高盛-720-中国策略韩国日本等 The 720 China Strategy,Korea Banks,Japan Autos,Yamaha Motor,Moutai,Womenomics

4July2024|7:16AMHKT

The720:ChinaStrategy,KoreaBanks,JapanAutos,YamahaMotor,Moutai,Womenomics

InFocus|ChinaStrategy

ChinaStrategy-HerecomethepivotalJulymeetings.Wetakestockofthestock

marketandsummarizeinvestorfeedback/FAQsfromourrecentclientmeetingsin

mainlandChina,theUS,andLondon.Overall,withinvestorexpectationonadditionalpolicyeasingandreformbreakthroughsbeingconservative,andvaluationand

positioninghavingrecededfromrecenthighs,weseeadecenttacticalrisk/rewardsetupforChinaequityinthelead-uptothepivotalJulypolicymeetings,predicatedonourassumptionthatpolicyandearningsdeliverywouldcomethrough.Tactically,ourAHrotationmodelonceagainsuggestsHsharesmayoutperformAsharesinthenext3monthsgiventhelikelyFedpivotinSeptemberandreducedvaluationsvs.1.5monthsago.Thematically,wecontinuetofavorourChinaShareholder

ReturnsPortfolio,whichconsistsof3broadequitycohorts—StableCashCows,

Dividend/buybacksurprisecandidates,andSelectCentral/LocalSOEs—totradetheshareholderreturnsstoryinamorespecifiedmanner.KingerLau

Previews|KoreaBanks,KPITTech,Amorepacific

MichaelSnaith

+852-2978-0455|

michael.snaith@

GoldmanSachs(Asia)L.L.C.

CalebChan

+852-2978-0790|caleb.chan@GoldmanSachs(Asia)L.L.C.

KoreaBanks-2Q24EPreview:Expectingasolidprint,yetabiggerfocusonCET1

ratiomanagementandshareholderreturn-BuyKBFinancial(onCL).Koreanbanks

underourcoveragewillrelease2Q24resultsfrom23July.Webelievesolidrecurringprofittrendswillcontinue,backedby1)steadynetinterestincomegrowthfrom

robustloandemandoffsetting2-3bpNIMcontraction;2)well-managedcreditcost

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afteryearsoflargepreemptiveprovisioning.Thatsaid,wethinktherecouldbea

biggerfocusonCET1ratiolevelsandKB’sbuybacksizetogainconfidenceonbanks’autonomyincapitalmanagement.WeseetangiblecatalystsaheadwithMoEF

seekingtolowerdividendincometaxratebymax20%ptaswellasgranting

corporatetaxcutstocompaniesthathavedisclosedvalueupmeasuresandtreasurysharecancellationconsideredasatax-deductibleitem.WepreferKBFG(onCL)

givenitscapitalstrengthandsolidearningscapacity,lift12mTPtoW98k.SinyoungPark

KPITTech-1QPreview:FocusonZFJVamidstpickupinmiddlewareopportunityset

-Buy.Weexpect+4.1%qoqrevenuegrowthin4Q24andslightqoqmargin

improvementas+25%yoyrevenuegrowthpotentialsupportsoperatingleverage

whichshouldcomfortablyoffsetthesequentialpickupinemployeebenefits.Investor

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsThe720

focushasbeenon(1)QoryxJVwithZFandpotentialrevenueopportunitysetsover

time,nowthatregulatoryapprovalshavebeenobtainedinmostkeygeographies;(2)

OEMR&DtrendsaroundEVs/Hybrids/ICEvehiclesincurrentemissions/regulatoryenvironmentinkeygeographies;(3)PickupinJapaneseOEMsEVR&Dspending

budgets;(4)Capitalallocationoptionalitypostintegrationofrecentacquisitions.WelikeKPIT’sleadershippositioninthefastgrowingglobalautosoftwaremarket.Weraiseour12mTPfromRs1,900toRs2,050.ChandramouliMuthiah

Amorepacific-ConcernsoverUSoverdonewithintactuptrend-Buy.Amorepacific’ssharepricehasdropped22%sinceJune,whichweattributetothecompany’smoreconservativeoutlookinmainlandChinaand2)recentinvestorconcernsoverAmore’sgrowthtrajectoryintheUSwithselectMNCsflagginganongoingslowdowninUS

beautydemand.WearelessworriedaboutAmore’smomentuminUSgivenits

idiosyncraticgrowthstorybuiltuponrisingK-culturepopularity,valuefocused&trendyproductofferingsplusproficientknow-howinconsumerengagementandnewchanneloperation.Webelieveshipmentnumbersgrew+132%yoyinMayreachingrecord-highlevelsisabetterleadingindicatorforthegrowthoutlook,inpreparationforupcoming

AmazonPrimeDayinJul.WeexpectAmorepacifictodeliver7%/1229%/155%

sales/OP/NIgrowthyoyin2QpostconsolidationofCosrxfromMay.12mTPloweredtoW184,000fromW193,000.CathyChen

ThemesinPlay|JapanAutos,YamahaMotor,Moutai,CTGDF

JapanAutos-Raisingestimatesonstronggrowthprospectsforhybridvehiclesand

motorcycles-BuyToyota,Honda,YamahaMotor.Whiletheenvironmentforautomakersisbecomingmorechallenging,weraiseourtargetpricesandmaintainourBuyratingfor

companieswithstronggrowthprospectsunderpinnedbyproductssuchashybrid

vehiclesandmotorcycles–Toyota(New12mTP¥4,500),Honda(New12mTP¥2,400),andYamahaMotor(New12mTP¥2,000).Weraiseour12-monthtargetpricesfor

SubaruandMazdaMotor,butweratethestocksatNeutralgivenpoorvisibilityonEV

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marginsandthepoliticalcalendar.WemaintainourtargetpricesandourNeutralratingsonNissanandMitsubishiMotors,giventheirrelativelyweaksalesenvironment.Kota

Yuzawa

YamahaMotor-Twocorebusinessesaimingforrecordprofits-Buy.Webelievethe

marketisnotfullypricinginthesustainabilityofYamahaMotor’smotorcycleandmarineearnings,andweforecastFY12/24-12/26operatingprofitstobeattheIFISconsensusby

about9-30%.Inthemotorcyclebusiness,weseerisingprofitabilityonthebackof

higherASPasastructuralfactor.Thecompanyhassecureddouble-digitoperating

marginsevenamidmuteddemandinThailand,Vietnam,andthePhilippinesin1Q12/24,andweexpectfurtherearningsgrowthfromhere.Inthemarinebusiness,webelieveinventorydestockingwillrunitscoursesoonerorlater.WeseethepotentialturnaroundinMiamipropertypricesasaprofitdriverforthenearterm,andtheshiftindemand

fromonboardtooutboardmotorsasamedium-termprofitdriver.Weraiseour

FY12/25-26EOPby+4.7%/+7.1%,12mTPto¥2,000from¥1,700.KotaYuzawa

KweichowMoutai-Investormeetingtoboostconfidencelevel-Buy.MoutaihostedaninvestormeetinginBeijingonJuly1,andhighlightedthat1)demandfundamentalsare

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GoldmanSachsThe720

unchangedwhilethecompanyneedstoactivelyadapttoevolvingconsumption

scenariosandcustomerprofiles;2)thecompanyisleveragingitschannelmanagementcapabilitytocohesivelyenhanceonline/offlinechannelsandwholesale/directsales;3)

itsplantodevelopitsglobalpresencein2H24andspendmoreeffortstoexpand

globallyin2025;and4)focusonshareholderreturns,withmorefrequentinvestor

communicationetc.WealsoexpectMoutaitomaintainitssalegrowthtargetfor2024whileworkingonstrengthenedchannelmanagementtosupportwholesalepricelevelandenhanceshareholderreturn.12mTPofRmb2,244.LeafLiu

ChinaTourismGroupDutyFree-Potentialconsumptiontaxreformcouldwiden

CTGDF’scostadvantage-Buy.Chinaduty-freenames(CTGDF,Wangfujing)sharepricesrallied10-12%yesterday(vs.-0.2%forCSI300)likelyonthebackofmediareports

discussingpotentialconsumptiontaxreforms(e.g.,deferringtaxchargedfrom

ex-factorytoretailend,expandlocaltaxbaseetc).Thepotentialchangesdiscussed

shouldbeapositiveforduty-freeoperatorsastheywouldaddextracostsandwidenthepricedifferentialsforconsumersmakingpurchasesatretailersvs.duty-freestores.Onaseparatenote,afterthedisappointingduty-freesalesdatainMay-38%yoy,Hainan’s

airtraffichasimproved+6%yoy(vs.+3%yoyinMay).WithalowerbasefromJunelastyear,weexpectHainan’sDFSsalestrendtolookbetteronayoybasisinthenextfew

months.Togetherwithongoingnewsflowrepotentialconsumptiontaxreform,we

believeCTGDF’ssharepricemayperformbetter.Atthecurrentshareprice,thestock’svaluationnolongerlooksdemanding,tradingat18xFY24EP/E.12mTPsof

Rmb99/HK$92.SimonCheung

New|NitoriDowngrade

Nitori-MajordistributioninvestmentimpactinFY24-25-DowngradetoNeutral.We

expectearningstobesluggishinFY3/25-FY3/26asthecurrentrateofrecoveryin

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same-storesalesisunlikelytobeenoughtooffsettheimpactongrossmarginsfromaweakeryenandfromhighercostsduetotherestructuringofthedomesticdistributionnetwork.WeexpectearningsinFY3/25-FY3/26tobeweigheddownbythecostofthenewcenters,includingdepreciation,materialshandlingcosts,andahigherheadcount.WerevisedownourFY3/25-FY3/28operatingprofitestimatesby

-13%/-15%/-16%/-15%.WenowdowngradethestocktoNeutralfromBuyasweexpectearningstoenteralullinFY3/25-3/26.Our12mTPisloweredto¥17,500from¥21,500.ShoKawano

Events|Laojiao,Huali

Laojiao-Suspendingshipmentof52°Guojiao;PricehikebyRmb30for38°Guojiao-

Buy.LaojiaoSalesCoannounceditwouldceaseacceptingordersandsuspend

shipmentof52°Guojiao1573onJuly3.Currentlythe52°Guojiao1573wholesalepriceisatRmb880perbottle,perDailySpiritsPrices.Wethinkthischannelpolicyisto

supportthewholesalepricinglevelintraditionalchannels,amidrelativelyweakdemandcycle.Recallthatthecompanyannouncedsimilarpolicyforsuspending38°GuojiaoonJun28,andcompanyannouncedinside-quotaexfactorypricetodistributorsfrom

GuoijaoSalesCo(externalsalescompany)tohikebyRmb30perbottlefor38°GuojiaoonJul2,effectiveimmediately.Wethinkthisisaneutraleventgiventhatthepricehike

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GoldmanSachs

The720

ofRmb30willlikelybefullyreturnedtothechannels/retailterminalsthroughthenewFiveQRcodesystem,buttheactionwillpotentiallystrengthendistributors’sentimentonthevalueofchannelinventory.12mTPofRmb260.LeafLiu

HualiIndustrial-Investormeetingtakeaways:confidentonorderoutlook-Buy.We

attendedHualiinvestormeetinginpersoninZhongshan,Guangdongprovince.Investorsweremainlyfocusedon:1)Huali’sordervisibilityespeciallywithNike’sdownward

revisionofFY25outlook;2)ImpactfrompotentialtariffhikeinIndonesia;3)Plansfor

shareholderreturn.Wecameawayfromthemeetingwithapositiveview,backedby1)Huali’ssolidgrowthoutlooksupportedbybothkeyaccountsandcontributionfromnewclients;2)Utilizationisexpectedtoremainatarelativelyhighlevelforthefullyear,

whichcouldsupportGPMandoffsettheimpactfromnewfactoryrampup.

ManagementalsocommentedthattheLTthemarginimpactfromexpandingtoIndonesiawouldbelimited.12mTPofRmb73.MichelleCheng

AroundtheWorld|USMacro,Womenomics

USMacro-FOMCMeetingMinutesHighlightModestFurtherProgressonInflation.TheminutestotheFOMC’sJunemeetingemphasizedthatalthoughinflationremained

elevated,therehadbeen“modestfurtherprogress”inrecentmonths.Participants

judgedthatpricepressures“werediminishing”andwellanchoredlong-terminflation

expectationswereunderpinningthedisinflationprocess.However,participants

emphasizedthat“additionalfavorabledatawererequiredtogivethemgreater

confidence”thatinflationwasmovingtoward2%.“Some”participantshighlightedpotentialupsideriskstoinflation,includingsomechangespotentiallyrelatedtotheoutcomeoftheelection,suchas“heightenedtradetensions”andfiscalpolicy

“becomingmoreexpansionarythanexpected.”EchoingcommentsmadebyChairPowellyesterday,“severalparticipants”emphasizedthatwiththelabormarket

normalizing,afurtherweakeningofdemandmaynowgeneratealargerunemploymentresponsethanintherecentpast.JanHatzius

Womenomics-25YearsandtheQuietRevolution.Inmostcountries,women’s

workforceparticipationhasrisenandpaygapshavediminished.Butprogressisneither

linearnoruniversal;womeninIndiahaveseenparticipationslip,paygapsremain

substantial(notleastinJapan).Oneoftheareasofgreatestprogressisinthecorporatesector;thenumberofwomenCEOsintheS&P500hasdoubledinthelast5years.

Disappointingly,inTechnologyandFinance,women’sshareofjobshasfallenintheUSandEuropesincetheGFC.WiththeAIrevolutionuponus,thisisespeciallyworrisome.Therearealsoconcernsthatwomen’sprogresscouldstall,thoughwegenerallythinktheseareoverdone.SharonBell

GraphicLanguage|YamahaMotor-Weforecastabove-consensusprofitsinFY24-26Edrivenbymotorcyclesandmarinebusinesses

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Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

GSEvents(HomePagehere)

nKoreaCorporateDay|Singapore|21-22Aug

nTaiwanCorporateDay2024|Taipei|3-4Sep

nGlobalRetailingConference|NewYork|4-5Sep

_

nCommunacopia+TechnologyConference|SanFrancisco|9-12Sep

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GoldmanSachsThe720

DisclosureAppendix

RegAC

We,MichaelSnaithandCalebChan,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.The

normalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigherfinancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(forfinancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthefiscalyear-endatleastthreequartersinthefuture.Growthusesinputsforthefiscalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorProfile,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoring

companiesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandard

departmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

_

Hold36%

Sell16%

Buy64%

Hold56%

Sell41%

Global

Buy48%

AsofApril1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,885equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellfor

thepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelateddefinitions’below.TheInvestmentBankingRelationshipschartreflectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovided

investmentbankingserviceswithintheprevioustwelvemonths.

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-specificregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialconflictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.

Analystcompensation:AnalystsarepaidinpartbasedontheprofitabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasofficerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfrom

servingasanofficer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

Distributionofratings:Seethedistributionofratingsdisclosureabove.Pricechart:Seethepricechart,withchangesofratingsandpricetargetsinpriorperiods,above,or,ifelectronicformatorifwithrespecttomultiplecompanieswhicharethesubjectofthisreport,ontheGoldmanSachs

websiteat/research/hedge.html.

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AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaffiliatesarenotauthoriseddeposit-takinginstitutions(asthattermisdefinedinthe

BankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.In

producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsanyfinancialproductadvice,itisgeneraladviceonlyandhas

beenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,financialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,financialsituationandneeds.Acopyofcertain

GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicy

Statementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat/worldwide/brazil/area/gir/index.html.Whereapplicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asdefinedinArticle20ofCVMResolutionn.20,isthefirstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersof

securitiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunder

applicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldman

SachsCanadaInc.,anaffiliateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:Furtherinformationonthe

securitiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,Research

Analyst-SEBIRegistrationNumberINH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybeneficiallyown1%ormoreofthesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompanies

referredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybefore

investing.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedInvestorGrievanceE-mail:india-client-support@.ComplianceOfficer:AnilRajput|Tel:+912266169000|Email:anil.m.rajput@.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor

“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.Further

informationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaffiliatesareneither“registeredbanks”nor“deposittakers”(asdefinedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asdefinedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldman