Northern Trust Logo
 

Research Disclaimer

 
.
 
 
 
 
 
 
 
.

Northern Trust Securities LLP: registered in England & Wales under number OC324323; registered office: 50 Bank Street, Canary Wharf, London E14 5NT; authorised and regulated by the Financial Conduct Authority; member of the London Stock Exchange.

The Northern Trust Company: incorporated with limited liability in the U.S. as an Illinois banking corporation under number 2016; registered office: 50 South LaSalle Street, Chicago Illinois 60603, USA; UK establishment number: BR001960 and UK office at 50 Bank Street, Canary Wharf, London E14 5NT.

Northern Trust Global Services Limited: registered in England & Wales under number 4795756;  registered office: 50 Bank Street, Canary Wharf, London E14 5NT; authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Northern Trust Global Investments Limited: registered in England & Wales under number 3929218; registered office: 50 Bank Street, Canary Wharf, London E14 5NT; authorised and regulated by the Financial Conduct Authority.

Northern Trust Management Services Limited: registered in England & Wales under number 4794949. The Northern Trust Company UK Pension Plan Limited: registered in England & Wales under number 2902686; both with a registered office at 50 Bank Street, Canary Wharf, London E14 5NT.

CONFIDENTIALITY NOTICE:
This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system.

RESEARCH CONTENT

The author of the Market Commentary section of this material is the Head of Global Equities for Northern Trust Securities LLP ("NTS") and is not an Analyst. Opinions expressed may differ from those expressed by other departments of NTS; including our Equity Research Department, and are subject to change without notice. The ideas in this communication were composed by the Northern Trust Securities LLP research team; Paul Moran, Head of Research; Neil Campling, Senior Analyst; Ameet Patel, Senior Analyst; Oliver Sherman, Analyst; Douglas Morton, Head of Asia Research.

© 2017 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation.

Northern Trust Securities LLP is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Northern Trust Securities LLP is registered in England and Wales No. OC324323.

Northern Trust Securities, Inc. is a broker dealer registered with the U.S. Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority (FINRA), and the Securities Investor Protection Corporation (SIPC).

This report is circulated to you as a client of Northern Trust Securities LLP. Northern Trust Securities LLP generates high conviction trading and investment ideas for its clients. It does not carry out any proprietary trading or corporate advisory activities. Northern Trust Securities LLP's publications are for the sole benefit of its clients. Unauthorised copying or distribution is prohibited.

Issued in the United Kingdom by Northern Trust Securities LLP. This report is a marketing communication. It has been prepared by Northern Trust Securities LLP solely for the purpose of supplying information to the clients of Northern Trust Securities LLP and/or its affiliate(s) to whom it is distributed and has not been prepared in accordance with the legal requirements designed to promote the independence of investment research. The report is not subject to any prohibition on dealing ahead of the dissemination of investment research, however it is company policy to prevent personal account dealing by employees on the day that we discuss a financial instrument. Northern Trust Securities LLP does not deal with, or for retail clients (i.e. those who are not per se professional clients or an eligible counterparty as defined in the European Parliament and Council Directive on Markets in Financial Instruments). Northern Trust Securities LLP does not hold a proprietary position in any of the financial instruments referred to in this communication.

For Asia-Pacific markets this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The following information is provided to comply with Article 9(a) of The Central Bank of the UAE's Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. The Northern Trust Company of Saudi Arabia – a Saudi closed joint stock company – Capital SAR 52 million. Licensed by the Capital Market Authority – License No. 12163-26 – C.R: 1010366439. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d'une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

This report is not, and should not be construed as, a recommendation, solicitation or offer to buy or sell any securities or related financial products. This report does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it.

All prices are sourced from Bloomberg, S&P Capital IQ and Northern Trust Securities own analysis at the time of writing.

Disclaimer: One or more members of the research team responsible for preparing this report may own a position (or positions) in stocks mentioned above in their personal investment holdings.

DEFINITIONS

Where we refer to 'Buy' we mean +20% upside relative to local index (STOXX Europe 600, S&P 500, MSCI AC Asia Pacific) over a 6-12 month period.

Where we refer to 'Sell' we mean -20% downside relative to local index (STOXX Europe 600, S&P 500, MSCI AC Asia Pacific) over a 6-12 month period.

NOTICE TO U.S. INVESTORS

This report has been reviewed and approved by Northern Trust Securities, Inc. ("NTSI"), Northern Trust Securities LLP's affiliated U.S.-registered broker dealer and a member of FINRA. This report is intended to be distributed by Northern Trust Securities LLP in the United States solely to "major U.S. institutional investors". For the avoidance of doubt, this report is not intended for individual or non-institutional investors and should not be distributed to any such individual or entity. Interested "major U.S. institutional investors" should contact Northern Trust Securities, Inc., our U.S. registered broker-dealer affiliate, or another U.S.-registered broker-dealer, to effect transactions in the securities that are the subject of this report.

NOTICE TO AUSTRALIAN INVESTORS

Northern Trust Securities LLP is registered as a foreign company in Australia (ARBN 165 830 937) under the Corporations Act 2001. Northern Trust Securities LLP is relying on the Australian Securities and Investment Commission (ASIC) Corporations (Repeal and Transitional) Instrument 2016/396 exemption for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services license under the Corporations Act 2001. To ensure compliance with the Instrument, Northern Trust Securities LLP does not deal with, or for any clients who are not a "wholesale client" within the meaning by section 761G of the Corporations Act. Northern Trust Securities LLP is authorised and regulated by the Financial Conduct Authority (FCA) under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of our provision of financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.

Northern Trust Securities, Inc. (NTSI) is registered in Australia as a foreign company and is exempt from the requirement to hold an Australia financial services licence (AFSL) under the Corporations Act. NTSI is authorised and regulated by the Securities and Exchange Commission under US laws, which differ from Australian laws.

NOTICE TO HONG KONG INVESTORS

This report may be delivered to you by NT Securities Asia Limited (CE no. BBY489) (NT Securities Asia) or The Northern Trust Company of Hong Kong Limited (CE no. ACO807) (TNTCHK) but has not been prepared, reviewed or approved by NT Securities Asia or TNTCHK.

NT Securities Asia is incorporated in Hong Kong and is licensed by the Securities and Futures Commission (SFC) of Hong Kong to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities pursuant to the Securities and Futures Ordnance of Hong Kong. NT Securities Asia only deals with 'professional investors' (as defined by the SFO and its subsidiary legislation) and does not hold any client assets. In addition, conditions of NT Securities Asia's licence limit its dealing in securities activities in Hong Kong to communicating offers to effect the dealings in securities to Northern Trust Securities LLP, in the name of the person from whom those offers are received.

TNTCHK is incorporated in Hong Kong and is licensed by the Securities and Futures Commission (SFC) of Hong Kong to conduct Type 1 (dealing in securities), Type 2 (dealing in futures), Type 4 (advising on securities) and Type 9 (asset management) regulated activities pursuant to the Securities and Futures Ordnance of Hong Kong. TNTCHK only deals with 'professional investors' (as defined by the SFO and its subsidiary legislation) and does not hold any client assets.
<a name="guy">&nbsp;</a>Guy Gibson

 Guy Gibson

Head of Global Equities
person icon
View Profile
.
.
Hide Profile
<a name="guy">&nbsp;</a>Guy Gibson

 Guy Gibson

Head of Global Equities
 

Guy is a Senior Vice President and the Head of Global Equities for Northern Trust’s institutional brokerage business in EMEA and APAC. Guy joined Northern Trust with the acquisition of Aviate Global, where he was a co-founder and CEO of Aviate. He is a member of Northern Trust Securities’ senior leadership and principally responsible for trading and distribution. Guy manages Northern Trust Securities’ sales, trading and operations teams in London, Hong Kong and Sydney.

Guy, has a degree in International Business Management and Finance from Massey University in New Zealand. Prior to founding Aviate, Guy worked at Credit Suisse, Salomon Brothers, Citi and Knight.

Aviate Live Research

Registered users can access the latest research and stock ideas from our expert analysts.
.

Important Information

 
.
 
 
 
 
 
 
 
.

© 2017 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Issued in the United Kingdom by Northern Trust Securities LLP.