15th Feb, 2017

Hang Seng Index Performance Index Performance

Abs chg % Change Close 1-Day 1-Day 1-Mth 3-Mth 23,703.01 -7.97 -0.03 3.34 6.18 HSCI 3,253.80 -0.64 -0.02 4.62 7.08 HSCCI (Red Chips) 3,927.24 -16.49 -0.42 4.89 7.16 HSCEI (H-Shares) 10,254.44 -3.40 -0.03 4.77 9.11 Mkt T/O ($ Mn) 85,509.13 -5,287.94 -5.82 50.57 5.93

Oversea DJIA 20,504.41 92.25 0.45 3.11 8.36 NASDAQ 5,782.57 18.62 0.32 3.74 9.61 Shanghai SE Composite 3,217.93 1.09 0.03 3.38 0.34 Crude Oil Futures (US$) 53.06 -0.14 -0.26 1.32 15.83 Gold Futures (US$) 1,228.20 2.80 0.23 2.68 0.30 Baltic Dry Index 685.00 -3.00 -0.44 -24.73 -35.68 USD / Euro 1.0571 0.0006 0.06 -0.31 -1.51 Yen / USD 114.350 -0.0600 0.05 -0.21 -4.82

HSCEI HSI 20-Day MA 9,852.83 23,226.84 9,694.44 22,703.38 Source: Bloomberg 50-Day MA 9-Day RSI 81.44 76.33

Market Outlook Eric Yuen - [email protected] Hang Seng Index closed down 8 points at 23,703. Market turnover decreased to $85.5 billion. Heavily weighted HSBC (5) added 0.1%. (941), (700) and AIA Group (1299) cut 0.4%-0.8%. Gaming operator (1928) and Galaxy Entertainment (27) surged 4.9%-6.2%, the most in Hang Seng Index. Li & Fung (494) rebounded 2.4%. Local banks including BOC We believe further Hong Kong (2388), (11) and Bank of East Asia (23) climbed 0.4%-1.0%. Consumption and local property stocks showed mixed upside for the Hang performance. Wharf (4) and Swire Pacific (19) increased 0.7%. Link REIT (823) and Sino Land (83) retreated 0.3%. Hengan Int’l (1044) and China Mengniu Seng Index is limited Dairy (2319) were the worst performing index stocks, down 2.0%-2.2%. and recommend HSCEI was almost flat. CCCC (1800) and Sinopharm (1099), the best and worst performing HSCEI stock, went up 1.6% and down 2.8% respectively. Huaneng short-term investors Power (902) and China Longyuan (916) soared 0.6%-1.1%. Three largest oil to take profit. companies including PetroChina (857), (386) and CNOOC (883) tumbled 0.5%-1.5%. Automobile, railway and financial stocks had no direction. Four largest Chinese banks advanced 0.3%-1.2% with an average gain of 0.6%. CITIC Bank (998) and China Minsheng Banking (1988) slid 0.4%. CITIC Securities (6030) and Huatai Securities (6886) shrank 0.5%. Insurance stocks varied less than 0.4%. We believe further upside for the Hang Seng Index is limited and recommend short-term investors to take profit.

Remarks: Mason Securities Ltd (“Mason Securities”) is licensed by the Securities and Futures Commission to carry on Types ｜ 1, 4, 6 and 9 regulated activities in Hong Kong. Mason Futures Ltd is licensed by the Securities and Futures Commission to Securities Futures carry on Type 2 regulated activity in Hong Kong.

Industry / Corporate News Becky Yuen, CFA - [email protected]

Reiterate BUY on (2382) as January shipment figures surprised us on the upside

Reiterate BUY • HLS shipment in Jan up 88% yoy, thanks to mass production of dual camera HLS shipment Risk Level: High since Oct • Increasing popularity of dual camera features bode well for company's ASP and gross margin Time Horizon: Long • Trading at 20.2x 2018 PER with an EPS CAGR of 47% from 2015-2018

Sunny Optical (2382, $50.9) released its January shipment figures last Friday after market close, which shows that shipment volume of handset lens sets (HLS) saw a robust 88% yoy growth even though it dropped 14% from the record high level of December 2016. Meanwhile, handset camera modules (HCM) and vehicle lens sets (VLS) saw a yoy/mom growth of 18%/37% and 104%/8% respectively. The January shipment figure symbolized a good start for 2017, as the strong yoy growth despite Chinese New Year reflects that demand from handset OEMs has no signs of slowing down. We believe the latest HLS shipment figures further prove to the market that Sunny Optical is able to climb up its supply chain and take higher market share after starting its dual camera HLS shipment in October 2016. Meanwhile, the upcoming Mobile World Congress (MWC) held from Feb 27 to Mar 2 will provide more concrete evidence that dual camera lens has become a trend for upcoming smartphones when major brands disclose more details on the specs of their flagship models. This should bode well for both shipment volume, ASP and margin expansion for Sunny Optical, and hence leads to more earnings upgrade on the counter, in our view. It has been widely rumored that both iPhone 8 and iPhone 8 Plus will adopt dual camera modules. While Sunny Optical is not a member of the Apple supply chain, we see this news still positive to Sunny Optical in two ways: 1) Largan, the global leading manufacturer of handset lens, is the primary producer of Apple and thus need to allocate a major part of capacity for the US tech giant. This in turn will give room for Sunny Optical to speed up its dual camera lens penetration among Chinese smartphone brands; 2) smartphone brands are likely to accelerate the use of dual camera in their flagship models in order to differentiate their products as consumers are now more demanding on the functionality. In fact, we have observed that not only the ratio of dual- rear camera adoption has increased among leading smartphone brands, Vivo’s X9 is adopting dual camera in their front camera too. As such, we believe dual camera features still have much room to grow. At the same time, we also hold a bullish view on the prospect of vehicle lens, thanks to the wider adoption of ADAS (advanced driver assistance systems) and autonomous vehicles. Note that Sunny Optical is the leading player of VLS with a global market share of over 30% with limited competitors in near-term, and management has estimated that VLS industry will see a 20%-30% CAGR in next five years. Following Sunny Optical’s robust January shipment and latest industry trend, we have revised up our 2017 shipment assumption. We now expect shipment growth of HLS, VLS and HCM to be at 35%, 32% and 20% respectively in 2017, as compared to their respective growth rate of 26%, 37% and 18% in 2016. This combined with a higher ASP for dual camera HLS and HCM, leads to a 47% sales growth in 2017 after a 40% growth in 2016. Thanks to the higher margin of HLS and VLS products, we now expect GPM in 2017 to be at 17.7%. As such, we now expect the company to achieve an earnings growth of 56% to RMB1,751mn (EPS RMB1.63) this year. We also introduce our earnings forecast for 2018 at RMB2,401mn (EPS RMB2.24), assuming a shipment growth of 26%, 37% and 18% for HLS, VLS and HCM respectively with gross margin at 18.0%. This implies a 3-year EPS CAGR of 47% from 2015-2018. Even though the counter is trading at 20.2x 2018 PER, we believe a premium valuation is justified given company’s continuous market share gain with multiple growth drivers ahead (dual camera modules, 3D image applications, ADAS, etc.). Reiterate BUY with a 12-month target price of $60.5, implying a 24x 2018 PER. Recent Recommendations Stock Pick Rating Recommendation Highlights TP Reiterate BUY on Galaxy Entertainment (27) thanks to the continuous recovery of VIP Galaxy Entertainment (27) BUY $42.80 segment Luk Fook (590) BUY Focus on China’s network expansion at the right time – Maintain BUY Luk Fook (590) $26.0 Lee & Man Paper (2314) BUY Reiterate BUY on Lee & Man Paper (2314) as a laggard for paper plays $7.90 New contracts acquisition in 4Q16 improve earnings outlook for 2017 – Maintain BUY CMEC (1829) BUY $5.90 CMEC (1829) Johnson Electric (179) BUY Recommend BUY on Johnson Electric (179) as recent retreat seems overdone $25.3 (2007) SELL Valuation is no longer cheap compared to peers – Maintain SELL Country Garden (2007) $4.00 Reiterate BUY on (669) amid positive outlook on power tool demand Techtronic Industries (669) BUY $31.7 in US Continued re-rating of Chinese property developers – Maintain BUY China Resources Land (1109) BUY $28.0 (1109) Reiterate BUY on Xinyi Glass (868) as China has started to shift its de-capacity focus to glass Xinyi Glass (868) BUY $8.1 industry Pou Sheng International BUY Robust revenue growth for January – BUY Pou Sheng International (3813) $2.42 (3813)

Technical Ideas

Risk: Medium Galaxy Entertainment (27, $37.85) TP: $41.5 BUY Time Horizon: Short

• Galaxy Entertainment operates casino, hotels, and other entertainment facilities in Macau. The company also manufactures, sells, and distributes construction materials.

• Counter rose 6.9% yesterday with exceptional turnover, surpassing its critical resistance at $37.6. MACD also showed positive crossing, indicating the counter’s strong uptrend momentum ahead.

• BUY. Short-term target at $41.5. Cut loss at $34.9.

Consensus 2017 PER: 25.1x Consensus target price: $40.47

Source: Bloomberg, Mason Securities

Risk: Low China Travel International (308, $2.39) TP: $2.63 BUY Time Horizon: Short

• China Travel International operates tourist attractions, golf clubs, hotels, and other travel related activities. The company also provides passenger transportation as well as freight forwarding and cargo services.

• Counter advanced 4.8% yesterday with exceptional turnover, surpassing SMA250 and its critical resistance at $2.32, indicating the counter’s further upside potential ahead.

• BUY. Short-term target at $2.63. Cut loss at $2.26.

Consensus 2017 PER: 19.9x Consensus target price: $2.48

Source: Bloomberg, Mason Securities

RSI Indicator Overbought (9-day RSI> 80) Oversold (9-day RSI<20) Tickers Tickers 11, 30, 34, 61, 69, 87, 116, 122, 123, 129, 133, 135, 154, 160, 173, 191, 257, 285, 308, 342, 373, 392, 405, 432, 488, 509, 511, 530, 576, 581, 651, 659, 732, 751, 806, 816, 874, 877, 893, 902, 921, 931, 952, 956, 997, 1043, 1052, 1098, 365, 607, 692, 996, 1087, 1568, 1836, 6828 1145, 1169, 1199, 1208, 1269, 1281, 1288, 1297, 1339, 1360, 1389, 1800, 1803, 1812, 1813, 1829, 1893, 2007, 2030, 2038, 2039, 2302, 2303, 2380, 2382, 2628, 2828, 2868, 3323, 3336, 3378, 3383, 3396, 3669, 3988, 3993

Exceptional Turnover & Price Movements

Stock Last Price Turnover / 3-mth Target price up / 2017 Rating*^ Stock Code Price ($) Change (%) daily avg turnover downside (%)* PER* Ping Shan Tea Group 364 0.04 34.6 8.9 N/A N/A N/A Goldin Financial 530 3.32 18.1 9.6 N/A N/A N/A Cowell E 1415 2.70 17.4 13.1 36.0 4.4 5.4 China LNG Group 931 0.20 10.1 5.7 N/A N/A N/A Television Broadcasts 511 33.15 9.2 6.6 -3.0 3.5 20.4 Hisense Kelon 921 8.60 8.4 8.7 18.0 3.0 7.5 Summit Ascent 102 2.40 7.6 5.5 27.8 4.8 19.0 Galaxy Entertainment 27 37.85 6.9 3.0 6.9 4.4 25.1 ZTE Corporation 763 12.84 5.4 4.1 13.7 3.9 11.7 MGM China 2282 14.92 5.4 2.6 15.1 3.8 24.9 RM Group 932 3.54 5.0 2.4 N/A N/A N/A Sands China 1928 33.10 4.9 2.7 13.8 3.8 21.2 China Travel International 308 2.39 4.8 8.0 3.8 4.1 19.9 Fufeng Group 546 4.89 4.7 3.7 22.0 4.8 9.9 Digital China 861 7.16 3.9 4.9 2.6 4.1 29.2 Chinlink International 997 0.06 3.6 10.7 N/A N/A N/A Sunny Optical Technology 2382 50.90 3.6 2.0 -7.0 4.1 30.0 Kingsoft Corporation 3888 17.58 3.4 3.2 26.9 4.9 18.0 Beijing Enterprises 392 41.70 3.0 2.2 6.4 3.9 7.8 Rexlot 555 0.17 3.0 5.6 N/A N/A N/A Guangshen Railway 525 4.99 2.5 3.6 2.6 4.1 20.5 Chinasoft International 354 4.05 2.0 2.5 16.0 4.8 16.4

Source: Bloomberg, Mason Securities; *Based on consensus estimates ^ The “Rating” indicates analysts’ opinions on the security. It is calculated by converting analysts’ recommendations into a number from 1-5 and taking the average. “5” is the best while “1” is the worst.

A-H Share Premium / Discount (%) Average AH Shanghai Listed -33.5%

Premium/Discount (%) Shenzhen Listed -34.3%

A-H Shares – Shanghai Listed A-H Shares – Shanghai Listed H Share A Share A Close H Close AH Price H Share A Share A Close H Close AH Price Gap Company Name Company Name Code Code (RMB) (HKD) Gap (%) Code Code (RMB) (HKD) (%) 1108 600876 Luoyang Glass 25.61 6.02 -79 1053 601005 Chongqing Iron 2.52 2.12 -26 811 601811 Xinhua Winshare 21.12 7.13 -70 323 600808 Magang 3.49 2.94 -25 300 600806 Kunming Machine 8.2 2.79 -70 1336 601336 New China Life 46.38 40.75 -22 187 600860 Jingcheng 9.53 3.43 -68 6886 601688 Huatai Securities 18.4 16.32 -22 38 601038 FirstMachinery Tractor 13.19 4.92 -67 525 601333 Guangshen Railway 5.51 4.99 -20 1033 600871 SSC 3.87 1.58 -64 6837 600837 Haitong Securities 15.93 14.44 -20 2866 601866 CSCL 4.23 1.78 -63 2628 601628 China Life 26.57 24.45 -19 995 600012 Anhui Expressway 14.5 6.15 -62 6818 601818 Everbright Bank 4.12 3.84 -18 2727 601727 Shanghai Electric 8.42 3.74 -61 1088 601088 China Shenhua 17.31 16.22 -17 553 600775 Nanjing Panda 15.5 7.59 -57 2607 601607 Shanghai Pharma 21.43 20.7 -15 2880 601880 Dalian Port 2.97 1.46 -57 1988 600016 Minsheng Bank 9.1 8.93 -13 317 600685 COMEC 33.11 16.32 -56 3328 601328 BoComm 6.06 6.01 -12 1065 600874 Tianjin Capital 8.43 4.33 -55 6030 600030 Citic Securities 16.64 16.9 -10 2238 601238 GAC Group 24.43 12.9 -53 939 601939 CCB 5.79 5.97 -9 1171 600188 Yanzhou Coal 11.26 6.1 -52 386 600028 Sinopec 5.84 6.11 -7 991 601991 Datang Intl Power 3.95 2.16 -52 3988 601988 3.62 3.82 -7 1800 601800 CCCC 18.7 10.28 -51 1288 601288 ABC 3.22 3.42 -6 1618 601618 MCC 5.35 3.11 -49 168 600600 Tsingtao Brewery 32.98 35.1 -6 1919 601919 China Cosco 6.23 3.64 -48 2601 601601 CPIC 27.72 29.55 -6 3993 603993 China Moly 4.51 2.64 -48 1398 601398 ICBC 4.62 4.96 -5 670 600115 China Eastern 7.05 4.18 -48 2196 600196 Fosun Pharma 25.19 27.3 -4 107 601107 SichuanAirlines Exp 5.17 3.12 -47 3968 600036 CMB 18.87 20.7 -3 588 601588 Beijing North Star 4.4 2.66 -47 177 600377 Jiangsu Express 8.87 10.3 3 564 601717 Zhengzhou Coal 8.07 4.96 -46 2318 601318 36.1 42.1 3 1138 600026 China Shipping 7.33 4.53 -45 3606 600660 Fuyao Glass 18.82 23.45 10 2883 601808 COSL 12.98 8.14 -45 914 600585 Anhui Conch 20.94 27.05 14 1055 600029 China South Air 7.38 4.79 -43 1898 601898 China Coal Energy 6.23 4.1 -42 A-H Shares – Shenzhen Listed 358 600362 Jiangxi Copper 21.49 14.16 -42 1057 002703 Zhejiang Shibao 36.69 9.2 -78 1071 600027 Huadian Power 5.08 3.47 -40 42 000585 Northeast Electric 9.29 2.71 -74 338 600688 Sinopec Shanghai 6.61 4.65 -38 568 002490 Shandong Molong 8.14 2.38 -74 2333 601633 Great Wall Motor 12.71 8.96 -38 719 000756 Xinhua Pharma 13.16 5.75 -61 1072 600875 Dongfang Electric 10.79 7.66 -37 921 000921 Hisense Kelon 11.65 8.6 -35 2009 601992 BBMG 4.68 3.35 -37 895 002672 Dongjiang Env 17.88 13.46 -33 1766 601766 CRRC Corp 10.44 7.48 -37 1812 000488 Chenming Paper 12.67 9.58 -33 857 601857 Petrochina 8.39 6.14 -35 2039 000039 China Int'l Marine 16.95 12.94 -32 902 600011 Huaneng Power 7.36 5.41 -35 2208 002202 Xinjiang Goldwind 17.18 13.18 -32 390 601390 China Railway 9.29 7.07 -33 1513 000513 Livzon Pharm 57.62 46.9 -28 998 601998 ChinaGroup Citic Bank 6.92 5.3 -32 763 000063 ZTE Corp 15.51 12.84 -27 753 601111 Air China 7.53 5.79 -32 1157 000157 Zoomlion 4.79 4.3 -21 2899 601899 Zijin Mining 3.63 2.89 -30 1211 002594 BYD 49.54 44.75 -20 2600 601600 Chalco 5.34 4.29 -29 2202 000002 China Vanke 20.91 19.94 -16 874 600332 Guangzhou Pharm 24.98 20.45 -28 347 000898 Angang Steel 6.32 6.07 -15 548 600548 Shenzhen Express 8.79 7.24 -27 1776 000776 GF Securities 17.74 17.44 -13 1186 601186 CRCC 13.46 11.24 -26 2338 000338 Weichai Power 11.72 14.4 9

HSI & HSCEI Constituents Performance

Price Change (%) Outperform Airline, PRC Bank, Financial, Gaming, Power, PRC Securities vs 3M Index 5 D 1 M 3 M High Underperform Automobile, Coal, Consumer, Insurance, IT, Telecom Hang Seng Index 2 3 5 0 Mixed Infrastructure, Oil&Gas, PRC Property Hang Seng China Ent Index 4 5 9 0

Price Change (%) Price Change (%) Stock vs 3M Stock vs 3M Company Name 5 D 1 M 3 M Company Name 5 D 1 M 3 M Code High Code High 1109 China Res Land 11 13 14 1109 2319 3 1 -1 2319 2333 GreatWall Motor 10 12 25 2333 2202 China Vanke 2 1 -5 2202 902 Huaneng Power 10 6 15 902 267 CITIC Ltd 2 1 2 267 27 Galaxy Entertain 9 7 14 27 2318 Ping An 2 4 4 2318 6881 Galaxy Securities 9 5 1 6881 1880 Belle Int'l 2 14 17 1880 135 Kunlun Gas 9 9 16 135 2388 BOC Hong Kong 2 7 11 2388 1800 China Comm Cons 9 12 11 1800 1336 New China Life 2 6 18 1336 6886 HTSC 9 6 -2 6886 2601 CPIC 2 5 8 2601 3968 CM Bank 8 8 13 3968 19 Swire Pacific 2 2 2 19 3988 Bank of China 8 8 12 3988 494 Li & Fung 2 -3 -4 494 914 Anhui Conch 8 18 16 914 1211 BYD Company 2 2 -5 1211 753 Air China 7 11 15 753 1113 CK Property 2 5 0 1113 6030 CITIC Securities 7 4 -3 6030 1 CK Hutchison 2 1 -1 1 1988 Minsheng Bank 6 4 2 1988 151 Want Want 2 10 16 151 144 China Mer Port 6 9 14 144 857 PetroChina 1 -2 18 857 1776 GF Securities 6 5 1 1776 1088 China Shenhua 1 -1 -6 1088 388 HKEx 6 6 -4 388 11 Hang Seng Bank 1 9 14 11 836 China Res Power 6 5 10 836 728 China Telecom 1 1 -1 728 1359 China Cinda 6 2 4 1359 489 Dongfeng Group 1 11 11 489 1288 ABC 6 5 8 1288 5 HSBC Hldgs 1 5 10 5 688 China Overseas 5 5 4 688 12 Henderson Land 1 0 3 12 3328 BOCOM 5 4 2 3328 17 New World Dev 1 3 9 17 3898 CRRC Times 5 7 11 3898 3 HK & China Gas 1 3 2 3 168 Tsingtao Brew 5 21 14 168 386 Sinopec Corp 0 0 13 386 6837 Haitong Securities 5 2 2 6837 2 CLP Hldgs 0 4 4 2 998 CITIC Bank 5 3 8 998 823 Link REIT 0 2 3 823 2018 AAC Technologies 5 15 25 2018 66 MTR Corporation 0 4 -4 66 1398 ICBC 4 4 8 1398 16 SHK Prop 0 2 7 16 1339 PICC Group 4 6 8 1339 101 Hang Lung Prop 0 8 18 101 390 China Railway 4 7 5 390 1044 Hengan Int'l 0 6 6 1044 1816 CGN Power 4 5 2 1816 1299 AIA 0 2 -2 1299 1186 China Railway 4 7 -1 1186 4 Wharf 0 0 6 4 2628 ConstructionChina Life 4 13 27 2628 6 Power Assets 0 7 4 6 293 Cathay Pac Air 4 6 7 293 1038 CKI Holdings 0 5 -3 1038 916 Longyuan Power 4 7 18 916 941 China Mobile -1 3 4 941 992 Lenovo 4 2 9 992 762 -1 5 9 762 23 Bank of E Asia 4 7 8 23 83 Sino Land -1 -1 10 83 1766 CRRC 3 3 6 1766 883 CNOOC -1 -4 -1 883 1928 Sands China 3 -2 -3 1928 700 Tencent -1 2 1 700 2328 PICC P&C 3 3 4 2328 1099 Sinopharm -2 2 6 1099 939 CCB 3 2 8 939

Upcoming Events Date Stock Code Company Name Event Feb 16 315 Smartone Telecommunications Interim Feb 17 23 Bank Of East Asia Final

Disclosures Investment Rating System Ratings Description Mason Securities Limited’s investment Buy Expected positive return of > 10 % rating system is divided into investment Investment Ratings Hold Expected return range of ~ ±10 % ratings, risk rating and investment time Sell Expected negative return > 10% horizon. The rating scale is subject to change upon periodic review of market by High (H) 90-day volatility of > 50% research department. Assigned ratings are Risk Ratings Medium (M) 90-day volatility of > 30-50% based on company and sector historical Low (L) 90-day volatility of < 30% performance and analysts’ intrinsic Long (L) 6 – 12 Months Investment Time valuation of the stock Medium (M) 3 – 6 Months Horizon Short (S) Less than 1 Month Note: 90-day volatility is measured from the security’s standard deviation of day to day logarithmic historical price changes. The 90-day price volatility equals the annualized standard deviation of the relative price change for the 90 most recent trading days closing price, expressed as a percentage

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