Company Focus │ November 15, 2023

Buy
Indah Kiat Pulp and Paper Previous TP
(maintain)
Target Price IDR18,000 (+112% ups.)
IDR18,300
A hiccup in 3Q Current Price IDR8,475

Weak 3Q23 result amid lower ASP but expecting recovery in 4Q

3Q23 net profit fell sharply to $52mn (-62% QoQ, -79% YoY). This brings 9M23
net profit to $321mn (-50% YoY), accounting to 62%/50% of ours and consensus
FY23 estimates respectively. The company emphasizes that there was no
operational hiccup during the quarter as total sales volume increased by +1% QoQ.
However, revenue fell sharply despite hardwood pulp price registering a positive
uptrend during 3Q23 (fig. 3). This was on the back of a 1–2-month ASP lag. Figure
4 shows assuming a 2-month ASP lag, 3Q23 pulp price corrected by -33% QoQ.

Another reason why INKP’s earnings in 3Q23 dropped significantly was due to pulp
price dropping similar to their cash cost level. Huge part of INKP’s cash cost came
from woodchips (raw material for pulp), which was more influenced by fuel price
rather than benchmark pulp prices (company notes that transportation accounts
for ~40% of wood price). We expect earnings to recover in 4Q23F considering pulp
price rose by 11% QTD (fig. 4) and to recover significantly in 2024F when pulp Willinoy Sitorus
price stabilizes >$600/t ($90mn in 4Q23F and $502mn in 2024F). willinoy.sitorus@trimegah.com
021 - 2924 9107
We expect hardwood price to continue hovering around ~$600/t
Alpinus Dewangga
We maintain our view that the hardwood pulp price can be maintained >$600/t as alpinus.raditya@trimegah.com
this is the cash cost level of Chinese pulp producers. We’d like to highlight that any 021 – 2924 6322
price increase to ~$700 may incentivize Chinese pulp producers to
resume/increase production, potentially causing a short-term correction in the
prices and vice versa. Note that YTD pulp demand was mainly driven by China (fig Stock Data & Indices
7). Bloomberg Code INKP.IJ
JCI Member IDXBASIC
Earnings revision MSCI Indonesia Yes
We revised our 2023F-25F hardwood pulp price assumption by 3%/2%/0% to JII No
$600/610/620 per ton. Despite increasing our pulp price assumption, we lower our LQ45 Yes
profit target by -22%/-7%/0% to $411/502/404mn to account for the 1–2-month Kompas 100 Yes
ASP lag. It's important to note that the YoY drop in 2025F is attributed to interest
expenses coming into play after the new Karawang factory starts. Key Data
Issued Shares (mn) 5,471
Free Float (%) 42.1%
Maintain buy rating with TP of Rp18,000
Mkt. Cap (IDRbn) 46,366
We maintain our buy rating with a TP of IDR18,000/sh (+112% upside). Our DCF-
Mkt. Cap (USDmn) 2,992
based TP assumes a 12% WACC with LT growth of 1.4%. Our TP implies a 2024F 11,625/6,775
52 Wk-range
P/E ratio of 12.7, which is still at a -12% discount compared to peers. Note that
this is without earnings contribution from the new factory, which we expect to
operate at full capacity by 2027F/28. Our TP implies a 2027F P/E of 5.8x. INKP is
currently trading at an undemanding 5.96x 24F P/E, a -58% discount compared to Performance (%)
global peers. Key risk: volatility in pulp prices and later-than-expected new factory YTD 1m 3m 12m
commencement. Absolute -2.9 -19.5 -15.9 -16.7
Relative to
JCI -0.9 -16.3 -13.2 -11.4
Company Data
Year end Dec 2021 2022 2023F 2024F 2025F
Revenue (USD mn) 3,517 4,003 3,520 3,782 4,619
EBITDA (USD mn) 1,129 1,391 1,013 1,134 1,337
Core Profit (USD mn) 494 737 402 502 403
EV/ EBITDA (x) 5.0 3.6 5.4 6.1 5.3
Core EPS (IDR) 1,322 2,001 1,140 1,421 1,142
Core P/E (x) 6.41 4.24 7.43 5.96 7.42
Core EPS growth (%) 92.4 51.3 -43.0 24.6 -19.6
P/ BV (x) 0.66 0.53 0.50 0.46 0.44
ROE (%) 11.0 15.3 6.8 7.7 5.9
Div. Yield (%) 0.58 0.59 0.62 0.69 0.84

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 1

 Income Statement

Year end Dec (USD mn) 2021 2022 2023F 2024F 2025F
Revenue 3,517 4,003 3,520 3,782 4,619
Gross Profit 1,228 1,590 1,112 1,266 1,381 Company Background
Operating Profit 858 1,138 758 879 938
EBITDA 1,129 1,391 1,013 1,134 1,337 PT Indah Kiat Pulp & Paper Tbk is
Net Interest expense/(Exp) -240 -238 -251 -247 -401 engaged in manufacturing of
Gain/(loss) Forex 12 67 -29 0 0 paper, pulp, and packaging paper.
Total other Income (Expense) 42 148 11 0 0 INKP is part of APP (Asia Pulp and
Pre-tax Profit 661 1,047 517 632 537 Paper), a holding owned by
Income Tax Expense -134 -190 -107 -130 -134 Sinarmas family
Net profit 526 857 411 502 403
Core profit 494 737 402 502 403
Dividend payout ratio 6.3 3.5 2.2 5.0 5.0
Major Shareholders

Balance Sheet PT Purinusa Ekapersada 52.7%

Year end Dec (Rp bn) 2021 2022 2023F 2024F 2025F Public 47.3%

Cash and equivalents 1,059 1,265 1,570 857 1,476

Other curr asset 3,643 4,211 4,059 4,282 4,235
Net fixed asset 3,430 3,263 4,233 5,922 6,458
Other asset 846 902 902 902 902
Total asset 8,978 9,641 10,763 11,964 13,072
ST debt 1,172 1,833 2,226 2,619 3,013
SWOT Analysis
Other curr liab 366 407 417 417 427
LT debt 2,397 1,523 1,850 2,177 2,504
Other LT Liab 279 272 272 272 272 Strength Weakness
Total Liabilities 4,214 4,036 4,766 5,485 6,215
Minority interest 1 1 1 1 1
Vertical pulp Still exposed
Shareholder’s Equity 4,765 5,605 5,997 6,479 6,857 and paper by pulp price
Net Debt (Cash) 2,509 2,091 2,506 3,939 4,040 integration volatility

Cash Flow
Year end Dec (Rp bn) 2021 2022 2023F 2024F 2025F
Net Profit 526 857 411 502 403
Depr / Amort 271 253 255 255 399
Chg in Working Cap -99 -528 191 -137 57
Others -19 -177 -29 -86 0
CF's from oprs 679 406 828 533 859
Capex -408 -173 -1,225 -1,945 -935
Others 8 28 0 0 0
CF's from investing -400 -146 -1,225 -1,945 -935 Opportunity Threat
Net change in debt -92 -212 720 720 720 Capacity Significant drop
Others 0 147 -19 -21 -25 expansion in pulp price
CF's from financing -92 -65 701 699 695
Net cash flow 187 195 305 -713 619
Cash at BoY 871 1,060 1,265 1,570 857
Cash at EoY 1,060 1,265 1,570 857 1,476
Free Cashflow 271 233 -397 -1,412 -76

Ratio Analysis
Year end Dec 2021 2022 2023F 2024F 2025F
Profitability (%)
Gross Margin 34.9 39.7 31.6 33.5 29.9
Opr Margin 24.4 28.4 21.5 23.2 20.3
EBITDA Margin 32.1 34.8 28.8 30.0 29.0
Net Margin 14.0 18.4 11.4 13.3 8.7
ROAE 11.7 16.5 7.1 8.0 6.0
ROAA 6.0 9.2 4.0 4.4 3.2
Stability (x)
Current ratio 2.1 2.4 2.1 1.7 1.7
Net Debt to Equity 0.5 0.4 0.4 0.6 0.6
Net Debt to EBITDA 2.2 1.5 2.5 3.5 3.0
Interest Coverage 3.6 4.6 2.8 3.3 2.3
Efficiency (days)
A/P collection 34 34 34 34 34
A/R payment 140 147 180 180 180
Inv. turnover 64 70 65 65 65

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 2

Figure 1. INKP 3Q23 result: below (before earnings adjustment)

Source: Company, Bloomberg, Trimegah Research

Snapshot

• 3Q23 net profit fell sharply to $52mn (-62% QoQ, -79% YoY). This is mainly driven by lower revenue at $756mn (-14%
QoQ, -28% YoY). This brings 9M23 net profit to $321mn (-50% YoY), accounting 62%/50% of ours and consensus FY23
estimates respectively.

• Operational volume: Total (pulp, paper, packaging) 9M23 sales volume increased +4-5% YoY, production increased +2-4%
YoY. 3Q23 sales volume increased +1% QoQ. Company emphasizes there is no operational hiccup during the quarter.

• 3Q pulp revenue down -33% QoQ, and down -44% YoY, while both paper and packaging, only down -4% QoQ respectively.
Note that more than 50% of its pulp are sold to export markets (the remaining is for internal use for its paper segment mostly).

• The revenue fell sharply despite hardwood pulp price registering a positive uptrend during the 3Q23. This was on the back
of a 1–2-month ASP lag. (refer to fig. 4)

• There is a large capex jump in 3Q amounting to $261mn. If rightly so, we assume this is for its packaging expansion project
in Karawang.

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 3

Figure 2. Hardwood and softwood pulp prices

1,100

1,010
1,000

900

865
800
754
$/t

696
700
648 640

600 629

552
500

475
400

Nov-22
Nov-20

Apr-21

Jun-21

Nov-21

Apr-22

Jun-22

Apr-23

Jun-23
Aug-20

Feb-21
Mar-21

Jul-21

Feb-22
Mar-22

Jul-22

Feb-23
Mar-23

Jul-23
Aug-21

Aug-23
Sep-20
Oct-20

Dec-20
Jan-21

May-21

Sep-21
Oct-21

Dec-21
Jan-22

May-22

Aug-22
Sep-22
Oct-22

Dec-22
Jan-23

May-23

Sep-23
Oct-23
Hardwood Softwood Hardwood avg ('09-'19)

Source: RISI, Trimegah Research

Figure 3. Pulp price assuming no lag Figure 4. Pulp price with 2-month lag

Pulp price quarterly 2 month lag

$/t 1Q23 2Q23 3Q23 QTD %QoQ ($/t) 1Q23 2Q23 3Q23 QTD %QoQ
Hardwood 757 521 532 595 11.7% Hardwood 840 704 498 553 11.1%
Softwood 895 692 670 744 11.0% Softwood 906 863 663 696 4.9%

Source: RISI, Trimegah Research Source: RISI, Trimegah Research

Figure 5. China pulp and paper import volume is improving Figure 6. China pulp and paper export volume is growing
compared to last year steadily in the past months

China pulp and paper export volume China pulp and paper export volume
450 135

430
125
410

390
115
370

350 105

330
95
310

290
85
270

250 75

Source: RISI, Trimegah Research Source: RISI, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 4

Figure 7. BCP shipment to China climbed 28% year on year, offsetting declines in other parts of the world

Global BCP shipment Monthly YTD

thousand tonnes Jul-22 Jul-23 %YoY 7M22 7M23 %YoY
China 1,505 2,230 48% 11,045 14,135 28%
Europe 1,370 1,150 -16% 10,030 8,285 -17%
Other Asia 755 765 1% 5,905 5,045 -15%
USA 550 505 -8% 3,945 3,525 -11%
RoW 370 410 11% 2,740 3,005 10%
Total 4,550 5,060 11% 33,665 33,995 1%

Source: Hawkins Wright, Trimegah research

Figure 8. Earnings revision

Current Previous Changes
(USDmn) FY23F FY24F FY25F FY23F FY24F FY25F FY23F FY24F FY25F

Pulp price (USD/ton) 600 610 620 580 600 620 3% 2% 0%

ASP (USD/ton)
Pulp 570 580 589 551 570 589 3% 2% 0%
Paper 912 869 884 827 855 884 10% 2% 0%
Packaging and other 542 637 630 606 627 630 -11% 2% 0%

Sales volume (mn tonnes)

Pulp 1,916 2,116 1,965 2,116 2,116 1,965 -9% 0% 0%
Paper 1,412 1,397 1,397 1,397 1,397 1,397 1% 0% 0%
Packaging and other 2,105 2,105 2,105 2,105 2,105 2,105 0% 0% 0%

Revenue breakdown
Pulp 1,092 1,226 1,157 1,166 1,206 1,157 -6% 2% 0%
Paper 1,288 1,214 1,234 1,154 1,194 1,234 12% 2% 0%
Packaging and other 1,140 1,342 1,327 1,276 1,320 1,327 -11% 2% 0%
Karawang factory 0 0 901 0 0 901 NA NA 0%

Revenue 3,520 3,782 4,619 3,596 3,720 4,619 -2% 2% 0%

Gross Profit 1,112 1,266 1,381 1,293 1,314 1,381 -14% -4% 0%
Operating Profit 758 879 938 903 934 938 -16% -6% 0%
EBITDA 1,013 1,134 1,337 1,158 1,189 1,337 -12% -5% 0%
Net profit 411 502 403 517 542 405 -21% -7% 0%
Core profit 402 502 403 517 542 405 -22% -7% 0%

Gross Margin 32% 33% 30% 36% 35% 30%

Opr Margin 22% 23% 20% 25% 25% 20%
EBITDA Margin 29% 30% 29% 32% 32% 29%
Net Margin 12% 13% 9% 14% 15% 9%
Core Net Margin 11% 13% 9% 14% 15% 9%
Source: RISI, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 5

Figure 9. Valuation
DCF valuation of consolidated INKP
Assumption 2024F 2025F 2026F 2027F 2028F TV
Risk free rate 6.50% (+) EBIT (1-tax) 698 704 956 1,454 1,553
Market premium 7.89% (+) Chg in NWC -137 57 162 182 44
Beta 1.11 (+) Depreciation 255 399 399 399 399
Ke 15.3% (-) Capex -1,945 -935 -935 -390 -390
Kd 8.0% FCFF -1,129 225 581 1,645 1,606
WACC 12.2% Discounted FCFF -1,129 201 462 1,166 1,015 9,708

Sum FCFF 11,421

(-) 2024F debt 4,796
(+) 2024F cash 857
(-) 2024F minority 1

Equity Value 7,482

Execution risk disc -15%
Equity Value after disc 6,360

USD/IDR 15,500
Equity value (IDR bn) 98,576
#of shares 5,471

Rounded 18,000

Source: RISI, Trimegah Research

Figure 10. Peers’ comparison

Ticker Market cap PER (x) PBV (x) EV/EBITDA (x) ROE (%)
(USDMn) 2023Y 2024Y 2023Y 2024Y 2023Y 2024Y 2023Y 2024Y
*as of 11/15/2023

Pulp&Paper
SUZANO SA SUZB3 BZ EQUITY 15,023 6.53 14.48 1.82 1.61 7.27 7.22 30.69 12.73
KLABIN SA - UNIT KLBN11 BZ EQUITY 5,528 10.49 11.99 2.42 2.53 7.94 7.71 26.94 16.59
EMPRESAS COPEC SA COPEC CI Equity 9,137 16.54 12.25 0.72 0.69 8.14 7.35 5.85 7.17
NINE DRAGONS PAPER HOLDINGS 2689 HK Equity 2,695 #N/A N/A 9.44 0.44 0.42 18.08 8.76 -4.27 4.72
Average 8,096 11.19 12.04 1.35 1.31 10.36 7.76 14.80 10.30

Packaging
US
AVERY DENNISON CORP AVY US EQUITY 14,503 22.92 19.13 6.84 5.86 14.14 12.46 30.62 32.56
GRAPHIC PACKAGING HOLDING CO GPK US EQUITY 6,626 7.60 7.90 2.47 2.05 6.40 6.49 36.13 25.08
WESTROCK CO WRK US EQUITY 9,802 12.87 14.56 0.93 0.89 6.36 6.48 7.05 6.46
INTERNATIONAL PAPER CO IP US EQUITY 11,450 15.73 16.69 1.35 1.38 7.31 7.30 8.66 7.95
AMCOR PLC AMCR US EQUITY 13,109 12.49 13.18 3.27 3.19 10.08 10.12 26.50 24.22
Average 11,098 14.32 14.29 2.97 2.67 8.86 8.57 21.79 19.25
Asia pacific
NIPPON PAPER INDUSTRIES CO L 3863 JT Equity 966 #N/A N/A 9.24 0.38 0.36 22.41 10.68 -12.03 3.90
AMCOR PLC-CDI AMC AU Equity 12,977 12.37 13.05 3.23 3.16 10.02 10.05 26.50 24.22
SCG PACKAGING PCL SCGP TB Equity 4,345 27.99 23.09 1.56 1.50 11.46 10.19 5.51 6.35
Average 6,096 20.18 15.13 1.72 1.67 14.63 10.31 6.66 11.49
Europe
SMURFIT KAPPA GROUP PLC SKG LN Equity 9,004 9.33 9.82 1.48 1.36 5.69 5.78 16.52 14.74
STORA ENSO OYJ-R SHS STERV FH EQUITY 10,082 148.94 18.08 0.80 0.79 13.30 8.76 0.26 4.39
SIG GROUP AG SIGN SW EQUITY 8,743 25.10 22.26 2.62 2.58 13.24 12.25 10.46 11.19
Average 9,276 61.12 16.72 1.63 1.58 10.74 8.93 9.08 10.11
Packaging average 9,237 29.53 15.18 2.27 2.10 10.95 9.14 14.20 14.64

Overall peers average 8,933 25.30 14.34 2.02 1.89 10.79 8.77 14.36 13.48

INKP 3,165 7.43 5.96 0.50 0.46 5.43 6.11 6.85 7.74
Premium (disc) vs Overall average -70.6% -58.4% -75.3% -75.6% -49.7% -30.3% -52.3% -42.6%
Premium (disc) vs pulp and paper's peers -33.6% -50.5% -63.1% -64.8% -47.6% -21.3% -53.7% -24.9%
Premium (disc) vs packaging's peers -74.8% -60.7% -78.0% -78.0% -50.4% -33.2% -51.8% -47.1%

Source: Bloomberg, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 6

Key takeaways from our meeting with INKP:
Undemanding 3Q results were due to lower ASP

• Operational volume: Total (pulp, paper, packaging) 9M23 sales volume increased +4-5% YoY, production increased +2-
4% YoY. 3Q23 sales volume increased +1% QoQ. The company emphasizes there is no operational hiccup during the
quarter.

• There is a 1–2-month ASP lag. INKP published a PO (pre-order) price, and shipment will follow in 1-2 months using the
PO price. Revenue is only recognized after shipment.

• Industrial paper segment is a combination of 60% brown paper and 40% white paper packaging, which is why industrial
paper segment GPM softens following a lower pulp price.

• Woodchips (raw material for pulp) is more affected by fuel price rather than benchmark pulp prices. Compamy notes that
transportation accounts for ~40% of the wood price.

What to expect in 4Q23

• 4Q23F result will assume a $553/t pulp price (+11% QoQ) assuming a 2-month ASP lag, which is still lower compared to
2Q23 at $704/t.

• Company is expecting a slight sales uptick in 4Q23 on the back of Chinese New Year restocking.

New Karawang factory update

• All main machinery equipment has been ordered. Machinery will come in multiple parts and will be assembled in the
factory.

• Civil work reached 40-50% completion

• Wood chips will be delivered from Kalimantan to Patimban Port in Subang. The company's internal calculation shows
shipping wood from Kalimantan is cheaper compared to shipping from Sulawesi.

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 7

 Research Team
Willinoy Sitorus Head of Research, Strategy, Energy willinoy.sitorus@trimegah.com +62-21 2924 9105
Fakhrul Fulvian Economics, Fixed Income fakhrul.fulvian@trimegah.com +62-21 2924 9097
Adi Prabowo Banks, and Financial-related adi.prabowo@trimegah.com +62-21 2924 9107
Heribertus Ariando Consumer, Media and Healthcare heribertus.ariando@trimegah.com +62-21 2924 9106
Richardson Raymond Telco, Auto and Tech richardson.raymond@trimegah.com +62-21 2924 6325
Kharel Devin Fielim Property, CPO, Cement, Toll, Small Caps kharel.devin@trimegah.com +62-21 2924 9106
Jonathan Gunawan Economics and Fixed Income jonathan.gunawan@trimegah.com +62-21 2924 9096
Ignatius Samon Consumer, Healthcare and Media & Tech ignatius.samon@trimegah.com +62-21 2924 9143
Sabrina Telco infra, ESG and Small Caps sabrina@trimegah.com +62-21 2924 9018
Alpinus Dewangga Energy-related alpinus.raditya@trimegah.com +62-21 2924 6322
Alberto Jonas Kusuma Auto, CPO and Small Caps alberto.kusuma@trimegah.com +62-21 2924 9103

Corporate Access
Nur Marini Corporate Access marini@trimegah.com +62-21 2924 6323

Institutional Sales Team

Beatrix Susanto Head of Institutional Sales beatrix.susanto@trimegah.com +62-21 2924 9086
Henry Sidarta, CFTe Head of Institutional Dealing henry.sidarta@trimegah.com +62-21 3043 6309
Raditya Andyono Equity Institutional Sales raditya.andyono@trimegah.com +62-21 2924 9146
Calvina Karmoko Equity Institutional Sales calvina.karmoko@trimegah.com +62-21 2924 9080
Stefanus Indarto Equity Institutional Sales stefanus.indarto@trimegah.com +62-21 2924 9080
Morgan Gindo Equity Institutional Sales morgan.gindo@trimegah.com +62-21 2924 9076

Retail Sales Team

Billy Budiman Head of Retail Equity Sales billy.budiman@trimegah.com +62-21 3043 6310
Hasbie Sukaton Deputy Head of Retail Sales hasbie.sukaton@trimegah.com +62-21 2924 9088
Jakarta Area
Ignatius Candra Perwira Kelapa Gading, Jakarta ignatius.perwira@trimegah.com +62-21 8061 7270
Robby Jauhari BSD, Jakarta robby.jauhari@trimegah.com +62-21 5089 8959
Sumatera
Alfon Ariapati Medan, Sumatera Utara alfon.ariapati@trimegah.com +62-61 4100 0000
Eastern Indonesia
Carlo Ernest Frits Coutrier Makasar, Sulawesi Selatan carlo.coutrier@trimegah.com +62-411 3604 379
East Java
Pandu Wibisono Surabaya, Jawa Timur pandu.wibisono@trimegah.com +62-31 2973 18000
Central Java, Area
Aloysius Primasyah Semarang, Jawa Tengah primasyah.kristanto@trimegah.com +62-24 8600 2310
Laili Ma’muroh Solo, Jawa Tengah laili.mamuroh@trimegah.com +62-271 6775 590
West Java
Bhisma Herlambang Bandung, Jawa Barat bhisma.herlambang@trimegah.com +62-22 8602 6290
Renny Nurhayati Hidayat Cirebon, Jawa Barat renny.nurhayati@trimegah.com +62-231 8851 009

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 Disclaimer

This report has been prepared by PT Trimegah Sekuritas Indonesia Tbk on behalf of itself and its affiliated companies and is
provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation
of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein
are entirely those of PT Trimegah Sekuritas Indonesia Tbk.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time
of publication, PT Trimegah Sekuritas Indonesia Tbk makes no representation as to its accuracy or completeness and it should
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who are expected to make their own investment decisions without reliance on this report. Neither PT Trimegah Sekuritas
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INVESTMENT RATING RULE:

Buy : Share price is expected to exceed more than 10% over the next 12 months
Neutral : Share price is expected to trade within the range of 0%-10% over the next 12 months
Sell : Share price is expected to trade below 0% over the next 12 months
Not Rated : The company is not within Trimegah research coverage

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Company Ticker Disclosure (as applicable)

INKP -

Trimegah Disclosure Data

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1. Within the past year, it has managed or co-managed a public offering for this company, for which it received fees.
2. It had an investment banking relationship with this company in the last 12 months.
3. It received compensation for investment banking services from this company in the last 12 months.
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in the next 3 months.
5. It beneficially owns 1% or more of any class of common equity securities of the subject company.
6. It makes a market in securities in respect of this company.
7. The analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her household) has
a financial interest position in securities issued by this company. The financial interest is in the common stock of the
subject company, unless otherwise noted.
8. The analyst (or a member of his/her household) is an officer, director, employee or advisory board member of this
company or has received compensation from the company.

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