《resentation to the Automotive News World Congress英文版)》由会员分享，可在线阅读，更多相关《resentation to the Automotive News World Congress英文版)（65页珍藏版）》请在金锄头文库上搜索。
1、Disclosures,Analyst Certification Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange f
2、or expressing specific recommendations or views in this report: Stephen J. Girsky. Important US Regulartory Disclosures on Subject Companies The information and opinions in this report were prepared by Morgan Stanley Equal-weight and Underweight most closely correspond to neutral and sell recommenda
3、tions, respectively. However, Overweight, Equal-weight, and Underweight are not the equivalent of buy, neutral, and sell but represent recommended relative weightings (see definitions below). An investors decision to buy or sell a stock should depend on individual circumstances (such as the investor
4、s existing holdings) and other considerations. Investment Banking Clients are companies from whom Morgan Stanley or an affiliate received investment banking compensation in the last 12 months. Analyst Stock Ratings Overweight (O or Over) - The stocks total return is expected to exceed the average to
5、tal return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis over the next 12-18 months.Equal-weight (E or Equal) - The stocks total return is expected to be in line with the average total return of the analysts industry (or industry teams) coverage universe, o
6、n a risk-adjusted basis over the next 12-18 months.Underweight (U or Under) - The stocks total return is expected to be below the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis, over the next 12-18 months.More volatile (V) - We estimate
7、that this stock has more than a 25% chance of a price move (up or down) of more than 25% in a month, based on a quantitative assessment of historical data, or in the analysts view, it is likely to become materially more volatile over the next 1-12 months compared with the past three years.Stocks wit
8、h less than one year of trading history are automatically rated as more volatile (unless otherwise noted). We note that securities that we do not currently consider more volatile can still perform in that manner.Unless otherwise specified, the time frame for price targets included in this report is
9、12 to 18 months. Ratings prior to March 18, 2002: SB=Strong Buy; OP=Outperform; N=Neutral; UP=Underperform. For definitions, please go to . Analyst Industry Views Attractive (A). The analyst expects the performance of his or her industry coverage universe to be attractive vs. the relevant broad mark
10、et benchmark over the next 12-18 months. In-Line (I). The analyst expects the performance of his or her industry coverage universe to be in line with the relevant broad market benchmark over the next 12-18 months. Cautious (C). The analyst views the performance of his or her industry coverage univer
11、se with caution vs. the relevent broad market benchmark over the next 12-18 months. Other Important Disclosures For a discussion, if applicable, of the valuation methods used to determine the price targets included in this summary and the risks related to achieving these targets, please refer to the
12、 latest relevant published research on these stocks. Research is available throught your sales representative or on Client Link at and other electronic systems. This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circu
13、mstances and objectives of person who receive it. The securities discussed in this report may be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The
14、appropriateness of a particular investment or strategy will depend on an investors individual circumstances and objectives. This report is not an offer to buy or sell any security or to participate in any trading strategy. Morgan Stanley, Morgan Stanley DW Inc., affiliate companies and.or their empl
15、oyees may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from this discussed in this report. Derivatives may be issued by Morgan Stanley or associated persons. (Continued),Disclosures,Morgan Stanley is involved
16、in many businesses that may relate to companies mentioned in this report. These businesses include specialized trading, risk arbitrage and other proprietary trading, fund management, investment services and investment banking. Morgan Stanley makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in this report change apart from when we intend to discontinue resear
