Terms of Service

MCH Publications provides:

• company research
• equity rankings
• valuation analysis
• quantitative models
• Alpha Lab
• options analytics
• macroeconomic analysis
• portfolio and security screening
• historical information
• APIs and data feeds
• model-generated analysis
• AI-assisted research

Features vary by tier. The tiers and their entitlements are set out in the Pricing & Subscription Policy.

Unless expressly agreed in a separate regulated service agreement, MCH Publications provides general and impersonal investment research.

MCH Publications does not assess the subscriber's:

• financial circumstances
• personal objectives
• risk tolerance
• tax circumstances
• liquidity needs
• investment horizon
• suitability

A ranking, valuation, score, forecast or publication discussing a security is not, by itself, a personalised recommendation. Subscribers remain responsible for their own decisions. The Investment Research & Regulatory Disclaimer sets out this position in full.

MCH does not warrant that:

• forecasts will occur
• target prices will be reached
• rankings will outperform
• strategies will be profitable
• losses will be avoided
• historical relationships will persist
• models will identify every risk
• data will always be accurate, current or complete

Past performance does not guarantee future results.

Research may include forecasts, scenario probabilities, expected returns, valuations, estimates and forward-looking statements.

These depend on assumptions, methodology and the information available at the research cut-off. Actual outcomes may differ materially.

MCH may use quantitative models, software systems and artificial intelligence to:

• classify information
• calculate metrics
• extract data
• summarise information
• generate preliminary analysis
• identify patterns
• rank securities
• generate scenarios
• assist human analysts

Automated systems can make mistakes. No output should be assumed correct merely because it is model-generated or systematically produced.

MCH may change methodology when:

• better data becomes available
• errors are identified
• models improve
• markets evolve
• research standards change

Methodology changes may alter historical and current outputs. The governance of methodology and its versions is described in the Research Integrity Policy.

Backtests are hypothetical unless explicitly identified otherwise.

Backtests may be affected by:

• transaction-cost assumptions
• liquidity
• slippage
• market impact
• survivorship bias
• look-ahead bias
• point-in-time data availability
• taxes
• execution
• rebalance assumptions

The classification and disclosure of backtests, simulations and forecasts is governed by the Performance & Backtesting Policy.

MCH may rely on sources believed to be reliable, including:

• regulatory filings
• exchanges
• company disclosures
• data vendors
• news providers
• public databases
• economic-data providers

MCH cannot guarantee all third-party information.

Every research item reflects information available at a stated or inferable point in time. Later events may invalidate historical conclusions.

MCH is not obliged to rewrite every historical publication following new information.

MCH, its directors, employees, analysts, affiliates or associated investment vehicles may hold positions in securities discussed, where legally permissible.

Material conflicts are disclosed under the Conflicts of Interest & Securities Ownership Policy.

Subscribers must:

• provide accurate information
• secure their credentials
• not share personal subscription credentials unless permitted

MCH retains ownership of its:

• research
• rankings
• databases
• methodologies
• models
• site content
• software
• graphics
• quantitative outputs
• proprietary compilations

A subscription provides limited access rights, not ownership.

Reader and Professional subscriptions are for lawful personal or internal research use.

Reasonable quotation with attribution may be permitted.

Without written authorisation, users may not:

• reproduce substantial paid content
• redistribute reports
• scrape the service
• create a competing database
• resell MCH research
• share credentials
• systematically download data
• circumvent access controls
• remove attribution or copyright notices
• train external machine-learning models on substantial proprietary MCH content

The Acceptable Use Policy sets out the conduct rules that apply to all users of the MCH Research platform.

API and bulk-data access is governed by separate licence terms, set out in the Data & API Licence.

Credentials may not be shared beyond authorised users. Rate limits may apply.

The Pricing & Subscription Policy and the checkout-specific terms displayed at the time of purchase are incorporated into these Terms.

The Cancellation & Refund Policy is incorporated into these Terms.

MCH gives no warranty of uninterrupted availability.

The service may be affected by maintenance, cyber events, third-party failures, vendor outages or other circumstances.

MCH may modify features.

Where a change materially reduces the principal functionality of a paid product, MCH will provide reasonable notice where practicable and required.

MCH may correct data and research errors.

Material corrections are handled under the Research Corrections & Amendments Policy.

MCH may suspend access to:

• protect security
• investigate fraud
• prevent misuse
• comply with law
• protect intellectual property
• address material breach

To the maximum extent permitted by law, MCH is not liable for investment or trading losses arising from reliance on MCH Publications.

Nothing in these Terms excludes any liability or right that cannot lawfully be excluded.

To the extent lawful, users are responsible for losses reasonably resulting from their:

• unlawful use
• unauthorised redistribution
• infringement of intellectual property
• material violation of these Terms

The Privacy & POPIA Policy is incorporated into these Terms and describes how MCH processes personal information.

Operational messages are separate from marketing communications.

Acceptance of these Terms does not constitute consent to direct marketing. Marketing consent is requested and recorded separately, as described in the Privacy & POPIA Policy.

Complaints are handled under the Complaints Policy.

MCH may amend these Terms prospectively.

Material changes will be communicated where required.

These Terms are governed by the law of the Republic of South Africa, subject to mandatory protections that may apply in another jurisdiction and cannot lawfully be excluded.

If any provision of these Terms is held to be invalid or unenforceable, that provision is severed to the extent necessary and the remaining provisions continue in full force and effect.

These Terms, together with the checkout-specific terms and the policies incorporated into them, form the entire agreement between the subscriber and MCH in respect of MCH Publications, unless a separate written agreement applies.

MCH Publications is operated by MCH Advisory (Pty) Ltd, registration number 2022/804419/07, registered address 109 Wildebees Street, Waterkloof Ridge, Pretoria, 0181, Gauteng, South Africa.

• Legal notices and general enquiries: contact@mchadvisoryservices.com
• Account access, billing, cancellation, refunds and payment disputes: support@mchadvisoryservices.com
• Research methodology, data, corrections and publication enquiries: research@mchadvisoryservices.com