George Beyrouthi’s editorial: 26/08/2014 Gold and the US Dollar move in different direction ? This morning, Gold price is down to 1275 dollars. Overall, the price of Gold has dropped nearly $700 over the last three years. The news that US interest rate will start to climb sooner than later has pushed the US dollar up and gold down. Besides the technical analysis there are other factors that make a market. I will briefly attempt to explain our views on two of fundamental factor that moves the gold market. I previously shared with you the technical factors, using charting. I will leave the Psychological traits out that often push markets irrationally beyond their true value. Gold and the US dollar have a negative correlation. One goes up, the other goes down. The Middle East and the Ukraine crises had pushed the price of gold higher, albeit for a short time only. It seems for the time being things are calmer with a band aid sanctions of some of the bureaucrats. But now the West is threatening more sanctions on Russia. How will this pan out, only time will tell. Can you trade the market if you are not well informed? Other reports on our website: To subscribe, click the following link: http://fssecurities.com/information/ This report is now available via subscription only Please go to our website: for the full report and trading positions. For further information call us to discuss. (07) 5630 4141 OR 0411 259 526 Please see our disclaimer on back page. If you wish to receive our reports on a daily basis, please visit our website at www.fssecurities.com.au and subscribe. DOW 17,076.87 75.14 0.44% S&P500 1,997.92 9.59 0.48% NASDAQ 4,557.35 18.69 0.41% E-STOXX 50 3,165.47 68.37 2.16% It is important to recognise that not every recommendation will suit everyone. You need to determine what your risk appetite is before you trade. FTSE 100 6,775.25 (2.71) -0.04% Do you need a hand? Please call us. DAX 9,510.14 174.04 1.83% NIKKEI 225 15,613.25 74.94 0.48% HANG SENG 25,166.91 55.37 0.22% SHANGHAI 2,342.86 (22.26) -0.95% GOLD (US$/oz) 1,275.05 (1.79) -0.14% SILVER (US$/oz) 19.40 (0.06) -0.30% COPPER (USc/lb.) 324.05 1.75 0.54% CRUDE (US$/brl) 93.34 (0.31) -0.33% We have a lot of material in our daily report. You will find: - Overnight summary - Review on Gold, Silver and Crude markets - Our recommendations cover: o US market o Commodities o FX o ASX Equities - We do a full analysis on one stock (our pick) - Stats showing the % change over two weeks - Upcoming Dividends - A lot more WHEAT (US/bu.) 554.50 (7.75) -1.38% SOYBEAN (US/bu.) 1,282.75 7.75 0.61% COCOA (US/mt) 3,219.00 25.00 0.78% CORN (USd/bu.) 367.50 (4.00) -1.08% COTTON (USd/lb.) 66.15 (0.03) -0.05% COFFEE 'C'(USd/lb.) 187.65 0.30 0.16% FCOJ-A (USd/lb.) 144.50 (2.95) -2.00% LIVE CATTLE(d/lb) 148.15 1.15 0.78% AUD-USD 0.9296 (0.0001) 0.67% EUR-USD 1.3192 (0.0100) -1.10% USD-JPY 104.0400 (0.0100) -1.10% GBP-USD 1.6576 (0.0003) -0.59% 0.7047 0.013 1.79% AUD-EUR Our predictions? What I predicted (at end January 2014): - XJO (ASX 200) has about 200 points further to go (up) in January the XJO was 5190 Next 3 months (at end May 2014) - XJO (ASX 200) Resistance around 5600 (+100), Support around 5100 (-300) - Gold to trade between 1250 and 1350 US/Oz (no change from prediction in Jan 2014) - The Australian dollar to remain weak and hover around the 88 to 93 US cents (no change) Next 3 months (at end July 2014) - XJO (ASX 200) Resistance around 5750 (+100), Support around 5350 (-300) - Gold to trade between 1250 and 1350 US/Oz - The Australian dollar to remain 88 to 93 US cents (no change) Offshore Markets & Businesses Overnight and from around the globe we start with Wall Street where US stocks finished higher. The S&P 500 was trading 0.5% higher at 1998 retreating from early gains that took the index past 2000 points for the first time. The Dow Jones Industrial Average increased 75 points, or 0.4% to 17,076. European major markets climbed up 2.2% and finished at 3165. In London, the FT100 index steady at 6775. In Japan, the Nikkei Index was up 0.5% at 15,613. In China, the Shanghai index fell 1% to 2342. On the commodities; Gold a short time ago was trading at $1275 US/Oz down $6 overnight. Silver, closed this morning at $19.40 steady. Crude Oil was at 93.34 US/barrel steady. Copper, the world’s economic barometer was at 324c/lb up 0.5%. Iron ore, which is important for our miners such as BHP, RIO, Atlas Iron and Fortescue, down 1% at $89.20 US /tonne. On the currencies, The Aussie dollar was at 92.96 US cents, 96.70 Japanese yen, 70.45 Euro cents and 56.06 British pence. These are intra banks rates. On our market yesterday The benchmark ASX 200 slipped 10.7 points, or 0.2% to 5633 first loss in eight sessions. The best performers amongst the leaders: AMP up 1.2% after climbing 7.5% last week followed by QBE up 0.6%. The worst performers: BHP down 1.5% after falling 3.2% last week. On the local news today Australia: Earnings from AWE, Boart Longyear, Beach Energy, Medusa Mining, Pacific Brands, Resolute Mining, Specialty, Western Areas, Australia ANZ Roy Morgan weekly consumer confidence; Overseas: Japan Cabinet Office monthly economic report for August; China leading economic index; US durable goods orders, home prices, consumer confidence. Local shares poised to open flat today despite the S&P 500 breaking through the 2000 barrier for the first time, The futures contract was up 3 points indicating a flat start to the market this morning. Source: Yahoo, Bloomberg, SMH, ninemsn and AFR Global announcements Updated on Tuesday, August 26, 2014 The full report has now shifted to Our Trades and Our Picks Report for subscribers!!! FS Securities Picks FS Securities Trades On 18/08/2014 (updated): Oil Search Limited (OSH) $9.44 - Net profit up 34% to US$152.5 million On 25/08/2014: S&P/ASX 200: INDEX (XJO) $5,630 – Iron Condor strategy On 13/08/2014 (new): Domino's Pizza Enterprises Limited (DMP) $23.78 – DMP announced a full-year net profit after tax result of $45.8 million, a 50.4 per cent rise on the prior year On 20/08/2014: CSL Limited (CSL) $72.75 – Iron Condor strategy – UPDATED- Iron Condor strategy (Call Spread was rolled over due to increase in the stock price) On 01/08/2014 (updated): Kathmandu Holdings Limited (KMD) $3.12 - colder weather in July will help the company recover a significant portion of the shortfall in sales revenue On 12/08/2014: Rio Tinto limited (RIO) $67.60 – Iron Condor strategy On 08/08/2014: Westpac Banking Corporation (WBC) $34.50 – Naked Put On 31/07/2014 (new): APA Group (APA) $7.48- APA will develop a new pipeline in the Goldfields region of Western Australia On 08/08/2014: Australia & New Zealand Banking Group Ltd (ANZ) $32.90 –UPDATED- Iron Condor strategy (Put Spread was rolled over due to decrease in the stock price) On 28/07/2014 (updated): Flight Centre Travel Group Limited (FLT) $46.96the expected profit result is 9%-10% above the record $343.1million profit achieved in 2012/13 On 04/08/2014: Commonwealth Bank of Australia (CBA) $82.60 – Iron Condor strategy On 24/07/2014 (new): Macquarie Group Limited (MQG) $60.00 - the bank’s 2015 financial year result will be in line with last year’s annual net profit of $1.27 billion. On 24/06/2014 (updated): Western Areas Limited (WSA) $ 4.70 On 24/06/2014 (updated): AWE Limited (AWE) $1.84 On 22/05/2014 (updated on 28/05/2014): James Hardie Industries (JHX) $14.00 On 22/04/2014 (updated on 26/05/2014): CSR Limited (CSR) $3.40 On 30/07/2014: Macquarie Group Limited (MQG) $58.00 – Iron Condor strategy Note: the following picks are not necessarily trades that FS Securities are currently trading. They are offered as suggestions only. Please check with your broker first before trading. Check it o ut by subscribing to our Trades and Picks Indices and Commodities GOLD Gold has dropped about 5 percent from 16-week high in mid-July on gains for U.S. housing and manufacturing. Federal Reserve Chair Janet Yellen said Aug. 22 that if economic progress “continues to be more rapid than anticipated,” an interest-rate increase could come sooner than currently expected. Bullion tumbled 28 percent last year as the central bank started reducing bond buying. Futures dropped 8.4 percent in the past 12 months to $1,278.90 an ounce in New York. (Source: bloomberg.com) SILVER: Holdings in New York silver contracts reached the highest in 14 months as investors added to their bets that prices will decline. Futures fell for a third straight session.Silver futures for December delivery fell 0.1 percent to settle at $19.431 an ounce at 1:38 p.m. on the Comex in New York. On Aug. 21, prices dropped to $19.355, the lowest for a most-active contract since June 12. (Source: bloomberg.com) CRUDE OIL: Speculators are the least bullish on U.S. crude oil prices in 16 months as refinery maintenance weakens demand at a time when Libya and Iraq are swelling global supplies. Futures dropped a fifth consecutive week after money managers reduced net-long positions in West Texas Intermediate, the U.S. benchmark grade, by 14 percent in the seven days ended Aug. 19, the Commodity Futures Trading Commission said. Crude declined 3 percent to $94.48 a barrel on the New York Mercantile Exchange in the period covered by the CFTC report. It slid 30 cents to end at $93.35 a barrel today. (Source: bloomberg.com) *Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts. Advances, Declines and Volume Analysts rating changes: Stocks to watch (source SMH) James Packer’s Crown Resorts has squeezed a 17-year extension on its Melbourne casino licence out of the Victorian state government. Medibank Private is considering potential retail incentive structures to entice mum and dad shareholders to participate in the group’s expected $4 billion float. Shaw Stockbroking has a kept its “sell” recommendation on engineering services company Monadelphous Group and rates it “high risk” with a price target of $15.60 a share. RBC Capital Markets maintained an “outperform” on Fortescue Metals Group with a price target of $6.00 a share after it reported 2014 financial results. FS Securities recommendations for US market Commodities and FX ASX sectors and equities FS Securities details stock picks Ask for a copy if you would like to see the list. ASX weekly market advances and declines Average Advances over total rose over 30 days from 50.5% recently to 52% (50.5/ 50.6/ 50/ 47.9/ last 4 weeks) Gainers and Most Active by volume NOTES: ASX stocks show the daily changes. if shown in red, they indicate a fall. Best and worst performing stocks Last Day before Day before (source:smh.com) Sectors Performance By looking at the above table readers will notice where the direction of the market has been on the day. Last from low: Blue = closed in the top half of the day’s range. Net Change is the daily movement in points. % Change represents the daily movement in %.aud WEEK ON WEEK CHANGE (and over two weeks as well) OVERSEAS INDICES, FX AND COMMODITIES WEEK ON WEEK CHANGE (and over two weeks as well) AUSSIE MARKET Mini charts - Commodities and US markets THE GRAPHS SHOW HOW FROM AN INDEX OF 100 SOME 52 WEEKS AGO THE VARIOUS INDICES OR COMMODITIES HAVE MOVED. Sectors THE ABOVE GRAPHS SHOW HOW FROM AN INDEX OF 100 SOME 52 WEEKS AGO THE VARIOUS ASX SECTORS HAVE MOVED. Major stocks Upcoming Dividends by date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Ex Div Date 11/08/2014 12/08/2014 12/08/2014 12/08/2014 13/08/2014 13/08/2014 13/08/2014 14/08/2014 14/08/2014 15/08/2014 18/08/2014 18/08/2014 18/08/2014 19/08/2014 20/08/2014 20/08/2014 26/08/2014 27/08/2014 28/08/2014 2/09/2014 5/09/2014 10/09/2014 10/09/2014 10/09/2014 15/09/2014 16/09/2014 17/09/2014 Symbol COO AMH BKI TAH TTN RIO GMA MLT ASW DOW ARG GUD REA RMD KOV MHI TRG HGG NVT COH AKG SNL FXL CYA LEI LMW CDM Name CORUM GROUP LIMITED AMCIL LIMITED BKI INVESTMENT COMPANY LIMITED TABCORP HOLDINGS LIMITED TITAN ENERGY SERVICES LIMITED RIO TINTO LIMITED GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED MILTON CORPORATION LIMITED ADVANCED SHARE REGISTRY LIMITED DOWNER EDI LIMITED ARGO INVESTMENTS LIMITED G.U.D. HOLDINGS LIMITED REA GROUP LTD RESMED INC KORVEST LTD MERCHANT HOUSE INTERNATIONAL LIMITED TREASURY GROUP LIMITED HENDERSON GROUP PLC. NAVITAS LIMITED COCHLEAR LIMITED ACADEMIES AUSTRALASIA GROUP LIMITED SUPPLY NETWORK LIMITED FLEXIGROUP LIMITED CENTURY AUSTRALIA INVESTMENTS LIMITED LEIGHTON HOLDINGS LIMITED LANDMARK WHITE LIMITED CADENCE CAPITAL LIMITED Fran ked % 0 100 100 100 100 100 100 100 100 100 100 100 100 0 100 0 100 0 100 20 100 100 100 100 25 100 100 Current Div Amount 0.006 0.065 0.035 0.08 0.04 1.031 0.028 0.098 0.019 0.12 0.145 0.18 0.35 TBA 0.31 0.005 0.27 TBA 0.101 1.27 0.03 0.05 0.085 0.02 0.57 0.025 0.05 Div Rate Per Share 0.011 0.025 0.07 0.16 0.075 2.232 0 0.176 0.037 0.23 0.28 0.36 0.57 0.093 0.57 0.01 0.5 0.143 0.195 2.54 0.055 0.09 0.165 0.05 1.17 0.038 0.1 Div Yield % 7.097 2.451 4.187 4.457 3.641 3.36 0 3.777 5.692 4.752 3.613 4.8 1.332 1.745 8.285 5.263 4.63 3.446 3.877 3.742 4.135 3.6 4.496 5.556 5.585 7.282 6.78 Last 0.155 1.02 1.66 3.59 2.06 66.43 3.47 4.66 0.65 4.84 7.75 7.5 42.78 5.3 6.88 0.19 10.8 4.15 5.03 67.88 1.33 2.5 3.67 0.9 20.95 0.515 1.475 [1] Type Final Final Final Final Final Interim Interim Final Final Final Final Final Final Final Final Final Final Interim Final Final Final Final Final Final Interim Final Final Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two [2][3] ways to distribute cash to shareholders: share repurchases or dividends. Many corporations retain a portion of their earnings and pay the remainder as a dividend. Upcoming Dividends by % 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Ex Div Date 20/08/2014 16/09/2014 11/08/2014 13/10/2014 17/09/2014 13/10/2014 7/10/2014 14/08/2014 15/09/2014 10/09/2014 15/12/2014 20/08/2014 18/08/2014 15/08/2014 26/08/2014 10/09/2014 12/08/2014 24/09/2014 12/08/2014 5/09/2014 28/08/2014 14/08/2014 2/09/2014 13/08/2014 18/08/2014 10/09/2014 27/08/2014 Symbol KOV LMW COO WAA CDM WAX WAM ASW LEI CYA IBC MHI GUD DOW TRG FXL TAH CCP BKI AKG NVT MLT COH TTN ARG SNL HGG Name KORVEST LTD LANDMARK WHITE LIMITED CORUM GROUP LIMITED WAM ACTIVE LIMITED CADENCE CAPITAL LIMITED WAM RESEARCH LIMITED WAM CAPITAL LIMITED ADVANCED SHARE REGISTRY LIMITED LEIGHTON HOLDINGS LIMITED CENTURY AUSTRALIA INVESTMENTS LIMITED IRONBARK CAPITAL LIMITED MERCHANT HOUSE INTERNATIONAL LIMITED G.U.D. HOLDINGS LIMITED DOWNER EDI LIMITED TREASURY GROUP LIMITED FLEXIGROUP LIMITED TABCORP HOLDINGS LIMITED CREDIT CORP GROUP LIMITED BKI INVESTMENT COMPANY LIMITED ACADEMIES AUSTRALASIA GROUP LIMITED NAVITAS LIMITED MILTON CORPORATION LIMITED COCHLEAR LIMITED TITAN ENERGY SERVICES LIMITED ARGO INVESTMENTS LIMITED SUPPLY NETWORK LIMITED HENDERSON GROUP PLC. Fran ked % 100 100 0 100 100 100 100 100 25 100 100 0 100 100 100 100 100 100 100 100 100 100 20 100 100 100 0 Current Div Amount 0.31 0.025 0.006 0.048 0.05 0.038 0.065 0.019 0.57 0.02 0.02 0.005 0.18 0.12 0.27 0.085 0.08 0.2 0.035 0.03 0.101 0.098 1.27 0.04 0.145 0.05 TBA Div Rate Per Share 0.57 0.038 0.011 0.096 0.1 0.075 0.13 0.037 1.17 0.05 0.03 0.01 0.36 0.23 0.5 0.165 0.16 0.4 0.07 0.055 0.195 0.176 2.54 0.075 0.28 0.09 0.143 Div Yield % 8.285 7.282 7.097 7.007 6.78 6.579 6.436 5.692 5.585 5.556 5.405 5.263 4.8 4.752 4.63 4.496 4.457 4.372 4.187 4.135 3.877 3.777 3.742 3.641 3.613 3.6 3.446 Last 6.88 0.515 0.155 1.37 1.475 1.14 2.02 0.65 20.95 0.9 0.555 0.19 7.5 4.84 10.8 3.67 3.59 9.15 1.66 1.33 5.03 4.66 67.88 2.06 7.75 2.5 4.15 [1] Type Final Final Final Final Final Final Final Final Interim Final Interim Final Final Final Final Final Final Final Final Final Final Final Final Final Final Final Interim Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two [2][3] ways to distribute cash to shareholders: share repurchases or dividends. Many corporations retain a portion of their earnings and pay the remainder as a dividend. Upcoming Dividends by alphabetical order 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Ex Div Date 5/09/2014 14/08/2014 12/08/2014 18/08/2014 12/08/2014 17/09/2014 25/09/2014 24/09/2014 10/09/2014 2/09/2014 11/08/2014 24/09/2014 15/08/2014 10/09/2014 18/08/2014 13/08/2014 27/08/2014 15/12/2014 20/08/2014 16/09/2014 15/09/2014 13/10/2014 20/08/2014 14/08/2014 28/08/2014 18/08/2014 19/08/2014 Symbol AKG ASW AMH ARG BKI CDM CFE CAJ CYA COH COO CCP DOW FXL GUD GMA HGG IBC KOV LMW LEI MFF MHI MLT NVT REA RMD Name ACADEMIES AUSTRALASIA GROUP LIMITED ADVANCED SHARE REGISTRY LIMITED AMCIL LIMITED ARGO INVESTMENTS LIMITED BKI INVESTMENT COMPANY LIMITED CADENCE CAPITAL LIMITED CAPE LAMBERT RESOURCES LIMITED CAPITOL HEALTH LIMITED CENTURY AUSTRALIA INVESTMENTS LIMITED COCHLEAR LIMITED CORUM GROUP LIMITED CREDIT CORP GROUP LIMITED DOWNER EDI LIMITED FLEXIGROUP LIMITED G.U.D. HOLDINGS LIMITED GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED HENDERSON GROUP PLC. IRONBARK CAPITAL LIMITED KORVEST LTD LANDMARK WHITE LIMITED LEIGHTON HOLDINGS LIMITED MAGELLAN FLAGSHIP FUND LIMITED MERCHANT HOUSE INTERNATIONAL LIMITED MILTON CORPORATION LIMITED NAVITAS LIMITED REA GROUP LTD RESMED INC Fran ked % 100 100 100 100 100 100 100 100 100 20 0 100 100 100 100 100 0 100 100 100 25 0 0 100 100 100 0 Current Div Amount 0.03 0.019 0.065 0.145 0.035 0.05 0.02 0.005 0.02 1.27 0.006 0.2 0.12 0.085 0.18 0.028 TBA 0.02 0.31 0.025 0.57 0.01 0.005 0.098 0.101 0.35 TBA Div Rate Per Share 0.055 0.037 0.025 0.28 0.07 0.1 0 0.009 0.05 2.54 0.011 0.4 0.23 0.165 0.36 0 0.143 0.03 0.57 0.038 1.17 0.02 0.01 0.176 0.195 0.57 0.093 Div Yield % 4.135 5.692 2.451 3.613 4.187 6.78 0 1.698 5.556 3.742 7.097 4.372 4.752 4.496 4.8 0 3.446 5.405 8.285 7.282 5.585 1.311 5.263 3.777 3.877 1.332 1.745 Last 1.33 0.65 1.02 7.75 1.66 1.475 0.15 0.53 0.9 67.88 0.155 9.15 4.84 3.67 7.5 3.47 4.15 0.555 6.88 0.515 20.95 1.525 0.19 4.66 5.03 42.78 5.3 Type Final Final Final Final Final Final Interim Final Final Final Final Final Final Final Final Interim Interim Interim Final Final Interim Final Final Final Final Final Final Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1] When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders. There are two ways to distribute cash to shareholders: share repurchases or dividends.[2][3] Many corporations retain a portion of their earnings and pay the remainder as a dividend. A dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a dividend in proportion to their shareholding. For the joint stock company, paying dividends is not an expense; rather, it is the division of after tax profits among shareholders. Retained earnings (profits that have not been distributed as dividends) are shown in the shareholder equity section in the company's balance sheet - the same as its issued share capital. Public companies usually pay dividends on a fixed schedule, but may declare a dividend at any time, sometimes called a special dividend to distinguish it from the fixed schedule dividends. Dividends are usually paid in the form of cash and shares in the company (either newly created shares or existing shares bought in the market.) Further, many public companies offer dividend reinvestment plans, which automatically use the cash dividend to purchase additional shares for the shareholder. Source: From Wikipedia, the free encyclopaedia. Real Estate, are you in or out? Did you know that FS Securities can help you with any Real Estate needs? Why deal with us? Because we can help you provide a bridging loan at a reasonable rate and provide you which choices in properties across Australia for investment. We learnt that in Sydney the property median price has escalated by 12% above the all-time high level. In Melbourne it has moved up by 8 to 9% above the all-time high. In Queensland the median price is still 7 or 8% below the all-time high. RP Data Rismark figures recently showed Sydney home prices rose 2.5 per cent last month and 5.2 per cent in the last quarter. Melbourne also rose 2.4 per cent in a month and 5 per cent in the quarter. Please go to our website: for the full report and trading positions. For further information call us to discuss. (07) 5630 4141 OR 0411 259 526 Please see our disclaimer on back page. GENERAL ADVICE DISCLAIMER this document has been prepared for the general information of investors and does not take into account the investment objectives, financial situation and particular needs of any particular person. Persons intending to act on information in this document should seek professional advice to confirm that the investments or strategies mentioned are appropriate in the light of their particular investment needs, objectives and financial circumstances prior to taking any action. Email transmission cannot be guaranteed to be secure or error free and there is a risk messages may be corrupted, intercepted or lost in transmission. Therefore we do not accept liability for any viruses, errors or omissions in the contents of this message or attachments which arise as a result of email transmission. Statements contained in this email are general only and do not take into account the particular needs, objectives, financial circumstances or investment preferences of any person. George Beyrouthi is an Authorised Representative (AR# 315 563) of FS Securities (QLD) Pty Ltd AFSL# 410 183.
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