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CLSA has produced this communication for private circulation to professional, institutional and/or wholesale clients only. This publication/communication may not be distributed or redistributed to retail investors. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject CLSA to any additional registration or licensing requirement within such jurisdiction.

The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representation or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of CLSA at the date of this communication and are subject to change at any time without notice.

Where any part of the information, opinions or estimates contained herein reflects the views and opinions of a sales person or a non-analyst, such views and opinions may not correspond to the published view of the CLSA research group.

This is not a solicitation or any offer to buy or sell. The information contained in this communication is for information purposes only and does not constitute any recommendation, representation, warranty or guarantee of performance. Any price target given in the report may be projected from one or more valuation models and hence any price target may be subject to the inherent risk of the selected model as well as other external risk factors. This is not intended to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment objectives, financial situation or needs of individual recipients. Before acting on any information in this communication, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice, including tax advice. CLSA does not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein. To the extent permitted by applicable securities laws and regulations, CLSA accepts no liability whatsoever for any direct or consequential loss arising from the use of this publication/communication or its contents. Where the publication does not contain ratings, the material should not be construed as research but is offered as factual commentary. It is not intended to, nor should it be used to form an investment opinion about the non-rated companies.

Subject to any applicable laws and regulations at any given time CLSA, its affiliates or companies or individuals connected with CLSA may have used the information contained herein before communication and may have positions in, may from time to time purchase or sell or may have a material interest in any of the securities mentioned or related securities or may currently or in the future have or have had a relationship with, or may provide or have provided investment banking, capital markets and/or other services to, the entities referred to herein, their advisors and/or any other connected parties. As a result, investors should be aware that CLSA and/or its affiliates or companies or individuals may have one or more conflicts of interest. Regulations or market practice of some jurisdictions/markets prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Full details are available at www.clsa.com/member/research_disclosures/. Disclosures therein include the position of CLSA only. Unless specified otherwise, CLSA did not receive any compensation or other benefits from the subject company covered in this publication/communication or from any third party in connection with the report. If investors have any difficulty accessing this website, please contact webadmin@clsa.com or +852 2600 8111. If you require disclosure information on previous dates, please contact compliance_hk@clsa.com.

United Kingdom: In the United Kingdom, this research is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The research is disseminated in the EU by CLSA (UK), which is authorised and regulated by the Financial Conduct Authority. This document is directed at persons having professional experience in matters relating to investments as defined in Article 19 of the FSMA 2000 (Financial Promotion) Order 2005. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document. Where the research material is compiled by the UK analyst(s), it is produced and disseminated by CLSA (UK). For the purposes of the Financial Conduct Rules this research is prepared and intended as substantive research material.

United States of America: All securities services and e-mails provided in the United States are through CLSA Americas, LLC, a registered U.S. Broker Dealer. This communication is for use by Institutional Investors only and may not be distributed or redistributed to retail investors.

The analyst/s who compiled this publication/communication hereby state/s and confirm/s that the contents hereof truly reflect his/her/their views and opinions on the subject matter and that the analyst/s has/have not been placed under any undue influence or pressure by any person/s in compiling such publication/communication. No part of the analyst/s compensation was, is or will be directly or indirectly related to the specific recommendation or views contained herein.

Japan: In relation to CLSA Securities Japan Co. Ltd., the content of this report is for information only and should not be construed as solicitation or investment advice for any specific securities.


Legal and Regulatory Notices (Research)


© CLSA Limited

This report is subject to and incorporates the terms and conditions of use set out on the www.clsa.com website (/disclaimer.html and /terms -and-conditions-of use/) and the references to “publication/communication” or “Publications” thereof shall include this report. Neither this report nor any portion hereof may be reprinted, sold, resold, copied, reproduced, distributed, redistributed, published, republished, displayed, posted or transmitted in any form or media or by any means without the written consent of CLSA. CLSA has/have produced this report for private circulation to professional, institutional and/or wholesale clients only, and may not be distributed to retail investors. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject CLSA to any additional registration or licensing requirement within such jurisdiction. The information and statistical data (for private or public companies) herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and CLSA makes no representation or warranty as to its fairness, adequacy, accuracy, completeness or correctness. The replication of any third party views in this report should not be treated necessarily as an indication that CLSA agrees with or concurs with such views. None of CLSA, its affiliates and their respective directors, officers, employees, advisers and representatives makes any representation or warranty, express or implied, as to and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such data or information contained herein or any statement made in this report. Any opinions or estimates herein reflect the judgment of the analyst(s) at the date of this report and are subject to change at any time without notice. Where any part of the information, opinions or estimates contained herein reflects the views and opinions of a sales person or a non-analyst, such views and opinions may not correspond to the published view of CLSA. Any price target given in the report may be projected from one or more valuation models and hence any price target may be subject to the inherent risk of the selected model as well as other external risk factors. Where the publication does not contain ratings, the material should not be construed as research but is offered as factual commentary. It is not intended to, nor should it be used to form an investment opinion about the non-rated companies.

This report is for information purposes only and it does not constitute or contain, and should not be considered as an offer or invitation to sell, or any solicitation or invitation of any offer to subscribe for or purchase any securities in any jurisdiction and recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. This is not intended to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment objectives, financial situation or needs of individual recipients. Before acting on any information in this report, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice, including legal or tax advice. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Investments that are denominated in foreign currencies may fluctuate in value as a result of exposure to movements of exchange rate. Past performance is not necessarily a guide to future performance or liquidity. CLSA does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein. To the extent permitted by applicable securities laws and regulations, CLSA accepts no liability whatsoever for any direct or consequential loss arising from the use of this report or its contents.

To maintain the independence and integrity of our research, our Corporate Finance, Sales Trading, Asset Management and Research business lines are distinct from one another. This means that CLSA’s Research department is not part of and does not report to CLSA's Corporate Finance department, CLSA’s Sales and Trading business or Asset Management business. Accordingly, neither the Corporate Finance department, the Sales and Trading department nor the Asset Management department supervises or controls the activities of CLSA’s research analysts. CLSA’s research analysts report to the management of the Research department, who in turn report to CLSA’s senior management. CLSA has put in place a number of internal controls designed to manage conflicts of interest that may arise as a result of CLSA engaging in Corporate Finance, Sales and Trading, Asset Management and Research activities. Some examples of these controls include: the use of information barriers and other controls designed to ensure that confidential information is only shared on a “need to know” basis and in compliance with CLSA’s Chinese Wall policies and procedures; measures designed to ensure that interactions that may occur among CLSA’s Research personnel, Corporate Finance, Asset Management, and Sales and Trading personnel, CLSA’s financial product issuers and CLSA’s research analysts do not compromise the integrity and independence of CLSA’s research.

Subject to any applicable laws and regulations at any given time, CLSA, its affiliates, officers, directors or employees may have used the information contained herein before or after publication and may have positions in, or may from time to time purchase or sell or have an interest or a material interest in any of the securities mentioned or related securities, or may currently or in future have or have had a business or financial relationship with, or may provide or have provided corporate finance/capital markets and/or other services to, the entities referred to herein, their advisors and/or any other connected parties. As a result, you should be aware that CLSA and/or its affiliates, officers, directors or employees may have one or more conflicts of interest. Regulations or market practice of some jurisdictions/markets prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Details of the disclosable interest can be found in certain reports as required by the relevant rules and regulation and the full details of conflicts of interest with companies under coverage are available at http://www.clsa.com/member/research_disclosures/. Disclosures therein include the position of CLSA only. Unless specified otherwise, CLSA did not receive any compensation or other benefits from the subject company, covered in this report, or from any third party. For CITICS disclosure about specific companies mentioned herein, please access: /member/research_disclosures_citics/. If investors have any difficulty accessing this website, please contact webadmin@clsa.com/login.enquiry@clsa.com. If you require disclosure information on previous dates, please contact compliance_hk@clsa.com.

You should make your own independent evaluation of the relevance, adequacy, and correctness of information contained in this report and conduct such investigations as you deem necessary, including making inquiries with the company and obtaining independent financial or investment advice before making critical decisions. You shall not use or rely on the contents of the information herein for any purpose. You shall apply caution when using this report at your own risk. You shall assume full responsibility for any interpretations, decisions, or actions taken based on the information provided and assume all risks associated with the use of this report, and releases CLSA, its affiliates and representatives from any liability arising from such use. You shall be solely responsible for any losses incurred.

CLSA analysts may utilise artificial intelligence tools in the preparation of research reports. All research reports remain subject to human review and oversight prior to publication.

CLSA reserves the right to amend, modify, or discontinue any of its products and services at any time without prior notice.CLSA publications shall not be used, in whole or in part, in any artificial intelligence system for any purpose without prior written consent from CLSA. By accessing information herein, you agree to abide by these restrictions and CLSA reserves the right to enforce these terms and pursue remedies for unauthorized use.

Any disputes related to this report shall be governed by the laws of Hong Kong and to the non-exclusive jurisdiction of the courts of Hong Kong in connection with any suite, action or proceeding arising out of or in connection with this material. In the event any of the provisions in these disclaimers shall be held to be unenforceable, that provision shall be enforced to the maximum extent permissible to reflect the intention underlying the unenforceable term, and the remainder of these General Disclaimer shall be unimpaired.

This report is distributed for and on behalf of CLSA, in the United States by CLSA Americas, LLC (for research compiled by US analyst(s)), in Australia by CLSA Australia Pty Ltd (ABN 53 139 992 331/AFSL License No: 350159); in Hong Kong by CLSA Limited (Incorporated in Hong Kong with limited liability); in India by CLSA India Private Limited, (Address: 8/F, Dalamal House, Nariman Point, Mumbai 400021. Tel No: +91-22-66505050. Fax No: +91-22-22840271; CIN: U67120MH1994PLC083118; SEBI Registration No: INZ000001735 as Stock Broker, INM000010619 as Merchant Banker and INH000001113 as Research Analyst; in Indonesia by PT CLSA Sekuritas Indonesia; in Japan by CLSA Securities Japan Co., Ltd.; in Korea by CLSA Securities Korea Ltd.; in Malaysia by CLSA Securities Malaysia Sdn. Bhd.; in the Philippines by CLSA Philippines Inc; in Singapore by CLSA Singapore Pte Ltd and solely to persons who qualify as an "Institutional Investor", "Accredited Investor" or "Expert Investor" MDDI (P) 018/11/2024; in Thailand by CLSA Securities (Thailand) Limited; and in the European Economic Area (‘EEA”) by CLSA Europe BV and in the United Kingdom by CLSA (UK).

China Hong Kong: This research report is distributed by CLSA Limited. This research report is distributed in Hong Kong only to professional investors (as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any rules promulgated thereunder) and may not be distributed to retail investors. Recipients should contact CLSA Limited, Tel: +852 2600 8888 in respect of any matters arising from, or in connection with, the analysis or report.

Australia: CLSA Australia Pty Ltd (“CAPL”) (ABN 53 139 992 331/AFS License No: 350159) is regulated by the Australian Securities and Investments Commission (“ASIC”) and is a Market Participant of ASX Limited and Cboe Australia Pty Ltd. . This material is issued and distributed by CAPL in Australia to "wholesale clients" only. This material does not take into account the specific investment objectives, financial situation or particular needs of the recipient. The recipient of this material must not distribute it to any third party without the prior written consent of CAPL. For the purposes of this paragraph the term "wholesale client" has the meaning given in section 761G of the Corporations Act 2001. CAPL’s research coverage universe spans listed securities across the ASX All Ordinaries index, securities listed on offshore markets, unlisted issuers and investment products which Research management deem to be relevant to the investor base from time to time. CAPL seeks to cover companies of relevance to its domestic and international investor base across a variety of sectors.

India: CLSA India Private Limited, incorporated in November 1994 provides equity brokerage services (SEBI Registration No: INZ000001735), research services (SEBI Registration No: INH000001113) and merchant banking services (SEBI Registration No.INM000010619) to global institutional investors, pension funds and corporates. CLSA and its associates may have debt holdings in the subject company. Further, CLSA and its associates, in the past 12 months, may have received compensation for non-investment banking services and/or non-securities related services from the subject company. For further details of “associates” of CLSA India please contact Compliance-India@clsa.com. Registration granted by SEBI and certification from NISM in no way guarantee performance of CLSA India Private Limited or provide any assurance of returns to investors. Compliance officer & Grievance officer: Neeta Sanghavi, Tel: 22 6650 5050. Email address of Compliance officer and Grievance cell: compliance-india@clsa.com.

Singapore: This report is distributed in Singapore by CLSA Singapore Pte Ltd to institutional investors, accredited investors or expert investors (each as defined under the Financial Advisers Regulations) only. Singapore recipients should contact CLSA Singapore Pte Ltd, 80 Raffles Place, #18-01, UOB Plaza 1, Singapore 048624, Tel: +65 6416 7888, in respect of any matters arising from, or in connection with, the analysis or report. By virtue of your status as an institutional investor, accredited investor or expert investor, CLSA Singapore Pte Ltd is exempted from complying with certain requirements under the Financial Advisers Act 2001, the Financial Advisers Regulations and the relevant Notices and Guidelines issued thereunder (as disclosed in Part C of the Securities Dealing Services – Singapore Annex of the CLSA terms of business), in respect of any financial advisory services that CLSA Singapore Pte Ltd may provide to you. MDDI (P) 018/11/2024.

United States of America: Where any section is compiled by non-US analyst(s), it is distributed into the United States in one of two ways: 1) by CLSA Americas, LLC, as third party research, or 2) by CLSA (except CLSA Americas, LLC) solely to persons who qualify as "Major US Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934 and who deal with CLSA Americas, LLC. However, the delivery of this research report to any person in the United States shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed herein. Any recipient of this research in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting CLSA Americas, LLC.

CLSA Americas, LLC acts as a Rule 15a-6 broker pursuant to Rule 15a-6 under the U.S. Securities Exchange Act of 1934 to each of the non-U.S. broker-dealer affiliate Groups, CITIC Securities and CLSA.

Each of these Groups produces its own research, desk reports or commentary (collectively, “Securities Analysis”). Each non-U.S. broker-dealer has separate distribution lists for the transmission of its Securities Analysis, although some recipients may be on the distribution lists of both broker-dealers. Information, opinions and estimates contained in the Securities Analysis reflect the judgment of the respective analyst(s), whether of CITIC Securities or of CLSA, who produced the Securities Analysis at the date of its original publication and are subject to changes without notification. The opinions in the Securities Analysis also may be different from or contrary to the opinions presented by other business departments, units or affiliates of CITIC Securities and CLSA even on the same specific security. As CLSA and CITIC Securities produce Securities Analyses independently of each other, they may have adopted different assumptions, standards, and analytical methods in the preparation of their respective Securities Analyses, and may have different opinions, ratings or recommendations with respect to any security. CLSA Americas, LLC has no obligation to bring to the attention of any recipient of the Securities Analysis any other Securities Analyses, or differences between other Securities Analyses and the concerned Securities Analysis.

Canada: This research report has been produced by CLSA. The delivery of this research report to any person in Canada shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion contained herein.

The United Kingdom: This document is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The document is disseminated in the UK by CLSA (UK) and directed at persons having professional experience in matters relating to investments, as defined in the relevant applicable local regulations. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document. CLSA (UK) is authorised and regulated by the Financial Conduct Authority.

The European Economic Area (‘EEA”): Research is distributed by CLSA Europe BV, authorised and regulated by the Netherlands Authority for Financial Markets.

Malaysia: This publication is distributed by CLSA Securities Malaysia Sdn Bhd (CLSA Malaysia) and is intended solely for persons with sufficient knowledge and experience in investment. The information contained herein pertains exclusively to those with such expertise, and any investment decisions based on it should only be undertaken by such persons. If a person lacks knowledge, experience, or qualifications in investment matters, please refrain from relying on this document. Malaysia recipients should contact CLSA Securities Malaysia Sdn Bhd, Suite 21-01, Level 21, Menara Generali, 27 Jalan Sultan Ismail, 50250 Kuala Lumpur, Tel: +603 20567888, in respect of any matters arising from, or in connection with, the analysis or report.

CLSA Malaysia’s research coverage universe spans listed securities across the FBM KLCI Index, securities listed on offshore markets, unlisted issuers and investment products which Research management deem to be relevant to the investor base from time to time. CLSA Malaysia seeks to cover companies of relevance to its domestic and international investor base across a variety of sectors.

Korea: This research report has been prepared for informational purposes only; it does not constitute an offer or a solicitation of an offer to buy or sell any securities or other financial instruments. The information and data contained in this report have been obtained from sources we consider reliable; however, we make no representation that the information provided in this report is accurate or complete, and it should not be relied on as such. The recipient of this report should use his/her independent judgment regarding the sale or purchase of any securities or financial instruments mentioned herein. We disclaim any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. This report is for our clients only.

For all other jurisdiction-specific disclaimers please refer to /disclaimer.html. The analysts/contributors to this report may be employed by any relevant CLSA entity, which is different from the entity that distributes the report in the respective jurisdictions.© CLSA Limited.

The analysts/contributors to this publication/communication may be employed by any relevant CLSA entity, or a subsidiary of CITIC Securities Company Limited which is different from the entity that distributes the publication/communication in the respective jurisdictions.

MSCI-sourced information is the exclusive property of Morgan Stanley Capital International Inc (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an "as is" basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital International and the MSCI indexes are service marks of MSCI and its affiliates. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor's. GICS is a service mark of MSCI and S&P and has been licensed for use by CLSA.

EVA® is a registered trademark of Stern, Stewart & Co. "CL" in charts and tables stands for CLSA, CS stands for CITIC Securities estimates, unless otherwise noted in the source.


Legal and Regulatory Notice (Commentary Produced by CT Smith)


This document was prepared by CT SMITH Securities (Pvt) Limited (“CT SMITH”) or its affiliate(s). CLSA Group of companies (‘CLSA’) have not been involved in producing this document and the views contained in this document may differ from the views or opinions of CLSA. CLSA does not guarantee its accuracy, completeness or correctness and will not be liable whatsoever for any direct or consequential loss arising from the use of this publication/communication or its contents. This is not a solicitation or any offer to buy or sell. This document is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation.

This document is for information purposes only and is not a solicitation or any offer to buy or sell. This document is a compilation of writeups by a sales/trading person(s) and not an analyst. It does not constitute research, nor should it be interpreted as such, and is not intended to provide any tax, finance, investment, legal or any other type of professional advice or recommendation. The views contained in this document are the sales/trading person’s personal views of CT SMITH which may or may not differ from the official views and interests of CLSA, including the views of the investment research department. CLSA and its staff do not guarantee and make no representation or warranty as to its accuracy, completeness or correctness. CLSA and its staff do not undertake any obligation to update the material in this document. You should make your own independent evaluation of the relevance and adequacy of the information contained in this document and make such other investigations as you deem necessary, including obtaining independent financial, investment, legal, and/or tax advice. This document does not provide all detail or significant information. Any opinions or estimates herein reflect the judgment at the date of this communication and are subject to change at any time without notice. CLSA has compiled this document for private circulation to professional, institutional and/or wholesale clients only. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction were doing so would be contrary to law or regulation or which would subject CLSA to any additional registration or licensing requirement within such jurisdiction. CLSA and its staff do not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein. To the extent permitted by applicable securities laws and regulations, neither CLSA nor its staff accepts any liability whatsoever for any direct or consequential loss arising from the use of this document or its contents. If you receive this document and are not the intended recipient, please contact the sender or postmaster@clsa.com immediately.

This document is distributed for and on behalf of CT SMITH, in the U.S. by CLSA Americas, LLC (to its customers), in Australia by CLSA Australia Pty Ltd (ABN 53 139 992 331/AFSL License No: 350159); in Hong Kong by CLSA Limited (Incorporated in Hong Kong with limited liability), in India by CLSA India Private Limited (Address: 8/F, Dalamal House, Nariman Point, Mumbai 400021. Tel No: +91-22-66505050; CIN: U67120MH1994PTC083118; SEBI Registration No: INZ000001735 as Stock Broker, INM000010619 as Merchant Banker and INH00000113 as Research Analyst), in Indonesia by PT CLSA Sekuritas Indonesia (a securities company licensed and supervised by Financial Services Authority (Otoritas Jasa Keuangan)), in Japan by CLSA Securities Japan Co. Ltd., in Korea by CLSA Securities Korea Ltd., in Malaysia by CLSA Securities Malaysia Sdn. Bhd., in the Philippines by CLSA Philippines Inc, in Singapore by CLSA Singapore Pte Ltd solely to persons who qualify as an "Institutional Investor", "Accredited Investor" or "Expert Investor" MDDI (P) 018/11/2024, in Thailand by CLSA Securities (Thailand) Limited, and in the European Economic Area (‘EEA”) by CLSA Europe BV and in the United Kingdom by CLSA (UK).

China Hong Kong: This research report is distributed by CLSA Limited. This research report is distributed in Hong Kong only to professional investors (as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any rules promulgated thereunder) and may not be distributed to retail investors. Recipients should contact CLSA Limited, Tel: +852 2600 8888 in respect of any matters arising from, or in connection with, the analysis or report.

United States: This document has been produced in its entirety by CT SMITH Securities (Pvt) Limited (“CT SMITH”). It is distributed into the United States by CLSA (except CLSA Americas, LLC) solely to persons who qualify as "Major US Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934 and who deal with CLSA Americas, LLC. However, the delivery of this document to any person in the United States shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed herein. Any recipient of this document in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting CLSA Americas, LLC.

Canada: This document has been produced by CT SMITH Securities (Pvt) Limited (“CT SMITH”). The delivery of this document to any person in Canada shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion contained herein.

United Kingdom: This document is a marketing communication. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The document is disseminated in the UK by CLSA (UK) and directed at persons having professional experience in matters relating to investments, as defined in the relevant applicable local regulations. Any investment activity to which it relates is only available to such persons. If you do not have professional experience in matters relating to investments you should not rely on this document. CLSA (UK) is authorised and regulated by the Financial Conduct Authority.

The European Economic Area (‘EEA’): This document is distributed by CLSA Europe BV, authorised and regulated by the Netherlands Authority for Financial Markets

Singapore: This document is distributed in Singapore by CLSA Singapore Pte Ltd to institutional investors, accredited investors or expert investors (each as defined under the Financial Advisers Regulations) only. Singapore recipients should contact CLSA Singapore Pte Ltd, 80 Raffles Place, #18-01, UOB Plaza 1, Singapore 048624, Tel: +65 6416 7888, in respect of any matters arising from, or in connection with, the analysis or document. By virtue of your status as an institutional investor, accredited investor or expert investor, CLSA Singapore Pte Ltd is exempted from complying with certain requirements under the Financial Advisers Act 2001 , the Financial Advisers Regulations and the relevant Notices and Guidelines issued thereunder (as disclosed in Part C of the Securities Dealing Services - Singapore Annex of the CLSA terms of business), in respect of any financial advisory services that CLSA Singapore Pte Ltd may provide to you. MDDI (P) 018/11/2024.

Australia: This document has been prepared by CT SMITH Securities (Pvt) Limited (“CT SMITH”). CT SMITH does not hold an Australian financial services licence and relies on licensing relief as a Foreign Financial Services Provider, limited to distribution to Australian “wholesale” investors only. If you are an Australian investor, you represent and continue to represent on an ongoing basis, that you are a wholesale investor and if you cease being a wholesale investor, please contact us immediately. CLSA Australia Pty Limited has not been involved in the preparation of this document. Therefore, recommendations of CT SMITH in this document should not be regarded as recommendations of CLSA Australia Pty Limited. CLSA Australia Pty Limited does not take any responsibility for, and to the maximum extent permitted by law disclaims any liability for, the content of this document.

CLSA Australia Pty Ltd (“CAPL”) (ABN 53 139 992 331/AFS Licence No: 350159) is regulated by the Australian Securities and Investments Commission (“ASIC”) and is a Market Participant of ASX Limited and Cboe Australia Pty Ltd. This material does not take into account the specific investment objectives, financial situation or particular needs of the recipient. The recipient of this material must not distribute it to any third party without the prior written consent of CAPL. For the purposes of this paragraph the term "wholesale client" has the meaning given in section 761G of the Corporations Act 2001.

India: CLSA India Private Limited, incorporated in November 1994 provides equity brokerage services (SEBI Registration No: INZ000001735), research services (SEBI Registration No: INH000001113) and merchant banking services (SEBI Registration No.INM000010619) to global institutional investors, pension funds and corporates. CLSA and its associates may have debt holdings in the subject company. Further, CLSA and its associates, in the past 12 months, may have received compensation for non-investment banking services and/or non-securities related services from the subject company. For further details of “associates” of CLSA India please contact Compliance-India@clsa.com. Registration granted by SEBI and certification from NISM in no way guarantee performance of CLSA India Private Limited or provide any assurance of returns to investors. Compliance officer & Grievance officer: Neeta Sanghavi, Tel: 22 6650 5050. Email address of Compliance officer and Grievance cell: compliance-india@clsa.com.

Malaysia: This publication is distributed by CLSA Securities Malaysia Sdn Bhd (CLSA Malaysia) and is intended solely for persons with sufficient knowledge and experience in investment. The information contained herein pertains exclusively to those with such expertise, and any investment decisions based on it should only be undertaken by such persons. If a person lacks knowledge, experience, or qualifications in investment matters, please refrain from relying on this document. Malaysia recipients should contact CLSA Securities Malaysia Sdn Bhd, Suite 21-01, Level 21, Menara Generali, 27 Jalan Sultan Ismail, 50250 Kuala Lumpur, Tel: +603 20567888, in respect of any matters arising from, or in connection with, the analysis or report.

Korea: This document has been prepared for informational purposes only; it does not constitute an offer or a solicitation of an offer to buy or sell any securities or other financial instruments. The information and data contained in this document have been obtained from sources we consider reliable; however, we make no representation that the information provided in this document is accurate or complete, and it should not be relied on as such. The recipient of this document should use his/her independent judgment regarding the sale or purchase of any securities or financial instruments mentioned herein. We disclaim any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents. This document is for our clients only. For all other jurisdiction-specific disclaimers please refer to /disclaimer.html. The analysts/contributors to this document may be employed by an entity, which is different from the entity that distributes the document in the respective jurisdictions.

Disclosures. Regulations or exchange rules prescribe certain disclosures to be made for certain actual, potential or perceived conflicts of interests relating to research reports. Details of the disclosable interest can be found in certain reports as required by the relevant rules and regulation and the full details are available at www.clsa.com/disclosures. Disclosures therein include the position of CLSA group, and CLSA Americas only and do not reflect those of CITIC Securities International Company Limited and/or their respective affiliates. If investors have any difficulty accessing this website or require disclosure information on previous dates, please contact compliance_hk@clsa.com.

For avoidance of doubt, the disclosure information available at /disclosures/ does not contain information relating to CT SMITH and its affiliates and its/theirs research products and research coverage.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.


Legal and Regulatory Notices (Digital)


The content hereof is for information purposes only and is not a solicitation or any offer to buy or sell. The content may be provided by, or include the views of, CLSA analysts or non-analyst CLSA staff and/or external parties. The contents were not verified by CLSA. The views expressed hereof are those of the speakers and not of CLSA and should not be treated as an indication that CLSA agrees with or concurs with such views. This content is not intended to provide professional, investment or any other type of advice or recommendation. CLSA does not guarantee and makes no representations as to accuracy, completeness or correctness of the contents, including views. CLSA does not undertake any obligation to update the information included herein. To the extent permitted by law, CLSA accepts no liability whatsoever for any direct or consequential loss arising from the use of any part of the content hereof or this material, specifically disclaims any legal liability or responsibility for the accuracy, completeness, or usefulness of any information provided by any third party and makes no representation that its use would not infringe upon privately owned rights. The recipient agrees that it will not take any legal action or any other action against CLSA or any of its affiliates, its or its affiliate’s directors, officers, employees, advisers and representatives in any event and in any jurisdiction in connection with or in respect of this material or its use of or reference to this material. CLSA used herein refers to CLSA Limited and/or any of its affiliates.

The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject CLSA to any additional registration or licensing requirement within such jurisdiction.

You should make your own independent evaluation of the relevance and adequacy of the information contained in this material and make such other investigations as you deem necessary. You shall not rely on the content hereof for whatever purposes, otherwise you shall be solely responsible if you suffer any losses. The securities quoted, if any, are for illustration only and are not recommendatory. Neither the publication/communication/content nor any portion hereof may be reprinted, sold, resold, copied, reproduced, distributed, redistributed, published, republished, displayed, posted or transmitted in any form or media or by any means without the prior written consent of CLSA and/or its affiliates, except content of the material that is published by CLSA on public social media platforms may be shared, provided that CLSA reserves all the copyrights and other intellectual rights.

The content of this material is subject to and should be read in conjunction with the disclaimer and CLSA’s Legal and Regulatory Notices as set out at and /terms-and-conditions-of-use/ , a hard copy of which may be obtained on request from CLSA Publications or CLSA Compliance Group, 18/F, One Pacific Place, 88 Queensway, Hong Kong, telephone 852 2600 8888.

Where an Indian stock is mentioned in this material, registration granted by Securities and Exchange Board of India (SEBI) and certification from National Institute of Securities Markets (NISM) in no way guarantee performance of CLSA India Private Limited or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registered office: CLSA India Private Limited, 8/F Dalamal House, Nariman Point, Mumbai-400021.SEBI Registration No. INH000001113 CIN: U67120MH1994PTC083118. Compliance officer & Grievance officer: Neeta Sanghavi, Tel: 22 6650 5050. Email address of Compliance officer and Grievance cell: compliance-india@clsa.com

When applicable, PT CLSA Sekuritas Indonesia is licensed and supervised by Indonesia Financial Services Authority (Otoritas Jasa Keuangan).

Speaker independence disclaimer: The views expressed in presentations made at CLSA events are those of the speaker(s) and not of CLSA. Presentations of the speaker(s) at CLSA events do not constitute an endorsement of the speaker(s)’ views by CLSA. With regard to any information presented at CLSA events, CLSA does not makes any warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose, and specifically disclaims any legal liability or responsibility for the accuracy, completeness, or usefulness of any information presented and makes no representation that its use would not infringe upon privately owned rights. Speaker(s) shall be responsible for their own views and presentations made at CLSA events.


Legal and Regulatory Notices (Sales)


Nothing contained in this e-mail is or shall be construed as an offer, a solicitation of an offer or an invitation to buy or sell any security, and it is not intended for distribution in any jurisdiction where such distribution would be contrary to law. The information contained in this e-mail is for informational purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. Each of CLSA Limited and its affiliates does not warrant or guarantee the adequacy, accuracy or completeness of any information contained in this e-mail. Each of CLSA Limited and its affiliates makes no representation or warranty, and expressly disclaims all representations and warranties, express or implied, of any kind relating to this e-mail. All information contained in this e-mail is intended only for clients receiving it directly from CLSA Limited or any of its affiliates and is for use by institutional investors only, and must not be distributed or redistributed to retail investors. This e-mail or any portion hereof must not be reprinted, sold or redistributed without the written consent of CLSA Limited or its relevant affiliate which issue this e-mail.
This e-mail was written by a salesperson, and not a research analyst, of CLSA Limited or any of its affiliates, and does not constitute research. Any trading view contained in this e-mail may differ from the official view of CLSA Limited or its affiliates. The trading views are based on rational thought and information that was collected using one or more of the following: consensus data, independent information sources, and information provided by CLSA Limited and its affiliates. Although care was taken as to the veracity of such information, each of CLSA Limited and its affiliates does not guarantee its accuracy.



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