Analysis & News - Alpha Equities and Futures Limited, full-service broker located in Melbourne, Australia

Oil Report | Futures Desk

Thu, 09 Dec 2010 00:00:00 -1000

Oil is a fungible global commodity, the price of oil is the same all over the world and it is always priced in US dollars.

This means that a fall in the dollar relative to other currencies would result in the oil price going up relative to the dollar. In order to understand the price of oil, one must keep an eye on what the US is doing, what happens with regards to the US economy has real and visible effects on the price of oil.

The Wall Street Journal reports, “The Federal Reserve on Wednesday set the stage for falling yields on bonds of just about every stripe, providing fuel for a weaker dollar and higher stock and commodities prices”.

This has already affected the price of commodities such as cotton, coffee and copper all of which are at Year to Date Highs and through our analysis we believe Oil is soon to follow.

Strategy Commentary

In a monthly oil report released this month, OPEC has forecast world oil demand to grow by 1m bbl/day to 86.4m bbl/day in 2011. The report further said that the demand growth would be fuelled by non-OECD countries like China, India, Latin America and the Middle-East. "On the product side, demand for industrial fuels will be strong as a result of the ongoing economic recovery. Demand for transportation fuels is also forecast to increase," it added

The world's oil demand growth this month has been kept at 900,000 bbl/day, the same as last month. OPEC predicts that OECD region will not see any growth this year, mainly due to declining demand in Europe. "In 2011, non-OPEC oil supply is expected to grow by 300,000 bbl/day. Brazil, Canada, Azerbaijan, Colombia, and Kazakhstan are forecast to be the main contributors, while Mexico, UK, and Norway are foreseen to experience the largest declines," OPEC said. So, the demand for OPEC crude this year has been pegged at 28.7m bbl/day, which is about 100,000 bbl/day lower than the previous month's estimates. Compared to last year the estimate is lesser by 300,000 bbl/day.

Most investors are somewhere between depression about the economic downturn and acceptance of it. It seems as though a lot of cash is on the sidelines and as investors see no return with regard to these safe haven investments such as bonds a turn to riskier assets such as commodities may be the direction going forward. The $600 billion injection from the Fed will drive down these interest rates and force them to seek gains elsewhere. The new Congress will keep the US economy ticking over, and not put costly road blocks in the way of economic development. A lot of this uninvested money seems to be diverted towards Gold and Oil.

Strategy Recommendations

MARCH/11 Crude Oil CALL Spread:

BUY 1 x MARCH/11 Crude Oil 100 CALL @ Spread (settled @ 1.17)

SELL 1 x MARCH/11 Crude Oil 105 CALL @ Spread (settled @ 0.52) = Total Spread pts: 0.65 (1 Pt = $1,000 USD) Therefore $650 USD

Net Premium Paid: 1 x 0.65 = 0.65 pts (as of settlement prices) [$650 USD]

Margin: $5,000USD for 1 lot

Margin: $10,000USD for 2 lots

Risk Profile: Expected Max. Loss exposure [single lot]: $650 USD (1 Contract)

Risk Profile: Expected Max. Loss exposure [2 lots]: $1,300 USD (2 contracts)

Profit Potential [single lot]: $5,000 USD (Minus Amount paid to buy spread i.e. $650 = $4,350)

Profit Potential [2 lots]: $10,000 USD (Minus Amount paid to buy spread i.e. $1,300 = $8,700)

Exchange-rate: AUD/USD – 0.9868 (09/12/10 – 4:01 pm)

* Chart US Dollar Index Source: eBridge Trader

* Chart Oil Source: eBridge Trader

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These recommendations are current as at the date of issue. Past performance is no guarantee or reliable indication of future results. Trading in derivatives may involve a high degree of risk and significant loss, and is appropriate only for persons who can assume risk of loss in excess of funds deposited. This recommendation is of the nature of general information only and must not in any way be construed or relied upon as legal, financial or professional advice. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of any investment for your circumstances. Although the information in this recommendation has been obtained from sources considered and believed to be both reliable and accurate no responsibility is accepted for any opinion expressed or for any error or omission that may have occurred herein Alpha Equities and Futures Limited AFSL 327075 | ABN 76 131 376 415. Alpha Equities & Futures Pty Ltd AFSL: 327075 ABN: 76 131 376 415AFSL 327075 Alpha Equities and Futures Limited AFSL 327075 | ABN 76 131 376 415 Alpha Equities and Futures Limited AFSL 327075 | ABN 76 131 3

IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

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Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This information might contain unsolicited general information only, without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you must consider the appropriateness of the information in this document, having regard to your objectives, financial situation and needs and consult your adviser. Alpha is not aware that any recipient intends to rely on this publication and Alpha is not aware of the manner in which a recipient intends to use it.

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Nexus Energy - Update

Mon, 29 Nov 2010 00:00:00 -1000

Small set back for the shareprice. Back at placement price, (remember they issued 32m shares at $0.44 at the start of the month)

I reckon all the punters hoping for a better deal with Shell are scrambling for the door driving the price lower in the short term.

Macquarie downgrade hasn’t helped either.

Medium term players would be buyers down here as the long term story is still intact.

I’ve found a broker/analyst’s note from Macquarie which highlights the points above.

MD Richard Cottee has an exemplary record of adding shareholder value. I reckon hold through the weakness for a recovery.

Give me a ring to discuss. 03 8662 4015

* Chart Source: iRess Pty Ltd

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IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

Nexus Energy

Wed, 10 Nov 2010 00:00:00 -1000

Some of us are (admittedly) already long this stock. The break through 40c in early September alerted me to the stock.

But the breakup of the recent consolidation is again another buy signal.

There is a lot in the pipeline for this company in the near term.

Oil price is rising $88
Possible negotiation with Shell about the Crux licence.
Recent placement of 32m shares at 44c well received. ($14m extra in the kitty)
Rising trend (your friend)
Break of ascending triangle gives buy signal.

Long Stock – buy stock with a target price 57 – 58c.

Give me a ring to discuss. 03 8662 4015

* Chart Source: iRess Pty Ltd

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IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

Cockatoo Coal

Thu, 21 Oct 2010 00:00:00 -1000

Initial targets set up around 62c, would likely run stops up above depending on price action, ie. Slow grind up or sharp move higher.

Stops down btw 48c and 50c. Money management is half the battle.

Please ring to discuss if any interest.

* Chart Source: Iress Pty Ltd

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Important Notice

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This information might contain unsolicited general information only, without regard to any investor’s individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you must consider the appropriateness of the information in this document, having regard to your objectives, financial situation and needs and consult your adviser. Alpha is not aware that any recipient intends to rely on this publication and Alpha is not aware of the manner in which a recipient intends to use it.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

BHP Trade Update

Wed, 13 Oct 2010 00:00:00 -1000

Trading target has been reached. We suggest traders take a profit.
Yesterday’s rejection is reminiscent of the August rally.
Recent strength has been abating (see volumes)
Stock could see a period of consolidation around here.

* Chart Source: Iress Pty Ltd

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Important Notice

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This information might contain unsolicited general information only, without regard to any investor’s individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you must consider the appropriateness of the information in this document, having regard to your objectives, financial situation and needs and consult your adviser. Alpha is not aware that any recipient intends to rely on this publication and Alpha is not aware of the manner in which a recipient intends to use it.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

DAX Options Strategy - Update

Tue, 12 Oct 2010 00:00:00 -1000

A slight bounce to the upside for Germanys DAX 30 on the back of good reports released end of last week.

Germany’s second-biggest steelmaker posted higher revenue in the third quarter after raising prices for steel products.

The measure rallied 1.3 percent last week as investors speculated that the U.S. Federal Reserve and other central banks will step in to provide more stimulus for the ailing global recovery. The broader HDAX Index gained 0.4 percent today.

Index Value:	6,309.51
Change:	17.84 (0.28%)
Prev Close:	6,291.67
Open:	6,308.43
Day's Range:	6,289.36 - 6,325.31
52wk Range:	5,312.64 - 6,386.97

* Chart Source: eSignal Pty Ltd

Room to move

Strike prices are a fair way from the current sideways trading market out to March with very solid hedges in December. Taking advantage of solid premiums in March whilst allowing December hedges to withstand major movements against our positions. Current indicators i.e.) moving averages have been recently churning through a sideways motion and are currently pointing upwards but with the continual churning of this indicator this sideways movement means a break either up or down is imminent. To take advantage of this we will have both sides of the market covered with a Strangle.

Strangle

An options strategy where the investor holds a position in both a call and put. This is a good strategy as the PUTs and CALLs are way out of harms way and it seems as though the market will continue to trend sideways at least for the short term.

Break

This as can be noted on the monthly chart we believe is a key level whereby the DAX30 if breaking this level of resistance will indicate a move to a ‘booming’ market, alternatively if the level of support is broken we may see some heavy profit taking occurring. The range of 5430 – 6329 allowing some good support/resistance levels and as noted the strike prices that have been taken for the strangle are a fair way away from both of these.

OUR SUGGESTION

1. SELL MARCH/11 DAX CALENDER CALL Spread:

SELL 5 x MARCH/11 DAX 7000 CALLS @ Spread (settled @ 86.3)

BUY 5 x DEC /10 DAX 7000 CALLS @ Spread (settled @ 15.3) = Total Spread pts: 71 (5 lots 355 pts)

Net Premium received: EUR 5 x 71 = EUR 355 (as of settlement prices)

(excluding brokerage costs)

Margin: $10,000AUD for 5 lots

Risk Profile: Expected Max. Loss exposure: approx. 500 EUR / 1 contract

Profit Potential [single lot]: EUR 355 / 0.71 = AUD 500 (1 lot) (Maximum at expiry)

2. SELL MARCH /11 DAX CALENDER PUT Spread

SELL 5 x MARCH/11 DAX 5200 PUTS @ Spread (settled @ 74.7)

BUY 5 x DEC /10 DAX 5200 PUTS @ Spread (settled @ 15.2) = Total Spread pts: 59.5 (5 lots 297.5 pts)

Net Premium received: EUR 5 x 59.5 = EUR 297.5 (as of settlement prices)

(excluding brokerage costs)

Margin: $10,000AUD for 5 lots

Risk Profile: Expected Max. Loss exposure: approx. 500 EUR / 1 contract

Profit Potential [single lot]: EUR 297.5 / 0.71 = AUD 419.01 (1 lot) (Maximum at expiry)

Profit Potential [5 lots]: EUR 3,262.5 / 0.71 = AUD $4600 (5 lots) (Maximum at expiry)

Exchange-rate: AUD/EUR – 0.7056 (12/10/10 – 14:30)

DAX Closing Price @ 12/10/10

DAX Closing – 6309.51

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IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

ASX200 Commentary

Mon, 11 Oct 2010 00:00:00 -1000

A point of is that the market has run very hard recently (+8.5%) off the August low. Many of the big miners and midcaps have added substantially well above the benchmark index ASX200.

My issue is the last couple weeks seems too easy and whilst the fundamentals for our economy seem sound there is always something that comes out of the blue to spoil the party. One measure of complacency (a lagging indicator at best) is the historical volatility. As can be seen from the chart below the market has had a dream run upwards (during peacetime – a rare occurrence indeed) AND is accompanied by a DROP in volatility to levels which are the result of smaller more steady daily moves. This can be worrying as it can give a false sense of security. I have been in the markets for over 10years and know that stocks go up the stairs and out the window.

I’m probably a little early on this call and it’s quite possible the index can keep going and not exhaust itself until 5000. All I’m reminding readers is that sell off’s can be quite rapid and often catch us snoozing (expressed through lower volatility).

* Chart Source: Iress Pty Ltd

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Important Notice

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This information might contain unsolicited general information only, without regard to any investor’s individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you must consider the appropriateness of the information in this document, having regard to your objectives, financial situation and needs and consult your adviser. Alpha is not aware that any recipient intends to rely on this publication and Alpha is not aware of the manner in which a recipient intends to use it.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

Worley Parsons

Wed, 06 Oct 2010 00:00:00 -1000

WorleyParsons Limited (WOR) is a provider of professional services to the energy, resource and infrastructure industries. WOR offers a range of services including feasibility studies, design, project services, upgrade services and maintenance services. WOR uses an alliance based approach to provide services for a significant proportion of the company's contracts.

BASIS : Technical Analysis

Bullish Symmetrical Triangle breakout
Strong price action today on good volume. I’d be careful about ploughing in 100% after such a strong move though
A big picture target of $27.00 is now set or 12.5% higher
Support around $22.50
A trader’s play.
One strategy is to enter half of normal position at current levels tipping in the rest on a successful retest of break out support
Please ring to discuss trade before executing.

* Chart Source: Iress Pty Ltd

GO BACK TO TRADE SUGGESTIONS PAGE

Important Notice

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This information might contain unsolicited general information only, without regard to any investor’s individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you must consider the appropriateness of the information in this document, having regard to your objectives, financial situation and needs and consult your adviser. Alpha is not aware that any recipient intends to rely on this publication and Alpha is not aware of the manner in which a recipient intends to use it.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

Gold Strategy

Tue, 05 Oct 2010 00:00:00 -1000

Gold futures came off a record high Monday as renewed signs of potential trouble in the European Union boosted the dollar, but bullion showed some residual strength to close only modestly lower.

Gold for December delivery (GCZ10 1,314, -2.60, -0.20%) retreated $1, or 0.1%, to $1,316.80 an ounce on the Comex division of the New York Mercantile Exchange.

The U.S. Dollar pegged against Gold, the dollar plunging is sending people into gold and silver, and in a large way. Talk of proceeding with quantitative easing, with the midterm elections in November in the US officials are likely to keep talking about it and that should provide a positive message for precious metals such as gold and silver at least for the next 40 days.

US Dollar Fuelling Gold

With the US dollar index continuing its decline a near term ease may me imminent, however mid to long term indicators point to a continual decline in the US Dollar. Gold seen as a safe haven will continue to rise inversely to the decline of the US Dollar index and as such provides great opportunity for a Bought Call Spread both in December and February to be implemented. Massive fiscal and monetary stimulus has weakened the dollar, whose current resurgence stem mainly from the European debt crisis. Once that crisis rears its head in the debt-burdened United States, the dollar's weakness as a currency will be evident to all, and its role as the world's reserve currency will be in jeopardy. Historically low U.S. interest rates, U.S. dollar weakness, and the longer-term inflationary pressures of the Federal Reserve throwing trillions of dollars at the U.S. economy make the environment favourable for gold and other tangible assets.

Supply

If the market doesn't like the money that's coming out of governments, they're going to move to other alternatives and the natural place they will move to is gold. There is an infinite amount of US currency that can be printed however there is only a limited Supply of Gold in the world.

Demand

The Federal Reserve has kept U.S. interest rates at virtually zero, with no sign of a hike on the horizon, thereby lowering the opportunity cost of buying gold. As the public loses faith in debased paper currencies, the ‘dash’ for gold will increase exponentially. Also fuelling demand are the world's central banks, which in a major trend reversal have now become net buyers of gold instead of sellers.

OUR SUGGESTION

LONG FEB/11 GOLD CALL Spread:

BUY 1 x FEB /11 GCG1 1350 CALLS @ Spread (settled @ 43.10)
SELL 1 x FEB /11 GCG1 1400 CALLS @ Spread (settled @ 27.80) = Total Spread pts: 15.3 (ie 1pt = $100US)

ð Max profit potential $5,000
ð Going out to February buying more time allowing more time to be priced into the option pricing

LONG DEC/10 GOLD CALL Spread:

BUY 1 x DEC /10 GCZ0 1350 CALLS @ Spread (settled @ 19)
SELL 1 x DEC /10 GCZ0 1400 CALLS @ Spread (settled @ 7.7) = Total Spread pts: 11.3 (ie 1pt = $100US)

ð Max profit potential $5,000
ð Shorter dated Call Spread using less premium yet less time.

ð Alternatively futures can be used on Gold (ie) GCZ9 [December Gold = 1pt is $100 USD] or [mini Gold where 1pt is $33.3 USD]

Exchange-rate: AUD/USD – 0.9670 (05/10/10 – 10:25 am)

Spot Gold Closing Price 1316.80 @ 04/10/10

* Chart Gold Source: eBridge Trader

* Chart USD Source: eBridge Trader

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IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.

DAX Options Strategy

Thu, 30 Sep 2010 00:00:00 -1000

European stock-index futures extended their decline as Spain had its credit rating reduced to Aa1 by Moody’s Investors Service. Futures on the Euro Stoxx 50 Index expiring in December slid 1% to 2,713 at 7:12 a.m. in London.

Banks were the main drag on blue-chip sentiment, shedding 1.3 %, as worries over the debt picture in Europe continued to have an impact, particularly concerns over the future for Irish banks. The problem at the moment is that there is no real major economic news for the markets to work with.

On that note the U.S. September non-farm payrolls, due on Oct. 8, should provide fresh direction along with GDP being reported tonight. The German DAX 30 closed down 29.17 points, or 0.46% per cent, at 6246.92 points

Strong in September

World markets were strong in September with the DAX posting a gain of about 5% and the Dow Jones Industrial Average posting an increase of 8.5%. Having had such a strong month and now entering the traditionally corrective month of October. We believe the DAX will be trading sideways to down.

Distance to strike

This being the case the new trade strike price being roughly 10% from the market out to March with a very solid hedge in December will utilize both a short dated Call and the premiums of a long dated call. Taking advantage of solid premiums in March whilst allowing December hedges to withstand major movements against our positions.

Current Data

Current indicators i.e.) moving averages have been recently churning through a sideways motion and are currently pointing upwards. With the end of the US financial year reporting GDP figures, allowing for a fresh direction to be taken on the markets as of the beginning of October 2010.

Why 7000 Calls?

This strike price we believe, is a key level, whereby the DAX30, breaking this level of resistance will indicate a move to a ‘booming’ market. This trade has been formulated taking a moderately bearish outlook on the market in the short term looking to hold such a trade for roughly 6 weeks but also allowing for extra positions to be added if required as further hedging to take full advantage of the current circumstances. The range of 5430 – 6329 allowing some good support/resistance levels.

OUR SUGGESTION

SHORT MARCH/11 DAX CALENDAR CALL Spread:

SELL 5 x MARCH/11 DAX 7000 CALLS @ Spread (settled @ 92)

BUY 5 x DEC /10 DAX 7000 CALLS @ Spread (settled @ 17) = Total Spread pts: 75 (5 lots 375 pts)

Net Premium received: EUR 5 x 75 = EUR 375 (as of settlement prices) (excluding brokerage costs)

Approx. Margin: $10,000AUD for 5 lots

Risk Profile: Expected Loss exposure: approx. 500 EUR / 1 contract

Profit Potential [single lot]: EUR 375 / 0.71 = AUD 528.17 (1 lot) (Maximum at expiry)

Profit Potential [5 lots]: EUR 1875 / 0.71 = AUD 2642 (1 lot) (Maximum at expiry)

Exchange-rate: AUD/EUR – 0.7118 (30/09/10 – 4:13 pm)

DAX Closing Price @ 29/09/10

Dec/10 FDAX – 6246.92

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IMPORTANT NOTICE

This publication has been prepared for on behalf of and issued by Alpha Equities & Futures Limited (ACN 131 376 415) (AFSL 327075) (referred to as Alpha). Alpha makes the statements in this Important Notice Section for itself and on behalf of each of its related bodies corporate and their respective officers, agents and employees from time to time (collectively, Alpha). This publication is provided only on the following basis. If you retain and use this publication, each member of Alpha relies on your acceptance on this basis.

Any opinions, forecasts or recommendations reflect the judgment and assumptions of Alpha on the basis of information as at the date of publication and may later change without notice.

All intellectual property rights in this report are, and at all times remain, the property of Alpha Equities & Futures Limited, unless otherwise attributed.