Hong Kong

15 April 2013 Rating Change

Sell (from Buy) Longfor Properties Margin Recovery Delayed: Cut to SELL

Share price: HKD13.04 We downgrade Longfor from BUY to a non-consensus SELL on the Target price: HKD11.75 back of: 1) a slower-than-expected GPM turnaround, 2) few surprises toits FY13 contract sales target of CNY46b (up just 15% YoY vs the ~30% YoY growth targeted by GZ R&F, KWG, and [CG]), and 3) our Karen KWAN expectation that the rise in the # of cities of its presence to the current 21 is [email protected] likely to drag on human resources. We trim our TP to HKD11.75 (implying (852) 2268 0640 10% downside from current levels) on a target 30% discount to est. NAV of HKD16.78/sh, implying a FY14 PER of 7.4x and P/B of 1.3x. For a pair

trade, we suggest longing our favorite stocks Shimao, CG and/or (though Sunac share price volatility is high) and shorting Longfor.

Stock Information We believe margin compression would continue to be one of the key Description: Longfor is a -headquartered China themes in the sector – this is partly due to cost inflation (could be developer which originated in by co-founders Chairlady Wu Yajin and Cai Kui in 1994. Longfor’s construction costs, land costs, and/or labour costs). Longfor’s FY13 attributable landbank reached 35.82 m sq m as of December, margin erosion is likely to be greater than our original expectation, following 2012 and has a broad footprint. It offers a wide range of softer company guidance and our expectation of a slower-than-expected products including high-rise residential, townhouses, office, retail, and SOHO units. rise in ASPs. We revise our FY13 GPM from 33.9% to 28.8%, in-line with company guidance of 25-30% but below Bloomberg consensus estimates Ticker: 960 HK of 31.1%. We also trim our FY14 GPM to 31.9%, (consensus: 32.3%).We Shares Issued (m): 5,431 Market Cap (USDb): 9.1 expect slow sales from some tourism- /elderly-oriented projects, including 3-mth Avg Daily Turnover (USDm): 14.2 Yantai Banyan Bay (~18% of Longfor’s attributable landbank) and some HSI: 22,089.05 projects. They are likely to see lackluster sales this year due to Free Float (%): 28.1 non-genuine demand focused products.

Major Shareholders: % 43.2 Uncompetitive land costs. Land costs as a percentage of FY12 contract Cai Kui 28.7 sales ASP reached 20.5%, vs an average of 18% average for the nine property stocks under our coverage. Compared to peers like Shimao

whose mostly well-located landbank’s AV is 18.5% of ASP, Longfor’s landbank is not particularly cheap, in our view.

Rich valuations. At a 22% discount to our NAV of HKD16.8/share, 9.5x

Historical Chart FY13/8.2x FY14 PER, and 1.4x 2014 P/B, Longfor’s valuations are rich, in our view. Larger peer COLI, with longer track record, is trading on 9.5x Longfor HSI 160 FY13/8.1x FY14 PER and 1.5x 2014 book. ’s likely H-share listing by end-1H13 might also attract some intra-sector rotation. We expect the fruits 140 of Longfor’s landbank restructuring and management changes to be reaped 120 later in FY14. Meanwhile, we believe FY13 presales are unlikely to surprise while margin recovery will take time. Downgrade to SELL. 100

80 LongforProperties–Summary Earnings Table FYE Dec (CNY m) 2011A 2012A 2013F 2014F 2015F 60 Revenue 24,150 27,974 44,423 46,071 54,941 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 EBIT 8,445 9,622 10,683 12,328 14,823 Est Underlying Net Profit 4,503 5,395 6,014 6,977 8,372 Performance: Est Underlying EPS (CNY) 0.87 1.03 1.11 1.28 1.54 52-week High/Low 16.10 10.60 BPS 4.26 5.71 6.44 7.49 8.77 DPS 0.18 0.20 0.22 0.26 0.31

1-mth 3-mth 6-mth 1-yr YTD Net Gearing (%) 43.0 47.9 49.4 43.1 40.3 Absolute (%) 0.9 -14.5 9.8 9.6 -14.1 GPM (%) 40.4 40.0 28.8 31.9 32.4 Relative (%) 4.4 -9.5 5.3 0.9 -11.6 Est Underlying ROE (%) 23.7 20.8 18.5 18.5 19.0 Est Underlying Net Margin (%) 18.6 19.3 13.5 15.1 15.2

Consensus Net Profit (CNY m) 6,216 7,340 8,410 Consensus GPM (%) 31.1 32.3 33.6 Source: Company data, Maybank Kim Eng

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Longfor Properties

Landbank restructuring to take longer to bear fruit

Longfor’s FY12 contract sales underperformed HK-listed China property peers, having risen just 4.9% YoY to CNY40.1b. Longfor’s lacklustre sales performance was partly due to slow sell-through at some high-rise apartments located in the suburbs; we believe another factor was the departure of some key staff.

We downgrade Longfor from BUY to a non-consensus SELL on the back of: 1) a slower-than-expected GPM turnaround, 2) few surprises expected to its FY13 contract sales target of CNY46b (up just 15% YoY vs the ~30% YoY growth targeted by some peers such as GZ R&F, KWG, and CG), and 3) our expectation that the rise in the # of cities of its presence to the current 21 is likely to drag on human resources. We also trim our TP to HKD11.75 (implying 10% downside from current levels) on a target 30% discount to NAV estimate of HKD16.78/share, implying a FY14 PER of 7.4x and P/B of 1.3x. For a pair trade, we suggest going long our favorite stocks Shimao, Country Garden and/or Sunac (though Sunac share price volatility is high) with Longfor on the short side.

We lower our FY13 earnings estimate from HKD6,145m to HKD6,014m, partly due to management guidance of a booked FY13 GPM of 25-30% and a higher GFA completion target of 6.02m sq m. This year, Longfor will have 13 new projects to launch, though total saleable resources in FY13 are not planned to be much higher than in FY12.

Some of the new markets Longfor has entered are very competitive, in our view, including Fujian Province (where Yuzhou and Shimao have a solid presence). Its likely entrance into Guangdong Province might not be such a good idea, in our view, as many well-established Guangdong-based developers already exist, including GZ R&F, GT Land, and Agile.

Slower than our expected turnaround following landbank restructuring. We lower our rating on Longfor on the back of lower margins in FY13-14 vs. our original expectations. More diversified city exposure is not necessarily a good thing. As we learned from the experience of GZ R&F and several other developers in the past, spreading oneself too thin can potentially stretch human resources as well as cause potential margin erosion, as the first phase of projects in a new city might not have high margins. While we like the heavier Western China exposure in Longfor’s available-for-sale resources in FY13, we are somewhat concerned about its entrance into a number of new cities at a time when we saw some meaningful staff changes.

Tourism projects are unlikely to be so hot this year: Our view is Longfor’s Yanhai Banyan Bay (龙湖葡醍海湾 ) has not been very hot-selling so far this year based on our channel checks and we believe that is partly due to the elderly- / tourism-oriented nature of the project which is located in the non-HPR (home purchase restrictions) Yantai, a 3rd tiered city in Shandong Province. Some tourism-oriented projects of other peers like Agile’s Hainan Clearwater Bay project have also posted lackluster sales year-to-date. While we agree the environment of the Yantai Banyan Bay project is pleasant, we believe this project is not targeted for 1st time home buyers nor 1st time upgraders and is likely to sell slowly in 2013. Various property agents have indicated to us that homes targeted for 1st time home buyers and 1st time upgraders tend to be more popular in this market. Longfor’s expectation for this project is also under CNY2b of contract sales for 2013, but the size of this project is 6.47m sq ft of GFA (~18% of its landbank which represents quite meaningful exposure, in our view). Local sales indicated that four-attached-townhouses and multiple-attached-townhouses are available for sale. We believe this project might sell better in 2014 with the high-

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Longfor Properties

speed rail between Qingdao and Yantai expected to be completed, but we are not optimistic this year. We are also concerned that some of its resort-focused projects in Dalian and some of its exposure in third-tiered cities such as are unlikely to see high sell-through ratio this year, on the back of the current policy and market environment.

The GPM recovery story is likely to take time to play out, in our view. While we believe management’s guidance of 25-30% GPM for 2013 should play out, we do not expect to see decent booked GPM till 2014 (potentially in 2H14) as Longfor’s landbank restructuring would take time to play out. With an estimated 70-75% of FY13 revenue locked in on GPM of 27-28%, consensus GPM forecasts look a tad high. Bloomberg consensus estimates of 31.1% and 32.3% for Longfor’s 2013 and 2014 GPMs look too high to us.

Figure 1: Land cost of landbank as a percentage of 2012 contract sales ASP reached 20.5% for Longfor, vs. 18.1% for the 9 China property stocks under our coverage Agile CG CR Land GZ R&F KWG Longfor Shimao Sino-Ocean Sunac Land Costs Est AV (CNY/sq m)* 1,148 ~580 ~2,300 1,500 2,800 1,964 2,082 3,200 ~3,750 2012 contract sales ASP 10,207 6,231 11,020 11,181 13,095 9,600 11,277 11,917 17,800 (CNY/sq m) AV/2012 contract sales ASP 11.2% 9.3% 20.9% 13.4% 21.4% 20.5% 18.5% 26.9% 21.1% Ratio Source: Company data, Maybank Kim Eng estimates. *Est AV for entire landbank as of end-2012

Shimao is one of the developers which has a low-land cost landbank even with some good locations, with land costs/2012 contract sales ASP at 18.5%, lower than that of Longfor, CR Land, Sunac, KWG and Sino-Ocean. While there is no question Country Garden and Agile’s land costs per sq m are very low, their landbank is generally more peripherally located than some of their peers. We believe Longfor’s relatively high land costs as a percentage of its 2012 contract sales ASP could temper some investor interest in the stock. Further, this means to us that there is less room for flexible pricing should buyer sentiment turn sour in a bear-case scenario such as if H7N9 becomes much more widespread or policy implementation becomes stricter than expected.

Re-focus on Western China in terms of saleable resources this year to help boost growth, and we believe Longfor is not as strong in some areas like Southern China and Northern China as it is in Western China. Longfor targets CNY46b of contract sales for 2013, representing 15% YoY growth and in- line with our estimate. This year, Longfor targets to have 41% of its saleable resources from Western China, 27% from Pan Bohai Rim, 26% from Yangtze River Delta, and 6% from Southern China. The emphasis on Western China is higher than last year’s ~34%, as Longfor’s origin from Chongqing and strong brand name in Western China, this should help to bolster sell-through rate from last year’s poor overall ratio of 48-49%). In 2013, Longfor targets to launch 13 branch new projects, bringing the total number of projects on sale to 52. These 13 new projects come from 12 different cities.

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Longfor Properties

Figure 2: Lonfor’s saleable resources by regions 2013 Figure 3: Longfor’s saleable resources by type 2013

Others Pan-Bohai 8% Rim Low-rise Western 27% Commercial 23% China 18% 41%

Southern China SOHO 6% 6% High-rise Yangtze River 25% Villa Delta 20% 26% Source: Company data, Maybank Kim Eng Source: Company data, Maybank Kim Eng Recent sales update: Longfor’s March contract sales reached CNY4.15b of contract sales, up 91% MoM and up 29% YoY. Over January to March, Longfor locked in CNY10.2b of contract sales, 22% of its full year CNY46b target and below sector-average. Based on our general checks on developers’ projects, those focused on some genuine demand were not much affected by news of H7N9 nor local property measures in April so far, but some investment demand- prone projects were a bit affected. There were also some rumors that Beijing has been delaying registrations of high-priced projects. Longfor is guiding for some launches in May, where sales are expected to see a pick up MoM vs. April, with launches such as Xidong, Yixing Dongjiu and Beijing Sunhe projects (acquired in 2012) planned.

Figure 4: Monthly 2013 Contract Sales % Mar Mar Jan- Locked MoM YoY Mar 13 3M 2013 -in as Rmb b Jan-13 Feb-13 Mar-13 Change Change Total YoY Target* of Mar Notes: Agile 2.5 1.8 3.2 80% 47% 7.5 18% 42 18% Foshan Chancheng project is likely to launch in 2Q13 (delayed from 1Q) COLI (note #s 11.8 8.6 11.7 36% 57% 32.0 50% 80 40% converted to Rmb) Country Gdn 7.3 5.1 5.9 16% 74% 18.4 200% 62 30% Peak launch season expected to be in June/July and October time frame CRL 8.2 3.8 6.8 80% 56%18.7 129% 57 33% Within parent's projects, only Jinan launched. Expect Shenzhen projects to launch in '14 Evergrande 7.3 4.2 6.3 49% 56% 17.7 114% 100 18% 40-60 new launches in 2013; expect prices to show mild improvement this year Glorious 1.5 0.3 0.7 153% 32% 2.558% 11 23% Bashangjie Project in Hefei to launch in 1H13 GZ R&F 2.8 2.6 3.4 32% 14% 8.9 34% 42 21% Expect 15% of contract sales in 2013 to stem from new project launches Hopson 0.7 0.9 1.1 27% 77%2.7 77% 15 18% KWG Property 1.3 1.1 1.5 35% 49% 4.0 97% 16 25% Expect May sales to pick up due to more batches Longfor 3.9 2.2 4.2 91% 29% 10.2 56% 46 22% Management is guiding 50:50 sales split between 1H:2H13 Poly Property 2.9 1.3 2.5 92% 163% 6.7 244% 26 26% The company guided 5-6 new launches in 2013, vs. 14 in 2012 Shimao 4.1 3.3 6.4 95% 47%13.7 88% 55 25% Sino-Ocean 4.0 2.1 3.1 51% 55% 9.1 179% 35 26% Management guides for 40-45:55-60 split between 1H:2H13 Sunac 3.2 1.6 3.2 101% 57% 8.0 129% 45 18% New launches in Suzhou and Tianjin guided for mid-year Yuexiu Prop 2.9 1.1 1.7 48% -19% 5.7 83% 13.2 43% Target is conservative. Management guides CNY22b of saleable resources Vanke 19.1 9.4 15.2 62% 32% 43.6 40% 170 26% April contract sales should be down MoM but May to be up MoM with more launches *Note: Vanke's # is an unofficial target estimated by us R&F's Jan # was adjusted to include attributable portion of JV projects Source: Company data, Soufun, Bloomberg, Maybank Kim Eng

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Longfor Properties

2013 saleable resources are targeted to be only slightly higher YoY to CNY85b, compared to a few peers like Shimao and GZ R&F which plan a considerable step-up in saleable resources. Completion wise, Longfor management guides for 6.02m sq m in 2013, up slightly from previous guidance of 5.91m sq m in order to ensure a reasonable profit growth given margin compression for booking this year. We estimate Longfor’s underlying net profit growth to be 12% YoY in 2013 and 16% in 2014.

Low funding cost is an advantage, but given recently, small- and mid-sized developers have been able to raise money at good rates, we believe this advantage is not as important as it was in 1H12 when trust financing was much more expensive and developers’ cashflow were more strapped. Financially, Longfor’s net gearing was 48% as of end-2012, down 1.2ppt compared to June and among the lower geared developers listed in Hong Kong. In January, Longfor raised USD500m 10-year bond at a low rate of 6.75%. However, we note that due to recent ample liquidity in the bond market, some mid- and small-cap stocks have also been able to achieve relatively attractive bond rates in light of their worse credit rating, such as Greentown’s issuance of 8.5% USD 5-year high yield bond and Sunac’s issuance of 9.375% USD 5-year high yield bond.

Figure 5: Longfor’s Debt Profile CNY (in '000) 12/31/2012 % of debt 12/31/2011 % of debt Debt Structure (by collateral type) Secured 16,615,199 51% 10,589,176 44% Unsecured 16,221,567 49% 13,377,549 56% Debt structure (by maturity period) Due within 1 yr 5,108,752 15% 3,580,372 15% Due between 1-3 yrs 17,954,846 55% 12,399,536 52% Exceeding 3 yrs 9,773,168 30% 7,986,817 33% Debt structure (by currency type) Denominated in CNY 20,985,894 64% 15,546,732 65% Denominated in USD 7,496,119 23% 4,740,473 20% Denominated in HKD 4,354,753 13% 3,679,520 15% Source: Company data, Maybank Kim Eng

We believe the valuation premium of Longfor could further shrink should the restructuring process take longer than street expectation, which is our view. While Longfor has been able to presale some projects acquired in 2012 within a relatively short window of 6-9 months from landbank acquisition, including Shaoxing Keqiao project and Xian Daming Palace, we note that some of these projects’ initial GPMs are not high. We also note that some of Longfor’s older, lower-land cost landbank acquired years ago have been partly used up. Furthermore, we note that while Longfor has been buying land closer to city- centers in 2012 (with management indicating that the number of urban projects rising from 13 in 2011 to 21 in 2012), some landbanking activities in the past few months have not been in good locations, such as that of Wangcheng District in Changsha, in our view.

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Longfor Properties

Figure 6: Company’s estimated operating cashflow for 2013F: over ~CNY4b of outflow 2013F net operating In CNY b 2013F cash inflow 2013F cash outflow cashflow Est contract Est cash from Est rental Estimated Land Constructio Others(SG&A, taxes, Estimated net Company sales 2013 contract sales income cash inflow premium n cost interests, etc) operating cashflow Longfor 46.0 41.0 0.6 41.6 (13.0) (21.0) (11.7) (4.1) Source: Company data, Maybank Kim Eng

Figure 7: Longfor’s forward PER Chart 16.00 14.00 +1SD: 11.0 12.00 10.00 Avg.: 9.0 8.00 6.00 -1 SD: 7.0 4.00 2.00 - Jul-12 Jul-11 Jul-10 Jan-13 Jan-12 Jan-11 Jan-10 Mar-13 Mar-12 Mar-11 Mar-10 Sep-12 Nov-12 Sep-11 Nov-11 Sep-10 Nov-10 May-12 May-11 May-10

Source: Bloomberg, Maybank Kim Eng

Figure 8: Longfor’s forward P/B Chart 3.00

2.50 +1 SD: 2.3x

2.00 Avg: 1.9x

1.50 -1SD: 1.6x 1.00

0.50

- Jul-12 Jul-11 Jul-10 Jan-13 Jan-12 Jan-11 Jan-10 Mar-13 Mar-12 Mar-11 Mar-10 Sep-12 Nov-12 Sep-11 Nov-11 Sep-10 Nov-10 May-12 May-11 May-10

Source: Bloomberg, Maybank Kim Eng

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Longfor Properties

Valuation looks rich to us.We see Longfor’s valuation as rich, trading at 22% discount to our NAV of HKD16.8, 9.5x 2013 and 8.2x 2014 PER, and 1.4x 2014 P/B. Its valuation is close to COLI’s 9.5x 2013 and 8.1x 2014 PER, and 1.5x 2014 book. Furthermore, Vanke’s likely H-share listing by end-1H might attract some intra-sector rotation to Vanke-H. We expect the fruits of Longfor’s landbank restructuring and management changes to be reaped later in 2014, and believe 2013 is unlikely to see much presales and margin surprise. Margin recovery is likely to take time. Downgrade to SELL from BUY with a TP of HKD11.75.

Figure 9: China Valuation Table Share Mkt Cap 3M ATV 2013 YTD Est NAV/ Disc to PE P/B Div Yield 4/12/2013 Price (HKD b) (USD m) Perf. share NAV Est 2013E 2014E 2013E 2014E 2013E 2014E HK-listed Simple avg -9.4% -41% 7.1 6.0 1.1 0.9 3.7% 4.3% Agile 9.68 33.4 14.0 -11.2% 19.6 -51% 5.6 5.1 0.9 0.8 4.1% 4.6% COLI 21.85 178.6 69.9 -5.4% 23.7 -8% 9.5 8.1 1.8 1.5 2.1% 2.4% Country Garden 4.01 73.1 14.3 -1.2% 5.4 -26% 6.2 5.4 1.4 1.2 4.8% 5.6% CRL 21.75 126.7 29.8 3.1% 24.3 -10% 15.1 12.3 1.8 1.6 1.5% 1.9% Evergrande 3.14 50.3 54.9 -26.1% 9.1 -65% 4.7 4.0 0.8 0.7 5.8% 6.8% Glorious 1.17 9.1 1.5 -19.9% 4.0 -71% 3.9 3.0 0.4 0.3 2.1% 3.1% GZ R&F 13.56 43.7 12.6 5.1% 23.2 -42% 6.5 5.8 1.2 1.0 6.1% 6.8% KWG 4.79 13.9 5.2 -17.7% 10.4 -54% 4.8 4.0 0.6 0.6 4.2% 4.5% Longfor 13.04 70.8 14.2 -14.1% 16.8 -22% 9.5 8.2 1.6 1.4 2.1% 2.4% Poly Property 4.96 17.9 10.4 -18.2% 10.5 -53% 6.5 5.5 0.6 0.6 4.1% 4.8% Shimao 15.46 53.7 18.5 5.7% 24.3 -36% 7.9 6.7 1.1 1.0 3.5% 4.1% Sino-Ocean 4.94 29.0 7.4 -14.7% 9.8 -50% 8.2 6.9 0.6 0.6 4.4% 5.3% Sunac 5.54 18.4 22.5 -7.7% 10.6 -48% 4.6 3.2 1.0 0.8 2.7% 3.8% Note: Consensus numbers are used for non-covered companies Source: Company data, Bloomberg, T1, Maybank Kim Eng

Risks to our call

Risks to our call include: 1) faster or better-than-expected GPM or NPM recovery; 2) looser implementation of China austerity measures; 3) macro factors leading to higher risk appetite and investor appetite for property stocks; 4) better-than- expected global macroeconomic backdrop; 5) removal of concerns surrounding potential stake disposal by Cai Kui.

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Longfor Properties

INCOME STATEMENT BALANCE SHEET FY (CNY m) 2011A 2012A 2013F 2014F 2015F FYE Dec (CNY m) 2011A 2012A 2013F 2014F 2015F Property development 23,376 26,946 43,188 44,520 52,998 Assets Property investment 402 483 581 766 1,001 PUD 46,197 57,727 63,074 71,021 76,530 Property management fees 372 545 654 785 942 Properties held for sales 3,019 4,477 4,892 5,508 5,935 Inventories 594 657 718 809 871 Total Turnover 24,150 27,974 44,423 46,071 54,941 Trade and other receivables 3,344 4,098 6,612 6,010 9,042 Due from related companies 13 29 29 29 29 Taxation recoverable 1,081 2,222 2,222 2,222 2,222 Costs of Goods Sold (14,381) (16,791) (31,617) (31,357) (37,113) Restricted cash 406 227 227 227 227 Cash and bank balances 14,121 18,384 17,881 16,769 15,067 Gross Profit 9,769 11,183 12,806 14,714 17,828 Current assets 68,776 87,821 95,655 102,594 109,924 SG&A (1,352) (1,561) (2,088) (2,350) (2,967) PP&E 175 186 186 186 186 Other operating expenses 28 0 (35) (37) (38) Investment properties 13,198 18,383 20,631 24,292 27,880 EBIT 8,445 9,622 10,683 12,328 14,823 Prepaid lease payments 6,722 8,997 8,997 8,997 8,997 Net interest income (62) 92 45 (19) (127) Jointly controlled entities 1,873 2,068 2,068 2,068 2,068 Interest income 141 140 199 173 159 Interests in associates 0 0 609 1,210 1,867 Interest expenses after capitalization (202) (48) (154) (192) (286) Deferred Tax Assets 669 1,013 1,013 1,013 1,013 Gross interest expense (1,541) (2,071) (1,928) (1,918) (1,907) Deposits paid for acq of land use rights 5,838 6,949 6,949 6,949 6,949 Capitalized interest 1,339 2,023 1,773 1,727 1,621 Available for sale investments 9 9 9 9 9 Share of P&L of Fixed Assets 28,484 37,606 40,463 44,724 48,970 JCEs and Associates 324 248 609 600 657 Total Assets 97,260 125,426 136,118 147,318 158,893

Exceptional item 2,737 1,340 0 0 0 Liabilities & Shareholders' Equity Pretax income 11,444 11,302 11,338 12,910 15,354 Trade payables, dep.rec’d& accrued 6,841 7,670 13,427 12,027 14,235 h Income taxes (2,067) (2,439) (2,835) (3,227) (3,838) Deposits from pre-sales of properties 34,570 40,845 37,633 44,493 45,155 LAT (2,087) (2,105) (1,844) (2,034) (2,276) Taxes payable 4,788 7,899 7,888 8,051 8,957 Deferred tax (370) 108 (183) (183) (183) Due to related parties 803 1,052 1,167 1,167 1,167 Net income 6,920 6,865 6,477 7,466 9,057 Interest-bearing bank, other borrowings 3,580 5,109 9,736 12,088 12,067 Minority interests (593) (564) (462) (489) (684) Current liabilities 50,582 62,575 69,851 77,826 81,580 Net inc attributable to shareholders 6,328 6,301 6,014 6,977 8,372 Long-term Borrowings 15,646 20,589 15,293 12,073 12,050 Est Underlying net profit attribut 4,503 5,395 6,014 6,977 8,372 Senior notes 4,740 7,253 10,353 10,353 10,353 shareholders Deferred taxation 2,197 2,432 2,615 2,797 2,980 Long-term liabilities 22,583 30,274 28,261 25,224 25,383 CASHFLOW STATEMENT Total Liabilities 73,165 92,849 98,112 103,049 106,963 FY (CNY m) 2011A 2012F 2013F 2014F 2015F Shareholders' Equity 21,941 29,909 34,876 40,650 47,627 Operating Activities Issued share capital 453 476 476 476 476 Net Income 11,444 11,302 11,338 12,910 15,354 Reserves 21,487 29,433 34,400 40,174 47,151 Depreciation 27 33 35 37 38 Minority interests 2,154 2,668 3,131 3,620 4,304

Other operating cashflow (2,510) (1,300) 0 0 0 Shareholders' funds 24,095 32,577 38,006 44,269 51,930 Share in Jointly Controlled Entities (324) (248) (609) (600) (657) Liabilities & Shareholder's Equity 97,260 125,426 136,118 147,318 158,893 Change in working capital 3,624 (5,505) (5,597) (2,397) (5,966) Tax paid (2,500) (4,004) (4,690) (5,099) (5,209) CFO 9,762 278 477 4,850 3,560 FINANCIAL RATIOS Investing Activities FY 2011A 2012A 2013F 2014F 2015F Additions to prepaid lease (7,195) (1,195) (195) (195) (195) Profitability (%) Additions to investment properties (1,665) (5,185) (2,248) (3,660) (3,589) Gross Margin 40.4% 40.0% 28.8% 31.9% 32.4% Other investing cashflow (1,915) (3,693) (35) (37) (38) EBITDA Margin 35.1% 34.5% 24.1% 26.8% 27.0% Dividend received 1 EBIT Margin 35.0% 34.4% 24.0% 26.8% 27.0% CFI (10,774) (10,073) (2,478) (3,892) (3,822) Net Margin 26.2% 22.5% 13.5% 15.1% 15.2% Financing Activities Est Underlying Profit Margin 18.6% 19.3% 13.5% 15.1% 15.2% Issuance of ordinary shares 3,089 ROA 8.2% 6.2% 5.0% 5.3% 5.9% Borrowings obtained 14,176 7,790 7,654 8,868 12,044 Asset turnover 28.6% 25.1% 34.0% 32.5% 35.9% Repayments of borrowings (7,354) 1,080 (5,109) (9,736) (12,088) Est Underlying ROE 23.7% 20.8% 18.6% 18.5% 19.0% Payment of dividends (516) (902) (1,048) (1,203) (1,395) Net debt to equity 43.0% 47.9% 49.5% 43.1% 40.3% Other financing cashflow (960) 3,002 0 0 0

CFF 5,346 14,059 1,498 (2,071) (1,439) Incr./(decr.) in cash&bank balance 4,334 4,263 (503) (1,112) (1,702) Cash & bank bal. at beginning of year 9,863 14,121 18,384 17,881 16,769 Effect of FX changes (76) (179) 0 0 0 Cash & bank bal. at the end of year 14,121 18,384 17,452 20,205 18,872 Restricted Cash (406) (227) (227) (227) (227)

Source: Company data, Maybank Kim Eng

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RESEARCH OFFICES REGIONAL ECONOMICS P K BASU Suhaimi ILIAS Regional Head, Research & Economics Chief Economist (65) 6432 1821 [email protected] . Singapore | Malaysia (603) 2297 8682 [email protected] WONG Chew Hann, CA Acting Regional Head of Institutional Research Luz LORENZO (603) 2297 8686 [email protected] . Philippines | Indonesia (63) 2 849 8836 [email protected] ONG Seng Yeow Regional Products & Planning Tim LEELAHAPHAN (65) 6432 1453 [email protected] . Thailand (662) 658 1420 [email protected]

MALAYSIA SINGAPORE THAILAND WONG Chew Hann, CA Head of Research Gregory YAP Head of Research Sukit UDOMSIRIKUL Head of Research (603) 2297 8686 [email protected] (65) 6432 1450 [email protected] (66) 2658 6300 ext 5090 . Strategy . Technology & Manufacturing [email protected] . Construction & Infrastructure . Telcos - Regional Maria LAPIZ Head of Institutional Research Desmond CH’NG, ACA Wilson LIEW Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (603) 2297 8680 [email protected] (65) 6432 1454 [email protected] [email protected] . Banking - Regional . Hotel & Resort . Consumer/ Big Caps LIAW Thong Jung . Property & Construction (603) 2297 8688 [email protected] James KOH Andrew STOTZ Strategist . Oil & Gas (65) 6432 1431 [email protected] (66) 2658 6300 ext 5091 . Automotive . Logistics [email protected]

. Shipping . Resources Mayuree CHOWVIKRAN ONG Chee Ting, CA . Consumer (66) 2658 6300 ext 1440 [email protected] (603) 2297 8678 [email protected] . Small & Mid Caps . Strategy . Plantations- Regional YEAK Chee Keong, CFA EERASUB Mohshin AZIZ (65) 6432 1460 [email protected] Suttatip P (603) 2297 8692 [email protected] . Offshore & Marine (66) 2658 6300 ext 1430 [email protected] . Aviation Alison FOK . Media . Petrochem (65) 6432 1447 [email protected] . Commerce Sutthichai KUMWORACHAI YIN Shao Yang, CPA . Services (603) 2297 8916 [email protected] . S-chips (66) 2658 6300 ext 1400 [email protected] . Gaming – Regional Bernard CHIN . Energy . Media (65) 6432 1446 [email protected] . Petrochem ANTIVIVAT TAN CHI WEI, CFA . Transport (Land, Shipping & Aviation) Termporn T (603) 2297 8690 [email protected] ONG Kian Lin (66) 2658 6300 ext 1520 [email protected] . Power (65) 6432 1470 [email protected] . Property . Telcos . REITs / Property Woraphon WIROONSRI WONG Wei Sum, CFA Wei Bin (66) 2658 6300 ext 1560 [email protected] (603) 2297 8679 [email protected] (65) 6432 1455 [email protected] . Banking & Finance . Property & REITs . S-chips Jaroonpan WATTANAWONG LEE Yen Ling . Small & Mid Caps (66) 2658 6300 ext 1404 [email protected] (603) 2297 8691 [email protected] . Transportation

. Building Materials . Small cap. INDONESIA Chatchai JINDARAT . Manufacturing Katarina SETIAWAN Head of Research . Technology (66) 2658 6300 ext 1401 [email protected] (62) 21 2557 1125 [email protected] . Electronics LEE Cheng Hooi Head of Retail . Consumer Pongrat RATANATAVANANANDA [email protected] . Strategy (66) 2658 6300 ext 1398 [email protected] . Technicals . Telcos . Services/ Small Caps Lucky ARIESANDI, CFA

HONG KONG / CHINA (62) 21 2557 1127 [email protected] VIETNAM . Base metals Todd MARTIN Head of Research Michael KOKALARI, CFA Head of Research . Mining (852) 2268 0638 [email protected] (84) 838 38 66 47 [email protected] . Oil & Gas . Banking & Finance . Strategy . Wholesale Ivan CHEUNG, CFA Nguyen Thi Ngan Tuyen Rahmi MARINA (852) 2268 0634 [email protected] (84) 844 55 58 88 x 8081 [email protected] (62) 21 2557 1128 [email protected] . HK Property . Food and Beverage . Banking . Industrial . Oil and Gas . Multifinance Jacqueline KO, CFA Ngo Bich Van Pandu ANUGRAH (852) 2268 0633 [email protected] (84) 844 55 58 88 x 8084 [email protected] (62) 21 2557 1137 [email protected] . Consumer . Banking . Automotive Andy POON Trinh Thi Ngoc Diep . Heavy equipment (852) 2268 0645 [email protected] (84) 844 55 58 88 x 8242 [email protected] . Plantation . Telecom & equipment . Technology . Toll road Alex YEUNG . Utilities Adi N. WICAKSONO (852) 2268 0636 [email protected] . Construction . Industrial (62) 21 2557 1128 [email protected] Dang Thi Kim Thoa . Generalist Warren LAU (84) 844 55 58 88 x 8083 [email protected] Anthony YUNUS (852) 2268 0644 [email protected] . Consumer (62) 21 2557 1139 [email protected] . Technology - Regional Nguyen Trung Hoa . Cement Karen KWAN +84 844 55 58 88 x 8088 [email protected] . Infrastructure (852) 2268 0640 [email protected] . Steel . Property . China Property . Sugar Arwani PRANADJAYA Jeremy TAN . Resources (62) 21 2557 1129 [email protected] (852) 2268 0635 [email protected] . Gaming . Technicals

INDIA PHILIPPINES ORENZO Jigar SHAH Head of Research Luz L Head of Research (91) 22 6623 2601 [email protected] (63) 2 849 8836 [email protected] . Oil & Gas . Strategy . Automobile Laura DY-LIACCO . Cement (63) 2 849 8840 [email protected] Anubhav GUPTA . Utilities (91) 22 6623 2605 [email protected] . Conglomerates . Metal & Mining . Telcos . Capital goods Lovell SARREAL . Property (63) 2 849 8841 [email protected] Urmil SHAH . Consumer (91) 22 6623 2606 [email protected] . Media . Technology . Cement . Media Kenneth NERECINA Varun VARMA (63) 2 849 8839 [email protected] (91) 226623 2611 [email protected] . Conglomerates . Banking . Property . Ports/ Logistics Katherine TAN (63) 2 849 8843 [email protected] . Banks . Construction Ramon ADVIENTO (63) 2 849 8845 [email protected] . Mining

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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. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. 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 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. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This research report prepared by MKE 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. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. 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. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services 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.

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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 material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. 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 JSC (License Number: 71/UBCK-GP) 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 (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) 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 15 April 2013, 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: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 15 April 2013, KESHK and the authoring analyst do not have any interest in any companies recommended in this 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.

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. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax

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 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) 9 Temasek Boulevard 6/F, 20 St. Dunstan’s Hill 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, #39-00 Suntec Tower 2 London EC3R 8HY, UK New York, NY 10017, U.S.A. 100 Jalan Tun Perak, Singapore 038989 50050 Kuala Lumpur Tel: (44) 20 7621 9298 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (65) 6336 9090 Dealers’ Tel: (44) 20 7626 2828 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (65) 6339 6003 Fax: (44) 20 7283 6674

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, Dataran Maybank, Kim Eng Securities (HK) Ltd PT Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, Jalan Maarof Level 30, Plaza Bapindo 2nd Floor, The International 16, 59000 Kuala Lumpur Three Pacific Place, Citibank Tower 17th Floor Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Jl Jend. Sudirman Kav. 54-55 Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 12190, Indonesia Mumbai City - 400 020, India

Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91).22.6623.2600 Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91).22.6623.2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Maybank Kim Eng Securities In association with In association with Inc. (Thailand) Public Company Maybank Kim Eng Securities JSC Anfaal Capital 17/F, Tower One & Exchange Plaza Limited 1st Floor, 255 Tran Hung Dao St. Villa 47, Tujjar Jeddah Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, District 1 Prince Mohammed bin Abdulaziz Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Street P.O. Box 126575 Rama 1 Road Pathumwan, Jeddah 21352 Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Fax: (63) 2 848 5738 Fax : (84) 838 38 66 39 Tel: (966) 2 6068686 Tel: (66) 2 658 6817 (sales) Fax: (966) 26068787 Tel: (66) 2 658 6801 (research)

 South Asia Sales Trading  North Asia Sales Trading Kevin FOY Eddie LAU [email protected] [email protected] Tel: (65) 6336-5157 Tel: (852) 2268 0800 US Toll Free: 1-866-406-7447 US Toll Free: 1 866 598 2267   www.maybank-ke.com | www.maybank-keresearch.com | www.kimeng.com.hk  

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