Research disclaimer

1. General information only

Everything on this site is published for education and general discussion. A report describes how a writer was thinking about a business at the moment it was written. It is produced for a general audience, with no knowledge of who is reading it.

2. Not investment advice

Nothing published by Leoside Equity is personalised financial, investment, legal, accounting or tax advice. Nothing here is an offer, a solicitation or an invitation to buy, sell or subscribe for any security or financial instrument, and nothing here is a recommendation that any security is suitable for you.

Suitability depends on your income, your obligations, your existing holdings, your tax position, your time horizon and how much loss you can absorb. We know none of that. Before you act, speak to a licensed financial adviser who does.

3. We are not registered anywhere

Leoside Equity is not registered as a research analyst, investment adviser, portfolio manager, broker or dealer with the Securities and Exchange Board of India, the United States Securities and Exchange Commission, the Financial Industry Regulatory Authority, the United Kingdom Financial Conduct Authority, or any other regulator in any country. We hold no licence of any kind. Do not treat our work as though it carried the protections that regulated research carries.

4. What a valuation stance means

Each report carries a valuation stance of Undervalued, Fairly valued or Overvalued, alongside a fair value band and a projected horizon. These describe how the market price on the date of writing compares with our own estimate of worth. They are observations about price. They are not instructions, they are not forecasts, and they are not recommendations to transact.

The same applies when the subject is not a single company. A report on the direction of an index, on the macroeconomic picture behind it, or on the outlook for an entire sector is commentary of exactly the same kind and carries exactly the same limits. Views about where a market or a sector may go are opinions about a great many businesses at once, which makes them broader rather than safer. Nothing in a market or sector report should be read as a prediction, a signal to act, or a suggestion that any particular holding is suitable for you.

Please read them literally rather than as trading signals:

• Undervalued means the price sits below our estimate of intrinsic value. It does not mean buy.
• Overvalued means the price sits above it. It does not mean sell, and it does not mean the company is a poor business.
• Fairly valued means the two are close. It does not mean hold, and it does not mean nothing will happen.
• A fair value band is a range produced by a model from assumptions that may prove wrong. It is an estimate of worth, not a price target and not a prediction of where the price will go.
• A projected horizon states the period our assumptions were framed around. It carries no implication about when, or whether, any price will move.

None of these takes account of your circumstances, and none of them constitutes advice. Whether a security suits you depends on your own position, and that is a question for you and a licensed professional. A stance reflects a view held on the date of publication, may change without notice, and we are under no obligation to update, revisit or withdraw it. Always check the publication date before reading a report as though it described the present.

5. Sources and accuracy

Our notes draw on annual reports, quarterly results, regulatory filings, investor presentations, earnings call transcripts, company websites and publicly available market data. We believe these sources to be reliable, but we do not audit them and we do not independently verify every figure. Errors, omissions and misinterpretations are possible. No representation or warranty is given, express or implied, as to the accuracy, completeness or currency of anything published here.

6. Forward looking statements

Our notes contain forward looking statements. Words like expect, believe, estimate, project, should, could, likely and similar expressions signal them. These statements involve known and unknown risks and rest on assumptions about the future. Actual outcomes may differ materially, and often will. No forward looking statement here should be read as a guarantee.

7. Positions and conflicts of interest

The people who write for Leoside Equity may hold positions in the securities discussed, may buy or sell them at any time, and may do so before, during or after a report is published. A report may or may not carry a disclosure to that effect, and no conclusion should be drawn either way from the presence or the absence of one. Nothing in this section creates an obligation to disclose any holding, at any time, in any report.

We do not accept payment, sponsorship, shares, options or any other consideration from a company in exchange for coverage, and we do not accept payment to reach a particular conclusion. Even so, you should assume a conflict of interest is possible in every case and weigh each argument on its own merits rather than on who made it.

8. Past performance

Past performance of any security, index, strategy or opinion published here is not a reliable indicator of future results. A note that turned out well tells you nothing dependable about the next one. Selective presentation of past calls is one of the oldest tricks in this industry and we would rather you did not rely on ours.

9. Risk warning

Investing in equities involves risk, including the risk of losing the entire amount invested. Share prices go down as well as up. Currency movements can add to or subtract from returns on foreign holdings. Smaller companies can be harder to sell than larger ones, sometimes at any price. Leverage magnifies losses as well as gains. Companies fail, sectors go out of favour, regulations change, and markets can stay irrational far longer than most people can stay solvent.

Never invest money you cannot afford to lose, and never invest on the strength of a single article, including one of ours.

10. Third party content

Our notes link to and quote from outside sources. We do not control that material, we do not endorse it, and we are not responsible for its accuracy or for what happens on any site we link to. Any views expressed in third party material are those of the people who wrote it.

11. Where you are reading from

This site is published from India and is intended for readers who may lawfully receive general market commentary where they live. Nothing here is directed at any person in any jurisdiction where publishing or accessing it would breach local law or would require registration we do not hold. If that describes your situation, please do not use the site.

Securities mentioned may not be registered or available for sale in your jurisdiction, and tax treatment varies from country to country and from person to person.

12. Corrections

When we get something factually wrong we correct it at the top of the note with the date and a short description of what changed. We do not edit errors out silently. If you spot one, please write in.

13. Your responsibility

Every decision you make about your money is yours. By reading this site you accept that you are responsible for your own research and your own outcomes, and that Leoside Equity, along with anyone who writes for it, accepts no liability for any loss arising from anything published here. The limits on liability set out in our terms of service apply in full to this page.