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Page 2ICICIdirect.com|Equity Research

ICICI Securities Limited

Technical Outlook

January 14, 2011Sensex: We said, "The highs touching pull-back levels to the broken channel ...

follow-up above 19575-600 would maintain the upward momentum. Otherwisenot...." The Sensex failed to trade above 19575-600 and tanked by 380 points as a

result. While the Sensex shaved off net 1.8%, the bank and IT Index both lost 3.5%each. The A/D ratio turned negative 1:2.

The action formed a sizable Bear candle, indicating reaction from the channel,which was broken this Monday. The day's range was, however, inside the previousday's high-low, which indicates a neutral bias. Supports near 19000 are gettingtested again. We may watch if they hold on retest. The bias will turn negative ifthey do not.

Pivot PointsIndex/Stocks Close S1 S2 R1 R2 TrendSENSEX 19182.82 19038.60 18904.15 19231.65 19328.20 -ve

NIFTY 5751.90 5706.50 5664.40 5767.00 5797.25 -ve

ACC 1038.10 1038.45 1032.05 1051.30 1057.45 +ve

ANDHRA BANK 132.40 129.65 128.05 133.30 135.15 -ve

ARVIND 63.60 61.95 61.05 64.15 65.25 -veBAJAJ AUTO 1286.55 1280.80 1272.65 1297.10 1305.20 Neutral

BALAJI TELE 37.35 36.80 35.95 37.50 37.85 -ve

BOB 829.80 810.90 800.65 833.80 845.25 -ve

BOI 427.55 417.35 411.75 431.05 437.90 -ve

BEL 1675.85 1683.40 1670.15 1709.90 1721.95 +ve

BPCL 597.90 588.65 580.65 600.90 607.00 -ve

BHEL 2229.15 2220.80 2210.65 2241.00 2251.10 Neutral

CANARA BANK 572.10 560.20 553.50 575.60 583.30 -ve

CENTURY TEXT. 390.00 383.40 379.00 392.35 396.85 -ve

CIPLA 344.50 341.90 339.25 347.20 349.90 Neutral

DR.REDDY'S LAB. 1642.20 1626.15 1611.15 1645.65 1655.40 -ve

GAIL 498.60 490.95 487.25 500.90 505.85 -ve

GEOMETRIC 74.25 73.70 72.85 75.40 76.30 Neutral


3/13

January 13, 2011

ICICIdirect.com|Equity Research

Result Update

CICI Securities Limited

WHATS CHANGEDPRICE TARGET ..............................................................Changed from | 3195 to | 3350EPS (FY11E) .................................................................................................. Unchanged

EPS (FY12E) .................................................................................................. Unchanged

RATING.......................................................................................................... Unchanged

Expectations need to be temperedInfosys reported its Q3FY11 numbers below heightened Streetexpectations with 6% QoQ US dollar revenue growth. Though notablepositives include 26,000 campus offers, >5,000 lateral hires, applicationdevelopment (5.9% QoQ growth), Europe (5.9%) and 1.6% reportedcurrency (up 0.5% in constant currency), pricing uptick, at 3.1% volumegrowth, was tepid. Noticeably, | 118.9 as FY11E EPS guidance leavessignificant delta relative to consensus EPS at about | 122 and implies alower FY11E exit rate. While FY12 earnings downgrades are unlikely,upgrades could be restricted leaving limited upside in the near term.Consequently, we maintain ADD but raise our price target to | 3350 (|3195 earlier) and believe investors could get an attractive entry point atlower levels.

Earning summaryInfosys reported Q3FY11 revenues of | 7,106 crore (23.8% YoY and

2.3% QoQ growth) below our/consensus | 7,136/| 7,144 crore

estimate. However, operating profit of | 2,147 crore was above

our/consensus | 2,124/| 2,137 estimate on an operating margin of30.2% (29.8% our estimate). The company earned | 31.2 in diluted

EPS below our/consensus estimate of | 31.5/| 31.8.

Tapering attrition; lateral hires supports FY12E estimatesInfosys added 11,067 gross heads while net additions were 5,311.

Interestingly, the company added ~5,200 lateral hires, its highest

ever. Onsite effort was flat at 24.5% but higher compared to its

23.2% average since Q1FY09. Though LTM attrition was higher

sequentially at 17.5% vs. 17.1% (Q2FY11), absolute attrition

declined QoQ to 5,756 heads vs. 6,618 in Q2FY11.

Valuation

We have valued Infosys at 22x weighted average EPS of FY12E (70%) andFY13E (30%) of | 152.5. i.e. with a 12 month target price of | 3350 per

share and maintain our ADD rating. This is to account for the 19%/16%CAGR revenue/net profit growth during FY10-FY13E.

Exhibit 1:Financial performance(| crore) Q3FY11 Q3FY11E Q2FY11 Q3FY10 QoQ(Ch %) YoY(Ch%)

Net Sales 7,106.0 7,136.8 6,947.0 5,741.1 2.3 23.8

EBITDA Margin (%) 33.3 33.3 33.3 35.5 7 bps dip 223 bps dip

Depreciation 216.0 250.0 217.0 253.0 (0.5) (14.6)

Interest - - - -

Other Income 290.0 294.6 267.0 230.0 8.6 26.1

Reported PAT 1,780.0 1,802.1 1,737.0 1,559.1 2.5 14.2

EPS (|) 31.2 31.5 30.4 27.2 2.4 14.7

Source: Company, ICICIdirect.com Research

Infosys Technology (INFTEC)

| 3203

ting matrix

ing : Add

get : | 3350

get Period : 12 months

ential Upside : 5%

y Financials

crore) FY09 FY10 FY11E FY12E

t Sales 21,693.5 22,742.0 27,490.9 32,367.1

ITDA 7,195.5 7,852.0 9,051.7 10,684.8

ITDA margin (%) 33.2 34.5 32.9 33.0

t Profit 5,988.3 6,219.0 6,841.6 8,301.7

S (|) 104.6 109.5 119.8 145.3

luation summary

FY09 FY10 FY11E FY12E

E (x) 30.6 29.3 26.7 22.0

arget PE (x) 30.5 29.2 26.7 22.0

V to EBITDA (x) 23.3 21.3 18.5 15.7

ice to book (x) 10.0 7.9 6.9 5.9

oNW (%) 32.8 22.9 21.7 22.7

oCE (%) 37.9 30.2 30.8 32.2

ock data

arket Capitalisation | 183,212 crore

bt (Sep-10) | 0 crore

sh (Sep-10) | 15,897 crore

| 167,315 crore

week H/L (|) 3494 / 2333uity capital | 286 crore

ce value | 5

Holding (%) 36.6

Holding (%) 8.4

ce movement

500250

000

750

500

Jan-

09

Apr-

09

Jul-

09

Oct-

09

Jan-

10

Apr-

10

Jul-

10

Oct-

10

Jan-

11

2000

3500

5000

6500

INFTEC Nifty (RHS)

alysts name

bhishek Shindadkar

[email protected]

iddharth Sethia

[email protected]


4/13



Derivative Statistics

Nifty / India VIX

23.2

5752

0

5

10

15

20

25

3035

40

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

%

1500

2500

3500

4500

5500

6500

7500

VIX Close NIFTY Close (RHS)

Trading activity in capital markets (in | crore)Category Buy Value Sell Value Net ValueFII 3370 3619 -249

DII 1405 1163 242

Total 4775 4782 -7

Cumulative FII positions, as percentage of total grossmarket position in the derivative segment as on January2,, 2011, were 33.27%

India VIX

Open High Low Current Previous % Change

21.4 23.5 21.2 23.2 21.4 8.1


5/13



Economic Indicators

|/$

44.97

40

45

50

55

Jan-1

0

Fe

b-1

0

Mar-

10

Apr-

10

May-1

0

Jun-1

0

Ju

l-10

Aug-1

0

Sep-1

0

Oc

t-10

Nov-1

0

Dec-1

0

Jan-1

1

Source: Reuters

WPI Inflation (%)

7.48

-2

0

2

4

6

8

10

12

Nov-0

8

Jan-0

9

Mar-

09

May-0

9

Ju

l-09

Sep-0

9

Nov-0

9

Jan-1

0

Mar-

10

May-1

0

Ju

l-10

Sep-1

0

Nov-1

0

(%)

Source: Reuters

G sec yield (%)

7.50

7.67

8.03

8.14

6.50

7.00

7.50

8.00

8.50

14-Nov-10

26-Nov-10

08-Dec-10

20-Dec-10

01-Jan-11

13-Jan-11

(%)

1 Year 2 Year 5 Year 10 Year

Source: Reuters

The annual inflation rate for November 2010 dipped by 110basis points to 7.48%

G-SecClose Prev 1m 3m 6m

1 Yr 7.50 7.52 4 89 176

2 Yr 7.67 7.68 18 60 1265 Yr 8.03 8.05 3 26 66

10 Yr 8.14 8.18 4 14 52

Yield (%) Change (bps)

C u r ren cies C lo s e P re .1m 3m 6m

E U R O 1.33 1.34 0.01 -0.03 -0.08

G BP 1.58 1.58 0.03 -0.02 -0.05

Y E N 82.70 82.80 -1.55 -0.43 2.80

AU D 1.00 1.00 0.01 0.01 -0.01

C AD 0.99 0.99 -0.01 -0.02 -0.01

C H F 0.97 0.96 0.00 -0.02 0.01

INR 44.97 45.12 -0.38 -0.22 1.30

with base currency as US D

C h a n g e

The Indian rupee depreciated due to strength in the US dollar


6/13



Commodities

Nymex Crude ($/barrel)

90.93

60

65

70

75

80

85

90

95

Jan-1

0

Fe

b-1

0

Mar-

10

Apr-

10

May-1

0

Jun-1

0

Ju

l-10

Aug-1

0

Sep-1

0

Oc

t-10

Nov-1

0

Dec-1

0

Jan-1

1

Source: Reuters

Gold ($/ounce)

1376

600

800

1000

1200

1400

1600

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Source: Reuters

Copper ($/tonne)

9690.00

1000

3000

5000

7000

9000

11000

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Source: Reuters

*Data for 30th Novemeber, 2010 could not be updated due to technical reasons

Gold & Silver US$/troy ozCopper & Nickel US$/tonne

Crude oil prices declined on account of profit booking byinvestors

Gold prices declined due to strength in the US dollar

Copper prices gained marginally as investors awaited freshcues


7/13



Market Indicators

Fund activity (for past five trading sessions in | crore)

1116

-372-249

242

-1041

1019

-1139 -1163

1064

359

-1500

-1000

-500

0

500

1000

1500

FII DII

7-Jan-11 10-Jan-11 11-Jan-11 12-Jan-11 13-Jan-11

Source: BSE

Turnover analysis (in | crore)

3416

3992

3714

14303

14154

15334

161211

188988

152572

0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

13-Jan

12-Jan

11-Jan

BSE Cash NSE Cash NSE Derivative

Source: Reuters, NSE

Sector Statistics

Capital Goods 14084.3 14171.5 -87.3 -0.6 14450

IT 6444.8 6672.3 -227.5 -3.4 1835

FMCG 3618.5 3628.3 -9.8 -0.3 642

Metals 16781.8 16990.7 -208.9 -1.2 7174

Oil & Gas 10124.7 10237.8 -113.1 -1.1 2049

PSU 8883.0 8974.0 -91.0 -1.0 12860

Banks 12170.0 12615.9 -445.9 -3.5 5958

Mid Cap 7310.2 7369.0 -58.9 -0.8 64380

BSE100 10023.2 10182.5 -159.4 -1.6 52543

Healthcare 6530.4 6576.3 -45.9 -0.7 2637

Auto 9478.2 9506.6 -28.4 -0.3 2601

BSE Small Cap 9088.2 9147.6 -59.4 -0.6 100599

Consumer Durables 6014.0 6180.9 -167.0 -2.7 1852

Real Estate 2596.3 2582.4 13.9 0.5 11089

Source: Reuters


8/13



Bulk/ Block Deal1

January 13, 2011BS EKay Power Anju Gupta Sell 95476 18.3

Incap Financial Sonalben Nimeshbhai Parikh Buy 40000 19.0Incap Financial Nimeshbhai Ashokbhai Parikh Buy 30000 19.0

Incap Financial Virendrakumar Jayantilal Patel Buy 50000 19.0

Incap Financial Abhay Dattatray Javlekar Sell 225044 19.0

Arvind Intl Ajay Kumar Agarwal Buy 75000 21.4

Marvel Capital Adventures India Buy 20920 30.9

Jupiter Biosc Raj Finvest Sell 354417 35.2

Sacheta Metals Bhandari Hemant Amolakchand Sell 45430 37.0

Shekhawati Saumil Bhavnagari Lopa Buy 500000 37.5

Bheema Cem Kadambari Aamod Gupte Buy 170000 41.1

Scope Ind Gundlathoti Gundlathoti Venkateshwarlu Buy 48511 61.8

Madhusudan Sec South Yarra Holdings Buy 23543 64.7

Brescon Corp Sal Real Estate Private Limited Sell 45000 80.1

Pix Trans Shilp Family Trust Sell 53000 82.3

Pix Trans Sterling Investment Buy 133000 82.3

Gcv Services Khodiyar Polymers Private Ltd Sell 121050 102.5

Pfl Infotech Narayan Tatu Rane Huf Buy 200000 107.0

Pfl Infotech Tripurari Properties Private Limited Sell 164295 107.0

Pfl Infotech B D Khaitan & Company Limited Sell 25000 107.0

Kddl Sal Real Estate Private Limited Sell 50000 108.7

Priyadarshini Spn Tarini Enterprises Private Limited Sell 157589 118.3

Priyadarshini Spn Pradeep Kumar Aggarwal Buy 69000 118.9

Santowin Poly Purshottam Ghanshyam Jethalia Buy 23750 121.0

Parichay Invest Shyam Construction Buy 15300 159.7Ashutosh Paper Tarini Enterprises Private Limited Buy 40500 166.5

Apw President Rajasthan Global Securities Ltd Buy 94950 182.3

Vaghani Tech Snt Derivative Broking Private Limited B 49000 21.9

Vax Housing Saroj Sugandhi B 50000 61.0

Vax Housing Kailash Gangasahay Gupta S 97000 60.5

Vax Housing Vipul Radheshyam Agrawal S 33000 61.0

NS EKavveri Telecom Products Bp Comtrade Pvt Ltd Buy 51200 118.0

Yes Bank Limited Morgan Stanley Mauritius Company Buy 4830000 265.1

Yes Bank Limited Tamarind Fund Pte Limited Sell 8075425 265.2

Tvs Srichakra Limited Nandkishor & Co. Buy 40000 274.4


9/13



News & ViewsThe government has approved 19 foreign direct investmentproposals worth about | 4,340 crore. Tata Steel, L&T,Lakshmi Machine Works and Karur Vysya Bank were someof the major companies, which got the requisite approval.

Isaac George, CFO, GVK Power & Infrastructure has said thatthe company is geared up to bag road projects from NHAI. Healso added that the airport business may get the final nod onthe Mumbai airport land in the next three four months. Themonetisation of Mumbai airport land will be carried out by thesecond quarter of this fiscal year.The food price index rose 16.91% and the fuel price indexclimbed 11.53%. In the prior week, annual food and fuel

inflation stood at 18.32% and 11.63%.The primary articlesprice index was up 17.58% in the latest week, compared withan annual rise of 20.2% a week earlier.

Domestic Events Calendar (Jan 10 Jan 14, 2011)

Date Event12-Jan Industrial Production (YoY) (Nov)

13-Jan Food Articles WPI YoY

13-Jan Fuel Power Light WPI YoY

13-Jan Primary Articles WPI YoY

14-Jan Monthly Wholesale Prices (YoY) (Dec)

Global Events Calendar (Jan 10 Jan 14, 2011)Date Event13-Jan UK - BoE Interest Rate Decision

13-Jan European Monetary Union - ECB Interest Rate Decision

14-Jan Germany - Consumer Price Index (MoM) (Dec)

Domestic Corporate Events Calendar (Jan 10 Jan 14, 2011)Date Company Event11-Jan Wyeth Quarterly Results

11-Jan Pfizer Quarterly Results

11-Jan Hexaware Technology Bonus & Interim Dividend

12-Jan Coromandel International Quarterly Results & Interim Dividend

13-Jan CMC Quarterly Results

13-Jan Infosys Quarterly Results

13-Jan SAIL Quarterly Results & Interim Dividend

13-Jan Sintex India Quarterly Results

14-Jan Godrej Properties Quarterly Results

14-Jan HDFC Quarterly Results

14-Jan ZEE Entertainment Quarterly Results

14-Jan Hindustan Media Ventures Quarterly Results


10/13



Rating Changes

ICICIdirect.com Universe

Date Company From To R.P.* T.P.*03-Dec-10 Bajaj Hindusthan Sell Reduce 114 105

02-Dec-10 Sesa Goa Buy Reduce 303 28222-Nov-10 Dabur Add Buy 96 106

22-Nov-10 Balrampur Chini Buy Strong Buy 79 103

19-Nov-10 MAN Industries Buy Add 97 106

19-Nov-10 Kingfisher Airlines Add Buy 76 87

19-Nov-10 Axis Bank Reduce Add 1425 1520

19-Nov-10 PSL Buy Add 103 110

16-Nov-10 Patel Engineering Buy Strong Buy 368 454

16-Nov-10 Hotel Leela Buy Add 48 53

16-Nov-10 Gateway Distriparks Add Buy 114 129

16-Nov-10 Lanco Infratech Add Buy 63 73

16-Nov-10 IVRCL Infrastructure Strong Buy Buy 136 16116-Nov-10 Tulip IT Services Buy Strong Buy 182 219

16-Nov-10 Pantaloon Retail Add Buy 436 510

15-Nov-10 Jindal Saw Buy Add 213 228

12-Nov-10 Shree Cement Buy Add 2216 2366

11-Nov-10 Jayshree Tea Strong Buy Reduce 194 193

11-Nov-10 GMR Infrastructure Add Buy 54 63

11-Nov-10 Tata Motors Add Buy 1302 1523

11-Nov-10 Godawari Power & Ispat Strong Buy Buy 215 256

10-Nov-10 McLeod Russel Strong Buy Buy 241 273

10-Nov-10 Garware Offshore Add Sell 174 142

10-Nov-10 Spice Jet Add Buy 90 10209-Nov-10 GVK Power & Infrastructure Strong Buy Buy 46 53

09-Nov-10 Visa Steel Strong Buy Buy 40 46

04-Nov-10 Balkrishna Industries Add Buy 758 843

04-Nov-10 Neyveli Lignite Reduce Sell 171 151

04-Nov-10 Orbit Corporation Strong Buy Buy 116 138

04-Nov-10 Syndicate Bank Strong Buy Buy 146 164

03-Nov-10 Lupin Add Strong Buy 445 546

03-Nov-10 Indian Overseas Bank Reduce Strong Buy 168 201

03-Nov-10 GE Shipping Buy Add 360 373

03-Nov-10 Bank of Baroda Reduce Add 1024 1074

03-Nov-10 Dhampur Sugar Reduce Strong Buy 73 9203-Nov-10 Balrampur Chini Reduce Buy 87 103

02-Nov-10 Transport Corporation of India Reduce Add 130 133

02-Nov-10 Essar Shipping Reduce Add 110 112

02-Nov-10 Harrisons Malayalam Reduce Sell 83 75

02-Nov-10 Kamat Hotels Buy Strong Buy 135 180

02-Nov-10 Mahindra & Mahindra Add Buy 734 852

02-Nov-10 Punjab National Bank Reduce Add 1311 1330

01-Nov-10 Kansai Nerolac Reduce Add 898 906

01-Nov-10 Gujarat State Petronet Ltd Add Buy 112 123

01-Nov-10 Dabur India Reduce Add 100 100

01-Nov-10 Gujarat Gas Add Reduce 384 36901-Nov-10 SAIL Buy Add 194 212

*RP Recommended Price

*TP Target Price


11/13



Recent Releases

ICICIdirect.com Universe

Date Company

13-Jan-11 Result Update Infosys Technologies

12-Jan-11 Moto Gaze January, 201111-Jan-11 Result Update Indraprastha Gas Ltd.

11-Jan-11 Event update Patni Computer Systems

10-Jan-11 Q3FY11E Result Preview

06-Jan-11 Cement Sector Update - January 2011

04-Jan-11 Pharma Monthly Pharma Pill January 2011

31-Dec-10 Company Update Lanco Infratech

30-Dec-10 Market Strategy 2011

29-Dec-10 Event Update NHB Regulation

24-Dec-10 Management Meet Natco Pharma

24-Dec-10 Event Update Koutons Retail India

20-Dec-10 Management Meet Aurobindo Pharma

16-Dec-10 Initiating Coverage Exide Industries

16-Dec-10 Monetary Policy Update (December 2010)

14-Dec-10 Banking Industry Update Dec10

10-Dec-10 Moto Gaze December, 2010

10-Dec-10 Management Meet Update Spanco Limited

09-Dec-10 Cement Sector Update: December 2010

09-Dec-10 Freight Forward December, 2010

09-Dec-10 IPO Review A2Z Maintenance & Engineering Services Limited

08-Dec-10 Pharma Monthly Pharma Pill

06-Dec-10 Management Meet Update Page Industries

03-Dec-10 Management Meet Update Titan Industries

03-Dec-10 Event Update Welspun Corp

03-Dec-10 Management Meet Update Strides Arcolab

03-Dec-10 Result Update Bajaj Hindusthan

02-Dec-10 Event Update Sesa Goa

01-Dec-10 Result Update Escorts

30-Nov-10 Management Meet Update Birla Corporation

30-Nov-10 IPO Review Manganese Ore India Limited

29-Nov-10 Management Meet Update Shriram EPC

26-Nov-10 Management Meet Update Sasken Communications

25-Nov-10 Management Meet Update Cadila Healthcare

25-Nov-10 Company Update Bribery Scam

24-Nov-10 Event Update Bharati Shipyard

24-Nov-10 Management Meet Update Torrent Pharmaceuticals24-Nov-10 Management Meet Update Navneet Publications

24-Nov-10 Result Update Tata Steel

23-Nov-10 Management Meet Shoppers Stop

23-Nov-10 Result Update Allcargo Global Logistics

23-Nov-10 Initiating Coverage Development Credit Bank

22-Nov-10 Event Update Dabur

22-Nov-10 Result Update Nitin Fire

22-Nov-10 Result Update Dhampur Sugar

22-Nov-10 Result Update Balrampur Chini

19-Nov-10 Result Update MAN Industries

19-Nov-10 Result Update Reliance Capital

19-Nov-10 Result Update Shree Renuka Sugar

19-Nov-10 Result Update Sanghvi Movers

19-Nov-10 Result Update Kingfisher Airlines


12/13



Pankaj Pandey Head Research [email protected]

ICICIdirect.com Research Desk,ICICI Securities Limited,7th Floor, Akruti Centre Point,

MIDC Main Road, Marol Naka

Andheri (East)

Mumbai 400 [email protected]

DisclaimerThe report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way,

transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written

consent of ICICI Securities Ltd (I-Sec). The author of the report does not hold any investment in any of the companies mentioned in this report. I-Sec may be holding a small number of shares/position in the above-referred companies as on date of release of this report. This report is based on

information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or

completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offer

document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes

investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific

circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own

investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in

substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and

affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to

future performance. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are

inconsistent with and reach different conclusion from the information presented in this report. This report is not directed or intended for distribution

to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such

distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or

licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain

category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.


13/13

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Portfolio A portfolio based on your Risk appetitie:Conservative, Moderate and Aggressive iClick-2-GainHigh Dividend

Yield Stocks Features High Dividend Yielding Stocks forassured returns on investment iClick-2-Gain
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