Weekly Markets

Perspectives

For important disclosures, refer to the Disclosure Section, located at the end of this report.

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Risk assets rebounded last week. Global stocks

markets had their best weekly gains in many

months, reflecting increased optimism after

president Obama expressed confidence on a fiscal

cliff agreement with Congress. However, the road

to a fiscal compromise is still expected to be

bumpy.

The Euro-zone stock markets had to face two

negative events: the downgrade of France and

further delay in the release of the loans to Greece.

Moody’s has downgraded France from Aaa to Aa1

(outlook remains Negative) due to a sustained loss

of competitiveness and the uncertain fiscal outlook.

The market reaction has been fairly modest.

The Eurogroup was unable to reach a consensus

last Tuesday on Greece. A new meeting will be held

today to decide in which conditions will be released

the next bailout tranche to Greece.

Weekly SummaryPortugal passed the sixth review of its

programme. The Troika said that downside risks

to growth were significant. Given this economic

backdrop, will Portugal be able to meet its fiscal

targets of 5% of GDP this year and 4.5% of GDP in

2013?

The EU Summit on a spending plan for the years

2014-2020 showed strong differences in opinion

and no agreement.

In China, the November HSBC “flash”

manufacturing PMI rose to a 13-month high. In

Europe, the November “flash” PMIs for France,

Germany and the euro area seem to point to a

Euro-zone contraction in Q4.

The Japanese election is scheduled for December

16th. The pronouncements of the LDP leader are

influencing the market as they are seen as the

policies of the future prime minister of Japan.

Portugal passes sixth review of its programme• The statement by the European Commission,

ECB, and IMF on the sixth review mission to

Portugal was published last week;

• Portugal has passed the 6th quarterly review of

its rescue programme. The country will receive

the next €2.5bn tranche of its loan. With this,

Portugal will have received 87% of its €78bn

rescue loan;

• The programme is considered to be broadly on

track;

• According to the statement, external and fiscal

adjustment continue to advance, and structural

reforms are proceeding;

• Rising unemployment weighs on households’

incomes, while the recession in the euro area is

beginning to bear on exports dynamics;

• The statement mentions that downside risks to

growth are significant. Real GDP in 2013 is

expected to decline by 1%, but should gradually

return to positive quarterly growth rates during

the year. Is this projection too optimistic?

• A expenditure review in underway by the

Portuguese government. Results will be discussed

during the seventh review (February 2013).

Source: IMF; Bank of Portugal

Current Account Balance 2011 2012F 2013F

IMF (WEO October 2012) -6.4% -2.9% -1.7%

EU/IMF Financial Assistance Programme 2011-2014 -9.0% -6.7% -4.1%

Unemployment Rate 2011 2012F 2013F

IMF (WEO October 2012) 12.7% 15.5% 16.0%

EU/IMF Financial Assistance Programme 2011-2014 12.1% 13.4% 13.3%

Government Budget Deficit Target 2011 2012F 2013F

6th Review Mission 5.0% 4.5%

EU/IMF Financial Assistance Programme 2011-2014 5.9% 4.5% 3.0%

Source: Bank of Portugal, IMF

-1.7

-4.5

-8

-6

-4

-2

0

2

4

6

2000 2002 2004 2006 2008 2010 2012

BoP Monthly Economic Indicators

Activity Coincident

Indicator - Monthly

Private Consumption

Coincident Indicator -

Monthly

IFO rebounds in November

Source: Ifo Institute; Eurostat

BoP and INE releases monthly

economic indicators • The overall German business climate indicator

rose from 100 in October to 101.4 in

November;

• The rise was unexpected. However, the index

remains at its second lowest level since

February 2010;

• It is probably too soon to conclude that

Germany is going through a renewed upturn,

which would be positive for the peripheral

economy.

93.2

0.9%

-11%

-7%

-3%

1%

5%

75

85

95

105

115

1999 2001 2003 2005 2007 2009 2011 2013

Ifo Business Climate Indicator and German GDP

Ifo Business Expectations (Adv. 3 mths, LHS) German GDP (% y/y, RHS)

Source: Bank of Portugal

• In October 2012, the monthly coincident

indicators for the y/y evolution of economic

activity and private consumption, calculated by

the Bank of Portugal, increased compared to the

previous month (see chart);

• However, the economic climate indicator,

released by INE (the statistical office of Portugal)

fell in September and October, interrupting the

previous tenuous ascending path.

-0.10%

45.8

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

35

40

45

50

55

60

65

2005 2007 2009 2011 2013

Composite PMI and Euro-zone GDP

Composite PMI (LHS) Euro-zone GDP (q/q, RHS)

2.2%

1.4%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12

10-Yr Government Bond Yield

Germany

France

Moody’s downgrades France

Source: Bloomberg

• Moody’s put France on negative outlook in

February and S&P downgraded it in January.

France is now rated Aa1 by Moody’s. However

bond yields remain very low (see chart);

• The downgrade can cut the lending capacity of

the EFSF and ESM;

• It can also strain the relationship between

Germany and France;

• Will France be pushed towards more austerity

measures to reduce its budget deficit to 3% of

GDP next year?

Euro-zone recession keeps going…• The Euro-zone “flash” composite PMI index

increased slightly in November from 45.7 to 45.8

(see chart);

• The pick-up in the composite index reflects an

increase in the manufacturing index offsetting a

fall in the service index. The service index fell to a

40-month low, pointing to the negative effects of

the austerity and to a weakening labour market;

• The German composite index increased from 47.7

to 47.9, while the French index rose from 43.5 to

44.6;

Source: Markit and Eurostat

11% 11%10%

18%

9%11%

18%

10%

22%

12%13% 12%

9%

12%

16%

11%

21%

0%

5%

10%

15%

20%

25%

And

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Ara

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Ast

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Bale

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Can

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Cast

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Cast

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Cata

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Extr

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Gal

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La R

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Mad

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Mur

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Nav

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Pais

Vas

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Val

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Regional Government Debt(% of region's GDP)

Spanish Banks NPLs at 10.71%

Source: Bank of Spain Source: Bank of Spain

• NPLs increased by €3.45bn to €182bn in

September (+2% m/m), reflecting a weak

economy, the Real Estate sector adjustment and

high unemployment levels;

• Private deposits fell 7.3% y/y (+1.4% m/m);

• Loans to the private resident sector decreased

4.9% y/y. Total loans declined 2.2% y/y;

• Sovereign debt holdings increased 46% y/y and

5% m/m (to 6.9% of total assets). ECB funding

stood at €378bn at the end of September.

• Artur Mas called the election after Madrid

refused more fiscal autonomy for Catalonia;

• Catalan people are increasingly in favour of

independence;

• Catalonia is the most indebted of the regions (see

chart);

• The economic fundamentals remain weak in

Spain. The country is still expected to request

support from the euro area. Pressure on Spain is

likely to mount in 2013 in light of its gross bond

issuance (€90bn).

Catalonia went to the polls

50

55

60

65

70

75

80

85

2007 2008 2009 2010 2011 2012

U. of Michigan Consumer Confidence82.7

410

320

340

360

380

400

420

440

460

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Initial Jobless Claims (000s)

41

4.79

3.0

3.5

4.0

4.5

5.0

5.5

0

10

20

30

40

50

2007 2008 2009 2010 2011 2012

NAHB Index vs. US Existing Home Sales

NAHB Index (LHS) Existing Home Sales (mn annualized, RHS)

US: NAHB Housing Market Index is now at its highest level

since May 2006 – Housing continues to strengthen

Source: National Association of Home Builders;

National Association of Realtors

• Housing data released last week (housing starts,

building permits, existing home sales and NAHB

housing market index) continues to suggest a

recovery in the US housing market;

• November consumer sentiment was revised

down in the final estimate. The decline was likely

explained by weakness in the stock market in

recent weeks;

• Initial jobless claims dropped 41,000 to 410,000

during the week ending November 17th. The US

Department of Labor disclosed that the elevated

claims readings from the past two weeks were

distorted by Hurricane Sandy;

• The flash estimate of the US Markit

manufacturing PMI in November rose to a five-

month high 52.4 from 51.3 in October.

Source: US Department of LaborSource: U. of Michigan Research Center

-4%

-2%

0%

2%

4%

6%

8%

2000 2002 2004 2006 2008 2010 2012

Cyprus Real GDP growth (y/y)

-2.2%-2.7%

Cyprus close to EU/IMF bailout

Source: Bloomberg

• The rescue could amount to around €17bn

(c.100% of Cyprus’s GDP), of which €10bn will be

to refinance banks;

• Banks’ exposure to Greece (160% of GDP) led to

massive losses, forcing Cyprus to ask Russia for a

€2.5bn loan late last year;

• Cyprus requested a bailout in June and has been

in negotiations with the Troika since November

9th;

• The European Commission sees the country’s

deficit at 5.7% of GDP next year and the debt

ratio reaching 96.7%.

Source: Bloomberg

• The November HSBC flash manufacturing PMI

rose to a 13-month high of 50.4 (49.5 in

October), moving above the 50 threshold for

the first time since October 2011 (see chart);

• The output index reached a 13-month high.

New export orders rose above 50 for the first

time since April 2012;

• The positive signs seen in the September and

October activity data seem to have been

sustained into November.

China: PMI supports steady

recovery

Japan: Will the upcoming elections change the

macroeconomic outcome ?

Source: Central Intelligence Agency; Bloomberg

0%

2%

4%

6%

8%

10%

140%

150%

160%

170%

180%

190%

200%

210%

2003 2004 2005 2006 2007 2008 2009 2010 2011

Japan: Government Debt vs.

Government Budget

Government Debt as % of GDP (LHS)

Government Budget Deficit as % of GDP (RHS)

• Since the lower house dissolution, the leader of

the LDP (the largest opposition party) has spoken

about reform the BOJ monetary policy;

• The LDP will probably win a majority or near-

majority in the lower house. Nevertheless, the

LDP will need a coalition partner in order to pass

legislation through the upper house;

• There´s little clarity on fiscal policy because the

LDP is split. There’s a group calling for more

spending (higher public investment) and a group

concerned about fiscal deficit and government

debt. However, an expansionary budget is likely in

the near term;

• Increased pressure on the BOJ to buy JGBs;

• The LDP’s economic policies intends to end yen

appreciation and “the creation of a framework for

stronger collaboration between the government

and BoJ and the implementation of bold

monetary easing, including revisions to the BoJ

Law”;

• The new administration in Japan will probably

be aggressive on monetary policy, pushing for a

higher inflation target and for bond buying by

BOJ;

• LDP’s “Revitalization Plan for Japan’s Economy”

includes measures in the tax system and in the

energy sector (e.g. overcome electricity-supply

constraints).

• Sonae Indústria (SONI PL) fell 5.4%, the most in the

PSI20. The company reported 3rd quarter 2012 results on

November 16th. Although Sonae Indústria is now more

efficient after the restructuring done over last years, its

strong exposure to macro uncertainty in Europe and high

financial leverage remain significant concerns for

investors;

• Jerónimo Martins (JMT PL) rose 6.6% to €14.5. The

company’s Chairman said that Jerónimo Martins wants

to have about 30 to 40 stores in Colombia next year.

More details could be announced at its upcoming

Investor’s Day in Lisbon on December 11st;

• Galp (GALP PL)´s CEO stated that he expects exports to

reach €4.2bn in FY12. With potencial upside to resources

estimates from both Mozambique and Brazil, Galp could

deliver one of the best production and earnings growth

rates in the European oil and gas sector. The stock was up

5.5% last week;

• Banco Espirito Santo (BES PL) rose 3.7% over the week.

The bank announced a R$ 100mn capital increase for its

Brazilian unit (80% BES and 20% Bradesco).

PSI20 weekly review

Source: Bloomberg

Q3 2012 Mota-Engil Results: Net profit increase 11% y/y to

€7mn• Mota-Engil (EGL PL) reported Q3 2012 results. Revenues reached €675mn, up 16% y/y and 5% above

consensus, reflecting the good performance of the international unit (more than compensating the

weakness of the domestic unit);

• Q3 2012 EBITDA rose 9% y/y to €83mn, a 3% beat vs. consensus. EBIT stood at €53mn, up 6% y/y. Net

profit was €7mn, which compares to €11mn from consensus. Higher minorities reflect the strong

performance of the Angolan unit. Net debt deceased 1% q/q;

• The order book fell 6% q/q;

• The re-negotiation of the Portuguese shadow tolls’ remuneration (that are currently paid by availability)

is ongoing;

• The company continues to diversify its revenue sources;

• Regarding the privatization of the Portuguese Airport Operator (ANA), Mota-Engil’s stake in the

consortium should be small.

Source: Company data

€ thousand Q3 2011 Q2 2012 Q3 2012 Change % Q/Q Change % Y/Y

Turnover 582,121 530,637 675,009 27% 16%

EBITDA 75,606 72,417 82,693 14% 9%

EBIT 50,457 48,103 53,336 11% 6%

Net Income 16,207 20,564 23,220 13% 43%

Non Controlling Interests 9,945 6,766 16,257

Net profit to the Group 6,262 13,798 6,963 -50% 11%

1.703

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

Gamesa Share price (€)

12.46

10

15

20

25

30

35

40

45

50

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

Hewlett Packard share price ($)

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

Nokia share price (€)

€2.754

• Hewlett-Packard (HPQ US) fell 3.0% over the week. The

company reported Q4 FY12 of $1.16, ahead of consensus

of $1.14. However, the company’s outlook for next

quarter was disappointing, although it maintained its

FY13 outlook. Sentiment and expectations around the

stock continue to be remarkably depressed. Hewlett-

Packard accused Autonomy, the software company it

bought last year, of several falsehoods that contributed

to a $8.8bn writedown;

• Nokia (NOK1V FH) surged 30.5%. The company disclosed

that it received reports that its Lumia 920 model had

sold out in Germany. Nokia still has a long way to go to

reach sustainable profitability. Nevertheless, investor

sentiment on Nokia shares and on the new Windows 8

Nokia Lumia 920/820 phones were overly negative;

• Gamesa (GAM SM) rose 9.9% to €1.703. Gamesa India

announced that it will develop 47.6MW wind farm in

Maharashtra. The company presented last October its

2012-15 business plan. Gamesa targets a €100mn fixed

cost reduction and will implement several restructuring

moves.

Last week’s market highlights

Source: Company data

What we are watching this week:• Euro-zone finance ministers and Troika

representatives will attempt to reach an

agreement on Greece matters today.

Will a deal be announced on a reshuffle

of the Greek bailout programme? Will

some debt relief be offered to Greece?

The discussion will start at 11:30 GMT;

• On Wednesday, the ECB will release its

data on monetary developments in the

Euro-zone for October;

• There will be various inflation figures

for November later in the week

(Germany, Spain, Italy, Euro-zone);

• In the US, the durable goods report for

October will be disclosed Tuesday;

• The Conference Board measure of

consumer confidence (Tuesday) and the

October personal and spending report

(Friday) should also be watched closely;

• Q3 2012 real GDP data for Switzerland

and Sweden are due Thursday.

CALENDAR - Event Date Hour (GMT) Survey Prior

BOJ Minutes of Oct 30 monetary policy meeting 26-Nov 23:50 n.a. n.a.

Japan BOJ Governor Shirakawa speech 26-Nov n.a. n.a. n.a.

Euro-Zone Finance Ministers meet on Greek Debt 26-Nov 11:30 n.a. n.a.

GfK Consumer Confidence Survey ,Germany 26-Nov 12:00 6.2 6.3

FED Chairman Bernanke gives brief opening remarks at College Fed 27-Nov 13:30 n.a. n.a.Hungary monetary policy decision 27-Nov n.a. n.a. n.a.Portugal to hold final vote on 2013 Budget 27-Nov n.a. n.a. n.a.

Q3 Real GDP details (y/y), UK 27-Nov 09:30 0.0% 0.0%

OECD November Economic Outlook, Euro-Zone 27-Nov 10:00 n.a. n.a.

Durable Goods Orders, US 27-Nov 13:30 -0.8% 9.9%

Richmond Fed Manufact. Index ,US 27-Nov 15:00 n.a. -7

Conf. Board Consumer Confidence, US (Nov) 27-Nov 15:00 73.0 72.2

Euro-Zone M3 s.a. (y/y) ,Euro-Zone 28-Nov 09:00 2.8% 2.7%

New Home Sales, US 28-Nov 15:00 388K 389K

Federal Reserve Beige Book, US 28-Nov 19:00 n.a. n.a.

Brazil Copom monetary policy decision 28-Nov n.a. 7.25% 7.25%

Unemployment Change (000's), Germany 29-Nov 08:55 16K 20K

Unemployment Rate, Germany 29-Nov 08:55 6.9% 6.9%

Business Climate Indicator, Euro-Zone 29-Nov 10:00 -1.60 -1.62

Euro-Zone Economic Confidence, Euro-Zone 29-Nov 10:00 84.5 84.5

Q3 Real GDP (revision) QoQ (Annualized), US 29-Nov 13:30 2.8% 2.0%

Initial Jobless Claims, US 29-Nov 13:30 390K 410K

Continuing Claims, US 29-Nov 13:30 3321K 3337K

Consumer Spending (y/y), France 30-Nov 07:45 -0.5% -0.3%

Consumer Confidence, Portugal 30-Nov 10:00 n.a. -55.3

Economic Climate Indicator, Portugal 30-Nov 10:00 n.a. -4.6

Euro-Zone Unemployment Rate 30-Nov 10:00 11.7% 11.6%

Euro-Zone CPI Estimate (y/y) 30-Nov 10:00 2.4% 2.5%

Japan nationwide CPI (Oct) 30-Nov n.a. n.a. n.a.

Industrial Production (m/m), Portugal 30-Nov 11:00 n.a. -12.0%

Japan industrial production (prelim. Oct) 30-Nov n.a. n.a. n.a.

Retail Sales (m/m), Portugal 30-Nov 11:00 n.a. -4.1%

GDP (IBGE) y/y ,Brazil 30-Nov 11:00 1.9% 0.5%

Gross Domestic Product y/y, Canada 30-Nov 13:30 1.2% 1.2%

Personal Income, US (Oct) 30-Nov 13:30 0.2% 0.4%

Personal Spending, US (Oct) 30-Nov 13:30 0.1% 0.8%

Chicago Purchasing Manager, US 30-Nov 14:45 51.0 49.9

China manufacturing PMI (Nov) 1-Dec n.a. n.a. 50.2

Korea trade balance (Nov) 1-Dec n.a. n.a. n.a.

2.0%

1.3%

0.9%1.0%

0.8%

0.6%

-0.2%

0.1% 0.1%

0.4%

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Brazil Real GDP (q/q)

0

20

40

60

80

100

120

2002 2004 2006 2008 2010 2012

US Conf. Board Consumer Confidence

Next Week Preview: Economics • The Conference Board Consumer Confidence for

November is due Tuesday (November 27th). The

fall in gasoline prices, the recent pick-up in job

growth and the recovery in the housing market

should continue to support consumer sentiment.

However, the fall in equity prices at the beginning

of the month and fiscal cliff uncertainty could

have a negative effect;

• The latest orders data from public homebuilders

suggest that US housing market continues to

recover. October’s new home sales will be

released Wednesday (November 28th).

Nonetheless, Hurricane Sandy could have had

some impact;

• Brazil Q3 2012 Real GDP will be released Friday.

Real GDP growth is expected to have accelerated.

If confirmed, the central bank will probably stop

cutting rates. Interest rates have been cut by

525bp since mid-2011. Both monetary and fiscal

policies seems to be expansionary, at the

moment. Source: Bloomberg

The Eurogroup meets again

today• The Eurogroup and the IMF were not able to

find an agreement to finish the Greek

programme review and proceed to the payment

of the next financing tranche;

• Official lenders are reported to be considering a

debt buyback program, a cut on interest rates

charged on Greek loans (or even allow for a

grace period), and to lengthen maturities;

• According to press reports, the Eurogroup is

working on ways to bring down the debt to GDP

ratio more aggressively;

• However, European member states still oppose

outright haircuts on Greek loans;

• An agreement at today’s meeting would allow

the payment of the Q3 2012 (€31.3bn), the Q4

2012 (€5bn) and probably also the Q1 2012

(€8.3bn) financing tranches, totaling €44bn.

• Soares da Costa (SCOAE PL) will report its Q3

2012 results on November 29th (before market

open). A poor performance is expected for the

domestic market. However, investor should focus

on the performance of the Angolan and US units;

• Banif (BNF PL) will disclose Q3 2012 earnings on

November 30th. B/S deleverage, assets disposals

and restructuring costs should penalize the bank’s

results. The Bank recapitalization plan should

remain the investors’ main focus;

• Teixeira Duarte (TDSA PL) is expected to

announce Q3 2012 results on November 30th. A

weak performance in the domestic unit should

reflect the depressed market environment.

International markets (particularly Brazil) should

continue growing. Retail and the Hotels unit

should show positive signs.

Portugal: This week’s results

Next Week Preview: Eurogroup meeting and Portugal earnings season

0

1

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4

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8

00 01 02 03 04 05 06 07 08 09 10 11 12

Banco Popular Share Price (€)

0.55

70

80

90

100

110

120

130

140

70

80

90

100

110

120

130

Jan-12 Apr-12 Jul-12 Oct-12

Glencore and Xstrata share prices

Glencore

Xstrata

Dec. 31, 2011 = 100

Charts we are watching (I)• Glencore (GLEN LN)’s takeover of Xstrata (XTA LN)

got the go-ahead from both sets of shareholders last

Tuesday. This deal was only possible after Glencore

proposed a revised offer of 3.05 new shares for

every Xstrata share, up from 2.8. Moreover, Europe’s

antitrust regulator announced more modest than

expected conditions to clear the deal. Glencore must

now secure a final approval from China and South

African authorities. The Glencore Xstrata seems to

be an attractive story from an EPS momentum

(commodity mix, self-help) and growth point of view.

• Banco Popular (POP SM)’s EGM recently approved a

€2.5bn rights issue to meet capital needs from Oliver

Wyman’s stress test. The rights will trade until

November 28th, and the new shares will start trading

on December 6th. Once completed, the bank is

expected to have confortable capital ratios. The

stock is down c.70% YTD. Given the weak domestic

economy backdrop, will its business model allow the

bank to achieve higher ROEs in the mid-term?

Source: Bloomberg

Source: Bloomberg

JPY/USD (JPY per 1 USD) (RHS)

76

77

78

79

80

81

82

83

84

680

720

760

800

840

880

Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

Topix vs. JPY/USD exchange rate

Topix Stock Market Index

(LHS)

JPY/USD (JPY per 1 USD)

(RHS)

80

90

100

110

120

130

Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

ZON and Sonaecom Share Prices

ZON

Sonaecom

Dec. 31, 2011 = 100

Charts we are watching (II)• Zon (ZON PL) and Sonaecom (SNC PL) rose 5.3% and

4.3%, respectively over the last week. Both stocks

outperformed the Portuguese Stock Market Index

PSI20. ANACOM, the Portuguese telecom regulator,

announced that it intends to release the regulation on

fibre until the end of the year. Investors seem to remain

focused on a possible M&A deal between the two

companies and the meaningful impact that it should

bring to both. Zon and Sonaecom seem to have a strong

fit. A deal would allow significant cost synergies and

create a strong integrated player to compete with

Portugal Telecom.

• The Topix stock market index showed again strong gains

on a weaker yen and easing expectations. Japanese

stocks were supported by the LDP election manifesto

(released on November 21st), that included significant

monetary easing, a 2% inflation target, and more than

3% nominal GDP growth. At the monetary policy

meeting on November 20th, the BOJ Policy Board voted

unanimously to maintain the current policy rate and to

keep the size of the Asset Purchase Programme.

Source: Bloomberg

Source: Bloomberg

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not guaranteed as to accuracy or completeness. All the information contained herein is based upon information

available to the public.

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depending on their specific investment objectives and financial position.

The material in this research report is general information intended for recipients who understand the risks associated

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for the recipient.

Investors should seek financial advice regarding the appropriateness of investing in any securities or investment

strategies discussed or recommended in this research report and should understand that the statements regarding

future prospects may not be realized. Investors may receive back less than initially invested. Past performance is not a

guarantee for future performance.

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this research report.

Recommendations and opinions expressed are our current opinions as of the date referred on this research report.

Current recommendations or opinions are subject to change as they depend on the evolution of the company or may

become outdated as a consequence of changes in the environment.

Fincor - Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders.

Fincor – Sociedade Corretora, S.A.

Rua Castilho, 44 4º Andar

1250-071 Lisboa

Portugal