July 27, 2017

Sun Hung Kai Properties (16 HK) BUY Farmland to Cashland Share Price HKD 117.80 12m Price Target HKD 136.00 (+15%) Previous Price Target HKD 132.00

Reiterate BUY and lift TP to HKD136 Reiterate BUY as we lift TP to HKD136 (unchanged 35% target NAV Statistics discount) after raising our 2017E NAV by 3% and 2018 net profit by 3%. 52w high/low (HKD) 124.10/97.15 We expect near-term catalysts to come from SHKP gradually replenishing 3m avg turnover (USDm) 53.2 its land bank via more farmland conversion as well as its strong project Free float (%) 58.6 pipeline. With NAV discount of 40% at 1 STD below its long-term average Issued shares (m) 2,895

discount of 22%, we believe the NAV discount will eventually narrow Market capitalisation HKD341.1B given SHKP’s strong operations, financial position and dividends in the USD43.7B coming years. Major shareholders: Estate Positive on farmland conversion KWOK TAK SENG FAMILY 26.1% KWOK PING SHEUNG 6.7% SHK is less known for tapping farmland for land development. However, Asporto Ltd. 6.5% Real government disclosed that SHKP executed a farmland conversion in Siu Price Performance Hong (兆康), Tuen Mun for ~HKD6.53b recently. We are positive on this less expensive land access as we estimate a project margin of at least 125 120 35% -- above the average of 30% -- based on the conversion premium at 120 116 HKD2,288/sq ft. Together with the potential conversion of the “Shap Sze 115 112 Heung” (十四鄉) project in Sai Kung, we estimate these two projects could 110 108 increase SHKP’s land bank by ~40%. Lower land costs via farmland 105 104 conversion enhance its medium-term margins in the medium term in 100 100 light of intensifying competition in the land market, in our view. 95 96 90 92 Strong 2H FY17 sales and project pipeline ahead

Hong KongHong 85 88 Based on government data, we estimate SHKP recorded contracted sales 80 84 of ~HKD22.1b in 2H FY17 (Jan to Jun). Together with ~HKD22.8b Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 recorded in 1H FY17, we forecast contracted sales could have reached SHKP - (LHS, HKD) SHKP / Hang Seng Index - (RHS, %) HKD44.9b, ~36% above its FY17 HKD33b sales target. Looking ahead, we anticipate a strong project launch pipeline including “Victoria Harbour -1M -3M -12M 1B” (海璇) in North Point and “St. Barths” (雲海) in Ma On Shan. Moreover, Absolute (%) 1 1 7 we believe there could be some ASP upside for “St. Barths” given the Relative to index (%) (3) (8) (13) recent tender price of a nearby site reached a record high of Source: FactSet HKD11,588/sq ft. Grand Yoho Mall opening to boost recurring income We visited the Grand Yoho Mall (Yoho Mall Extension I) in , which opened on 21 Jul 2017. The latest extension adds about 100 new shops to the existing retail hub, with tenant mix mainly targeting local upper-middle class spending. About 80-90% of the new shops are open and we observed good footprint on a week day evening. We estimate the mall could generate an annual rental income of around HKD500m, which could further strengthen the company’s recurring income base in FY18E.

FYE Jun (HKD m) FY15A FY16A FY17E FY18E FY19E Revenue 66,783 91,184 94,129 105,644 115,000 EBITDA 24,750 30,806 31,624 35,237 36,173 Core net profit 19,825 24,170 25,715 28,539 29,816 Core EPS (HKD) 7.08 8.38 8.88 9.86 10.30 Core EPS growth (%) (10.8) 18.3 6.0 11.0 4.5 Net DPS (HKD) 3.35 3.85 4.04 4.24 4.43 Core P/E (x) 16.6 14.1 13.3 11.9 11.4 P/BV (x) 0.8 0.7 0.7 0.7 0.7 Net dividend yield (%) 2.8 3.3 3.4 3.6 3.8 ROAE (%) 7.2 7.1 5.4 5.8 5.9 ROAA (%) 3.4 4.0 4.1 4.4 4.5 EV/EBITDA (x) 16.5 10.6 12.9 11.8 11.2 Net gearing (%) (incl perps) 11.1 10.7 12.3 13.2 10.7 Consensus net profit - - 25,688 28,119 27,325 MKE vs. Consensus (%) - - 0.1 1.5 9.1

Ricky WK Ng, CFA Christopher Wong [email protected] [email protected] (852) 2268 0689 (852) 2268 0652

THIS REPORT HAS BEEN PREPARED BY KIM ENG SECURITIES (HK) LTD SEE PAGE Error! Bookmark not defined. FOR IMPORTANT DISCLOSURES AND

Sun Hung Kai Properties

More farmland conversion on the way Market appears to be missing that SHKP has the second largest farmland reserves among peers, totaling about 30m sq ft in HK. We like SHKP as the company is actively exploring alternative ways to replenish its land bank through farmland conversion in light of intensifying competition from Mainland developers in government land tenders. We estimate the Siu Hong site in Tuen Mun and Shap Sze Heung site in Sai Kung could increase SHKP’s land bank (projects under development) by ~40% to about 27.9m sq ft.

We think SHKP has a solid track record in executing farmland conversion and realizing good margins. A good example is the “Grand Yoho” project in Yuen Long, which is on a site where SHKP converted the farm land in 2010 for ~HKD2,900 per sq ft and the ASP of the project sold during 2016/17 was around HKD14,000 per sq ft.

Fig 1: SHKP’s major farmland conversion projects Land conversion Land conversion Execution Land Lot No. Approx. GFA premium premium in GFA Date / Project Address Purpose (sq ft) (HKD m) (HKD/sq ft) Pending T.P.T.L 157 Sai Sha Rd, Shap Sze Heung, Sai Kung Commercial/Residential 5,109,000 N/A N/A May-17 T.M.T.L 483 Siu Hong, Area 54. Tuen Mun Commercial/Residential 2,853,956 6,530 2,288 Aug-11 Park Yoho 18 Castle Peak Rd Tam Mi, Yuen Long Commercial/Residential 2,333,000 7,021 3,009 Mar-10 Grand Yoho No 9 Long Yat Rd, Yuen Long Commercial/Residential 2,448,700 7,103 2,901 Jul-07 Riva 1 Ying Ho Road, Commercial/Residential 879,500 2,606 2,962

Source: Lands Department, Ming Pao, Apple Daily, Economic Times

Siu Hong, Tuen Mun farmland site The Lands Department disclosed that a conversion land premium settlement of ~HKD6.53b for a farmland (T.M.T.L 483) with site area of ~461,302 sq ft in Tuen Mun was reached between SHKP and the government. According to Lands Department data, the land conversion was executed on 15 May 2017 for the commercial-residential site at Siu Hong, Area 54 in Tuen Mun. The site which is located near by the West Rail Siu Hong Station yields a total GFA of ~2.9m sq ft (~59% residential/~41% commercial). Based on the land premium paid of HKD2,288 per sq ft and ASP of nearby new residential projects such as “Eight Regency” (珀御), we estimate the project could yield a margin of at least 35% after factoring in construction and interest costs. Fig 2: Location of T.M.T.L 483

Source: Ming Pao News

July 27, 2017 2

Sun Hung Kai Properties

Shap Sze Heung, Sai Kung farmland site Meanwhile, the Buildings Department in Apr 2017 approved the building plan for a phase II project located in Sai Sha Rd, Shap Sze Heung, Sai Kung owned by SHKP. According to a HK Economic Times report (dated 20 Jun 2017), the site is currently farmland and approval has been granted to construct 29 residential high-rises (6-22 floors each) and 30 residential houses, providing about 2,600 private homes, with a total GFA of ~3m sq ft. Together with the phase I building plan approved back in Dec 2016, the whole project could offer close to 5.1m sq ft of GFA for property development, providing about 4,700 private homes. Given the building plan has already been approved by the government, we believe the farmland site could soon be converted into residential usage once the premium has been agreed between SHKP and the government.

Fig 3: Location of T.P.T.L 157

Source: AppleDaily News

Strong 2H FY17 sales and project pipeline ahead Based on government data, we estimate SHKP’s contracted sales were the second highest within our coverage during Jan to Jun 2017 (2H FY17) at around HKD22.1b, with key contribution from “Cullinan West 2A” (匯璽) in Nam Cheong Station. Together with ~HKD22.8b of contracted sales recorded in 1H FY17, we forecast contracted sales could have reached HKD44.9b, ~36% above SHKP’s FY17 HKD33b sales target in .

Looking ahead, we project a strong project launch pipeline (1,963 units) in the rest of 2017, including “Victoria Harbour 1B” (海璇) in North Point, “St. Barths” (雲海) in Ma On Shan, “St. Mortiz” (雲端) in Kau To Shan, Babington Hill in Mid- Levels and LOHAS Park Package 4 Phase 1 (日出康城) in Tseung Kwan O. In particular, we believe “Victoria Harbour” and “St. Barths” could be near-term catalysts given both projects have obtained pre-sales consent and could be launched at any time. Moreover, we believe there could be some ASP upside for “St. Barths” given it is located adjacent to the Whitehead site that was recently tendered at HKD11,588/sq ft, a record high in the area.

Fig 4: Upcoming new project launches Lot No. Development Name Address District # of units IL 9027 Victoria Harbour (Phase 1B) No. 133 Java Road, North Point 355 TKOTL 70 Phase 4A of LOHAS Park Site O, No. 1 Lohas Park Road, Tseung Kwan O Tseung Kwan O 1,040 STTL 566 St. Moritz No. 88 Lai Ping Road, Sha Tin Sha Tin 59 N/A Babington Hill 23 Babington Path Mid levels 79 STTL 581 St Barths Whitehead, Ma On Shan Sha Tin 430 1,963

Source: Company, Lands Department

July 27, 2017 3

Sun Hung Kai Properties

Grand Yoho Mall opening to boost recurring income SHKP opened its Grand Yoho Mall in Yuen Long on 21 Jul and we visited the shopping mall which connects directly to the Yuen Long West Rail Station. The mall is an extension of the Yoho Mall I with a GFA of around 450,000 sq ft and is located right below its Grand Yoho residential project, which was well-received when first launched in August last year.

The latest extension adds about 100 new shops to the existing retail hub, with tenant mix of kids’ clothing outlets, cinemas, cosmetics shops, and food & beverage outlets that cater to local upper-middle class spending. About 80-90% of the new shops are open and we observed good footprint on a week day evening. Given the latest extension connects Yoho Mall I (opened in Sep 2015) directly to the MTR station, we believe this will further strengthen the accessibly and hence footprint circulation of Yoho Mall I. We estimate the mall could generate annual rental income of around HKD500m, which could further strengthen the company’s recurring income base in FY18E.

Fig 5: Yoho Mall map in Yuen Long Fig 6: Cosmetics tenant that caters to local spending

Source: Company data, Maybank Kim Eng Source: Company data, Maybank Kim Eng

Fig 7: Shopping bridge that connects to Yoho Midtown Fig 8: Tenant mix with cinemas and food & beverage outlets

Source: Company data, Maybank Kim Eng Source: Company data, Maybank Kim Eng

July 27, 2017 4

Sun Hung Kai Properties

Earnings & NAV revision We marginally revise up our FY17E/18E/19E core earnings by 0.4%/2.8%/0.8% to ~HKD25.7b, ~HKD27.7b, and ~HKD29.6b, respectively. The minor earnings revisions largely reflect an increase in recurring income contribution from the new Grand Yoho Mall and changes in property development completion schedule. Given that SHKP has the largest land bank among peers, strong operations and financial position, with a good completion pipeline in the coming years, we continue to see SHKP as a proxy to the overall sector’s performance.

We raise our 2017E NAV estimate by 3.2% to HKD209.5/shr. The slight change reflects project additions such as Tuen Mun farmland conversion, Grand Yoho Mall and changes in net cash level. In arriving at our NAV for Hong Kong property, we use a discounted cash flow (DCF) approach, incorporating our forecast of tight 0-5% increase in property prices in 2017E and ±5% in 2018E. Our values for China property developers are also based on DCF. We only include sites in our DCF valuation that commence within the next three years and are clearly detailed by the company. We assume all other sites are in effect strategic options and value these based on current land values. For commercial property, we base our valuations off spot rents rather than passing rents. We forecast the cap rate of HK retail and office will be 5.75% and 5.00% with 25bps hike in 2017 with the potential rate hike in 2H17.

Share price has been rather stagnant in the past month largely due to investor concerns on potential tightening policy risks and rising interest rate environment. However, we believe the company’s recent progress in farmland conversion to refill its land bank in HK and a strong potential project pipeline could act as catalysts in the near term. Reiterate BUY and lift target price to HKD136.0 based on an unchanged 35% NAV target discount. SHKP is trading at ~40% discount to our 2017E NAV, at ~1 STD below its long-term average discount. Valuation remains attractive, in our view.

Fig 9: Earnings revision New Old Revision

HKD m FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E Revenue 94,129 105,644 115,000 93,953 104,382 113,967 0.2% 1.2% 0.9%

EBIT 29,655 33,215 34,105 29,605 32,380 33,747 0.2% 2.6% 1.1%

Core NP 25,715 28,539 29,816 25,621 27,749 29,568 0.4% 2.8% 0.8%

Core EPS 8.88 9.86 10.30 8.85 9.59 10.21 0.4% 2.8% 0.8%

DPS 4.04 4.24 4.43 3.97 4.07 4.19 1.9% 4.1% 5.8%

Target Price 136.0 132.0 3.0%

NAV discount 35% 35% Unchanged

Source: Maybank Kim Eng

Fig 10: SHKP’s historical NAV discount Fig 11: SHKP’s historical P/BV

60% 16 HK Long term ave +1 STD -1 STD (x) 40% 2.2 20% 2.0 1.8 0% 1.6 long term ave at 22% 1.4 -20% 1.2 Long term ave at 1.12x -1 Std 1.0 -40% -2 Std 0.8 -60% 0.6 0.4 -80% Jul 95 Jul 96 Jul 97 Jul 98 Jul 99 Jul 00 Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Jul 17

Jul 95 Jul 96 Jul 97 Jul 98 Jul 99 Jul 00 Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Jul 17 Source: Bloomberg, Maybank Kim Eng. Weekly data. Source: Bloomberg, Maybank Kim Eng. Weekly data.

July 27, 2017 5

Sun Hung Kai Properties

Fig 12: SHKP’s 2017E NAV HKD m HKD per share % of GAV

Development Properties for sale

Hong Kong 144,389 49.9 22% China 40,899 14.1 6% Total 185,288 64.0 28%

Agriculture Land in HK 5,250 1.8 1%

HK Investment Properties

Luxury Residential 21,453 7.4 3% Office 109,626 37.9 16% Retail 167,400 57.8 25% Industrial 9,830 3.4 1% Car Parks 8,413 2.9 1% Total 316,722 109.4 47%

China Investment Properties

Luxury Residential 3,336 1.2 1% Office 33,964 11.7 5% Retail 42,675 14.7 6% Total 79,974 27.6 12%

Hotels 41,176 14.2 6% Overseas investment property 9,236 3.2 1% Other assets 8,503 2.9 1% Total 58,915 20.4 9%

Listed shares

Transport Int - 62 HK 3,622 1.3 1% Wing Tai Properties - 369 HK 981 0.3 0% Smartone - 315 HK 7,197 2.5 1% Sunevision - 8008 HK 8,976 3.1 1% Listed shares total 20,775 7.2 3%

Gross Asset Value (GAV) 666,925 230.4 100%

Net cash / (debt) -60,360 -20.8

Net Asset Value (NAV) - fully diluted 606,565 209.5

Source: Maybank Kim Eng

July 27, 2017 6

Sun Hung Kai Properties

Value Proposition Price Drivers

. Largest land bank among peers, making it a proxy or a Historical share price trend leader of the HK property sector. HKD/share . With economies of scale, SHKP could develop a cluster of HS Index 16 HK (RHS) 4 property assets, such as residential units, shopping malls 30,000 130 2 3 and hotel in new districts and rebrand them. 28,000 120 26,000 . Positions itself as a developer that uses quality 110 construction materials. This could help it sell projects at 24,000 1 100 premium pricing. 22,000 90 20,000 HK contracted sales forecast (1H 2017E) 18,000 80 HKD b 16,000 70 30 27.8 Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan 12 12 13 13 14 14 15 15 16 16 17

25 22.1 Source: Bloomberg, Maybank Kim Eng 20 1. SHKP won tender for Shanghai Xu Jia Hui Centre Project 15 11.7 11.2 for CNY21.77b in Sep 2013. 10 2. Raymond Kwok becomes the sole chairman, while Adam Kwok Kai-fai (son of Thomas Kwok) is named executive 5 1.6 director in Dec 2014. 0 3. Contracted sales hit a record high of HKD40.7b. CKP SHKP NWD HLD Sino Land 4. HK government imposed new 15% special stamp duty to Source: Maybank Kim Eng curb investment demand in Nov 2016.

Financial Metrics Swing Factors

. With 15.7m sq ft residential land bank, we expect SHKP Upside will be more prudent when it bids for land. We forecast net gearing of 12.3% at end-FY17E. . Possible strong sell-through rate of new project launches. . We also forecast it will be more generous in its dividend . Possible retail sales recovery to lower the occupancy cost payout. We forecast DPS will increase to HKD4.04 in FY17E and to allow more positive rental reversion. from HKD3.85 last year. . Potential share buybacks or possible higher DPS. . We forecast HK contracted sales in FY17E will reach HKD44b. Key projects in the pipeline include “Victoria Downside Harbour”. We project revenue in FY17E/18E will increase 3% /12%, respectively. . Potential negative sentiment in the property market . We anticipate rental income will rise 3.3% YoY in FY17E. could impact sell-through rate of its projects. We expect resilient positive rental reversion as its malls . Construction progress of property projects could be are less exposed to the luxury segment. slower than expected. . If China’s economy deteriorates, it may affect property DPS forecast sales and rental income from the Mainland. (HKD) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E Source: Company (historical), Maybank Kim Eng (forecast)

[email protected]

July 27, 2017 7

Sun Hung Kai Properties

FYE 30 Jun FY15A FY16A FY17E FY18E FY19E Key Metrics P/E (reported) (x) 10.7 8.6 13.3 11.9 11.4 Core P/E (x) 16.6 14.1 13.3 11.9 11.4 P/BV (x) 0.8 0.7 0.7 0.7 0.7 P/NTA (x) 0.7 0.7 0.7 0.7 0.6 Net dividend yield (%) 2.8 3.3 3.4 3.6 3.8 FCF yield (%) 3.4 3.7 2.3 5.8 7.5 EV/EBITDA (x) 16.5 10.6 12.9 11.8 11.2 EV/EBIT (x) 17.9 11.3 13.8 12.5 11.9

INCOME STATEMENT (HKD m) Revenue 66,783.0 91,184.0 94,128.6 105,643.8 115,000.0 Gross profit 26,032.0 32,096.0 33,043.0 36,797.8 37,890.3 EBITDA 24,750.0 30,806.0 31,624.0 35,236.9 36,173.3 Depreciation (1,972.0) (1,950.0) (1,969.3) (2,022.2) (2,067.9) Amortisation 0.0 0.0 0.0 0.0 0.0 EBIT 22,778.0 28,856.0 29,654.7 33,214.7 34,105.4 Net interest income /(exp) (2,180.0) (2,055.0) (2,028.2) (2,125.7) (2,350.7) Associates & JV 6,822.0 5,193.0 4,496.2 4,662.1 5,352.4 Exceptionals 0.0 0.0 0.0 0.0 0.0 Other pretax income 10,987.0 8,769.0 0.0 0.0 0.0 Pretax profit 38,407.0 40,763.0 32,122.7 35,751.0 37,107.0 Income tax (5,091.0) (5,913.0) (5,102.1) (5,664.3) (5,960.1) Minorities (1,282.0) (730.0) (905.0) (1,098.0) (868.0) Discontinued operations 0.0 0.0 0.0 0.0 0.0 Reported net profit 31,082.0 32,666.0 25,715.5 28,539.2 29,816.2 Perpetual securities 0.0 0.0 0.0 0.0 0.0 Core net profit 19,825.0 24,170.0 25,715.5 28,539.2 29,816.2 Preferred Dividends 0.0 0.0 0.0 0.0 0.0

BALANCE SHEET (HKD m) Cash & Short Term Investments 32,561.0 30,048.0 26,153.0 19,944.3 31,105.2 Accounts receivable 20,984.0 25,620.0 30,946.4 37,626.5 44,109.6 Inventory 149,750.0 144,844.0 141,136.3 125,007.0 98,692.4 Property, Plant & Equip (net) 15,060.0 15,212.0 19,757.7 18,983.1 13,721.0 Intangible assets 4,090.0 3,754.0 3,354.5 2,941.8 2,528.7 Investment in Associates & JVs 56,975.0 60,807.0 62,403.6 64,049.0 65,937.8 Other assets 324,690.0 334,230.0 349,036.2 382,418.2 413,539.3 Total assets 604,110.0 614,515.0 632,787.7 650,970.0 669,633.9 ST interest bearing debt 10,816.0 17,486.0 17,486.0 17,486.0 17,486.0 Accounts payable 25,690.0 27,493.0 30,420.3 30,442.1 29,806.5 Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0 LT interest bearing debt 72,316.0 63,275.0 69,026.9 69,336.0 69,802.7 Other liabilities 38,470.0 31,753.0 24,982.0 25,150.0 25,724.0 Total Liabilities 147,292.0 140,007.0 141,915.3 142,413.6 142,818.9 Shareholders Equity 451,026.0 468,707.0 484,166.3 500,752.4 518,143.0 Minority Interest 5,792.0 5,801.0 6,706.0 7,804.0 8,672.0 Perpetual securities 0.0 0.0 0.0 0.0 0.0 Total shareholder equity 456,818.0 474,508.0 490,872.3 508,556.4 526,815.0 Total liabilities and equity 604,110.0 614,515.0 632,787.7 650,970.0 669,633.9

CASH FLOW (HKD m) Pretax profit 38,407.0 40,763.0 32,122.7 35,751.0 37,107.0 Depreciation & amortisation 1,972.0 1,950.0 1,969.3 2,022.2 2,067.9 Adj net interest (income)/exp (2,180.0) (2,055.0) (2,028.2) (2,125.7) (2,350.7) Change in working capital (8,204.0) (9,803.0) (13,783.4) (10,972.3) (5,804.0) Cash taxes paid (2,896.0) (5,038.0) (9,607.8) (4,418.2) (4,602.1) Other operating cash flow (2,172.0) (2,328.0) (1,532.7) (1,572.6) (1,617.7) Cash flow from operations 13,243.0 15,296.0 8,669.3 20,296.1 26,217.3 Capex (1,896.0) (2,828.0) (665.6) (559.7) (487.5) Free cash flow 11,347.0 12,468.0 8,003.8 19,736.4 25,729.8 Dividends paid (9,938.0) (10,517.0) (10,256.2) (11,953.1) (12,425.6) Equity raised / (purchased) 15,003.0 2,018.0 0.0 0.0 0.0 Perpetual securities 0.0 0.0 0.0 0.0 0.0 Change in Debt (255.0) (1,147.0) 5,751.9 309.0 466.7 Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0 Other invest/financing cash flow (590.0) (4,937.0) (7,394.6) (14,301.0) (2,609.9) Effect of exch rate changes 3.0 (398.0) 0.0 0.0 0.0 Net cash flow 15,570.0 (2,513.0) (3,895.0) (6,208.7) 11,160.9

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Sun Hung Kai Properties

FYE 30 Jun FY15A FY16A FY17E FY18E FY19E Key Ratios Growth ratios (%) Revenue growth (11.1) 36.5 3.2 12.2 8.9 EBITDA growth (7.9) 24.5 2.7 11.4 2.7 EBIT growth (8.8) 26.7 2.8 12.0 2.7 Pretax growth (6.8) 6.1 (21.2) 11.3 3.8 Reported net profit growth (7.3) 5.1 (21.3) 11.0 4.5 Core net profit growth (7.4) 21.9 6.4 11.0 4.5

Profitability ratios (%) EBITDA margin 37.1 33.8 33.6 33.4 31.5 EBIT margin 34.1 31.6 31.5 31.4 29.7 Pretax profit margin 57.5 44.7 34.1 33.8 32.3 Payout ratio 30.2 34.0 45.5 43.0 43.0

DuPont analysis Net profit margin (%) 46.5 35.8 27.3 27.0 25.9 Revenue/Assets (x) 0.1 0.1 0.1 0.2 0.2 Assets/Equity (x) 1.3 1.3 1.3 1.3 1.3 ROAE (%) 7.2 7.1 5.4 5.8 5.9 ROAA (%) 3.4 4.0 4.1 4.4 4.5

Leverage & Expense Analysis Asset/Liability (x) 4.1 4.4 4.5 4.6 4.7 Net gearing (%) (incl perps) 11.1 10.7 12.3 13.2 10.7 Net gearing (%) (excl. perps) 11.1 10.7 12.3 13.2 10.7 Net interest cover (x) 10.4 14.0 14.6 15.6 14.5 Debt/EBITDA (x) 3.4 2.6 2.7 2.5 2.4 Capex/revenue (%) 2.8 3.1 0.7 0.5 0.4 Net debt/ (net cash) 50,571.0 50,713.0 60,360.0 66,877.7 56,183.4 Source: Company; Maybank

July 27, 2017 9

Sun Hung Kai Properties

Research Offices

REGIONAL HONG KONG / CHINA INDONESIA VIETNAM

Sadiq CURRIMBHOY Benjamin HO Isnaputra ISKANDAR Head of Research LE Hong Lien, ACCA Regional Head, Research & Economics (852) 2268 0632 [email protected] (62) 21 8066 8680 Head of Institutional Research (65) 6231 5836 [email protected] • Consumer & Auto [email protected] (84) 8 44 555 888 x 8181 • Strategy • Metals & Mining • Cement [email protected] WONG Chew Hann, CA Christopher WONG • Strategy • Consumer • Diversified Regional Head of Institutional Research (852)2268 0652 [email protected] Rahmi MARINA (603) 2297 8686 [email protected] • HK & China Properties (62) 21 8066 8689 THAI Quang Trung, CFA, [email protected] Deputy Head, Institutional Research ONG Seng Yeow Jacqueline KO, CFA • Banking & Finance (84) 8 44 555 888 x 8180 Regional Head of Retail Research (852) 2268 0633 [email protected] [email protected] (65) 6231 5839 • Consumer Staples & Durables Aurellia SETIABUDI • Real Estate • Construction • Materials [email protected] (62) 21 8066 8691 Ka Leong LO, CFA [email protected] LE Nguyen Nhat Chuyen TAN Sin Mui (852) 2268 0630 [email protected] • Property (84) 8 44 555 888 x 8082 • Consumer Discretionary & Auto Director of Research [email protected] Janni ASMAN (65) 6231 5849 [email protected] • Oil & Gas Mitchell KIM (62) 21 8066 8687 (852) 2268 0634 [email protected] [email protected] ECONOMICS NGUYEN Thach Lam • Internet & Telcos • Cigarette • Healthcare • Retail (84) 8 44 555 888 x 8085 Suhaimi ILIAS Ning MA, CFA [email protected] Chief Economist Adhi TASMIN (852) 2268 0672 [email protected] (62) 21 8066 8694 • Utilities Malaysia | Philippines • Insurance (603) 2297 8682 [email protected] [email protected] • Plantations NGUYEN Thi Ngan Tuyen, CHUA Hak Bin Ricky NG, CFA Head of Retail Research Regional Thematic Macroeconomist (852) 2268 0689 [email protected] PHILIPPINES (84) 8 44 555 888 x 8081 (65) 6231 5830 [email protected] • Regional Renewables [email protected] • HK & China Properties Minda OLONAN Head of Research • Food & Beverage • Oil&Gas • Banking LEE Ju Ye (63) 2 849 8840 Singapore Sonija LI, CFA, FRM [email protected] TRUONG Quang Binh, (65) 6231 5844 [email protected] (852) 2268 0641 [email protected] • Strategy Deputy Head, Retail Research Saktiandi SUPAAT • Gaming (84) 4 44 555 888 x 8087 Head, FX Research Lovell SARREAL [email protected] Stefan CHANG, CFA (65) 6320 1379 [email protected] (63) 2 849 8841 • Rubber Plantation • Tyres and Tubes • Oil&Gas (852) 2268 0675 [email protected] [email protected] • Technology – Regional STRATEGY • Consumer • Media • Cement TRINH Thi Ngoc Diep Tony Ren, MBA, CFA (84) 4 44 555 888 x 8208 Sadiq CURRIMBHOY Rommel RODRIGO (852) 2268 0640 [email protected] [email protected] Global Strategist (63) 2 849 8839 • Technology • Utilities • Construction • Healthcare & Pharmaceutical [email protected] (65) 6231 5836 [email protected] • Conglomerates • Property • Gaming INDIA NGUYEN Thi Sony Tra Mi Willie CHAN • Ports/ Logistics (84) 8 44 555 888 x 8084 Hong Kong / Regional Head of Research [email protected] Jigar SHAH Katherine TAN (852) 2268 0631 [email protected] (91) 22 6623 2632 [email protected] • Port Operation • Pharmaceutical (63) 2 849 8843 • Food & Beverage • Strategy • Oil & Gas • Automobile • Cement [email protected] MALAYSIA • Banks • Construction NGUYEN Thanh Lam Vishal MODI WONG Chew Hann, CA Head of Research (84) 4 44 555 888 x 8086 (91) 22 6623 2607 [email protected] THAILAND (603) 2297 8686 [email protected] [email protected] • Banking & Financials • Strategy Maria LAPIZ Head of Institutional Research • Technical Analysis Desmond CH’NG, ACA Neerav DALAL Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] (603) 2297 8680 (91) 22 6623 2606 [email protected] • Strategy • Consumer • Materials • Ind. Estates [email protected] • Software Technology • Tel co s • Banking & Finance • Oil & Gas • Telcos LIAW Thong Jung Vishal PERIWAL Sittichai DUANGRATTANACHAYA (603) 2297 8688 [email protected] (91) 22 6623 2605 [email protected] (66) 2658 6300 ext 1393 • Oil & Gas Services- Regional • Infrastructure [email protected] ONG Chee Ting, CA • Services Sector • Transport • Property • Telcos (603) 2297 8678 [email protected] SINGAPORE • Plantations - Regional Tanawat RUENBANTERNG Neel SINHA Head of Research (66) 2658 6300 ext 1394 Mohshin AZIZ (65) 6231 5838 [email protected] [email protected] (603) 2297 8692 [email protected] • Strategy • Banks & Diversified Financials • Aviation - Regional • Petrochem • SMID Caps – Regional Sukit UDOMSIRIKUL Head of Retail Research YIN Shao Yang, CPA CHUA Su Tye (603) 2297 8916 [email protected] (66) 2658 6300 ext 5090 (65) 6231 5842 [email protected] [email protected] • Gaming – Regional • Media • R E I Ts TAN Chi Wei, CFA Surachai PRAMUALCHAROENKIT (603) 2297 8690 [email protected] Derrick HENG, CFA (66) 2658 6300 ext 1470 • Power • Telcos (65) 6231 5843 [email protected] [email protected] • Transport • Property • REITs (Office) WONG Wei Sum, CFA • Auto • Conmat • Contractor • Steel (603) 2297 8679 [email protected] John CHEONG, CFA • Property (65) 6231 5845 [email protected] Suttatip PEERASUB • Small & Mid Caps • Healthcare (66) 2658 6300 ext 1430 LEE Yen Ling [email protected] (603) 2297 8691 [email protected] NG Li Hiang • Media • Commerce • Building Materials • Glove • Ports • Shipping (65) 6231 5840 [email protected] Ivan YAP • Banks Sutthichai KUMWORACHAI (603) 2297 8612 [email protected] (66) 2658 6300 ext 1400 • Automotive • Semiconductor • Technology [email protected] • Energy • Petrochem Kevin WONG (603) 2082 6824 [email protected] Termporn TANTIVIVAT • REITs • Consumer Discretionary (66) 2658 6300 ext 1520 LIEW Wei Han [email protected] • Property (603) 2297 8676 [email protected] • Consumer Staples Jaroonpan WATTANAWONG Adrian WONG (66) 2658 6300 ext 1404 (603) 2297 8675 [email protected] [email protected] • Constructions • Healthcare • Transportation • Small cap Jade TAM (603) 2297 8687 [email protected] • Media • Building Materials TEE Sze Chiah Head of Retail Research (603) 2082 6858 [email protected] Nik Ihsan Raja Abdullah, MSTA , C F Te (603) 2297 8694 [email protected]

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent permitted by law. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand) Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect. Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank- ke.co.th) while Maybank Kim Eng Institutional Research is intended only for institutional investors based outside Thailand only. The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does not confirm nor certify the accuracy of such survey result. The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti- corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result. US This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned within must do so with: Maybank Kim Eng Securities USA Inc. 777 Third Avenue 21st Floor New York, New York 1- (212) 688-8886 and not with, the issuer of this report.

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Sun Hung Kai Properties

UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

DISCLOSURES

Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 27 July 2017, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 27 July 2017, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 27 July 2017, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report.

In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

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Sun Hung Kai Properties

Historical recommendations and target price: Sun Hung Kai Properties (16 HK)

20 Mar 26 Jul Buy : HK$132.0 Buy : HK$136.0 130.0

120.0

110.0

100.0

90.0

80.0 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

Sun Hung Kai Properties

Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10% in the next 12 months (excluding dividends) HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends) SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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Sun Hung Kai Properties

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, NY 10017, U.S.A. 100 Jalan Tun Perak, London EC4V 4AY, UK 50050 Kuala Lumpur Tel: (65) 6336 9090 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (44) 20 7332 0302

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, Dataran Maybank, Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, Jalan Maarof Level 30, Sentral Senayan III, 22nd Floor 2nd Floor, The International, 59000 Kuala Lumpur Three Pacific Place, Jl. Asia Afrika No. 8 16, Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Gelora Bung Karno, Senayan Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 10270, Indonesia Mumbai City - 400 020, India

Tel: (852) 2268 0800 Tel: (62) 21 8066 8500 Tel: (91) 22 6623 2600 Fax: (852) 2877 0104 Fax: (62) 21 8066 8501 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with 17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz Rama 1 Road Pathumwan, Street P.O. Box 126575 Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Jeddah 21352 Fax: (63) 2 848 5738 Fax : (84) 8 38 271 030 Tel: (66) 2 658 6817 (sales) Tel: (966) 2 6068686 Tel: (66) 2 658 6801 (research) Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading Kevin Foy Andrew Lee Regional Head Sales Trading [email protected] [email protected] Tel: (852) 2268 0283 Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635 US Toll Free: 1-866-406-7447

Malaysia Thailand Joann Lim Tanasak Krishnasreni [email protected] [email protected] Tel: (603) 2717 5166 Tel : (66)2 658 6820

Indonesia London Harianto Liong Scott Kinnear-Nock [email protected] [email protected] Tel: (62) 21 2557 1177 Tel : (44) 207-332-0221

New York India Andrew Dacey Manish Modi [email protected] [email protected] Tel: (212) 688 2956 Tel : (91)-22-6623-2601

Vietnam Philippines Patrick Mitchell Keith Roy [email protected] [email protected] Tel : (84)-8-44-555-888 x8080 Tel : (63) 2 848-5288 www.maybank-ke.com | www.maybank-keresearch.com

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