Krutham aims to deliver impartial and objective assessments of securities, companies or other subjects. This document is issued for information purposes only and is not an offer to purchase or sell investments or related financial instruments. Individuals should undertake their own analysis and/or seek professional advice based on their specific needs before purchasing or selling investments.
The information contained in this website is based on sources that Krutham believes to be reliable, but Krutham makes no representations or warranties regarding the completeness, accuracy or reliability of any information, facts, estimates, forecasts or opinions contained in this document. The information and opinions could change at any time without prior notice. Krutham is under no obligation to inform any recipient of this document of any such changes.
No part of this website should be considered as a credit rating or ratings product, nor as ratings advice.
Krutham does not provide ratings on any sovereign or corporate entity for any client.
Krutham, its directors, officers, staff, agents or associates shall have no liability for any loss or damage of any nature arising from the use of this document.
Disclosure
The opinions or recommendations contained in this website represent the true views of the analyst(s) responsible for preparing the content. The analyst’s remuneration is not affected by the opinions or recommendations contained in this website, although his/her remuneration may be affected by the overall quality of their research, feedback from clients and the financial performance of Krutham group entities.
Krutham staff may hold positions in financial instruments or derivatives thereof which are discussed in this document. Trades by staff are subject to Krutham’s code of conduct which can be obtained by emailing mail@krutham.com.
Krutham may have, or be seeking to have, a consulting or other professional relationship with the companies, sovereigns or individuals mentioned in this report. A copy of Krutham’s conflicts of interest policy is available on request by emailing mail@krutham.com. Relevant specific conflicts of interest will be listed here if they exist.
- Krutham provides independent advice and independent research to a wide range of investors and financial institutions on Eskom, Denel, Transnet, Land Bank and SAA. Krutham’s interactions with all clients on Eskom, Denel, Transnet, Land Bank and SAA may include business confidential information but does not include MNPI and so does not provide a conflict. Krutham does not ‘act’ or ‘advocate’ for or ‘represent’ any of these clients. Krutham has regular interactions with government, Eskom, Denel, Transnet, Land Bank, SAA and other related entities connected with the SOE situation but does not provide paid consulting services or paid advice to any of these entities. These interactions are governed by Krutham’s own conflicts of interest policy as well as secrecy rules of the respective institutions or state-owned companies.
- Krutham provides a range of services into ‘organised business’ groupings in South Africa, which includes independent bespoke research and advice. Krutham is compensated for these services. Krutham does not ‘act for’ or ‘advocate’ for or ‘represent’ any of these clients.
- Krutham is currently involved in policy design work on a number of government priorities.
Copyright © 2023. All rights reserved. This document is copyrighted to Krutham South Africa Pty Ltd.
This content is only intended for the direct recipient of this report from a Krutham group company employee and may not be distributed in any form without prior permission. Prior written permission must be obtained before using the content of this website in other forms including for media, commercial or non-commercial benefit.