Report on Sunteck Realty, BPCL, SRF, HPCL, Jubilant Ingrevia, CIPLA, UTI UTIAMC & INDIGO Q1FY27 Result Update – by PL Capital

AHMEDABAD, JULY 24:

Sunteck Realty (SRIN IN)

R A T I N G   BUY

C M P   INR 291

T P   INR 520

Q1FY27 Result Update: In line quarter; pre-sales momentum to continue

Quick Pointers

· Plans to launch GDV potential of INR 71bn in FY27E; excluding potential GDV of INR 90bn from Dubai project

· Pre-sales & collection guidance range at 25-30% for FY27E

Sunteck Reality (SRIN) reported healthy pre-sales growth of 20% YoY, along with 17% YoY collection growth in Q1. SRIN’s proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai’s high value real estate market. We expect the company’s pre-sales to grow to +20% CAGR over FY26-28E, supported by launch acceleration, including the planned Dubai JV project in 2HFY27. Further given likely strong cash flow generation, we see SRIN to step up new project additions which will be a key catalyst for stock performance. Maintain ‘Buy’ rating with TP of Rs520share.

Muted revenue Growth YoY: Operationally, SRIN reported EBITDA of INR 670mn vs INR 483mn in Q1FY26; in line with our estimate with EBITDA margins expanding by ~930 bps YoY to 35%. Consolidated revenues increased by 2% YoY to INR 1.9bn. PAT increased by 27% YoY to INR. 423mn in Q1. During the quarter, the company reported net debt of INR 2.95bn; increased by INR 290mn QoQ.

Healthy pre-sales led by new launches in Sky Park and SBR: SRIN’s pre-sales improved 20% YoY to INR 7.9bn; in line with our estimate of INR 8bn led by launch of 3rd tower at Sky Park (Mira Road) and 2 towers at SBR (Vasai). Overall, Uber luxury projects (3 BKC projects and Nepean Sea Road projects) contributed 29% (INR 2.3bn) to total pre-sales while high mid-income projects (Sunteck City, Beach residencies, Sky Park projects) contributed 50% (INR 3.9bn) to total pre-sales in Q1FY27. Average realizations in Q1FY27 declined 14% YoY & QoQ to INR 19,915 psf. Collections rose 17% YoY to INR 4bn. The Board has approved to raise up to INR 22.5bn through non-convertible debt (up to INR 15bn) and equity/equity-linked securities (up to INR 7.5bn).

REPORT BY Param Desai, Co-Head, Research Analyst, Research Associate, Institutional Research – PL Capital

Bharat Petroleum Corporation (BPCL IN)

R A T I N G   HOLD

C M P   INR 310

T P   INR 305

Q1FY27 Result Update: Strong refining performance drives earnings beat

Quick Pointers

· Reported GRM in Q1FY27 at USD17.0/bbl (Net of SAED)

· FY27 Capex maintained at INR250bn

BPCL reported a GRM (net of SAED) of USD17.0/bbl (Pre-SAED – USD41.4/bbl). However, implied GMM reported a loss of INR5.4/ltr due to suppressed marketing margins on key petroleum products as refining cracks and crude prices increased sharply. Although the company reported a standalone EBITDA loss of INR40.8bn (incl. fx gain of INR3.5bn), it came in better than est. (PLe: -INR147.1bn; BBGe: -INR137.1bn). PAT came in at a loss of INR39.6bn, ahead of est. (PLe: -INR124.0bn; BBGe: -INR126.3bn). Based on Q1FY27 performance, we revise upward FY27E GRM estimate to USD12.3/bbl while maintaining FY28E GRM at USD6.8/bbl (earlier: USD7.1/6.8/bbl). Consequently, we revise implied GMM lower to INR0.4/ltr and INR4.8/ltr for FY27E/FY28E (earlier: INR2.4/4.5/ltr), as cracks and crude oil are expected to stay elevated in near term.  We upgrade BPCL to “Hold” from ‘Reduce’ considering better performance in Q1FY27 with a TP of INR305 (earlier: INR270), based on 1.2x FY28E P/BV(earlier 1.1x).

Throughput and domestic volumes declined QoQ: Refining throughput declined 2.4% QoQ and 2.6% YoY to 10.2mmt, below our estimate of 10.6mmt. Domestic market sales volumes (excl. exports) were flat YoY but declined 1.7% QoQ to 13.6mmt, below our estimate of 14.0mmt, indicating some demand moderation.

GRM remained resilient: BPCL reported a GRM of USD17.0/bbl, net of SAED  (Pre-SAED – USD41.4/bbl), supported by strong crack spreads amid the West Asia conflict and Russia-Ukraine war, compared with USD17.5/bbl in Q4FY26 and USD4.9/bbl in Q1FY26. However, implied GMM declined sharply to a loss of INR5.4/ltr from a profit of INR5.8/ltr in Q4FY26, owing to rupee depreciation and higher crude oil prices following the West Asia disruption, while RSP hikes lagged the increase in input costs.

Q1FY27 came in better than expectation – Although implied GMM remained weak, BPCL reported a better-than-expected standalone EBITDA loss of INR40.8bn (PLe: -INR149.4bn; BBGe: -INR137.1bn). PAT also came in ahead of expectations at a loss of INR39.6bn (PLe: -INR125.5bn; BBGe: -INR126.3bn). In addition, BPCL received ~INR19.0bn as LPG compensation during Q1FY27. Standalone debt-to-equity increased to 0.19x from 0.11x in Q4FY26 and 0.12x in Q1FY26.

REPORT BY Swarnendu Bhushan, Co-Head of Research, Research Associate, Institutional Research – PL Capital

SRF (SRF IN)

R A T I N G   REDUCE

C M P   INR 2,632

T P   INR 2,482

Q1FY27 Result Update: Agrochemical uncertainty continue to persist

Quick Pointers

· INR2.5bn capex announced for a 25,000mtpa BOPET Thick Film Line

· Q2FY27 is expected to be softer than Q1FY27

SRF reported consolidated revenue of Rs50bn in Q1FY27, registering a growth of 32% YoY and 9% QoQ. The Chemicals segment grew 26% YoY, with the Fluorochemicals business delivering robust growth led by higher volumes and improved realizations, while pricing pressure in the Specialty Chemicals portfolio persisted due to continued competition from Chinese players. The Performance Films & Foil business emerged as the key growth driver, with revenue increasing 42% YoY and 26% QoQ, supported by higher realizations due to geopolitical supply disruptions and higher aluminium foil exports. EBIT margin for the segment expanded to 17.3% from 9.6% in Q4FY26, although management expects margins in this business to normalize from Q2FY27. The Technical Textiles business also posted healthy growth (28% YoY and 24% QoQ), aided by improved margins in Tyre Cord Fabrics and strong domestic and export demand for Belting Fabrics.

On the capex front, projects including HFO, backward integration and specialty fluoropolymers, are progressing as planned. The company also announced a Rs2.5bn investment to set up a 25,000mtpa BOPET thick film line. While the company continues to benefit from strong refrigerant realizations in the Fluorochemicals business, moderation in Performance Films margins is expected from Q2FY27 as the temporary benefits from supply disruptions recede. Combined with subdued agrochemical demand and persistent oversupply from Chinese players in Specialty Chemicals, we remain cautious on the stock. Accordingly, we maintain our REDUCE rating with an SOTP-based target price of Rs2,485.

Packing Film Business grew 26% QoQ and 42% YoY: Consolidated revenue at Rs50.3bn (31.8% YoY, 9.1% QoQ; PLe: Rs42.8bn, Consensus: Rs42.6), driven by 42% increase in the Packing Film revenue. EBIT margin expanded 770bps YoY, with EBIT rising 149% YoY and 128%QoQ. The Technical Textiles segment reported a 28% YoY and 24%QoQ increase in revenue, along with a 460bps QoQ and 1000bps YoY expansion in EBIT margin.

Chemicals business EBIT margin contracted by 440bps sequentially: Chemical business revenue declined 5% QoQ but increased 26% YoY, while EBIT margin contracted by 440bps QoQ and remained largely flat YoY. Gross margin stood at 51.2% compared to 50.5% in Q4FY26 and 50.0% in Q1FY26, supported by inventory gains.  EBITDA stood at Rs12.3bn (+49% YoY, +20.6% QoQ), with EBITDA margin expanding to 24.6% from 22.2% in Q4FY26 and 21.7% in Q1FY26. The decline in EBIT margin for Chemicals segment was primarily driven by continued pricing pressure in the Specialty Chemicals business due to competition from Chinese players across customers’ end-markets. In the Fluorochemicals business, higher raw material costs resulting from supply chain disruptions were largely offset by improved realizations.

REPORT BY – Swarnendu Bhushan, Co-Head of Research, Research Associate, Institutional Research – PL Capital

Hindustan Petroleum Corporation (HPCL IN)

R A T I N G   REDUCE

C M P   INR 385

T P   INR 350

Q1FY27 Result Update: Marketing losses weigh on earnings

Quick Pointers

• GRM (Pre-SAED) stood at USD23.4/bbl in Q1FY27

· Management expects FY27 capex at INR97bn

HPCL’s standalone EBITDA loss (incl. fx loss of INR0.2bn) widened to INR161.4bn, below street estimates (PLe: -INR149.4bn; BBGe: -INR126.7bn). However, PAT came in better than street expectations at a loss of INR115.3bn (PLe: -INR125.5bn; BBGe: -INR123.0bn), aided by tax benefits. Pre-SAED GRM improved sharply to USD23.8/bbl. This translates into an implied GMM under-recovery of INR14.9/ltr, compared with a profit of INR6.3/ltr in Q4FY26. Management expects HRRL to operate at full capacity by Q4FY27. Based on Q1FY27 performance, we revise upward our FY27E GRM estimate to USD8.7/bbl and marginally increase our FY28E estimate to USD7.9/bbl, factoring in the commissioning of the Residue Upgradation Facility (RUF) facility at Vizag (earlier FY27E/FY28E: USD7.3/7.1/bbl). We also revise our implied GMM estimates lower to an under-recovery of -INR0.5/ltr for FY27E and a profit of INR4.4/ltr for FY28E (earlier: INR2.4/4.9/ltr), as refining cracks and crude oil prices are expected to remain elevated in the near term. We downgrade HPCL to ‘Reduce’ from ‘Hold’ with a revised TP of INR350 (earlier: INR386), based on 1.1x FY28E P/BV, as the benefits of the Residue Upgradation Facility (RUF) at Vizag are expected to materialize only after the next few quarters.

Standalone EBITDA losses widened; below expectations: HPCL reported a standalone EBITDA loss of INR161.4bn, below street estimates, driven by higher crude oil costs amid the West Asia disruption, vs a profit of INR89.8bn in Q4FY26 and INR76.0bn in Q1FY26. Consequently, PAT reported a loss of INR115.3bn vs a profit of INR49.0bn in Q4FY26 and INR43.7bn in Q1FY26. However, PAT came in ahead of estimates (PLe: -INR125.5bn, BBGe: -INR123.0bn), aided by tax benefits. The sharp earnings decline was primarily due to weak marketing margins, as delayed RSP hikes failed to fully offset the increase in crude oil costs.

Quarterly GRM surged on stronger crack spreads: HPCL reported a quarterly GRM (before SAED) of USD23.8/bbl, vs USD14.3/bbl in Q4FY26 and USD3.1/bbl in Q1FY26. However, its pre-SAED GRM remained below peers. Singapore GRM also improved sharply to USD24.5/bbl from USD8.7/bbl in Q4FY26. The sharp increase was driven by elevated crack spreads amid the West Asia disruption and continued Ukrainian attacks on Russian refineries. Refining throughput stood at 6.5mmt, up 1.4% QoQ but down 2.1% YoY.

Higher crude costs weakened GMM: Despite a stronger GRM, implied GMM (based on a GRM of USD23.8/bbl) declined sharply to a loss of INR14.9/ltr, lower than our estimated loss of INR8.8/ltr. Implied GMM stood at a profit of INR6.3/ltr in Q4FY26 and INR7.0/ltr in Q1FY26. Total sales volumes, including exports, remained largely flat QoQ and YoY at 13.1mmt, with higher MS/HSD volumes (up 6.9%/8.7% YoY) partly offset by a 22% YoY decline in LPG sales volumes

LPG under-recovery buffer increased: HPCL received INR19.8bn during Q1FY27. Despite the compensation, the LPG under-recovery buffer increased to INR164.1bn as of 30 June 2026, from INR128.0bn as of 31 March 2026 and INR130.4bn as of 30 June 2025.

REPORT BY Swarnendu Bhushan, Co-Head of Research, Research Associate, Institutional Research – PL Capital

Jubilant Ingrevia (JUBLINGR IN)

R A T I N G   HOLD

C M P   INR 745

T P   INR 711

Q1FY27 Result Update: Improved Acetyl realizations aided margins

Quick Pointers

· FY27 EBITDA guidance of INR 7.5–8.0bn maintained

· New MPP plant at Gajraula remains on track for commissioning by end CY26

JUBLININGR reported consolidated revenue of Rs13bn in Q1FY27, broadly in line with our estimates. The Chemical Intermediates segment registered strong growth of 38% YoY and 21% QoQ, driven by higher cost pass-through and improved Acetic Anhydride volumes during the quarter. The Nutrition & Health Solutions segment reported growth of 36% YoY and 6% QoQ, supported by higher volumes in Human Nutrition and Niacinamide, along with improved pricing across the Animal Nutrition portfolio. The Specialty Chemicals segment grew 11% YoY and 3% QoQ, aided by commencement of contribution from the USD300mn agrochemical CDMO contract and volume growth across the Fine Chemicals portfolio. However, Pyridine and Picoline prices remained under pressure due to continued competitive intensity from Chinese suppliers. Management has reiterated FY27 EBITDA guidance of Rs7.5–8.0bn. While the recent increase in acetic acid prices is expected to provide a near-term tailwind for the Chemical Intermediates business, any reversal in prices could adversely impact segment margins. In addition, visibility on incremental order inflows under the agrochemical CDMO contract remains limited at present. At the current market price, the stock trades at 28x FY28E EPS. Based on our SoTP valuation, we derive a target price of Rs711, implying 27x FY28E P/E, and maintain ‘HOLD’ rating.

Revenue increased by 25.3%YoY and 10.3%QoQ: Revenue at Rs13bn (25.3% YoY/ 10.3% QoQ), (PLe: ~Rs12.6bn, Consensus: Rs12.7bn), YoY increase was led by Chemical Intermediates and Nutrition segment. On QoQ basis Chemical Intermediate segment grew by 21% and 38% YoY, driven by higher prices.

EBIT margin of Chemical Intermediates segment improves by 710bps YoY: Chemical Intermediates segment EBIT margin expanded by nearly 710bps YoY to 8.4% from 1.3% in both Q1FY26 and Q4FY26. Nutrition & Health Solutions business EBIT margin expanded by 40bps both YoY and QoQ. The Specialty segment contributed 41% of total revenue, while its EBIT margin contracted by 140bps QoQ and 170bps YoY.

EBITDA increased by 40.1%sequantially: EBITDA at Rs1,991mn (40% YoY/ 23% QoQ) and EBITDA margin at 15.3% (vs 13.7% in Q1FY26 and 13.8% in Q4FY26; PLe: 15.1%), increase 160bps YoY due increase in margins for Chemical Intermediate segment. PAT increased to Rs1,059mn (41% YoY/ 22% QoQ), while PAT margin was at 8% (vs 7% in Q1FY26 and Q4FY26).

Concall takeaways: (1) EBITDA guidance of INR7.5–8.0bn for FY27 maintained. (2) Management expect FY27 growth led by Specialty and Nutrition segment. (3) New MPP plant in Gajraula is on track expected by end of CY26. (4) In Specialty Chemicals Business Momentum in Agrochemicals was stable during the quarter, demand trends showing signs of recovery across key segments. (5) Pyridine & Picolines volumes were steady, while pricing pressure continued. (6) Pyridine plant working at 90%+ utilization, pricing pressure due to overcapacity in China. (7) Captive consumption of Pyridine for derivatives is increasing. (8) Agro CDMO project commissioned and contributed during the quarter. (9) In cosmetics, 20+ products are under. (10)  In Nutrition and Health business Niacinamide and Choline realizations were higher during the quarter. (11) Human Nutrition, Niacinamide volumes grew during the. (12)  In Chemical intermediates business Ethyl Acetate and Acetic anhydride volumes and realizations increased both YoY and QoQ. (13) Market share improved in Europe, product qualified with new customers.

– REPORT BY Swarnendu Bhushan, Co-Head of Research, Research Associate, Institutional Research – PL Capital

Cipla (CIPLA IN)

R A T I N G

ACCUMULATE

C M P   INR 1,393

T P   INR 1,450

Q1FY27 Result Update: Timely US launches will be key

Quick Pointers

· Reiterate USD 1bn exit run rate and 18.5-20% OPM in FY27E.

· Guided for 3 respiratory and 1 peptide launches in US for FY27

CIPLA’s Q1FY27 EBITDA (INR 11.9bn; 16.7% OPM) missed our estimates by 6% on account of lower GMs. Management reiterate FY27E margin guidance at 18.5-20% with exclusion of gLanreotide recovery; alternate US manufacturing site being pursued owing to temporary supply disruptions. Our FY27E/28E EPS broadly remain unchanged. We expect Cipla US annual sales run-rate at USD 775/925mn in FY27/28E. Timely approval of key respiratory products, ramp up of gVentolin and normalization of gLanreotide by H2FY27 will be key. Cipla’s strong net cash position of +$1bn provides flexibility to pursue strategic M&A opportunities. At CMP, stock is trading 23x FY28E EPS. Given high FY25/26 base led by gRevlimid and gLanreotide; we see flat EPS in FY27E. We maintain our Accumulate rating with TP of INR 1,450/share, valuing at 24x on FY28E EPS. Timely launch of critical high-value products in the US in FY27E will be key.

In-line revenues aided by domestic and EM markets: CIPLA’s Q1FY27 revenues improved 2% YoY to INR 71bn, we est INR 70bn. Domestic formulation reported strong growth of 12% YoY, in line with our est. Key therapies such as Respiratory, Urology, Anti diabetic and Cardiac outpaced the market. US sales stood at USD 162mn, up 4.5% QoQ. One Africa business reported growth of 12% YoY; whereas EMs and EU markets were up 16% YoY.

EBITDA miss by 6%: GMs stood at 62.3%, down 600bps YoY and 300bps QoQ. CIPLA reported EBITDA of INR 11.9bn; down 33% YoY; 6% below our estimates. The YoY decline was due to high base in US. OPM stood at 16.7%, down 880bps YoY. R&D expenses stood at INR 4.86bn (6.8% of revenue) up 12.5% YoY but down 5% QoQ. Ex R&D cost other expenses remained flat YoY. Resultant PAT stood at INR 7.9bn; down 39% YoY. EPS of INR 9.8/share in Q1FY27.

REPORT BY – Param Desai, Co-Head, Research Analyst, Research Associate, Institutional Research – PL Capital

UTI Asset Management Company (UTIAM IN)

R A T I N G   HOLD

C M P   INR 904

T P   INR 975

Q1FY27 Result Update: Opex stability and equity performance key to re-rating

Quick Pointers

· Core income was a beat due to better revenue/opex

· Weak equity performance driving market share loss

· Staff cost guided at INR 1.3bn per quarter in FY27C

UTIAM saw a good quarter as quarter as core income beat PLe by 18.7% led by 2% beat on revenue and 7.7% lower opex. Blended MF yield was flat QoQ at 30.5bps (expected decline) suggesting that impact of TER change was passed to intermediaries. Staff cost normalized in Q1’27 post declaration of VRS in H2’26. Employee cost guidance is INR 1.3bn per quarter for the consol entity while other opex may rise by 8-10% YoY in FY27 with no major IT expenses expected. Company expects to maintain a dividend payout ratio of >95% (standalone). We keep multiple of 13x on Mar’28 core EPS and maintain TP at INR 975. Retain ‘HOLD’ rating.

Good quarter due to higher revenue and lower opex: Overall/equity QAAuM was in-line at INR 3,989/1,284bn which grew 1.7%/-1.3% QoQ. Revenue was a 2.0% beat at INR 3.79bn led as revenue yields at 38bps were higher (PLe 37.3bps). Opex was 7.7% lower at INR 2.17bn (PLe INR 2.35bn) due to lower staff cost and other opex. Employee cost was lesser at INR 1.22bn (PLe INR 1.35bn). Other expenses too were lower at INR 782mn (PLe INR 827mn). Core income was 18.7% higher at INR 1.62bn (PLe INR 1.36mn); operating yields were 16bps (PLe 13.6bps). Other income was higher at INR 2.07bn due to more MTM gains leading to lower tax rate at 20% (PLe 24%). Core PAT was INR 1.29bn (PLe INR 1.06bn) with core PAT yields at 12.9bps (PLe 10.6bps). PAT was INR 2.94bn.

Revenue yield was better to estimate: Equity share (+bal) fell to 32.2% (33.2% in Q4’26) while that of ETF was down 36bps to 33.7%. Net MF yields were stable QoQ at 30.5bps despite share of equity declining QoQ suggesting that the company has passed on the 5bps exit load TER impact to intermediaries. Segment-wise yields were equity 72-73bps, ETF+index 8bps, liquid 12bps and fixed income 20bps. While UTIAMC has been losing market share in active equity due to weak performance, it aims to scale this segment through a higher share of SIP investors, to counter redemptions in some large schemes.

Opex was lower; guided to rise at steady rate: Staff cost fell 7.8% QoQ as it normalized in Q1’27 post VRS benefit in H2’26. Employee cost guidance is INR 950mn for standalone entity and INR 1300mn per quarter for the consol entity. Other opex may rise by 8-10% YoY in FY27 with no major IT expenses expected. Management expects to maintain a healthy dividend payout ratio of >95% (standalone). No buyback is under consideration despite significant cash reserves, since UTIAMC would like to maintain cash for potential M&A opportunities to acquire bolt-on businesses, rather for buybacks.

REPORT BY – Gaurav Jani, Vice President, Research Associate, Institutional Research – PL Capital

InterGlobe Aviation (INDIGO IN)

R A T I N G   HOLD

C M P   INR 5,024

T P   INR 4,520

Q1FY27 Result Update: ATF inflation dents profit

Quick Pointers

· ASKM growth expected to remain flat in 2QFY27E

· PRASK is likely to grow by 25% YoY in 2QFY27E

INDIGO IN reported weak operational performance with FX adjusted EBITDAR margin of 15.8% (PLe 20.1%) as fuel CASK increased 80.4% YoY to INR2.49 (PLe INR2.21) due to sharp increase in ATF price. In addition, inflation has seeped into the cost structure with CASK (ex-fuel & ex-forex) rising by 9.5% YoY to INR3.43 amid adverse FX movement. While attempts are made to cover excessive fuel & FX volatility via repricing (yield up 21.3% YoY to INR6.0) it is proving to be insufficient given inflation is quite steep in nature. Nonetheless, repricing is not having a material detrimental impact on demand (load factor down 130 bps YoY to 83.3% in 1QFY27). In FY27E, growth will be driven by pricing and if yields show signs of stickiness once volatility in fuel & FX stabilizes, the stock could re-rate. We expect 8% ASKM CAGR over the next 2 years with FX adjusted EBITDAR margin of 22.5%/23.5% in FY27E/FY28E and maintain HOLD on the stock with a TP of INR4,520 (9x FY28E EBITDAR; no change in target multiple) as we await signs of yield stickiness to emerge. 

Revenue up 19.9% YoY: Revenue for the quarter increased 19.9% YoY to INR245.8bn (PLe INR241.8bn). Passenger revenue increased 23.0% YoY to INR218.8bn while ancillary revenue increased 13.9% YoY to INR24.5bn. Load factor stood at 83.3% (PLe 83.3%) while RASK was at INR5.65. ASKM/RPKM was up 2.9%/1.5% YoY to 43.5bn/36.2bn respectively. Fuel CASK increased 80.4% YoY to INR2.49 (PLe INR2.21). Yield increased 21.3% YoY to INR6.04 (PLe INR5.80). Total fleet count stood at 432.

Adjusted loss at INR56mn: FX adjusted EBITDAR (excluding hedging loss) declined 33.7% YoY to INR38.9bn (PLe INR48.7bn) with a margin of 15.8% (PLe 20.1%) due to higher-than-expected fuel CASK. INDIGO IN reported a loss of INR2.4bn (PLe PAT of INR1.4bn) in 1QFY27. However, after adjusting for net FX loss of INR0.8bn and hedging loss of INR1.5bn, adjusted PAT stood at INR56nn (PLe adjusted PAT of INR11.4bn).

• REPORT BY Jinesh Joshi, Vice President, Research Associate, Institutional Research – PL Capital

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)

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