摩根士丹利-北美半导体行业：为美国存储股正名：近期抛售属健康定价AI需求韧性超市场预期-A defense of US memory stocks-20260326

MorganstanleyRESEARCH

March26,202604:01AMGMT

Semiconductors|NorthAmerica

AdefenseofUSmemorystocks

Weseetherecentselloffasahealthypricinginofdurability

concerns-capex,demanddestruction,productivityetc.-andyetweseethestrengthasmoredurablethanthemarketthinks,

withmemorysupplyremainingagatingfactorforAI.ReiterateOWonMU,SNDK.

KeyTakeaways

Inanormalcycle,flatspotprice,capexincreases,productivitymightpointtocyclepeak-andthosethingshavehappenedandhaveleadtoprofittaking

Butthisisanythingbutnormal-memoryisabottleneck,increasinglyTHEbottleneck,toAIbuilds(andagenticCPUbuilds)whichappearsdurable

Result-shortagesareintensifying&customersareprepayingforlargevolumedealsgivenconvictionthattheseshortageswillbesustainable.

Secondderivativedecelerationisinevitablebutat4xearningsdurationisallthatmattersandthoseindicatorsallappearpositive

KVcacheoptimization-weighingonthestocktoday-isjustnormalcourseproductivityimprovement.

AswehighlightedbeforeMicronearningslastweek,ithasbeenclearthatthereisverypositivesentimentonneartermresults,andverylowconvictionaboutthedurabilityofthatstrength.Thedesiretotakeprofitshasbeenevidentforawhile,andishealthygiventhemultipleofbookvalue,andhighvaluationvs

anythingwehaveseenhistorically.Followingahistoricplaybookhasleadtoselling,asgrossmarginsapproachalltimehighs,demandisnegativelyimpactedby

shortages,andmateriallyhighercapexsignalssomeaccelerationinsupplygrowth.Wemonitorthoseconcerns,takethemseriously,butseedemandstrongenoughtoovertakethem.Therearealsoconcernsthatwetakelessseriously-flatteningspotpricesatlevelssofarabovecontractastobelessmeaningful,andsecondderivativeconcernsthatseemlessrelevantwhen1qpricesareupcloseto90%.

Butourviewisthatlookingforsellsignalsfrompriorcyclesmissesthepoint.MemoryisnotjustconstrainedbyAIdemand-memoryisincreasinglyTHE

primaryconstraintonAIdemand.Forthreeyears,weheardothersmakethatcaseandwedisagreedwithit,astherewasclearlyslackintheDRAMsupply,butthat

slackisgone.AIisconsumingsomuchDRAMthatthereisn'tenoughleftoverforothersectors,andeverywherewelookweseeindicationsthatitisatrue

bottleneck.It'sholdingbackPCbuildsandsmartphonebuilds.Cloudcustomersarepayingpremiumstotheexpected2qpricefor6weekexpedites;dowethinkthosecustomersarepayingthosepremiatostockpilememoryinawarehouse?

Highercapexwilldrivemoresupply,tobesure,butwearen'ttalkingaboutaPCsmartphoneandservermarketgrowing3-5%astheprimarydemanddriver.AI

IDEA

MoRGANSTANLEy&Co.LLC

JosephMoore

EquityAnalyst

Joseph.Moore@

+1212761-7516

BrianNowak,CFA

EquityAnalyst

Brian.Nowak@

+1212761-3365

MasonWayne

ResearchAssociate

Mason.Wayne@

ShaneBrett

EquityAnalyst

+1212761-6012

Shane.Brett@

NicoleKozhukhov

+1212761-1022

ResearchAssociate

Nicole.Kozhukhov@

EllaTulchinsky

ResearchAssociate

+1212761-1636

Ella.Tulchinsky@

+1212761-2222

SEmiconductoRs

NorthAmerica

IndustryViewAttractive

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

MorganstanleyRESEARCH

valuIDeElAist

spendinggrowthnorthof50%-perhapswellnorth-basedonprocessorcompanycommentary,mattersmoreeachyearasAIisabiggerportionofthepie.HBM4

complexitywillabsorbcapacity,withcontentdoublingnextyearwithRubinUltra-butthereisalsoexceptionaldemandforlowpowerDDR5forracks,andexplosivedemandinenterprisestorage.

Sowedon'tthink81%grossmarginisthenewnormal,butit'salsohardtoseethatgettingworseinthenextseveralquarters-perhapseventhroughthenexttwo

years.Twoyearsofearningsatan$80+runratecertainlysuggestshigherthroughcycleearningspowerevenwiththeassumptionofcyclicalitythereafter-andthe

$150bnorsooffreecashgenerationthatcomeswiththatcanbeputtoproductiveuse.Chipsactrestrictionslimitcashreturns,soifanotheruseofcashdoesnot

emerge,bothSNDKandMUcompanywillde-leverandamassasubstantialcashbalance.Wehavelongarguedthatmatchingcashflowswithrepurchasesis

suboptimal,asitmeansyouarealwaysbuyinghigh,sotheserestrictionsmightbepositive.

WhataboutGoogle's"TurboQuant"memoryoptimization?InAprilof2025

(here)

,Googlewroteawhitepaperabout"Turboquant",essentiallyadata

compressionalgorithmwhichallowsmoredatastorageinthe"keyvaluecache"forfrequentlyuseddata,withnoimpacttomodelperformance.Thecompanyfollowedupthatannouncementwithablogposttodaysayingthatthecompanywillbe

introducingthetechnologysoon.ItisbeingwidelyreportedthatGooglehas

reducedmemoryusageby6x,whichleavesoutthattheyarejusttalkingaboutKVCachememory,notmemoryoverall.Memorystockssoldoffagain,atleastpartlyduetothishyperbole.

Ourtake,aftertalkingtoindustryfolksonthistoday,isthatthisisan

evolutionarydevelopment,withbasicallynosurprisesformemory.Memory

usageisoneofthekeydeterminantsofAIperformance,whichmakesmemoryakeyaspectofevolutionaryimprovements.OfcourseGoogleisoneofthemost

innovativecompaniesinthisspace,soanincrementalimprovementisnot

particularlysurprising,andcompressionalgorithmsforKVcachehavebeenafocusforyears,perourcontacts-"andthebiggestimprovementsarenotadvertised"sincetheycanbeanedgeinthebusiness.It'salsoworthnotingthatGoogle'sGemini3

and2.5Promodelsfeaturea1Mtokencontextwindow,butthecompanyhas

disclosedthattheytestedupto10MtokenswithgreatresultswithGemini1.5probutchoosenottoreleasethemodelinpartduetoinferencecosts

(here)

.Sowewouldexpectthatascostscomedownduetoinnovationsliketheseandothers,itwillbeusedtoservehigherintelligencemorecomputeintensiveproducts.

Further,moreefficientuseofKVCachedoesn'thavemuchdirectimpact.Most

frequentlytheKVcacheisheldinhighbandwidthmemory,thecontentofwhichisfixedandcannotchange;ifthereisadditionalcachingoffloadrequired,itistypicallymovedtothe"unifiedaddressspace"-iethe18TBofLPDDR5memoryintherack,whichisalsofixed.Ifthereisneedfortertiaryoffload,ItcanbeinanSSDorHDD,andNVIDIAhastalkedaboutatierofSSDKVcachestoragewhichwethinkstartsnextyear.Moreefficiencycouldhaveimpactonthat3rdtier,butgenerally

ntaryisthattheimprovementsaremostlydesignedtoallowforextendedwindows-highercapability-ratherthantryingtoreducetertiarystorage

MorganstanleyRESEARCH

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costs.There’sjustnoindicationthatdemandformemoryorstorageisgoingdown,universallyacrossourcontacts.

NVIDIAhasdescribedthattheycandeliver1millionxperformanceimprovementperdecade,andthatisnotunrealistic-andispartlyimprovementfromtheecosystem,whichinthismarketdrivesaconstantstreamofinnovations.Occasionallythose

disruptionscreatesomeangstthatchipsarebecomingtooefficient,butit'scentraltothegrowthoftheecosystem.

Exhibit1:Evenatfacevaluea6xreductioninKVcachememoryusage

becomesmuchlessmeaningfulinthecontextof30xannualgrowthincontextwindows

Source:EpochAI

ShouldwebeworriedaboutOpenAI'sshutdownofSora?OpenAIreportedly

(here)

hasdecidedtosuspenditsSORAAIvideogenerationapp,whichleadto

significanthandwringing.Ourviewisthatthisisclearevidenceofourinvestmentthemes,thattheresimplyisnotenoughcomputefordoubledigitweeklygrowthintokens.Thereistoomuchdemand,notenoughsupply.Profitconcernsmayalso

playarole,buttheprimaryissueisthecomputeshortage.Thatsaid,videoisalsoverystorageintensive,sotheshortageofmemoryandHDDstoragemayalsobeafactor.Butwehaveahardtimebeingoverlynegativeforcommodityproductsthatdemandistoogoodtobefullyserved,especiallyatthesevaluations.

Whataboutlongtermcontracts?AfterMicronreported,wehadsaidthatwehadhopedtogetmorecoloronstructureoflongtermdeals-butthatiscoming,aswearegettingreportsthatsomeofthesedealswillinvolvemultiplebillionsin

prepayments.EvenifMicronisreluctanttodescribeindividualdeals,wewillseecash&revenuereservesonthebalancesheet.Wethinkthat'simportant-lesssothatdealswillbeironclad,aseverythingisnegotiable,butmorethesignallingthatcustomersareconvincedthatthememoryshortageisamultipleyearconcern.

Oneadditionalthingtoconsider-what'sthebestwaytoplaytherecoveryingeneralpurposeservers?SinceSeptemberwehavebeenwritingaboutasurgein

MoRGANSTANLEyREsEARcH3

MorganstanleyRESEARCH

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generalpurposeservers,withagenticAIdrivinggrowthinCPUusage.

Microprocessorsareinshortsupply,withrisingprices,andbothAMDandIntelhavebeenstrongonthistheme.

Itsourviewthatthebestwaytoplaygrowthingeneralpurposeserverswillbe

memory.AMDandIntelshouldseesomebenefitfromrisingprices,butthe

increasesaremeasured-processorsarenotacommodity.BothstockshavehighermultiplespricinginprospectsforIntelinFoundry,andAMDinAI,whichtousremainlesscertain;buyingmemorystocksattheselevelsseemsahigherleveragewaytoplaythisagenticstrength.

Thewallofworryclearlyinevidenceshouldprovideagoodsetup,withstocksatmidsingledigitmultiplesonnumbersthatarenotsustainableforever,butaresustainableforseveralquarters.AnnualcashgenerationattheseearningslevelsforbothMicronandSandiskcanbe15-25%ofcurrentmarketcap-theexact

amountdependentuponscaleofprepayments-andwhileitwon'tlastforever,itisgoingtolastforlongenoughtoseethestocksmovemateriallyhigher,inourview.

Morganstanley

RESEARCH

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RiskReward–SanDiskCorporation.(SNDK.O)

NANDimprovingquicklyonthebackofacceleratingclouddemand

MoRGANSTANLEyREsEARcH5

PRICETARGET$690.00

Weassume23xthrough-cycleEPSof$30.00(vs.ourestimateofthetrailing9-yearaverageof$6.33).AsimprovingindustrydynamicsaswellaseSSDdemandleadtohigherlevelsofprofitabilitythanwehaveseenoverthelastfewyears,23xisadiscounttoourthrough-cyclemultipletargetforMU(25x)asthelowerAIexposureisoffsetbyhistoricallyhigherFCF

conversion

$760.19

ConsensusPriceTargetDistribution

Source:Refinitiv,MorganStanleyResearch

$250.00◆令$1,000.00

MSPT

MeanMorganStanleyEstimates

RISKREWARDCHART

$677.86$690.00(+1.79%)

$350.00(-48.37%)

0

MAR'25SEP'25MAR'26MAR'27

800

600

400

200

$875.00(+29.08%)

USD

Key:HistoricalStockPerformanceCurrentStockPricePriceTarget

Source:Refinitiv,MorganStanleyResearch

OVERWEIGHTTHESIS

AIdemandisintheprocessoftransformingtheNANDmarket,anddrivingpeakcycleEPStomultiplesofwhatwehaveseeninthepast.WithstillminimalnewinvestmentincapacityandevolvingAIdemanddriversweseealongrunwayforupwardrevisions.

ConsensusRatingDistribution

80%Overweight20%Equal-weight0%Underweight

MSRating

Source:Refinitiv,MorganStanleyResearch

RiskRewardThemes

SecularGrowth:Positive

ViewdescriptionsofRiskRewardsThemeshere

$875.00

BULLCASE

25xthrough-cycleEPSof$35

Ourbullcaseof$800persharerepresents25xahigherthrough-cycleEPSof$32.00.Hereearningssustainabovetopriorpeak

cycles($20+pershare)andmorelikethe

currentenvironment.Aswellaswithmoremilddownturns,higherlevelsofprofitabilitysupportingahighermultiple.

BASECASE$690.00

23xthrough-cycleEPSof$30.00

Ourbasecaseof$690isbasedon23x

through-cycleEPSof$30.00(vsour

estimateofthetrailing9-yearaverageof$6.33).AsimprovingindustrydynamicsaswellaseSSDdemandleadtohigherlevelsofprofitabilitythanwehaveseenoverthelastfewyears,23xisadiscounttoour

through-cyclemultipletargetforMU(25x)asthelackofdirectAIisoffsetby

historicallyhigherFCFconversion.

BEARCASE$350.00

~16xthrough-cycleEPSof$22.

WethinkSandiskcanavoidmuchofthepainofthelastdownturn($13pershareloss),

andwithabetterupcycle,withthemultipleatthelowendofthesemisgroupwhere

morecapital-intensivecyclicalcompaniestendtotrade.

Morganstanley

RESEARCH

valuIDeElAist

RiskReward–SanDiskCorporation.(SNDK.O)

KEYEARNINGSINPUTS

Drivers

GAAPRevenue($,mm)

2025

7,355

2026e

15,499

2027e

24,989

2028e

24,456

Non-GAAPGrossMargin(%)

30.3

60.2

73.4

70.8

Non-GAAPEPS($)

2.74

41.09

82.73

71.92

nventory($,mm)

2,079

1,991

2,182

2,335

DOl145.5115.9117.7117.5

INVESTMENTDRIVERS

·Improvedpricinganddemandstrengthdriveearningsgrowth

·PositioninDCSSDmarketimproves

GLOBALREVENUEEXPOSURE

0-10%

0-10%

0-10%

0-10%

10-20%

20-30%

30-40%

Japan

LatinAmericaMainlandChinaUK

EuropeexUKNorthAmerica

APAC,exJapan,Mainland

Chinaandlndia

Source:MorganStanleyResearchEstimateViewexplanationofregionalhierarchieshere

MSALPHAMODELS

5/5

24Month

5/5

3Month

BEST

Horizon

MOST

Horizon

Source:Refinitiv,FactSet,MorganStanleyResearch;1isthehighestfavoredQuintileand5istheleastfavoredQuintile

RISKSTOPT/RATING

RISKSTOUPSIDE

·HigherNANDcontentgrowthfromedgeAIapplications

·QuickereSSDpenetrationinthedatacenter

·Sandisk'sinvestmentsinadvancedmemorytechnologiessuchasHBF(highBandwidthFlash)paydividends

RISKSTODOWNSIDE

·NANDindustrygrowthdisappoints

·Capexgrowthreturnsasindustryparticipantsinvesttogainshare

·Sandisklosesmarketshareastheyfailtogaintractionindatacenter

·Chinacontinuestogainshare

OWNERSHIPPOSITIONING

Inst.Owners,%Active53.3%HFSectorLong/ShortRatio2.1xHFSectorNetExposure26.4%Refinitiv;MSPBContent.lncludescertainhedgefund

exposuresheldwithMSPB.lnformationmaybe

inconsistentwithormaynotreflectbroadermarkettrends.Long/ShortRatio=LongExposure/Short

exposure.Sector%ofTotalNetExposure=(Fora

particularsector:LongExposure-ShortExposure)/(Acrossallsectors:LongExposure–ShortExposure).

MSESTIMATESVS.CONSENSUS

FYJun2027e

EPS

($)

62.43

82.73

90.51

139.90

Sales/

Revenue

($,mm)

14,681

24,989

26,365

36,206

EBIT

($,mm)

6,047

16,007

16,710

25,206

MeanMorganStanleyEstimatesSource:Refinitiv,MorganStanleyResearch

Morganstanley

RESEARCH

valuIDeElAist

RiskReward–MicronTechnologyInc.(MU.O)

Seemultiplequartersofupwardrevisions,withAldrivingahighermultiple

MoRGANSTANLEyREsEARcH7

PRICETARGET$520.00

~25xthrough-cycleearningsofUS$21.00,apremiumtohistoryreflectingnewopportunitiesinAI,Atthehighendofbroadersemis.

ConsensusPriceTargetDistribution

Source:Refinitiv,MorganStanleyResearch

$501.78

$86.28$750.00

MSPT

MeanMorganStanleyEstimates

RISKREWARDCHARTANDOPTIONSIMPLIEDPROBABILITIES(12M)

Prob(>700.00)~1.0%

Prob(>520.00)~13.6%

Prob(<240.00)~31.1%

$700.00(+83.20%)

$520.00(+36.09%)

$240.00(-37.19%)

0

MAR'25SEP'25MAR'26MAR'27

USD

800

600

400

200

$382.09

Key:HistoricalStockPerformanceCurrentStockPricePriceTarget

Source:Refinitiv,MorganStanleyResearch,MorganStanleyInstitutionalEquitiesDivision.TheprobabilitiesofourBull,Base,andBearcasescenariosplayingoutwereestimatedwithimpliedvolatilitydatafromtheoptionsmarketasof25Mar2026.Allfiguresareapproximaterisk-neutralprobabilitiesofthestockreachingbeyondthescenariopriceineitherthree-months’orone-years’time.ViewexplanationofOptionsProbabilitiesmethodologyhere

OVERWEIGHTTHESIS

.DRAMfundamentalsareinuncharted

territory,andshouldcontinuetoimproveasdatacenter/AIcontinuetheirupward

trajectory

.ExecutiononAIisunderappreciated,andweexpectMicrontomaintainshareinCY26vsthecompetition.Supportingmarginsanddrivingahighermultiplethanpriorcycles

.Cyclelongevitywillbekey,andS/Dmaystaytightfor2-3moreyears

ConsensusRatingDistribution

91%Overweight5%Equal-weight

5%UnderweightMSRating

Source:Refinitiv,MorganStanleyResearch

RiskRewardThemes

NewDataEra:Positive

SecularGrowth:Positive

ViewdescriptionsofRiskRewardsThemeshere

BULLCASE$700.00

28xthrough-cycleearningsofUS$25.00

Grossmarginimprovementcontinues,drivenbyscale,AImix,andcostimprovementsinnewproducts.Pricingpressurealleviatesasdemandsustainablymovesabovesupply

drivenbyHBM'swaferintensity,aproductcategorywhereMUcementsperformanceleadershiponfutureproducts.

BASECASE$520.00

~25xthrough-cycleearningsofUS$21.00Ourthrough-cycleearningsestimateof

US$21.00isapremiumtoaverageearningsoverthelast8yearsduemostlytoAI.Our25xmultiplereflectsthemarket's

enthusiasmfortheAIopportunity,andatthemidpointofthesemisgroup

BEARCASE$240.00

16xthrough-cycleearningsofUS$15.00

Memorybeginstoenteradownturninearly2027.Asthestrengthattributedtodemandintheearlypartoftheyearendedupbeinginventorybuildatcustomers.Multiple

compressesseverelyafteranunderwhelmingpeak

Morganstanley

RESEARCH

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RiskReward–MicronTechnologyInc.(MU.O)

KEYEARNINGSINPUTS

Drivers

GAAPRevenue($,mm)

2025

37,378

2026e

110,489

2027e

150,620

2028e

138,790

NonGaapGrossMargin(%)

40.9

77.8

82.3

78.8

Non-GAAPEPS($)

8.29

59.36

81.36

72.32

Inventory($,mm)

8,355

8,564

9,100

10,164

DOI133.7123.5120.6122.4

INVESTMENTDRIVERS

·Improvedpricinganddemandstrengthdriveearningsgrowth

GLOBALREVENUEEXPOSURE

0-10%

0-10%

0-10%

0-10%

0-10%

0-10%

10-20%

40-50%

APAC,exJapan,Mainland

Chinaandlndia

lndia

Japan

MEA

MainlandChinaUK

EuropeexUKNorthAmerica

Source:MorganStanleyResearchEstimateViewexplanationofregionalhierarchieshere

MSALPHAMODELS

5/5

24Month

3/5

3Month

BEST

Horizon

MOST

Horizon

Source:Refinitiv,FactSet,MorganStanleyResearch;1isthehighestfavoredQuintileand5istheleastfavoredQuintile

RISKSTOPT/RATING

RISKSTOUPSIDE

·Customerscontinuetodemonstrateanappetitetotakeoninventoryaround

macroeconomicuncertainty

·AdditionalwaferintensityofHBMfurtherimprovesoverallsupplyanddemand

·MIcron'sHBMsharesurpassesexpectations

RISKSTODOWNSIDE

·Pricingcanturnquickly;afalterinenddemandwithinventorieselevatedcouldleadtoaswiftpricereduction

·HBMdemandfaltersandcompetitionintensifies,pressuringpricing

OWNERSHIPPOSITIONING

Inst.Owners,%Active50.1%HFSectorLong/ShortRatio2.1xHFSectorNetExposure26.4%Refinitiv;MSPBContent.lncludescertainhedgefund

exposuresheldwithMSPB.lnformationmaybe

inconsistentwithormaynotreflectbroadermarkettrends.Long/ShortRatio=LongExposure/Short

exposure.Sector%ofTotalNetExposure=(Fora

particularsector:LongExposure-ShortExposure)/(Acrossallsectors:LongExposure–ShortExposure).

MSESTIMATESVS.CONSENSUS

FYOct2026e

Sales/

Revenue

($,mm)

81,813

110,489

108,323

116,930

EBITDA

($,mm)

58,763

88,885

86,152

94,958

Netincome

($,mm)

44,520

68,321

65,417

72,496

EPS

($)

37.54

59.36

57.19

63.91

MeanMorganStanleyEstimatesSource:Refinitiv,MorganStanleyResearch

MorganstanleyRESEARCH

valuIDeElAist

MoRGANSTANLEyREsEARcH9

ValuationMethodologyandRisks

AdvancedMicroDevices(AMD.O)

Our$255PTforAMDequals~27xbasecaseFY2027eMWEPSof$9.46,reflectingfurthersharegainsattheexpenseofIntel,and43%y/ygrowthindatacenter(~80%inAI)

RiskstoUpside

nDatacenterGPUoutperformsexpectations,closingthegapwithNvidia

nPCandserversharegainaccelerates;Intel'scompetitiveresponseislessimpressivethanexpected

nServerrefreshdrivesdatacenterrevenueaboveexpectations

RiskstoDownside

nIntel'sserverCPUsin2027stifleAMD'smomentumandallowittoregainshare

nAMDlosesgraphicssharetoNVIDIA

nDatacenterGPUunderperformsexpectations

IntelCorporation(INTC.O)

~42xEPSCY2027EPSof$0.97,42xisabovethehighendofthelargecaplogicsemipeergroup,reflectinghighleveragepotentialonnumbersthatarestilldepressed,andfoundryoptionality,despiteourlongertermskepticism

RiskstoUpside

nFoundrypartnershipsde-riskthestoryandfurtherimprovethemultiple

nThecompanyregainslostshareindesktopandserverfollowingCPUshortages

RiskstoDownside

nAMDcompetitionincreasinglybecomesmoresignificant,whichcouldleadtofurthersharelossesinprocessorsandpressureonASPs

nMinimalsuccessinfoundryleadstoaninflatedcoststructure

RiskRewardReferencelinks

1.ViewexplanationofOptionsProbabilitiesmethodology-

Options_Probabilities_Exhibit_Link.pdf

2.ViewdescriptionsofRiskRewardsThemes-

RR_Themes_Exhibit_Link.pdf

3.Viewexplanationofregionalhierarchies-

GEG_Exhibit_Link.pdf

4.ViewexplanationofTheme/Exposuremethodology-

ESG_Sustainable_Solutions_External_Link.pdf

5.ViewexplanationofHERSmethodology-

ESG_HERS_External_Link.pdf

MoRGANSTANLEyREsEARcH11

Morganstanley

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DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedbyMorganStanley&Co.LLC,and/orMorganStanleyC.T.V.M.S.A.,and/orMorganStanleyMexico,CasadeBolsa,S.A.deC.V.,and/orMorganStanleyCanadaLimited.Asusedinthisdisclosuresection,"MorganStanley"includesMorganStanley&Co.LLC,MorganStanleyC.T.V.M.S.A.,Morga