Farm Fresh Berhad is a Bursa Malaysia Main Market-listed dairy group that has grown from a single Johor farm founded by Loi Tuan Ee in 2009 into Malaysia’s largest integrated producer of fresh-milk dairy products, with farms and plants in Malaysia and Australia, a new processing plant in the Philippines, a factory and a 1,000-hectare farm project in Cambodia, and majority stakes in the ice cream businesses The Inside Scoop, Sin Wah and Amelia. In the financial year ended 31 March 2026 the group crossed RM1 billion in revenue for the first time, reporting RM1.12 billion in sales and a record RM129.6 million net profit, and on 3 September 2026 it proposed a private placement of up to RM200 million to fund the next phase of its regional build-out.
Key Takeaways
- Farm Fresh Berhad (Bursa Malaysia: FFB, stock code 5306) was founded on 18 May 2009 by Loi Tuan Ee as The Holstein Milk Company and listed on the Main Market on 22 March 2022 through a roughly RM1 billion IPO priced at RM1.35 per share, which valued the company at about RM2.5 billion.
- For FY2026 (year ended 31 March 2026) Farm Fresh reported revenue of RM1.12 billion, up from RM981.18 million, and net profit of RM129.6 million, up from RM106.4 million, according to its Bursa Malaysia results announcement of 22 May 2026.
- The group’s M&A record is built on ice cream: 65% of The Inside Scoop for RM83.9 million (2023), 70% of Sin Wah Ice Cream for RM28.4 million (October 2023), Sabah-based Amelia Ice Cream for RM35 million (announced May 2026) and a further 20% of Inside Scoop for RM50.8 million (August 2026), which lifts that stake to 85%.
- Khazanah Nasional, which paid RM18–20 million for a 30% stake in 2011, sold down to 3.02% by 4 September 2025 after collecting an estimated RM730–770 million from its disposals, according to The Edge Malaysia.
- On 3 September 2026 Farm Fresh proposed a private placement of up to 109.65 million new shares (5.8% of enlarged share capital) to raise about RM200 million, earmarking RM92 million for Cambodia, RM56.3 million for Malaysian manufacturing and RM50 million for the Inside Scoop stake purchase.
Company Snapshot
| Company | Farm Fresh Berhad, Malaysia |
| Country | Malaysia (operations in Australia, the Philippines and Cambodia; exports to Singapore, Cambodia and the Philippines) |
| Industry | Food — dairy: fresh and UHT milk, flavoured milk, yoghurt, cream, butter, milk powder, plant-based milk, ice cream |
| Business Type | Manufacturer / Brand Owner / Retailer (via The Inside Scoop) |
| Founded | 18 May 2009 by Loi Tuan Ee, as The Holstein Milk Company Sdn Bhd |
| Stock Listing | Bursa Malaysia Main Market, stock name FFB, code 5306; listed 22 March 2022 at RM1.35 per share |
| Key Shareholders (Sept 2025) | Loi Tuan Ee about 40.1%; abrdn Malaysia 10.64%; KWAP and EPF about 8.8% combined; Khazanah Nasional 3.02% (down from 30% at entry in 2011) |
| Key Brands | Farm Fresh, Farmer Moo, Master Barista, Henry Jones, Yarra Farm, Jom Cha, St David Dairy (Australia), The Inside Scoop, Sin Wah, Amelia |
| Operations | Dairy farms in Muadzam Shah (Pahang), Johor and Victoria (Australia); processing plants in Muadzam Shah, Larkin (Johor), Kyabram (Australia, about 84 million litres a year) and San Simon, Pampanga (Philippines); Bandar Baru Enstek ice cream hub and a Cambodian UHT/pasteurised plant coming on stream in 2026 |
| FY2026 Results | Revenue RM1.12 billion; net profit RM129.6 million (record) |
| Q1 FY2027 (June 2026 quarter) | Revenue RM306.4 million (+17.6%); net profit RM26.82 million (−18.2%) |
| Market Capitalisation | About RM4.26 billion (May 2026, The Edge Malaysia) |
| Official Website | farmfresh.com.my |
Company History & Background
Farm Fresh was founded on 18 May 2009 by Loi Tuan Ee, a Perak native who had spent roughly two decades in the packaging industry before moving into agribusiness, including goat farming, through his earlier venture Rainforest Capital. The company began life as The Holstein Milk Company Sdn Bhd with a single dairy farm, and its founding thesis was simple: Malaysian consumers, who mostly drank UHT and reconstituted milk made from imported powder, would pay a premium for chilled fresh milk with no additives. In 2011 Khazanah Nasional, through its unit Agrifood Resources Holdings, bought a 30% stake for between RM18 million and RM20 million, according to The Edge Malaysia — one of the sovereign wealth fund’s earliest direct bets on Malaysian agrifood.
The group went international in 2018, when it committed RM85 million to buy a processing plant and a 607-hectare dairy farm in Victoria, Australia, as reported by Malay Mail at the time. That Australian base, centred on a plant in Kyabram with an annual processing capacity of about 84 million litres, gave Farm Fresh a second source of fresh milk for Malaysia and the St David Dairy and Yarra Farm brands. On 22 March 2022 Farm Fresh listed on the Main Market of Bursa Malaysia, raising about RM1 billion (US$238.8 million) at RM1.35 per share in what was then the largest Bursa listing since June 2021, according to the Bursa Malaysia IPO factsheet and Clifford Chance, which advised on the deal. The IPO valued the company at roughly RM2.5 billion.
The years since listing have tested the model. FY2023 brought a margin squeeze from higher milk-powder and feed costs, and revenue of RM629.7 million. The group then rebuilt quickly: revenue reached RM810.9 million in FY2024 with net profit of RM63.3 million, RM981.18 million in FY2025 with net profit of RM106.4 million, and RM1.12 billion in FY2026 with a record RM129.6 million, as reported by BusinessToday. Along the way, Farm Fresh added ice cream to its portfolio, expanded into the Philippines and Cambodia and began the largest herd expansion in its history.
Business Model: From Grass to Glass
Farm Fresh describes its model as “grass to glass”: it owns the cows, the processing plants and the brands, and it manages distribution to modern trade, mini-markets, e-commerce, the school milk programme, cafés and restaurants (through its Master Barista range) and export markets. The dairy herd is concentrated at the Muadzam Shah complex in Pahang. The original Muadzam Shah 1 farm has capacity for around 4,000 cows, and the neighbouring Muadzam Shah 2 farm, designed with ten barns for a further 4,000 head, housed about 900 animals by mid-2026. Management has raised its import target to 3,000 dairy cows by November 2026, double its earlier guidance, with milk from the new herd expected from around March 2027, according to The Star. Once complete, the combined complex will house roughly 8,000 cows yielding 19 to 21 litres per cow per day under open-barn ventilation designed for the tropics.
Above the farms sit the plants and the brands. Chilled fresh milk under the Farm Fresh label remains the core, supported by UHT milk, flavoured milk, yoghurt, whipping cream, plant-based alternatives and, since FY2026, butter, the AusFresh range and Farm Fresh Full Cream Milk Powder. Ice cream is the newest pillar: The Inside Scoop premium parlours, Sin Wah’s popsicles and distribution network, and, from May 2026, Amelia’s freezer network in Sabah, plus the Cream Hauz packaged ice cream brand launched in August 2024. Ice cream contributed about 10% of group turnover in FY2025, and the group has said it wants to grow its freezer network from roughly 10,000 units to about 20,000 within three years to push deeper into a Malaysian ice cream market it estimates at RM1.3 billion, according to The Edge Malaysia. A new integrated facility in Bandar Baru Enstek, Negeri Sembilan, is designed to lift ice cream capacity to more than one million pieces a day once fully operational. The strategy mirrors what OEMReview has described in its guide to private label versus national brands: owning the brand, the manufacturing and the route to market at the same time, rather than relying on contract manufacturers for any single layer.
M&A & Investment Track Record
Farm Fresh’s deal-making has been disciplined and thematic. Every acquisition since listing has been in ice cream, every deal has left the founders with a stake, and every transaction has been sized well within the group’s balance sheet. The one large equity event in the period, Khazanah’s exit, was a seller’s decision rather than the company’s.
The Inside Scoop (February–June 2023) — 65% for RM83.9 million
In February 2023 Farm Fresh agreed to acquire a 65% stake in The Inside Scoop Sdn Bhd, the premium ice cream chain co-founded in 2013 by Edmund Tan Jun Hua and Lim Shiew Li, for RM83.9 million (about US$19 million). The structure combined a 53% purchase from the existing shareholders for RM68.4 million, of which RM48.4 million was paid in cash and RM20 million in 13.16 million new Farm Fresh shares at RM1.52 each, with a 12% subscription for new Inside Scoop shares for RM15.5 million, according to The Edge Malaysia and The Malaysian Reserve. The deal completed in June 2023. The rationale was to move downstream into higher-margin consumer foodservice, feed Farm Fresh dairy into a branded retail format and roughly double the outlet count within three years.
Sin Wah Ice Cream (October 2023) — 70% for RM28.4 million
Eight months later Farm Fresh bought 70% of Sin Wah Ice Cream Sdn Bhd, a Malaysian maker of aiskrim potong and popsicles, for RM28.4 million. Where Inside Scoop brought a premium brand and parlours, Sin Wah brought a mass-market product line, established drop points and the cold-chain logistics needed to distribute ice cream nationally. Farm Fresh has since cited both subsidiaries as contributors to revenue growth in its quarterly reports.
Amelia Ice Cream, Sabah (announced May 2026) — RM35 million
Alongside its FY2026 results on 22 May 2026, Farm Fresh announced the acquisition of a Sabah-based ice cream company trading under the Amelia brand, as reported by The Edge Malaysia; The Star put the price at RM35 million. The deal delivers 25 trucks and roughly 3,500 freezers across Kota Kinabalu, Tawau and Inanam, and management plans to use space in the Amelia factory for a pasteurised milk line serving East Malaysia and Brunei, where Farm Fresh’s presence has been comparatively thin.
Inside Scoop top-up (August 2026) — a further 20% for RM50.8 million
On 28 August 2026 Farm Fresh announced that co-founder Edmund Tan had exercised a put option under the shareholders’ agreement dated 31 May 2023, requiring the group to buy his 174,618 Inside Scoop shares, equal to a 20% stake, for RM50.8 million at a pre-agreed formula price. The purchase raises Farm Fresh’s holding to 85% and reduces Tan’s to 15%, with completion targeted by 25 September 2026, according to The Edge Malaysia and New Straits Times. Inside Scoop operates more than 70 outlets nationwide, comfortably ahead of the doubling pledged in 2023.
Khazanah’s exit (June–September 2025)
Khazanah Nasional sold 42.5 million Farm Fresh shares in June 2025, cutting its stake from 11.8% to 9.42%, a further 55 million in July and 65 million on 4 September 2025, at which point its holding fell from 6.49% to 3.02% and it ceased to be a substantial shareholder. The Edge Malaysia estimated cumulative proceeds of RM730–770 million from the roughly 27% sold, about 45 times the original outlay, with the remaining 3% worth more than RM110 million. Khazanah described the sale as part of efforts to rebalance its portfolio and redeploy returns into new assets. After the exit, founder Loi Tuan Ee held about 40.1%, abrdn Malaysia 10.64% and KWAP and EPF a combined 8.8%.
RM200 million private placement (September 2026)
On 3 September 2026 Farm Fresh proposed a private placement of up to 109.65 million new shares, or 5.8% of its enlarged share capital, to raise about RM200 million, according to The Edge Malaysia and The Star. Of the proceeds, RM148.3 million is allocated to capital expenditure over 24 months — RM92 million for Cambodia (processing, dairy farming and the Pursat project) and RM56.3 million for Malaysian manufacturing and new products — and RM50 million to the Inside Scoop stake purchase. On a pro forma basis the company said gearing would fall from 0.89 times to 0.52 times, which is the clearest statement yet of how debt-funded the last two years of growth have been.
Regional Expansion: Philippines, Cambodia and Australia
Farm Fresh first announced a US$20 million Philippine investment in cattle raising and milk production in July 2023, according to the Philippine Information Agency. The result is the Farm Fresh Milk Inc. plant at Global Aseana Business Park 2 in San Simon, Pampanga, a 5,700-square-metre facility built for about PHP312.5 million with a projected annual output of 32 million litres of pasteurised milk and 2.4 million litres of yoghurt. President Ferdinand R. Marcos Jr. inaugurated the plant in October 2025, as reported by the Daily Tribune, with founder Loi Tuan Ee and Farm Fresh Milk chief executive Shawn Pu in attendance.
Cambodia has become the group’s fastest-growing export market. Farm Fresh said monthly export volume to Cambodia overtook Singapore from late August 2025, according to The Edge Malaysia. A partner processing plant with four production lines — 20 million litres of pasteurised milk and 40 million litres of UHT milk a year — was scheduled to reach full operations in the third quarter of 2026, with group chief financial officer Mohd Khairul Mat Hassan telling New Straits Times it would materially improve logistics efficiency. On 5 August 2026 the group signed a land lease for the Farm Fresh Pursat dairy project in Veal Veng district, a RM278.1 million plan covering about 1,000 hectares with potential capacity of up to 40 million litres of milk a year and some 17,000 cows at full scale, its first dairy farm outside Malaysia and Australia. The Star noted that Cambodia produces only about 20,000 litres of fresh milk a day against demand of 90,000 to 100,000 litres, leaving roughly 80% of the market to imports.
Australia remains the supply anchor. The Kyabram plant, with about 84 million litres of annual capacity, supplies raw material for the Cambodian operation as well as products for Malaysia, although Australian revenue softened during FY2026 on lower export deliveries. The regional footprint is now visible in the group’s own accounts: Farm Fresh has described the Philippines and Cambodia as increasingly important contributors, while guiding that Cambodia alone is not expected to exceed 10% of group revenue.
Financial Snapshot: Record Year, Tougher Quarter
| FY2024 (ended 31 Mar 2024) | Revenue RM810.9 million; net profit RM63.3 million |
| FY2025 (ended 31 Mar 2025) | Revenue RM981.18 million; net profit RM106.4 million |
| FY2026 (ended 31 Mar 2026) | Revenue RM1.12 billion; gross profit RM366.1 million (+16.1%); profit before tax RM142.9 million (+24.0%); net profit RM129.6 million (+21.8%) |
| Q4 FY2026 (Jan–Mar 2026) | Revenue RM275.12 million (+13%); net profit RM27.91 million (−1.6%) |
| Q1 FY2027 (Apr–Jun 2026) | Revenue RM306.4 million (+17.6% from RM260.6 million); net profit RM26.82 million (−18.2% from RM32.8 million) |
FY2026 was the best year in Farm Fresh’s history. Revenue crossed RM1 billion for the first time, gross profit rose 16.1% to RM366.1 million and profit before tax climbed 24.0% to RM142.9 million, driven by stronger mini-market, e-commerce and school milk sales in Malaysia, higher exports to Cambodia, growth in the Philippines and new products such as butter, AusFresh and full cream milk powder, according to BusinessToday. Domestic sales grew about 20%. The fourth quarter, however, already showed strain: net profit slipped 1.6% year on year despite 13% revenue growth.
The first quarter of FY2027 confirmed the trend. Revenue rose 17.6% to RM306.4 million, but net profit fell 18.2% to RM26.82 million as higher fuel and raw-material costs, a spike in high-density polyethylene resin prices caused by shipping disruptions in the Middle East, and start-up costs at new facilities weighed on margins, as reported by New Straits Times. Management responded with price increases of about 3% on plastic-bottled products in Malaysia and about 10% in Singapore from June 2026, a shift toward gable-top paper cartons and resin sourcing from China, according to The Star. The market has noticed: The Edge Malaysia reported that the share price had fallen nearly 25% from its January 2026 peak of around RM3 to RM2.29 by late June, compressing the forward price-to-earnings multiple from roughly 37 to about 30 times, though nine of 14 analysts still rated the stock a buy with a consensus target of RM2.55.
Why Farm Fresh Matters for Malaysian and ASEAN Food Manufacturers
Farm Fresh is the reference case for how a founder-led Malaysian food brand can scale: sovereign-fund backing at the start, an IPO once the model is proven, and then downstream acquisitions that keep founders invested. Its Inside Scoop structure — a majority stake, founders retaining a minority, and a formula-priced put option that lets them exit later — has become the template that other listed consumer groups in Malaysia now use when they buy founder-led F&B chains, as seen in Hextar Industries’ attempt to buy 51% of llaollao operator Woodpeckers and InNature’s purchase of the Burger & Lobster franchise. Regionally, its playbook of minority-friendly deals and staged expansion invites comparison with Masan Group in Vietnam, another founder-controlled consumer group that has used outside capital without giving up control.
For manufacturers and suppliers, the practical implications are concrete. Farm Fresh’s Enstek hub means it intends to make its own ice cream at scale rather than outsource it, which narrows the opportunity for co-packers but widens it for packaging suppliers, especially in paper cartons as the group reduces its exposure to plastic resin, a theme that also runs through our profiles of packaging groups such as Scientex Berhad and Thong Guan Industries. You can follow the full series on our M&A & Investment Insights hub.
My Take
My opinion: Farm Fresh is the best-executed consumer story to come out of Bursa Malaysia in the past decade, and Khazanah’s roughly 45-times return is the proof. A sovereign fund putting RM18–20 million into a Johor dairy farm in 2011 and walking away with an estimated RM730–770 million so far, and close to RM900 million if it sells the last 3%, is the kind of outcome that justifies the whole idea of state agrifood investing. But I think the company has now reached the most dangerous point in its life. It is running five capital projects at once — the Enstek ice cream hub, the Philippine plant, the Cambodian factory, the Pursat farm and the Muadzam Shah 2 herd — while integrating a third ice cream acquisition in Sabah. Revenue up 18% and profit down 18% in the June 2026 quarter is the first visible crack, and I do not think it will be the last before FY2027 is over.
Who wins? The Inside Scoop founders, without question. Edmund Tan’s put option is a masterclass in founder exit design: RM50.8 million for 20% implies an equity value of about RM254 million for Inside Scoop, roughly double the RM129 million implied by the 2023 entry price of RM83.9 million for 65%. That is a superb outcome for a parlour chain founded in 2013, and every founder-led F&B brand in Malaysia should study the structure. Who pays? Existing shareholders, who are being asked to accept 5.8% dilution through a placement at a share price already 25% below its January peak. The honest reading of the placement is that a company earning RM129 million a year should not need fresh equity to fund a RM50 million put option, and the pro forma gearing figure of 0.89 times tells you why: the last two years of growth were largely borrowed.
What it signals for the industry is that Malaysian dairy is going regional whether the balance sheet is ready or not. Cambodia is the real prize — a market that imports 80% of its fresh milk, where Farm Fresh already out-ships Singapore and where nobody else has an integrated farm-to-plant model. The Philippines is a much longer game against entrenched multinationals. What I will be watching over the next four quarters is simple: does the FY2027 margin recover once the price increases and the carton switch flow through, and can the 17,000-cow Pursat ambition be funded without another placement? If the answer to both is yes, this is a RM3 stock again. If not, the 2023 margin squeeze will look like a rehearsal.
Frequently Asked Questions
What does Farm Fresh Berhad do?
Farm Fresh Berhad is a Malaysian dairy company listed on the Main Market of Bursa Malaysia (stock name FFB, code 5306). It operates dairy farms and processing plants in Malaysia and Australia, a milk plant in Pampanga in the Philippines and a processing plant in Cambodia, and sells fresh milk, UHT milk, flavoured milk, yoghurt, cream, butter, milk powder, plant-based milk and ice cream under brands including Farm Fresh, Farmer Moo, Master Barista, Yarra Farm, The Inside Scoop, Sin Wah and Amelia.
Who owns Farm Fresh Berhad?
Founder and group chief executive Loi Tuan Ee is the largest shareholder with about 40.1%, according to The Edge Malaysia in September 2025. Other major holders were abrdn Malaysia (10.64%), KWAP and the Employees Provident Fund (about 8.8% combined) and Khazanah Nasional, which reduced its stake to 3.02% on 4 September 2025 after holding 30% from 2011.
When did Farm Fresh list on Bursa Malaysia and at what price?
Farm Fresh listed on the Main Market of Bursa Malaysia on 22 March 2022 at an IPO price of RM1.35 per share, raising about RM1 billion (US$238.8 million). The listing valued the company at roughly RM2.5 billion and was the largest on Bursa Malaysia since June 2021.
What companies has Farm Fresh acquired?
Farm Fresh acquired 65% of premium ice cream chain The Inside Scoop for RM83.9 million in 2023, 70% of popsicle maker Sin Wah Ice Cream for RM28.4 million in October 2023 and Sabah-based Amelia Ice Cream for RM35 million, announced in May 2026. In August 2026 it agreed to buy a further 20% of The Inside Scoop for RM50.8 million after co-founder Edmund Tan exercised a put option, lifting its stake to 85%. In 2018 it also bought a dairy farm and processing plant in Victoria, Australia, for RM85 million.
How much revenue and profit did Farm Fresh make in FY2026?
For the financial year ended 31 March 2026, Farm Fresh reported revenue of RM1.12 billion, up from RM981.18 million, and net profit of RM129.6 million, up from RM106.4 million. It was the first time the company’s annual revenue exceeded RM1 billion. In the first quarter of FY2027 (April to June 2026), revenue rose 17.6% to RM306.4 million but net profit fell 18.2% to RM26.82 million on higher costs.
Is Farm Fresh expanding overseas?
Yes. Farm Fresh opened a PHP312.5 million milk plant in San Simon, Pampanga, in the Philippines in October 2025, is bringing a Cambodian processing plant with 60 million litres of annual milk capacity into full operation in 2026, and in August 2026 signed a land lease for the RM278.1 million Farm Fresh Pursat dairy farm project in Cambodia, which could house about 17,000 cows. It also runs a processing plant in Kyabram, Australia, with about 84 million litres of annual capacity.
Related
- M&A & Investment Insights — the full landing page for Malaysia and ASEAN consumer deals
- More company profiles
- Masan Group company profile — Vietnam’s founder-controlled consumer conglomerate
- Scientex Berhad company profile — Malaysia’s acquisitive packaging-and-property group
- Hextar Industries’ RM177.5 million bid for llaollao operator Woodpeckers — another founder-led F&B stake deal
- InNature’s Burger & Lobster acquisition — a listed consumer group moving into foodservice
- Private Label vs National Brands: The Global Shift Retailers Are Driving
Sources
- Farm Fresh Berhad — official website
- Bursa Malaysia — Farm Fresh Berhad IPO factsheet (March 2022)
- Clifford Chance — advises on Farm Fresh’s US$238.8 million IPO
- BusinessToday — Farm Fresh saw FY26 revenue hit RM1 billion, PAT up 20% to RM129 million (22 May 2026)
- The Star — Farm Fresh affirms cautious optimism for FY27 (22 May 2026)
- The Edge Malaysia — Farm Fresh to raise product prices, acquire Sabah ice cream brand as earnings grow to record high (22 May 2026)
- The Star — Farm Fresh’s long-term growth remains intact (28 May 2026)
- New Straits Times — Farm Fresh’s Q1 net profit slides 18pct on rising costs (August 2026)
- The Edge Malaysia — Farm Fresh to buy another 20% of Inside Scoop from co-founder for RM50.8 mil (28 August 2026)
- New Straits Times — Farm Fresh’s Inside Scoop stake increased to 85pct following Tan’s put option
- The Edge Malaysia — Farm Fresh to raise up to RM200 mil via private placement for capex, Inside Scoop stake buy (3 September 2026)
- The Star — Farm Fresh proposes RM200mil private placement exercise (3 September 2026)
- The Edge Malaysia — Khazanah’s Farm Fresh divestment (September 2025)
- The Edge Malaysia — Farm Fresh to acquire 65% stake in The Inside Scoop for RM83.9m (February 2023)
- The Malaysian Reserve — Farm Fresh scoops up ice cream chain The Inside Scoop for RM84m
- The Edge Malaysia — A case of déjà vu for Farm Fresh? (June 2026)
- The Edge Malaysia — Farm Fresh’s 3Q net profit rises 25% on stronger Malaysian sales, Cambodia exports (26 February 2026)
- The Edge Malaysia — Farm Fresh’s ice cream push: Sin Wah, Inside Scoop and the Enstek plant (August 2025)
- New Straits Times — Farm Fresh targets Cambodia dairy market with 3Q plant launch (18 June 2026)
- The Star — Minimal impact likely from Farm Fresh Cambodian job (11 August 2026)
- The Star — Farm Fresh targets major livestock boost (15 July 2026)
- Daily Tribune — Marcos inaugurates milk plant in Pampanga (October 2025)
- Philippine Information Agency — Malaysian firm Farm Fresh Berhad to make US$20M PH investment (July 2023)
- Malay Mail — Farm Fresh invests RM85m in farm, plant in Australia (September 2018)
- Wikipedia — Farm Fresh (company)
Disclaimer: This article is for informational and editorial purposes only. It is not a recommendation to buy or sell any securities and does not constitute investment advice.
