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General Research Disclosures  




For important security specific disclosures, stock price charts and equity
rating histories, please see
http://www.morganstanley.com/researchdisclosures
  The equity research analysts or strategists principally responsible for the
preparation of Morgan Stanley Research have received compensation based upon
various factors, including quality of research, investor client feedback, stock
picking, competitive factors, firm revenues and overall investment banking
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to investment banking or capital markets transactions performed by Morgan
Stanley or the profitability or revenues of particular trading desks.   Morgan
Stanley and its affiliates do business that relates to companies/instruments
covered in Morgan Stanley Research, including market making, providing
liquidity, fund management, commercial banking, extension of credit, investment
services and investment banking. Morgan Stanley sells to and buys from customers
the securities/instruments of companies covered in Morgan Stanley Research on a
principal basis. Morgan Stanley may have a position in the debt of the Company
or instruments discussed in this report. Morgan Stanley trades or may trade as
principal in the debt securities (or in related derivatives) that are the
subject of the debt research report.  

STOCK RATINGS
 
Morgan Stanley uses a relative rating system using terms such as Overweight,
Equal-weight, Not-Rated or Underweight (see definitions below). Morgan Stanley
does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight,
Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and
sell. Investors should carefully read the definitions of all ratings used in
Morgan Stanley Research. In addition, since Morgan Stanley Research contains
more complete information concerning the analyst's views, investors should
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a stock should depend on individual circumstances (such as the investor's
existing holdings) and other considerations.
 

Global Stock Ratings Distribution
 
(as of November 30, 2024)
 
The Stock Ratings described below apply to Morgan Stanley's Fundamental Equity
Research and do not apply to Debt Research produced by the Firm.
 
For disclosure purposes only (in accordance with FINRA requirements), we include
the category headings of Buy, Hold, and Sell alongside our ratings of
Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not
assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight,
Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and
sell but represent recommended relative weightings (see definitions below). To
satisfy regulatory requirements, we correspond Overweight, our most positive
stock rating, with a buy recommendation; we correspond Equal-weight and
Not-Rated to hold and Underweight to sell recommendations, respectively.
 


                                                                                     Other Material Investment
                       Coverage Universe     Investment Banking Clients (IBC)         Services Clients (MISC)
Stock Rating                        % of                % of      % of                          % of 
Category                 Count     Total     Count    Total IBC  Rating Category     Count    Total Other MISC 
Overweight/Buy            1420       38%       356       45%       25%                 646       38%
Equal-weight/Hold         1731       46%       367       46%       21%                 819       48%
Not-Rated/Hold               5        0%         0        0%        0%                   1        0%
Underweight/Sell           593       16%        73        9%       12%                 228       13%
Total                    3,749                 796                                    1694          


 
Data include common stock and ADRs currently assigned ratings. Investment
Banking Clients are companies from whom Morgan Stanley received investment
banking compensation in the last 12 months. Due to rounding off of decimals, the
percentages provided in the "% of total" column may not add up to exactly 100
percent.
 

Analyst Stock Ratings
 
Overweight (O or Over) - The stock's total return is expected to exceed the
total return of the relevant country MSCI Index or the average total return of
the analyst's industry (or industry team's) coverage universe, on a
risk-adjusted basis over the next 12-18 months.
 
Equal-weight (E or Equal) - The stock's total return is expected to be in line
with the total return of the relevant country MSCI Index or the average total
return of the analyst's industry (or industry team's) coverage universe, on a
risk-adjusted basis over the next 12-18 months.
 
Not-Rated (NR) - Currently the analyst does not have adequate conviction about
the stock's total return relative to the relevant country MSCI Index or the
average total return of the analyst's industry (or industry team's) coverage
universe, on a risk-adjusted basis, over the next 12-18 months.
 
Underweight (U or Under) - The stock's total return is expected to be below the
total return of the relevant country MSCI Index or the average total return of
the analyst's industry (or industry team's) coverage universe, on a
risk-adjusted basis, over the next 12-18 months.
 
Unless otherwise specified, the time frame for price targets included in Morgan
Stanley Research is 12 to 18 months.
 

Analyst Industry Views
 
Attractive (A): The analyst expects the performance of his or her industry
coverage universe over the next 12-18 months to be attractive vs. the relevant
broad market benchmark, as indicated below.
 
In-Line (I): The analyst expects the performance of his or her industry coverage
universe over the next 12-18 months to be in line with the relevant broad market
benchmark, as indicated below.
 
Cautious (C): The analyst views the performance of his or her industry coverage
universe over the next 12-18 months with caution vs. the relevant broad market
benchmark, as indicated below.
 
Benchmarks for each region are as follows: North America - S&P 500; Latin
America - relevant MSCI country index or MSCI Latin America Index; Europe - MSCI
Europe; Japan - TOPIX; Asia - relevant MSCI country index or MSCI sub-regional
index or MSCI AC Asia Pacific ex Japan Index.
 

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