Company Update

Date Industry Emperor International Holdings BUY (163.HK, EIH) 2 Jul 2019 Property Inauguration of 294k ft2 Rental GFA in FY21 CompanyUpdate Previous Close Target Price FY19 Bottom Line Lifted by Property Delivery Core FY19 earnings surged 142% to HK$1,496mn on (i) delivery of all HK$2.02 HK$3.68 136 units at The Amused and 7 detached houses at Peak Castle, as well as (ii) additional gain on subsidiary disposals. End-Mar19 BVPS rose 8% to HK$8.66, driven by upward revaluation of rental assets and Share Information payoff of HK$1,134mn loans. Such debt slash also helped lowering Outstanding shares (million) 3,678 end-Mar19 net debt/ total asset ratio to 33.8% from 35.7% a year ago. Market capitalization (HK$ million) 7,429 Full-year DPS up 2% to HK$0.11. 3-mth average daily volume (million) 0.7 294k ft2 New Leasable GFA Roll out in FY21 12-mth high (HK$ per share) 2.54 Though FY19 rental income mildly down 4% amid tenant remixing exercises, aggregate 294k ft2 new leasable GFA from (i) Nos. 25-27 12-mth low (HK$ per share) 1.83 Oxford Street, (ii) Nos. 75-85 Lockhart Road & (iii) No. 4 Kin Fat Lane 8.66 now set for completion in 2020, and accordingly suggest lease income 76.7 growth momentum to speed up in FY21. We further look forward to full-year contribution of these redeveloped premises in FY22. FY19 reported P/E (x) 2.4 FY19 reported ROE ( ) 10.2 Property Sales Visibility in FY20-FY22 Sales of 3 detached houses at Peak Castle were contracted during End-Mar19 net debt/ total assets ( ) 33.8 Apr-Jun 2019. We expect these contracted houses and 4 remaining FY19 dividend yield ( ) 5.4 completed villas to generate aggregate HK$700 million revenue for Benchmark index property development division in FY20. Looking ahead, aggregate 151k ft2 saleable GFA from 3 luxury property projects in Hong Kong - Hang Seng Index are scheduled to roll out in 2020. This would fuel property sales Source : EIH, Bloomberg recognition in FY21-FY22. Property sales resumed growth in FY19, jumping 329% to HK$1,696 million, largely in line with our estimate of HK$1,709 million. Share Price Performance Reiterate “BUY” The stock offers attractive 5.6% FY20 dividend yield underpinned by concrete rental base and solid payout history. Trading at 80% discount to our NAV of HK$9.95, valuation is also undemanding given property sales prospects for FY20-FY22. Amid gaming arm’s healthy end-Mar19 D/E of 0.8%, we too keep a close watch on M&A opportunities potentially arisen from Macau gaming license renewal in Mar 2020, which could serve as catalyst for share price rally. Hence we reaffirm “BUY” rating with a TP of HK$3.68 which implies a 63% discount to our NAV.

1-mth 3-mth 6-mth 12-mth Financial Information

Change of Total revenue 4,068 3,149 4,352 3,361 3,026 EIH -1.9% -15.3% +8.5% -10.1% Growth -27.4% -22.6% 38.2% -22.8% -10.0% Net profit excluding fair value gain Change of 915 618 1,496 1,179 478 Hang Seng +7.7% -3.8% +12.4% +2.0% & asset write-downs Index Growth -14.8% -32.5% 142.2% -21.2% -59.5% Reported net profit 3,483 3,372 3,136 2,965 2,295 Source : Bloomberg Growth NA -3.2% -7.0% -5.2% -21.2% Reported EPS (HK$) 0.95 0.92 0.85 0.81 0.64 Growth NA -3.2% -7.0% -5.2% -21.2% Reported P/E (x) 2.1 2.2 2.4 2.5 3.2 Frankie Chan, CFA, FRM BVPS (HK$, on reported basis) 6.95 8.01 8.66 9.35 9.86 Senior Research Analyst Discount to reported BVPS 70.9% 74.8% 76.7% 78.4% 79.5% +852 2836 2566 Dividend yield 5.1% 5.3% 5.4% 5.5% 5.6% [email protected] Source : EIH, Emperor Securities Research

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Emperor International Holdings Emperor Securities Limited

FY19 Annual Results Review

▇ Property sales spiked 329% to HK$1,696 million amid delivery of (i) all 136 units at The Amused and (ii) 7 detached houses at Peak Castle

▇ Rental income mildly down 4% to HK$1,108 million on tenant remixing exercises

▇ Earnings net of fair value gain & asset write-downs surged 142% to HK$1,496 million on property sales growth and additional gain on subsidiary disposals

▇ Full-year DPS up 2% to HK$0.11

▇ An end-Mar19 BVPS of HK$8.66, which leaped 8% on upward revaluation and debt axing

▇ Net debt/ total assets ratio improved 1.9 ppts to 33.8% at end-Mar 2019 amid positive revaluation and debt reduction

Figure 1: FY19 Annual Results Highlights

FY19 FY18 Change Remarks (HK$mn) (HK$mn) Segment revenue

Property investment 1,108 1,155 -4.0% Tenant remixing exercises

Delivery of (i) all 136 units at Property development 1,696 395 329.1% The Amused and (ii) 7 detached houses at Peak Castle

Gaming & hospitality 1,549 1,599 -3.1% Slid gaming revenue Total 4,352 3,149 38.2% Core segment profit Property investment 907 1,010 -10.2% Higher operating expenses

Lower GPM of The Amused Property development 576 276 109.2% as compared to Upton's GPM

Gaming & hospitality 311 302 3.1% Reduction in minority interest

Total 1,794 1,587 13.1% Tenant remixing exercises; Revaluation gain 1,749 2,868 -39.0% prospect of rental market on properties consolidation

Property sales growth; Net profit excluding fair value 1,496 618 142.1% additional gain on subsidiary gain & asset write-downs disposals

Lower revaluation gain amid Reported net profit 3,136 3,372 -7.0% consolidation outlook for rental market and tenant remixing exercises

Reported EPS (basic, HK$) 0.85 0.92 -7.6% DPS (HK$) 0.110 0.108 1.9% As at As at 31 Mar 31 Mar Change Remarks 2019 2018

Reported BVPS Upward revaluation of investment 8.66 8.01 8.1% (HK$) properties; debt trimming

Positive revaluation of rental assets; Net debts / total assets 33.8% 35.7% -1.9 ppts slash in debts

Source: EIH

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Emperor International Holdings Emperor Securities Limited

New Leasable GFA in FY21

No. 75-85 Lockhart Road, Hong Kong

Two adjacent buildings were disassembled and are being redeveloped into an office tower. The new establishment covers GFA of 96k ft2, a 20% increase in two demolished premises’ GFA combined. With a prime location intersecting Lockhart Road & Luard Road in the commercial district of Wan Chai, we are upbeat on new tower’s rental outlook. Lease income shall roll in in FY21 amid scheduled completion in 2020.

Figure 2: 20% Increment in GFA upon Redevelopment

Source: EIH

No. 25-27 Oxford Street, London

By 2020, this 20k-ft2 site will be redeveloped into a multi-purpose 9-storey building to house retail shops and office units. Located at prime retail & SOHO office area in West End of London, and 50m west of Tottenham Court Road Underground Station, this premier asset would enjoy promising pedestrian traffic and appealing rental outlook.

Looking further ahead, EIH’s strategic positioning of two other investment properties at No. 111-125 and No.181-183 Oxford Street (150m and 300m west of No. 25-27 respectively) shall offer synergy such as tenant mix optimization to further unleash rental reversion potential.

Figure 3: Strategic Positioning on Oxford Street

Source: EIH, Google Map WWW.EMPERORCAPITAL.COM 3

Emperor International Holdings Emperor Securities Limited

No. 4 Kin Fat Lane, Tuen Mun, Hong Kong

Revitalization of a 14-storey industrial premises into a 178k-ft2 commercial complex comprising F&B, retail spaces & office units. Completion is scheduled for 2020, and rental contribution shall accordingly kick in in FY21.

Properties Available for Sale

Peak Castle, Kwun Fat Street, Siu Lam , Hong Kong

Sales of 3 detached houses at Peak Castle were contracted during Apr-Jun 2019. We expect these contracted houses and 4 remaining completed villas to generate aggregate HK$700 million revenue for property development division in FY20. We also look forward to a sharp GPM between high-30s & low-40s for these villas.

Figure 4: Detached/ Semi-detached Houses at Peak Castle

Source: Peak Castle

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Emperor International Holdings Emperor Securities Limited

Residential Unit & Villa Completion by FY21

Nos. 8–10A Mosque Street, Mid-Levels, Hong Kong

The site will be developed into a 28-storey boutique residential tower which covers GFA of 34k ft2. Superstructure works are underway, and presale sets to start in 2H19. With target completion in late 2020, we expect sales recognition rolling in in FY21. The development adjoins SOHO area & Lan Kwai Fong, and is within 10-minute walk of Central CBD. Such prime location and moderate all-in cost of HK$15k/ ft2 suggest a decent GPM.

Rural Building Lot No. 1198, Junction of Shouson Hill Road West & Wong Chuk Hang Path, Shouson Hill, Hong Kong

40% stake in a luxury villa project at Shouson Hill, an upmarket residential area in south of Hong Kong Island where Financial Secretary of Hong Kong, Billionaire Li Ka-shing and former Secretary for Justice of Hong Kong Wong Yan-lung reside. We look forward to premium ASP of these 15 low-density luxury houses on their supreme location. Sales in form of completed villas shall kick off in 3Q20, and fuel bottom line for FY21 & FY22 accordingly. The project’s GFA totaled 88k ft2.

Tuen Mun Town, Lot No. 490, Tai Lam, New Territories, Hong Kong

8 luxurious villas featuring sea view and supremely located at 3km southeast of renowned Harrow International School, are scheduled for completion in 4Q20. Above attributes suggest an encouraging ASP, and accordingly a sound GPM given moderate all-in cost of HK$15k/ ft2. The project covers GFA of 29k ft2, and shall start paying off as early as in late FY21.

Figure 5: Sea View Feature & International School Proximity of Tuen Mun Town

Source: Google Map

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Emperor International Holdings Emperor Securities Limited

Reiterate “BUY”

The stock offers attractive 5.6% FY20 dividend yield underpinned by concrete rental base and solid payout history. Trading at 80% discount to our NAV of HK$9.95, valuation is also undemanding given property sales prospects for FY20-FY22. Amid gaming arm’s healthy end-Mar19 D/E of 0.8%, we too keep a close watch on M&A opportunities potentially arisen from Macau gaming license renewal in Mar 2020, which could serve as catalyst for share price rally. Hence we reaffirm “BUY” rating with a TP of HK$3.68 which implies a 63% discount to our NAV.

Figure 6: Valuation Valuation Gross asset value Gross asset Assets basis (HK$ million) value mix Leased-out investment properties market value 43,319 74% Investment properties under development market value 5,783 10% Available for sale/ pre-sold residential properties in Hong Kong book value 354 1% Residential landbank in Hong Kong book value 3,178 5% Hotels in operation book value 4,288 7% Stake in Emperor Entertainment Hotel (296.HK) market value 1,388 2% Total - 58,309 100%

Net cash/(debt) as at 31 Mar 2019 (21,700) NAV 36,609 No. of shares outstanding (million) 3,678 NAV per share (HK$) 9.95 Share price (HK$ per share) 2.02 Discount to NAV 80% Source: EIH, Emperor Securities Research

Key Risks

■ Uncertain property sales resulted from pipeline schedule

■ Headwind to rental reversion amid outlook for economic slowdown

■ Pressure on market share in Macau gaming, amidst gaming arm’s limited gaming capacity

■ Uncertainties on Hong Kong Government’s housing policy, the central government’s policy on residents’ outbound travel to Macau, as well as Macau Government’s gaming policy

■ Potential depreciations of GBP and CNY against HK$

■ Higher interest rates in US and Hong Kong

■ Climbing operating, construction and land costs

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Emperor International Holdings Emperor Securities Limited Figure 7: Leased-out Investment Properties as at 31 Mar 2019

Total GFA Market value Property name/ address Location Property type (ft2) (HK$'000) No. 8 (G/F - 3/F), 20 (G/F & 2/F), 22-24 (G/F-3/F), 50-52 (G/F - 3/F), 54-56 Hong Kong 48,500 4,673,000 C/O Russell Street, Causeway Bay No. 474-476 (G/F & 1/F), 478-484 (G/F), 507 (G/F), 523 (G/F & 1/F), Lockhart Hong Kong 7,500 790,000 C Road, Causeway Bay No. 76, Percival Street, Causeway Bay Hong Kong 600 282,000 C Shop C, No. 35-37 (G/F) Haiphong Road, Tsim Sha Tsui Hong Kong 800 200,000 C Shop B, No. 25-29 (G/F) Hankow Road, Tsim Sha Tsui Hong Kong 800 69,000 C No. 81 (G/F), 83 (G/F & M/F), Nathan Road, Tsim Sha Tsui Hong Kong 4,800 371,000 C Emperor Group Centre, 288 Hennessy Road, Wan Chai Hong Kong 240,700 3,372,000 C/O China Huarong Tower, 60 Gloucester Road, Wan Chai Hong Kong 110,500 2,800,000 O Emperor Commercial Centre, No. 39-41 Des Voeux Road, Central Hong Kong 39,400 1,911,000 C/O New Media Tower, No. 82 Hung To Road, Kwun Tong Hong Kong 89,500 503,000 C/O No. 45-51 Kwok Shui Road, Kwai Chung Hong Kong 129,100 580,000 I The Pulse, Repulse Bay Hong Kong 167,200 1,155,000 C Fitfort Shopping Arcade, No. 560 King’s Road, North Point Hong Kong 134,400 2,993,000 C Level 3, New Town Mansion Shopping Arcade, Tuen Mun Hong Kong 39,000 432,000 C Sui Wo Court Commercial & Carpark Complexes, No. 5-19 & No. 6-12 Sui Wo Hong Kong 95,900 843,000 C Road, Shatin Other retail spaces, commercial & residential units Hong Kong 540,000 8,416,000 C/R Leased-out units, Grand Emperor Hotel & Inn Hotel Macau Macau 74,300 697,000 C Emperor Nam Van Centre Macau 30,000 1,574,000 C Emperor Group Centre, Chang’an Avenue East, Beijing the PRC 1,062,000 8,236,000 C/O Shops & Carparks, Emperor Lakeside Metropolis, Hubin Bei Road, Xiamen the PRC 63,000 105,000 C Ampersand Building, No. 111-125 Oxford Street, London UK 91,000 2,918,000 C/O No. 181-183 Oxford Street, London UK 12,700 399,000 C/O Total - 2,981,700 43,319,000 -

Commercial - C; Industrial - I; Office - O; Residential - R Source: EIH

Figure 8: Investment Properties under Development as at 31 Mar 2019 Total GFA Market value Target Property name/ address Location Property type (ft2) (HK$'000) completion No. 75-85 Lockhart Road, Wan Chai Hong Kong 96,000 2,462,000 C 2020 No. 4 Kin Fat Lane, Tuen Mun Hong Kong 178,000 540,000 I 2020 No. 13-15 San On Street, Tuen Mun Hong Kong 190,000 474,000 I 2024 No. 25-27 Oxford Street, London UK 20,000 318,000 C/O 2020 Emperor Star City, Huang Pu District, Shanghai the PRC 1,300,000 1,989,000 C/O - Total - 1,784,000 5,783,000 - - Commercial - C; Office - O; Industrial - I Source: EIH

Figure 9: Available for Sale/ Pre-sold Residential Properties in Hong Kong as at 31 Mar 2019

Total Unsold Book Land cost+ Revenue Total GFA saleable units/ value of construction realized from of unsold Property name and address floor total unsold cost sold units units area saleable units units (ft2) (HK$’000) (HK$’000) (ft2) (HK$’000) 673,000 770,400 Peak Castle - Kwun Fat Street, Siu Lam, Tuen Mun 43,000 7/14 19,529 354,000 (HK$15,700/ ft2) (HK$32,800/ ft2) Total 43,000 673,000 770,400 7/14 19,529 354,000

Source: EIH

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Emperor International Holdings Emperor Securities Limited

Figure 10: Residential Landbank in Hong Kong as at 31 Mar 2019

Total GFA Book value Target Target market Property name/ address (ft2) (HK$’000) completion position Tuen Mun Town Lot No. 490, Tai Lam 29,000 432,000 2020 Luxury

*Rural building, Lot No. 1198, 88,000 3,479,000 2020 Luxury Junction of Shouson Hill Road West and Wong Chuk Hang Path

No. 8-10A Mosque Street, Mid-Levels 34,000 522,000 2020 Luxury

Nos. 20-26 Old Bailey Street & No.11 Chancery Lane, Mid-Levels 29,700 556,000 2022 Luxury

Nos. 24-26A Davis Street, Kennedy Town 20,300 276,000 2022 Luxury

Total 201,000 5,265,000 - -

*Co-run with 2 partners and EIH owns 40% stake Source: EIH

Figure 11: Hotels in Operation as at 31 Mar 2019 Location Total GFA Site area Book value Storey No. of Hotel name (ft2) (ft2) (HK$’000) (incl. basement) guest rooms Grand Emperor Hotel, The Peninsula Macau 655,000 48,000 1,115,000 26 311 Inn Hotel, Taipa Macau 209,000 24,000 540,000 17 287 The Emperor Hotel, Wan Chai Hong Kong 115,000 8,000 1,536,000 29 299 Inn Hotel, Kowloon West Hong Kong 48,000 4,000 455,000 30 199 MORI MORI Serviced Apartments, Wanchai Hong Kong 14,000 3,000 328,000 12 18 The Unit Serviced Apartments, Happy Valley Hong Kong 17,000 2,000 314,000 21 68 Total - 1,058,000 89,000 4,288,000 - 1,182

Source: EIH

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Emperor International Holdings Emperor Securities Limited

Income Statement Cash Flow Statement YE: 31 Mar (HK$ million) FY17 FY18 FY19 FY20E FY21E YE: 31 Mar (HK$ million) FY17 FY18 FY19 FY20E FY21E Revenue 4,068 3,149 4,352 3,361 3,026 PBT 4,648 3,835 3,493 3,311 2,608 Segment revenue Depreciation 184 187 176 179 183 Property investment 857 1,155 1,108 1,186 1,225 Tax paid -300 -39 -136 -157 -124 Property development 1,516 395 1,696 700 360 Change in w orking capital 341 -1,898 -318 112 -133 Gaming & hospitality 1,695 1,599 1,549 1,475 1,441 Other operating cashflow -2,872 -2,372 -1,850 -1,922 -1,244 Segment profit Operating cashflow 2,001 -286 1,365 1,523 1,290 Property investment 753 1,010 907 1,038 1,071 Capex -2,334 -4,226 -1,441 -1,800 -2,350 Property development 928 276 576 259 207 M&A/ disposals 13 10 1,548 1,094 0 Gaming & hospitality 402 301 311 296 289 Other investing cashflow 715 -708 152 533 488 Others -227 13 666 593 -119 Investing cashflow -1,606 -4,924 259 -174 -1,862 EBIT 1,856 1,600 2,460 2,186 1,449 Change in borrow ings -97 4,449 2,251 1,482 1,480 Finance costs -436 -633 -716 -768 -804 Note issuance 4,183 -2,050 -860 0 0 Fair value change on IP 3,228 2,868 1,749 1,893 1,964 Dividend paid -405 -424 -434 -412 -419 PBT 4,648 3,835 3,493 3,311 2,608 Other financing cashflow -558 -34 -2,303 -1,368 -1,104 Tax -957 -213 -165 -157 -124 Financing cashflow 3,123 1,940 -1,347 -298 -44 Minorities -208 -250 -191 -181 -143 Change in cash 3,518 -3,270 277 1,050 -616 Reported net profit 3,483 3,372 3,136 2,972 2,342 Forex effect -6 25 -8 0 0 EPS (HK$) 0.95 0.92 0.85 0.81 0.64 Beginning cash 3,108 6,620 3,375 3,644 4,695 DPS (HK$) 0.10 0.11 0.11 0.11 0.11 Ending cash 6,620 3,375 3,644 4,695 4,079 Underlying net profit 915 618 1,496 1,179 478 Source: EIH, Emperor Securities Research Source: EIH, Emperor Securities Research

Balance Sheet Financial Ratios YE: 31 Mar (HK$ million) FY17 FY18 FY19 FY20E FY21E YE: 31 Mar (HK$ million) FY17 FY18 FY19 FY20E FY21E Cash 6,620 3,375 3,644 4,694 4,078 Profitability Accounts receivable 728 1,551 1,544 1,500 1,500 Segment margin Properties available for sale 184 74 405 51 2,444 Property investment 87.9% 87.4% 81.8% 87.4% 87.4% Properties under development 1,719 3,444 3,258 3,291 931 Property development 61.2% 69.9% 34.0% 37.0% 57.5% Other current assets 89 732 982 496 529 Gaming & hospitality 23.7% 18.8% 20.1% 20.1% 20.1% Current assets 9,340 9,176 9,833 10,032 9,482 Underlying net profit 22.5% 19.6% 34.4% 35.1% 15.8% PPE 3,573 3,967 3,279 2,852 2,881 Grow th Investment properties 40,809 49,155 49,102 53,147 57,111 Revenue -27.4% -22.6% 38.2% -22.8% -10.0% Goodw ill 57 57 57 57 57 EBIT 6.6% -13.8% 53.8% -11.1% -33.7% Other non-current assets 1,981 1,899 1,974 1,974 1,974 PBT NA -17.5% -8.9% -5.2% -21.2% Total assets 55,760 64,254 64,244 68,061 71,504 Reported net profit NA -3.2% -7.0% -5.2% -21.2% Bank loans 3,545 4,506 2,969 2,968 2,968 Reported EPS NA -3.2% -7.0% -5.2% -21.2% Accounts payable 1,222 1,932 1,146 1,400 1,500 Underlying net profit -14.8% -32.5% 142.2% -21.2% -59.5% Current tax liabilities 479 454 407 407 407 Other key ratios Others current liabilities 2,232 1,456 2,283 2,002 1,682 Current ratio (x) 1.2 1.1 1.4 1.5 1.4 Current liabilities 7,478 8,348 6,805 6,777 6,557 Debt/ total asset 38.0% 39.5% 37.1% 37.2% 37.5% Bank loans 9,010 12,685 15,480 16,980 18,480 Net debt to equity 57.1% 74.8% 63.4% 60.0% 62.6% Other borrow ings 8,645 8,218 5,367 5,367 5,367 Dividend payout 10.9% 11.8% 12.9% 13.9% 17.9% Others non-current liabilities 1,911 2,244 2,234 2,224 2,210 Reported ROA 6.7% 5.6% 4.9% 4.5% 3.4% Non-current liabilities 19,566 23,147 23,081 24,571 26,057 Reported ROE 14.4% 12.3% 10.2% 9.0% 6.6% Total Liability 27,044 31,495 29,886 31,349 32,615 Reported BVPS (HK$) 6.95 8.01 8.66 9.35 9.88 Minorities 3,169 3,303 2,523 2,317 2,571 Source: EIH, Emperor Securities Research Owners' equity 25,547 29,456 31,835 34,396 36,318 Source: EIH, Emperor Securities Research

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Emperor International Holdings Emperor Securities Limited

Disclaimers & Disclosures

The information contained in this report has been compiled from sources believed to be reliable and has been compiled with high integrity, but Emperor Securities Limited (“Emperor Securities”) or any member of Emperor Capital Group (“ECG”) does not make any representation orwar ranty as to its accuracy, completeness or correctness. The information and opinions contained in this report are or may be subject to change or revision without any notice. This report is for information purposes only. No representation, warranty or guarantee whatsoever, whether expressed or implied, is made as to its accuracy or completeness and should not be construed as an offer to buy or sell or the solicitation of an offer to buy or sell the securities mentioned. Emperor Securities and ECG do not accept any responsibility or liability whatsoever for any direct or consequential loss or damage of whatsoever nature arising from or as a result of the use in whole or in part of this report or any of its contents.

The research analyst(s) who prepared this report hereby confirm the views expressed in this report only reflect the personalvie ws of the research analyst(s) about the subject company(ies) and their securities. The research analyst(s) also confirm the research analyst(s) were not, are not, and will not be receiving any direct or indirect compensation or other benefits for expressing the specific recommendation(s) or view(s) in this report. Emperor Securities is a wholly-owned subsidiary of ECG. Both ECG and Emperor International Holdings Limited are companies listed on the Hong Kong Stock Exchange and with a common controlling shareholder. Apart from that, Emperor Securities and ECG and their respective directors, officers, partners, representatives, or employees may have positions or otherwise be directly or indirectly interested in the securities mentioned in this report or may buy, sell, or deal or offer to buy, sell, or deal in or with such securities from time to time, whether as principal for its or their own account or as agent or in any other capacity for or on behalf of another person.

Copyright protection and other rights exist or subsist in this report, which may accordingly not be used for any other purpose, nor sold, distributed, published, or reproduced in any manner without the express consent of Emperor Securities.

Emperor Securities Research

Stanley Chan Frankie Chan, CFA, FRM

Director Senior Research Analyst

Tel : +852 2836 2733 Tel : +852 2836 2566 Email : [email protected] Email : [email protected]

Annie Huang Andrew Li

Research Analyst Research Analyst

Tel : +852 2836 2797 Tel : +852 2836 2763 Email : [email protected] Email : [email protected]

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Emperor International Holdings Emperor Securities Limited

Contact Us Emperor Securities Limited New Territories Headquarters Unit B, 13/F, Hang Seng Tsuen Wan Building, No.289 Sha Tsui Road, Tsuen Wan 23-24/F, Emperor Group Centre, 288 Hennessy Road, Wan Chai, Hong Kong Tel : +852 2838 2939 Tel ： Hong Kong Hotline +852 2919 2919 Fax: +852 2412 0249 Northern China Toll-free Hotline 10800 852 1674 Southern China Toll-free Hotline 10800 152 1674 Shop 2, G/F Kam Wo Bu & Kam Hing Building, No.3-15 Shun Lung Street, Sha Tau Kok Fax ： Hong Kong Fax +852 2893 1540 Tel : +852 2659 7668 Northern China Toll-free Fax 10800 852 1673 Fax : +852 2659 7381

Southern China Toll-free Fax 10800 152 1673

Emperor Financial Services Centre Mainland China Shops 2-6, G/F, East Ocean Court, 525 Shanghai Street, Mongkok, Kowloon Guangzhou Tel ： Hong Kong Hotline +852 3966 0668 Room 2111, R&F To-Win Building, No.30 Huaxia Road, Tianhe District Northern China Toll-free Hotline 10800 852 1805 Tel : +86 10 3836 9380 Southern China Toll-free Hotline 10800 152 1805 Fax : +86 10 3836 9856

Fax ： Hong Kong Fax +852 2625 1919 Northern China Toll-free Fax 10800 852 1804 Shanghai Southern China Toll-free Fax 10800 152 1804 2202, City Gateway, 398 Caoxi Road (North)

Tel : +86 21 5396 6228 / +86 21 5396 6218 Fax : +86 21 6386 6280

Beijing Unit 2702A&B , 27/F , Emperor Group Centre, D12 Jianguomenwai Dajie, Chaoyang District Hong Kong Island

Tel : +86 010 5901 6688 Room 705-6, Tai Yau Building, 181 Johnston Road, Wanchai

Tel : +852 2818 7278 Fax : +852 2838 8368 Emperor Securities Research Tel ：+852 2836 2566

Fax ：+852 2831 8089

Email ： [email protected]

Email Addresses

Emperor Securities Limited Kowloon [email protected] Shop 4, G/F, No.132-134 Nga Tsin Wai Road, Kowloon City Emperor Futures Limited Tel : +852 2383 2262 Fax : +852 2383 2246 [email protected]

Emperor Wealth Management Limited

[email protected]

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