Unauthorised use of SMBC’s websites and systems, including but not limited to unauthorised entry into SMBC’s systems, misuse of passwords, or misuse of any information posted to a site, is strictly prohibited.

SMBC Group

Banking services offered by the SMBC Group in and from the United Kingdom are exclusively offered by SMBC BI. Within the EMEA section of this website (with the exception the Leasing Finance and Trade Finance sections), all references to "SMBC Group" refer to SMBC, SMBC BI and SMBC EU.


Within the Leasing Finance section of this website, all references to “SMBC Group” refer to SMBC, SMBC BI, SMBC EU, SMBC Leasing and Finance Inc, and SMBC Leasing (UK) Ltd.

Products and services in EMEA are provided by SMBC Leasing and Finance and its UK subsidiary SMBC Leasing (UK) Ltd.


Within the Trade Finance section of this website, all references to “SMBC Group” refer to SMBC, SMBC BI, SMBC EU, SMBC (China) Limited, and Banco Sumitomo Mitsui Brasileiro SA (BSMB).

SMBC BI, SMBC EU, BSMB, and SMBC (China) Ltd, are all wholly-owned subsidiaries of SMBC.


This website and the pages herein have been prepared solely for information purposes, and do not constitute advice. They are neither an offer, recommendation nor a solicitation to borrow, buy, sell or enter into any facility or investment, nor are they an official confirmation. They are prepared from information believed to be reliable, but we do not guarantee the accuracy of the information, which may be incomplete or condensed. In relation to SMBC Bank International plc (SMBC BI) and SMBC Bank EU AG (SMBC EU) business, and that of their branches, this document is not intended for persons who would be classified as Retail Clients under MiFID II. Any price or yield information is indicative only, subject to change without notice, and should not be used as a basis for any decision. SMBC Group accepts no liability for any direct, consequential or other loss or damage occurring from the use of this information.

The provision of all services is subject to the restrictions of all applicable laws. Some of the services may be categorised as investment business for regulatory purposes and subject to specific restrictions.

Investment and trading

None of the information and opinions contained herein is intended to form the basis for any investment or trading decision, and no specific recommendations are intended. The products and transactions described herein are not suitable for every investor. Such products and transactions are only suitable for sophisticated and knowledgeable professional users of financial instruments, and are structured and customised to the needs and objectives of each investor. The information and opinions contained herein have been prepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contract or commodity-related product, any derivative product, or any trading strategy or service described herein. Opinions contained herein are subject to change without notice.

Investors must undertake independent consultation, evaluation, and review with their own tax, legal, accounting, credit, trading, and regulatory experts and advisers as relates to their asset, liability, and risk management objectives and risk tolerance. Investors must make investment, hedging, and trading decisions based upon advice from their advisers as deemed necessary and their own evaluation, judgment, and conclusions as to the potential economic benefits and risks, the appropriateness in light of their financial circumstances, business affairs, and risk management capabilities, and the conformity to their policies and objectives, and not upon any view expressed by SMBC Nikko or any affiliate thereof. SMBC Nikko and its affiliates are not acting as fiduciaries or financial or investment advisers to investors.

SMBC Nikko and its affiliates make no guarantee, assurance, or representation whatsoever as to the expected or projected success, profitability, return, savings, performance, result, effect, consequence, or benefit (either legal, regulatory, tax, financial, accounting, or otherwise) of any security, any commodity futures contract or commodity-related product, any derivative product, or any trading strategy or service described herein. SMBC Nikko and its affiliates may own securities, commodity futures contracts or commodity-related products, or derivative products, or be party to other contractual arrangements, that may increase in value as a result of products and transactions described herein.

SMBC Nikko, its affiliates and personnel also may (i) perform services for or solicit business from the issuers of securities, commodity futures contracts, commodity-related products, or derivative products from time to time described herein; (ii) have long or short positions in, buy and sell, and otherwise invest in such securities, contracts and products; and (iii) act upon and use the information and opinions set forth herein, to the extent otherwise permitted by applicable law, before such information and opinions are published herein.

Representative terms and elements of pricing and structuring of products and transactions described herein are for informational purposes only, and have been prepared from sources believed to be reliable. Neither SMBC Nikko nor any of its affiliates accepts liability for any loss arising from the use of or makes any representation as to the accuracy or completeness of the terms and conditions of products and transactions described herein. Finalised terms and conditions are subject to further discussion and negotiation, and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to SMBC Nikko and its affiliates. No assurance can be given that a product or transaction can, in fact, be executed on any representative terms indicated herein.

Certain of the products and transactions described herein may be offered by brokers and dealers affiliated with SMBC Nikko Capital Markets Limited, including SMBC Nikko Securities America, Inc., which effects securities transactions with US persons.

The products and services provided by SMBC Nikko Securities America, Inc. and other members of SMBC Group are available to investors subject to applicable limitations in the various jurisdictions in which those companies are authorized to conduct business.

Certain assumptions may have been made in the analysis contained in the information and opinions described herein which have resulted in the returns detailed herein. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Past performance is not necessarily indicative of future returns.

This publication has been issued by SMBC Nikko and SMBC Capital Markets, Inc. All material has been approved by SMBC Nikko. SMBC Nikko and SMBC DP are authorised and regulated by the Financial Conduct Authority (FCA). The investments discussed or recommended in the information may be unsuitable for investors depending on their specific investment objectives and financial position. This information is not intended for, and the services outlined here are not available to, persons who would be classified as private customers by the FCA Conduct of Business Sourcebook. The price or value to which these materials relate, either directly or indirectly, may fall or rise against the interest of investors. Where an investment is denominated in a particular currency, changes in rates of exchange may have an adverse affect on the value, or price of, or the income derived from the investments. Income from investments may fluctuate.

Additional information is available upon request.

Investment recommendations

Origin of the publication of investment recommendation

This publication originates from the Fixed Income Sales and Trading Department or Equity Sales and Trading Department of SMBC Nikko, regulated and authorised by the UK Financial Conduct Authority (FRN 171935), and not by SMBC Nikko's Research Department. This is a desk view and does not constitute investment advice.

For the basis of valuations or methodologies or further information, and the underlying assumptions used to (i) evaluate financial instruments or issuers or (ii) set price targets please contact your SMBC Nikko representative.

Content of the publication

This investment recommendation has been prepared solely by SMBC Nikko.

Investment opinions, ratings, and target prices are based on one or more methods of valuation, for instance, cash flow analysis, use of multiples, behavioural technical analyses of underlying market movements in combination with considerations of the market situation and the time horizon. Key assumptions of forecasts, ratings, target prices and projections in research cited or reproduced appear in the research material from the named sources. The date of publication appears from the material cited or reproduced. Opinions and estimates may be updated in subsequent versions of the publication, provided that the relevant company or issuer is treated anew in such later versions of the publication or report. Unless otherwise indicated or notified, SMBC Nikko makes no commitment as to the planned frequency with respect to updating investment recommendations.

Validity of the publication

All opinions and estimates in this investment recommendation are, regardless of source, given in good faith, and may only be valid at the stated date and time of this investment recommendation and are subject to change without notice. This investment recommendation has not been disclosed to the issuer directly or indirectly.

No individual investment or tax advice

The investment recommendation is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision or strategy. This investment recommendation has been prepared by SMBC Nikko as general information for private use of the investor to whom the investment recommendation has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and accordingly it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his or her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment.

Before acting on any information in this publication, it is recommendable to consult one's financial adviser.

The information contained in the investment recommendation does not constitute advice on the tax consequences of making any particular investment decision or strategy. Each investor shall make his or her own appraisal of the tax and other financial merits of his or her investment.

The issue of this publication shall not be regarded as creating any form of adviser-client relationship, and SMBC Nikko may only be regarded by you as acting on your behalf as financial adviser or otherwise following the execution of an engagement letter or similar documentation on mutually satisfactory terms.


This investment recommendation may be based on or contain information, such as opinions, estimates, price targets and valuations which come from SMBC Nikko’s analysts or representatives, publicly available information or other named sources.

To the extent this publication or investment recommendation is based on or contain information deriving from other sources ("Other Sources") than SMBC Nikko ("External Information"), SMBC Nikko has deemed the Other Sources to be reliable but SMBC Nikko do not guarantee the accuracy, adequacy or completeness of the External Information.

The perception of opinions or recommendations such as Buy or Sell or similar expressions may vary and the definition is shown on the website of each named source.

Limitation of liability

SMBC Nikko does not assume any liability as regards to any investment, divestment or retention decision taken by the investor on the basis of this investment recommendation. In no event will SMBC Nikko be liable for direct, indirect or incidental, special or consequential damages resulting from the information in this publication or report.

Risk information

The risk of investing in certain financial instruments, including those mentioned in this document, is generally high, as their market value is exposed to a lot of different factors such as the operational and financial conditions of the relevant company, growth prospects, change in interest rates, the economic and political environment, foreign exchange rates, shifts in market sentiments. Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Past performance is not a guide to future performance. Estimates of future performance are based on assumptions that may not be realised. When investing in financial instruments, the investor may lose all or part of the investments.

Conflicts of interest

SMBC Nikko and its affiliates or their connected companies may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments, including derivatives, of any company mentioned in the publication.

SMBC Nikko, in accordance with applicable regulation, are required to maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to identify, prevent, monitor and manage conflicts of interest, including managing conflicts of interest which may arise in the production of investment recommendations.

To limit possible conflicts of interest and counter the abuse of inside knowledge, the authors of this publication at SMBC Nikko are subject to internal rules including personal account dealing. The object of the internal rules is to ensure that no author will abuse or cause others to abuse confidential information. It is the policy of SMBC Nikko that no link exists between revenues from capital markets activities and individual analyst remuneration. Internal rules have been developed in accordance with recommendations issued by the Financial Conduct Authority. This material has been prepared following the SMBC Nikko's conflict of interest policy.

Distribution restriction

The securities referred to in this publication may not be eligible for sale in some jurisdictions. This publication is not intended to provide information sufficient for, and should not be used as the basis for, any investment decision. This publication is for the exclusive use of the person to whom it is provided by SMBC Nikko and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation. The recipient agrees to keep confidential at all times this document and information contained in it or made available by SMBC Nikko in connection with it. This publication is intended to be distributed in its entirety. Reproduction or dissemination of this document, in whole or in part, or disclosure of any of its contents, without the prior consent of SMBC Nikko, is prohibited.

This publication may not be mechanically duplicated, photocopied or otherwise reproduced, in full or in part, under applicable copyright laws.

Disclosure of remunerated co-lead roles

Within the past year, SMBC Nikko has managed or co-managed a public or private offering for these companies, for which it received fees

PDF Co-lead report (SMBC Nikko – 1 January 2022)


All intellectual property rights, wherever in the world arising, whether registered or unregistered (and including any application), including copyright, know-how, confidential information, trade secrets, business logic, business names and domain names, trade-marks, trade names, patents, look and feel, design rights, rights in computer software, database rights and all rights in the nature of unfair competition rights or rights to sue for passing off, are and shall remain the property of the SMBC Group.


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