BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR PRIVACY & COOKIE NOTICE
X

Disclosures

The data and information provided in S&P Investment Advisory Services’ Factual Reports (the “Factual Reports”) are selected by financial writers who obtain this data from multiple sources, including, but not limited to, S&P Investment Advisory Services’ quantitative research models, S&P Investment Advisory Services’ research commentaries from equity analysts and consensus opinions from analysts who are not employees of S&P Investment Advisory Services and/or any of its affiliates. Factual Reports may contain some estimates, opinions and other types of non-factual information.

Some Factual Reports may contain S&P Fair Value Ranking information. Refer to the Glossary Section of this report for detailed methodology and definition of S&P Fair Value Rank.

S&P Investment Advisory Services also produces STARS Stock Reports and Quantitative Stock reports. These reports rank stocks in accordance with the following ranking methodologies:

STARS Stock Reports:  S&P Investment Advisory Services’ qualitative STARS recommendations are determined and assigned by S&P Investment Advisory Services equity analysts.

Quantitative Stock Reports: S&P Investment Advisory Services’ quantitative evaluations are derived from S&P Investment Advisory Services’ proprietary Fair Value quantitative ranking model. The Fair Value Ranking methodology is a relative ranking methodology. As a quantitative model, Fair Value relies on history and consensus estimates and does not introduce an element of subjectivity.

Factual Reports, STARS Stock Reports and Quantitative Stock Reports:

The methodologies used in Factual Reports, STARS Stock Reports and Quantitative Stock Reports (collectively, the “S&P Investment Advisory Services’ Research Reports” or “Research Reports”) reflect different criteria, assumptions and analytical methods and may have differing recommendations.

S&P Investment Advisory Services believes that the methodologies and data used to generate the different types of Research Reports are reasonable and appropriate. Generally, S&P Investment Advisory Services does not generate reports with different ranking methodologies for the same issuer. However, in the event that different methodologies or data are used on the analysis of an issuer, the methodologies may lead to different views or recommendations on the issuer, which may at times result in contradicting assessments of an issuer. S&P Investment Advisory Services reserves the right to alter, replace or vary models, methodologies or assumptions from time to time and without notice to clients.

Factual Reports:

S&P Investment Advisory Services receives compensation from the issuer or an agent thereof for initiating coverage, and for distribution including licensed redistribution of the report, and/or for inclusion in other S&P publications, generally in amounts up to $12,900 per year. 

STARS Stock Reports:

S&P Investment Advisory Services Global STARS Distribution as of December 31, 2015

Ranking

North America

Europe

Asia

Global

Buy

31.2%

51.5%

35.5%

35.1%

Hold

46.8

39.4

35.5

43.9

Sell

22

9.1

29.0

21.0

Total

100.0%

100.0%

100.0%

100.0%

Quantitative Stock Reports:

The Fair Value ranking distribution is a fixed distribution based on relative weightings as described in the Glossary section of this report under S&P Investment Advisory Services Fair Value Rank. Certain reports with Fair Value Rank do not have a Buy/Hold/Sell recommendation, for ranking definition please refer to the Glossary section of the respective report. The Fair Value Ranking distribution includes all the stocks that have S&P Fair Value Ranking.

Quantitative Stock Reports are updated weekly and rely on the availability of data and therefore SPIAS do not provide a report when sufficient data is not available.

Analyst Certification

STARS Stock Reports are prepared by the equity research analysts of Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) and Standard & Poor’s Malaysia Sdn Bhd (“S&P Malaysia”), each a division of S&P Investment Advisory Services. All of the views expressed in STARS Stock Reports accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. Analysts generally update stock reports at least four times each year.

No part of analyst compensation and SPIAS’ or S&P Malaysia’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in a STARS Stock Report

About S&P Investment Advisory Services’ Distributors:

S&P Investment Advisory Services’ Research Reports have been prepared by Research Report Services, a business unit of S&P Investment Advisory Services. In the United States, Research Reports are prepared and issued by SPIAS. In the European Economic Area (“EEA”) States, Research Reports are distributed by MHFRE, which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Under and subject to the Markets in Financial Instruments Directive (“MiFID”), MHFRE is entitled to exercise a passport right to provide cross border investment advice into EEA States. MHFRE exercises its MiFID right to passport investment advice including the Research Reports into EEA States. In Hong Kong, Research Reports are issued by Standard & Poor’s Investment Advisory Services (HK) Limited (“SPIAS HK”), which is regulated by the Hong Kong Securities Futures Commission; in Singapore, by McGraw-Hill Financial Singapore Pte. Limited (“MHFSPL”), which is regulated by the Monetary Authority of Singapore; Research Reports are distributed in Malaysia, by S&P Malaysia, which is regulated by the Securities Commission of Malaysia; in Australia, by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; and in Japan, by McGraw-Hill Financial Japan KK (“MHF Japan”), which is registered by Kanto Financial Bureau. SPIAS, MHFRE, SPIAS HK, MHFSPL, S&P Malaysia, SPIS and MHF Japan, each a wholly owned subsidiary of McGraw Hill Financial, Inc. operate under the S&P Investment Advisory Services brand.

S&P Investment Advisory Services and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

General Disclosures:

Notice to all jurisdictions:

Where S&P Investment Advisory Services’ Factual Reports are made available in a language other than English and in the case of inconsistencies between the English and translated versions of a Factual Report, the English version will control and supersede any ambiguities associated with any part or section of a Factual Report that has been issued in a foreign language. Neither S&P Investment Advisory Services nor its affiliates guarantee the accuracy of the translation.

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. This document may contain forward looking statements or forecasts, such statement or forecasts are not a reliable indicator of future performance.

Past performance is not necessarily indicative of future results.

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.  In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

While S&P Investment Advisory Services has obtained information from sources it believes to be reliable, S&P Investment Advisory Services does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

Factual Reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Investment Advisory Services to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s chosen currency, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in Factual Reports does not constitute advice on the tax consequences of making any particular investment decision. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

The subject company may have been provided with a copy of the report, for factual verification only, prior to the Factual Report’s publication.

Additional information on a subject company may be available upon request.

Notice to all Non U.S. Residents:

S&P Investment Advisory Services’ Factual Reports may be distributed in certain localities, countries and/or jurisdictions (“Territories”) by independent third parties or independent intermediaries and/or distributors (the “Intermediaries” or “Distributors”). Intermediaries are not acting as agents or representatives of S&P Investment Advisory Services. In Territories where an Intermediary distributes S&P Investment Advisory Services’ Factual Reports, the Intermediary, and not S&P Investment Advisory Services, is solely responsible for complying with all applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory authorities, including laws in connection with the distribution of third-party research reports, licensing requirements, supervisory and record keeping obligations that the Intermediary may have under the applicable laws and regulations of the territories where it distributes the Factual Reports.

Each Factual Report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject S&P Investment Advisory Services or its affiliates to any registration or licensing requirements in such jurisdiction.

Each Factual Report is not directed to, or intended for distribution to or use by, any person or entity who is not in a class qualified to receive Factual Reports (e.g., a qualified person and/or investor), as defined by the local laws or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is legally registered or domiciled.

S&P Investment Advisory Services’ Research Reports are not intended for distribution in or directed to entities, residents or investors in: Burma, Cuba, Crimea, Czech Republic, Iran, Kuwait, Lebanon, North Korea, Portugal, Romania, Sudan, Slovakia, Syria, Taiwan and Turkey.

For residents of Australia: Factual Reports are issued and/or distributed in Australia by SPIS. Any express or implied opinion contained in a Factual Report is limited to "General Advice" and based solely on consideration of the investment merits of the financial product(s) alone. The information in a Factual Report has not been prepared for use by retail investors and has been prepared without taking account of any particular investor's financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider its appropriateness having regard to their own or their clients' objectives, financial situation and needs. Investors should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Each opinion must be weighed solely as one factor in any investment decision made by or on behalf of any adviser and any such adviser must accordingly make their own assessment taking into account an individual's particular circumstances.

SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services Guide for more information at

www.spcapitaliq.com/financialservicesguide

More information about the written criteria and methodologies for the generation of Factual Reports and historical information for Factual Reports for the past 12 months are available by contacting S&P Investment Advisory Services Client Services Department at 61-1300-792-553 or via e-mail at clientsupport@standardandpoors.com or clientsupport@sandp.com.

For residents of Bermuda: The Bermuda Monetary Authority or the Registrar of Companies in Bermuda has not approved the Factual Reports and any representation, explicit or implicit, is prohibited.

For residents of British Virgin Islands:  All products and services offered by S&P Investment Advisory Services and its affiliates are provided or performed, outside of the British Virgin Islands. The intended recipients of the Factual Reports are (i) persons who are not members of the public for the purposes of the Securities and Investment Business Act, 2010 (“SIBA”); (ii) persons who are professional services providers to the British Virgin Islands business companies for the purposes of SIBA; and (iii) any other person who is given the Factual Reports by a person licensed as an investment advisor in the British Virgin Islands. If you are in any doubt as to whether you are the intended recipient of this document, please consult your licensed investment advisor.

For residents of Canada: Canadian investors should be aware that any specific securities discussed in a Factual Report can only be purchased in Canada through a Canadian registered dealer and, if such securities are not available in the secondary market, they can only be purchased by eligible private placement purchasers on a basis that is exempt from the prospectus requirements of Canadian securities law and will be subject to resale restrictions. Information in Factual Reports may not be suitable or appropriate for Canadian investors. 

For residents of Chile: S&P Investment Advisory Services is not acting as an Intermediary of securities referred to in a Factual Report. S&P Investment Advisory Services is not registered with, and such securities may not be registered in the Securities Registry maintained by the Superintendencia de Valores y Seguros de Chile (Chilean Securities and Insurance Superintendence or “SVS”) pursuant to the Chilean Securities Market Law 18045. Accordingly, investment research presented in a Factual Report is not intended to constitute a public or private offer of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law 18045, as amended and restated, and supplemental rules enacted thereunder.

For residents of Colombia: This information and/or information contained in Factual Reports is not intended or should not be construed as constituting information delivery to the Colombian Securities Market under Colombian Law.

For residents of Czech Republic: The Intermediary, and not S&P Investment Advisory Services, is solely responsible for complying with licensing requirements under the Capital Markets Act (Act No. 256/2004 Coll., as amended), implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April, 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; and the Civil Code (Act No. 40/1964 Coll., as amended) as regards  the distance financial contract regulation protecting the consumers.  

For residents of Dubai (DIFC): The information contained in Factual Reports distributed by S&P Investment Advisory Services is intended for investors who are “professional clients”, as defined in Rule 2.3.2(2) of the Conduct of Business Module (COB) of the DFSA Rulebook.

For residents of the European Economic Area (EEA): Factual Reports have been approved for distribution in the EEA listed here:  Austria; Belgium; Bulgaria; Cyprus; Czech Republic (see further disclosure above); Denmark; Estonia; Finland; France; Germany; Gibraltar; Greece; Hungary; Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta; Netherlands; Norway; Poland; Portugal; Romania; Slovakia (see further disclosure below); Slovenia; Spain (see further disclosure below); Sweden and United Kingdom, as investment research by MHFRE, which is authorized and regulated by the Financial Conduct Authority in the UK. S&P Investment Advisory Services’ Stock Reports are to be read in conjunction with “Your Guide to S&P Investment Advisory Services’ Stock Reports” which can be found at: www.spcapitaliq.com/stockreportguide.

More information about the written criteria and methodologies for the generation of Factual Reports and historical information for Factual Reports for the past 12 months are available by contacting S&P Investment Advisory Services Client Services Department 800-523-4534 or via e-mail at: clientsupport@standardandpoors.com or clientsupport@sandp.com.

For residents of Guernsey, Isle of Man and Jersey: The Factual Reports provide by S&P Investment Advisory Services serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice to any of the Intermediary's clients and the intermediary, and not S&P Investment Advisory Services, will be solely responsible for the provision of investment advice to the client.

For residents of Hong Kong: Information in the Factual Reports shall not be construed to imply any relationship, advisory or otherwise, between S&P and the recipient user of the Factual report unless expressly agreed by S&P Investment Advisory Services. S&P Investment Advisory Services is not acting nor should it be deemed to be acting, as a "fiduciary" or as an "investment manager" or "investment advisor" to any recipient of this information unless expressly agreed by S&P Investment Advisory Services. The Distributor of the Factual Reports will be solely responsible for describing its role to its clients with respect to the distribution of S&P Investment Advisory Services’ Factual Reports.

For residents of India: Residents of India should consult their financial and legal advisers regarding the suitability of any of S&P Investment Advisory Services’ services and products.  S&P Investment Advisory Services does not intend to utilize the Factual Report service to invite or carry out any business activities with S&P Investment Advisory Services.  Factual Reports provided by S&P Investment Advisory Services serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice to the Intermediary and to any of the Intermediary’s clients and the intermediary will be solely responsible for the provision of investment advice to the client.

For residents of Indonesia: Factual Reports do not constitute an offering document and it should not be construed as an offer of securities in Indonesia, and any such securities will only be offered or sold through a financial institution.

For residents of Israel: Factual Reports are intended only for distribution to “Qualified Investors”, as defined by Israel’s Investment Advice law. All other persons who are not Qualified Investors under Israeli law should seek additional investment advice from their financial advisers. The relevant financial writer declares that the views expressed in a particular Factual Report faithfully reflect the financial writer’s personal views regarding the securities under review and the issuer of the securities.

For residents of Japan: Factual Reports are intended only for distribution to “Asset Management Firms”.

For residents of Mexico: S&P Investment Advisory Services is not regulated or supervised by the Mexican National Banking and Securities Commission (CNBV). S&P Investment Advisory Services has a licensed rating agency affiliate in Mexico (Standard & Poor’s, S.A. De C.V.), in respect of which S&P maintains firewalls and seeks to avoid conflicts of interest, pursuant to approved policies. S&P Investment Advisory Services will only provide its Factual Reports to Mexican qualified and institutional investors. Factual Reports on securities that are not registered with the National Securities Registry maintained by the Mexican National Securities Registry are intended only for distribution to qualified, institutional investors or to any other investors to whom distribution the S&P Research is permissible under Mexican law.

For residents of Monaco: The Intermediary, and not S&P Investment Advisory Services, will be solely responsible for providing copies of S&P Investment Advisory Services’ Factual Reports to the appropriate Monegasque regulator prior to distributing to its clients.

For residents of Morocco: Factual Reports are intended for distribution only to professional investors.

For residents of Peru: Factual Reports shall not, under any circumstances, be considered an invitation to take deposits or funds from the public, under any mechanism, or to carry on any activities that may be prohibited by Peruvian law. The Intermediary also agrees that the use of S&P Investment Advisory Services’ Factual Reports shall not be used by Intermediary to solicit an investment in the securities that are the subject of the Factual Report in any way that may be prohibited by Peruvian law.

For residents of Qatar: The Distributor, and not S&P Investment Advisory Services, is responsible for complying with all relevant licensing requirements as set forth by the Qatar Financial Markets Authority or the Qatar Central Bank, and with all relevant rules and regulations set out in the Qatar Financial Markets Authority’s rule book, including third party branded investment research distribution of securities that are admitted for trading on a Qatari securities exchange (Admitted Securities).

For residents of Russia: Factual Reports on financial instruments designated for “qualified investors”,  as defined in the Securities market law of the Russian Federation dated 22 April 1996, as amended, are only intended to be used by qualified investors.

For residents of Singapore: Recipients of the Research reports in Singapore should contact MHFSPL in respect to any matters arising from, or in connection with, the Research Reports and MHFSPL accepts all legal responsibility for the contents of the Research Reports. When reports are distributed by Intermediaries in Singapore, the Intermediary, and not S&P Investment Advisory Services, is solely responsible for ensuring that the recipients of the Research Reports understand the information contained in the Research Reports and that such information is suitable based on the customer’s profile and investment objectives. 

For residents of Slovak Republic: The Intermediary, and not S&P Investment Advisory Services, is solely responsible for complying with the rules related to the Slovak Securities Act (Act No. 566/2001 Coll., as amended), implementing Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC and its implementing directives, and Directive 2003/125/EC implementing Directive 2003/6/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest; and with the Slovak Act on Consumer Protection in Distance Financial Services Contracts (Act No. 266/2005 Coll., as amended). 

For residents of Spain: S&P Investment Advisory Services’ Factual Reports are considered to be marketing communications for purposes of Spanish law.

For residents of the United Arab Emirates (UAE): S&P Investment Advisory Services and its affiliates neither undertake banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank Board of Directors’ Resolution No. 164/8/94 regarding the regulations for investment companies nor provides financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis.

Factual Reports distributed by S&P Investment Advisory Services and its affiliates are not intended to amount to an offer of securities within the meaning of DIFC Law NO. 12 OF 2004 (the DIFC Markets Law) or the equivalent laws, rules and regulations made by the Central Bank of the UAE and their Emirates Securities and Commodities Authority. Neither the Dubai Financial Services Authority, the UAE Securities nor Commodities Authority of the Central Bank of the UAE has reviewed or verified any of the information provided in a Factual Report or through any service provided by S&P Investment Advisory Services or its affiliates, or has any responsibility for it.

If a recipient of a Factual Report does not understand any of the contents of the Factual Report, the recipient should contact a financial advisor. Users of extracts of investment Factual Reports should be aware that if they are distributed in the UAE by an Intermediary, the Intermediary is solely responsible for the distribution and content of the Factual Reports in the UAE. 

For residents of Venezuela:  Factual Reports can only be distributed in Venezuela by an investment advisor, duly licensed under Venezuelan law. The Distributor of the Factual Reports, and not S&P Investment Advisory Services, is solely responsible for complying with licensing requirements.