You are on page 1of 5

&LW\2YHUYLHZ 6LQJOH)DPLO\+RPHVLQ

3LFNIRUG(VFURZDQG7KH(VFURZ)LUP
62/$1$%($&+
&$

7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ62/$1$ 0HGLDQ/LVW3ULFH  
%($&+&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYHEHHQRQWKH $VNLQJ3ULFH3HU6TXDUH)RRW  r
PDUNHWIRUDQDYHUDJHRIGD\V $YHUDJH'D\VRQ0DUNHW 'R0  nn

,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
'HPDQGPHDVXUHGE\WKH0DUNHW /HDVW([SHQVLYH/LVWLQJ 

$FWLRQ,QGH[LVLQFUHDVLQJDQGGD\V $YHUDJH$JHRI/LVWLQJ 
RQPDUNHWLVWUHQGLQJGRZQZDUG 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
(YHQDVPRUHSURSHUWLHVFRPH 3HUFHQW5HOLVWHG UHVHW'20 
DYDLODEOHWKHVHDUHSRVLWLYHWUHQGV 3HUFHQW)OLS SULFHLQFUHDVHG 
IRUWKHPDUNHW 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H DFUH
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 
6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
+RPHVDOHVKDYHEHHQH[FHHGLQJ 0DUNHW$FWLRQ,QGH[ 6WURQJ%X\HU
V  
QHZLQYHQWRU\IRUVHYHUDOZHHNV 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"%\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
:KLOHVWLOOD%X\HU
VPDUNHWSULFHV LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
VHHPWRKDYHUHVSRQGHGE\PRYLQJ EX\HU
XSZDUG,IWKHGHPDQGWUHQGV
FRQWLQXHH[SHFWSULFHVWRNHHS 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
PDUFKLQJXSZDUGHVSHFLDOO\RQFH r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
ZHVHHD6HOOHU
V0DUNHW

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W /RW6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20


7RS)LUVW   DFUH        0RVWH[SHQVLYHRISURSHUWLHV


8SSHU6HFRQG   DFUH        8SSHUPLGGOHRISURSHUWLHV


/RZHU7KLUG   DFUH        /RZHUPLGGOHRISURSHUWLHV


%RWWRP)RXUWK   DFUH        /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ
3LFNIRUG(VFURZDQG7KH(VFURZ)LUP
62/$1$%($&+
&$

0HGLDQ3ULFH
7KLVZHHNVDZUHODWLYHO\OLWWOHSULFHFKDQJHIURPODVWZHHN+RZHYHUSULFHVFRQWLQXHGHPRQVWUDWHDQLFHXSWUHQGLQJHQHUDO
RYHUWKHODVWVHYHUDOZHHNV

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
3ULFHVKDYHJHQHUDOO\VHWWOHGDWDSODWHDXDOWKRXJK4XDUWLOHLVRQDELWRIDQXSWUHQGLQUHFHQWZHHNV:H
OOQHHGWRVHHD
SHUVLVWHQWVKLIWLQWKH0DUNHW$FWLRQ,QGH[EHIRUHZHVHHSULFHVDFURVVWKHERDUGPRYHIURPWKHVHOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ
3LFNIRUG(VFURZDQG7KH(VFURZ)LUP
62/$1$%($&+
&$

3ULFHSHU6TXDUH)RRW
,QDPDUNHWZKHUHSULFHVDUHULVLQJIDLUO\FRQVLVWHQWO\SULFHSHUVTXDUHIRRWLVHVVHQWLDOO\IODW7KLVRIWHQLPSOLHVWKDWQHZ
KRPHVFRPLQJRQWKHPDUNHWDUHSULFLHUDQGDOVRODUJHUWKDQROGHUKRPHV$VDUHVXOWWKHYDOXHRQHFDQEX\VWD\VWKHVDPH

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ
3LFNIRUG(VFURZDQG7KH(VFURZ)LUP
62/$1$%($&+
&$

0DUNHW$FWLRQ,QGH[
7KH62/$1$%($&+PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH%X\HU
V$GYDQWDJH]RQH EHORZ 7KHGD\0DUNHW$FWLRQ,QGH[
VWDQGVDW:LWKVHYHUDOPRQWKVRILQYHQWRU\DYDLODEOHDWWKHFXUUHQWVDOHVUDWHEX\HUVVKRXOGILQGDPSOHFKRLFH

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\JLYHQWKHRYHUDOO0DUNHW$FWLRQ,QGH[DOOTXDUWLOHVDUHLQWKH%X\HU
V0DUNHW]RQHZLWKVHYHUDOPRQWKVRI
LQYHQWRU\JLYHQWKHFXUUHQWUDWHRIGHPDQGIRUKRPHVLQWKHTXDUWLOH:DWFKWKHTXDUWLOHIRUFKDQJHVEHIRUHWKHRYHUDOOPDUNHW
VKLIWV2IWHQRQHHQGRIWKHPDUNHW HJWKHORZHQG ZLOOLPSURYHDQGVLJQDODVWUHQJWKHQLQJPDUNHWEHIRUHWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HU·V
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

7KH0DUNHW$FWLRQ,QGH[ 0$, LOOXVWUDWHVDEODQFHEHWZHHQVXSSO\DQGGHPDQGXVLQJDVWDWLVWLFDOIXQFWLRQ


RIWKHFXUUHQWUDWHRIVDOHYHUVXVFXUUHQWLQYHQWRU\

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ
3LFNIRUG(VFURZDQG7KH(VFURZ)LUP
62/$1$%($&+
&$

'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\

You might also like