Disclaimer & Terms of Use

1. Who we are. Nava Research ("Nava") is an independent research publication based in India, written by Adaikalavan (Adhik) Ramanathan, CFA. Nava publishes educational research on companies listed in Japan and other markets outside India.

2. Educational purpose only; not advice. All content is provided for general information, education, study and research only. It reflects Nava's own research and the opinions and ideas of its author. Nothing on this site or in any Nava note is investment, legal, tax or accounting advice, professional advice, a recommendation or an invitation to buy, sell or take a position in any share, security or other instrument, or an offer to sell or a solicitation of an offer to buy any security. Nava does not express any opinion on the price at which any security may trade at any time, does not provide advice on the merits of any specific investment decision, does not provide personalized advice, does not respond to requests for advice on individual portfolios or positions, and does not publish ratings or price targets.

3. Intended audience and eligibility. Nava is intended solely for professional and institutional investors. By subscribing, you confirm that you are a professional or institutional investor (or an equivalent under the laws of your jurisdiction) subscribing exclusively for business or professional purposes, and not as an individual or retail investor.

If you are located in Japan, you confirm that you are (a) an investment management business operator registered in Japan, or (b) a trust bank or other registered financial institution engaged in investment management business, and that you are subscribing solely for institutional accounts and not on behalf of any individual or retail investor. Nava does not offer subscriptions to, or market to retail investors or any other person in Japan.

Nava Research is intended for professional and institutional investors outside India. Nava does not solicit or accept subscriptions from persons located in India. You confirm that, at the time of subscribing, you are not located in India and are not an entity organized in India or managed or controlled from India.

Nava reserves the right to verify subscriber eligibility, decline or immediately cancel any subscription that fails to meet these criteria, and refund any applicable fees for subscriptions terminated on that basis.

4. Scope of coverage and regulatory status. Nava Research publishes research on companies listed in Japan [and on other exchanges outside India]. It does not publish research on securities listed or proposed to be listed on any Indian stock exchange. Nava does not provide investment advice or hold itself out as an investment adviser, investment advisory business, research analyst or other regulated intermediary in any jurisdiction, and is not registered or licensed as one. Nava Research is general, non-personalized educational content, is not provided under any advisory or client relationship, and does not contain price targets or buy, sell or hold recommendations. Access is at your own initiative, and it is your responsibility to ensure that receiving Nava is lawful where you are. If you are in a jurisdiction where receiving this content would require Nava to be registered, you must not subscribe.

5. Sources and accuracy. Notes are prepared from publicly available information and Nava's own analysis. Nava does not guarantee the accuracy or completeness of any information provided. All statements and opinions are those of the author alone and are subject to change without notice.

6. Forward-looking statements; timing. Any projections, outlooks or estimates are forward-looking statements. They rest on assumptions, should not be read as a forecast of what will actually happen, and may be affected by events that were not taken into account, which could significantly change the returns or performance of the securities discussed. Except where stated otherwise, information is as of the date of preparation and not as of any later date. Nava has no obligation to correct, update or revise any note or to provide further material.

7. Positions and conflicts. Nava does not accept payment from covered companies for coverage. The author, the author's affiliates, and clients of those affiliates may currently hold long or short positions in securities of the companies discussed, or may take such positions in future, and may therefore profit from changes in the securities' prices. There is no guarantee that any such positions will be maintained. Each note states the author's position at the time of publication. Position disclosure is not a recommendation.

8. Your own decisions. Every investor has different strategies, risk tolerances and time horizons. You should make your own decisions based on your own review of publicly available information, carry out your own independent checks, research and study, and consult a licensed professional before making any investment decision. You should not rely on Nava content for that purpose.

9. Limitation of liability. To the fullest extent permitted by law, neither Nava, its author nor any affiliate accepts any liability for any direct or consequential loss, however arising, from any use of or reliance on Nava content.

10. Copyright. Nava content is copyrighted. A subscription is for your own use or your organization's internal use. Do not copy, forward or redistribute notes without written permission.

11. Contact. adhik@navaresearch.com