wednesday, february 12, 2020 - sinarmas...

1

Today’s Market:

IHSG diperkirakan bergerak mixed. Bursa AS ditutup pada

menguat pada perdagangan Selasa (11/02). Harga batu-

bara naik ke level USD 68,95 per Mt. Crude oil naik ke lev-

el USD 50,15 per barrel. Rupiah menguat terhadap Dollar

AS di level Rp 13.675. 10Yr Government Bonds Yield stabil

di level 6,59%.

Dari dalam negeri, pemerintah meraih Rp 8 triliun dalam

lelang Surat Berharga Syariah Negara, dengan total pena-

waran masuk mencapai Rp 69,6 triliun.

Dari dalam negeri, Bank Indonesia (BI) mencatatkan hasil

survei penjualan retail Desember 2019 turun 0,5% YoY.

Sehubungan dengan emiten, XL Axiata (EXCL) menetap-

kan PT Profesional Telekomunikasi Indonesia (Protelindo)

dan PT Centratama Menara Indonesia (CMI) sebagai

pemenang tender penjualan 2.782 menara telekomunikasi

senilai Rp 4,05 triliun.

Sehubungan dengan emiten, Vale Indonesia (INCO)

memproduksi sebanyak 20.494 metrik ton nikel matte di

kuartal-IV 2019, atau tumbuh 3% QoQ. INCO juga menar-

getkan volume produksi 71.000-73.000 merik ton sepan-

jang 2020.

Secara teknikal indeks hari Rabu (12/02), IHSG diprediksi

bergerak di kisaran 5896-5997.

Source: Bloomberg, Sinarmas Investment Research See pg. 6-8 for Technical Corner

www.sinarmassekuritas.co.id See important disclaimer at the end of this report

Wednesday, February 12, 2020

ID X Stat ist ics C lo sing

JCI 5,954.40

Transaction Value Regular M arket (IDR tn) 4.107

Transaction Volume Regular M arket (mn shares) 3,367

Foreign Net Buy (Sell) (IDR bn) 226

Foreign Net Buy (Sell) 0.05

Total M arket Capitalization (IDR tn) 6,909.88

LQ45 967.38 (0.10) (1.56)

EIDO 24.62 0.33 (0.81)

IDX 21.49 0.14 (1.24)

DOW JONES 29,276.34 0.00 25.50

S&P 500 3,357.75 0.17 33.94

NASDAQ 9,638.94 0.11 45.27

FTSE 7,499.44 0.71 11.46

NIKKEI 23,685.98 (0.60) 18.34

HANG SENG 27,583.88 1.26 6.73

STRAITS TIM ES 3,175.57 0.39 3.48

KLSE 1,551.48 0.56 (8.23)

USD/IDR 13,675.00 0.00 (1.40)

EUR/IDR 14,924.89 (0.23) (4.31)

JPY/IDR 124.46 (0.21) (2.78)

SGD/IDR 9,856.75 (0.12) (4.72)

AUD/IDR 9,186.51 0.09 (5.74)

GBP/IDR 17,713.89 0.04 (2.97)

Crude Oil (USD/barrel) 50.15 7:52:24 AM (17.88)

Coal (USD/mn tons) 68.95 2/11/2020 1.85

Natural Gas (USD/mmBtu) 1.80 7:51:50 AM (17.95)

Gold (USD/ounce) 1,567.53 8:02:28 AM 3.33

Nickel (USD/mn tons) 13,210.00 8:02:27 AM (5.88)

Tins (USD/mn tons) 16,570.00 8:02:25 AM (4.08)

CPO (M YR/mn tons) 2,740.00 2/11/2020 (9.90)

Rubber (JPY/kg) 143.60 7:55:47 AM (19.01)

Wheat (USD/bushel) 542.00 2/11/2020 (3.00)

Corn (USD/bushel) 379.75 2/11/2020 (2.06)

P riceLast

T ransact io n

YT D

C hg (%)C o mmo dit ies

Other Indices C lo sing 1-D ay C hg (%)YT D

C hg (%)

C urrency Spo t R ate R ate ( ID R ) 1-D ay C hg (%)YT D

C hg (%)

IHSG naik sebanyak 2.3 poin (0.04%) ke level 5954.4.

Sementara LQ45 turun sebanyak 1 poin (0.1%) ke level

967.38. Foreign net buy sebesar Rp 226.14 miliar.

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20,000

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Millio

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Volume JCI Index

2

Daily Corporate and Industry News

Kementerian Energi dan Sumber Daya Mineral (ESDM) membuka peluang penambahan produksi batu bara di perten-gahan tahun nanti guna menggenjot penerimaan negara dari sektor pertambangan. Source: Investor Daily Kementerian Energi dan Sumber Daya Mineral (ESDM) memperkirakan kebutuhan investasi untuk pembangunan jaringan gas kota (jargas) hingga menjadi 4 juta sambungan pada 2024 mencapai Rp 38,4 triliun. Source: Investor Daily Bank Mandiri (BMRI) mengharapkan pendapatan berbasis komisi (fee based income/FBI) tumbuh 15% pada tahun ini. Selama 2019, BMRI meraup FBI sebesar Rp400 miliar dari bisnis tersebut. Source: Bisnis Indonesia Perusahaan Gas Negara (PGAS) tengah mengembangkan komitmen penjualan gas alam cair (liquefied natural gas/LNG) di pasar internasional hingga 34 kargo per tahun. Source: Investor Daily XL Axiata (EXCL) menetapkan PT Profesional Telekomunikasi Indonesia (Protelindo) dan PT Centratama Menara In-donesia (CMI) sebagai pemenang tender penjualan 2.782 menara telekomunikasi senilai Rp 4,05 triliun. Source: In-vestor Daily Pembangunan Perumahan (PTPP) mengantongi kontrak baru senilai Rp300 miliar pada tahun pertama dari proyek Pollux Technopolis. Source: Bisnis Indonesia Vale Indonesia (INCO) mengumumkan telah memproduksi sebanyak 20.494 metrik ton (t) nikel dalam matte di triwulan keempat tahun 2019. Jumlah itu menunjukkan adanya peningkatan 3% dari volume produksi yang direal-isasikan pada triwulan ketiga tahun 2019. INCO juga membidik volume produksi moderat atau sekitar 71.000 ton—73.000 ton pada 2020. Source: IQPlus, Bisnis Indonesia Lippo Karawaci (LPKR) kembali merilis obligasi global senilai USD 95 juta yang merupakan tambahan atas emisi senilai USD 325 juta yang telah diterbitkan bulan lalu. Source: Kontan Sumber Alfaria Trijaya (AMRT) menganggarkan capex senilai Rp 3 triliun di tahun 2020. AMRT berencana mem-bangun 1000 gerai baru baik dalam bentuk reguler maupun franchise. Source: Kontan Samudera Indonesia (SMDR) meningkatkan penyertaan modal kepada salah satu anak usahanya, yakni PT Samude-ra Perkapalan Indonesia sebanyak 13 ribu saham dengan nilai total nominal 1 juta per saham. Source: Investor Dai-ly


3

World Equity Indices

Source: Bloomberg, Sinarmas Investment Research


WOR LD EQUIT Y IN D IC ES

N O T IC KER

1 INDU Index 29,415.39 24,680.57 737.90 2.59 20.80 18.49 4.24 4.19 8,568.54 8,568.54

2 SPX Index 3,375.63 2,722.27 126.97 3.93 22.27 19.29 3.72 3.47 28,880.57 28,880.57

3 CCM P Index 9,714.74 7,292.21 666.34 7.43 35.76 26.07 5.06 3.87 14,892.45 14,892.45

4 SPTSX Index 17,822.15 15,583.38 713.68 4.18 18.21 15.83 1.92 1.73 2,722.71 2,043.62

5 M EXBOL Index 45,955.41 38,265.51 1,486.39 3.41 17.54 14.74 2.14 1.90 5,478.35 292.09

6 SX5E Index 3,832.06 3,175.71 80.69 2.15 20.92 14.84 1.80 1.69 3,357.70 3,667.28

7 UKX Index 7,727.49 7,004.43 (43.00) (0.57) 19.01 13.36 1.76 1.71 2,004.81 2,596.43

8 CAC Index 6,109.81 5,039.99 76.70 1.28 21.60 15.02 1.75 1.63 1,859.57 2,031.03

9 DAX Index 13,668.43 11,018.95 378.83 2.86 26.69 14.72 1.68 1.58 1,257.74 1,373.70

10 IBEX Index 9,884.00 8,409.20 333.40 3.49 16.54 12.91 1.39 1.31 622.54 679.94

11 FTSEM IB Index 24,762.66 19,535.50 1,182.52 5.03 16.17 12.23 1.24 1.19 552.37 603.30

12 AEX Index 625.21 528.68 19.27 3.19 21.94 17.22 2.04 1.98 834.82 911.79

13 SM I Index 11,114.39 9,091.29 484.23 4.56 25.27 17.41 2.84 2.62 1,329.03 1,362.27

14 AS51 Index 7,144.90 6,046.70 400.63 5.99 20.91 18.77 2.28 2.19 2,123.28 1,425.15

15 AS30 Index 7,260.00 6,122.10 379.20 5.57 21.76 18.65 2.22 2.17 2,304.80 1,546.98

16 SHSZ300 Index 4,223.51 3,298.63 (144.12) (3.52) 14.04 11.51 1.81 1.57 31,716.80 4,553.09

17 SHASHR Index 3,444.44 2,773.90 (155.31) (4.86) 13.91 10.61 1.42 1.23 33,347.11 4,787.12

18 SZASHR Index 1,914.30 1,407.20 36.90 2.05 36.90 17.29 2.58 2.53 24,279.05 3,485.37

19 HSI Index 30,280.12 24,899.93 (605.87) (2.15) 10.78 10.55 1.20 1.11 18,136.73 2,335.40

20 HSCEI Index 11,881.68 9,731.89 (359.54) (3.22) 8.54 8.23 1.16 1.03 13,253.26 1,706.58

21 SENSEX Index 42,273.87 35,287.16 (37.60) (0.09) 25.11 22.73 3.25 3.12 76,404.62 1,071.86

22 NIFTY Index 12,430.50 10,585.65 (60.55) (0.50) 23.69 21.71 2.96 2.84 89,987.82 1,262.42

23 JCI Index 6,636.33 5,767.40 (345.14) (5.48) 18.43 14.15 1.96 1.98 6,909,877.81 505.11

24 LQ45 Index 1,059.65 888.02 (47.09) (4.64) 16.04 14.17 2.31 2.13 4,485,531.67 327.89

25 KSE100 Index 43,468.22 28,670.98 (1,020.62) (2.51) 9.32 6.54 1.23 1.06 6,427.61 41.58

26 NKY Index 24,115.95 20,110.76 107.03 0.45 19.30 18.32 1.78 1.72 390,295.74 3,553.96

27 NEY Index 356.77 298.20 1.41 0.40 14.36 13.91 1.15 1.12 459,471.32 4,183.86

28 TPX Index 1,747.20 1,462.41 (6.94) (0.40) 15.55 14.65 1.21 1.21 653,260.10 5,948.46

29 FBM KLCI Index 1,732.27 1,517.61 (37.28) (2.35) 17.85 15.44 1.56 1.46 999.54 241.90

30 NZSE Index 1,991.49 1,590.85 64.91 3.37 28.79 27.50 2.39 2.42 163.56 104.70

31 PCOM P Index 8,419.59 7,129.19 (375.86) (4.81) 16.13 14.60 1.87 1.66 9,269.68 183.50

32 FSSTI Index 3,415.18 3,040.16 (47.26) (1.47) 11.94 12.67 1.08 1.06 560.05 404.02

33 KOSPI Index 2,277.23 1,891.81 22.69 1.03 19.24 12.20 0.87 0.90 1,440,046.34 1,218.25

34 TWSE Index 12,197.64 10,032.08 (333.10) (2.78) 18.46 15.70 1.74 1.82 35,234.98 1,173.17

35 SET Index 1,748.15 1,495.94 (55.91) (3.54) 17.90 15.51 1.63 1.60 16,120.70 515.71

36 SET50 Index 1,164.72 1,005.59 (46.55) (4.36) 17.73 16.10 1.93 1.71 11,259.36 360.20

37 VNINDEX Index 1,028.97 891.85 (26.32) (2.74) 16.38 13.17 2.16 2.17 3,199,845.95 137.67

A sia/ P acif ic

A merica

52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n)

Euro pe

H IGH LOW P OIN T %T railing

12M2020E

T railing

12M2020E

D o main

C urrencyUSD

4

LQ45



LQ45 Index

HIGH LOW POINT %Trailing

12M2020E

Trailing

12M2020E

1 ADRO IJ 1,315 1,715 1,010 (240) (15.43) 6.03 6.88 0.80 0.79 42,061,540

2 AKRA IJ 3,250 5,875 3,150 (700) (17.72) 18.05 15.75 1.59 1.49 13,047,758

3 ANTM IJ 720 1,175 660 (120) (14.29) 21.51 18.43 0.87 0.85 17,302,151

4 ASII IJ 6,100 8,025 6,050 (825) (11.91) 12.06 11.57 1.73 1.68 246,949,674

5 BBCA IJ 33,900 35,300 25,700 475 1.42 29.56 29.10 4.98 4.83 835,804,839

6 BBNI IJ 7,300 10,250 6,650 (550) (7.01) 8.84 7.82 1.11 1.08 136,135,192

7 BBRI IJ 4,510 4,760 3,660 110 2.50 16.05 14.08 2.68 2.50 556,289,603

8 BBTN IJ 1,800 2,750 1,745 (320) (15.09) 13.91 17.98 0.79 0.79 19,062,000

9 BMRI IJ 7,775 8,175 6,275 100 1.30 13.20 11.84 1.77 1.78 362,833,333

10 BRPT IJ 1,250 1,525 478 (260) (17.22) 634.08 45.78 6.84 1.43 111,270,629

11 BSDE IJ 1,135 1,580 1,095 (120) (9.56) 7.17 9.07 0.75 0.74 21,845,000

12 BTPS IJ 4,850 5,125 1,965 600 14.12 37.31 28.48 9.35 7.13 37,362,945

13 CPIN IJ 6,300 8,000 4,190 (200) (3.08) 28.39 29.99 5.16 4.85 103,307,400

14 CTRA IJ 915 1,335 855 (125) (12.02) 16.78 18.33 1.16 1.12 16,982,678

15 ERAA IJ 1,745 2,270 965 (50) (2.79) 15.66 18.76 1.18 1.09 5,566,550

16 EXCL IJ 2,860 3,730 1,995 (290) (9.21) - 28.43 1.60 1.54 30,567,567

17 GGRM IJ 55,700 100,975 49,175 2,700 5.09 11.56 10.83 2.26 2.16 107,171,702

18 HMSP IJ 1,990 4,030 1,900 (110) (5.24) 16.51 16.15 7.25 6.44 231,472,973

19 ICBP IJ 11,475 12,550 8,950 325 2.91 26.87 26.59 5.59 5.47 133,820,394

20 INCO IJ 3,290 4,320 2,410 (350) (9.62) 415.50 48.20 1.27 1.23 32,690,554

21 INDF IJ 7,675 8,300 5,850 (250) (3.15) 13.81 14.39 1.86 1.85 67,389,773

22 INDY IJ 855 2,230 825 (340) (28.45) - 6.96 0.37 - 4,454,714

23 INKP IJ 6,525 12,700 5,325 (1,175) (15.26) 8.43 - 0.66 - 35,698,164

24 INTP IJ 16,550 22,875 16,400 (2,475) (13.01) 35.75 36.87 2.72 2.61 60,924,385

25 ITMG IJ 10,150 24,475 9,800 (1,325) (11.55) 4.99 6.25 0.89 0.94 11,468,739

26 JPFA IJ 1,460 2,970 1,280 (75) (4.89) 11.08 11.00 1.70 1.59 17,120,800

27 JSMR IJ 4,900 6,450 4,500 (275) (5.31) 18.39 17.28 1.96 1.88 35,563,569

28 KLBF IJ 1,460 1,690 1,260 (160) (9.88) 26.65 26.20 4.47 4.26 68,437,678

29 LPPF IJ 3,300 7,025 2,940 (910) (21.62) 11.87 6.35 5.17 4.19 9,256,115

30 MEDC IJ 710 1,040 620 (155) (17.92) - 5.20 0.75 0.28 12,723,522

31 MNCN IJ 1,535 1,780 725 (95) (5.83) 8.62 10.18 1.72 1.83 21,913,819

32 PGAS IJ 1,535 2,720 1,445 (635) (29.26) 12.62 11.24 1.05 1.00 37,210,715

33 PTBA IJ 2,310 4,310 2,110 (350) (13.16) 5.87 6.32 1.50 1.48 26,612,723

34 PTPP IJ 1,440 2,550 1,340 (145) (9.15) 7.63 7.13 0.69 0.65 8,927,852

35 PWON IJ 535 815 510 (35) (6.14) 8.85 9.78 1.79 1.70 25,765,387

36 SCMA IJ 1,405 1,870 1,080 (5) (0.35) 16.82 15.85 3.97 4.06 20,758,415

37 SMGR IJ 12,025 14,450 10,075 25 0.21 31.21 34.89 2.29 2.23 71,326,528

38 SRIL IJ 220 372 208 (40) (15.38) 3.77 3.22 0.57 - 4,499,479

39 TKIM IJ 8,275 13,475 5,575 (2,000) (19.46) 12.55 - 1.37 - 25,761,925

40 TLKM IJ 3,790 4,500 3,431 (180) (4.53) 18.53 18.07 3.77 3.51 375,445,801

41 TPIA IJ 8,925 10,600 4,680 (1,450) (13.98) 298.24 108.96 6.58 6.54 159,164,168

42 UNTR IJ 18,025 28,900 17,875 (3,500) (16.26) 6.29 6.16 1.20 1.12 67,235,686

43 UNVR IJ 7,850 10,105 7,800 (550) (6.55) 40.52 39.53 56.70 48.31 299,477,500

44 WIKA IJ 1,960 2,500 1,635 (30) (1.51) 7.90 8.64 1.11 1.10 17,581,105

45 WSKT IJ 1,150 2,230 1,115 (335) (22.56) 11.26 6.16 0.86 0.75 15,610,044

MARKET CAP

(Mn)LQ45 Index

CHANGE YTD PER (x) PBV (x)

11-Feb-20

52-WEEK

5

Macro data


D escript io n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)

Property 0.51 1.64 (8.29) (9.91)

Basic Industry 0.00 (0.13) (8.54) (11.08)

Trade (0.19) (0.44) (5.99) (7.85)

Finance 0.22 1.30 (0.50) (0.67)

M iscellaneous Industry (1.20) (3.60) (10.18) (11.42)

Consumer (0.24) (0.71) (6.11) (4.10)

Infrastructure 0.05 2.00 (7.24) (7.94)

Agriculture 0.47 2.37 (10.11) (12.77)

M ining 0.64 1.71 (10.11) (8.05)

Jan-20 D ec-19

0.38 3.61

2.68 2.72

0.39 0.34

131.70 129.18

F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)

USD/IDR 13,675.00 - (0.01) 1.40

USD/CNY 6.97 0.26 (1.04) (0.04)

USD/EUR 0.92 0.00 2.00 2.71

USD/JPY 109.86 (0.06) 0.08 (1.14)

USD/SGD 1.39 (0.03) (2.90) (2.95)

USD/AUD 1.49 (0.19) 2.62 4.29

USD/GBP 0.77 (0.03) 0.26 2.33

( in %)

5.71

0.88

1.46

5.95

6.59

7.09

Inflation M oM (in %)

Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

Inflation YoY (in %)

Indonesia 5-Year Government Bonds Yield



Lending and D epo sit R ates

JIBOR (in IDR)

LIBOR (in GBP)

SIBOR ( in USD)


Technical Corner


JCI : MIXED

Last price : 5.954

Support : 5.939, 5.896

Resistance : 5.997, 6.036

JCI pada hari ini kami perkirakan akan bergerak MIXED dengan range 5.896 - 5.997. JCI belum berhasil

bertahan diatas Resistance 5.966, berpeluang melanjutkan pelemahan dengan menguji Support 5.939 dan

5.896. Namun, jika berhasil bertahan diatas 5.966 akan mencoba Resistance 5.997 dan 6.036. Indikator Stoc osc

dan MACD masih membentuk pola Downtrend.

Jakarta Composite Index (JCI)

Summary of portfolio:

Stock Recommendation Comment

PTPP HOLD PTPP bertahan diatas 1.420, berpeluang mencoba Resistance 1.450 dan 1.475.Namun, jika PTPP gagal bertahan diatas 1.420, berpeluang menguji Support

1.375 dan 1.360.

ERAA HOLD ERAA bertahan pada Resistance Trendline 1.745, berpeluang melanjutkanpenguatan dengan mencoba Resistance 1.755 dan 1.780.

ICBP HOLD ICBP belum berhasil bertahan diatas Resistance 11.550, berpeluang mengujiSupport 11.400 dan 11.300.

ASII REDUCE ASII berhasil break Support 6.125 sebagai Level Stop Loss, ASII berpeluangmelanjutkan pelemahan dengan menguji Support 6000 dan 5.850.

PTPP : HOLD

Last price : 1.440Target price : 1.525 (3.8%)Stop loss : 1.360 (-4.9%)

PTPP bertahan diatas 1.420, berpeluang mencoba Resistance 1.450 dan 1.475. Namun, jika PTPP gagal bertahandiatas 1.420, berpeluang menguji Support 1.375 dan 1.360. PTPP dilihat dari Indikator MACD dan Indikator Stoc oscmengindikasikan pola Uptrend.

ERAA : HOLD

Last price : 1.745Target price : 1.780 (6.0%)Stop Loss : 1.620 (-3.6%)

ERAA bertahan pada Resistance Trendline 1.745, berpeluang melanjutkan penguatan dengan mencoba Resistance1.755 dan 1.780. Namun, jika ERAA gagal bertahan diatas Resistance trendline 1.745, berpeluang menguji Support1.730 dan 1.715. ERAA dilihat dari Indikator MACD mengindikasikan pola Uptrend dan Stoc osc mengindikasikan polaOverbought.

Support : 1.420, 1.375Resistance : 1.450, 1.475


Erajaya Swasembada Tbk (ERAA)

PP (Persero) Tbk ( PTPP )


Indofood CBP Sukses Makmur Tbk (ICBP)

Astra International Tbk (ASII)


ICBP : HOLD

Last price : 11.475Target price : 12.050 (5.7%)Stop loss : 11.100 (-2.6%)

ICBP belum berhasil bertahan diatas Resistance 11.550, berpeluang menguji Support 11.400 dan 11.300. Namun, jikaICBP berhasil bertahan diatas Resistance 11.550, akan mencoba Resistance 11.650 dan 11.750. ICBP dilihat dariIndikator Stoc osc dan Indikator MACD mengindikasikan pola Downtrend.

ASII : REDUCE

Last price : 6.100Stop loss : 6.125 (-2.8%)

ASII berhasil break Support 6.125 sebagai Level Stop Loss, ASII berpeluang melanjutkan pelemahan dengan mengujiSupport 6000 dan 5.850. Namun, jika ASII break Resistance 6.175, akan melanjutkan penguatan dengan mencobaResistance 6.250 dan 6.350. Indikator MACD dan Stoc osc mengindikasikan pola Oversold.



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Equity Research Team

HEAD OF RESEARCH

Evan Lie Hadiwidjaja

Banking, Automotive

Tel: +62 21 3925550 Ext: 615

[email protected]

DEPUTY HEAD OF RESEARCH

Wilbert

Consumer Goods, Plantation, Pulp and Paper

Tel: +62 21 3925550 Ext: 611

[email protected]

EQUITY ANALYST

Richard Suherman

Commodities

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Richardson Raymond

Property, Industrial Estate

Tel: +62 21 3925550 Ext: 159

[email protected]

EQUITY ANALYST

Paulina

Retail, Cement, Digital

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Anthony Angkawijaya

Construction, Infrastructure, Petrochemical

Tel: +62 21 3925550 Ext: 611

[email protected]

TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

[email protected]

DISCLAIMER

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ment from sources deemed reliable, however, PT Sinarmas Sekuritas and its affiliated cannot guarantee its accuracy and completeness. PT Sinarmas Seku-

ritas or its affiliates may be involved in transactions contrary to any opinion herein or have positions in the securities recommended herein and may seek or

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