Net Equity Research http://www.netequityresearch.com/blog Make Your Money Work Smarter Thu, 23 Feb 2012 09:45:32 +0000 en hourly 1 Pochiraju Industries -great potential ahead http://www.netequityresearch.com/blog/?p=155 http://www.netequityresearch.com/blog/?p=155#comments Mon, 07 Nov 2011 08:11:10 +0000 ashok http://www.netequityresearch.com/blog/?p=155  

 
Pochiraju Industries Ltd (PIL) , established in 1995, was initially incorporated as Pochiraju Flori Tech Ltd with the main business of cultivation and marketing of cut flowers. During the last 16 years ,the Corporate strategy of the company has changed  to create multiple drivers of growth anchored on its core competencies .The company is currently focusing on three business segments – Agri Business, Pharmaceuticals and Bio-Technology & Life Sciences. The organizational structure of the company is designed for effective management of multiple business.Presently only the Agri Businesses of cut flowers ,fruits and vegetables  is contributing Rs. 55 crores to the top line and Rs. 11 crores as PAT thus giving an eps of Rs. 6 + and P/E of less than 2.5. With the commissioning of Pharma and Bio-Tech businesses the profitability is expected to take a  quantum jump.On the Financial front, the Market cap. of the company is just about Rs. 27 crores ( CMP =Rs.13.5 and 1.9 crore shares ) while the BV is close to Rs.45.The total market cap is equivalent to the share premium account lying as cash ..The company is a debt FREE company..

Scrip Code : 532803      Company : POCHIRAJU INDUSTRIES LTD.
Type Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited
Period Ending 30-Jun-11 31-Mar-11 31-Dec-10 30-Sep-10 30-Jun-10 31-Mar-11
No. of Months 3 3 3 3 3 12
Description Amount(Rs. million)
Net Sales / Interest Earned / Operating Income 96.76 199.87 140.76 120.05 93.72 554.39
Expenditure -67.62 -150.01 -108.72 -89.47 -66.14 -414.32
Interest -0.30 -0.51 -0.52 -0.50 -0.53 -2.06
Profit Before Depreciation and Tax 28.84 49.35 31.52 30.08 27.05 138.01
Depreciation -4.32 -4.32 -4.32 -4.32 -4.32 -17.29
Profit before Tax 24.52 45.03 27.21 25.76 22.73 120.73
Tax -1.45 -0.50 -1.05 -0.66 -1.30 -3.51
Net Profit 23.07 44.53 26.16 25.10 21.43 117.22
Equity Capital 189.07 189.07 179.07 179.07 179.07 189.07
Reserves 813.93 696.77 696.71 605.63 696.71 696.71
Basic EPS after Extraordinary items 1.22 2.49 1.46 1.40 1.20 6.54
Diluted EPS after Extraordinary items - - - - - -
Nos. of Shares – Public 12,584,411.00 12,584,411.00 12,584,411.00 12,584,411.00 12,584,411.00 12,584,411.00
Percent of Shares-Public 66.56 66.56 70.28 70.28 70.28 66.56
Operating Profit Margin 30.12 24.95 22.76 25.47 29.43 25.27
Net Profit Margin 23.84 22.28 18.58 20.91 22.87 21.14
Cash EPS 1.45 2.58 1.70 1.64 1.44 7.11
  Notes Notes Notes Notes Notes Notes
  Detailed Detailed Detailed Detailed
 Analysing the different businesses that the company is in and its financial position, there is a lot of scope for the company to take a quantum jump in its Revenue and PAT.

BUY  is recommended at CMP with a 2 year HOLD..

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=155 0 Made for Each Other :Bharati Shipyard and Great Offshore,a blue chip in the making http://www.netequityresearch.com/blog/?p=151 http://www.netequityresearch.com/blog/?p=151#comments Tue, 05 Jul 2011 07:49:53 +0000 ashok http://www.netequityresearch.com/blog/?p=151 Bharati Shipyard began its operations in 1973,at Ratnagiri.Over the years Bharati has expanded its capacity, capability and product range of its vessels exponentially. The Ratnagiri shipyard, started as a small shop has grown several times during the last 38 years, and is today one of the most advanced shipyards of the company. The yard is now building sophisticated vessels required for the offshore industry including offshore vessels( OSV’s), Multipurpose support vessels(MSV’s),Plateform Supply Vessels( PSV’s), Anchor handling cum Tugs cum Supply Vessels ( AHTS’s) etc.The quality, size and the level of sophistication of the vessels built by Bharati has also grown manifold.

In 2010 , Bharati Shipyard took over Great Offshore , prominent integrated offshore oilfield services provider offering a broad spectrum of services to upstream oil and gas producers  to carry out offshore exploration and production (E&P) activities.This gave  forward integration to Bharati Shipyard.The resultant union is expected to make Bharati Shipyard  an all weather company .

During the last year , the combined entity has achieved top line of more than Rs. 2300 crores and PAT of more than 210 crores.This has neen achieved  inspite of the most difficult market conditions.Combined EPS is close to Rs. 30..Revenues and PAT are going to take a quantum jump in the years to come.

Inspite of all the positives for Bharati Shipyard, market cap. of the company is just about Rs. 400 crores at CMP of Rs. 130, which is very very low.Some vested interests are trying to spread rumours ( read here) and sensing the low share price, promoters are buying to the maximum permissible limit.Also the company continues to be on Inorganic Growth path with latest acquitition of Temba,  from ICICI Ventures.This nullifies all the rumours that promoters want to exit .Even if they decide to exit , the price will be in 4 figures and not 3.

Buy is recommended at CMP of Rs. 130 for a 2 year HOLD..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=151 0 Grauer and Weil:a small cap today,a large cap tomorrow http://www.netequityresearch.com/blog/?p=146 http://www.netequityresearch.com/blog/?p=146#comments Thu, 09 Jun 2011 12:18:50 +0000 ashok http://www.netequityresearch.com/blog/?p=146 Grauer and Weil is one of the very few metal finishing houses the world over, capable of offering an integrated package of chemicals, plants, effluent treatment systems and waste recovery techniques from spent solutions – Truly a ONE-STOP-SHOP for end-to-end solutions.

Started in 1957 as a Plating Co., today its a diversified company with interests in Paints (acquired  Bombay Paints in 2008 ), Special Chemicals,Effluent Traetment Plants,Recovery from Waste spent Chemicals, Lubricants ( in collaboration with SIDASA Spain)and property Development with 750,000 sq.ft of commercial space in the heart of Mumbai.Commercial space known as Growel101 isshopprs delight …

Promoters hold 68% of the Rs. 22 crore equity, and 50 % of the equity has come from Bonus shares.Co.’s Management have decided to split Rs. 10 paid shares to Re. 1 paid up share(see here) , thus increasing the liquidity in the market.

Company has 7 plants located at different parts in India and Shpoppertainment commercial space in the haert of Mumbai..

Valuation of 750,000 sq. ft of commercial space in Mumbai will be no less than Rs. 1500 crores while the market cap. of the company is less than 1/10th or  Rs. 150 crores at CMP of Rs.67 …With Rs. 128 crores of loans the whole company is highly undervalued and the share price can shoot up once the real value of the company is known.

Results for FY11 are good with EPS of 6.7(see  here) and are likely to take a quantum leap once all the 750,000 sq. ft of commercial space is leased out..

Buy is recommended for a  LONG term.

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=146 1 PAPER PRODUCTS REVISITED: following excellent Q1 results http://www.netequityresearch.com/blog/?p=139 http://www.netequityresearch.com/blog/?p=139#comments Thu, 28 Apr 2011 05:47:50 +0000 ashok http://www.netequityresearch.com/blog/?p=139 Paper Products is a 59% holding subsidiary of world renowned Euro 2.1 billion collapsible packaging wonder hUHATAMAKI ..Company specialises in Flexible packaging,Labelling Technologies,Specialised Cartons,Packaging Machines, Holographic options etc..

In India the average age of the growing population is only 27 years,and its imperative that for this age group  27 +/- 10 years excellwnt packaging of any consumer product is of paramount importance.Companies business is sustainable over the next many  years with 2 digit consumption growth..

With three state of the art, fully integrated manufacturing facilities at Thane, Silvassa and Hyderabad; highly skilled and experienced staff, PPL is capable of working with the customer from product inception to the super market and with complete control and confidentiality.

Today, PP very much  matter to those, for whom packaging matters most. And this is reflected in the impressive client list that includes, Levers, Nestle, Cadbury, Britannia, Glaxo Smithkline, Coca Cola, Perfetti, Dabur, Marico, P&G and many others 

For a ZERO debt Co. with paid up share capital of Rs.12.5 cr ,a decent turn-over of more than 600 crores ( expected  Rs. 750 crs for FY10 ending Dec2010)   see actual here .. Latest Q1 results for  FY11  declared today are excellent,  see HERE .

With EPS  more than Rs. 10 for FY11, the share is going very cheap  @ CMP of Rs. 57.. Expected price 3 digits in a year time..

Buy recommended with one year Hold ..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=139 0 3I INFOTECH LTD is the stock to watch http://www.netequityresearch.com/blog/?p=130 http://www.netequityresearch.com/blog/?p=130#comments Sat, 23 Apr 2011 18:17:22 +0000 ashok http://www.netequityresearch.com/blog/?p=130 3I INFOTECH LTD  ( to be revisited after CDR is finalised . Till then hold your investment )is a global Information Technology company which provides technology solutions to over 1500 customers in more than 50 countries across 5 continents, spanning a range of verticals. 

The Company provides software products, IT services and Business Process Outsourcing (BPO) for a variety of industry verticals including Insurance, Banking, Capital Markets, Mutual Funds & Asset Management, Wealth Management, Government, Manufacturing and Retail. These solutions and services include Managed IT Services, Application Software Development & Maintenance, Payment solutions, Business Intelligence, Document Imaging & Digitization, IT Consulting and various Transaction Processing services.

The Company’s quality certifications include ISO 9001:2008 for BPO, ISO/IEC 27001:2005 for Data Centre Operations and ISO/IEC 20000-1:2005 for Data Centre Management Services. The company has embarked on re-appraisal under SEI CMMI ML 5 for some of its software development centers in India. 

The Company’s Global Delivery Model provides for the best resources to be drawn from its vast talent pool across the globe to offer optimal solutions. The Company integrates its products and services to create customized solutions to allow you to undertake technology-based business transformation that allows reorganization in line with today’s dynamic digital business environment

Results for FY 2011 declared today are excellent to say the least.CMP = 45   BV   =  62
            P/E = 45/13.2 = 3.8
AND      P/BV = 45/62  =0.81

Dividend : 15%

Expected share price FY12 : Rs. 90  , a 100 % return in one year..

Buy recommended at cmp for an year HOLD.

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=130 2 Conart Engrs a debt free construction Co. could be a take-over Target http://www.netequityresearch.com/blog/?p=126 http://www.netequityresearch.com/blog/?p=126#comments Tue, 22 Mar 2011 10:58:06 +0000 ashok http://www.netequityresearch.com/blog/?p=126 Conart Engineers is an ISO 9000 / 9001 certified detailed engg., procurement and construction company with specialisation in Industrial / commercial/residential/roads and bridges.Company has a proven record of successful project completion, with several awards and recognitions.Company was awarded ACCE L&T Endowment Award for excellence in construction.NICMAR-200 has listed the company as one of India’s fastest growing companies in construction division. This will enable the company to maintain existing clientel and secure new ones. Present order position is close to Rs. 30 crores while Company’s market cap. is barely Rs. 6 crores.Order book is likely to touch Rs. 50 crores  in FY11.

On the Financial front, Company is doing pretty well. While the top line has gone up by 50 % during the last 2 quarters, the bottom line is up by more than 100%.

Buy @ CMP of Rs. 20-21  is recommended with one year HOLD..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

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]]> http://www.netequityresearch.com/blog/?feed=rss2&p=126 3 Tune in to Nagarjuna Fertlisers & Chemicals for some melodious music http://www.netequityresearch.com/blog/?p=116 http://www.netequityresearch.com/blog/?p=116#comments Thu, 17 Mar 2011 14:55:50 +0000 ashok http://www.netequityresearch.com/blog/?p=116 Nagarjuna Fertilisers & Chemicals Ltd. NFCL is getting reorganised into two strong businesses , Fertilisers ( Kakinada Fertilisers Ltd, KFL ) and Oil Refining ( Nagarjuna Oil Refinery Limited, NORL ). Under the SCHEME of Arrangements and Amalgamation iKisan Ltd ( Micro irrigation and Agri Informatics and Information Technology and agri Education company ), is getting merged into KFL.NORL is getting demerged from NFCL and residual NFCL is getting merged into KFL…If one buys 10 shares of NFCL @ CMP of Rs. 26 , one would be entitled to get 11 shares of KFL, and 10 shares of NORL after the scheme is implemented ( wef 1st April 2011).

Present Market capitalisation of NFCL is Rs. 1150 crores ( CMP of Rs. 26) , while the replacement costs of Fertliser and Oil Refinery at a very conservative basis will be close to Rs. 7000 crores. Equity capital of KFL after amalgamation will be Rs. 59.8 crores with same number of Re. 1 paid shares. Equity capital of NORL will be Rs. 42.8 crores with same number of Re. 1 paid shares. Its estimated that the fair value of KFL and NORL shares should be atleast Rs. 25 each , thus doubling the investment in less than a year.

Buy is recommended with one year HOLD ..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=116 0 AVON CORP. a dark horse in weighing scales business http://www.netequityresearch.com/blog/?p=109 http://www.netequityresearch.com/blog/?p=109#comments Sat, 13 Nov 2010 13:51:01 +0000 ashok http://www.netequityresearch.com/blog/?p=109 AVON CORP  was listed on the Bombay Stock Exchange on 3rd July 2008 and it’s currently managed by Mr. Pankaj Saraiya, Managing Director & CEO. The core line business of Avon is to manufacture wide range of personal & industrial weighing scales,and also deals in high end products such as Body Composition Analyzers & Blood Pressure Monitors..In the basket of products are Precision and Analytical Balances for precise and reliable readings in laboratories, industrial balances, Test weights with DKD Calibration. During the first fiscal year, Avon reached a turnover of ` 26 Lakh (Year 1995-96) and within the period of Fifteen years Avon reached INR 116 Crores (Year 2009-10). The Company has got global recognition as it has also been dealing in products like KERN a German made machine and JAWON from South Korea.

Avon as a Company is ISO 9001: 2008 certified and its entire products are certified by Weights & Measure Department.

The Company has its principle manufacturing unit at Baddi, Himachal Pradesh. Avon’s clientele covers major pharma & chemical corporates, R&D centers, jewellery industries, government sectors and retail segments. It also provides consulting services to various industrial houses, on the latest weighing Systems and Applications.

Avon has managed to get an immense response as its product are very elite and are catering to  the masses.

On financial front Co’s top line and bottom line has seen a quantum jump during the last 6 months of  FY2011  see here ..If the latest trend is continued ,company should double its top line and report an EPS of Rs. 4 , thus giving a discounting (P/E) of only 2 to its CMP!!! Wow !! who would like to miss it? so grab it now..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information 

 

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=109 6 Gulf Oil Corp. – to demerge its Industrial Explosives division and also get into Property Development http://www.netequityresearch.com/blog/?p=101 http://www.netequityresearch.com/blog/?p=101#comments Thu, 07 Oct 2010 17:33:59 +0000 ashok http://www.netequityresearch.com/blog/?p=101 Gulf Oil Corp. The Company is part of the international Hinduja Group and has diversified business interests. The current business activities of the 50 year young Company are in 1) Lubricants, 2)Industrial Explosives,3) Mining & Infrastructure Services, and 4)Property Development. The Company operates through 4 major divisions with independent management structures.

On 4th Oct 2010 the company has announced that it has demerged its Industrial Explosives Division and the Latest AR talks about the Property Development :

Property Development at Bangalore has now started as the demand for properties has revived. Thedevelopment of 5.05 mn sq.ft. is being taken up and will cover hotel, retail outlets, commercial malls andserviced apartments. The construction work at Bangalore will commence in the current year. Further work onthe Hyderabad property was held up due to the 100 ft. connector road being fi nalised by the GHMC. This issue has recently been resolved and architectural work and development has commenced

Estimated value of land bank is anywhere between 473 Cr. to Rs. 1800 Cr. THIS IS AS PER THE AUDITORS NOTE 27 OF SCHEDULE 18 IN THE LATEST AR 2009-10..REPRODUCED BELOW :

27. Land meant for property development situated at Bengaluru and Hyderabad had been revalued as at 31st March,2008, based on a valuation by an approved valuer. The resultant surplus on such revaluation amounting toRs. 183,896.69 Lakhs( RS. 1838 CRORES VS. MARKET CAP. OF JUST 1000 CRORES FOR ALL THE 4 BUSINESSES) had been credited to Revaluation Reserve in the previous years. In view of steep recession inthe realty sector, management has reassessed the valuation of the aforesaid properties as on 31st March, 2009 and based on the guidelines issued by the Registration and Stamps Department of Karnataka & Andhra Pradesh, the value of the subject lands has been reassessed and, the resultant surplus on revaluation amounted to Rs. 43799.82Lakhs.(438CR) The resultant write down aggregating to Rs. 140096.87 Lakhs (1400CR) has, in accordance with the requirement ofAccounting Standard-10 Accounting for Fixed assets been debited to Revaluation Reserve in the previous year.During the year, the Company has entered into Agreement to Sell 4.75 acres of land to IDL Speciality ChemicalsLimited. Since the aforesaid parcel of land is no longer meant for Property development, an amount of Rs. 1950.87Lakhs has been withdrawn from Revaluation Reserve.

Buy is recommended for long term..

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

]]> http://www.netequityresearch.com/blog/?feed=rss2&p=101 2 NAKODA ,Its following the Reliance path: Catch it NOW http://www.netequityresearch.com/blog/?p=100 http://www.netequityresearch.com/blog/?p=100#comments Fri, 01 Oct 2010 11:21:11 +0000 ashok http://www.netequityresearch.com/blog/?p=100 Nakoda Industries

Nakoda, an ISO 9001 – 2000 company, is one of the prominent players in the Polyester Filament Yarn Industry in India. From a modest capacity of 354 MTPA in 1986, Nakoda grew to 50,000 MTPA capacity company by 2008. With the completion of its ongoing backward integration/ expansion / forward integration project with a capital outlay of Rs 333 Cr, Nakoda will achieve a capacity of 1,40,000 MTPA by August / September, 2010. Nakoda is contemplating further investments of over Rs 1,500 Cr to raise the capacity to a level of 5,00,000 MTPA in India and abroad with inorganic growth with  future overseas acquisitions.

History:

In the year 1999 the company was successful in acquiring plant and machineries of Garware Nylons Ltd. (in Liqn.) Pune. It has enhanced its POY production capacity to 21600 MTPA in the year 2001. Further, company also acquired POY production facilities of Indian Organic Chemicals Ltd., Chennai. The equipement of same were used at surat plant for further expansion and to enhance production. In the year 2004 POY spinning capacity has been expanded to 31000 MTPA.

In the year 2007 company undertook expansion envisaging addition of 20,000 MTPA of Fully Drawn Yarn (FDY) to the existing capacity. The FDY plant became fully operational in November 2007. FDY is expected to improve both, the top and bottom line of the company significantly as FDY is a more value added product. Unlike POY needs to be texturised before conversion to fabrics whileFDY can be directly used for weaving…

Company is on an expansion mode http://nakodaltd.com/news-media.htmlwith investment of Rs. 1500 Cr. lined up for the next 5 years..

Financials:

With equity of Rs. 33 cr ( 6.6 Cr shares of FV =5 ) the market cap is less than Rs. 100 crores, while the turnover is expected to touch Rs. 5000 cr after the said expansion is complete..Company has acquired a plant in South Korea http://www.bseindia.com/xml-data/corpfiling/AttachHis/Nakoda_Ltd_070810.pdf which is already running.

Company is expected to report an EPS of Rs. 7 for the year ending Dec. 2010.The share is available at P/E of only 2.

Buy at CMP is recommended for 2 years HOLD

This report has been prepared solely for information purposes and the information contained herein may not be deemed to be an investment advice. Such information is impersonal and not tailored to the investment needs of any specific person. The information contained herein is not a complete analysis of every material fact representing any company, industry or security. The views expressed may change. While the information contained herein has been obtained from sources believed to be reliable, no responsibility (or liability) is accepted for the accuracy of its contents. Investors are advised to satisfy themselves before making any investments and should consult with and rely upon their own advisors whether and how to use such information in making any investment decision. Neither the author nor his firm accepts any liability arising out of use of the above information

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