Credit Suisse Disclaimer

Disclaimer

This report represents the views of the Investment Strategy Department of CS and has not been prepared in accordance with the legal requirements designed to promote the independence of investment research. It is not a product of the Credit Suisse Research Department even if it references published research recommendations. CS has policies in place to manage conflicts of interest including policies relating to dealing ahead of the dissemination of investment research. These policies do not apply to the views of Investment Strategists contained in this report. Please find further important information at the end of this material. Singapore: For accredited investors only. Hong Kong: For professional investors only. Australia: For wholesale clients only.

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Risk warning

Every investment involves risk, especially with regard to fluctuations in value and return. If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. 

For a discussion of the risks of investing in the securities mentioned in this document, please refer to the following Internet link: https://investment.credit-suisse.com/gr/riskdisclosure/

This document may include information on investments that involve special risks. You should seek the advice of your independent financial advisor prior to taking any investment decisions based on this document or for any necessary explanation of its contents. Further information is also available in the information brochure “Special Risks in Securities Trading” available from the Swiss Bankers Association. 

Past performance is not an indicator of future performance. Performance can be affected by commissions, fees or other charges as well as exchange rate fluctuations. 

Financial market risks 

Historical returns and financial market scenarios are no reliable indicators of future performance. The price and value of investments mentioned and any income that might accrue could fall or rise or fluctuate. Past performance is not a guide to future performance. If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. You should consult with such advisor(s) as you consider necessary to assist you in making these determinations. 

Investments may have no public market or only a restricted secondary market. Where a secondary market exists, it is not possible to predict the price at which investments will trade in the market or whether such market will be liquid or illiquid. 

Emerging markets 

Where this document relates to emerging markets, you should be aware that there are uncertainties and risks associated with investments and transactions in various types of investments of, or related or linked to, issuers and obligors incorporated, based or principally engaged in business in emerging markets countries. Investments related to emerging markets countries may be considered speculative, and their prices will be much more volatile than those in the more developed countries of the world. Investments in emerging markets investments should be made only by sophisticated investors or experienced professionals who have independent knowledge of the relevant markets, are able to consider and weigh the various risks presented by such investments, and have the financial resources necessary to bear the substantial risk of loss of investment in such investments. It is your responsibility to manage the risks which arise as a result of investing in emerging markets investments and the allocation of assets in your portfolio. You should seek advice from your own advisers with regard to the various risks and factors to be considered when investing in an emerging markets investment. 

Alternative investments 

Hedge funds are not subject to the numerous investor protection regulations that apply to regulated authorized collective investments and hedge fund managers are largely unregulated. Hedge funds are not limited to any particular investment discipline or trading strategy, and seek to profit in all kinds of markets by using leverage, derivatives, and complex speculative investment strategies that may increase the risk of investment loss. 

Commodity transactions carry a high degree of risk, including the loss of the entire investment, and may not be suitable for many private investors. The performance of such investments depends on unpredictable factors such as natural catastrophes, climate influences, hauling capacities, political unrest, seasonal fluctuations and strong influences of rolling-forward, particularly in futures and indices.

Investors in real estate are exposed to liquidity, foreign currency and other risks, including cyclical risk, rental and local market risk as well as environmental risk, and changes to the legal situation. 

Private Equity

Private Equity (hereafter “PE”) means private equity capital investment in companies that are not traded publicly (i.e. are not listed on a stock exchange), they are complex, usually illiquid and long-lasting. Investments in a PE fund generally involve a significant degree of financial and/or business risk. Investments in private equity funds are not principal-protected nor guaranteed. Investors will be required to meet capital calls of investments over an extended period of time. Failure to do so may traditionally result in the forfeiture of a portion or the entirety of the capital account, forego any future income or gains on investments made prior to such default and among other things, lose any rights to participate in future investments or forced to sell their investments at a very low price, much lower than secondary market valuations. Companies or funds may be highly leveraged and therefore may be more sensitive to adverse business and/or financial developments or economic factors. Such investments may face intense competition, changing business or economic conditions or other developments that may adversely affect their performance. 

Interest rate and credit risks 

The retention of value of a bond is dependent on the creditworthiness of the Issuer and/or Guarantor (as applicable), which may change over the term of the bond. In the event of default by the Issuer and/or Guarantor of the bond, the bond or any income derived from it is not guaranteed and you may get back none of, or less than, what was originally invested.

Investment Strategy Department 

Investment Strategists are responsible for multi-asset class strategy formation and subsequent implementation in CS’s discretionary and advisory businesses. If shown, Model Portfolios are provided for illustrative purposes only. Your asset allocation, portfolio weightings and performance may look significantly different based on your particular circumstances and risk tolerance. Opinions and views of Investment Strategists may be different from those expressed by other Departments at CS. Investment Strategist views may change at any time without notice and with no obligation to update. CS is under no obligation to ensure that such updates are brought to your attention. 

From time to time, Investment Strategists may reference previously published Research articles, including recommendations and rating changes collated in the form of lists. The recommendations contained herein are extracts and/or references to previously published recommendations by Credit Suisse Research. For equities, this relates to the respective Company Note or Company Summary of the issuer. Recommendations for bonds can be found within the respective Research Alert (bonds) publication or Institutional Research Flash/Alert – Credit Update Switzerland. These items are available on request or from https://investment.credit-suisse.com. Disclosures are available from www.credit-suisse.com/disclosure.

Important Information

For all, except accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch: This material has been prepared by Credit Suisse AG (“Credit Suisse”) as general information only. This material is not and does not purport to provide substantive research or analysis and, accordingly, is not investment research or a research recommendation for regulatory purposes. It does not take into account the financial objectives, situation or needs of any person, which are necessary considerations before making any investment decision. The information provided is not intended to provide a sufficient basis on which to make an investment decision and is not a personal recommendation or investment advice. Credit Suisse makes no representation as to the suitability of the products or services specified in this material for any particular investor. It does not constitute an invitation or an offer to any person to subscribe for or purchase any of the products or services specified in this material or to participate in any other transactions. The only legally binding terms are to be found in the applicable product documentation or specific contracts and confirmations prepared by Credit Suisse. 

For accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch: This material has been prepared by Credit Suisse AG (“Credit Suisse”) as general information only. This material is not and does not purport to provide substantive research or analysis and, accordingly, is not investment research for regulatory purposes. It does not take into account the financial objectives, situation or needs of any person, which are necessary considerations before making any investment decision. Credit Suisse makes no representation as to the appropriateness of the products or services specified in this material for any particular investor. It does not constitute an invitation or an offer to any person to subscribe for or purchase any of the products or services specified in this material or to participate in any other transactions. The only legally binding terms are to be found in the applicable product documentation or specific contracts and confirmations prepared by Credit Suisse.

For all: 

In connection with the products specified in this material, Credit Suisse and/or its affiliates may:

  1. have had a previous role in arranging or providing financing to the subject entities;
  2. be a counterparty in any subsequent transaction in connection with the subject entities; or
  3. pay, or may have paid, or receive, or may have received, one-time or recurring remuneration from the entities specified in this material, as part of its/their compensation. These payments may be paid to or received from third parties.

Credit Suisse and/or its affiliates (including their respective officers, directors and employees) may be, or may have been, involved in other transactions with the subject entities specified in this material or other parties specified in this material which are not disclosed in this material. Credit Suisse, for itself and on behalf of each of its affiliates, reserves the right to, provide and continue to provide services, and deal and continue to deal with the subject entities of the products specified in this material or other parties in connection with any product specified in this material. Credit Suisse or its affiliates may also hold, or may be holding, trading positions in the share capital of any of the subject entities specified in this material.

For all, except accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch: A Credit Suisse affiliate may have acted upon the information and analysis contained in this material before being made available to the recipient. A Credit Suisse affiliate may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of any securities referred to herein, perform services or solicit business from such issuers, or have a position or effect transactions in the securities or options thereof. To the fullest extent permitted by law, Credit Suisse and its affiliates and each of their respective directors, employees and consultants do not accept any liability arising from an error or omission in this material or for any direct, indirect, incidental, specific or consequential loss and/or damage suffered by the recipient of this material or any other person from the use of or reliance on the information set out in this material. None of Credit Suisse or its affiliates (or their respective directors, officers, employees or advisers) makes any warranty or representation as to the accuracy, reliability and/or completeness of the information set out in this material. The information contained in this material has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated service. Observations and views contained in this material may be different from, or inconsistent with, the observations and views of Credit Suisse’s Research analysts, other divisions or the proprietary positions of Credit Suisse. Credit Suisse is under no obligation to update, notify or provide any additional information to any person if Credit Suisse becomes aware of any inaccuracy, incompleteness or change in the information contained in the material. To the extent that this material contains statements about future performance, such statements are forward looking and subject to a number of risks and uncertainties. Past performance is not a reliable indicator of future performance. 

For accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch: A Credit Suisse affiliate may have acted upon the information and analysis contained in this material before being made available to the recipient. A Credit Suisse affiliate may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of any securities referred to herein, perform services or solicit business from such issuers, or have a position or effect transactions in the securities or options thereof. To the fullest extent permitted by law, Credit Suisse and its affiliates and each of their respective directors, employees and consultants do not accept any liability arising from an error or omission in this material or for any direct, indirect, incidental, specific or consequential loss and/or damage suffered by the recipient of this material or any other person from the use of or reliance on the information set out in this material. None of Credit Suisse or its affiliates (or their respective directors, officers, employees or advisers) makes any warranty or representation as to the accuracy, reliability and/or completeness of the information set out in this material. The information contained in this material has been provided as a general market commentary only and does not constitute any form of legal, tax or other regulated service. Observations and views contained in this material may be different from, or inconsistent with, the observations and views of Credit Suisse’s Research analysts, other divisions or the proprietary positions of Credit Suisse. Credit Suisse is under no obligation to update, notify or provide any additional information to any person if Credit Suisse becomes aware of any inaccuracy, incompleteness or change in the information contained in the material. To the extent that this material contains statements about future performance, such statements are forward looking and subject to a number of risks and uncertainties. Past performance is not a reliable indicator of future performance.

For all:

This material is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or is located in, any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation, or which would subject Credit Suisse and/or its subsidiaries or affiliates to any registration or licensing requirement within such jurisdiction. Materials have been furnished to the recipient and should not be re-distributed without the express prior written consent of Credit Suisse. For further information, please contact your Relationship Manager.

To the extent that this material contains an appendix comprising research reports, the following additional notice applies to such appendix.

Distribution Information 

 

AUSTRALIA 

This material is distributed in Australia by Credit Suisse AG, Sydney Branch solely for information purposes only to persons who are “wholesale clients” (as defined by section 761G(7) of the Corporations Act). Credit Suisse AG, Sydney Branch does not guarantee the performance of, nor make any assurances with respect to the performance of any financial product referred herein.

In Australia, Credit Suisse Group entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.) and their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of the obligations of such Credit Suisse entities or the funds. 

HONG KONG 

This material is distributed in Hong Kong by Credit Suisse AG, Hong Kong Branch, an Authorized Institution regulated by the Hong Kong Monetary Authority and a Registered Institution regulated by the Securities and Futures Commission, and was prepared in compliance with section 16 of the “Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission”.

The contents of this material have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to any offer. If you are in any doubt about any of the contents of this material, you should obtain independent professional advice.

No one may have issued or had in its possession for the purposes of issue, or issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or material relating to this product, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than where this product is or is intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made thereunder.

SINGAPORE

This material is distributed in Singapore by Credit Suisse AG, Singapore Branch, which is licensed by the Monetary Authority of Singapore under the Banking Act (Cap. 19) to carry on banking business.

This material has been prepared and issued for distribution in Singapore to institutional investors, accredited investors and expert investors (each as defined under the Financial Advisers Regulations (the “FAR”)) only. By virtue of your status as an institutional investor, accredited investor or expert investor, Credit Suisse AG, Singapore Branch is exempted from complying with certain compliance requirements under the Financial Advisers Act, Chapter 110 of Singapore (the “FAA”), the FAR and the relevant Notices and Guidelines issued thereunder, in respect of any financial advisory service which Credit Suisse AG, Singapore branch may provide to you. These include exemptions from complying with:

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Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from, or in connection with, this material including the Appendix, where applicable.

THAILAND

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The contents of this material have not been approved by the Thai SEC or any other authorities in Thailand. This material has been prepared and issued for distribution in Thailand to “institutional investors”, “ultra-high net worth investors” and “high net worth investors” pursuant to the Notification of the Thai SEC No. KorChor. 4/2560 (2017) Re: Determination of Definitions of Institutional, Ultra High Net Worth Investors and High Net Worth Investors in conjunction with the Notification of the Capital Market Supervisory Board No. TorThor. 1/2560 (2017) Re: Providing Services to Clients for Investment in Capital Market Products Denominated in Foreign Currency only.

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