Like all the big five Canadian banks CIBC (NYSE: CM) looks like a great value. PE is 9x, the yield is above 5% and ROTE is 18%.

However, also like all other Canadian banks the problem is the "crash factor". Canada has looked like an accident waiting to happen for some time.

Household debt stands at an enormous 180% of disposable income, second only to Australia among G20 countries, and has been on an upward trajectory for years. House prices have soared, especially in Toronto and Vancouver and the nationwide house price index is 23% above its 2015 level. This is the biggest pace of increase in the G20 after China.

To put these numbers into perspective, US household debt is a frugal 107% of disposable income and house prices are up a modest 15% since 2015.

Source: Statistics Canada

Source: OECD

These issues are no secret to anyone. Forecasters have been prophesying an impending bust in Canada for years, even most Canadians. And bank investors haven't been exactly falling over themselves to buy Canadian banks, certainly not CIBC, the most domestically-geared of the big 5, which is up just 2% over 1-year during a period which JPM, for example, is up 23%

The question is not whether the risk of a crash exists. Clearly it does. It is how to factor it into valuations.

In CIBC's case the issue is especially pertinent because it has much less diversification outside Canada than its peers. As of 3Q19, domestic loans accounted for 85% of the loan book, the majority being Canadian residential mortgages (52%). Canadian credit card and unsecured consumer loans accounted for a further 14%.

If Canada does keel over under the weight of personal sector debt and the bursting of the house price bubble, CIBC will be the first casualty.

Source: company 3Q19 earnings supplement

This article tries to put a number on the size of potential losses CIBC might incur in a crash scenario. Given the peculiar risks CIBC and other Canadian banks face it's not just enough to say they're cheap on PE or P/TNAV. The question that needs to be answered is whether they're still cheap if Canada goes over the cliff.

If you just looked at CIBC's credit quality statistics you'd quickly conclude everything in the garden is rosy.

Impaired loans have been rising but at an almost imperceptible pace and they remain at very modest levels at just 45bps of total loans. Indeed this ratio is inflated by recent rapid growth in the US C&I market, where loss rates are structurally higher. If we just look at the stats for Canada, which is dominated by CIBC's big residential mortgage portfolio, the impaired loan ratio is 22bps. It's risen from 10bps at the end of 2017 but in absolute terms, 22bps is still a negligibly low number.

Source: company 3Q19 earnings supplement

The same is true of write-offs, which are flat to falling. On the $205bn mortgage portfolio, write-offs for 9m19 stand at just $17m.

Source: company 3Q19 earnings supplement

However, the problem with banks' credit quality statistics is they tend to be backward looking. This is especially true for the way banks provision for future loan losses.

The IFRS 9 accounting standard brought in during 2017 was supposed to fix the problem. Unlike the way things worked in the past, banks now have to make a loss allowance for loans when they are issued, not just when they become impaired as was the rule the previous IAS 39 "incurred loss" methodology.

This is known as "Stage 1" impairment and it is supposed to capture the future risk of currently performing loans going bad (as opposed to "Stage 2", which is impairments for performing but potentially problematic loans, and "Stage 3" which is impairments for non-performing exposures).

However, "Stage 1" allowances only need to be booked for expected losses over the next 12 months, not the lifetime of the loan. And there is a large element of discretion left to the banks as to how they assess and quantify 12 month expected losses.

Particularly for banks like CIBC, where the recent past has been one of trouble-free performance with little or no loan losses, the inclination is to assume the same will continue at least for the next 12 months, especially in secured lending categories like residential mortgages.

This explains why, in spite of most people thinking Canada is a powder keg, CIBC's allowances for loan losses are de minimus. There are currently allowances of just $0.6bn on the $207bn mortgage book, under 0.3%. Across the whole portfolio allowances are just 0.5% of total loans.

Source: company 3Q19 earnings supplement

If the recent past has taught investors anything it is that when things go wrong in bank-land they tend to go spectacularly wrong. In particular, housing market corrections are rarely slight, they are mostly abrupt and brutal. It is inconceivable that if Canada goes over the cliff CIBC will only experience losses of 0.3% on its mortgage book or 1.3% on its unsecured consumer book, as its current allowances imply.

How big could the losses be? The US experience post-2008 is a good one to look at. The markets aren't exactly the same. Notably, Canada has nothing like the scale of sub-prime mortgages the US had. But as a rough reference point for the broad magnitude of possible loss rates it's a reasonable comparison.

US delinquency rates on residential mortgages peaked in late-2009, not at CIBC's current provisioning level of 0.3% but at 10%.

Mortgages are secured so even if 10% of borrowers default, the bank won't lose 10% of its money. It will only lose the portion it can't reclaim on repossessed collateral. So the magnitude of the housing market price fall is as important as the delinquency rate.

For example, assuming a mortgage book with a loan-to-value of 100% and a 50% drop in average house prices the loss on delinquent loans would be 50%. Assuming 10% of the book defaults, the loss or write-off across the portfolio would therefore sum to 5%.

Source: US Federal Reserve

I've kept these numbers simple to illustrate the mechanics. Few if any banks have LTVs of 100% on their mortgage books and a 50% house price crash would be severe (but not unimaginable - it was the peak-to-trough fall experienced in Ireland post-2008 for example).

But it's also true that most of the losses happen at the margin, not at the average i.e. they occur on newer loans where LTV's are higher than the average of the book and where buyers are more likely to have paid an overgenerous price for the house. So a 5% write-off across an entire portfolio is not an extreme assumption.

Indeed this number is supported by the US write-off experience, which over the period 2008-2010 totaled 5.7% of aggregate residential mortgages. I've also included the data for the other main lending categories in the following table, showing that cumulative crisis-period write-offs on US credit card loans were 15%, 24% on other unsecured consumer loans and 2.6% on C&I loans.

US financial crisis loan write-off rates

Source: author's calculations based on US Federal Reserve data

If this style of crash were replicated in Canada it's a pretty easy calculation to tot up the hypothetical losses for the banks.

I've done the numbers for CIBC below. I've just stressed the Canadian part of the loan book, assuming this is an idiosyncratic crash isolated largely to the domestic mortgage and consumer lending markets.

Source: author's calculations based on US Federal Reserve data, CIBC disclosures

The US experience would imply CIBC could see cumulative write-offs of $25bn, the largest element being ~$12bn of losses on the Canadian mortgage book and a further ~10bn on the Canadian unsecured consumer book.

The company has some buffers to absorb these losses. The current loan loss allowance sitting on the balance sheet is $1.9bn. It looks woefully inadequate for this type of scenario but at least it's something. In addition, CIBC has some surplus capital as it operates with a CET1 ratio of 11.4% against a regulatory requirement of only 9.5%. That's a further $4bn buffer.

However, even allowing for these items, this stress calculation suggests shareholders would still be on the hook for ~$15bn of post-tax losses.

Remarkably, this may already be priced-in

CIBC's market cap is currently $68bn so at first glance $15.5bn of stress losses doesn't look great, implying possible 25% downside if this scenario came to pass, even before factoring in that the shares would inevitably overshoot on the downside.

However, things aren't necessarily so bleak. There's a strong case for saying CIBC is undervalued against its current fundamentals, which is probably because the market is already factoring in a turn for the worse.

ROTE for 9m19 was 18%. Using a 9% cost of equity and 2% growth factor this would give fair value P/TNAV of 2.3x whereas the shares currently trade on 1.7x.

On current TNAV of $68 per share a 2.3x multiple would get to a share price target of $153 compared to the current trading price of $115.

In absolute dollar amounts, that's a fair value market cap of $68bn compared to a current market cap of only $52bn, implying there's a ~$17bn imbedded discount in the company's valuation, probably reflecting the sort of risks I've described in this article.

$17bn of imbedded discount against stress-scenario losses of $15.5bn sounds like the market is already there in terms of pricing CIBC for a 2008-style housing crash.

For long-term holders of CIBC this is a comforting conclusion. If they're happy to ride out a likely short-term overshoot they'll probably emerge on the other side at a valuation not far from today's.

For shorter-term investors though, the idea of $15bn of losses is likely to be stomach-churning, knowing the shares would plummet first and only stage a slow recovery over several years as the losses were crystallized and booked to equity.

In conclusion, therefore, CIBC may already in theory be priced for a Canada crash. But it's not a stock I'll be hurrying to buy.

Source: author's calculations based on US Federal Reserve data, CIBC disclosures

Disclosure: I am/we are long JPM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The rest is here:
CIBC - The 15 Billion Dollar Question - Seeking Alpha

The Boston College Eagles have one more game left, against the Pittsburgh Panthers and the implications of this game couldn't be greater. Sitting at 5-6, multiple outcomes could happen depending on how the game ends. Let's look at some of the scenarios of what could happen on Saturday. This is all based on my gut feelings and intuition, as the administration has been mum about Addazio this season.

If Boston College loses at Pittsburgh on Saturday, a few scenarios could play out. They are currently nine point underdogs at the time of this writing:

* The Eagles would sit at 5-7 and technically would not be bowl eligible. This would leave Martin Jarmond, Father Leahy and the Boston College Board of Trustees with two options. The first is that they could choose to move on from Steve Addazio after seven seasons and go in a different direction. We all know the stats right now, and they paint a pretty bleak picture of Addazio's tenure: 1-17 versus the Top 25, 21-34 against the ACC.

* The other option is the administration could look at the season, and look at different factors that impacted the year and caused the decline, including a very young defense and a big injury to quarterback Anthony Brown. You would have to take think that if the administration does move on from Addazio this will be done quickly so that BC can get a crack at some of the candidates that would best fit the Eagles, meaning BC would make an announcement shortly after the loss. But it is important to note that there haven't been any rumblings, or sources that have said anything one way or another.

* There is also the chance that BC could still make a bowl at 5-7 if there aren't enough bowl eligible teams. The way bowl committees decide is to look at APRs, and if you follow Boston College Athletics, you know they have one of the higher scores in the nation. This would put the administration in a tougher situation. On one hand they made a bowl, on the other they would sit at just five wins.

* The Eagles will be bowl eligible and most likely will head to a lower tier ACC bowl like the Independence Bowl in Shreveport or Quick Lane Bowl in Detroit. If Boston College wins on Saturday it in all likelihood would mean that Addazio's job will be safe as he reached the program's goal of another bowl game. His job would most likely be safe in my opinion if the Eagles do get that sixth win, and give him an opportunity for a seventh win in a bowl game.

* There is also the possibility BC wins on Saturday and still moves on from Addazio. The only way I could see this happening though is if there is a candidate that the administration feels would take BC to the next level.

***

In the grand scheme of things it is rather absurd that a decision about the future of Boston College football may come down to one game.

There are seven years worth of results, along with data that should help the program make a decision that is in the best interest of all involved. Hopefully when addressing where the program should go and be, those involved don't just put weight on an end of the season game against Pittsburgh. But here we are, Saturday's game could have huge ramifications for the Eagles.

See the original post here:
Boston College Football: One More Game To Go. Then What? - Sports Illustrated

COLUMBUS, Ohio When quarterback Sean Clifford hobbled to the sideline and hopped on the bicycle, Will Levis kept telling himself that all the stretching and warm-up throws and his usual desire to stay loose during a game were for real this time.

The Penn State backup quarterbacks most meaningful collegiate reps to date just so happened to come in the third quarter on the road against the No. 2 team in the country. Chase Young and the smothering Ohio State defense awaited him.

My first instinct is to go to the offensive line, go to the receivers and instill my confidence in them and make sure that theyre on the same page as me, the redshirt freshman said. I told them I was gonna go out there and were going to push that ball right down the field and were gonna score and were gonna get the ball back and were going to score. Thats just the mentality you have to do, regardless of what the situation is.

Levis...

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Upon further review: Takeaways from Penn States loss to Ohio State - The Athletic

CLEVELAND Weight Watchers has helped adults lose weight for years, now, it is turning its attention to kids. It developed an app called Kurboa food tracker that uses color coding to let kids know if the food theyre eating is good or bad.

The color green is used to indicate healthy foods such as vegetables and fruits, yellow will pop up for foods you shouldnt overindulge on, and red for junk food.

Weight Watchers said the app is science based, doesnt count calorie, and helps kids build healthy eating habits. However, some experts believe the app will do more harm than good.

This makes children self conscious about food and about their bodies. When we label foods as good, medium and bad, we are giving their very concrete, little kids the wrong idea, said Dr. Jennifer Guidiani, an eating disorder expert.

Theres no debate around the benefits of building healthy habits.

They definitely need to eat foods that are healthy, not just junk food, said Rachel Madiri, a mom and teacher.

According to a report from the Robert Wood Johnson Foundation, 1 in 6 children aged 10 to 17 in Ohio are obese, the 10th highest in the nation.

But Madiri thinks healthy habits are better learned at home than on a device.

My son will want to sit down and I say Nope, you gotta go outside, she said.

For her, its about leading by example.

As adults we need to be eating healthy for them, as well as exposing them to a variety of different foods, said Madiri.

University Hospitals psychologist, Dr. Carolyn Levers- Landis said leading by example is even deeper than just diet and exercise.

You have to be so careful about how you yourself speak about your body and your appearance, she said.

She specializes in body image issues with kids and said her patients are getting younger and younger.

Children are aware of how society views appearance and attractiveness, and they internalize that and they feel like I have to fit up to those standards, said Dr. Levers-Landis.

While most experts agree Kurbo could be harmful to children and their relationship with food, weight loss and body image is not black and white.

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Experts weigh in on weight loss app for kids - News 5 Cleveland

Short-term weight loss improves -cell function in patients with obesity who have either normal or impaired fasting glucose (IFG). However, despite initial improvements, -cell function commonly deteriorates over the course of 2 years, according to study results published in The Journal of Clinical Endocrinology & Metabolism.

The study included 58 participants with body mass index 35 kg/m2 (14 with normal fasting glucose, 24 with IFG, and 20 with type 2 diabetes [T2D]) and 13 normal-weight participants with normal fasting glucose. Patients with obesity were recruited from the University of Michigan Weight Management Program, an intensive 2-year intervention aimed at improving weight loss and reducing complications of obesity. For this study, participants underwent 3-hour mixed-meal tolerance tests to estimate insulin sensitivity, insulin secretion, and -cell function, which the researchers defined as model-based insulin secretion adjusted for insulin sensitivity. After 3 to 6 months of follow-up, all 58 participants with obesity were restudied, and 27 completed a follow-up mixed-meal tolerance test at 2 years after baseline.

After 3 to 6 months on a very-low-energy diet, participants with obesity had a mean weight loss of 20 kg and a mean decrease in body mass index of 6 kg/m2.

Compared with baseline, insulin sensitivity significantly improved among participants with obesity and normal fasting glucose (ratio of geometric means, 2.48; 95% CI, 1.64-3.74; P =.0004), IFG (ratio of geometric means, 2.52; 95% CI, 1.80-3.53; P <.0001), and T2D (ratio of geometric means, 2.43; 95% CI, 1.78-3.33; P <.0001). In addition, insulin secretion decreased significantly among participants with normal fasting glucose (ratio of geometric means, 0.58; 95% CI, 0.48-0.71; P <.0001) and IFG (ratio of geometric means, 0.62; 95% CI, 0.53-0.73; P <.0001). Among participants with T2D, insulin secretion showed a trend toward decreasing (ratio of geometric means, 0.84; 95% CI, 0.69-1.01; P =.061).

For participants with obesity and normal fasting glucose, -cell function trended toward improvement at 3 to 6 months after baseline (ratio of geometric means, 1.23; 95% CI, 0.94-1.61; P =.13). Among those with IFG, -cell function also showed a trend toward improvement (ratio of geometric means, 1.17; 95% CI, 0.93-1.47; P =.18).

After 2 years of follow-up, and despite maintaining significant weight loss, the researchers found that -cell function declined among participants with normal fasting glucose (ratio of geometric means, 0.82; 95% CI, 0.41-1.61; P =.40) and T2D (ratio of geometric means, 0.95; 95% CI, 0.66-1.35; P =.73). However, for those with IFG, -cell function remained significantly improved compared with baseline (ratio of geometric means, 0.77; 95% CI, 0.64-0.92; P =.0076), indicating that these patients experienced the most persistent benefits of weight loss with regard to metabolic health.

The study had several limitations, including the use of insulin over C-peptide to assess -cell function and the relatively small number of participants who completed follow-up at 2 years.

This suggests that there is a window of opportunity to improve -cell function in subjects with IFG, but that there is an irreversible fall in -cell function with time in subjects with obesity and [T2D], the researchers wrote.

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Reference

Rothberg AE, Herman WH, Wu C, et al. Weight loss improves -cell function in people with severe obesity and impaired fasting glucose: a window of opportunity [published online November 13, 2019]. J Clin Endocrinol Metab. doi:10.1210/clinem/dgz189

Continued here:
Weight Loss Most Likely to Improve -Cell Function in Patients With Obesity, IFG - Endocrinology Advisor

Losing weight for many is an ongoing battle of ups and downs, butonekey to successful weight loss or maintaining a healthy weight is incorporatinghealthysnacks into your daily regime. After all, snacks can help maintain energy levels throughout the day and could also help prevent slimmers from overeating once its mealtime. So, why not try some fat burning snacks to lose weight while you sleep?

Snacking is one of the main causes of unwanted weight gain. Previously, in research conducted by USDA, it has shown that when someone is snaking they tend to add extra calories to their diet while neglecting to add any nutrients.

Of course, often there are different diet plans which fight for and against counting calories but the main problem with snacking is that when theyre consumed, more often than not, the snacks contain high levels of carbohydrates, that arent the good kind, meaning that they can drive overeating and increase the risk of obesity.

According to Helena Griffiths, fitness and nutritionist, snacking can keep slimmers hunger levels down and reduce excess calorie intake.

She said: "Snackingcan help keep your hunger levels on an even keel, especially on days when your meals are spaced further apart.

READ MORE:Harry Melling:Harry Potter 'Dudley Dursley' actor unrecognisable after dropping 4st 5lb

"However, it's important to make healthy snack choices and there are some miracle snacks that can really help with weight loss. If consumed in moderation."

Eating snacks with the right ratio of nutrients and calories will help to keep a body energised as well as stimulate weight loss.

Protein plays a huge role in this as it helps to fuel the growth of lean muscle mass. This, in turn, boosts metabolic rate and increases calorie burn.

Some of these snacks bellow also contain healthy amounts offibre. This helps to improve digestion and keeps you from going crazy on the unhealthy fats and sugars.

DON'T MISS

1. An apple and almond milk

When trying to lose weight, often slimmers will go on fad or crazy diets to stimulate quick weight loss.

When trying to lose weight there is no need to cut out or reduce dairy intake, unless its full-fat dairy.

A great alternative to milk is almond milk. After a bit of getting used to it will transform a slimmers life. Not only is it vegan, but it is also low in calories, its nutritious and high in vitamin D.

Apples are a great snack due to their high levels of fibre as well their ability to satisfy and quench hunger.

So, why pair it with almond milk?

Having an apple and almond milk before bed, boosts the protein levels in a slimmers system allowing the food to stimulate and increase ones metabolism, therefore encouraging natural weight loss while slimmers slumbers.

2. Cottage cheese-filled avocado

Avocados are a super fruit that when consumed increases the rate at which fat in the body is burned. As well as having properties which reduce appetite and decreases the desire to eat.

A study also found that by introducing cottage cheese into a diet helps decrease body weight, as it is high in protein and increases the feeling of fullness.

So, why pair the pair?

Mixinganavocado with full-fat cottage cheese can provide a slimmer with a great snack fully loaded with the nutrients that a body needs to lose weight as well as increase a slimmers feeling of fullness, preventing them from overeating and gaining further weight.

3. Tuna on whole wheat cracker

In moderation, tuna is a healthy, low-calorie protein source that is rich in omega-3-fatty acids, which are essential nutrients that aid your heart, brain, and immune system.

So, why should it be paired with a whole-wheat cracker?

Tuna provides great taste while still balancing out calorie intake since its low in fat and rich in proteins and nutrients. Paired with a whole-wheat cracker, which is full of fibre, allows a slimmer a well-balanced snack that stimulates fat-burning in the body.

4. Warm pear with cinnamon and ricotta cheese

Cinnamonis said to increase insulin sensitivity and decrease blood sugar - both key components forlosing weight. Cinnamonis also thought to boost metabolism because your bodyusesmore energy to process the spice than it does for other foods.

Pearsare rich in essential antioxidants, plant compounds, and dietary fibre, they pack all of these nutrients in afat-free, cholesterol-free, 100 calorie package.

So, why pair these with ricotta cheese?

See the rest here:
Weight loss: The best snacks to eat that burn fat while you sleep revealed - Express

Quick weight loss: Reducing calorie intake requires you to eat less and eat the right kinds of foods. Read to know some natural, easy and effective ways to eat less for losing weight quickly.

Weight loss tips: Include more whole grains, fruits and vegetables in your diet

Quick weight loss tips: Reducing overall calorie intake is essential for weight loss. Ideally, you should try to burn more calories than you consume and eat foods that are low in calories. In this article, we are going to talk about ways to eat less for quick weight loss. Fibre-rich foods and protein foods are considered to be weight loss-friendly as they help you keep full for longer, fill you up quickly and reduce appetite. Apart from this, drinking sufficient water and regular exercise can also help you lose weight quickly and efficiently.

Eating less does not mean that you need to starve yourself. The idea is to eat the right kind of foods, follow the right kind of lifestyle, sleep well and take less stress in order to eat healthily. Another important weight loss strategy is practicing portion control. Portion control is a part of mindful eating, where you eat only till you satisfy your hunger and not delve into overeating or binge eating.

Also read:Things You Should Never Do After Eating To Lose Weight Effectively

Include more whole grains, fruits and vegetables in your diet. Eat lots of salads but do practice portion control. Consuming fibre rich foods in excess can adversely affect your health and lead to digestion issues like bloating, gas, feeling too full, stomach cramps, poor absorption of some key nutrients. However, eating fibre as part of every meal of balanced diet can fill you up quickly and make you feel full for longer. Fibre-rich foods can prevent constipation and promote healthy digestion. They are the ultimate appetite suppressant that must be a part of diet for weight loss.

Include lots of fruits and vegetables in your diet to increase fibre intake and reduce appetitePhoto Credit: iStock

Like fibre, protein is another macronutrient that has similar effects on your appetite. In fact, increasing protein intake is they key in popular weight loss diets like low-carb and keto diet. Including protein in weight loss diet is also important because it helps in build-up of muscle. Muscle loss is a side effect of losing weight quickly and eating sufficient protein can prevent this. Some foods with highest content of protein include nuts and seeds, eggs, milk and dairy products, chicken, soy and soy products and lentils and legumes to name a few.

Also read:This Is The First Step Towards Achieving Fat Loss And Good Health

Spicy food can act as a natural appetite suppressant. It helps in slowing down eating process and makes you feel full sooner than usual. Studies have found that hot peppers can reduce appetite and also speed up metabolism.

Drinking sufficient water is not just important to keep you hydrated, it is also important to reduce your appetite and help you eat less for quick weight loss. If you feel hungry shortly after eating a meal, then drink a glass of water before going for a quick snack. If you feel satiated and if you don't feel hungry after drinking water, then you were probably thirsty and not hungry. Thirst can often be confused for hunger. Keeping yourself well-hydrated is an important step towards feeling healthy and sustainable weight loss.

Chia seeds are a storehouse of soluble fibre which can reduce appetite and keep you from overeating and binge eating. Sprinkle chia seeds on salads or munch on them as is. Try to eat chia seeds with every meal to add a dash of fibre in each meal.

Fibre-rich chia seeds can help you weight quick weight lossPhoto Credit: iStock

Also read:Papaya For Belly Fat, Weight Loss: Eat This Fruit Daily To Burn Belly Fat Quickly- Know Ways To Include It In Your Diet

Sleeping well is the key to experiencing lesser cravings. For even a single night that you didn't sleep well or slept for less than 7 or 8 hours, you will spend the day feeling more hungry, with more craving for sugary foods and junk foods. Similar is the case with taking excessive stress, which can make you prone to overeating and binge eating. Take up stress management strategies and sleep well every night to avoid feeling more hungry than usual and prevent overeating.

Disclaimer: This content including advice provides generic information only. It is in no way a substitute for qualified medical opinion. Always consult a specialist or your own doctor for more information. NDTV does not claim responsibility for this information.

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Quick Weight Loss: 6 Easy Ways To Naturally Eat Less Without Feeling Starved - Doctor NDTV

What are the advantages of taking the Ketovatru keto supplement?

The Ketovatru has easily become the most talked about weight loss product.

The thing that took this keto supplement to stardom is that it contains the powerful fat burning ketone, BHB has been modified to produce an instant fat burning solution the natural way. Beta-hydroxybutyrate is the first substrate that kicks the metabolic state of ketosis into action. If you take it, BHB is able to start processing in your body resulting in energy and greatly speed up weight loss by putting your body into ketosis.

Keto with BHB is here to stay because of the proven results that people are seeing, enabling you to lose a significantly more amount of weight while using it.

Results that people have seen after using the keto supplement:

Choose the right package for you and make your way to fat burn Heaven:Order the Ketovatru Singapore Ketosis Formula for a 30 Day Supply!The Singapore Ketovatru offer consists of a full months supply of the keto supplement at just the shipping price of $6.96.

Basically, by placing your order today youll pay $0.00 for lifetime access to the 16 Week Diet Challenge PORTAL and be shipped a 30 day supply of Ketovatru Singapore and billed only $6.96 shipping and handling.

Visit the official Ketovatru website for more information.

In order to have the best results, keep in mind that you need to have a holistic approach to your life and lead an overall healthy lifestyle. This includes doing regular exercise, making sure that you eat healthy foods, you give your body the rest that it needs and that you keep your stress levels at bay.

*Disclaimer:

The information provided on this website is for informational purposes only and does not substitute health care advice. It is not intended as a substitute for advice from your Healthcare Professional, or any information contained on or in any product label or packaging. Medical advice should always be sought before using any type of dietary supplement. If you do not cancel within 30 days, you will be enrolled into the Exclusive Ketovatru auto-shipment program and will receive a monthly supply every 30 days for which you will be billed S$141.30.

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Free trial for a limited period on the top weight loss keto supplement, Ketovatru, now in Singapore - Mail Herald