Pitt Street Research





Terms & Conditions

The information contained herein (“Content”) has been prepared and issued by Pitt Street Research Pty Ltd ACN 626365615 (“Pitt Street Research”), an Authorised Representative (no: 1265112) of BR Securities Australia Pty Ltd. ABN 92 168 734 530, AFSL 456663. All intellectual property relating to the Content vests with Pitt Street Research unless otherwise noted.


The Content is provided on an as is basis, without warranty (express or implied). Whilst the Content has been prepared with all reasonable care from sources we believe to be reliable, no responsibility or liability shall be accepted by Pitt Street Research for any errors or omissions or misstatements howsoever caused. Any opinions, forecasts or recommendations reflect our judgement and assumptions at the date of publication and may change without notice. Pitt Street Research will not accept any responsibility for updating any advice, views, opinions or recommendations contained in this document.

No guarantees or warranties regarding accuracy, completeness or fitness for purpose are provided by Pitt Street Research, and under no circumstances will any of Pitt Street Research officers, representatives, associates or agents be liable for any loss or damage, whether direct, incidental or consequential, caused by reliance on or use of the Content.

General Advice Warning

The Content has been prepared for general information purposes only and is not (and cannot be construed or relied upon as) personal advice nor as an offer to buy/sell/subscribe to any of the financial products mentioned herein. No investment objectives, financial circumstances or needs of any individual have been taken into consideration in the preparation of the Content.

Financial products are complex, entail risk of loss, may rise and fall, and are impacted by a range of market and economic factors, and you should always obtain professional advice to ensure trading or investing in such products is suitable for your circumstances, and ensure you obtain, read and understand any applicable offer document.


Pitt Street Research has been commissioned to prepare the Content. From time to time, Pitt Street Research representatives or associates may hold interests, transact or hold directorships in, or perform paid services for, companies mentioned herein. Pitt Street Research and its associates, officers, directors and employees, may, from time to time hold securities in the companies referred to herein and may trade in those securities as principal, and in a manner which may be contrary to recommendations mentioned in this document.

Pitt Street Research receives fees from the company referred to in this document, for research services and other financial services or advice we may provide to that company. The analyst has received assistance from the company in preparing this document. The company has provided the analyst with communication with senior management and information on the company and industry. As part of due diligence, the analyst has independently and critically reviewed the assistance and information provided by the company to form the opinions expressed in the report. Diligent care has been taken by the analyst to maintain an honest and fair objectivity in writing this report and making the recommendation. Where Pitt Street Research has been commissioned to prepare Content and receives fees for its preparation, please note that NO part of the fee, compensation or employee remuneration paid will either directly or indirectly impact the Content provided.



Pitt Street Research Pty Ltd
ACN 626 365 615
Corporate Authorised Representative, number 1265112
ABN 92 168 734 530
AFSL 45666

About BR Securities
BR Securities Australia Pty Ltd (BR) is the holder of Australian Financial Services License (“AFSL”) number 456663. Pitt Street Research Pty Ltd is an Authorised Representative (number 1265112) of BR Securities. This Financial Service Guide (FSG) is designed to assist you in deciding whether to use Pitt Street Research services and includes such things as: 
- who we are
- our services
- how we transact with you
- how we are paid, and
- complaint processes

Contact details, BR Securities and Pitt Street Research
BR Head Office: Level 14, 344 Queen St., Brisbane QLD, 4000
Pitt Street Research: Suite 506B, Level5, 95 Pitt Street, Sydney 2000, NSW, Australia.
M: Marc Kennis 0434 838 134, Stuart Roberts 0447 247 909
E: marc.kennis@pittstreetresearch.com.au, stuart.roberts@pittstreetresearch.com

Pitt Street Research is the entity providing the authorised AFSL services to you as a retail or wholesale client.

What financial services are we authorised to provide?
Pitt Street Researchis authorised to
- provide general advice to retail and wholesale clients in relation to Securities

- deal on behalf of retail and wholesale clients in relation to Securities

The distribution of this FSG by Pitt Street Research is authorized by BR Securities.

Our general advice service
Please note that any advice given by Pitt Street Research is general advice, as the information or advice given will not take into account your particular objectives, financial situation or needs. You should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Prospectus, Product Disclosure Statement or like instrument. As we only provide general advice we will not be providing a Statement of Advice. We will provide you with recommendations on securities.

Our dealing service
For IPOs we like we’ll send you a prospectus.

How are we paid?
PSR earns a fee from a company for providing a research report on the company, you don’t pay anything.
For our dealing service, we may receive a share of the distribution fees available from the issuer or lead manager.

Associations and Relationships
BR, PSR, its directors and related parties have no associations or relationships with any product issuers other than when advising retail clients to invest in managed funds when the managers of these funds may also be clients of BR and PSR’s representatives may from time to time deal in or otherwise have a financial interest in financial products recommended to you but any material ownership will be disclosed to you when relevant advice is provided.

If you have a complaint about our service you should contact your representative and tell them about your complaint. The representative will follow BR’s internal dispute resolution policy, which includes sending you a copy of the policy when required to. If you aren’t satisfied with an outcome, you may contact AFCA, see below.BR is a member of the Australian Financial Complaints Authority (AFCA). AFCA provide fair and independent financial services complaint resolution that is free to consumers. Website: www.afca.org.au. Email: info@afca.org.au. Telephone: 1800931678 (free call). In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC, 3001.

Professional Indemnity Insurance
BR Securities has in place Professional Indemnity Insurance which satisfies the requirements for compensation under s912B of the Corporations Act and that covers our authorized representatives.