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Search-Fund-Financial-Models 100%

Optimistic Case Year 0 Revenues Revenue Growth EBITDA Margin EBITDA Less:

https://www.pdf-archive.com/2016/02/02/search-fund-financial-models/

02/02/2016 www.pdf-archive.com

tdg 110304 97%

dan.macdonald@rbccm.com TDG reported Q4/10 EBITDA of $63.4MM, ahead of our estimate of $61.5MM and well above consensus of $57.6MM.

https://www.pdf-archive.com/2011/03/05/tdg-110304/

05/03/2011 www.pdf-archive.com

untp 211011 96%

Management has upward revised FY12 revenue growth guidance to 30-35% (earlier 25-30%), with the EBITDA margin of 19-20% (earlier 20-21%), mainly due to higher contribution from recent acquisitions (DVA Agro, Sipcam Isagro and Rice Co LLC).

https://www.pdf-archive.com/2011/10/28/untp-211011/

28/10/2011 www.pdf-archive.com

gail251011 95%

EBITDA margin contracted by 70bpsYoY to 17.3% and net profit to increase by 18.5% to Rs10.9bn inspite of higher than expected subsidy sharing (PINCe Rs9.9bn).

https://www.pdf-archive.com/2011/10/28/gail251011/

28/10/2011 www.pdf-archive.com

TRVG Binder 88%

remain Neutral What's changed Investment Profile Trivago filed a 6-K updating its FY17 revenue/EBITDA guidance, significantly lowering its growth and profitability expectations for the remainder of the year.

https://www.pdf-archive.com/2017/09/13/trvg-binder/

13/09/2017 www.pdf-archive.com

20140213 Cera-Sanitaryware-Ltd IER FirstCut INE739E01017 88%

■ ₹615 ₹751 CFV MATRIX Fundamental Grade Fundamental Grade RESEARCH Poor Fundamentals EBITDA margin contracted by 318 bps y-o-y to 12.9% from 16.0% during the same 1 2 3 4 5 quarter last year as material, employee, and power and fuel costs increased y-o-y as a Valuation Grade Subsequently, adjusted PAT declined by 10.4% y-o-y to ₹108 mn during the quarter against ₹120 mn in Q3FY13.

https://www.pdf-archive.com/2014/02/15/20140213-cera-sanitaryware-ltd-ier-firstcut-ine739e01017/

15/02/2014 www.pdf-archive.com

Avigilon Corporation CFA Research Challenge Team E (1) 88%

Company Data Ratio Cur EV/T12EBITDA Periodic EV to T12M EBITDA 5 Year Average Enterprise Value/EBITDA Adjusted Price Earnings Ratio (P/E) Price / Earnings 5 Year Average Trailing 12M EBITDA Margin EBITDA Margin 3 Yr Average Price to Book Ratio Price/Sales EV To Trailing 12M Sales 2015-01-24 16.23x 28.59x 17.14x 27.20x 42.52x 16.55% 18.69% 2.89x 3.18x 2.69x Avigilon is ramping up the size and capability of its sales force in order to enforce growth in undeveloped markets around the globe.

https://www.pdf-archive.com/2016/08/09/avigilon-corporation-cfa-research-challenge-team-e-1/

09/08/2016 www.pdf-archive.com

notifix 509 84%

El EBITDA se incrementó en un 9% hasta los 14,4 millones de euros (2011:

https://www.pdf-archive.com/2012/11/11/notifix-509/

11/11/2012 www.pdf-archive.com

FoFA A1 003106570176 83%

d) For​ ​the​ ​year​ ​2009​ ​Debt​ ​ratio​​ ​=​ ​(Total​ ​liabilities)/(Total​ ​assets) ​ ​ ​ ​ ​ ​ ​=​ ​(Total​ ​current​ ​liabilities​ ​+​ ​Long-term-debts)/(Total​ ​assets) ​ ​ ​ ​ ​ ​ ​=​ ​($1,539,800)/($3,516,952) ​ ​ ​ ​ ​ ​ ​=​ ​0.437​ ​(ideally​ ​should​ ​be​ ​less​ ​than​ ​0.5) Industry​ ​Average:​ ​.50 Times-interest-earned​​ ​=​ ​(EBIT)/(Interest​ ​expense) ​ ​ ​ ​=​ ​($502,620)/($80,000) ​ ​ ​ ​=​ ​6.282 ​ ​Industry​ ​Average:​ ​6.20 EBITDA​ ​coverage​ ​ratio​​ ​=​ ​(EBITDA​ ​+​ ​Lease​ ​Payments)/(Interest​ ​payments​ ​+​ ​Lease​ ​payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​+​ ​Principal​ ​repayments) EBITDA​ ​=​ ​(Net​ ​income​ ​+​ ​Tax​ ​+​ ​Interest​ ​+​ ​Depreciation​ ​+​ ​Amortization*) EBITDA​ ​=​ ​($622,640) EBITDA​ ​coverage​ ​ratio​​ ​=​ ​($662,640)/($120,000) ​ ​ ​ ​ ​ ​=​ ​5.522 Industry​ ​Average:​ ​8.00 Financial​ ​Leverage​​ ​=​ ​(Total​ ​assets)/(Shareholders​ ​equity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​=​ ​($3,516,952)($1,977,152) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​=​ ​1.778 Since​ ​the​ ​debt​ ​ratio​ ​is​ ​0.437,​ ​it​ ​means​ ​that​ ​the​ ​company's​ ​liabilities​ ​are​ ​only​ ​43%​ ​of​ ​its​ ​assets,​ ​or that​ ​it​ ​has​ ​more​ ​than​ ​twice​ ​the​ ​amount​ ​of​ ​assets​ ​as​ ​compared​ ​to​ ​its​ ​liabilities.

https://www.pdf-archive.com/2017/10/07/fofa-a1-003106570176/

07/10/2017 www.pdf-archive.com

tecnoglass revised views superior than1499 82%

They have reiterated that figure over the year, but still enlarged their EBITDA steerage starting a range of eigthy to $85 million to a scope of eigthy-five to ninety million us$, a mirror image of the company's amplified rates.

https://www.pdf-archive.com/2016/02/19/tecnoglass-revised-views-superior-than1499/

19/02/2016 www.pdf-archive.com

Wesfarmers Research Report 28 May 2014 81%

Financial Summary Relative to S&P/ASX 200 (RHS) 44.0 May-13 | Revenue (A$m) Operating EBITDA (A$m) Net Profit (A$m) Normalised EPS (A$) Normalised EPS Growth FD Normalised P/E (x) DPS (A$) Dividend Yield EV/EBITDA (x) P/FCFE (x) Net Gearing P/BV (x) ROE % Change In Normalised EPS Estimates Normalised EPS/consensus EPS (x) Jun-12A 57,966 4,691 2,164 1.87 16.1% 23.13 1.65 3.81% 11.60 24.85 17.1% 1.95 8.5% Jun-13A 59,730 4,837 2,261 1.95 4.5% 22.14 1.80 4.16% 11.27 22.89 17.1% 1.92 8.8% Jun-14F 62,198 4,883 3,155 1.98 1.5% 21.81 2.05 4.74% 10.69 10.24 6.1% 1.87 8.7% 0.00% 0.95 Jun-15F 63,875 5,034 2,458 2.06 4.0% 20.97 2.30 5.32% 10.66 29.67 7.7% 1.88 8.9% (0.42%) 0.89 Jun-16F 68,345 5,715 2,901 2.38 15.4% 18.17 2.50 5.78% 9.67 24.86 9.0% 1.89 10.4% 5.03% 0.94 SOURCES:

https://www.pdf-archive.com/2015/02/23/wesfarmers-research-report-28-may-2014/

23/02/2015 www.pdf-archive.com

Bertelsmann-Factsheet de 81%

€ 2012 2011 2010 Konzernumsatz 16.065 15.368 15.065 Operating EBIT 1.735 1.755 1.825 Operating EBITDA 2.213 2.243 2.355 Konzernergebnis 619 612 656 Stiftungen 36,1 Deutschland 16,3 USA 39,8 Produkte und Waren 24,9 Übrige Europäische Länder Bertelsmann Verwaltungsgesellschaft (BVG) 15,8 Frankreich 26,1 Werbung und Anzeigen 80,9% AKTIONÄRSSTRUKTUR Die Bertelsmann SE &

https://www.pdf-archive.com/2013/11/11/bertelsmann-factsheet-de/

11/11/2013 www.pdf-archive.com

http leasequery com free-tools 77%

AVAILABLE AVAILABLE COMING SOON Capital vs Operating Lease Test How to Calculate Present Value Use this free tool to quickly Use this free tool to calculate evaluate the 4 rules to the present value of your Impact of New Lease Accounting Rules on EBITDA, Net Income &

https://www.pdf-archive.com/2018/03/03/http-leasequery-com-free-tools/

03/03/2018 www.pdf-archive.com

Blackwell Group 75%

 Revenue and EBITDA Growth:

https://www.pdf-archive.com/2015/12/02/blackwell-group/

02/12/2015 www.pdf-archive.com

Pinnacle Iron Eagle Agreement Jan15 2010 74%

The closing of the acquisition is subject to Iron Eagle demonstrating not less than $1.8 million in earnings before interest, taxes, depreciation, and amortization (“EBITDA”) over the next nine months.

https://www.pdf-archive.com/2018/04/25/pinnacle-iron-eagle-agreement-jan15-2010/

25/04/2018 www.pdf-archive.com

Frontier Developments [YE results] 4 September 2014 Final 71%

Financial Highlights       Underlying revenue down 24% to £9.2m Operating result at a loss of £1.7m Adjusted EBITDA down 76% to 0.9m Adjusted loss per share down to 3.0p Deferred income at £2.5m at the year end Cash at 31 May 2014 at £8.6m Recent developments    Elite:

https://www.pdf-archive.com/2014/10/10/frontier-developments-ye-results-4-september-2014-final-1/

10/10/2014 www.pdf-archive.com

tecnoglass el mas importante fabricante1641 69%

"consideramos que no hay motivo para estar bajo US$20, cuando nuestra competencia cotiza a 10, 12, 14 veces Ebitda, y nosotros estamos en 4,5 veces Ebitda.

https://www.pdf-archive.com/2015/07/27/tecnoglass-el-mas-importante-fabricante1641/

27/07/2015 www.pdf-archive.com

tecnoglass pionero fabricante de vidrios1176 69%

"Pensamos que no existe motivo para que Tecnoglass esté a menos de US$20, cuando nuestra competencia se transa a 10, 12, 14 veces Ebitda, y nosotros estamos en 4,5 veces Ebitda.

https://www.pdf-archive.com/2015/07/10/tecnoglass-pionero-fabricante-de-vidrios1176/

10/07/2015 www.pdf-archive.com

tecnoglass primer fabricante de ventanas1833 69%

"consideramos que no existe razón para que Tecnoglass esté bajo US$20, cuando nuestra competencia se vende a 10, 12, 14 veces Ebitda, mientras nosotros estamos en 4,5 veces Ebitda.

https://www.pdf-archive.com/2015/07/27/tecnoglass-primer-fabricante-de-ventanas1833/

27/07/2015 www.pdf-archive.com

NVTR Binder 67%

$12.00 PT Wednesday, May 10, 2017 Another Solid Algovita Revenue Beat for Nuvectra - Maintain Buy and $12.00 Price Target Greg Chodaczek | (646) 367-2403 gchodaczek@brileyco.com MARKET DATA $7.95 $4.63‐$9.92 56 $82 $48 Price 52 Week Range ADTV ‐ 3 month (000s) Market Cap Enterprise Value Shares Out 10 Float 8 REVENUE DATA Revenue FY 1Q 2Q 3Q 4Q FY Prior Rev EV/SALES FY16A $2.1 $2.6 $3.8 $4.2 $12.5 $12.3 3.8x FY17E $5.0 $5.9 $7.5 $9.2 $27.6 $27.2 1.7x FY18E $11.0 $11.3 $14.1 $16.3 $52.7 $52.7 0.9x FINANCIAL DATA FY FY16A EPS ($3.73) ($4.56) ($3.17) GM $6.11 $15.57 $32.68 GM% EBITDA 48.7% ($37.40) 56.4% ($48.71) 62.0% ($44.20) EBITDA % EBIT% ‐306.4% ‐298.4% ‐180.2% ‐176.6% ‐85.8% ‐83.9% 11.9% $9.79 23.1% $9.70 29.0% $10.67 Debt/Capital BV/Share FY17E FY18E BALANCE SHEET Cash & Equivalents Accounts Receivable Inventory Accounts Payable Total Debt 03/31/17 $48 $4 $4 $6 $14 Shareholders Equity Summary and Recommendation  Nuvectra  reported  revenue  of  $4.6MM,  ~$430,000  higher  than  we  had  expected,  driven by strong Algovita Spinal Cord Stimulation (SCS) system. For the first quarter,  Algovita SCS sales generated approximately $3.5MM in revenue, up from $415,000  in 4Q:15. As a reminder, the Algovita SCS system launched in the U.S. in early 2016.  According to management, Nuvectra now has salespeople in 50 sales regions in the  U.S., up from 45 in 4Q:16 and 42 in 3Q:16. The company plans on adding a few more  sales territories in 2017, and will selectively increase its sales staff throughout 2017.  Based on our research, we still believe Algovita patient trials are growing faster than  expected and trial success (efficacy) rates are greater than 80%. While a trial success  does not automatically turn into a permanent implant, we note that Nuvectra’s trial  success  rate  is  1500  basis  points  better  than  the  industry  average.  The  company  reported a loss per share of ($1.27) which was wider than our estimate, as interest  expense was slightly higher than our estimate. Operating expenses were also slightly  higher  than  expected  as  the  company  hired  a  few  more  sales  representatives  than  we  had  modeled.  We  are  increasing  our  2017  revenue  estimate  from  $27.2MM  to  $27.6MM  and  widening  our  loss  per  share  from  ($4.36)  to  ($4.56)  to  account  for  more sales rep hiring. We are also adjusting our 2018 operating expenses to account  for  higher  SG&A  expense,  which  changes  our  2018  loss  per  share  from  ($2.97)  to  ($3.17).  We  are  maintaining  our  Buy  rating  and  $12  price  target,  which  based  on  assigning a 5.0x EV/S multiple to our FY17 sales estimate of $27.6M.    Key Points   Revenue  Beat,  2017  Revenue  Estimate  Increased.  Nuvectra  reported  1Q:17  revenue that was above our expectation. For the quarter, the company grew its  revenue by 144% year over year. We continue to believe the Algovita SCS system  is gaining traction with physicians and hospitals due to its differentiated product  offering.  According  to  our  research,  we  believe  the  trial  success  rate  is  above  80%,  1500  basis  points  better  than  the  industry  average  and  includes  patients  with back, leg, thoracic, and neck pain. Conversion rate, which is the percentage  of trials that become permanent implants, is tracking above 70%, which is also  better  than  the  industry  average.  According  to  management,  its  national  sales  team  has  done  a  phenomenal  job  signing  up  new  hospital  and  surgery  center  accounts.  We  are  increasing  our  2017  revenue  estimate  from  $27.2MM  to  $27.6MM and widening our loss per share from ($4.36) to ($4.56) to account for  a larger sales rep headcount. We are also adjusting our 2018 operating expenses  to account for more SG&A expense, which adjusts our 2018 loss per share from  ($2.97) to ($3.17).    $76 Financial data in millions unless otherwise stated   Analyst Certification &

https://www.pdf-archive.com/2017/09/13/nvtr-binder/

13/09/2017 www.pdf-archive.com

SHAK Binder 66%

$30) and 18x our NTM, 12m from now, EBITDA ($28).

https://www.pdf-archive.com/2017/09/13/shak-binder/

13/09/2017 www.pdf-archive.com

MY Lion Industries Initiating Coverage 20170519 RHB 64%

Jun-15 Jun-16 Jun-17F Jun-18F Jun-19F Total turnover (MYRm) 2,782 2,515 2,649 2,799 2,802 Reported net profit (MYRm) (255) (796) 59 70 79 Recurring net profit (MYRm) (93) (106) 59 70 79 Recurring net profit growth (%) 81.6 13.1 0.0 19.0 12.6 (0.13) (0.15) Recurring EPS (MYR) DPS (MYR) Recurring P/E (x) na 0.10 0.11 0.010 0.010 0.010 na 12.2 10.3 9.1 P/B (x) 0.31 0.46 0.44 0.43 0.41 P/CF (x) 6.09 5.78 Dividend Yield (%) EV/EBITDA (x) Return on average equity (%) Net debt to equity (%) na 0.09 na 3.28 4.30 5.88 na 1.0 1.0 1.0 304 1 (0) (1) (1) (10.1) (40.1) 7.3 1.9 na 3.6 net cash 4.2 net cash Our vs consensus EPS (adjusted) Source:

https://www.pdf-archive.com/2017/05/29/my-lion-industries-initiating-coverage-20170519-rhb/

29/05/2017 www.pdf-archive.com

Renewable-and-Nuclear-Mailout 63%

Bayonne Energy is projected to generate $62M in EBITDA annually and increase the contracted power and energy segment of MIC to 15% of total EBITDA in 2015.

https://www.pdf-archive.com/2015/03/02/renewable-and-nuclear-mailout/

02/03/2015 www.pdf-archive.com

Medici Firma Venture Capital 61%

06 Traction Revenue generating and/or verifiable traction, Min Revenue or EBITDA?

https://www.pdf-archive.com/2016/06/05/medici-firma-venture-capital/

05/06/2016 www.pdf-archive.com

Chief reseach Apr2014 58%

港股推介: 港股推介:協同通信集團有限公司 協同通信集團有限公司(1613.HK) 有限公司 目標價: 目標價:0.77 元 建議買入價 建議買入價: 買入價:0.67 元 18/03/2014 止蝕價: 止蝕價:0.62 元 上日收市價: 上日收市價:0.68 元 協同通信(1613.HK) 從事研發及銷售有關數字集群及衛星通信系統的產品。 協同通信於中國提供專用通信系統核心組件,亦設計 協同通信 財務數據 ( 13 年至 14 年中期業績 中期業績) 專用網絡、提供技術諮詢及售後服務等,並主要以自 營品牌「SYNERTONE」作銷售旗下的產品。集團的 產品主要分為五個業務分部:i)組成數字集成系統的 核心組件、ii)組成地面移動衛星系統的核心組件、iii) 系統集成、iv)系統技術以及 v)其他附屬零部件。集 團旗下產品的終端客戶主要包括警察、國防等政府部 門;及從事採礦及物流等企業,並主要被用作緊急通 信及公共安全等用途。 集團於去年進行包括 i) 收購頻寬容量及其相關服 務,以及 ii)收購為支援寬頻互聯網連接傳輸及其他 營業額(左軸) 股東應佔溢利(左軸) 毛利率(右軸) 利潤率(右軸) 應用方案之關口(廣州、北京及上海)站設備為期 9.5 年的使用權。此等收購可令集團進軍衛星通信業,為 客戶供應衛星頻寬連及其相關設計的通信網絡,以開 13 年至 14 年 集團中期 集團中期營業額 中期營業額(按業務劃 業務劃分) 拓新的收入來源及客戶基礎,亦可望與現有的核心元 件業務產生協同效應。 截至 2013 年 9 月 30 日止 6 個月,集團的收入按年上 升 71.7%,至 84.74 百萬港元。當中來自數字通信集 群系統的營業額為 52.17 百萬港元,按年錄得 19.0% 的增幅,佔總營業額的 61.6%;地面移動衛星系統為 集團貢獻 20.35 百萬港元的營業額,按年增長 2.72 倍,佔總營業額的 24.0%;期內來自系統技術業務的 收益為 11.92 百萬港元,佔總營業額的比重為 14.1%;期內銷售成本按年升 32.2%至 29.90 百萬港 元;期內毛利按年增 1.05 倍,至 54.83 百萬港元,毛 利率由 2012 年同期 54.2%大幅上升至 64.7%,主要 協同通信 日線走勢圖 日線走勢圖 由於期內銷售額增加而生產支出及勞工等成本維持 平穩所致。期內公司權益持有人應佔溢利按年升 51.6%,至 32.62 百萬港元。 協同通信股價自去年 9 月展開升浪,並於上月中升至 0.93 元水平,創歷史新高,及後出現回調,現於 0.70 元附近整回,料短期內將重拾升勢,目標價設於 0.77 元,建議買入價為 0.67 元。若股價走勢未如預期並 跌穿 0.62 元水平,則需要進行止蝕。 協同通信按上日收市價 0.68 元計算,相應的市盈率 為 86.56 倍。集團於本月初公布,與中國電信衛星通 協同通信 參考數據 信有限公司(「中電信衛星」)訂立諒解備忘錄,讓中 電信衛星擔任集團於中國銷售「動中通」通信產品系 市盈率: 倍 市值: 億元 元 52 周高位: 列的主要代理,為期兩年,並跟集團建立戰略夥伴的 預測市盈率: 倍 52 周低位: 元 關係,可望令集團加快擴展於國內衛星通信的業務, 市帳率: 故建議投資者可伺機吸納。 (單位:百萬港元) 90 70% 80 60% 70 50% 60 50 40% 40 30% 30 20% 20 10% 10 0 0% 30/9/2012 30/9/2013 (單位:百萬港元) 60 50 40 30 20 10 0 數字通信集群系統 地面移動衛星系統 30/9/2012 86.56 --- 14.76 系統技術 30/9/2013 42.98 0.93 0.091 技術分析指標 上日收市價 按周變動 按月變動 按年變動 今年累計變動 0.68 -13.92% -15.00% 615.79% 31.78% 天移動平均線 20 天移動平均線 50 天移動平均線 100 天移動平均線 200 天移動平均線 10 0.691 保歷加通道頂軸 保歷加通道中軸 保歷加通道底軸 0.582 RSI – 14 0.747 0.720 0.847 0.720 0.593 48.22 0.374 資源來源:彭博 主要財務數據概覽 估值比率 市值(百萬元) 市盈率 (倍) 市賬率 (倍) 2013 年 2012 年 2011 年 2010 年 2009 年 648.00 --- --- --- --- 17.76 --- --- --- --- 2.33 --- --- --- --- 利潤率 (%) 營利率 (%) 31.12 29.14 33.29 31.78 20.12 39.89 40.89 45.16 40.47 28.98 資產回報率 (%) 普通股權益回報率 (%) 12.05 24.27 26.66 29.54 --- 14.93 34.70 59.08 96.12 --- 115.69 218.26 218.82 214.45 161.56 (47.00) (0.26) 2.04 32.74 --- 74.12 148.70 143.08 127.00 100.21 54.93 97.93 108.38 96.34 56.64 36.01 63.61 72.85 68.14 32.51 (43.39) (12.69) 6.91 109.61 --- 0.02 0.05 --- --- --- 0.01 0.01 --- --- --- (57.00) --- --- --- --- 333 265 260 287 174 55 61 97 203 117 278 204 163 84 58 16.39 22.91 37.36 70.72 66.86 124.55 37.23 57.69 1.72 3.77 0.02 0.01 --- --- --- 5.91 5.14 2.70 1.30 1.37 0.05 0.05 --- --- --- 盈利能力 投資回報分析 損益表資料 收入(百萬元) 收入增長率 (%) 毛利(百萬元) EBITDA(百萬元) 純利(百萬元) 純利增長率 (%) 每股收入(元) 每股盈利(元) 每股盈利增長率 資產負債表資料 資產負債表資料 總資產(百萬元) 總負債(百萬元) 股東權益(百萬元) 資產負債比率 (%) 現金及現金等價物(百萬元) 每股現金及現金等價物(百萬元) 流動比率 (倍) 每股賬面值(元) 資源來源:彭博 免 責 聲 明 本報告由致富證券有限公司(“致富證券”)提供,所載之內容或意見乃根據本公司認 為可靠之資料來源來編製,惟本公司並不就此等內容之準確性、完整性及正確性作 出明示或默示之保證。本報告內之所有意見均可在不作另行通知之下作出更改。本 報告的作用純粹為提供資訊,並不應視為對本報告內提及的任何產品買賣或交易之 專業推介、建議、邀請或要約。致富證券及其附屬公司、僱員及其家屬及有關人士 可於任何時間持有、買賣或以市場認可之方式,包括以代理人或當事人對本報告內 提及的任何產品進行投資或買賣。投資附帶風險,投資者需注意投資項目之價值可 升亦可跌,而過往之表現亦不一定反映未來之表現。投資者進行投資前請尋求獨立 之投資意見。致富證券在法律上均不負責任何人因使用本報告內資料而蒙受的任何 直接或間接損失。致富證券擁有此報告內容之版權,在未獲致富集團許可前,不得 翻印、分發或發行本報告以作任何用途。撰寫研究報告內的分析員均為根據證券及 期貨條例註冊的持牌人士,此等人士保證,文中觀點均為其對有關報告提及的證券 及發行者的真正看法。截至本報告發表當日,此等人士均未於本報告中提及的公司 或與此等公司相同集團的成員公司之證券存有權益。

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