高盛-720-中国光伏板块启动快消中国半导体 印度互联网等0712

12July2024|7:21AMHKT

The720:ChinaSolar-sectorinitiation,FastRetailing,Seven&i,ChinaSemis,IndiaInternet,KoreaCosmetics,TAL

InFocus|ChinaSolar-sectorinitiation

MichaelSnaith

+852-2978-0455|

michael.snaith@

ChinaSolar-Industryre-shapinginfocus.WebelievetheChinasolarindustryis

GoldmanSachs(Asia)L.L.C.

likelyheadingintothefinalstageofthecurrentdownturnafteramassivecapacity

CalebChan

+852-2978-0790|caleb.chan@

expansionin2023/1H24and50%-90%ASPdeclinesfrompeakacrossthemain

GoldmanSachs(Asia)L.L.C.

valuechain.Chinasolarmainvaluechainhasturnedwidelylossmaking,andwe

expecttheindustrytorecordacashoperatinglossofRmb131bnin2024Eanda

46%/34%yoycapexdeclinein2024E/2025E.Onsupplyre-balancing,weexpectthe

endofacyclicalbottomby2025EandASPstostabilizein2025Ewith5-10%yoy

reboundsupportedbystillsoliddemandoutlook.Webelievethenext12months

wouldbethemostinterestingtimetozoomintothesolarsectortolookforlongrun

winners.JacquelineDu,MengwenWang

ChinaSolar-Preferstrongbalancesheets,downstream-Initiate13stocks;5Buys,3Sells.Weinitiateon13stocksacrossthesolarvaluechain,includingsolarmain

components(poly/wafer/cell/module),inverters,materialsandequipment.We

believebalancesheetstrengthisthemostimportantfactortoconsiderwhen

nearingtheendofacyclicalbottom,preferDaqo(Buy/NeutralonADR/A).Wepreferdownstreamplayersandexpectrelativelymodest15%/10%/18%ASPdeclinesin

2024Eforinverter/glass/filmvs.~50%formainvaluechain.BuySungrow(overseasutility-scaleprojectstailwind),FlatH/Xinyi(sharegaininprofitable,growing

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subsector),HZFirst(benefitfromN-typesolartechshift).Werecommendavoidingsolarcellequipmentasweproject46%/34%solarcapexdeclinesin2024E/2025Ewithinventory/accountsreceivableimpairmentrisk.SellMaxwell(marketoverly

optimisticonHJT)andNeutralonSZS.C.JacquelineDu,MengwenWang

ListenUp-GSWebcastsontheAgenda

USMediaSectorInitiation:NavigatingtheTransition|8amHK|AccessWebinar|withMichaelNg,JohnKim

ChinainMotion:Healthcare|10amHK|CorporateDayTakeaways|AccessWebinar|withZiyiChen,TianyiYan&ChrisPan(inMandarin)

Results|FastRetailing,Seven&i

FastRetailing-EarningsReview:Aboveexpectations-Buy.Consolidatedoperating

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

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

GoldmanSachsThe720

profitsincreasedby31%yoyto¥144.7bn,aboveourestimateof¥128bn.Thecompany

raisedFY8/24operatingprofitguidanceby¥25bnto¥475bn.TheGreaterChina

businessstruggled,butwith3Qoperatingprofitsrising31%yoyongrowthinEurope,NorthAmerica,SoutheastAsia,andJapan.WebelievethegrossmarginimprovedonanincreaseinbrandvaluefrompenetrationoftheLifeWearconceptandtightercontrol

overorderingsince2H8/23.WeraiseourFY8/24-FY8/26operatingprofitestimatesby6%/7%/7%afterrevisingupourrevenueandgrossmarginforecastsinthewakeof3Qresults.12mTPupto¥51,000from¥45,000.ShoKawano

Seven&i-Slightshortfallin1Q-Buy.1Q2/25operatingprofitsof¥59.3bn(-28%yoy)weremoderatelybelowourestimate(¥66.0bn).Same-storemerchandisesaleswere

slowtorecoverinNorthAmerica(-2.5%inApril/May);giventhisandtheshortfallinthedomesticconveniencestorebusiness,westillexpectoperatingprofittofallshortof

full-yearguidancebyaround5%.Whilethereisasignificantimpactfrommacrofactorsandstorelocations,wearewaitingforarecoveryinmerchandisesalesintheNorth

Americanconveniencestorebusinessin2H,whenthebenefitsofvariousinitiativesareexpectedtoemerge,therebyprovidingreassurancethatthefirmwillreturntoagrowthtrajectory.12mTPof¥2,400.ShoKawano

ThemesinPlay|ChinaSemis,IndiaInternet,KoreaCosmetics,TAL

ChinaSemis-Valuationreset-BuyNauraandACMR;downgradingSananandNSIGtoSell.Were-assessvaluationsforourChinaSemiconductorcoverageasweseegreateruncertaintyunderamacroslowdownwithlowerlong-termvisibilityandcontinued

geopoliticaltensions.Weresetourvaluationmethodologyfor15stocksinourcoveragefromlong-termdiscountedPEto2025EPE,tobetterreflectthenear-termdynamics.

Withthisreset,wedowngradeSananandNSIGfromNeutraltoSell,andcutStarpower/KingsemiTPsby32%/30%whilemaintainingNeutralonboth.Inthisreport,wealsoreiterateoursectorview,stockideas,and2H24outlook.WecontinuetopreferSPEin

ChinaSemis,giventhehighervisibilityinChinamaturenodes’capacityexpansion,as

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wellasproducts/customersexpansion,thatbetteroffsetthemacrouncertainties.Buy:(1)SPE:Naura(onCL),ACMR,ASMPT,Accotest;(2)Fabless:WillSemi,Montage,SG

Micro,Maxscend,Vanchip;(3)Foundry:HuaHong;(4)SiCsubstrate:SICC.AllenChang

IndiaInternet-1QFY25preview:Stronggrowthwithimprovingprofitprofile-Buy

Zomato,MMYTandTBO.Weexpectarobust1QFY25forIndiainternet,with27%YoYrevenuegrowthforourcoverage(excl.Paytm;17%incl.Paytm).During1Q,wesee

elevated(oraccelerationin)revenuegrowthforsegmentssuchasfooddelivery,quickcommerce(bothZomato),andrecruitment/matrimonyclassifieds(InfoEdge),with

varyingdegreesofdecelerationintravel(MMYTandTBO),ecommerce(Nykaa)and

fintech(Paytm).Competitiveenvironmenthascontinuedtogetbetteracrossmost

verticals,whichweexpecttosustain;coupledwithoperatingleverage,weseemarginsimprovingacrossourcoverage(exceptPaytm).ZomatoandMMYT(bothBuyrated)

havefurtheroutperformedinrecentmonths,butwecontinuetoviewthemas

attractivelyvaluedvspeersonagrowthadjustedbasis.Inthisnote,weraiseour

Zomatotargetpriceby6%toRs255,MMYTtargetpriceby10%toUS$97,andourInfoEdgetargetpriceby4%toRs5,470.OurTPsforTBO(Rs1,970),Paytm(Rs400)and

Nykaa(Rs140)areunchanged.ManishAdukia

12July20242

GoldmanSachs

The720

KoreaCosmetics-CuttingestimatesonweakerChinaespeciallyDFS-Buy

Amorepacific.EchoingourChinaconsumer2Qpulsecheckcitingasequentiallyweaker

sentiment,ChinarelatedKoreacosmeticsdataalsopointstoasofterside,with

cosmeticssalesinKoreaandHainanDFScombineddecliningby11%yoyinApr-Mayvs.-10%yoyin1Q.FollowingourAmore’searningscutlastweek,welowerourDFSsalesestimatesofLGHH,andnowexpect25%/14%yoyDFSdeclineforAmore/LGHH.For

onshoreChina,whileweexpectAmoretohave35%salesdeclineyoyin2Q,wenote

LGHHwastheoutperformerandthusraisedChinasalesestimatesto15%yoy,butcutOPMmarginconsideringpressurefromacceleratingmigrationawayfromhigh-margin

DFSchannels,towardsheavyrelianceoftoptierKOLandDouyinchannelthat’soflowerROI.Wereiterateourpreferencefornon-Chinaplays,i.e.Amorepacific(Buy),over

China,i.e.LGHH(Sell),especiallywithAmore’ssharepricepullbackrecentlyreflectingtheshorttermChinavolatilityandUSsentimentconcern,itoffersanattractive

risk/reward.CathyChen

TALEducation–GenAIinvestments–Buy.OneofthetopinvestorquestionsonTAL

EducationhasbeenregardingitsGen-AIinvestments,whichamounttoUS$50mnp.a.inFY24/FY25E.Overthepastmonth,wenotethatTALhasmadeprogressinthisfield,includingi)upgradeofXiaosiAssistantonxPadwithnewAIfeatures,whilexPadsalesvolumeincreasednotablyinJuneasperourChinaEducationtracker;ii)launchof

MathGPTQ&AMiniProgramonWeixin/mobileapp;andiii)openingAIcapabilitiesto

hardwareindustriesandpublicschools.Inthisnote,wesummarizehighlightsfromTALCTO’spresentationatWAIC.Additionally,weprovideapulsecheckonAIeducation

applicationsdevelopedbylocalcompaniesandinparticularAIhomeworkhelperappsofwhichmarketsaremostlyoverseas(e.g.US,ASEAN)currently,aswenotepotentially

upcomingAIeducationapplicationsinthedomesticmarket(e.g.TAL’sMathGPTQ&A,Youdao).TimothyZhao

New|KT-DowngradetoNeutral,AUEnergy-Ampolupgrade,Beachdowngrade

KoreaTelcos-Limitedcapacityformeaningfulshareholderreturn-BuySKT,downgradeKTtoNeutral.Twomajortoplinedriversoftraditionaltelcobusiness(5GandIPTV

migration)havenowreachedasaturatedpointandthisnarrowsdowntheframeworkto

twokeyquestions:1)CantelcossustainOPgrowthgiventhelukewarmtopline

outlook?2)CantelcosenhanceshareholderreturninlightoftheValue-Uptheme?Wecontinuetobelievethecurrentbenignindustryenvironmentfavorslargerplayers(SKT,KT)overLGU.Asforshareholderreturns,webelievethemarketisalreadypricingin

elevatedanticipationforKTgivenitsrelativelylowdividendpayoutratio(vs.SKT)and

strongerearningsfundamentals(vs.LGU).WeremainBuyratedonSKT(newTPof

W64,000)aswebelievethecompany’scostcontrolabilitiesarenotfullybakedinby

Streetconsensus,andNeutralonLGU(newTPofW11,500)givenitsweakearnings

momentum.AsforKT,whileweareconstructiveonthecompany’ssolidearnings

momentum,weseerisk/rewardonincreasedshareholderreturnasfairanddowngradeittoNeutral.EricCha

AustraliaEnergy:JunQresultpreview-AmpolupgradetoNeutral,BeachEnergy

downgradetoSell.TheJunequarterprovidedseveralupdatesacrossourcoverage,highlightingatrendofupstreamgasproducersseekingintegrationwithpower

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12July20243

GoldmanSachsThe720

EUSemis–investigatingscopeforGenAI.FollowingtheexcitementaroundChatGPT’s

generationincludingCOEandSTX,progressonkeydevelopmentprojectsforWDSwithstart-upatSangomar,andareminderoftheimportanceofgasthroughtheenergy

transitionasaVictoriansupplydeficitbeginstomaterialise.WeremainBuyratedon

STOonattractivevaluationtradingat0.85xNAVwith10%productionCAGRoverthenext3yearstogrowearnings,andKARtradingat0.76xNAVwhereapotentialupdatetocapitalmanagementintheJulyresultcouldactasacatalysttoclosethevaluationdiscount.WeupgradeALDtoNeutral(fromSell)afterasharp17%sell-offcoincided

withweakerrefiningmargins,anddowngradeBPTtoSellonrelativevaluation

presenting0%upsidecomparedto15%acrossourcoverage.HenryMeyer

GSEvent|AVC

AVC-Mgmt.Calltakeaways:Keydiscussionsonliquidcoolingcompetitiveedgeand

productpipeline–Buy.WehostedAVCmanagementonJuly11duringourTaiwan

TechnologyCorporateCallseries.Investorsweremainlyinterestedinliquidcooling

competition,productpipeline,customerpenetration,capacityexpansionplan,and

opportunitiesinedgeAIdevices.Overall,managementremainspositiveontheirleadingpositioninliquidcoolingandexpectsbothliquidcoolingand3DVCtocontributemorein3Q24revenuesvs2Q24.12mTPofNT$1,026.AllenChang

Aroundtheworld|EUSemis

launchandtheproliferationofcompetitorLargeLanguageModel(LLM)solutionsandwithtechgiantsandbeyondsettospendover$1trilliononAIcapexincomingyears,focusisnowonthecriticalroleofsemiconductors.WeseeanumberofEuropean

companiesaskeypillarsofthisAIsemisecosystem,andfindthattheimpactis

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significantforover50%ofourEuropeanDigitalEnablercoverageacrossourforecastperiod,wherethetrendisalreadyimportantfororders.ThekeybeneficiariesweseeincludeBuyratedASML(onCL),ASMI,BESIandInfineonandNeutralratedSTMicro.AlexDuval

Graphiclanguage|ChinaSolar-Supplyrebalancing

12July20244

GoldmanSachsThe720

Source:CPIA,PVInfolink,SiliconChina,Oilchem,Wind,Companydata,GoldmanSachsGlobalInvestmentResearch

GSEvents(HomePagehere)

nKoreaCorporateDay|Singapore|21-22Aug

nTaiwanCorporateDay2024|Taipei|3-4Sep

nGlobalRetailingConference|NewYork|4-5Sep

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nCommunacopia+TechnologyConference|SanFrancisco|9-12Sep

nChina+Conference|HongKong|11-12Sep

12July20245

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&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2

representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

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

Disclosures

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

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Hold35%

Sell17%

Buy64%

Hold57%

Sell41%

Global

Buy48%

AsofJuly1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,925equitysecurities.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.

12July20246

GoldmanSachsThe720

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,beforeactingonany

suchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,financialsituationandneeds.Acopyofcertain

GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:/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.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsisavailableat:

/disclosures/australia-new-zealand/index.html

.Russia:ResearchreportsdistributedintheRussianFederationarenotadvertisingasdefinedintheRussianlegislation,butareinformationandanalysisnothavingproductpromotionastheirmainpurposeanddonot

provideappraisalwithinthemeaningoftheRussianlegislationonappraisalactivity.ResearchreportsdonotconstituteapersonalizedinvestmentrecommendationasdefinedinRussianlawsandregulations,arenotaddressedtoaspecificclient,andarepreparedwithoutanalyzingthefinancial

circumst