Disclaimer

TERMS AND CONDITIONS OF ACCESS (Last Updated : 1 March 2018)

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY.

A reference to this "website" includes but is not limited to the information, data, reports, text, images, links, sounds, graphics and video sequences displayed herein and a reference to "electronic services" is to the electronic services provided at or in connection with this website.

BY ACCESSING THIS WEBSITE AND/OR USING THE ELECTRONIC SERVICES, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS. IF YOU DO NOT ACCEPT ANY OF THESE TERMS OF CONDITIONS, YOU MUST IMMEDIATELY DISCONTINUE YOUR ACCESS OF THIS WEBSITE AND/OR USE OF THE ELECTRONIC SERVICES. DBS VICKERS SECURITIES (THAILAND) COMPANY LIMITED ["DBS VICKERS"] AND/OR ITS HOLDING COMPANY AND/OR THEIR RESPECTIVE SUBSIDIARIES AND RELATED CORPORATIONS [INDIVIDUALLY AND COLLECTIVELY, THE "DBS GROUP"] PROVIDE THE WEBSITE, THE ELECTRONIC SERVICES AND CONTENTS HEREIN ON AN 'AS IS' AND 'AS AVAILABLE' BASIS. MEMBERS OF THE DBS GROUP, ITS DIRECTORS, EMPLOYEES, AGENTS, ASSOCIATES AND AFFILIATES [COLLECTIVELY THE "DBS MEMBERS"] MAKE NO REPRESENTATIONS, ENDORSEMENTS OR WARRANTIES OF ANY KIND WHATSOEVER ABOUT THIS WEBSITE, THE ELECTRONIC SERVICES AND/OR THE INFORMATION, DATA AND CONTENTS ON THIS WEBSITE, INCLUDING ADVERTISEMENTS SUPPLIED BY THE RESPECTIVE ADVERTISERS AND THEIR CREDITWORTHINESS.

Personal Consumption

Accordingly, in particular, the services and contents provided by any member of the DBS Group through this website and/or the electronic services are for your personal consumption only, and not for purposes of any other types of dealings, including commercial or business dealings and dealings with other parties in any jurisdiction. The services, information, data or content have NOT been customised for any specific person or any particular class of persons.

Disclaimer

Just for the avoidance of doubt, it is hereby stated that the DBS Members assume no responsibility for or make any representations, endorsements or warranties (express or implied) of any kind whatsoever with respect to, the accuracy, timeliness or completeness of the stock quotes, stock charts, forward-looking statements, opinions, trade notification alerts, recommendations, analyses and any other form of investor and/or financial information available through this website and/or the electronic services, whether provided by the DBS Members, any content providers or by third parties [the "Financial Information"]. Any Financial Information available through this website and/or the electronic services are not indicative of future performance. The Financial Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Financial Information made available through this website and/or electronic services is based on information obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, timeliness or correctness for any particular purpose. The Financial Information is published for your general information only and is not to be taken in substitution for the exercise of your judgement, and you should obtain separate legal or financial advice.

Additionally, the DBS Members (some of which may have substantial shareholdings in DBS Vickers) and content providers of this website and/or the electronic services may have interests, now or in the future, in the companies or financial instruments mentioned via this website and/or the electronic services. In no circumstance should any Financial Information, service, information, data or content on this website constitute or be construed as investment advice or service, solicitation or offer by the DBS Members to buy, sell, give, take, issue, allot, transfer or otherwise deal with shares, stocks, bonds, notes, interests, units trusts, mutual funds, investments, loans, advances, credits, deposits or other financial instruments of any company or institution, in any jurisdiction, now known or later created.

Disclaimer

DBS Vickers Securities (Singapore) Pte Ltd and/or its affiliates and related corporations (individually and collectively "DBSV") may provide you with valuation statements and/or other information from time to time of all outstanding transactions and products entered into by you with DBSV. By receiving this statement, you acknowledge that in consideration of DBSV providing this statement to you, you agree to the following terms and conditions:

  1. This statement and any and all of its valuation and content (collectively, the "Statement") are provides solely for your information and should be treated as proprietary and confidential and you should not rely on it for any other purposes. If the Statement is sent to you via electronic means, DBSV will not be responsible for any corruption or alteration of the data or any risks related to the electronic communication during its transmission to you.
  2. The Statement is not intended to imply that an actual trading market exists for the transaction or product concerned or that it is appropriate to assume (for accounting or other purpose) that such a trading market exists, and any assumptions used for the valuations are subject to change without notice. Actual trade prices (if any) for entering into new transactions or products or for terminating or assigning existing transactions or products may vary significantly from the valuations provided in the Statement as a result of various factors, which may include (but are not limited to) prevailing credit spreads, market liquidity, position size, transaction and costs, hedging costs and risks and use of capital and profit.
  3. The Statement may be based on different dates and times and the valuations (including market data used in deriving such valuations) may be as of an earlier date and/or time that market closing prices as of the Statement' s date as provided by the relevant exchanges for exchange-traded products, the last available prices obtained from appropriate financial information vendors, market-makers for over-the-counter products or on such other bases as DBSV deems appropriate. For structured products and mutual funds, the prices used may be based on the latest available prices as provided by the fund manager or product issuers or on such other bases as DBSV deems appropriate.
  4. You acknowledge that DBSV has not advised you as to the appropriateness of any particular use of the Statement (in particular the valuation and/or information in the Statement), including in connection with internal financial accounting determinations or in satisfaction of reporting obligations. You should consult your own auditors and such other advisers you deem appropriate as to whether the Statement may be useful to you in connection with the preparation of your financial statements (and, in particular, whether and to what extent the valuations and/or information in the Statement may be treated as being indicative of prices at which trades could be executed) of for any other purpose.
  5. The Statement has been prepared by DBSV in good faith. DBSV does not guarantee their completeness or accuracy or timeliness and expressly disclaimers any responsibility for (I) estimates or assumptions used in deriving the valuations, (ii) any errors or omission in computing or disseminating the valuations, and (iii) any uses to which the valuations may be put. DBSV does not undertake to correct any valuations provided or to notify you of any correction. DBSV does not accept any liability for any loss or damage (whether direct, indirect, consequential or otherwise) arising from any use of the Statement or otherwise arising in connection herewith or under any legal theory.
  6. You must check the completeness and accuracy of the Statement and inform DBS Group within fourteen (14) calendar days from the date of the Statement of any errors or discrepancies. Otherwise, the Statement shall be deemed complete and accurate and you shall not be entitled to object thereto. However, DBSV is entitled at any time to rectify any error on the Statement.
  7. DBSV may, in its sole and absolute discretion, at any time decline to provide statements to you any product(s), notwithstanding that it may have previously provided such statements to you for the same or similar product(s).

Privacy and Confidentiality Notice

The Statement is intended for the named recipient only. If you are not the intended recipient you must not copy, distribute or take any action upon them. If you have received the Statement in error, please notify us immediately.

Password

You are responsible for keeping confidential any password provided by DBS Vickers, do not share this information with any person. In case you consent any person to use your password, you shall be responsible for the use of password by such person to DBS Vickers in all respects. In addition, you agree that any acts resulting from the access of the website by using your password shall be considered as your own acts. Subject to the relevant regulations, DBS Vickers shall not be responsible for any use of password by an unauthorized person. In this regard, "password" shall mean personal code or digit specified for access of this website given by DBS Vickers.

Separate Contracts

However, other products and services, if any, supplied by the DBS Group through the electronic services under a separate contract for the supply of such products and services are warranted (if warranties exist) only under the express terms of such a contract and the DBS Members make no other representations, endorsements or warranties of any kind (express or implied) in relation to such products and services. In particular, if you are a client of DBS Vickers, the DBS Vickers Securities Trading Cash Account Agreement will also apply to your use of this website in full force and effect. In the event of any inconsistency between these terms and conditions and the DBS Vickers General Trading Agreement, the DBS Vickers General Trading Agreement shall prevail.

Intellectual Property

The DBS Group reserves all intellectual property rights to its services, software, information, data and contents provided through this website and/or the electronic services, including international copyright, trademark and service mark rights. The text, content, computerized programs, photographs, video, audio and graphics on this website are protected by copyrights, trademarks, service marks, international treaties and/or other proprietary rights and the laws of Thailand and other countries. All trademarks, service marks and logos used in this website are the property of the DBS Group and/or the respective third party proprietors identified in this website. No materials available on this website or through the electronic services, including text, graphics, code and/or software, may be reproduced, distributed, published, uploaded, posted, transmitted or hyperlinked in any manner and in any form without the express, prior written approval of the relevant member of the DBS Group and the respective copyright, trademark and service mark holders. You also may not, without the DBS Group's permission, insert a hyperlink to this website on any other website or "mirror" any material contained on this website on any other server. All other trademarks, trade name, service marks, product names and logos contained herein are used for the benefit of the respective owners and licensees, with no intention of trademark infringement and/or violation of any other rights.

Exclusion and Indemnity

And, in no event shall the DBS Members be liable to any party for any damages, claims, expenses or losses of any kind (whether direct, indirect, special, incidental, punitive, exemplary or consequential) arising from or in connection with any (a) access, use or inability to access or use this website and/or the electronic services; (b) use of or reliance on the accuracy, availability, currency, title, non-infringement, quality, reliability, merchantability, fitness for a particular purpose, suitability and completeness of the services, information, security, data and contents; or (c) any system, server or connection failure, error, omission, interruption, delay in transmission, computer virus or other malicious, destructive or corrupting code, agent program or macros, even if the DBS Members have been advised of the possibility of such damages, claims, expenses or losses. You hereby agree to indemnify and save the DBS Members harmless against all damages, losses, expenses and costs (including legal costs) suffered or incurred by the DBS Members in connection with or arising from any access of this website and/or use of the electronic services and/or the information, data and contents made available through the website and/or the electronic services. The DBS Members shall also not be liable for any loss resulting from a cause over which they do not have control, including without limitation, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, unauthorized access, failure of public transportation, common carrier communication or utility systems, data or other theft (including the theft of passwords, codes or log-in sequences) and operator errors.

Hyperlinks

The website contains links to sites owned or operated by third parties. Please note that hyperlinks from this website to linked sites are provided for your convenience. These link sites are not under the control of DBS Vickers. DBS Vickers has not reviewed, approved and is not responsible for the clients or any of the information of any linked website or any linked contained in a link website or any changes or updates to such sites including, without limitation the accuracy, subject matter, quality or timeliness of any content. The inclusion of any link does not imply endorsement by DBS Vickers of the linked sites and DBS Vickers is not liable for any loss or damage incurred or suffered by you or any third party arising out of, in connection with or as a result of this linkage. You agree that your access to and/or use of such linked websites is entirely at your own risk and subject to the terms and conditions of access and/or use contained therein.

Privacy

Registration data and certain other information about you and/or other users of this website is subject to our privacy policy.

General

Notwithstanding the above, the DBS Group reserves the right to make changes and corrections, at any time and without notice, to the website or any part thereof, the electronic services, the Financial Information, including changes and corrections to this agreement. Further, the DBS Group may from time to time without giving any reason or prior notice, upgrade, suspend, discontinue the provision of or remove, whether in whole or in part, this website and/or the electronic services and shall not be liable if any such upgrade, modification, suspension or alteration to this website and/or the electronic services prevents you from accessing this website and/or the electronic services or any part or feature thereof. Note that this agreement shall be subject to, governed by and construed in accordance with the laws to Thailand, and any claims or disputes of whatever nature shall be subject to the non-exclusive jurisdiction of the courts of Thailand.

Research provided on this site by DBS Vickers

Certain Financial Information made available through this website and/or electronic services is published by DBS Members. DBS Members accept no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the Financial Information (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if DBS Members has been advised of the possibility thereof. The Financial Information published by DBS Members is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and has been made available through this website and/or electronic services based on information obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, timeliness or correctness for any particular purpose. The Financial Information published by DBS Members is published for your general information only and is not to be taken in substitution for the exercise of your judgment, and you should obtain separate legal or financial advice. Opinions expressed by DBS Members are subject to change without notice. Any recommendation contained within any Financial Information published by DBS Members does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. DBS Members and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned in the Financial Information and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies.

GENERAL DISCLOSURE/DISCLAIMER

This document is published by DBS Vickers Securities (Thailand) Co., Ltd. ("DBSVT"), a direct wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). [This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of DBSVT.]

The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. DBSVT accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS"), DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies.

DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

ANALYST CERTIFICATION

The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As on the reported date, the analyst and his / her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report ("interest" includes direct or indirect ownership of securities, directorships and trustee positions).

COMPANY-SPECIFIC / REGULATORY DISCLOSURES
  1. Except for being disclosed in this report, DBS Vickers Securities (Thailand) Co., Ltd. and its subsidiaries do not have a proprietary position in the mentioned company as on the reported date.
  2. Except for being disclosed in this report, DBSVT, DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, may beneficially own a total of 1% or more of any class of common equity securities of the mentioned company as on the reported date.
  3. Compensation for investment banking services:
    1. DBSVT, DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA may have received compensation, within the past 12 months, and within the next 3 months receive or intends to seek compensation for investment banking services from the mentioned company.
    2. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.
RESTRICTIONS ON DISTRIBUTION
General This 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.
Australia This report is being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement to hold an Australian financial services license under the Corporation Act 2001 ("CA") in respect of financial services provided to the recipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore ["MAS"] under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for "wholesale investors" within the meaning of the CA.
Hong Kong This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission.
Singapore This report is being distributed in Singapore by DBSVR, which holds a Financial Adviser's license and is regulated by the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn. No. 198600294G), which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any research report produced by a foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any distribution of research reports published by a foreign-related corporation of DBSVR/DBSVS to "Accredited Investors" is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First Schedule to the FAA.
United Kingdom This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients.
Dubai/United Arab Emirates This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box 506538, 3rd Floor, Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who meet the DFSA regulatory criteria to be a Professional Client. It should not be relied upon by or distributed to Retail Clients. DBS Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority.
United States Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations.
Other jurisdictions In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
Violations

DBS Vickers reserves the right to seek all remedies available at law for violations of the provisions contained herein, including the right to block access from a particular Internet address to our website..

DBS Vickers is authorised to record all communications in respect of electronic services through this web site. All recordings may be made available to the DBS Members or advisers, the applicable authorities and may be used as evidence in any proceedings