Sungwoo Hitech (015750 KQ) Compelling story and cheap valuation

Auto 4Q13 review: Strong Chinese sales drive earnings beat Sungwoo Hitech’s 4Q13 earnings beat the market consensus, with revenue of Results Comment W802.6bn (+3.1% YoY) and operating profit of W72.6bn (+60.7% YoY). OP margin came March 17, 2014 in at 9.0% (the highest level in recent quarters), which beat our estimate of 7.8%. We primarily attribute the earnings beat to stronger-than-expected contributions from the

firm’s Chinese operations, which we ascribe to solid sales by Hyundai Motor (HMC) and (Maintain) Buy Motors in the country. We also believe Sungwoo Hitech’s European operations saw a solid earnings recovery due to pricing adjustments after a weak 1H13. Target Price (12M, W) 21,000 Pretax profit reached W83bn (+103.4% YoY), and net profit came in at W56bn (+117.7% YoY) thanks to a one-time gain of W30bn related to Sungwoo Hitech’s Share Price (03/14/14, W) 16,150 Hyundai Hysco securities holdings, which offset F/X-related losses.

Expected Return 30% 2014 outlook

Sungwoo Hitech is the largest supplier of automobile body parts to HMC’s and Kia OP (13P, Wbn) 213 Motors’ overseas operations (excluding the US and Brazil). Sungwoo Hitech’s main Consensus OP (13F, Wbn) 190 overseas businesses are in China, Eastern Europe (Czech Republic and Slovakia), Russia, and India. 67% of Sungwoo Hitech’s consolidated revenue comes from China (35%) and EPS Growth (13P, %) -2.4 Russia (32%), and only 29% is derived from Korean operations. Thus, future growth for Market EPS Growth (13F, %) 4.3 Sungwoo Hitech will be highly correlated with HMC’s and Kia Moto rs’ overseas P/E (13P, x) 5.9 expansion and growth. Market P/E (13F, x) 12.1 KOSDAQ 544.27 We believe (HMG) will continue to expand in Sungwoo Hitech’s key markets going forward. This year, HMC will complete the final ramp-up of its third Market Cap (Wbn) 808 plant in China (additional annual capacity of 150,000 units), and a fourth plant is Shares Outstanding (mn) 50 strongly anticipated. Meanwhile, Kia Motors has also started production at its third Free Float (%) 55.1 plant in China. For Eastern Europe, both HMC and Kia Motors have switched to a three- Foreign Ownership (%) 23.7 shift schedule, leading to additional capacity of 10% each. We also anticipate a third Beta (12M) 0.83 52-Week Low 13,050 expansion of HMC’s Russian plant. 52-Week High 18,100 Therefore, we are confident Sungwoo Hitech will continue to benefit from HMG’s (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M expansion efforts in China and Eastern Europe. Along with solid top-line growth, we also Absolute 8.4 8.8 9.9 anticipate Sungwoo Hitech’s operating profit and net profit to grow at 2013-15 CAGRs Relative 4.1 6.1 11.7 of 10.3% and 16.7%, respectively.

150 Sungwoo Hitech KOSDAQ Trading at a 2014F P/E of 5.7x

130 Sungwoo Hitech’s earnings levels (revenue over W3tr; net profit over W100bn) are the

110 highest among small- to mid-cap Korean auto parts makers. We also find the company’s OP margin (7%) and current 2014F trading multiples (P/E of 5.7x, EV /EBITDA of 3.9x, 90 and P/B of 0.8x) to be very compelling compared to peer levels. 70 3.13 7.13 11.13 3.14

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13P 12/14F 12/15F Revenue (Wbn) 2,082 2,584 3,011 3,106 3,226 3,495 [Auto/Auto Parts/Tire] OP (Wbn) 162 174 200 213 230 259

Michael Yun OP margin (%) 7.8 6.7 6.6 6.9 7.1 7.4 +822-768-4169 NP (Wbn) 128 51 134 131 141 157 [email protected] EPS (W) 2,550 1,022 2,677 2,614 2,829 3,148 ROE (%) 27.9 8.4 19.0 16.5 15.9 15.4 Young-ho Park +822-768-3033 P/E (x) 4.3 13.6 4.4 5.9 5.7 5.1 [email protected] P/B (x) 1.0 1.1 0.8 0.9 0.8 0.7 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Sangmin Lee Source: Company data, KDB Daewoo Securities Research estimates +822-768-4170 [email protected] Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURESDISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

March 17, 2014 Sungwoo Hitech

TableTableTable 111.1. 4Q134Q134Q13P4Q13 PPP results (Wbn, %) 4Q14Q14Q13P4Q1 3P3P3P 4Q124Q124Q12 3Q133Q133Q13 YoYYoYYoY QoQQoQQoQ Preliminary KDB Daewoo Revenue 779 739 803 850 3.1 8.6 Operating profit 45 50 73 66 60.7 46.6 Pretax profit 41 38 83 63 103.4 116.0 Net profit 26 21 56 35 117.7 162.9 OP margin 5.8 6.7 9.0 7.8 Net margin 3.3 2.9 7.0 4.1 Source: Company data, KDB Daewoo Securities Research

TableTableTable 222.2. Quarterly and annual earnings (Wbn, %) 1Q131Q131Q13 2Q132Q132Q13 3Q133Q133Q13 4Q134Q134Q13P4Q13 PPP 1Q14F 2Q14F 3Q14F 4Q14F 201220122012 2013P2013P2013P 2014F2014F2014F 2015F2015F2015F Revenue 771 793 739 803 772 824 786 844 3,011 3,106 3,226 3,495 Operating profit 40 52 50 73 46 60 49 75 200 213 230 259 Pretax profit 30 53 38 83 51 64 54 72 208 205 239 266 Net profit 19 34 21 56 30 42 30 39 134 131 141 157 OP margin 5.1 6.5 6.7 9.0 6.0 7.3 6.2 8.8 6.6 6.9 7.1 7.4 Net margin 2.4 4.3 2.9 7.0 3.9 5.1 3.9 4.6 4.4 4.2 4.4 4.5 Source: Company data, KDB Daewoo Securities Research

TableTableTable 333.3. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg.chg.chg. NotesNotesNotes 2013F2013F2013F 2014F2014F2014F 2015F2015F2015F 2013P2013P2013P 2014F2014F2014F 2015F2015F2015F 2013P2013P2013P 2014F2014F2014F 2015F2015F2015F Revenue 3,154 3,486 3,810 3,106 3,226 3,495 -1.5 -7.5 -8.3 - Reflected 4Q13P earnings Operating profit 207 225 250 213 230 259 3.1 2.4 4.0 - Revised down Korean revenue forecasts Pretax profit 185 241 257 205 239 266 10.6 -0.6 3.5 - Revised up overseas earnings forecasts Net profit 109 144 152 131 141 157 19.5 -1.4 3.7 EPS 2,192 2,869 3,037 2,614 2,829 3,148 19.2 -1.4 3.6 OP margin 6.6 6.4 6.6 6.9 7.1 7.4 Net margin 3.5 4.1 4.0 4.2 4.4 4.5 Source: Company data, KDB Daewoo Securities Research

Figure 111.1. Revenue breakdown by region Figure 222.2. Operating profit breakdown by region

(Wbn) (Wbn) 4,500 Korea 250 Korea China China Eastern Europe 200 Eastern Europe 3,600 India 4% India 28% 4% 25% 150 2,700 32% 34% 100 59% 53% 1,800 35% 33% 50

900 21% 19% 0 29% 29% 0 -50 -4% 04 05 06 07 08 09 10 11 12 13 14F 15F 04 05 06 07 08 09 10 11 12 13 14F 15F

Source: KDB Daewoo Securities Research Source: KDB Daewoo Securities Research

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March 17, 2014 Sungwoo Hitech

To play a key role in HMC’s “back to fundamentals” push

HMC is emphasizing the solid fundamentals of its most recently launched new cars, the Genesis and the Sonata. (The automaker’s advertisements for the latter model feature the mantra “run, turn, stop, protect.”) In particular, we note that HMC has been transitioning to stronger automobile body parts in its vehicles. However, while this switch has resulted in improved crash test performances, it has led to increases in car weights. Thus, because Sungwoo Hitech focuses on both strength/safety and weight reduction in the development of its key products, we believe the parts maker will continue to play a major role for HMG.

Figure 333.3. Product lineup

Source: Company data, KDB Daewoo Securities Research

Maintain Buy with TP of W21,000

We maintain our Buy rating on Sungwoo Hitech with a 12-month target price of W21,000. We believe that Sungwoo Hitech will continue to play a key role in HMC’s and Kia Motors’ overseas expansion efforts and maintain its core competitiveness in body press parts. Valuation comparisons with peers are also compelling considering the company’s profitability and outlooks for 2014 and 2015.

TableTableTable 444.4. Valuation comparison of smallsmall----////midmidmidmid----capcap autautoo parts companies (as of 20132013)))) (Wbn, x, %) Market Company Main products Revenue OPOPOP OP margin NPNPNP P/EP/EP/E P/BP/BP/B ROEROEROE EV/EBITDA capcapcap Sungwoo Hitech Body press parts 3,106 214 6.9 131 808 5.9 0.9 16.5 4.2 Hanil E-Hwa Interior trim, bumpers 3,025 201 6.6 42 700 16.7 1.0 6.9 2.9 SL Lamps, chasses, mirrors, FEMs 1,242 35 2.8 73 547 7.5 0.8 11.6 7.4 Hwashin Chassis and body press parts 1,484 66 4.5 1 426 427.3 1.3 0.3 5.1 Pyeong Hwa Door systems 999 69 6.9 47 401 8.5 1.0 13.2 4.4 Automotive Daewon Kang Up Suspension springs, seats 1,011 64 6.3 32 383 12.2 0.8 6.7 7.3 Suspensions, air bags, power S&T Motiv 960 52 5.4 34 380 11.3 0.6 5.9 4.4 train parts , motor s Sejong Industrial Mufflers, body parts, convertors 1,094 57 5.3 46 319 7.0 0.9 13.7 4.2 Kyung Chang Transmission parts 527 30 5.7 26 181 7.0 1.8 27.4 5.1 Source: Company data, KDB Daewoo Securities Research

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Sungwoo Hitech (015750 KQ/Buy/TP: W21,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/12 12/13F 12/14F 12/15F (Wbn) 12/12 12/13F 12/14F 12/15F Revenue 3,0113,0113,011 3,1063,1063,106 3,2263,2263,226 3,4953,4953,495 Current Assets 1,0811,0811,081 1,1471,1471,147 1,2831,2831,283 1,4601,4601,460 Cost of SalesSalesSales 2,6032,6032,603 2,6752,6752,675 2,7642,7642,764 2,9802,9802,980 Cash and Cash Equivalents 168 144 207 278 Gross Profit 408408408 431431431 462462462 515515515 AR & Other Receivables 499 531 557 610 SG&A Expenses 207207207 217217217 232232232 255255255 Inventories 258 265 288 314 Operating Profit (Adj) 200200200 213213213 230230230 259259259 Other Current Assets 156 207 231 258 Operating Profit 200200200 213213213 230230230 259259259 NonNonNon-Non ---CurrentCurrent Assets 1,1781,1781,178 1,1161,1161,116 1,1141,1141,114 1,1261,1261,126 NonNonNon-Non ---OperatingOperating Profit 888 ---8-888 999 777 Investments in Associates 121 116 118 116 Net Financial Income -33 -24 -19 -18 Property, Plant and Equipment 942 900 892 908 Net Gain from Inv in Associates 3 -12 -1 3 Intangible Assets 15 8 8 8 Pretax Profit 208 205 239 266 Total Assets 2,2602,2602,260 2,2632,2632,263 2,3982,3982,398 2,5862,5862,586 Income Tax 47 51 62 68 Current Liabilities 1,0191,0191,019 969969969 947947947 975975975 Profit from Continuing Operations 161 153 177 198 AP & Other Payables 376 367 362 370 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 605 561 543 565 Net Profit 161 153 177 198 Other Current Liabilities 38 41 42 40 Controlling Interests 134 131 141 157 NonNonNon-Non ---CurrentCurrent Liabilities 289289289 284284284 271271271 252252252 Non-Controlling Interests 27 23 36 41 Long-Term Financial Liabilities 244 252 238 216 Total Comprehensive Profit 141141141 120120120 180180180 192192192 Other Non-Current Liabilities 45 32 33 36 Controlling Interests 119 95 145 155 Total Liabilities 1,3081,3081,308 1,2531,2531,253 1,2181,2181,218 1,2271,2271,227 Non-Controlling Interests 22 26 34 37 Controlling Interests 760760760 820820820 954954954 1,0931,0931,093 EBITDA 332 348 362 395 Capital Stock 25 25 25 25 FCF (Free Cash Flow) 116 197 152 128 Capital Surplus 54 33 33 33 EBITDA Margin (%) 11.0 11.2 11.2 11.3 Retained Earnings 660 780 911 1,056 Operating Profit Margin (%) 6.6 6.9 7.1 7.4 NonNonNon-Non ---ControllingControlling Interests 192192192 190190190 226226226 267267267 Net Profit Margin (%) 4.5 4.2 4.4 4.5 Stockholders' Equity 952952952 1,0101,0101,010 1,1801,1801,180 1,3601,3601,360

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/12 12/13F 12/14F 12/15F 12/12 12/13F 12/14F 12/15F Cash Flows from Op Activities 266 312 276 278 P/E (x) 4.4 5.9 5.7 5.1 Net Profit 161 153 177 198 P/CF (x) 1.7 2.0 2.1 1.9 Non-Cash Income and Expense 178 230 214 219 P/B (x) 0.8 0.9 0.8 0.7 Depreciation 132 134 131 135 EV/EBITDA (x) 4.0 4.2 3.9 3.4 Amortization 0 1 1 1 EPS (W) 2,677 2,614 2,829 3,148 Others 46 95 82 83 CFPS (W) 6,772 7,670 7,830 8,340 Chg in Working Capital -28 -20 -54 -71 BPS (W) 15,196 16,400 19,074 21,850 Chg in AR & Other Receivables 11 0 -25 -48 DPS (W) 200 200 250 250 Chg in Inventories 8 14 -23 -25 Payout ratio (%) 6.2 6.5 7.0 6.3 Chg in AP & Other Payables -43 326 7 9 Dividend Yield (%) 1.7 1.3 1.5 1.5 Income Tax Paid ---45 -454545 ---52-525252 ---62-626262 ---68-686868 Revenue Growth (%) 16.5 3.2 3.9 8.3 Cash Flows from Inv Activities -165 -195 -144 -176 EBITDA Growth (%) 15.7 4.8 4.0 9.1 Chg in PP&E -129 -83 -123 -150 Operating Profit Growth (%) 14.9 6.5 8.0 12.6 Chg in Intangible Assets -1 0 0 0 EPS Growth (%) 161.9 -2.4 8.2 11.3 Chg in Financial Assets -8 -41 -26 -25 Accounts Receivable Turnover (x) 6.6 6.5 6.4 6.4 Others ---27 -272727 ---71-717171 555 ---1-111 Inventory Turnover (x) 11.9 11.9 11.7 11.6 Cash Flows from Fin Activities -114 -155 -68 -38 Accounts Payable Turnover (x) 7.6 7.9 7.9 8.4 Chg in Financial Liabilities -41 -35 -33 0 ROA (%) 7.2 6.8 7.6 8.0 Chg in Equity 0 -21 0 0 ROE (%) 19.0 16.5 15.9 15.4 Dividends Paid -18 -19 -10 -12 ROIC (%) 11.8 11.9 12.5 13.5 Others ---55 -555555 ---80-808080 ---25-252525 ---26-262626 Liability to Equity Ratio (%) 137.4 124.0 103.2 90.2 Increase (Decrease) in Cash -18 -24 64 71 Current Ratio (%) 106.2 118.3 135.5 149.8 Beginning Balance 186 168 144 207 Net Debt to Equity Ratio (%) 59.2 49.6 32.4 21.0 Ending Balance 168168168 144144144 207207207 278278278 Interest Coverage Ratio (x) 5.2 7.6 9.0 10.3 Source: Company data, KDB Daewoo Securities Research estimates

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APPENDIX 1

Important Disclosures & Disclaimers 222-2---YearYear Rating and Target Price History

Company (((Code)(Code)Code)Code) DateDateDate RatingRatingRating Target PricePricePrice Sungwoo Hitech (015750) 11/28/2013 Buy 21,000 (W) Sungwoo Hitech 06/02/2013 Buy 18,800 25,000 04/03/2012 Buy 19,300 20,000

12/06/2011 Buy 20,900 15,000

10,000

5,000

0 Mar 12 Mar 13 Mar 14

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price ( ─), Target price ( ▬), Not covered ( ■), Buy ( ▲), Trading Buy ( ■), Hold ( ●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subjec t company and do not own 1% or more of the subject company's shares outstanding.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein.

Disclaimers This report is published by Daewoo Securities Co., Ltd. (“Daewoo”), a broker-dealer registered in the Republic of Korea and a member of the . Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur

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Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

KDB Daewoo Securities International Network

Daewoo Securities Co. Ltd. () Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office Two International Finance Centre 320 Park Avenue, 31st Fl. 34-3 Yeouido-dong, Yeongdeungpo-gu Suites 2005-2012 New York, NY 10022 Seoul 150-716 8 Finance Street, Central Korea Hong Kong United States Tel: 82-2-768-3026 Tel: 85-2-2514-1304 Tel: 1-212-407-1000 Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Representative Office Tower 42, Level 41 6 Battery Road, #11-01 7th Floor, Yusen Building 25 Old Broad Street Singapore, 049909 2-3-2 Marunouchi, Chiyoda-ku London EC2N 1HQ Tokyo 100-0005 United Kingdom Japan Tel: 44-20-7982-8016 Tel: 65-6671-9845 Tel: 81-3- 3211-5511

Beijing Representative Office Shanghai Representative OfficeOfficeOffice Ho Chi Minh Representative Office Suite 2602, Twin Towers (East) Unit 13, 28 th Floor, Hang Seng Bank Tower Centec Tower B-12 Jianguomenwai Avenue 1000 Lujiazui Ring Road 72-74 Nguyen Thi Minh Khai Street Chaoyang District, Beijing 100022 Pudong New Area, Shanghai 200120 Ward 6, District 3, Ho Chi Minh City China China Vietnam Tel: 86-10-6567-9699 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000

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