Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
1. 1QFY2011 Result Update | Infrastructure
August 4, 2010
Sadbhav Engineering REDUCE
CMP Rs1,401
Performance Highlights Target Price Rs1,313
Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months
Net sales 425.3 299.4 42.0 457.2 (7.0)
Operating profit 50.7 34.0 49.0 54.4 (6.8) Stock Info
Net profit 25.5 17.9 42.6 13.9 83.8 Sector Infrastructure
Source: Company, Angel Research Market Cap (Rs cr) 1,842
Sadbhav Engineering (SEL) reported top-line growth above our estimates mainly Beta 0.4
on account of the pick up in the order book over the last few quarters. The 52 Week High / Low 1,450/622
company has given guidance of >35% growth over the next 12 months. Robust Avg. Daily Volume 3,917
top-line growth and stable margins boosted bottom-line growth. We believe that Face Value (Rs) 10
SEL has performed particularly well over the last few quarters in the roads and BSE Sensex 18,217
mining segment, which reflects in order book swelling to Rs6,700cr at 5.3x Nifty 5,468
FY2010 revenues, one of the highest in the industry. However, we downgrade the Reuters Code SADE.BO
stock to Reduce as it is trading at rich valuations (15.6x P/E and 3.0x P/BV on Bloomberg Code SADE@IN
FY2012E standalone numbers), and in the last one year the stock has given back
whopping returns of 90%.
Shareholding Pattern (%)
Outlook and Valuation: We are penciling in CAGR of 25.7% and 44.4% for
Promoters 47.6
top-line and bottom-line over FY2010-12E on the back of strong order book.
MF / Banks / Indian Fls 25.7
However, we believe that SEL could face some delays or execution challenges
FII / NRIs / OCBs 23.9
given its record high order book-to-sales ratio. In fact, it could act as a
double-edged sword as any delays on the execution front would also impact its Indian Public / Others 2.8
toll revenues. At current levels of Rs1,401, the stock is trading at a premium to
our SOTP target price of Rs1,313. Hence, we downgrade the stock to Reduce. It
Abs. (%) 3m 1yr 3yr
may be noted here that our SOTP target price is based on 12x FY2012E EPS of
Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x of equity in Sensex 6.3 15.1 20.3
operational BOT assets, 1x the money to be invested over the next two years, and Sadbhav 10 91 125.5
factors in the higher earnings growth and robust order book expected over the
next couple of years.
Key financials (Standalone)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net sales 1,074.2 1,256.9 1,621.4 1,986.3
% chg 19.5 17.0 29.0 22.5
Adj. net profit 75.4 53.8 96.8 112.2
% chg 48.0 (28.7) 80.0 15.9
EBITDA (%) 11.2 11.0 11.5 11.2
FDEPS (Rs) 60.3 43.0 77.4 89.8
P/E (x) 23.2 32.6 18.1 15.6 Shailesh Kanani
P/BV (x) 5.1 4.5 3.6 3.0 022-40403800 Ext:321
RoE (%) 23.9 14.6 22.2 21.0 shailesh.kanani@angeltrade.com
RoCE (%) 20.6 16.8 17.3 16.1
EV/Sales (x) 1.8 1.7 1.4 1.2 Aniruddha Mate
022-40403800 Ext:335
EV/EBITDA (x) 16.3 15.2 12.3 10.9
aniruddha.mate@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
2. Sadbhav Engineering |1QFY2011 Result Update
Exhibit 1: 1QFY2011 performance (Standalone)
Y/E March (Rs cr) 1QFY11 1QFY10 % chg(yoy) 4QFY10 % chg(qoq) FY2010 FY2009 % chg
Net Sales 425.3 299.4 42.0 457.2 (7.0) 1,257 1,062 18.3
Total Expenditure 374.7 265.4 41.2 402.9 (7.0) 1,119 954.2 17.3
Operating Profit 50.7 34.0 49.0 54.4 (6.8) 137.7 108.3 27.1
OPM (%) 11.9 11.4 - 11.9 - 11.0 10.2 -
Interest 6.0# 4.6 32.7 11.0 (45.0) 33.1 21.4 54.7
Depreciation 6.5 5.6 14.8 11.7 (44.4) 23.3 15.7 48.3
Non Operating Inc. 0.2 0.6 (67.2) 6.9 (97.1) 16.6 11.7 42.4
Non recurring items - - - - - - - -
Profit Before Tax 38.3 24.4 57.0 38.6 (0.7) 98.0 82.9 18.1
Tax 12.8 6.5 97.0 24.7 (48.2) 44.1 19.6 124.6
Reported PAT 25.5 17.9 42.6 13.9 83.8 53.8 63.3 (14.9)
PAT (%) 6.0 6.0 0.4 3.0 - 4.3 6.0 -
EPS (Rs) 20.4 14.3 42.6 11.1 83.8 43.1 50.6 (14.9)
#
Source: Company, Angel Research; Note: Interest expense is post netting off interest received from subsidiaries to the tune of Rs5.5cr in 1QFY2011
Exhibit 2: Actual v/s Estimates
Estimates Actual Variation (%)
Revenues 347.1 425.3 22.6
EBITDA Margins (%) 11.2 11.9 71bp
PAT 16.5 25.5 54.8
Source: Company, Angel Research
Results above expectations
SEL posted numbers above expectations for 1QFY2011 with top-line increasing
42.0% yoy to Rs425.3cr as against our expectation of Rs347cr. This was mainly on
account of booking few projects during the quarter. On the operating front as well,
the company’s performance was decent with smart margin expansion of 71bp.
This resulted in bottom-line growth of 42.6% to Rs25.5cr.
Exhibit 3: Quarterly revenue trend Exhibit 4: Quarterly net profit trend
500 60.0 35.0 8.0
400 50.0 30.0
25.0 6.0
300 40.0
30.0 20.0 4.0
200 15.0
20.0 10.0
100 2.0
10.0 5.0
0 - 0.0 -
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Sales (Rs cr, LHS) Growth (yoy %, RHS) PAT (Rs cr, RHS) PATM (%, RHS)
Source: Company, Angel Research Source: Company, Angel Research
August 4, 2010 2
3. Sadbhav Engineering |1QFY2011 Result Update
Order Book analysis
SEL has one of the strongest order book-to-sales ratio (5.3x FY2010 revenues) in
the industry, and one the reasons why it is expected to post robust numbers in
coming quarters. The company’s order book stands at an impressive Rs6,700cr
(as of June 30, 2010), which is majorly dominated by the road segment (74.1%)
followed by mining (17.1%) and irrigation (8.8%) segment. Notably, the company
has been bagging decent orders from the high-margin mining segment, which will
be reflected with SEL posting higher margins. In line with this, we are factoring in
higher margins for the company in coming quarters.
Exhibit 5: Order book break up (Rs cr)
591
1,147
Roads
Mining
4,961
Irrigation
Source: Company, Angel Research
Outlook and Valuation
NHAI has targeted to award orders worth Rs1lakh cr over the next one year, in line
with the long-term target of achieving 20km a day. We believe if NHAI is able to
achieve even 50% of its targets, then it would imply abundant opportunities for
road developers and contractors like SEL. Further, the recent structural changes
have also lessened the vagaries in road development. Hence, we are optimistic on
the road segment. SEL has recently secured five road BOT projects, taking the total
road BOT asset portfolio to nine. These recently secured road BOT projects entail
an equity funding of >Rs500cr over the next 2.0-2.5 years as per our analysis. The
company plans to part-fund this equity component via a rights issues (Rs125cr),
which is underway, internal accruals (~Rs300cr over FY2010-12E) and a possible
stake sale at an individual SPV/Sadbhav Infrastructure level. We believe that
securing equity funding for its road projects would be pivotal and would act as a
trigger for next level of re-rating of the stock. Hence, the way SEL structures its
equity commitments needs to be seen going ahead. Moreover, it should also be
noted, that SEL since 4QFY2010 has started booking interest income from SPV’s
and reporting net interest expense. We expect this component to increase as
advances to subsidiaries increase going ahead as road BOT projects ramp up.
However, we have clubbed this component under other income and do not net it
off against interest expense. This other income component is expected to be in the
range of 24-26% of recurring PBT going ahead, which speaks about the quality of
earnings.
August 4, 2010 3
4. Sadbhav Engineering |1QFY2011 Result Update
We are penciling in CAGR of 25.7% and 44.4% for top-line and bottom-line over
FY2010-12E on the back of strong order book. However, we believe that SEL could
face some delays or execution challenges given its record high order book-to-sales
ratio. In fact, it could act as a double-edged sword as any delays on the execution
front would also impact its toll revenues. At current levels of Rs1,401, the stock is
trading at a premium to our SOTP target price of Rs1,313. Hence, we downgrade
the stock to Reduce. It may be noted here that our SOTP target price is based on
12x FY2012E EPS of Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x
of equity in operational BOT assets, 1x the money to be invested over the next two
years, and factors in the higher earnings growth and robust order book expected
over the next couple of years.
Exhibit 6: SOTP Target price
Business Segment Methodology Remarks Rs cr Rs/share % to Target Price
Construction P/E 12x FY2012E earnings 1,077.2 862 65.6
Value of investments in BOT assets P/BV 1.5x of equity invested 564.1 451 34.4
Total 1,313 100.0
Source: Company, Angel Research
Exhibit 7: Key assumptions
(Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order Inflow 1,477 1,000 3,041 3,558 2,975 3,611
Revenues 488 899 1,074 1,257 1,621 1,986
Order Backlog (Y/E) 2,399 2,500 4,467 6,768 8,122 9,746
Order Book to Sales ratio (x) 4.9 2.8 4.2 5.4 5.0 4.9
Source: Company, Angel Research
Exhibit 8: Change in Estimates
FY2011E FY2012E
Earlier Estimates Revised Estimates Variation Earlier Estimates Revised Estimates Variation
Revenues 1,559.8 1,621.4 3.9 1,910.8 1,986.3 3.9
EBITDA Margins 11.2 11.5 30bp 11.3 11.2 (10)bp
PAT 71.8 96.8 34.8 86.9 112.2 29.1
Source: Company, Angel Research
Exhibit 9: Angel EPS forecast v/s consensus
Bloomberg Variation
Angel Forecast
consensus (%)
FY2011E 77.4 61.4 (20.7)
FY2012E 89.8 72.6 (19.1)
Source: Company, Angel Research
August 4, 2010 4
5. Sadbhav Engineering |1QFY2011 Result Update
Recommendation rationale
Aggressive ramp-up of road BOT portfolio, leveraging on EPC competence:
Sadbhav Engineering (SEL), has slowly and steadily moved up the value chain from
being a cash contractor to an asset owner. The company is leveraging upon its
core competence in EPC business and embarking on a path to encash upon the
upcoming opportunities in the Road BOT space. This not only serves to shore up
the EPC order book, but also ensures consistent revenue stream for SEL in the long
run.
Strong order book renders Top-line visibility: As on 1QFY2011 SEL has a strong
order book of Rs6,700cr (5.4x FY2010 Revenues - one of the strongest in the
industry), a qoq jump of 20% owing to strong order booking witnessed in the road
segment. This order book is spread across the verticals of road segment (74.1%)
followed by mining (17.1%) and irrigation (8.8%) segment with an average
execution period of 24-30months. Robust Order Book continues to provide Top-
line visibility.
Trading at rich valuations: At current levels of Rs1,401 the stock is trading at
premium to our SOTP target price (which we believe factors in all the positives). It
may be noted here that our SOTP target price is based on 12x FY2012E EPS of
Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x of equity in
operational BOT assets, 1x the money to be invested over the next two years
Therefore we believe that there are other opportunities (read IVRCL Infra – CMP-
Rs176; TP-Rs216; and NCC – CMP-Rs175; TP-Rs201) in the infra space which can
generate higher return than SEL.
August 4, 2010 5
11. Sadbhav Engineering |1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Sadbhav Engg.
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
August 4, 2010 11