Commissioned reports

The reports published, available for download and linked to this website exist because they were commissioned. In other words, Blue Gem Research (Pty) Ltd has agreed with the respective company/ies (hereafter referred to as ‘the Company’) to include the Company in its coverage universe for a certain period. Part of this agreement provides payment to Blue Gem Research (Pty) Ltd by the Company and, as such, Blue Gem Research (Pty) Ltd, any directors, employees, contractors and/or analysts who worked on this report cannot be considered independent in any way. Furthermore, this is a commissioned report available to the public with non-specific objective aspects to it that do not take into account any single person’s or persons’ unique circumstances or characteristics and, thus, none and no part or portion of these reports can in any way be considered financial advice, investment advice or any such similar material.

Ownership of the reports on this website (or linked to this website)

Any writings, articles and/or reports on this website, available for download from this website or linked to this website (e.g. via email distribution) remain the property of Blue Gem Research (Pty) Ltd. Despite this, these reports may be freely distributed by any person or people so long as in the act of such a distribution no additions to, deletions from or modifications to this report are made. Furthermore, no party (without the express written permission of Blue Gem Research (Pty) Ltd) may sell or resell this report for any amount of money or make any direct form of compensation from the re-distribution thereof. These are free and freely available reports and intended to stay that way.

Analyst opinions expressed in the reports

While Blue Gem Research (Pty) Ltd holds its analysts to the highest quality and, indeed, has processes in place to ensure that all published work has been reviewed accordingly, Blue Gem Research (Pty) Ltd does not dictate, influence or alter the Analyst’s views expressed in these reports. For this reason, Blue Gem Research (Pty) Ltd cannot be held liable for these views nor does the act of publishing this/these opinions, views, forecasts and valuations in any way show agreement, endorsement or sharing of the Analyst’s view.

Frequency of reports and/or updates to reports

The frequency of new and/or updated research is left at the sole discretion of Blue Gem Research (Pty) Ltd and/or its analysts. No guarantee or promise is made for any level of frequency or timeliness concerning an update or related report with regards to any report on this website, available for download from this website or linked to this website. Do not in any way be reliant on Blue Gem Research (Pty) Ltd for timely or regular report or reports on any single stock or collection of stocks as Blue Gem Research (Pty) Ltd may well, at its sole discretion and with no prior warning, add, drop, change or modify any stock currently in its coverage and publish at any time, once again at its sole discretion and with no prior warning, any research report.

Financial numbers, forecasts, valuations and other subjective assumptions contained within reports on this website (or linked to this website)

While every effort has been made by Blue Gem Research (Pty) Ltd and its analysts to ensure the accuracy and integrity of the financial numbers, ratios, forecast, valuations and other quantitative and qualitative data in this report, Blue Gem Research (Pty) Ltd does not warranty or guarantee any of the report or its data and information’s accuracy. The reader relies on this data and information from this report at his/her own risk. Furthermore, in the case of forecasts and valuations, Blue Gem Research (Pty) Ltd wholly and completely cannot be held liable for any damage or loss caused by any individual, collection of individuals or business or any other party by said party acting or not acting based on the forecasts and valuation(s) included in this report. By their very nature, forecasts and valuations may not be accurate and, indeed, may be wholly and completely wrong. Shares and other assets in financial markets may go down and the future may well differ significantly from what was anticipated at the time of publishing the relevant research report. Refer to the section above titled “Analyst opinions expressed in the reports” for further information on the separation of the subjective analysts views contained in these reports from Blue Gem Research (Pty) Ltd.

Legal entities

To South African Residents: Blue Gem Research (Pty) Ltd is not an Authorised Financial Services Provider (or “FSP”). This report is not financial advice, investment advice or any such similar material. Blue Gem Research (Pty) Ltd and/or its employees and/or officers and/or analysts have no knowledge of any reader’s or readers’ financial position(s) or unique needs, circumstances or likewise and, hence, this cannot in any way be construed as advise guiding, leading or suggesting any person or persons to act thereon. Any decision made or not made which can in any way be linked to this report is solely the responsibility of the party or parties making such a decision. I.e. Blue Gem Research (Pty) Ltd, its directors, employees, contractors and analysts cannot be held liable for any result based on any decision that can be directly or indirectly linked to this report.

To non-South African Residents: The reports on this website, available for download off this website and/or linked to this website are for distribution solely within South African and under South African laws and regulations. They may or may not comply with the laws and regulations of your territory. Blue Gem Research (Pty) Ltd takes no responsibility for any breaches of non-South African laws, regulations or similar such rules. If in doubt, please consult specialists within your territory before (and after) reading the reports on this website, available for download off this website and/or linked to this website.

General

For the purposes of this report Blue Gem Research (Pty) Ltd refers to all employees, directors, officers and analysts of Blue Gem Research (Pty) Ltd.  The reports on this website, available for download off this website and/or linked to this website are based on information from sources that Blue Gem Research (Pty) Ltd believes to be reliable. Whilst every care has been taken in preparing this document, no research analyst or employee or director of Blue Gem Research (Pty) Ltd gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy or completeness of the information set out in the reports on this website, available for download off this website and/or linked to this website. All views, opinions and estimates contained in this document may be changed after publication at any time without notice. Past performance is not indicative of future results. The investments and strategies discussed here may not be suitable for all investors or any particular class of investors; if you have any doubts you should consult your investment advisor. The investments discussed may fluctuate in price or value. Changes in rates of exchange or other similar spot prices may have an adverse effect on the value of investments. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Employees, directors and officers of Blue Gem Research (Pty) Ltd and/or their respective families or related parties may own the investments of any of the issuers discussed herein and may sell them to or buy them from clients on any basis. This report is for information purposes only. By accepting this document, you agree to be bound by the foregoing limitations and release Blue Gem Research (Pty) Ltd from any potential legal or otherwise liability.

Any implied return from a twelve-month target price (“12m TP”), even if very positive, does not imply a stock is necessarily attractive or worth investing in. The 12m TP may prove to be incorrect, the future is uncertain and the risk of the stock may not justify the return implied by this wholly academic and illustrative measure.

Blue Gem Research (Pty) Ltd was established to help make the market work better. We believe that quality research should be, as far as possible, freely available to those it could benefit most (I.e. the general public). Please do not distort the good intentions of Blue Gem Research (Pty) Ltd and us who work here, but take them, interpret them and use them with this in mind while being cognisant of the fact that this is a commercial enterprise, the research is commissioned research and the future of markets, stocks and businesses are always wildly uncertain.

Also see the Frequently Asked Questions.