October 1, 2019 Korea Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) Motors (000270/Trading Buy/TP: W53,000) Downgrade rating, but KOSPI 2,063.05 13.12 0.64 raise TP KOSPI 200 273.55 2.22 0.82 Reasons for outperformance KOSDAQ 621.76 -5.17 -0.82

Turnover ('000 shares, Wbn) Volume Value SK Hynix (000660/Buy/TP: W110,000) Raise TP KOSPI 318,646 3,608 Likely to fare better than feared KOSPI 200 54,017 2,465 KOSDAQ 730,702 3,553

Market Cap (Wbn) Value KOSPI 1,379,384 KOSDAQ 218,426

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,291 1,292 0 Institutional 854 773 81 1,529 1,628 -98

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 336 390 -54 Institutional 121 175 -53 Retail 3,125 3,008 117

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,109 1,016 93 KOSDAQ 310 363 -53

Advances & Declines Advances Declines Unchanged KOSPI 349 477 65 KOSDAQ 355 890 64

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 49,050 650 448 KODEX KOSDAQ150 8,940 35 201 INVERSE Hynix 82,200 800 197 Hwacheon Machinery 4,870 970 179 Works KODEX Leverage 12,255 175 173

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value HLB 60,400 13,900 193 ViroMed 66,300 -7,100 170 Maniker F&G 19,050 3,100 168 KMW 72,900 -2,600 106 JC Chemical 7,130 770 102 Note: As of September 30, 2019

This document is a summary of a report prepared by Mirae Asset Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose.

Kia Motors (000270 KS) Reasons for outperformance

Auto Reasons for outperformance of Kia’s shares Company Report Shares of Kia Motors (Kia) have performed strongly over the past year, displaying October 1, 2019 resilience even during periods when the overall automotive sector has come under pressure. Indeed, Kia has outperformed other major automotive stocks. We attribute the outperformance to several factors: Global market share growth: In 2019, Kia’s global market share in retail sales terms (Downgrade) Trading Buy has remained at a three-year high. Given unusually weak automotive demand, we believe market share gains (rather than sales volume changes) are driving share prices. Target Price (12M, W) ▲ 53,000 Strong performance in the US: Sales volume and utilization in the US sharply increased in 1H19, supported by Telluride sales. While the US automotive industry’s Share Price (09/27/19, W) 45,350 average incentive payments rose, the firm’s average incentive payments declined.

Expected Return 17% Product mix improvement: Kia’s product mix has been improving, led by Telluride. The share of SUVs/light trucks in the product mix has increased 10%p over the past two years, fueling expectations for margin improvement. OP (19F, Wbn) 2,109 Consensus OP (19F, Wbn) 2,086 Other: The won’s persistent weakness has boosted earnings, while lower end-quarter US$/W rates have helped limit warranty expenses. Moreover, we believe Kia looks EPS Growth (19F, %) 95.5 more compelling than global peers due to its high exposure to the resilient US auto Market EPS Growth (19F, %) -28.2 market and low exposure to the shrinking Chinese market. P/E (19F, x) 8.1 Market P/E (19F, x) 13.0 Favorable environment and business competitiveness KOSPI 2,049.93 We expect Kia’s share price momentum to remain intact in 2H19. Ordinary wage dispute-related uncertainties have eased (with related provisions being reversed in Market Cap (Wbn) 18,383 1Q19), and a favorable comparison owing to the absence of labor strikes in 3Q19 has Shares Outstanding (mn) 405 also raised expectations for earnings. In addition, we believe new model effects began Free Float (%) 62.0 to materialize in 3Q19. Foreign Ownership (%) 43.0 Beta (12M) 0.75 New model effects: We believe new model effects were the primary driver of share 52-Week Low 27,000 price momentum in 3Q19 (vs. favorable market conditions in 2Q19). In Korea, we see 52-Week High 46,400 volume effects and mix improvements from the Seltos, Mohave, and new K5. In the US, we believe solid sales of the Seltos, K7, and Niro are helping to stabilize incentives at a (%) 1M 6M 12M lower level. We believe Kia’s 2H19 new model lineup puts it ahead of competitors. Absolute 8.5 31.1 28.7 Relative 1.9 37.2 47.8 Earnings momentum in : The Indian plant is likely to break even faster than expected. The Seltos drew 22,000 pre-orders only three weeks after pre-orders started 150 Kia Motors KOSPI in July. Kia should achieve its annual production goal of 52,000 units in 2019 and

130 300,000 units within three years. The Modi administration’s business-friendly policies (e.g., the recent corporate tax cuts) should drive demand growth over the medium and 110 long term. 90 Downgrade to Trading Buy, but lift TP to W53,000 70 9.18 1.19 5.19 9.19 We raise our target price on Kia by 20% to W53,000, which corresponds to a target multiple of 9x our 12-month forward EPS estimate. However, we downgrade our rating Mirae Asset Daewoo Co., Ltd. to Trading Buy to reflect the limited upside following recent share price gains.

[ Autos] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 52,713 53,536 54,170 55,427 56,313 58,504 Minkyung Kim +822-3774-1732 OP (Wbn) 2,461 662 1,157 2,109 2,272 2,447 [email protected] OP margin (%) 4.7 1.2 2.1 3.8 4.0 4.2

NP (Wbn) 2,755 968 1,156 2,260 2,520 2,835 EPS (W) 6,795 2,388 2,852 5,575 6,217 6,994 ROE (%) 10.8 3.6 4.3 8.0 8.3 8.6

P/E (x) 5.8 14.0 11.8 8.1 7.3 6.5 P/B (x) 0.6 0.5 0.5 0.6 0.6 0.5 Dividend yield (%) 2.8 2.4 2.7 2.0 2.0 2.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

October 1, 2019 Kia Motors

Table 1. Earnings forecast revisions (Wbn, %) Revised Previous % chg.

2019F 2020F 2019F 2020F 2019F 2020F Revenue 55,427 56,313 55,569 56,313 -0.3 0.0 Operating profit 2,109 2,272 1,395 1,671 51.2 36.0 OP margin 3.8 4.0 2.5 3.0 - - Pretax profit 2,987 2,987 2,101 2,452 42.2 21.8 Net profit 2,260 2,520 1,786 2,085 26.5 20.9 Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research

SK Hynix (000660 KS ) Likely to fare better than feared

Technology Raise TP by 10% to W110,000 Company Report We revise up our 2020 operating profit forecast for SK Hynix by 17.7% to W7.3tr (from September 30, 2019 W6.2tr) and see further upside to our forecast in light of: 1) potential price hikes arising from inventory normalization at customers; 2) the likely revaluation of inven tory assets; and 3) lower fixed costs. We believe that the profit structure adjustments made during the semiconductor down cycle have positioned SK Hynix to boost profitability going forward. We raise our target price on SK Hynix by 10% to W110,000 (from W100,000). (Maintain) Buy Rising share of Android smartphones Target Price (12M, W) ▲ 110,000 The non-iOS camp, including (SEC; 005930 KS/Buy/TP: W56,000/CP: W49,100) and Huawei, has been expanding its share of the global Share Price (09/27/19, W) 81,400 smartphone market. Notably, the average DRAM content per device for Huawei’s smartphone models (targeting ) is 6GB, nearly double that of iPhones (3.1GB). Expected Return 35% Despite the stagnation (or slight decline) of overall smartphone sales volume, we believe the uptrend in content per device and the rising share of Android smartphones

are offsetting the impact of slowing smartphone sales volume. OP (19F, Wbn) 2,911 Consensus OP (19F, Wbn) 2,870 Arrival of server replacement cycle

EPS Growth (19F, %) -85.7 According to International Data Corporation (IDC), the optimal server replacement Market EPS Growth (19F, %) -28.2 cycle (factoring in total cost of ownership) is 3.2 years on average. We forec ast that replacement demand from globa l data centers will begin to pick up full swing in early P/E (19F, x) 26.6 2020. And even based on conservative estimates (without taking aggressive new Market P/E (19F, x) 13.0 investments into account), server demand will likely continue to expand into 2021. KOSPI 2,049.93

Market Cap (Wbn) 59,259 Inventory revaluation likely Shares Outstanding (mn) 728 SK Hynix has set aside provisioning against inventory valuation losses since 4Q18, Free Float (%) 73.5 mainly due to the high cost ratio of the M15 fab (initial operation) and a decline in Foreign Ownership (%) 51.5 NAND ASP. Starting in 4Q19, we expect the fab’s costs to decline and NAND ASP to Beta (12M) 1.37 recover. And from 2Q20, we project that NAND ASP will pick up sharply and cost per bit 52-Week Low 57,700 will plunge, leading to a revaluation of inventory assets. 52-Week High 84,300 Potential for higher operating leverage effects (%) 1M 6M 12M We expect to see only modest quarterly capex until 3Q20, when investments in new Absolute 11.5 10.9 8.5 equipment will likely begin full swing. As such, depreciation expenses per bit should Relative 4.7 16.1 24.7 steadily decline through end-2020, leading to sharp margin improvements. In addition , a rise in ASP could further boost profit growth. 110 SK Hynix KOSPI 100

90

80

70

60 9.18 1.19 5.19 9.19

Mirae Asset Daewoo Co., Ltd.

[ Semiconductors ] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 17,198 30,109 40,445 25,252 29,536 34,548 Young -gun Kim +822 -3774 -1448 OP (Wbn) 3,277 13,721 20,844 2,911 7,256 9,033 [email protected] OP Margin (%) 19.1 45.6 51.5 11.5 24.6 26.1

NP (Wbn) 2,954 10,642 15,540 2,229 5,314 6,595 EPS (W) 4,057 14,617 21,346 3,061 7,299 9,059 ROE (%) 13.0 36.8 38.5 4.7 10.5 11.9

P/E (x) 11.0 5.2 2.8 26.6 11.2 9.0 P/B (x) 1.3 1.6 0.9 1.2 1.1 1.0 Dividend Yield (%) 1.3 1.3 2.5 1.8 1.8 1.8 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research Key Universe Valuations October 1, 2019

※All data as of close September 27, 2019, unless otherwise noted.

19F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 19F 20F 19F 20F 19F 20F 19F 20F 19F 20F 005930 Samsung Electronics 292,818 49,050 2.9 -53.2 36.9 -46.5 33.3 15.2 11.4 1.3 1.2 8.8 10.9 000660 SK Hynix 59,842 82,200 1.8 -86.0 149.3 -85.7 138.4 26.9 11.3 1.2 1.1 4.7 10.5 005380 Hyundai Motor 28,632 134,000 3.0 67.7 4.7 142.3 10.8 10.3 9.3 0.5 0.5 5.2 5.5 035420 NAVER 25,876 157,000 0.2 -23.3 105.7 -50.8 169.4 81.1 30.1 3.8 3.4 5.9 14.5 012330 24,017 252,000 1.6 10.3 7.8 25.4 8.8 10.4 9.5 0.7 0.7 7.4 7.4 051910 LG Chem 21,142 299,500 2.0 -50.7 85.8 -60.7 131.6 40.5 17.5 1.3 1.3 3.4 7.5 068270 Celltrion 21,047 164,000 - - - - 0.0 0.0 051900 LG H&H 20,413 1,307,000 0.8 12.8 9.7 16.5 10.7 25.7 23.2 5.6 4.8 20.3 19.1 055550 19,822 41,800 14.3 5.4 11.3 0.9 5.6 5.6 0.5 0.5 9.3 8.6 005490 POSCO 19,791 227,000 4.4 -21.1 -1.8 55.3 -0.7 7.5 7.6 0.4 0.4 5.9 5.7 017670 SK Telecom 19,500 241,500 4.1 11.4 3.3 -58.6 71.4 15.1 8.8 0.8 0.7 5.7 9.3 000270 Kia Motors 18,485 45,600 2.0 82.2 7.7 95.5 11.5 8.2 7.3 0.6 0.6 8.0 8.3 105560 KB Financial Group 17,853 42,700 10.3 4.1 12.6 3.2 5.2 5.0 0.5 0.4 9.3 8.9 028260 Samsung C&T 17,015 89,700 2.2 -16.8 41.4 -39.5 16.8 16.6 14.2 0.6 0.5 4.2 4.1 015760 KEPCO 16,627 25,900 - 305.3 - - - 27.1 0.2 0.2 - 0.9 096770 SK Innovation 15,349 166,000 4.8 -37.5 28.9 -60.6 85.6 23.9 12.9 0.8 0.8 3.6 6.5 006400 Samsung SDI 15,334 223,000 0.4 2.2 50.9 0.7 42.2 22.2 15.6 1.2 1.1 5.7 7.6 018260 Samsung SDS 14,740 190,500 1.3 13.6 15.8 13.2 15.8 20.7 17.9 2.2 2.0 11.3 12.0 033780 KT&G 14,484 105,500 4.0 12.8 5.6 17.5 5.1 13.7 13.0 1.6 1.5 12.7 12.6 034730 SK Holdings 14,354 204,000 2.5 3.5 23.6 -50.2 14.0 12.9 11.3 0.8 0.7 6.5 6.9 032830 Samsung Life 14,220 71,100 - - - - 0.0 0.0 003550 LG Corp. 12,079 70,000 3.3 17.2 15.4 5.5 15.6 6.3 5.4 0.6 0.6 10.5 11.1 036570 NCsoft 11,438 521,000 1.2 4.9 73.6 31.4 51.5 20.8 13.7 3.5 2.9 21.3 26.5 035720 11,355 135,500 0.1 184.9 132.6 205.6 127.5 72.3 31.8 2.1 2.0 3.0 6.5 010950 S-Oil 11,191 99,400 1.3 10.0 148.5 39.0 265.3 32.3 8.8 1.7 1.5 5.4 17.7 066570 LG Electronics 11,030 67,400 1.1 -9.9 29.6 -17.1 79.5 11.9 6.6 0.8 0.7 6.9 11.4 086790 10,584 35,250 11.5 6.2 9.6 8.5 4.3 4.0 0.4 0.3 9.0 8.9 000810 Samsung F&M 10,565 223,000 - - - - 0.0 0.0 009540 KSOE 8,776 124,000 - 215.7 - 27.2 215.0 169.0 0.7 0.7 0.3 0.4 010130 Korea Zinc 8,454 448,000 2.5 14.1 2.3 26.3 -2.0 12.7 13.0 1.2 1.2 10.2 9.3 090430 AmorePacific 8,213 140,500 0.8 -15.7 30.9 -9.8 31.4 27.4 20.9 2.1 2.0 6.6 8.1 251270 8,102 94,500 16.8 50.4 24.2 35.1 34.2 25.3 1.7 1.6 5.3 6.7 011170 Lotte Chemical 8,089 236,000 4.4 -35.3 21.0 -39.4 30.8 8.5 6.5 0.6 0.6 7.3 9.0 009150 Samsung Electro-Mechanics 7,693 103,000 1.1 -32.5 17.1 -1.3 -8.2 12.3 13.4 1.4 1.3 12.5 10.3 024110 7,589 13,200 6.0 3.0 3.9 2.0 4.8 4.7 0.4 0.4 8.5 8.1 091990 Celltrion Healthcare 7,253 50,400 - 214.5 745.0 180.7 75.0 26.7 4.0 3.6 5.7 14.8 030200 KT 7,168 27,450 4.0 9.5 1.0 18.2 5.3 8.8 8.4 0.5 0.5 6.0 6.0 018880 Hanon Systems 6,406 12,000 - - - - 0.0 0.0 032640 LG Uplus 5,960 13,650 4.8 -13.0 8.7 -18.0 12.3 15.1 13.4 0.8 0.8 5.7 6.2 086280 5,850 156,000 2.1 13.5 4.6 23.2 21.9 10.9 8.9 1.2 1.1 11.9 13.1 267250 5,692 349,500 5.3 78.7 2.1 154.0 4.5 8.3 8.0 0.7 0.6 8.6 8.5 Holdings 004020 5,191 38,900 1.9 6.1 22.5 53.1 31.9 8.5 6.4 0.3 0.3 3.5 4.3 000720 Hyundai E&C 5,156 46,300 1.1 22.4 10.8 49.0 7.3 9.1 8.5 0.8 0.7 8.9 8.9 034220 LG Display 5,063 14,150 ------0.4 0.4 - - 010140 4,964 7,880 - - - - - 40.0 0.7 0.7 - 1.9 071050 Korea Investment Holdings 4,196 75,300 - - - - 0.0 0.0 029780 Samsung Card 4,072 35,150 -16.3 3.1 2.8 4.1 11.5 11.0 0.6 0.6 1.5 1.5 271560 Orion 3,890 98,400 0.6 5.1 9.8 42.5 12.5 19.5 17.4 2.4 2.1 13.2 13.1 047810 Korea Aerospace 3,811 39,100 0.5 72.1 -6.3 265.3 -18.9 18.2 22.5 3.2 2.8 18.9 13.3 004990 3,803 36,250 2.2 91.0 11.9 198.2 20.3 7.0 5.8 0.4 0.4 7.5 8.3 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data October 1, 2019

※All data as of close September 30, 2019, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 417.35 -6.13 -1.45 -2.70 USD/KRW 1,201.30 1,199.10 1,215.20 1,112.70 KOSPI 2,063.05 13.12 0.64 2.64 JPY100/KRW 1,113.40 1,112.13 1,140.66 981.17 KOSDAQ 621.76 -5.17 -0.82 -7.11 EUR/KRW 1,314.64 1,309.36 1,343.83 1,294.57 Dow Jones* 26,820.25 -70.87 -0.26 14.97 3Y Treasury 1.30 1.30 1.17 2.01 S&P 500* 2,961.79 -15.83 -0.53 18.00 3Y Corporate 1.80 1.81 1.69 2.45 NASDAQ* 7,939.63 -91.03 -1.13 19.11 DDR4 8Gb* 3.19 3.20 3.46 7.27 Philadelphia Semicon* 1,542.87 -37.23 -2.36 32.40 NAND MLC 64G* 2.35 2.35 2.47 2.99 FTSE 100* 7,426.21 75.13 1.02 10.28 Oil (Dubai)* 62.07 61.73 58.07 80.36 Nikkei 225 21,755.84 -123.06 -0.56 11.22 Gold* 1,499.10 1,507.90 1,541.00 1,182.30 Hang Seng* 25,954.81 -87.12 -0.33 3.28 Customer deposits (Wbn)* 25,403 25,920 24,524 27,048 Taiwan (Weighted) 10,829.68 -42.31 -0.39 -99.83 Equity type BC (Wbn)(Sep. 26) 79,180 79,064 77,913 82,612 Note: * as of September 27, 2019 Source: KSDA, FnGuide, DRAMeXchange, MSCI

KOSPI Top 10 Foreign Net Buy / Net Sell (Wbn) KOSPI Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell Samsung Electronics 26.30 Samsung Electronics (P) 19.86 SEMCO 27.41 LG Chem 9.74 Hynix 13.37 Amore Pacific 15.68 Samsung Electronics (P) 17.42 KODEX 200 Futures Inverse 2X 9.16 Samsung Techwin 5.33 Samsung SDI 10.78 KODEX Leverage 16.61 Samsung Electronics 5.89 SEMCO 4.85 Samsung F&M Insurance 9.62 Amore Pacific 5.59 Celltrion 5.88 POSCO 4.61 emart 6.78 Hyundai Heavy Industries 5.08 Tongyang Networks 5.14 SK Energy 4.29 KODEX 200 Futures Inverse 2X 5.21 Shinhan Financial Group 4.09 HyundaiAutoever 4.79 NAVER 3.91 Shinhan Financial Group 5.00 NC Soft 4.07 KODEX Inverse 4.67 Hyundai Motor 3.77 KODEX Leverage 4.34 LG Electronics 3.88 POSCO 4.01 Celltrion 3.27 Hyundai Mobis 3.86 SamwhaCapacitor 3.66 KODEX Kosdaq150 Leverage 3.50 NC Soft 3.13 LG Chem 3.70 3.20 SK Energy 3.45 Source: KSDA, FnGuide

KOSDAQ Top 10 Foreign Net Buy / Net Sell (Wbn) KOSDAQ Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell ViroMed 6.41 Medy-tox 8.75 Medy-tox 2.40 KMW 7.62 Partrion 5.77 HLB 7.33 BH,LTD. 1.38 ViroMed 6.16 Ahn Lab 2.12 LIG ADP 6.43 Systems Technology 1.20 RFHIC 5.34 Koh Young 1.48 Mezzion Pharma 2.89 NHN KCP 1.12 Energy Solutions 4.87 Power Logics 1.47 YG Entertainment 2.35 Wonik IPS 1.07 Esmo 4.42 HFR 1.47 Energy Solutions 2.04 FSN 1.01 SHT-4 SPAC 3.31 OSSTEM IMPLANT 1.16 ABL Bio 2.04 Deutsch Motors 1.00 Nepes AMC 2.81 AP Systems 1.05 SFA Engineering 2.00 OE Solutions 0.99 Se Gyung Hi Tech 2.67 SangSangIn 0.96 Dongjin Semichem 1.98 KH Vatec 0.92 AP Systems 2.28 UniTest 0.92 ANA Pass 1.80 ECHO 0.88 Celltrion Healthcare 2.03 Source: KSDA, FnGuide

KOSPI Top 10 by Market Cap (Wbn) KOSDAQ Top 10 by Market Cap (Wbn) Close (W) Chg (W) Mkt Cap Close (W) Chg (W) Mkt Cap Samsung Electronics 49,050 650 292,818 Celltrion Healthcare 50,400 -600 7,253 Hynix 82,200 800 59,842 CJ ENM 169,400 -2,000 3,715 Samsung Electronics (P) 39,500 200 32,504 KMW 72,900 -2,600 2,898 Hyundai Motor 134,000 500 28,632 PearlAbyss 198,000 -1,000 2,579 NAVER 157,000 1,000 25,876 HLB 60,400 13,900 2,370 Hyundai Mobis 252,000 3,000 24,017 Medy-tox 360,100 -19,800 2,094 LG Chem 299,500 -2,000 21,142 Hugel 385,500 -10,100 2,012 Celltrion 164,000 -2,000 21,047 68,300 -1,000 1,919 LG Household & Health Care 1,307,000 1,000 20,413 SK Materials 166,500 -500 1,756 307,500 -4,000 20,346 Paradise 18,500 -50 1,682 Source: