REAL-TIME GLOBAL RESEARCH
Ex-Fed, Ex-CMO, Ex-Spec Report
Research evidence excerpt
Ex-Fed, Ex-CMO, Ex-Spec Report
ty or revenues), client feedback and competitive factors. Fixed Income Research
analysts', strategists' or economists' compensation is not linked to investment banking or capital markets transactions performed by Morgan
Stanley or the profitability or revenues of particular trading desks.
With the exception of information regarding Morgan Stanley, Morgan Stanley Research is based on public information. Morgan Stanley makes
every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to
tell you when opinions or information in Morgan Stanley Research change apart from when we intend to discontinue equity research coverage
of a subject company. Facts and views presented in Morgan Stanley Research have not been reviewed by, and may not reflect information
known to, professionals in other Morgan Stanley business areas, including investment banking personnel.
Morgan Stanley may make investment decisions that are inconsistent with the recommendations or views in this report.
To our readers based in Taiwan or trading in Taiwan securities/instruments: Information on securities/instruments that trade in Taiwan is
distributed by Morgan Stanley Taiwan Limited ("MSTL"). Such information is for your reference only. The reader should independently evaluate
the investment risks and is solely responsible for their investment decisions. Morgan Stanley Research may not be distributed to the public
media or quoted or used by the public media without the express written consent of Morgan Stanley. Any non-customer reader within the scope
of Article 7-1 of the Taiwan Stock Exchange Recommendation Regulations accessing and/or receiving Morgan Stanley Research is not
The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.
Open report viewer