美洲運輸-2022年9月的月度馬賽克

_+1(212)357-4913|jordan.alliger@+1(212)357-4913|jordan.alliger@GoldmanSachs&Co.LLC+1(212)357-4445|andrzej.tomczyk@GoldmanSachs&Co.LLC+1(801)744-3761|paul.x.stoddard@GoldmanSachs&Co.LLC1.Majoreconomiesareseeingmanufacturingcontraction;U.S.ISMstillexpanding,butattheslowestpacesinceMay2020.TheU.S.manufacturingeconomyremainsinexpansionaryterritorywithISMreadingabove50againinSeptember,buttheindicatedpaceofexpansionistheslowestseensinceMay2020aswecloseinoncontractionaryterritory(Exhibit2).NewmanufacturingordersintheU.S.rolledbackintocontractioninSeptember,markingthethirdreadinginfourmonthstoseelevelsbelow-50(Exhibit3).Atthesametime,ChinamanufacturingcontractedfasterinSeptemberversusAugust(Exhibit7-Exhibit8)whileEurozonesawitsthirdconsecutivemonthofreadingsbelow50(Exhibit9).Ontheotherhand,manufacturingturnedslightlyexpansionaryinMexicoinSeptember(albeitonlyslightlyabove-50;Exhibit10).Thelatestreadingsfordurableandnon-durablegoodsindustrialproductionstillindicated?rmYoYgrowth(Exhibit6),butwethinkthegeneralslowinginmanufacturingandcontractingneworderswilleventuallyimpactnumbersheretoo—especiallyinthecontextofperpetuallycontractingwarehousecapacity(Exhibit5),whichindicatesinventorylevelsarealreadyhigh(andsalesarenotkeepingpacewithinventoriesaspertherisingU.S.inventory-to-salesratio;Exhibit12).2.TruckingspotratesdeceleratedfurtherinSeptember(-40%YoY)andpreliminarynetclass8orderssurged,implyingmorecapacitytocome.Dryvanspottruckingratesdeceleratedfrom-35%YoYonaverageinAugustto-40%YoYinSeptember(Exhibit35),butcontractrateswerestillstrongat+7.4%YoYinthemostrecentupdate(aspertheCASSTruckloadLinehaulIndex;Exhibit36).Thelatestnetclass8truckordernumberswereunusuallystrongasOEMsopeneduptheir2023orderbooksearlier-than-normal(usuallyOctober);butevenafterapplyingOctoberseasonalitytoactualSeptemberorders(53.7k),theleveloforderingmorethandoubledthe10-yraveragemonthlyorderrate(SAprelimnetordersat43.8kvs~25kaverage;Exhibit37)—potentiallyasignthatcapacitycouldriseinthecomingyear.Wedonotethattruckmarketconditionswerestillconsidered“tight”inAugust,withtheLoad-to-Vanratiomoderatingfurtherbutstillabove‘3’(Exhibit32);however,iftrendscontinueandpeakseasondemandindicatessignsofslowing(asperFDX’sFQ1resultsandcommentary),wecouldseethemarketlooseningfurtherGoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.__throughthroughyear-end.WestillseeopportunityforimprovementontherailsideoftheequationdespitesomevolumeslowdowninSeptember,whichwaspartlyduetovolumegatingthatoccurredaheadofthepotentialstrikethatultimatelydidnotmaterialize(Exhibit13);whilenosub-sectoroftransportationisimmunetoabroaderslowdown,railservicemetricshaveimprovedofftroughlevels(Exhibit20-Exhibit22)andtherelativelyeasyvolumesetupasrailvolumeswerenegativein2H21.3.Oceancontainerratesweredown80%YoYinSeptemberwhileairratesweredown17%;looseningsupplychains/demandkeepspressureonthedownside.Supplychaincongestionhaseasedconsiderablywhencomparedtothebeginningoftheyear(i.e.,ourSupplyChainCongestionScaleaverageda‘5’inSeptemberversus‘10’inJanuary)andpricingforfreightforwardinghasfollowedsuit.OceancontainerratesfromChinatotheU.S.WestCoastfellto$2.9kbytheendofSeptember—afarcryfromthe$20kratesseenaroundthesametimelastyear(Exhibit24)—andourrecentanalysissuggestspricingcouldstillmovelower.Airrateshavealsofallenfromhighs(Exhibit27),butwethinkstillslow-to-returnbellycapacity(i.e.,internationaltravelwasstilldown22%vs2019,accordingtoBig3Airlines’passengerdata)couldkeeptheprice?oorhigherinthenear-term.Furthermore,importsintotheWestCoastportshavelaggedtypicalseasonalityforthreestraightmonths(Exhibit23),re?ectingsomeslowingoffrecenthighsas1H22WestCoastimportswerealreadyup40%versusthepre-CovidyearaveragebasedonTEUs.Onstocks:Althoughconsumerrestock/replenishmenttrends(duetoalreadyhighinventoriesandsomeshippersfront-loadingimports)portendpeakseasontraf?cthatshouldbelessvolatilethanlastyear,wethinktherailshaveagoodopportunitytocapturevolumethroughputinthefaceofnormalizingsupplychains.Withincreasedcrewcountsreportedin2Qandmoretocomein3Q,thegapbetweencapacityanddemandshouldcontinuetonarrow,whichshouldenablebetterthroughput.WecontinuetoexpectLTLoperatorstopositivelybene?tfromthegenerallylater-cycleindustrialeconomyrelativetoTL,whichismoreretail/consumer-orientedintermsofloads;however,aweakeningconsumerwilleventuallyhitindustrialloadsaswell(weestimatea4-8monthlag).Broadlyspeaking,wenotethatassetlightlogisticsplayerstendtobebetterlatecycleperformers,giventheirassetlightnatureto?excostsandmaintainmoreresilientmargins.Aswemovefurtherinto2H22,ourfavoriteassetlightnamestoownareCHRWandJBHT.Andonparcel—despitethemarcooutlookweakness,westillbelievethelongertermstoryremainsintact.Weexpectbothparcelsnamestobene?tfromthehighermarginB2Basweseeindustrialproductionremain?rmfortheremainderof2022aswellasB2Cstickinesswithe-commerceseculargrowth.October2__CategoryCurrentMonthCurrentYoYPriorYoYSequentialChangeTruckTruckstopVanRates(ex-fuel)$1.41September(40.0%)(34.7%)(3.4%)Class8TruckNetOrders(Preliminary;SA)43,800September38.4%(44.4%)87.8%CASSFreightShipmentsIndex278August3.6%%6.6%Airfreight&LogisticsHKAirportLoadedTonnage224,000August(22.4%)(17.7%)(2.6%)AAPAFTK(FreightTonKilos)5,513August(7.9%)(11.6%)0.4%"Big3"WestCoastPortsInboundLoadedContainers875,976August(11.6%)(1.7%)(5.9%)Rail(NorthAmerica)IntermodalCarloads1,358,304September(2.4%)(0.9%)(5.3%)EconomicallySensitiveCarloadsSeptember(1.2%)(0.6%)(4.3%)EconCurrentPriorSequentialChangeUSPMI50.9September50.952.8(1.9)ChinaPMISeptember49.5(1.4)October3_Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-14Jan-15Jan16Jan_Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-14Jan-15Jan16Jan17Jan-18Jan-19Jan-20Jan-21Jan-22Mar/Apr18Sep/2018Dec/2018Mar/2019Jun/2019Sep/2019Dec/2019Mar/2020Jun/2020Sep/2020Dec/2020Mar/2021Jun/2021Sep/2021Dec/2021Mar/2022Jun/2022Sep/2022Aug/2022Jun/2022Apr/2022Feb/2022Dec/2021Oct/2021Aug/2021Jun/2021Apr/2021Feb/2021Dec/2020Oct/2020Aug/2020Jun/2020Apr/2020Feb/2020Dec/2019Oct/2019Aug/2019Jun/2019Apr/2019Feb/2019Dec/2018Oct/2018Jul/Aug18Mar/Apr18Sept-Dec176570656060555555505045504045453040240ISMIndexISMNewOrdersISMIndex7060706075705065406030552050454045400October4_YoYJan14Jan-15Jan16Jan17Jan-18Jan19Jan-20Jan-21Jan-22Jan14Jan-15Jan-16Jan17Jan-18Jan-19Jan-20Jan-_YoYJan14Jan-15Jan16Jan17Jan-18Jan19Jan-20Jan-21Jan-22Jan14Jan-15Jan-16Jan17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-14Jan-15Jan16Jan17Jan18Jan-19Jan-20Jan-21Jan-22Jan14Jan-15Jan-16Jan17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-19Mar-19Jul9Sep19ovJan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-2240%35%30%25%20%15%10%5%0%-5%-20%-25%-30%IPDurableIPNonIPDurables5856545250484644424038ChinaPMI;Manufacturing707065556055505550454540403530353030EuroAreaPMI:ManufacturingChinaPMIEuroAreaPMI:Manufacturing60555045403530MexicoPMI:Manufacturing60.0%50.0%40.0%30.0%20.0%10.0%0.0%10.0%-20.0%RetailSalesRetailSales(ex-autoandfuel)October5Jan-20Jan-21Jan-22_I/SRatioOctober6_202220222019_20222022201920202022Intermodal800000TotalIntermodal800000420,000750000400750000380,000700000360,000650000340,000650000600000320,000600000300,000550000280,0005000002500000Q201920202Q5yearaverageQ201920202Q5yearaverage4Q20215yearaverage2019202020212022Ex-Intermodal400,000EconomicallyEx-Intermodal400,000650380,000600360,000550340,000550320,000500300,000450280,000450260,000400240,000350220,0003502Q5yearaverageQ201920202Q5yearaverageQ201920204Q20215yearaverage2019202020212022AutosIAutos2403200022027000200220000070002Q5year2Q5yearaverageQ4Q20212Q3Q4Q5yearaverage2019202020212022October7__Coal1200001000009000080000700006000050000400002Q3Q4Q5yearaverage2019202020212022October8_MPH13579Hours13579_MPH13579Hours13579MPH1357921232527291357941434547491135792123252729135794143454749125252424232322222127262524232221EasternRails028262422205-yrAvg129272523215-yrAvgCSXTrainSpeedNSCCSXTrainSpeed27252321201920192123252729135794143454749120212022202113579135795-yrAvg212325272913579414345474912019202020212022CSXTrainDwellNSCCSXTrainDwell212325272913Week20192020201957941434547491202120222021Hours1357Hours1357921129272523215-yrAvg2019232325272913Week202057941434547491202120222021CSXVelocity/Dwell,4-WkMovingAverageNSCCSXVelocity/Dwell,4-WkMovingAverage21202028282727262625WeekVelocityWeekVelocity(leftaxis;mph)Dwell(rightaxis;hours)Velocity(leftaxis;mph)Dwell(rightaxis;hours)October9_MPH135792123252729_MPH1357921232527291357941434547491MPH1357921232527291357941434547491Hours1357921232527291357941434547491Hours135792123252729135794143454749113579212325272913579414345474911357921232527291357941434547491WesternRailsKSUTrainSpeedUNPKSUTrainSpeed0029282627252423242325222421Week5-Week5-yrAvg20192020202120225-yrAvg201920205-yrAvgKSUTrainDwellUNPKSUTrainDwell3312927252331292725232121WeekWeekWeek20192020202120225-yrAvg5-yrAvg2019202020192020202120225-yrAvg262525242423UNPVelocity/Dwell,4-WkMovingAverage27262625252424232322WeekVelocity(leftaxis;mph)Dwell(rightaxis;hours)2828272726262525242423KSUVelocity/Dwell,4-WkMovingAverage222221212020WeekVelocity(leftaxis;mph)Dwell(rightaxis;hours)October10_MPH13579212325272913_MPH1357921232527291357941434547491MPH1357921232527291357941434547491Hours1357921232527291357941434547491Hours135792123252729135794143454749113579212325272913579414345474911357921232527291357941434547491CanadianRailsCPTrainSpeedCNCPTrainSpeed002825282426232422242221222020Week5-yrAvgWeek5-yrAvg20192020202120225-yrAvg2019202120222020CPTrainDwellCNCPTrainDwell262422205-yrAvg2019Week2020202120222422205-yrAvg2019Week202020212022CPVelocity/Dwell,4-WkMovingAverageCNVelocity/Dwell,4-WkMovingAverage2726262525242423222120WeekVelocity(leftaxis;mph)Dwell(rightaxis;hours)26252423222120222120WeekVelocity(leftaxis;mph)Dwell(rightaxis;hours)October11_YoYJan-20Jan-21Jan-22JanFebMarApr_YoYJan-20Jan-21Jan-22JanFebMarAprMayJunJulAugSepOctNovDecSep19Oct-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Jan-20Jan-21Jan-22$22,500$22,500$20,500$18,500$16,500$14,500$12,500$10,500 $8,500 $6,500 $4,500 $2,500$50090%80%70%60%50%$2,9514$2,95130%20%%-20%-30%-40%2019202020212022BigThree(PortofLA,LongBeach&Oakland)InboundLoadedContainers20192020202120229550.0%9585858083828078767630.0%737573757071716762656265586062616361600.0%5655565550515253484948434345464444-30.0%45454140-50.0%35FTKYoY%ATKFTKYoY%October12JanFebMarAprMayJunJulAugSepOctNovDecYoY%Jan-JanFebMarAprMayJunJulAugSepOctNovDecYoY%Jan-14Jan15Jan16Jan17Jan18Jan19Jan-20Jan-21Jan-22_60%50%40%30%10.0020%10%0%4.00-20%-30%0.00Unloaded16.0014.0012.008.006.00Loaded20212022201920202.00October13_Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09_Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Apr-11Aug3Mar-14Oct-14May-15Apr-18Jan-20Aug-20Mar-21Oct-21May-22YoYJan-20Jul-20Jan-21Jul-21Jan-22Jul-22JanFebMarAprMayJunJulAugSepOctNovDec40.0%30.0%20.0%10.0%0.0%-20.0%-30.0%40.0%30.0%20.0%10.0%0.0%-20.0%-30.0%15.0%10.009.00Above315.0%10.009.0010.0%8.007.0067.006.000.0%5.004.004.003.002.001.001.000.003-YearAverage2019202020212022ATATruck3-YearAverage2019202020212022October14JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarMayJunJulAugSepOctNovDec($JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarMayJunJulAugSepOctNovDec($permile)JanFebMarMayJunJulAugSepOctNovDec20152016201720182019202020212022_350300250200150100500100908070605040302020192020202120225-yrAvg2019202020212022$3.00$2.80$2.60$2.40$2.20$2.00$1.80$1.60$1.40$1.20$1.00201920202021202220.0%15.0%10.0%5.0%0.0%-5.0%October15_Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan16Jan_Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan16Jan17Jan18Jan19Jan-20Jan-21Jan-22Jan16Jan17Jan18Jan19Jan-20Jan-21Jan-22Can/GrossOrdersJan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22CanceledUnitsJan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-2220.0070,00018.0060,000560,00050,000NetOrdersAveragePeakLevel:~50,00014.0012.0040,00010.0030,000230,00020,00010,0006.004.00NetNetOrdersAverageTroughLevel:~12,000-0.00-NetOrdsBL/BLD10yrNetOrdsBL/BLD10yravg34,00029,00024,00019,00014,0009,0005.004.504.003.503.002.502.004,0001.50Build10yrBuild10yravg10yravg100%1100%90%95%20,500195%20,50015,50010,5005,50050090%85%70%60%50%40%30%20%10%0%80%CancelCan/GrossCancelOctober16__We,JordanAlliger,AndrzejTomczykandPaulStoddard,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespeci?crecommendationsorviewsexpressedinthisreport.Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.TheGoldmanSachsFactorPro?leprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspeci?cmetricsforeachstock.Thenormalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthe?scalyear,industryandregion,butthestandardapproachisasfollows:Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(for?nancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompanyFinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(for?nancialstocks,onlyROE),withahigherpercentileindicatingacompanywithhigher?nancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,fornancialstocksonlyPEPBandPDwithahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturnspercentileand(100%-Multiplepercentile).FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthe?scalyear-endatleastthreequartersinthefuture.Growthusesinputsforthe?scalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).ForamoredetaileddescriptionofhowwecalculatetheGSFactorPro?le,pleasecontactyourGSrepresentative.Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailed?nancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.achsInvestmentResearchglobalEquitycoverageuniverseRatingDistributionInvestmentBankingRelationshipsBuy50%Sell15%BuyBuy50%Sell15%Buy65%Hold35%Sell45%Global58GlobalAsofJuly1,2022,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson3,132equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellforthepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelatedde?nitions’below.TheInvestmentBankingRelationshipschartre?ectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovidedinvestmentbankingserviceswithintheprevioustwelvemonths.Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanof?cer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.Distributionofratings:Seethedistributionofratingsdisclosureabove.Pricechart:Seethepricechart,withchangesofratingsandpricetargetsinOctober17__priorperiods,above,or,ifelectronicformatorifwithrespecttomultiplecompanieswhicharethesubjectofthisreport,ontheGoldmanSachswebsiteat/research/hedge.html.Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaf?liatesarenotauthoriseddeposit-takinginstitutions(asthattermisde?nedintheBankingActCthinAustraliaanddonotprovidebankingservicesnorcarryonabankingbusinessinAustraliaThisresearchandanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.Inproducingresearchreports,membersoftheGlobalInvestmentResearchDivisionofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespeci?ccircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsany?nancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,?nancialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,?nancialsituationandneeds.copyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachsAustralianSellSideResearchIndependencePolicyStatementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailable