Company report Telecoms, Media & Technology Electrical Equipment Equity – Hong Kong 

AAC Technologies (2018 HK)

Hold Hold: Haptics the only bright spot Target price (HKD) 50.00  Better-than-expected 2H15 Share price (HKD) 49.35 Upside/Downside (%) +1.3  Limited contribution from optical products Dec 2014 a 2015 e 2016 e HSBC EPS (CNY) 1.89 2.47 2.93 HSBC PE 21.5 16.4 13.8  Maintain Hold; TP lifted to HKD50 (from HKD42.2) by rolling Performance 1M 3M 12M the earnings base from 2015e-2016e to 2016e Absolute (%) 1.1 16.0 13.7 Relative^ (%) 0.4 21.2 18.9 Better-than-expected 2H15. 3Q15 net income came in at CNY851mn (EPS: CNY0.69, up 33% QoQ and up 55% YoY) on sales of CNY3.2bn (up 33% QoQ and up 54% YoY). Sales were 15%/15% ahead of our/consensus estimates, while earnings were 21%/16% ahead of our forecast and consensus, mainly driven by higher-than-expected ASP of non- acoustic products, in our view. As a result, AAC managed to maintain operating margin at 29.0%, slightly better than our estimate of 28.7% and consensus of 28.6%. The implied 4Q15 sales guidance is better than consensus but gross margin slightly disappoints. 13 November 2015 Limited contribution from optical business. AAC started to work on lens and voice coil Yolanda Wang* motor (VCM) business since 2010. According to management, the monthly run rate of Analyst HSBC Securities (Taiwan) Corporation lens is about 1mn units with yield rate of 70-75%. This is far below 30+mn for Sunny and Limited 100mn for Largan. Moreover, management believes glass wafer level lens will rise with +8862 6631 2867 increasing adoption rate of dual camera. As optical is not AAC’s core competence and yolandayywang@hsbc.com.tw requires much higher precision than acoustic, we believe the company will climb a steep Joyce Chen* Analyst learning curve before optical will make meaningful contribution to AAC. HSBC Securities (Taiwan) Corporation Limited Valuation and risks. To reflect better-than-expected non-acoustic product growth and +8862 6631 2862 higher adoption of speaker box, we revise up our 2015e/16e sales by 3%/11% to [email protected] CNY11.6bn/13.8bn and 2015e/16e EPS by 5%/12% to CNY2.47/CNY2.93. We derive our TP of HKD50 by rolling over our earnings base from the average of 2015e and 2016e to View HSBC Global Research at: 2016e, as we are close to the end of 2015 and applying an unchanged multiple of 14x. This http://www.research.hsbc.com is where AAC traded in the middle of the product cycle. Upside risks: a sudden change in *Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not spec upgrade from its major customers and better-than-expected demand. Downside risks: registered/qualified pursuant to FINRA regulations market share decline in major customers and a lower-than-expected yield rate. Issuer of report: HSBC Securities (Taiwan) Corporation AAC: Financials and valuation Limited Revenue Cons revenue EPS Con EPS P/E ROE Div yield Disclaimer & (CNYm) (CNYm) (CNY) (CNY) (x) (%) (%) Disclosures 2014a 8,879 NA 1.89 NA 21.5 27.1 2.4 2015e 11,560 11,058 2.47 2.41 16.4 30.0 2.5 This report must be read 2016e 13,844 12,775 2.93 2.79 13.8 29.4 2.9

with the disclosures and Source: Company data, HSBC estimates the analyst certifications in the Disclosure appendix, ^Index HANG SENG INDEX Enterprise value (CNYm) 50,199 and with the Disclaimer, Index level 22,889 Free float (%) 50%% RIC 2018.HK Market cap (USDm) 7,818 which forms part of it Bloomberg 2018 HK Market cap (HKDm) 60,602

Source: HSBC Source: HSBC AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Financials & valuation

Financial statements Key forecast drivers Year to 12/2014a 12/2015e 12/2016e 12/2017e Year to 12/2014a 12/2015e 12/2016e 12/2017e Profit & loss summary (CNYm) Dynamic components 6,015 6,209 7,082 7,375 Microphone 836 984 1,130 1,244 Revenue 8,879 11,560 13,844 15,731 Vibrator 1,091 3,114 3,815 4,932 EBITDA 2,599 3,333 4,007 4,549 Others 937 1,253 1,817 2,181 Operating profit/EBIT 2,599 3,333 4,007 4,549 Total sales 8,879 11,560 13,844 15,731 Net interest -14 -19 -22 -22 PBT 2,581 3,366 3,979 4,522 HSBC PBT 2,581 3,366 3,979 4,522 Taxation -270 -325 -382 -434 Valuation data Net profit 2,318 3,038 3,597 4,087 Year to 12/2014a 12/2015e 12/2016e 12/2017e HSBC net profit 2,318 3,038 3,597 4,087 Cash flow summary (CNYm) EV/sales 5.5 4.3 3.6 3.1 EV/EBITDA 18.9 15.1 12.5 10.8 Cash flow from operations 1,967 2,590 2,906 3,826 EV/IC 6.3 4.9 4.0 3.5 Capex -1,611 -2,000 -1,500 -1,500 PE* 21.5 16.4 13.8 12.2 Cash flow from investment -2,153 -2,000 -1,500 -1,500 PB 5.4 4.5 3.7 3.1 Dividends -1,052 -1,179 -1,230 -1,456 FCF yield (%) 0.1 0.5 2.0 3.8 Change in net debt 1,258 589 -176 -870 Dividend yield (%) 2.4 2.5 2.9 3.3 FCF equity 73 246 1,002 1,870 * Based on HSBC EPS (diluted)

Balance sheet summary (CNYm) Tangible fixed assets 5,285 7,285 8,785 10,285 Price relative Current assets 6,750 7,031 8,544 9,885 Cash & others 1,603 1,014 1,190 2,059 57.00 57.00 Total assets 13,279 15,556 18,563 21,398 52.00 52.00 Operating liabilities 2,658 3,075 3,715 3,918 Gross debt 1,429 1,429 1,429 1,429 47.00 47.00 Net debt -173 416 240 -630 42.00 42.00 Shareholders' funds 9,192 11,051 13,419 16,050 37.00 37.00 Invested capital 7,774 10,227 12,425 14,192 32.00 32.00 27.00 27.00 Ratio, growth and per share analysis 22.00 22.00 2013 2014 2015 2016 Year to 12/2014a 12/2015e 12/2016e 12/2017e AAC Technologies Rel to HANG SENG INDEX Source: HSBC Y-o-y % change

Revenue 9.7 30.2 19.8 13.6 Note: Priced at close of 12 Nov 2015 EBITDA 5.4 28.2 20.2 13.5 Operating profit 5.4 28.2 20.2 13.5 PBT -9.0 30.4 18.2 13.6 HSBC EPS -10.1 31.1 18.4 13.6 Ratios (%) Revenue/IC (x) 1.3 1.3 1.2 1.2 ROIC 34.8 33.5 32.0 30.9 ROE 27.1 30.0 29.4 27.7 ROA 19.3 21.1 21.1 20.5 EBITDA margin 29.3 28.8 28.9 28.9 Operating profit margin 29.3 28.8 28.9 28.9 EBITDA/net interest (x) 189.9 174.4 183.6 208.4 Net debt/equity -1.9 3.8 1.8 -3.9 Net debt/EBITDA (x) -0.1 0.1 0.1 -0.1 CF from operations/net debt 623.3 1213.0 Per share data (CNY) EPS reported (diluted) 1.89 2.47 2.93 3.33 HSBC EPS (diluted) 1.89 2.47 2.93 3.33 DPS 0.96 1.00 1.19 1.35 Book value 7.49 9.00 10.93 13.07

2 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Hold: haptics the only bright spot

 Better-than-expected 2H15  Limited contribution from optical business  Maintain Hold; TP lifted to HKD50.0 (from HKD42.2) by rolling over earnings base from average of 2015e/16e to 2016e

Better-than-expected 2H15

3Q15 net income came in at CNY851mn (EPS: CNY0.69, up 33% QoQ and up 55% YoY) on sales of CNY3.2bn (up 33% QoQ and up 54% YoY). Sales were 15%/15% ahead of our estimate and Bloomberg consensus, while earnings were 21%/16% ahead of our estimate and consensus, mainly driven by higher than expected ASP of non-acoustic products in our view. Non-acoustic products nearly doubled QoQ to account for 40% of sales in 3Q15 (vs. our estimate of 30% in 3Q15). As a result, AAC managed to maintain gross margin/operating profit margin at 41.6%/29.0%, flattish QoQ and slightly better than our estimate of 41.5%/28.7% and consensus of 41.9%/28.6%.

The company guided for its 2H15 sales to show stronger HoH growth than 39% in 2H14 and said it should be able to keep its gross margin at 2H14 level. This is stronger than our and consensus estimates of 38% and 35% HoH growth, thanks to ASP improvement in non-acoustic products. The guidance implies its sales will grow 15% QoQ with flattish gross margin. The implied 4Q15 sales guidance is better than consensus of being flattish but gross margin slightly disappoints. Positive 2016 guidance

Looking into 2016, the company expects sales to increase double digit or even 20% YoY, and identified speaker box, RF mechanical, and haptic vibrators as the major growth drivers. AAC started ramping its RF mechanical solutions (plastic + metal casing) this year with 4-5 projects and the company expects to have more than 20 projects in 2016. In addition, management indicates that China smartphone brands are putting more emphasis on providing better cost and performance ratio and user experience to consumers amid overall smartphone market slowdown. Therefore, the company has witnessed some mid to low-end smartphones with retail price of USD100 are adopting speaker box (previously only adopted in high-end smartphones such as iPhone). AAC estimates the adoption rate of speaker box will increase to 70-80%, up from our estimate of 30% currently. In terms of haptic vibrators, the company believes high-end smartphone and tablet, wearable devices, will steadily increase adoption rate in the next 3 years.

3 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Limited contribution from optical business

AAC started to work on lens and voice coil motor (VCM) business since 2010. According to the management, the monthly run rate of lens is about 1mn units with yield rate of 70-75%. This is far below 30+mn for Sunny and 100+mn for Largan. Moreover, management believes glass wafer level lens will rise with increasing adoption rate of dual camera. As optical is not AAC’s core competence and requires much higher precision than acoustic, we believe the company will climb steep learning curve before optical will make meaningful contribution to AAC. Valuation and risks

To reflect better than expected non-acoustic product growth and higher adoption of speaker box, we revise up our 2015e/2016e sales estimates by 3%/11% to CNY11.6bn/13.8bn and 2015e/2016e EPS estimates by 5%/12% to CNY2.47/CNY2.93. We derive our TP of HKD50 by rolling over our earnings base from the average of 2015e and 2016e to 2016e, as we are close to the end of 2015 and applying an unchanged multiple of 14x. This is where AAC traded in the middle of the product cycle. Upside risks include a sudden change in spec upgrade from its major customers and better-than-expected demand. Downside risks include: market share decline in major customers and a lower-than-expected yield rate.

AAC: 3Q15 results snapshot (CNYm) 3Q15a 2Q15a Q/Q 3Q14a Y/Y HSBCe Diff. Cons. Diff. Revenue 3,184 2,402 33% 2,064 54% 2,772 15% 2,767 15% Gross Profit 1,324 997 33% 873 52% 1,149 15% 1,160 14% GP Margin 41.6% 41.5% 0 pts 42.3% -1 pts 41.5% 0 pts 41.9% 0 pts Operating Profit 923 694 33% 612 51% 795 16% 790 17% Non-Op Income 19 15 (3) (10) 28 Pre-Tax Income 942 709 33% 609 55% 785 20% 818 15% Net Income 851 639 33% 550 55% 704 21% 733 16% EPS (CNY) 0.69 0.52 33% 0.45 55% 0.57 21% 0.60 16%

Source: Company data, HSBC estimates, Bloomberg consensus

AAC: forecast revisions (CNYm) ______2015e ______2016e ______2017e ______Old New % Change Old New % Change Old New % Change Revenue 11,204 11,560 3% 12,521 13,844 11% 13,717 15,731 15% Gross Profit 4,654 4,809 3% 5,195 5,745 11% 5,681 6,555 15% Operating 3,214 3,333 4% 3,586 4,007 12% 3,910 4,549 16% Income Net Income 2,896 3,038 5% 3,213 3,597 12% 3,504 4,087 17% EPS (CNY) 2.36 2.47 5% 2.62 2.93 12% 2.85 3.33 17%

Gross Margin 41.5% 41.6% 0.1 pts 41.5% 41.5% 0 pts 41.4% 41.7% 0.3 pts Operating 28.7% 28.8% 0.1 pts 28.6% 28.9% 0 pts 28.5% 28.9% 0 pts Margin Net Margin 25.9% 26.3% 0.4 pts 25.7% 26.0% 0 pts 25.5% 26.0% 0 pts

Source: HSBC estimates

4 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

AAC: 12-month forward PE band AAC: 12-month forward PB band

70 70 20x AAC share price (HKD) AAC share price (HKD) 5x 60 60 50 4x 50 15x 40 40 3x 10x 30 30 2x 20 20 5x 10 10 0 0 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15

Source: Company data, HSBC estimates Source: Company data, HSBC estimates

5

6 AAC: Quarterly earnings forecasts 13 November 2015 13 November Equipment Electrical (2018 Technologies HK) AAC (CNYm) Fiscal ______Fiscal 2014 ______Fiscal ______Fiscal 2015 ______Fiscal ______Fiscal 2016 ______Fiscal 2013 Q1 Q2 Q3Q4 2014 Q1 Q2 Q3 Q4E2015E Q1E Q2E Q3E Q4E 2016E

Sales 8,096 1,854 1,862 2,064 3,099 8,879 2,305 2,402 3,184 3,670 11,560 3,256 3,245 3,637 3,706 13,844 QoQ -15% 0% 11%50% -26% 4% 33% 15% -11% 0% 12% 2% YoY 29% -3% -3% -1% 42% 10% 24% 29% 54% 18% 30% 41% 35% 14% 1% 20%

Gross profit 3,459 745 785 873 1,275 3,678 956 997 1,324 1,532 4,809 1,350 1,343 1,512 1,541 5,745 GM 42.7% 40.2% 42.1% 42.3% 41.1% 41.4% 41.5% 41.5% 41.6% 41.7% 41.6% 41.5% 41.4% 41.6% 41.6% 41.5%

Operating 2,466 548 552 612 887 2,599 657 694 923 1,060 3,333 944 939 1,052 1,071 4,007 Income OPM 30.5% 29.6% 29.6% 29.6% 28.6% 29.3% 28.5% 28.9% 29.0% 28.9% 28.8% 29.0% 28.9% 28.9% 28.9% 28.9%

Pre-tax 2,835 541 552 609 879 2,581 662 709 942 1,053 3,366 937 932 1,046 1,064 3,979 Income PBT margin 35% 29% 30% 30% 28% 29% 29% 30% 30% 29% 29% 29% 29% 29% 29% 29%

Net Profit 2,578 487 493 550 788 2,318 606 639 851 942 3,038 855 840 950 952 3,597 NM 32% 26% 26% 27% 25% 26% 26% 27% 27% 26% 26% 26% 26% 26% 26% 26% QoQ -19% 1% 12%43% -23% 5% 33% 11% -9% -2% 13% 0% YoY 46% -9% -9% -39%30% -10% 24% 30% 55% 20% 31% 41% 31% 12% 1% 18%

EPS (CNY) 2.10 0.40 0.40 0.45 0.64 1.89 0.49 0.52 0.69 0.77 2.47 0.70 0.68 0.77 0.78 2.93 QoQ -19% 1% 12%43% -23% 5% 33% 11% -9% -2% 13% 0% YoY 46% -9% -9% -39%30% -10% 24% 30% 55% 20% 31% 41% 31% 12% 1% 18%

Source: Company data, HSBC estimates

ab c

AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Disclosure appendix

Analyst Certification The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Yolanda Wang and Joyce Chen Important disclosures Equities: Stock ratings and basis for financial analysis HSBC believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and that investors utilise various disciplines and investment horizons when making investment decisions. Ratings should not be used or relied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different rating systems to describe their recommendations and therefore investors should carefully read the definitions of the ratings used in each research report. Further, investors should carefully read the entire research report and not infer its contents from the rating because research reports contain more complete information concerning the analysts' views and the basis for the rating.

From 23rd March 2015 HSBC has assigned ratings on the following basis: The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take six to 12 months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will be classified as a Buy; when it is between 5% and 20% above the current share price, the stock may be classified as a Buy or a Hold; when it is between 5% below and 5% above the current share price, the stock will be classified as a Hold; when it is between 5% and 20% below the current share price, the stock may be classified as a Hold or a Reduce; and when it is more than 20% below the current share price, the stock will be classified as a Reduce.

Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation or resumption of coverage, change in target price or estimates).

Upside/Downside is the percentage difference between the target price and the share price.

Prior to this date, HSBC’s rating structure was applied on the following basis: For each stock we set a required rate of return calculated from the cost of equity for that stock’s domestic or, as appropriate, regional market established by our strategy team. The target price for a stock represented the value the analyst expected the stock to reach over our performance horizon. The performance horizon was 12 months. For a stock to be classified as Overweight, the potential return, which equals the percentage difference between the current share price and the target price, including the forecast dividend yield when indicated, had to exceed the required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classified as Underweight, the stock was expected to underperform its required return by at least 5 percentage points over the succeeding 12 months (or 10 percentage points for a stock classified as Volatile*). Stocks between these bands were classified as Neutral.

*A stock was classified as volatile if its historical volatility had exceeded 40%, if the stock had been listed for less than 12 months (unless it was in an industry or sector where volatility is low) or if the analyst expected significant volatility. However, stocks which we did not consider volatile may in fact also have behaved in such a way. Historical volatility was defined as the past month's average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating, however, volatility had to move 2.5 percentage points past the 40% benchmark in either direction for a stock's status to change.

7 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Rating distribution for long-term investment opportunities As of 12 November 2015, the distribution of all ratings published is as follows: Buy 45% (31% of these provided with Investment Banking Services) Hold 41% (29% of these provided with Investment Banking Services) Sell 14% (17% of these provided with Investment Banking Services)

For the purposes of the distribution above the following mapping structure is used during the transition from the previous to current rating models: under our previous model, Overweight = Buy, Neutral = Hold and Underweight = Sell; under our current model Buy = Buy, Hold = Hold and Reduce = Sell. For rating definitions under both models, please see “Stock ratings and basis for financial analysis” above. Share price and rating changes for long-term investment opportunities

AAC Technologies (2018.HK) Share Price performance HKD Vs HSBC rating Recommendation & price target history history From To Date Neutral (V) Neutral 16 August 2013 Neutral Overweight 25 March 2014 Overweight Neutral 09 May 2014 52 Neutral Reduce 25 March 2015 Reduce Hold 11 May 2015 42 Target Price Value Date 32 Price 1 36.00 26 March 2013 Price 2 41.00 08 May 2013 22 Price 3 37.00 04 November 2013 Price 4 39.00 25 March 2014 12 Price 5 43.00 09 May 2014 Price 6 48.50 27 August 2014 Price 7 41.20 25 March 2015 2 Price 8 42.20 24 August 2015 Source: HSBC Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Source: HSBC

8 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

HSBC & Analyst disclosures Disclosure checklist Company Ticker Recent price Price Date Disclosure AAC TECHNOLOGIES 2018.HK 49.35 12-Nov-2015 7 Source: HSBC

1 HSBC has managed or co-managed a public offering of securities for this company within the past 12 months. 2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. 3 At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this company. 4 As of 31 October 2015 HSBC beneficially owned 1% or more of a class of common equity securities of this company. 5 As of 30 September 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of investment banking services. 6 As of 30 September 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of non-investment banking securities-related services. 7 As of 30 September 2015, this company was a client of HSBC or had during the preceding 12 month period been a client of and/or paid compensation to HSBC in respect of non-securities services. 8 A covering analyst/s has received compensation from this company in the past 12 months. 9 A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as detailed below. 10 A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this company, as detailed below. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in securities in respect of this company

HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis.

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking revenues.

Whether, or in what time frame, an update of this analysis will be published is not determined in advance.

For disclosures in respect of any company mentioned in this report, please see the most recently published report on that company available at www.hsbcnet.com/research. Additional disclosures 1 This report is dated as at 13 November 2015. 2 All market data included in this report are dated as at close 12 November 2015, unless otherwise indicated in the report. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.

9 AAC Technologies (2018 HK) Electrical Equipment abc 13 November 2015

Disclaimer

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It may not be further distributed in whole or in part for any purpose. In Canada, this document has been distributed by HSBC Bank Canada and/or its affiliates. Where this document contains market updates/overviews, or similar materials (collectively deemed “Commentary” in Canada although other affiliate jurisdictions may term “Commentary” as either “macro-research” or “research”), the Commentary is not an offer to sell, or a solicitation of an offer to sell or subscribe for, any financial product or instrument (including, without limitation, any currencies, securities, commodities or other financial instruments). © Copyright 2015, HSBC Securities (Taiwan) Corporation Limited, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Securities (Taiwan) Corporation Limited. MICA (P) 073/06/2015 , MICA (P) 136/02/2015 and MICA (P) 041/01/2015

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Global Telecoms, Media & Technology Research Team

Global Jenny Lai Stephen Howard Analyst Analyst, Global Sector Head +8862 6631 2860 [email protected] +44 20 7991 6820 [email protected] Lionel Lin Europe Analyst Nicolas Cote-Colisson +65 6658 0624 [email protected] Analyst Carrie Liu +44 20 7991 6826 [email protected] Analyst Antonin Baudry +8862 6631 2864 [email protected] Analyst Steven C Pelayo +33 1 56 52 43 25 [email protected] Analyst Christopher Johnen +852 2822 4391 [email protected] Analyst Ricky Seo +49 211 910 2852 [email protected] Analyst +822 37068777 [email protected] Dominik Klarmann, CFA Analyst Rajiv Sharma +49 211 910 2769 [email protected] Analyst +91 22 2268 1239 [email protected] Sebastian Grabert Analyst Jerry Tsai +49 211 910 1096 [email protected] Analyst +8862 6631 2863 [email protected] Luigi Minerva Analyst Chi Tsang +44 20 7991 6928 [email protected] Analyst +852 2822 2590 [email protected] Olivier Moral Analyst Rajesh Raman +33 1 5652 4322 [email protected] Analyst +65 6658 0608 [email protected] Adam Fox-Rumley Analyst Yolanda Wang +44 20 7991 6819 [email protected] Analyst +8862 6631 2867 [email protected] Dhiraj Saraf, CFA Analyst Jena Han +91 80 3001 3773 [email protected] Analyst +822 3706 8772 [email protected] Americas Christopher A Recouso Will Cho Analyst Analyst +1 212 525 2279 [email protected] +822 3706 8765 [email protected] Sunil Rajgopal John Liu Analyst Analyst +1 212 525 0267 [email protected] +852 2822 4392 [email protected] Global Emerging Markets (GEMs) Alice Cai Hervé Drouet Associate Analyst +852 2996 6584 [email protected] +44 20 7991 6827 [email protected] Louis Pang Emerging Europe, Middle East & Africa (EMEA) Associate Franca Di Silvestro +852 2914 9934 [email protected] Head of Research, SA Qin Wang +27 11 676 4223 [email protected] Associate Bülent Yurdagül +852 2822 4393 [email protected] Analyst Kenneth Shim +90 212 376 46 12 [email protected] Associate Asia +822 3706 8779 [email protected] Yogesh Aggarwal David Huang Analyst Associate +91 22 2268 1246 [email protected] +886 2 66312865 [email protected] Vivek Gedda Analyst Specialist Sales +91 22 6164 0693 [email protected] Gareth Hollis Neale Anderson +44 20 7991 5124 [email protected] Analyst Tarun Viswanathan +852 2996 6716 [email protected] +44 20 7991 7843 [email protected] Angela Tay Kubilay Yalcin Analyst +49 211 9104880 [email protected] +65 6658 0612 [email protected] Myles McMahon +852 2822 4676 [email protected] Joyce Chen Analyst +8862 6631 2862 [email protected] Luis Hilado Analyst +65 6658 0607 [email protected]