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This material is issued by Caballes-Go Securities, Inc. (CGSI), a registered stockbroker with the Securities and Exchange Commission (SEC) of the Philippines and a trading participant of the Philippine Stock Exchange (PSE). This material is for informational purposes only and should not be construed as an offer, solicitation, or recommendation to buy, sell, or hold any securities, financial products, or instruments.

This material is not intended for distribution, publication, or use by any individual in any jurisdiction outside of the Philippines, where such distribution, publication, or use would violate applicable laws or impose licensing, registration, or other regulatory requirements on CGSI or its affiliates, including related corporations, connected persons, and associated entities.

Accuracy & Reliability: The information contained in this report is derived from sources believed to be reliable. However, CGSI makes no representation or warranty, express or implied, as to the accuracy, completeness, or timeliness of the information. Any opinions, projections, or forward-looking statements are subject to change without notice.

Investment Risks: Securities investments involve risks, including potential loss of principal. Past performance does not guarantee future results. Investors are encouraged to assess their financial situation, risk tolerance, and investment objectives before making any decisions.

Conflicts of Interest: CGSI, its affiliates, directors, officers, or employees may have financial interests in securities mentioned in this material, including but not limited to proprietary trading, investment banking relationships, market-making activities, or ownership stakes as an officer or director of a listed company. CGSI has policies and procedures to manage conflicts of interest, including information barriers and trading restrictions.

Regulatory Disclosures: This report complies with Philippine laws and regulations. It is intended for recipients who are legally eligible to receive such information. Unauthorized redistribution, reproduction, or use of this material without CGSI’s written consent is prohibited.

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Professional Advice: This material does not consider the specific financial situation or investment objectives of any individual. Investors should seek independent financial, legal, or professional advice before making investment decisions.

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