摩根大通-中國(guó)房?jī)r(jià)跟蹤0719

AsiaPacificEconomicResearch

15July2024

Chinahousing:Continuouspricecorrection

Explicithousingpolicyshiftlesslikelyfrom3rdPlenum

ThedeclineintheNBS70-cityhomepricesremainselevated,thoughmarginallylessonthemonthforsecondaryhousingwiththisyear’sfirstsequentialgainforBeijingandShanghai.Newhomepricesweredown4.9%oyaor0.7%m/mnsa,andsecondaryhomepricesweredown7.9%oyaor0.9%m/mnsa.Itfollowsthe4.3%oyaor0.7%m/mfallfornewhomeprices,and7.5%oyaor1.0%m/mfallforsecondaryhomepricesinMay.Comparedtothepreviousmonth,newhomepricesdeclinedin64citiesinJune(vs68citiesinMay),increasedin4cities(vs2citiesinMay),andstayedunchangedintheremainingtwocities.Acrosscitytiers,newhomepricesfell0.5%m/minTier-1cities(vs-0.7%May),withcontinuedoutperformanceofShanghai(+0.4%),anda0.6%,1.2%and0.7%fallinBeijing,GuangzhouandShenzhen.Newhomepricesalsodropped0.7%m/minTier-2cities(unchangedfromMay)and0.6%inTier-3cities(vs.-0.8%May).Asforthe70-citysecondaryhomeprice,itdropped0.4%m/mnsainTier-1cities,narrowingfrom-1.2%inMay,withthefirstsequentialgainat0.2%and0.5%forBeijingandShanghaithisyear.Meanwhile,secondaryhomepricesdeclined0.9%m/minbothTier-2andTier-3cities.AsofJune,the70majorcities’newhomepricesdeclined7.1%comparedtothepeakinAugust2021,alongwitha13.2%dropforsecondaryhomeprices.

ImpulsefromtheMay17demand-sidepolicyeasingseemstohavefadedaftertheseasonalpick-upinJune,utilizationofPBOC’srelendingtofacilitatedestockingislargelyunknown.Thereareongoingdifferentiatedperformancebetweennewhomeandsecondaryhomesales,andbetweenpresaleandsalesoffinishednewhomes,withlingeringconcernsabouthomedeliveryespeciallybyprivatedevelopers.Majorcities’newhomesalessurgedintotheendof1H,partlyonquarter-endormid-yearseasonalitybutthemomentumseemstohavelargelyfadedenteringJuly.Thetop100developers’aggregatesalesdeclinenarrowedto14%fromMay’s32%oya,witha4%riseforSOEdevelopers,and41%and57%declinesfornon-distressedPOEsanddistresseddevelopers.Thisindicatestheliquiditystressforprivatedevelopersremainsanissuedespiteexistingpolicyefforts(e.g.white-listdevelopersandbanksupportfornormalworkingcapitalloanstodevelopersetc).AnothermoverecentlyfromShenzhenmayfurthertightendevelopers’near-termcashflowconstraintthougheasehomebuyers’worryofhomedelivery.ItwasreportedthatbanksinShenzhenwillonlydisbursemortgageaftertopping-outofthebuildingstructure.Secondaryhomesalescontinuedtooutperform,butitspricepressuremaylingerwithrisingsecondarylistings.Centaline’ssecondaryhomeaskingpriceindexfortier-1citiesinchedupwhilesalesmangerconfidenceindextickedlowerrecently.Butintheabsenceofaforcefulpick-uptoabove30,historicalexperiencepointstocontinuingsecondaryhomepricedeclinesthoughlikelyataslowermonthlyrun-rate.TherehasbeenalotofattentionontheprogressregardingthePBOC’s300bnyuanre-

Seepage4foranalystcertificationandimportantdisclosures.

EmergingMarketsAsia,EconomicandPolicyResearch

TingtingGe

(852)2800-0143

tingting.ge@

HaibinZhu

(852)2800-7039

haibin.zhu@

GraceNg

(852)2800-7002

grace.h.ng@

JiYan

(852)2800-7673

ji.yan@

JPMorganChaseBank,N.A.,HongKongBranch

2

TingtingGe(852)2800-0143tingting.ge@

JPMorganChaseBank,N.A.,HongKongBranchHaibinZhu(852)2800-7039

haibin.zhu@

GraceNg(852)2800-7002grace.h.ng@

JiYan(852)2800-7673ji.yan@

AsiaPacificEconomicResearch

Chinahousing:Continuouspricecorrection

15July2024

lendingfacility,butthereisnoofficialinformationdisclosureyet.OurchannelcheckssuggestlimitedutilizationandsomeofthefundingmaygotothepurchaseoffinishedbutunsoldprojectsheldbyLGFVs.Ifitisthecase,thebeneficiaryprivatedeveloperswillbelimited.

Explicithousingpolicyshiftinthe3rdPlenumislesslikely,butifHukouorrurallandreformismentioned,weseeitaspositive.Themuch-anticipated3rdPlenumofthe20thPartyCongresshascommencedtoday,andwillbehelduntilthisThursday(July15-18).Wearesupposedtohaveacommuniquewhenthemeetingisconcludedonthelastday.Therehavebeenmarketexpectationsofmorepolicyeasingfromthemeetingsothatthehousingmarketcorrectioncouldhitabrakesoon.Wethinkthelikelihoodofexplicithousingpolicyshiftfromthemeetingislow.Onereasonisthatthe3rdPlenumfocusesmoreonmid-to-longtermreformissues,insteadofnear-termgrowthheadwinds.However,ifHukoureformorrurallandreformismentioned,wethinkitwillbehelpfulforthemedium-termrebalancingofthehousingmarket.WehavebeenarguingthatthegapbetweenthetwomeasuresofChina’surbanizationratio(urban-areausualresidencebasedat66%vs.Hukousystembasedat48%),18%oftotalpopulation(or250millionpeople),representsthepotentialdemandforpublicandrentalhousing.Ononehand,weneedtheHukoureformtofreeupthereplacementhomedemandfrombeneficiaryhouseholds.Ontheotherhand,weneedtherurallandreform,allowingrurallandstobetradable,tofinancecommodityhousingdestockingandtransformationtopublichousing,andsocialsafetynetworkinthenewurbanizationprocess.

China70-cityhousingprices

70- 60- 50- 40-

2010Dec=100,bothscales157

160

150

140

Newhome

146.5

133

Secondaryhome

300.0

20-0.5

10-1.0

0-1.5

130

120

115.4

110

100

90

1112131415161718192021222324

Source:NBS,J.P.Morgan

Chinasecondaryhomeprice

askingpriceindex

-2.0-1.5-1.0-0.5

IndexCentalinetier-1cities’%m/mnsa

NBS70-citysecondary

homeprice

1112131415161718192021222324

Source:Centaline,NBS,J.P.Morgan

China:70-citypropertyprice

UnchangedGrowth(rhs)

Increased

Declined

%m/m

No.ofcities

70

60

50

40

30

20

10

0

1.51.20.90.60.30.0-0.3-0.6-0.9

Jan18Jan19Jan20Jan21Jan22Jan23Jan24

Source:NBS,J.P.Morgan

Housingpolicyandhousingmarketactivity

Index

100

Housingpolicyindex

Index,inreverseorder

-20

Housingmarketactivityindex

-10

80

0

60

40

10

20

30

40

20

50

0

60

0305070911131517192123

Source:NBS;J.P.Morgan;Note:PreliminaryestimatesforJun2024housingmarketactivityindexwithtentativeassumptionsforlandsalesgrowth.

3

TingtingGe(852)2800-0143tingting.ge@

JPMorganChaseBank,N.A.,HongKongBranchHaibinZhu(852)2800-7039

haibin.zhu@

GraceNg(852)2800-7002grace.h.ng@

JiYan(852)2800-7673ji.yan@

AsiaPacificEconomicResearch

15July2024

Housingtransactionsbysqmin30majorcities

sqm,

Thousand7dma

2020-21avg2022

2024

2019

2023

900-750-600-450-300-150-

0-

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Wind,J.P.Morgan

Secondaryhousingtransactionsin8majorcities

Avgunit,7dma201920202021

400202220232024

350

300

250

200

150

100

50

0

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Wind,J.P.Morgan

4

TingtingGe(852)2800-0143tingting.ge@

JPMorganChaseBank,N.A.,HongKongBranchHaibinZhu(852)2800-7039

haibin.zhu@

GraceNg(852)2800-7002grace.h.ng@

JiYan(852)2800-7673ji.yan@

AsiaPacificEconomicResearch

Chinahousing:Continuouspricecorrection

15July2024

Disclosures

AnalystCertification:TheResearchAnalyst(s)denotedbyan“AC”onthecoverofthisreportcertifies(or,wheremultipleResearchAnalystsareprimarilyresponsibleforthisreport,theResearchAnalystdenotedbyan“AC”onthecoverorwithinthedocumentindividuallycertifies,withrespecttoeachsecurityorissuerthattheResearchAnalystcoversinthisresearch)that:(1)alloftheviewsexpressedinthisreport

accuratelyreflecttheResearchAnalyst’spersonalviewsaboutanyandallofthesubjectsecuritiesorissuers;and(2)nopartofanyofthe

ResearchAnalyst'scompensationwas,is,orwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedbythe

ResearchAnalyst(s)inthisreport.ForallKorea-basedResearchAnalystslistedonthefrontcover,ifapplicable,theyalsocertify,asperKOFIA

requirements,thattheResearchAnalyst’sanalysiswasmadeingoodfaithandthattheviewsreflecttheResearchAnalyst’sownopinion,withoutundueinfluenceorintervention.

AllauthorsnamedwithinthisreportareResearchAnalystswhoproduceindependentresearchunlessotherwisespecified.InEurope,SectorSpecialists(SalesandTrading)maybeshownonthisreportascontactsbutarenotauthorsofthereportorpartoftheResearchDepartment.

ImportantDisclosures

Company-SpecificDisclosures:Importantdisclosures,includingpricechartsandcreditopinionhistorytables,areavailableforcompendiumreportsandallJ.P.Morgan–coveredcompanies,andcertainnon-coveredcompanies,byvisiting

/research/disclosures

,calling1-800-477-0406,ore-mailingresearch.disclosure.inquiries@withyourrequest.

AhistoryofJ.P.Morganinvestmentrecommendationsdisseminatedduringthepreceding12monthscanbeaccessedontheResearch&Commentarypageof

whereyoucanalsosearchbyanalystname,sectororfinancialinstrument.

ExplanationofEmergingMarketsSovereignResearchRatingsSystemandValuation&Methodology:

RatingsSystem:J.P.MorganusesthefollowingissuerportfolioweightingsforEmergingMarketsSovereignResearch:Overweight(overthenextthreemonths,therecommendedriskpositionisexpectedtooutperformtherelevantindex,sector,orbenchmarkcreditreturns);

Marketweight(overthenextthreemonths,therecommendedriskpositionisexpectedtoperforminlinewiththerelevantindex,sector,or

benchmarkcreditreturns);andUnderweight(overthenextthreemonths,therecommendedriskpositionisexpectedtounderperformthe

relevantindex,sector,orbenchmarkcreditreturns).NRisNotRated.Inthiscase,J.P.Morganhasremovedtheratingforthissecuritybecauseofeitherlegal,regulatoryorpolicyreasonsorbecauseoflackofasufficientfundamentalbasis.Thepreviousratingnolongershouldbereliedupon.AnNRdesignationisnotarecommendationorarating.NCisNotCovered.AnNCdesignationisnotaratingorarecommendation.

Recommendationswillbeattheissuerlevel,andanissuerrecommendationappliestoalloftheindex-eligiblebondsatthesamelevelfortheissuer.Whenwechangetheissuer-levelrating,wearechangingtheratingforalloftheissuescovered,unlessotherwisespecified.Ratingsforquasi-sovereignissuersintheEMBIGmaydifferfromtheratingsprovidedinEMcorporatecoverage.

Valuation&Methodology:ForJ.P.Morgan'sEmergingMarketsSovereignResearch,weassignaratingtoeachsovereignissuer(Overweight,MarketweightorUnderweight)basedonourviewofwhetherthecombinationoftheissuer’sfundamentals,markettechnicals,andtherelativevalueofitssecuritieswillcauseittooutperform,performinlinewith,orunderperformthecreditreturnsoftheEMBIGDindexoverthenext

threemonths.Ourviewofanissuer’sfundamentalsincludesouropinionofwhethertheissuerisbecomingmoreorlessabletoserviceitsdebtobligationswhentheybecomedueandpayable,aswellaswhetheritswillingnesstoservicedebtobligationsisincreasingordecreasing.

J.P.MorganEmergingMarketsSovereignResearchRatingsDistribution,asofJuly6,2024

Overweight

(buy)

Marketweight

(hold)

Underweight

(sell)

GlobalSovereignResearchUniverse*

11%

79%

11%

IBclients**

29%

48%

86%

*Pleasenotethatthepercentagesmaynotaddto100%becauseofrounding.

**Percentageofsubjectissuerswithineachofthe"Overweight,"Marketweight"and"Underweight"categoriesforwhichJ.P.Morganhasprovidedinvestmentbankingserviceswithintheprevious12months.

ForpurposesofFINRAratingsdistributionrulesonly,ourOverweightratingfallsintoabuyratingcategory;ourMarketweightrating

fallsintoaholdratingcategory;andourUnderweightratingfallsintoasellratingcategory.TheEmergingMarketsSovereign

ResearchRatingDistributionisattheissuerlevel.IssuerswithanNRoranNCdesignationarenotincludedinthetableabove.Thisinformationiscurrentasoftheendofthemostrecentcalendarquarter.

Analysts'Compensation:Theresearchanalystsresponsibleforthepreparationofthisreportreceivecompensationbaseduponvariousfactors,includingthequalityandaccuracyofresearch,clientfeedback,competitivefactors,andoverallfirmrevenues.

Registrationofnon-USAnalysts:Unlessotherwisenoted,thenon-USanalystslistedonthefrontofthisreportareemployeesofnon-US

affiliatesofJ.P.MorganSecuritiesLLC,maynotberegisteredasresearchanalystsunderFINRArules,maynotbeassociatedpersonsofJ.P.MorganSecuritiesLLC,andmaynotbesubjecttoFINRARule2241or2242restrictionsoncommunicationswithcoveredcompanies,publicappearances,andtradingsecuritiesheldbyaresearchanalystaccount.

5

TingtingGe(852)2800-0143tingting.ge@

JPMorganChaseBank,N.A.,HongKongBranchHaibinZhu(852)2800-7039

haibin.zhu@

GraceNg(852)2800-7002grace.h.ng@

JiYan(852)2800-7673ji.yan@

AsiaPacificEconomicResearch

15July2024

OtherDisclosures

J.P.MorganisamarketingnameforinvestmentbankingbusinessesofJPMorganChase&Co.anditssubsidiariesandaffiliatesworldwide.

UKMIFIDFICCresearchunbundlingexemption:UKclientsshouldrefertoUKMIFIDResearchUnbundlingexemptionfordetailsofJ.P.Morgan’simplementationoftheFICCresearchexemptionandguidanceonrelevantFICCresearchcategorisation.

AnylongformnomenclatureforreferencestoChina;HongKong;Taiwan;andMacauwithinthisresearchmaterialareMainlandChina;HongKongSAR(China);Taiwan(China);andMacauSAR(China).

J.P.MorganResearchmay,fromtimetotime,writeonissuersorsecuritiestargetedbyeconomicorfinancialsanctionsimposedoradministeredbythegovernmentalauthoritiesoftheU.S.,EU,UKorotherrelevantjurisdictions(SanctionedSecurities).Nothinginthisreportisintendedtobereadorconstruedasencouraging,facilitating,promotingorotherwiseapprovinginvestmentordealinginsuchSanctionedSecurities.Clientsshouldbeawareoftheirownlegalandcomplianceobligationswhenmakinginvestmentdecisions.

Anydigitalorcryptoassetsdiscussedinthisresearchreportaresubjecttoarapidlychangingregulatorylandscape.Forrelevantregulatoryadvisoriesoncryptoassets,includingbitcoinandether,pleasesee

/disclosures/cryptoasset-disclosure

.

Theauthor(s)ofthisresearchreportmaynotbelicensedtocarryonregulatedactivitiesinyourjurisdictionand,ifnotlicensed,donotholdthemselvesoutasbeingabletodoso.

Exchange-TradedFunds(ETFs):J.P.MorganSecuritiesLLC(“JPMS”)actsasauthorizedparticipantforsubstantiallyallU.S.-listedETFs.TotheextentthatanyETFsarementionedinthisreport,JPMSmayearncommissionsandtransaction-basedcompensationinconnectionwiththedistributionofthoseETFsharesandmayearnfeesforperformingothertrade-relatedservices,suchassecuritieslendingtoshortsellersofthe

ETFshares.JPMSmayalsoperformservicesfortheETFsthemselves,includingactingasabrokerordealertotheETFs.Inaddition,affiliatesofJPMSmayperformservicesfortheETFs,includingtrust,custodial,administration,lending,indexcalculationand/ormaintenanceandotherservices.

OptionsandFuturesrelatedresearch:Iftheinformationcontainedhereinregardsoptions-orfutures-relatedresearch,suchinformationisavailableonlytopersonswhohavereceivedtheproperoptionsorfuturesriskdisclosuredocuments.PleasecontactyourJ.P.Morgan

Representativeorvisit

/components/docs/riskstoc.pdf

foracopyoftheOptionClearingCorporation'sCharacteristicsandRisksofStandardizedOptionsor

/sites/default/files/Security_Futures_Risk_Disclosure_Statement_2018.pdf

foracopyoftheSecurityFuturesRiskDisclosureStatement.

ChangestoInterbankOfferedRates(IBORs)andotherbenchmarkrates:Certaininterestratebenchmarksare,ormayinthefuture

become,subjecttoongoinginternational,nationalandotherregulatoryguidance,reformandproposalsforreform.Formoreinformation,pleaseconsult:

/global/disclosures/interbank

_offered_rates

PrivateBankClients:WhereyouarereceivingresearchasaclientoftheprivatebankingbusinessesofferedbyJPMorganChase&Co.anditssubsidiaries(“J.P.MorganPrivateBank”),researchisprovidedtoyoubyJ.P.MorganPrivateBankandnotbyanyotherdivisionofJ.P.Morgan,including,butnotlimitedto,theJ.P.MorganCorporateandInvestmentBankanditsGlobalResearchdivision.

Legalentityresponsiblefortheproductionanddistributionofresearch:ThelegalentityidentifiedbelowthenameoftheRegACResearchAnalystwhoauthoredthismaterialisthelegalentityresponsiblefortheproductionofthisresearch.WheremultipleRegACResearchAnalystsauthoredthismaterialwithdifferentlegalentitiesidentifiedbelowtheirnames,theselegalentitiesarejointlyresponsiblefortheproductionofthisresearch.ResearchAnalystsfromvariousJ.P.Morganaffiliatesmayhavecontributedtotheproductionofthismaterialbutmaynotbe

licensedtocarryoutregulatedactivitiesinyourjurisdiction(anddonotholdthemselvesoutasbeingabletodoso).Unlessotherwisestatedbelow,thismaterialhasbeendistributedbythelegalentityresponsibleforproduction.Ifyouhaveanyqueries,pleasecontacttherelevantResearchAnalystinyourjurisdictionortheentityinyourjurisdictionthathasdistributedthisresearchmaterial.

LegalEntitiesDisclosuresandCountry-/Region-SpecificDisclosures:

Argentina:JPMorganChaseBankN.ASucursalBuenosAiresisregulatedbyBancoCentraldelaRepúblicaArgentina(“BCRA”-Central

BankofArgentina)andComisiónNacionaldeValores(“CNV”-ArgentinianSecuritiesCommission-ALYCyANIntegralN°51).Australia:

J.P.MorganSecuritiesAustraliaLimited(“JPMSAL”)(ABN61003245234/AFSLicenceNo:238066)isregulatedbytheAustralian

SecuritiesandInvestmentsCommissionandisaMarketParticipantofASXLimited,aClearingandSettlementParticipantofASXClearPtyLimitedandaClearingParticipantofASXClear(Futures)PtyLimited.ThismaterialisissuedanddistributedinAustraliabyoronbehalfofJPMSALonlyto"wholesaleclients"(asdefinedinsection761GoftheCorporationsAct2001).Alistofallfinancialproductscoveredcanbefoundbyvisiting

/research/disclosures

.J.P.Morganseekstocovercompaniesofrelevancetothedomesticand

internationalinvestorbaseacrossallGlobalIndustryClassificationStandard(GICS)sectors,aswellasacrossarangeofmarketcapitalisation

sizes.Ifapplicable,inthecourseofconductingpublicsideduediligenceonthesubjectcompany(ies),theResearchAnalystteammayattimesperformsuchdiligencethroughcorporateengagementssuchassitevisits,discussionswithcompanyrepresentatives,managementpresentations,etc.ResearchissuedbyJPMSALhasbeenpreparedinaccordancewithJ.P.MorganAustralia’sResearchIndependencePolicywhichcanbe

foundatthefollowinglink:J.P.MorganAustralia-ResearchIndependencePolicy.Brazil:BancoJ.P.MorganS.A.isregulatedbythe

ComissaodeValoresMobiliarios(CVM)andbytheCentralBankofBrazil.OmbudsmanJ.P.Morgan0800-7700810(ForHearingImpaired)/ouvidoria.jp.morgan@.Canada:J.P.MorganSecuritiesCanadaInc.isaregisteredinvestmentdealer,

6

TingtingGe(852)2800-0143tingting.ge@

JPMorganChaseBank,N.A.,HongKongBranchHaibinZhu(852)2800-7039

haibin.zhu@

GraceNg(852)2800-7002grace.h.ng@

JiYan(852)2800-7673ji.yan@

AsiaPacificEconomicResearch

Chinahousing:Continuouspricecorrection

15July2024

regulatedbytheCanadianInvestmentRegulatoryOrganizationandtheOntarioSecuritiesCommissionandistheparticipatingmemberon

Canadianexchanges.ThismaterialisdistributedinCanadabyoronbehalfofJ.P.MorganSecuritiesCanadaInc.Chile:InversionesJ.P.MorganLimitadaisanunregulatedentityincorporatedinChile.China:J.P.MorganSecurities(China)CompanyLimitedhasbeenapprovedbyCSRCtoconductthesecuritiesinvestmentconsultancybusiness.DubaiInternationalFinancialCentre(DIFC):JPMorganChaseBank,N.A.,DubaiBranchisregulatedbytheDubaiFinancialServicesAuthority(DFSA)anditsregisteredaddressisDubaiInternationalFinancialCentre-The

Gate,WestWing,Level3and9POBox506551,Dubai,UAE.ThismaterialhasbeendistributedbyJPMorganChaseBank,N.A.,DubaiBranchtopersonsregardedasprofessionalclientsormarketcounterpartiesasdefinedundertheDFSArules.EuropeanEconomicArea

(EEA):Unlessspecifiedtothecontrary,researchisdistributedintheEEAbyJ.P.MorganSE(“JPMSE”),whichisauthorisedasacredit

institutionbytheFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht,BaFin)andjointlysupervisedbythe

BaFin,theGermanCentralBank(DeutscheBundesbank)andtheEuropeanCentralBank(ECB).JPMSEisacompanyheadquarteredin

FrankfurtwithregisteredaddressatTaunusTurm,Taunustor1,FrankfurtamMain,60310,Germany.Thematerialhasbeendistributedinthe

EEAtopersonsregardedasprofessionalinvestors(orequivalent)pursuanttoArt.4para.1no.10andAnnexIIofMiFIDIIanditsrespectiveimplementationintheirhomejurisdictions(“EEAprofessionalinvestors”).Thismaterialmustnotbeactedonorreliedonbypersonswhoare

notEEAprofessionalinvestors.AnyinvestmentorinvestmentactivitytowhichthismaterialrelatesisonlyavailabletoEEArelevantpersons

andwillbeengagedinonlywithEEArelevantpersons.HongKong:J.P.MorganSecurities(AsiaPacific)Limited(CEnumberAAJ321)is

regulatedbytheHongKongMonetaryAuthorityandtheSecuritiesandFuturesCommissioninHongKong,andJ.P.MorganBroking(Hong

Kong)Limited(CEnumberAAB027)isregulatedbytheSecuritiesandFuturesCommissioninHongKong.JPMorganChaseBank,N.A.,

HongKongBranch(CENumberAAL996)isregulatedbytheHongKongMonetaryAuthorityandtheSecuritiesandFuturesCommission,is

organizedunderthelawsoftheUnitedStateswithlimitedliability.WherethedistributionofthismaterialisaregulatedactivityinHongKong,thematerialisdistributedinHongKongbyorthroughJ.P.MorganSecurities(AsiaPacific)Limitedand/orJ.P.MorganBroking(HongKong)Limited.India:J.P.MorganIndiaPrivateLimited(CorporateIdentityNumber-U67120MH1992FTC068724),havingitsregisteredofficeat

J.P.MorganTower,Off.C.S.T.Road,Kalina,Santacruz-East,Mumbai–400098,isregisteredwiththeSecuritiesandExchangeBoardofIndia(SEBI)asa‘ResearchAnalyst’havingregistrationnumberINH000001873.J.P.MorganIndiaPrivateLimitedisalsoregisteredwithSEBIasa

memberoftheNationalStockExchangeofIndiaLimitedandtheBombayStockExchangeLimited(SEBIRegistrationNumber–

INZ000239730)andasaMerchantBanker(SEBIRegistrationNumber-MB/INM000002970).Telephone:91-22-61573000,Facsimile:91-22-61573990andWebsite:

.JPMorganChaseBank,N.A.-MumbaiBranchislicensedbytheReserveBankofIndia(RBI)

(LicenceNo.53/LicenceNo.BY.4/94;SEBI-IN/CUS/014/CDSL:IN-DP-CDSL-444-2008/IN-DP-NSDL-285-2008/INBI00000984/

INE231311239)asaScheduledCommercialBankinIndia,whichisitsprimarylicenseallowingittocarryonBankingbusinessinIndiaand

otheractivities,whichaBankbranchinIndiaarepermittedtoundertake.Fornon-localresearchmaterial,thismaterialisnotdistributedinIndia

byJ.P.MorganIndiaPrivateLimited.ComplianceOfficer:SpurthiGadamsetty;spurthi.gadamsetty@;+912261573225.GrievanceOfficer:RamprasadhK,jpmipl.research.feedback@;+912261573000.

Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybeforeinvesting.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.

Indonesia:PTJ.P.MorganSekuritasIndonesiaisamemberoftheIndonesiaStockExchangeandisregisteredandsupervisedbytheOtoritasJasaKeuangan(OJK).Korea:J.P.MorganSecurities(FarEast)Limited,SeoulBranch,isamemberoftheKoreaExchange(KRX).JPMorganChaseBank,N.A.,SeoulBranch,islicensedasabranchofficeofforeignbank(JPMorganChaseBank,N.A.)inKorea.Bothentitiesare

regulatedbytheFinancialServicesCommission(FSC)andtheFinancialSupervisoryService(FSS).Fornon-macroresearchmaterial,the

materialisdistributedinKoreabyorthroughJ.P.MorganSecurities(FarEast)Limited,SeoulBranch.Japan:JPMorganSecuritiesJapanCo.,Ltd.andJPMorganChaseBank,N.A.,TokyoBranchareregulatedbytheFinancialServicesAgencyinJapan.Malaysia:ThismaterialisissuedanddistributedinMalaysiabyJPMorganSecurities(Malaysia)SdnBhd(18146-X),whichisaPart