Definition of Ratings
Maybank Investment Bank Research uses the following rating system:
BUY Total return is expected to be above 15% in the next 12 months,
HOLD Total return is expected to be between -15% to 15% in the next 12 months,
SELL Total return is expected to be below -15% in the next 12 months.

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs.
Investment ratings are only applicable to the stocks which form part of the coverage universe.
Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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