- 投资
- 2022年01月31 日
投资策略及研究:股票增持动能将从美国转向亚洲(日本除外)市场 将新兴市场高收益债券评级下调至中性
By 李依莱
投资策略部主管
- 预计周期性和价值性行业会出现短期波动和板块轮动；将对冲基金持仓从中性转为增持，以进一步分散资产配置风险
- 后疫情时期的广泛牛市延续；股票维持整体增持立场，鉴于更具吸引力的相对风险回报，增持趋势从美国市场转向亚洲(日本除外)市场
- 考虑到利率的不利因素和中国房地产前景黯淡，将新兴市场高收益债券评级下调至中性
本行对1月份联邦公开市场委员会(FOMC)会议的货币政策声明并不感到意外，即委员会重申了结束资产购买和启动加息的时间。
资产购买计划（即量化宽松）预计将于3月份结束。美联储主席杰罗姆·鲍威尔(Jerome Powell)表示“很快将适当提高联邦基金利率的目标区间”，其示意将于3月份举行的新闻发布会上公布。
美联储还发布了一套降低其资产负债表规模的高级原则，指出“委员会预计，在提高联邦基金利率目标区间的过程开始后，将开始缩减美联储资产负债表规模”。这一点和鲍威尔的评论为5月至7月左右启动量化紧缩奠定了合理的基调。
然而，由于鲍威尔主席在新闻发布会上的声明带有鹰派色彩，这一趋势存在上行风险。
其并未排除美联储在今年连续几次政策会议上实施不间断加息的可能性，但强调尚未做出任何决定，并且与2015年上一次加息周期开始时相比“经济情况已大不相同。”
鲍威尔主席还讨论了通胀带来的相当大的不确定性，以及货币政策需要如何应对“通胀居高不下”的结果。他还表示，FOMC将“稳步”改变目前高度宽松的政策立场。
本行预计美联储将从今年3月份开始，每季度加息25个基点，并预计5月份开始缩减其资产负债表。
视乎通胀的走势，今年或会有超过四次加息的风险：本行目前预计通胀或将在年中达到峰值，并认为美联储仍有把握遏制通胀水平，且通胀预期保持相对稳定。这与通胀盈亏平衡相对平淡以及收益率曲线长端趋平的看法一致。
历史数据表明，经济出现衰退之后，牛市并不会在最初几次加息时结束。展望未来，本行看到波动性和结构性趋势转向周期性和价值性行业的巨大机遇，本行认为，鉴于全球经济增长前景仍然向好，后新冠疫情时代更广泛的牛市仍会延续。
2021年的最后一个季度，美国经济年增长率相对于第三季度为6.9%（共识：5.5%）。2021年第四季度同比增长5.5%，2021年全年增长5.7%。令人意外的是，最后一个季度的库存积累水平要高得多，占4.9%。消费者支出年增长率为3.3%，高于第三季度的2.0%，但低于市场预期。本行仍然相信，美国将在2022年继续以高于趋势水平、以4.2%的速度增长，也这是连续第二年实现该增速。尽管利率持续波动，实体经济仍保持强劲态势。
奥密克戎的影响正延续到2022年，但本行认为，鉴于美国和英国的经历，该影响应不会持续太久。美国和英国新冠新增病例数急剧下降；美国的7天变动均值已从1月中旬的峰值约80万例下降至1月28日的约55万例。在英国，这一数据已从今年年初的峰值18万降至一个月后的约9万。英国的新冠死亡人数相较于2021年初的最高水平已降至低位，但美国该数据仍持续上升。
除美国之外，由于近期奥密克戎的影响，其他国家/地区2021年第四季度GDP报告喜忧参半。由于对未接种疫苗的居民的限制和供应链持续中断，德国经济连续收缩了0.7%。台湾地区和韩国等亚洲经济领头羊的表现要好得多，在2021年第四季度环比分别增长2.7%和1.1%。
就采购经理人指数(PMI)而言，虽然持续保持低迷态势，但所有数据均保持在50或以上的扩张水平。发达市场最新的PMI初值显示，1月份制造业和服务业均出现下滑。服务业从12月的55.2大幅下跌至1月的50.4，而制造业则从54.9下滑至51.0。
在本行的资产配置策略中，本行仍然整体增持股票，但考虑到相对更具吸引力的估值和风险回报，本行将偏好从美国股票转向亚洲（日本除外）股票。配置策略具体为，下调美股持仓权重，从超配下调至中性，并将亚洲(日本除外)股市权重从中性调整为增持。
本行还将本行在对冲基金中的权重从中性调整为超配，因为本行认为，自下而上的策略更能分散投资风险，将有利于市场偏中性的阿尔法基金策略，并进一步受益于本行资产配置策略中增加的多元化因素。
在固定收益方面，考虑到收益率上升带来的预期阻力以及中国房地产行业前景黯淡，本行将新兴市场高收益债券的持仓从超配调整为中性。
在本行看来，新兴市场高收益债券的前景变得更加难以预料。美国利率前景的重新评估，使得新兴市场高收益债券的前景更为黯淡，利率变动轨迹比之前预期的更为激进。作为新兴市场高收益债券最大的风险敞口，中国房地产行业的前景也不乐观。毫无疑问，中国的政策支持正在转向宽松，正如本行所见，利率和银行存款准备金率均已降低。然而，消费者、金融机构和在岸投资者仍然相当谨慎，流向房地产市场较弱部分的信贷仍然有限，或将触发更多违约或债务延期危机。
随着中国房地产销售可能保持疲软，在本行转变看法之前，针对该行业应有必要采取更多措施和政策微调来缓解信贷和资本紧缩。
最后，地缘政治紧张局势加剧（如俄罗斯/乌克兰）预计会对市场表现造成些许拖累。 本行继续维持对发达市场高收益债券中性持仓的立场，并维持发达市场和新兴市场投资级债券的低配。
然而，除房地产行业之外，本行仍对今年中国的经济前景充满信心。中国人民银行自2020年4月以来首次下调7天反向回购利率和中期贷款利率，这清楚地表明，中国政府正在逐渐放宽政策。
这将有助于刺激更多地方政府贷款，从而有助于支持必要的资本投资和基础设施支出，以弥补房地产行业放缓带来的投资缺口。
社会融资总额在去年12月已经有所增加，宣布降息之后或会再次得到提振。12月份工业生产加速，同比达到4.3%，中国出口继续表现良好，同比强劲增长20%。一些拖累经济的因素，如供给侧问题和财政支出放缓的趋势预计将逆转，并将在今年朝更有利于支持增长的方向发展。
重要的是，中国股市的估值平平，特别是与美国相比，美国股市的风险回报更具吸引力。中国市场12个月远期市盈率接近10年平均水平，而美国的12个月远期市盈率高于1个标准差。
宏观经济背景的转变和有吸引力的估值相结合，表明2022年中国股市的风险回报相对更具吸引力，这坚定了本行的观点，即增持股票头寸的趋势将从美股转向亚洲(日本除外)股市。
像京东、美团和阿里巴巴这样的互联网平台股票目前的交易，在市盈率方面比其五年平均历史市盈率低1到2个标准差，远期市盈率也比历史水平低约0.5个标准差（阿里巴巴则更低）。
在中国，金融和原材料行业预计将受益于2022年发生的周期性转变，而可再生能源和新能源汽车是多年投资主题，仍将是重要的关注领域。
选定的互联网和平台公司未来发展道路漫长而崎岖，但前景向好，且监管趋势日益明朗，企业盈利将逐渐恢复。
最后，由于共同富裕政策同时强调提高中低收入群体的福祉，消费需求势必得到支持，尤其在新冠疫情限制措施放宽的情况下。必需消费品和部分非必需消费品（如汽车）仍应是核心持仓资产。
长期政策的重点是共同富裕、碳中和，而谨慎管理信贷和杠杆仍将是企业及其业绩表现的关键。
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United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
This product may only be offered: (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); and (ii) in Singapore, to Accredited Investors (as defined under the Securities and Futures Act) and (iii) in the Dubai International Financial Center to Professional Clients (as defined under the Dubai Financial Services Authority rules) only. No other person should act on the contents of this document.
This product may involve derivatives. Do NOT invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.
Please carefully read and make sure that you understand all Risk Disclosures, Selling Restrictions, and Disclaimers. This document must be read together with the relevant Prospectus & Offering Documents &/or Key Fact Statement.
Disclaimer
This document is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”), is for information purposes only, and is not, by itself, intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. It is not an offer or a solicitation to deal in any of the investment products referred to herein or to enter into any legal relations, nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. Customers should exercise caution in relation to any potential investment. Customers should independently evaluate each investment product and consider the suitability of such investment product, taking into account customer’s own specific investment objectives, investment experience, financial situation and/or particular needs. Customers will need to decide on their own as to whether or not the contents of this document are suitable for them. If a customer is in doubt about the contents of this document and/or the suitability of any investment products mentioned in this document for the customer, the customer should obtain independent financial, legal and/or tax advice from its professional advisers as necessary, before proceeding to make any investments.
The Bank, its Affiliates and their respective employees are not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. Any such client is responsible for consulting his/her own independent advisor as to the tax, accounting and legal consequences associated with his/her investments/transactions based on the client’s particular circumstances.
This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere.
This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.
Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by the Bank for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document. Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your local representative directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.
While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank and its Affiliates to be reliable, neither the Bank nor its Affiliates has independently verified the accuracy of such source(s). The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.
The Bank and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein.
The author of this document may have discussed the information contained therein with others within or outside the Bank and the author and/or such other Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers of the Bank may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests. The persons providing the information to you may receive commissions, fees, rebates or other non-monetary benefits from any counterparty, broker, agent or another affiliate of the OCBC Group or any other party in respect of any trades or transactions effected for you including in relation to the investments referred to herein.
Bank of Singapore Limited is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch, is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. Bank of Singapore Limited, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. Bank of Singapore Limited forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.
Bank of Singapore Limited adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.
Past performance is not always indicative of likely or future results. The value of any investment or income may go down as well as up. All investments involve an element of risk, including capital loss. Customers who are interested to invest in such investment products should read the risk disclosures and governing terms and conditions that are set out in the relevant offering documents.
Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.
Applicable to clients booked and/or managed in the Dubai International Financial Center (DIFC) only: The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC.
Cross-Border Marketing
Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. This document is for information only and is not intended for anyone other than the recipient. It has not been reviewed by any regulatory authority in Hong Kong. It is not by itself an offer or a solicitation to deal in any of the financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products. It does not have regard to the specific investment objectives, financial situation, investment experience and the particular needs of any recipient or Investor. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: This document and information herein is made available by Bank of Singapore Limited, which is not licensed or registered under the Financial Institutions Law (Law No. 20/2016) or other Myanmar legislation to carry on, nor do they purport to carry on, any regulated activity in Myanmar. The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 4/1974), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. Taiwan: The provision of the information and the offer of the service concerned herewith have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant laws and regulations of Taiwan and may not be provided or offered in Taiwan or in circumstances which requires a prior registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to provide the information and to offer the service in Taiwan. Thailand: Please note that neither Bank of Singapore Limited nor any other entities in the Bank of Singapore Limited’s group maintains any licences, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified herein approved or registered in Thailand. Interests in the relevant securities or products may not be offered or sold within Thailand. The attached information has been provided at your request for informational purposes only and shall not be copied or redistributed to any other person without the prior consent of Bank of Singapore Limited or its relevant entities and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Bank of Singapore Limited or any other entities in Bank of Singapore Limited’s group in Thailand. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
