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Analyst Certification:

The analyst named in this report certifies that all views expressed in this report accurately reflect the personal views of the analyst with regard to any and all of the subject securities and companies mentioned in this report and no part of the compensation of the analyst was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by that analyst herein.



The analyst named in this report does not have any financial interest in the corporations(s) mentioned in this report. Additional information will be made available upon request.



Research originating in Hong Kong is issued by MLB Asset Management Limited (“MLB”). MLB, a limited company registered in Hong Kong, is regulated by the Hong Kong Securities and Futures Commission (SFC). The registered office is at Unit 7, 13/F Tower One Lippo Centre, 89 Queensway, Hong Kong. All of the opinions contained in this report constitute the views of the analyst named in this report as of the date this report is issued. The opinions are hence subject to change without notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies mentioned in this report. In relation to producing research, MLB relies on factual information provided by related entities, regulators, and/or other market information providers. MLB endeavors to ensure the information used in the research process is of best possible quality. However, there is no audit carried out and no guarantee is made nor shall be assumed on the accuracy, timeliness, and completeness of the information in this report. Any reference to past performance should not be taken as an indication of future performance.


MLB assumes no responsibility and/or any liability whatsoever for any consequential loss or damage arising from any use of the materials contained in this report. This report is prepared for professional investors and/or users with the capability to exercise independent assessment when making investment and business decisions. This report is issued and distributed to persons whose businesses could involve the acquisition, disposal or holding of securities, whether as principal or agent. This report is not intended for distribution to, or use by, any person in any jurisdiction where such usage would infringe the law. It is the responsibility of any user accessing information available to consult the relevant agencies or professionals accordingly in order to comply with applicable laws and regulations.


No content of this report can be modified, reproduced, distributed or reverse engineered, without prior written consent from MLB. By accepting this report, the recipient agrees to be bound by the terms and limitations set out herein. The information contained in this report has been obtained from public sources believed to be reliable and the opinions contained herein are expressions of belief based on such information. No representation nor warranty, express or implied, is made that such information or opinions is accurate, complete or verified and it should not be relied upon as such. Nothing in this report constitutes a representation that any investment strategy nor recommendation contained herein is suitable or appropriate to a recipient’s individual circumstance or otherwise constitutes a personal recommendation. It is published solely for information purposes, it does not constitute an advertisement, a prospectus nor other offering document nor an offer or a solicitation to buy or sell any securities or related financial instruments in any jurisdiction, information and opinions contained in this report are published for the reference of the recipients and are not to be relied upon as authoritative or without the recipient’s own independent verification or taken in substitution for the exercise of the recipient’s own judgment.


Bondcritic’s trademark is pending registration. Research reports under Bondcritic’s trademark are published from various contributors located in various jurisdictions where each local regulation applies. Only Bondcritic’s research reports which advise on buying and/or selling securities and are published from Hong Kong are licensed to MLB under SFC’s regulations.


Copyright © Bondcritic 2017.

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