Securities Policies
Toll Cross Securities(TCS) -
Stock Rating System
| TCS Rating |
Definition |
| BUY |
Total return is estimated to exceed 15% over the
next 12 months. |
| SPECULATIVE BUY |
Expectations of price appreciation, however there
is material event risk associated with the investment
that could result in significant loss. |
| HOLD |
Total return is estimated to be between -15% and
15% over the next 12 months. |
| SELL |
Total return is estimated to exceed -15% over
the next 12 months. |
Toll Cross Securities’
Coverage Universe - Ratings Distribution
| (as
of September 30, 2005) |
Count |
Percent |
| BUY |
7 |
70% |
| SPECULATIVE BUY |
3 |
30% |
| HOLD |
0 |
0% |
| SELL |
0 |
0% |
Toll Cross Securities - Dissemination
of Research Policy
TCS endeavors to make all reasonable efforts to provide
research simultaneously to all eligible clients. TCS
equity research is posted on our proprietary websites
to ensure eligible clients receive coverage initiations
and ratings changes, targets and opinions in a timely
manner. Additional distribution may be done by the sales
personnel via email, fax or regular mail. Clients may
also receive our research via a third party.
Toll Cross Securities –
Analysts’ Certification
All of the views expressed in TCS reports accurately
reflect the personal views of the responsible analyst(s)
about any and all of the subject securities or issuers.
No part of the compensation of the responsible analyst(s)
named herein is, or will be, directly or indirectly,
related to the specific recommendations or views expressed
by the responsible analyst(s) in this report. The particulars
contained herein were obtained from sources which we
believe to be reliable but are not guaranteed by us
and maybe incomplete.
TCS compensates its research analysts from a variety
of sources. The research department is a cost centre
and is funded by the business activities of TCS including,
institutional equity sales and trading, retail sales,
and corporate and investment banking. Since the revenues
from these businesses vary the funds for research compensation
vary. No one business line has greater influence than
any other for research analyst compensation.
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