4 %
31.2 %
31.3 %
46.2 %
51.6 %
102.7 %
16.5 %
32.4 %
6.7 %
18.3 %
41.1 %
14.5 %
-0.4 %
20.0 %
0.3 %
41.2 %
38.0 %
66.4 %
24.7 %
-17.5 %
Nasdaq 100 - 30 fra bunnen
Nasdaq 100 - 30 fra bunnen
Kurs Endring
siste
1 dag
VIMPELCOM LTD-SPON ADR
5.67
-4.7%
CHECK POINT SOFTWARE TECH 81.75
-3.6%
ROSS STORES INC
100.40
-3.0%
COGNIZANT TECH SOLUTIONS-A 60.70
-2.8%
AVAGO TECHNOLOGIES LTD
121.85
-2.8%
AMAZON.COM INC
375.56
-2.7%
ADOBE SYSTEMS INC
73.15
-2.7%
COMCAST CORP-SPECIAL CL A 57.73
-2.6%
LIBERTY MEDIA CORP - C
37.90
-2.5%
VIACOM INC-CLASS B
69.14
-2.5%
STAPLES INC
16.03
-2.5%
CELGENE CORP
113.47
-2.5%
CISCO SYSTEMS INC
27.92
-2.4%
DOLLAR TREE INC
79.14
-2.3%
TRIPADVISOR INC
80.71
-2.3%
KLA-TENCOR CORP
58.00
-2.3%
LIBERTY MEDIA CORP - A
38.08
-2.2%
BROADCOM CORP-CL A
43.59
-2.2%
EBAY INC
55.79
-2.2%
AUTOMATIC DATA PROCESSING 83.53
-2.2%
REGENERON PHARMACEUTICALS447.52
-2.2%
BIOGEN INC
419.44
-2.1%
AUTODESK INC
60.35
-2.1%
CITRIX SYSTEMS INC
64.02
-2.1%
COMCAST CORP-CLASS A
58.42
-2.1%
CA INC
31.20
-2.1%
GOOGLE INC-CL A
532.74
-2.0%
AMGEN INC
163.58
-2.0%
STERICYCLE INC
138.06
-2.0%
Endring Endring
1 uke
1 år
6.2%
-37.0%
-4.0%
22.1%
-6.6%
45.5%
-5.2%
22.5%
-8.6%
100.1%
-0.8%
15.6%
-5.4%
14.2%
-2.4%
18.9%
-5.2% #VALUE!
-0.9%
-17.7%
-1.4%
33.3%
-11.7%
60.4%
-1.8%
20.3%
-5.6%
54.9%
-6.5%
-5.8%
-8.7%
9.1%
-5.0%
15.6%
-5.2%
46.2%
-3.7%
1.5%
-4.8%
24.8%
-8.5%
50.8%
-11.9%
44.4%
-1.0%
24.5%
0.4%
14.3%
-1.7%
19.0%
-5.2%
2.6%
-5.7%
-2.0%
-3.8%
41.7%
-1.2%
24.2%
RENTER & VALUTA
Renter
Siste
I går
Endr.
1W
1M
3M
YTD
12M
Norge - Nibor 3m
USA - Libor 3m
Euro - Euribor 3m
1.510
0.276
0.001
1.510
0.276
0.001
0.000
0.001
-0.001
0.08
-0.00
-0.011
0.26
0.01
-0.024
0.10
0.02
-0.059
0.03
0.02
-0.077
-0.27
0.05
-0.327
Norge 10 år stat
USA 10 år stat
Euro 10 år stat
Tyskland 10 år stat
Japan 10 år stat
UK 10 år stat
1.429
1.865
0.078
0.078
0.315
1.584
1.429
1.865
0.078
0.078
0.308
1.584
0.001
0.000
-0.007
-0.007
0.007
-0.023
0.00
-0.06
-0.08
-0.08
-0.03
0.00
-0.17
-0.07
-0.20
-0.20
-0.01
-0.10
0.04
0.08
-0.38
-0.38
0.09
0.05
-0.11
-0.31
-0.46
-0.46
-0.01
-0.17
-1.46
-0.86
-1.44
-1.44
-0.29
-1.08
Valuta
Siste
I går
Endr.
1W
1M
3M
YTD
12M
52W H
52W L
EUR/USD
USD/JPY
GBP/USD
1.078
118.8
1.495
1.081
118.9
1.497
-0.003
-0.080
-0.001
0.021
-1.3
0.028
-0.005
-1.2
-0.000
-0.078
0.0
-0.019
-0.132
-0.9
-0.063
-0.302
16.2
-0.184
1.399
122.0
1.719
1.046
100.8
1.457
USD/NOK
EUR/NOK
GBP/NOK
7.853
8.463
11.745
7.832
8.466
11.719
0.023
-0.003
0.026
-0.245
-0.096
-0.159
-0.173
-0.216
-0.246
0.178
-0.399
0.123
0.407
-0.552
0.136
1.855
0.187
1.676
8.419
9.897
12.441
5.849
8.077
9.918
5
DNB Markets | ETF/ETP
20 April 2015
ETF/ETP
ET F
E ndring
1 dg. i %
E ndring
5 dg. i %
E ndring
1 m nd i %
E ndring
1 år i %
V a lut a
44.1
81.91
12.925
49.06
698.9
207.95
275.76
55.8
156.4699
24.13
45.41
41.47
356.46
37.36
106.01
51.17
46.93
124.43
177.94
23.33
152.31
15.182
42.7
49.72
31.44
34.535
103.87
-0.4 %
-0.7 %
-0.8 %
-0.9 %
-0.9 %
-1.2 %
-1.2 %
-1.2 %
-1.2 %
-1.3 %
-1.3 %
-1.4 %
-1.4 %
-1.5 %
-1.6 %
-1.6 %
-1.6 %
-1.6 %
-1.6 %
-1.6 %
-1.7 %
-1.7 %
-1.7 %
-1.8 %
-2.0 %
-2.1%
-2.5 %
-1.3 %
2.2 %
-0.1%
-1.1%
-1.4 %
-1.0 %
-1.2 %
-2.1%
-1.0 %
-0.5 %
-0.4 %
-1.4 %
-0.3 %
2.8 %
-1.6 %
-1.7 %
-1.2 %
-0.9 %
-1.3 %
-3.0 %
-0.9 %
-3.4 %
-0.4 %
-2.3 %
0.5 %
0.2 %
-5.7 %
-2.0 %
6.5 %
0.9 %
0.2 %
-0.2 %
-1.2 %
-1.4 %
-2.3 %
-1.3 %
-2.3 %
0.3 %
-2.5 %
-2.7 %
12.2 %
-2.3 %
1.3 %
1.2 %
-1.2 %
-1.7 %
8.8 %
-1.1%
-1.9 %
6.5 %
-0.7 %
6.3 %
9.5 %
-3.1%
4.3 %
-11.7 %
15.6 %
12.4 %
5.5 %
11.6 %
12.2 %
5.8 %
11.8 %
10.4 %
-6.4 %
15.1%
60.5 %
-26.9 %
23.0 %
15.7 %
-5.5 %
10.2 %
8.7 %
11.2 %
16.8 %
33.5 %
1.6 %
25.1%
-17.5 %
-27.3 %
22.4 %
USD
USD
USD
USD
GB p
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
EUR
USD
EUR
USD
USD
EUR
8500532
16917429
31145808
5539765
4559755
191113230
1915213
11304081
5360
39857705
986436
10159434
1843521
15272397
46513964
161493
779478
48283498
8683455
5455996
1564224
14958
76687966
6461
420686
18112099
34844
NGA S
OILB
OILW
UGA S
CRUD
HEA T
USO
0.0734
37.57
29.895
32.655
14.13
15.205
19.84
2.2 %
2.1%
1.4 %
1.4 %
1.1%
0.9 %
-0.5 %
3.6 %
9.3 %
8.6 %
8.4 %
8.5 %
7.4 %
7.8 %
-6.1%
13.7 %
17.8 %
8.9 %
18.1%
10.3 %
20.8 %
-49.3 %
-47.1%
-45.8 %
-40.2 %
-46.4 %
-35.9 %
-47.3 %
USD
USD
USD
USD
USD
USD
USD
210700
56593
0
0
2360553
0
21790269
SLV
B ULL
COP A
ZINC
A LUM
COTN
15.56
14.96
28.025
6.815
3.2095
2.124
-0.1%
0.6 %
-0.2 %
-0.4 %
-0.5 %
-0.5 %
-1.3 %
-0.3 %
0.5 %
1.1%
3.5 %
-2.6 %
-2.8 %
1.5 %
-0.3 %
7.8 %
1.5 %
1.0 %
-17.6 %
-8.6 %
-9.9 %
4.4 %
-6.9 %
-23.7 %
USD
USD
USD
USD
USD
USD
3606794
0
11521
5000
2561
0
HOGS
A IGO
SOYB
CORN
COFF
SUGA
WEA T
SOYO
0.7025
17.275
21.83
1.266
1.7245
10.225
0.998
4.285
0.4 %
1.4 %
1.2 %
1.1%
1.0 %
0.8 %
0.6 %
0.5 %
-2.2 %
8.5 %
1.8 %
0.6 %
3.3 %
4.1%
-5.8 %
3.2 %
2.7 %
13.5 %
-1.0 %
-1.8 %
-2.1%
5.5 %
-6.5 %
2.7 %
-43.3 %
-43.6 %
-25.7 %
-30.7 %
-34.5 %
-36.5 %
-34.3 %
-30.1%
USD
USD
USD
USD
USD
USD
USD
USD
992
4500
2920
93092
19220
300
182615
0
A IGE
A IGA
A IGG
A IGC
A IGP
A IGS
A IGX
A IGL
A IGI
5.85
5.735
4.5125
10.3875
16.62
4.435
9.34375
3.503
11.8
1.6 %
1.0 %
0.9 %
0.7 %
0.5 %
0.4 %
0.4 %
0.2 %
-0.8 %
7.3 %
0.5 %
-0.8 %
2.7 %
-0.7 %
2.3 %
0.4 %
0.6 %
1.0 %
8.2 %
-1.1%
-3.0 %
2.3 %
0.1%
2.4 %
-0.3 %
1.8 %
-0.1%
-44.4 %
-29.2 %
-30.1%
-26.7 %
-11.3 %
-31.6 %
-19.6 %
-10.9 %
-10.3 %
USD
USD
USD
USD
USD
USD
USD
USD
USD
1703746
115513
0
20033
423232
0
0
0
626696
N avn
Kurs
V o lum
A k s je r / Inde k s e r
Fo rsyningstjenester
Energi
Japan
Fo rbruksvarer
FTSE 100
S&P 500
S&P M idcap 400
Industri
Do w Jo nes To tal market
Finansielle tjenester
S&P Euro 350
Tekno lo gi USA
B io tekno lo gi
Oil Service
Nasdaq 100
CA C-40
P acific ex-Japan
Russell 2000
DJIA
Ho ng Ko ng
Russell 2000 Gro wth
TecDax
Emerging M arkets
A EX-Nederland
Latin-A merica 40
B rasil
DA X
XLU
XLE
EWJ
XLP
ISF
SP Y
M DY
XLI
THRK
XLF
IEV
XLK
IB B
OIH
QQQ
CA C
EP P
IWM
DIA
EWH
IWO
TDXP EX
EEM
A EXT
ILF
EWZ
DA XEX
O lje / E ne rgi
Naturgass
B rent-o lje
WTI-o lje
B ensin
Råo lje
Fyringso lje
WTI-Oil
M e t a lle r
Sølv
Gull
Ko bber
Sink
A luminium
B o mull
A ndre rå v a re r
Svinekjøtt
Råo ljer
So yabønner
M ais
Kaffe
Sukker
Hvete
So yao lje
R å v a re k urv e r
Energi
Landbruk
Ko rn
Råvarer
Edle metaller
So fts (Sukker, Kakao , B o mull)
Ex-Energi
B uskap
Industrimetaller
6
DNB Markets | ETF/ETP
20 April 2015
DISCLAIMER
Denne rapport er utarbeidet av DNB Markets, et forretningsområde i DNB Bank ASA. Rapporten baserer seg på kilder som vurderes
som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB
Markets’ oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten
varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en anbefaling om
investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til
grunn for investeringsbeslutninger. Regler om konfidensialitet og informasjonshåndtering i DNB Bank og DNB Markets begrenser
utveksling av informasjon mellom ulike enheter i DNB Markets og mellom DNB Markets og enheter i DNB-konsernet. Enheter i DNBkonsernet kan ha informasjon som er relevant for de forhold rapporten gjelder, men som ikke har vært tilgjengelig for forfatteren av
rapporten. Distribusjon av analyser er i enkelte land regulert ved lov. Personer som mottar denne rapporten plikter å gjøre seg kjent
med slike forhold og ikke formidle rapporten videre til personer som er hjemmehørende i land som er gjenstand for slike
begrensninger. Om du har behov for ytterligere informasjon vedrørende rapporten, herunder informasjon om eierskap, offentlig kjente
corporateoppdrag eller annen relevant informasjon jf lov om verdipapirhandel 2007/06/29 nr 75 og forskrift til verdipapirhandelloven
2007/06/29 nr 876 kan du ta kontakt med DNB Markets på telefon. Informasjon om DNB Markets Alminnelige forretningsvilkår er
tilgjengelig på vår hjemmeside www.dnb.no/markets. Denne rapport er kun til bruk for våre kunder og er ikke ment for offentlig
distribusjon. DNB Markets, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Norges Fondsmeglerforbund og er
underlagt tilsyn av Finanstilsynet i Norge. DNB Markets er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og
Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel. Ytterligere informasjon
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Det ovenstående er et norsk sammendrag av DNB’s standard disclaimer som du finner nedenfor, og kun ment som et supplement til
denne. Vi ber lesere av rapporten særlig om å legge merke til avsnittet ”Conflict of Interest”. Vennligst ta kontakt med oss på telefon
08940 (+47 915 08940) dersom du har noen spørsmål.
IMPORTANT/DISCLAIMER
This note must be read in conjunction with published research notes of DNB Markets.This note (the “Note”) must be seen as marketing
material and not as an investment recommendation within the meaning of the Norwegian Securities Trading Act of 2007 paragraph 310 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876. The Note has been prepared by DNB Markets, a division of
DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway (the “Bank”), for information purposes only.
The Note shall not be used for any unlawful or unauthorized purposes. The Bank, its affiliates, and any third-party providers, as well as
their directors, officers, shareholders, employees or agents (individually, each a “DNB Party”; collectively, “DNB Parties”) do not
guarantee the accuracy, completeness, timeliness or availability of the Note. DNB Parties are not responsible for any errors or
omissions, regardless of the cause, nor for the results obtained from the use of the Note, nor for the security or maintenance of any
data input by the user. The Note is provided on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED
WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE’S
FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH ANY SOFTWARE OR HARDWARE
CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory,
punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost
profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions
expressed herein reflect the Bank’s judgment at the time the Note was prepared and DNB Parties assume no obligation to update the
Note in any form or format. The Note should not be relied on and is not a substitute for the skill, judgment and experience of the user,
its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is acting as
fiduciary or investment advisor in connection with the dissemination of the Note. While the Note is based on information obtained from
public sources that the Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or
independent verification of, any information it receives. Confidentiality rules and internal rules restrict the exchange of information
between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note from utilizing or being
aware of information available in DNB Markets/the Bank which may be relevant to the recipients of the Note. Please contact DNB
Markets at + 08940 (+47 915 08940) for further information and inquiries regarding this Note, such as ownership positions and publicly
available/commonly known corporate advisory performed by DNB Markets etc, in relation to the Norwegian Securities Trading Act
2007/06/29 no. 75 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876.
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DNB Markets | ETF/ETP
20 April 2015
The Note is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. Distribution
of material like the Note is in certain jurisdictions restricted by law. Persons in possession of the Note should seek further guidance
regarding such restrictions before distributing the Note.
The Note is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets - a division
of DNB Bank ASA registered in Norway with registration number NO 984 851 006 (the Register of Business Enterprises) under
supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), The Monetary Authority of Singapore, and on a limited
basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of
Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information
about DNB Markets can be found at dnb.no.
Additional information for clients in Singapore
The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into
account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from
a financial adviser regarding the suitability of any product referred to in the Note, taking into account your specific financial objectives,
financial situation or particular needs before making a commitment to purchase any such product.
You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an
institutional investor, as these terms have been defined under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the
Financial Advisers Regulations (“FAR”). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under
the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited
investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services
rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation,
sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning
designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a
financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA
requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning
securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the
financial adviser) might have in the securities.
Please contact the Singapore Branch of DNB Bank ASA at +65 6212 0753 in respect of any matters arising from, or in connection with,
the Note.
The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an
institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore
Branch of DNB Bank ASA at +65 6212 0753.
We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in
various roles including as distributor, holder of principal positions, adviser or lender. We, the DNB group, our associates, officers
and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our
associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not
consistent with the information set out in the Note.
Additional Information, including for Recipients in the In the United States:
The Note does not constitute an offer to sell or buy a security and does not include information, opinions, or recommendations with
respect to securities of an issuer or an analysis of a security or an issuer; rather, it is a “market letter,” as the term is defined in NASD
Rule 2211.
In Brazil
If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any
individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the
relevant research note.
The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or
intermediation of the securities discussed in each research note.
Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer
discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the
management of which these persons cannot influence.
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