DOCSLIB.ORG

Carnival Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Carnival Group HONG KONG Carnival Group An early-stage option on tourism It all depends on execution of strategy We are initiating coverage on Carnival Group as we build our coverage of the PRC theme park and tourism industry (See China Consumer: A Journey Just Begun). We initiate with a Neutral rating and a DCF-driven target price of HK$1.10 (8% potential upside) – hardly an exciting return for a little-known company. Nevertheless, we think the company merits close attention – it is in the early stages of a strategy to build out integrated theme parks across China, and a wide variety of outcomes are possible. Their first project in Qingdao looks exciting, and a strong management team has been assembled. 996 HK Neutral Our base case scenario calls for two integrated parks by 2020, reaching a combined 10.1m visitors. In a bull case scenario, if Carnival opens three parks Price (at 10:46, 24 May 2016 GMT) HK$1.02 by 2020 with 20m visitors with similar returns to Haichang (2255 HK), a valuation Valuation HK$ 1.10 of HK$1.62, 59% higher than the current price, is justified. The delivery of returns - DCF (WACC 7.3%, beta 1.0, ERP 8.0%, RFR 3.0%, TGR 3.0%) 12-month target HK$ 1.10 commensurate with well-run parks is essential to the investment story. If the Upside/Downside % +7.8 market reverts to simply assigning market property values to its existing projects, 12-month TSR % +7.8 our adjusted NAV is HK$0.27, 74% lower than current levels. Key developments Volatility Index High to watch are: 1) visitation and spending figures during summer at Rio Carnival; GICS sector Real Estate 2) clarity on integrated park pipelines in other cities, such as Haikou. Market cap HK$m 15,180 First project fully open this summer Market cap US$m 1,954 Next month, Carnival is scheduled to fully open its first landmark integrated Free float % 29 leisure development in Qingdao (Rio Carnival). It will boast two hotels (738 30-day avg turnover US$m 1.6 rooms), an outlet mall (~70,000 sq. m) and – the key differentiator – an Number shares on issue m 14,882 integrated amusement park – all along the coastline in the Southern part of Investment fundamentals Qingdao. As of March, it had opened 121 of 177 shops. Year end 31 Dec 2015A 2016E 2017E 2018E Revenue m 1,146.9 1,805.6 2,679.8 3,619.7 The Rio Carnival project will comprise three connected theme parks with family EBIT m 83.5 322.2 628.2 911.8 and thrill rides, and the company aims to charge an entry fee of Rmb200 to EBIT growth % 77.8 286.1 95.0 45.1 Reported profit m 120.5 168.1 340.3 513.5 access all three parks. These parks should help drive family travel demand, with Adjusted profit m 137.6 185.3 374.7 547.8 project IRR of 12%, assuming Carnival can attract one-third of the visitations to EPS rep ¢ 0.9 1.1 2.3 3.5 EPS rep growth % 160.4 32.5 99.5 50.9 the integrated facility. We forecast Carnival will have its on-site hotel and EPS adj ¢ 1.0 1.3 2.5 3.7 exhibition venue open by August 2016. EPS adj growth % nmf 26.8 99.7 46.2 PER rep x 117.9 89.0 44.6 29.6 Visitation Growth is Key Earnings Driver PER adj x 102.6 80.9 40.5 27.7 Total DPS ¢ 0.0 0.0 0.0 0.0 Carnival is still in process of moving away from its legacy property sales. Half of Total div yield % 0.0 0.0 0.0 0.0 FY16 sales will be from property, falling to 40% in 2017 and 36% in 2018 – ROA % 0.4 1.4 2.7 3.8 ROE % 2.8 3.5 6.8 9.2 completely disposing of its residential properties by 2019E. The growth will EV/EBITDA x 231.8 45.5 26.7 19.6 come from retail and F&B rentals as well as admissions to the park. We forecast Net debt/equity % 100.6 98.7 90.3 81.5 P/BV x 2.8 2.8 2.7 2.4 Rio Carnival will see 2.5 million visitors in 2016E. Of the new park business, approximately half of revenues are from outlet and F&B. We forecast visitation to Source: FactSet, Macquarie Research, May 2016 reach 4.5m in 2017E, when the facility is fully operational. We expect mature (all figures in HKD unless noted) ROEs of 8–10% on our base case, with OpCF positive from 2017. Key Risks Carnival’s strategy differs from that of traditional theme parks – integrating parks with malls – and it will have to deliver strong visitation ramp at Rio Carnival in the Analyst(s) next 12 months. With investments from Wanda and other property developers in Timothy Lam +852 3922 1086 [email protected] theme parks, Carnival faces tough competition to reach its visitation projections. Erin Lin Carnival scores in the 4th quartile of our proprietary Macquarie Governance & +86 21 2412 9028 [email protected] Risk score, primarily due to its early stage nature. 25 May 2016 Macquarie Governance and Risk Score (MGRS) Macquarie Capital Limited On our proprietary Governance and Risk Score Carnival Group scores in the fourth quartile of our current universe coverage. Please refer to page 20 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures. Macquarie Research Carnival Group Inside New Destination in Qingdao An early-stage option on tourism 3 Company Profile Valuation and Earnings Sensitivity 6 . Carnival Group International is developing a large-scale integrated tourism Risks, Management, Corporate complex in Qingdao, Shandong Province, and is exploring similar opportunities in Taiwan and in the PRC. Governance 9 Rising Family Destinations 11 . Carnival’s project in Qingdao is one of the first large-scale integrated commercial, residential and tourism complexes, with total site area of 350,000 Integrate Leisure with Spending 12 sq. m. and GFA of 800,000 sq. m. The indoor and outdoor theme parks have Rising Demand for Leisure+ Projects 13 a total GFA of 60,000 sq. m., and the complex include two hotels for a total of Financial Analysis 15 738 rooms, managed by Langham Hospitality Group. AppendicesError! Bookmark not defined. The company has another project in Sanya and is also in talks with several Macquarie Quant View 18 provincial governments to develop new integrated leisure projects. Carnival also operates complementary leisure services such as touring carnivals (under Global Star Carnival, 78% held by Carnival), kid entertainment venue (under Haokaishi, 68% held by Carnival), and full-service buffet chain (under Golden Jaguar). Fig 1 996 HK rel HSI performance Fig 2 Qingdao Rio Carnival Project – Master Layout Plan Source: FactSet, Macquarie Research, May 2016 Source: Macquarie Research, May 2016 Fig 3 DCF Sensitivity to Visitor and Spending in Qingdao Visitors HK$ per share -50% Base Case (4.5m in 2017) +50% +100% +20% 0.87 1.17 1.48 1.78 Spending Per Head Base Case (Rmb450) 0.84 1.10 1.37 1.64 -20% 0.80 1.03 1.27 1.50 Source: Macquarie Research, May 2016 25 May 2016 2 Macquarie Research Carnival Group An early-stage option on tourism Meeting demand from family tourism Carnival is Carnival Group International (Carnival) is a developer of integrated leisure projects in China, developing family which provide an outlet shopping experience and an entertainment complex suitable for tourism product, in family visits. We believe its core strengths are in the capability to attract quality commercial an integrated tenants, and its ability to offer robust developments in entertainment units. complex that The biggest challenge in the sector is intense competition from other commercial mall combined shopping operators, and Carnival’s facilities stand out from its peers in their ability to attract non-local outlet, hotel and visitors. Its unique features such as multiple theme parks and hotel allow visitors to “stay and leisure facilities play” in this beachfront facility. This should allow the facility to attract both tour groups and self-directed travellers, and maybe able to achieve similar success in integrated developments by Shenzhen OCT in Shenzhen, China (See p. 13). As we highlighted in our China Leisure report, we see replicable and integrated projects are two models for success, such as Haichang Ocean Park (2255 HK, OP). We also like CITS (601888 CH OP) and CYTS (600138 CH) two A-share tourism plays (see China Consumer: A Journey Just Begun). Exporting Outlet + Entertainment Concepts Carnival’s project combines outlet shopping with entertainment venue for children and other family members. This concept should play well with China tourists, who tend to prefer family travel, and who are starting to appreciate the outlet model of shopping, buying branded products at discounted prices. Carnival’s facilities include children’s edutainment (e.g. Lego School, Children Career Simulation Programs) and other specialized activities that enable more time to be spent inside the integrated facility. We visited the facility and met with Carnival’s local management in October 2015, and since then we saw concrete progress. The outlet malls offer a 70–80% discount to marked prices, and the outlet shops are operated directly by the brands. The commercial area will charge tenants a percentage of their revenue. The company has engaged with The Sanderson Group to plan and design three connected theme parks.
Load more

Recommended publications
  • Download the Ecosystem Onto It, Then Clearly There Will Be Little Incentive to Pay a Premium for a Xiaomi Device
    Mobile ecosystems Gated communities Technology 13 October 2015 The days of walled gardens have passed and users can now come and go as they please. This results in users being able to pick and choose the Analysts services they want from different ecosystems. Our analysis clearly Richard Windsor +44 (0)20 3239 9904 indicates the number of services that a user takes from any one ecosystem Tech, mobile & internet analyst will have a non-linear impact on the amount of value that the ecosystem [email protected] owner can extract in the long term. The iPhone 6 has allowed the iOS ecosystem to extend its lead over principal competitors Google and Jeremy Silewicz +44 (0)20 3077 5704 Microsoft. Facebook and Xiaomi are the two emerging players that warrant Head of institutional team close observation. [email protected] Gated communities– the key for an ecosystem owner will be to ensure that users take as many of its own services as possible. This is because there is a non-linear relationship between the number of services used and the potential for monetisation of that user by any of the three established methods: hardware, advertising or subscription. Google’s recent moves do nothing to solve its biggest problems, which remain software fragmentation and its inability to distribute updates to its users. This, combined with Google Play losing ground to the Apple App Store puts Google in greater danger of losing its grip on Android users in developed markets. Facebook is far from becoming an ecosystem in its own right, but its path to this goal has become much clearer.
    [Show full text]
  • Shanghai Hangzhou Shenzhen Retailhunt China
    retailhunt China 14-20 oktober 2018 Shanghai Hangzhou Shenzhen retailhunt China China always appeals to the imagination Alibaba puts Amazon on fire, Tencent grows and innovates faster than Facebook, Walmart competes with the big chains in China, ... Inspiration, information and experience We will visit Alibaba, Tencent, Walmart, Starbucks, Hema, and many other international and local retail concepts. We introduce you to technological trends, new business models and provide knowledge through local experts. What can you expect? - Five days of inspiration, awareness and discovery - C-level networking with a select group of retailers - Guidance by retail expert and founder of RetailDetail Jorg Snoeck - Supported by Alibaba and Walmart Asia - 1 - retailhunt China It’s almost time to leave for China! We sincerely hope you’re as excited as we are to get inspired by all the new concepts we’ll see on our retailhunt. In this pre-book you will find a first look at the detailed programme for our retailhunt in China, as well as the list of all other participants who will be joining, some information about the RetailDetail team organizing the trip, flight information, hotel accomodation and other useful information before we leave. On the day of departure, you will receive a printed book with a more detailed day-to-day planning. RetailDetail welcomes you as from 11AM to the Diamond Lounge at Terminal B of Brussels Airport, were you will find a tranquil environment to relax and unwind before our departure. We will ship you prior to departure free vouchers for our economy class travellers. - 2 - Partners We thank our partners for their support at this retailhunt.
    [Show full text]
  • Leng Guangmin 1986 Born in Qingzhou, Shandong, China 2009
    Leng Guangmin 1986 Born in Qingzhou, Shandong, China 2009 Graduated with B.F.A from the 3rd Studio, Oil Painting Department, Tianjin Academy of Fine Arts 2012 Graduated with M.F.A from the 3rd Studio, Oil Painting Department, Tianjin Academy of Fine Arts Currently works and lives in Beijing Solo Exhibition 2019 Leng Guangmin: Entropy, West Bund Art Center, Shanghai, China 2018 Leng Guangmin: Ripples, MAHO KUBOTA GALLERY, Tokyo, Japan 2017 Leng Guangmin: Perfect Destruction, Hive Center for Contemporary Art, Beijing, China 2014 Leng Guangmin, Hive Center for Contemporary Art, Beijing, China 2013 Hive · BecomingⅡ, See the Appearance: The Solo Exhibition of Leng Guangmin, Hive Center for Contemporary Art, Beijing, China Group Exhibition 2021 Shadow Lover, OCAT Xi’an, Xi’an, China 2020 The Salvation of Shahrazad: Memo of the New Generation Painting, Hive Center for Contemporary Art, Beijing, China Being of Evils, Hive Center for Contemporary Art, Beijing, China 2019 Light Profoundness: The Worldlet of East Asian Artists, Hive Center for Contemporary Art, Beijing, China 2018 The Clouded Peach Blossom Spring: Selected Works of Chinese Contemporary Artists as Exemplars, Hive Center for Contemporary Art, Beijing, China Summer Fling, Hive Center for Contemporary Art, Beijing, China The Exhibition of Annual of Contemporary Art of China 2017, Minsheng Art Museum, Beijing, China 2017 Full of Tigers on the Roof, Hive Center for Contemporary Art, Shenzhen, China Degree Zero of Art: the Rational Expression of Abstract Art, Hive Center for Contemporary
    [Show full text]
  • The Way for a Super Complex to Make a City More Convenient and Beautiful
    ctbuh.org/papers Title: The Way for a Super Complex to Make a City More Convenient and Beautiful Authors: Hang Xu, Chairman, Parkland Real Estate Development Co., Ltd Marianne Kwok, Principal, Kohn Pedersen Fox Associates Subjects: Architectural/Design Urban Design Keywords: Connectivity Design Process Human Scale Master Planning Mixed-Use Urban Planning Publication Date: 2016 Original Publication: Cities to Megacities: Shaping Dense Vertical Urbanism Paper Type: 1. Book chapter/Part chapter 2. Journal paper 3. Conference proceeding 4. Unpublished conference paper 5. Magazine article 6. Unpublished © Council on Tall Buildings and Urban Habitat / Hang Xu; Marianne Kwok The Way for a Super Complex to Make a City More Convenient and Beautiful | 超级综合体如何让城市更便利更美好 Abstract | 摘要 Hang Xu | 徐航 Chairman | 董事长 Today’s super high-rise buildings not only present the height of buildings, but also play more Parkland Real Estate Development important roles of integrating into the development of cities, coexisting with them, promoting 深圳市鹏瑞地产开发有限公司 the efficiency of them and enhancing regional value to a certain degree. Based on the case study Shenzhen, China | 深圳，中国 of One Shenzhen Bay, this paper shows how the project maximizes the value of the city. This includes 1) how the complex form makes the city more intensive, and 2) how it influences the Xu Hang is Chairman of Shenzhen Parkland Investment Group cosmopolitan way of life in the city. Co. Ltd.; Founder & Chairman of Mindray Medical International Limited (listed on the NYSE, code MR); Honorary Chairman of the Shenzhen General Chamber of Commerce; Chairman of Keywords: Urban Planning, Connectivity, Design Process, Human Scale, Master Planning, the Federation of Shenzhen Industries; Executive Vice President Mixed-Use of the Shenzhen Harmony Club; Guest Professor at Tsinghua University; and Director of the Shenzhen Contemporary Art and Urban Planning Board.
    [Show full text]
  • The 8 Wonders of Shenzhen: Four Seasons Unlocks the Secrets of China's Most Dynamic City
    The 8 Wonders of Shenzhen: Four Seasons Unlocks the Secrets of China's Most Dynamic City April 25, 2013, Shenzhen, China Four Seasons Hotel Shenzhen opened as is the company’s eighth hotel in China, and in honour of that distinction, the Hotel's Concierge has curated a list of the 8 Wonders of Shenzhen. 1 The Concierge team can create a customized itinerary that meets any interest, helping guests discover the hidden gems of this wonderful city. From shopping to golf, one-of-a-kind theme parks, memorable dining experiences, cultural excursions or a night on the town, Shenzhen has something for everyone. 1. An Epic Shopping Experience Established as China’s first Special Economic Zone in 1980, Shenzhen continues to operate as a trading post of epic proportions. Visitors and locals alike can explore entire buildings filled to the brim with the latest electronics at Huaqiangbei, famous for its more than 1.4 million square metres (15 million square feet) of sprawling retail space. Or they can visit Shuibei’s more than half a million square metres (5 millions square feet) to find all types of jade, gems and jewellery. At Dongmen, shoppers pick their way through the throngs amid the more than 170,000 square metres (1.8 million square feet) of shops and market stalls to find a deal. Those on the lookout for fine china or furnishings can try their luck at the Sungang Art Exhibition Centre, which features wholesale arts and crafts products. Whatever one is looking for, it can be found in Shenzhen - and even better, Four Seasons can arrange private tours to get the best deals.
    [Show full text]
  • Shenzhen, China
    5th meeting of FG ML5G (5, 7-8 March 2019) and workshop on "Towards a New Era – AI in 5G" (6 March 2019), Shenzhen, China Practical information for participants 1 Workshop and Meeting venue Name: St.Helen Hotel 博林圣海伦酒店 (The website of the hotel and Google maps refer to the hotel as “Novotel Shenzhen Bauhinia Hotel”) Address: No 2002, East Qiancheng Road, Nanshan Science and Technology Park, Shenzhen, China Website: http://www.helenshenzhen.cn/en 2 Getting to Workshop/Meeting venue From Shenzhen Bao'an International Airport (cost to be included) Taxi from Shenzhen airport (30km, 100 CNY) From Hongkong International Airport (cost to be included) Shuttle to Lok Ma Chau (Huanggang) Port from HK airport (http://www.hongkongairport.com/en/transport/mainland-connection/mainland-coaches) Taxi to hotel from Lok Ma Chau (Huanggang) Port (12km, 40CNY) Public transport (From Shenzhen Bao'an International Airport) Subway Line 11 to Chegongmiao Station (Direction: Futian, 7 stops) Transfer subway line 1 to Qiaocheng East Station (Direction: Airport east, 2 stops) 3 Local Host Focal Point: Name: Ms. Liya Yuan Email: [email protected] Phone: +86- 15205163004 4 Recommended Hotels near the event Venue Participants are in charge of their own transportation and booking of accommodation. Name: St. Helen Hotel 博林圣海伦酒店 (0km) (The website of the hotel and Google maps refer to the hotel also as “Novotel Shenzhen Bauhinia Hotel”) Address: No 2002, East Qiancheng Road, Nanshan Science and Technology Park, Shenzhen, China 深圳市侨城东路2002号 Website: http://www.helenshenzhen.cn/en email：[email protected] Please send email for room reservation.
    [Show full text]
  • Asia) Holdings Limited 華僑城（亞洲）控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 03366
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Overseas Chinese Town (Asia) Holdings Limited 華僑城（亞洲）控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 03366) RESULTS OF THE EXTRAORDINARY GENERAL MEETING HELD ON 31 DECEMBER 2020 The Board is pleased to announce that the resolution as set out in the EGM Notice was duly passed at the EGM held on 31 December 2020. Reference is made to the notice (the “EGM Notice”) of the extraordinary general meeting (the “EGM”) dated 15 December 2020 of Overseas Chinese Town (Asia) Holdings Limited (the “Company”, together with its subsidiaries, collectively known as the “Group”) and the circular of the Company dated 15 December 2020 (the “Circular”). Unless otherwise defined, capitalised terms used herein shall have the same meanings as defined in the Circular. RESULTS OF THE EGM At the EGM held at the conference room of the Company on 3/F., Jacaranda IBC, OCT Harbour, Baishi Road, Nanshan District, Shenzhen, China, on Thursday, 31 December 2020 at 9:00 a.m., the resolution as set out in the EGM Notice (the “Resolution”) was approved by the Shareholders by poll. The Board is pleased to announce the poll result in respect of the Resolution passed at the EGM as follows: - 1 - Number of Votes (%) Ordinary Resolution Total Votes For Against 1.
    [Show full text]
  • CHEN Dandizi Born 1990 in Hezhou, Guangxi Province, CN Lives and Works in Guangzhou, CN
    galerie-xchua.com [email protected] (+49) 030 25792410 CHEN Dandizi Born 1990 in Hezhou, Guangxi Province, CN lives and works in Guangzhou, CN SOLO EXHIBITIONS (SELECTED) 2018 A SEVERE HANGOVER, GANTON GALLERY, GUANGZHOU, CHINA 2016 FLEETING MEMORIES & WRITTEN NOTES, CAPSULE GALLERY, SHANGHAI, CHINA THE MOST DARING VENTURE, GUANGDONG CONTEMPORARY ART CENTRE, GUANGZHOU, CHINA 2014 A POET WHO BEGS FOR WORDS, SABAKI SPACE, GUANGZHOU, CHINA GROUP EXHIBITIONS (SELECTED) 2019 BEIJING CONTEMPORARY ART EXPO, XC.HUA GALLERY, BEIJING, CHINA ZHEJIANG INTERNATIONAL YOUTH ART FESTIVAL, XIANGSHAN ART COMMUNE, HANGZHOU, CHINA PAI CHUN, PARLOR SHENZHEN, SHENZHEN, CHINA 2018 INNER SCAPES, GALLERIA CONTINUA, BEIJING, CHINA IF ONLY THE SUNLIGHT WERE A STAGE SET... —JIMEI X ARLES INTERNATIONAL PHOTO FESTIVAL “LOCAL ACTION”, JIMEI CITI-ZEN SQUARE MAIN EXHIBITION HALL, XIAMEN, CHINA SHANGHAI WEST BUND ART & DESIGN, WEST BUND ART CENTER, SHANGHAI, CHINA DREAM VIDEO 100, WEST BUND ART CENTER SQUARE, SHANGHAI, CHINA CRUSH, PARA SITE, HONG KONG, CHINA THE LOW BIFURCATED NARRATIVE—A MARCHING REGIONAL INVESTIGATION, 21 SPACE ART MUSEUM, DONGGUAN, CHINA VIDEO PROJECTION AT UNIVERSITY OF COSTA RICA, SAN PEDRO, COSTA RICA 100015 District, Chaoyang Road, Side Airport Caochangdi, 323-A6 2017 FIFTH STUDIO, UNIVERSITY CITY ART MUSEUM OF GAFA, GUANGZHOU, CHINA AGAINST THE LIGHT: SAMPLING IN TWO CITIES”, FY FOUNDATION: YOU SPACE, SHENZHEN, CHINA FORM AS THOUGHTS - NEW STAR ART AWARD, DEJI ART MUSEUM, NANJING, CHINA THE 1ST FISHING TOWN INTERNATIONAL NEW MEDIA ART FESTIVAL, HECHUAN, CHINA INTRODUCTION AND APPLICATION FORM, FORMER CHONGQING COTTON MILL IV, CHONGQING, CHINA 2ND CHINESE VIDEO ARTISTS FESTIVAL, MEXICO NATIONAL CULTURE DIGITAL CENTER AND MUSEUM OF ARTS OF QUERÉTARO, MEXICO CITY, AND QUERÉTARO, MEXICO THE MODERN LOOK (PART 1), SHANGHAI MODERN ART BASE, SHANGHAI, CHINA Potsdamer Str.
    [Show full text]
  • Shenzhen Art-In-Style 1-Day Trip
    High Speed Rail: Shenzhen Art-in-style 1-Day Trip 1 Day Itinerary Suggested Transportation Hong Kong → Futian (Hong Kong West Kowloon Station → Futian High Speed Rail Station) Take the MTR Vibrant Express for a comfortable journey. Wander around Shenzhen University to Soak Up Metro: the Greenery and Vitality From Futian Station, take Metro Line 11 towards Bitou. Change to Line 1 at Shenzhen University is located in Houhai Bay of Nanshan District. Chegongmiao Station towards Airport Also known as the “Lichee Garden”, its beautiful scenery and East. Get off at Taoyuan Station and characteristic architectural design earn its place in the top ten most walk for about 11 minutes to beautiful university campuses in China. The campus has two lakes, Shenzhen University front gate (West lawns, lychee trees and other recreational areas. The fashionable gate). Science and Technology (Total travel time about 42 minutes) Building with its white walls and blue windows is highly recommended for pictures. In addition, the University Library has a tasteful design as well as spacious and comfortable interior. Address: Shenzhen University, 3688 Nanhai Avenue, Nanshan District, Shenzhen (Houhai campus) The Super Popular Artistic Elephant Metro: From Shenzhen University (West gate), walk for about 11 minutes to Also located in the Nanshan District, MixC World combines art, Taoyuan Station. Take Metro Line 1 fashion, humanities, food and shopping with about 300 shops. The towards Luowu. Get off at Hi-Tech Bubblecoat Elephant, the most iconic elephant art is installed outside Park Station and walk for about 5 the mall and is the place to check before entering the mall.
    [Show full text]
  • Annual Report 年報 Contents 目錄
    (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號：00602) ANNUAL REPORT 年報 CONTENTS 目錄 Corporate Information 公司資料 2-5 Chairman’s Statement 董事長報告 6-10 Biography of Directors and Senior Management 董事及高層管理人員簡歷 11-13 Management Discussion and Analysis 管理層討論及分析 14-27 Corporate Governance Report 企業管治報告 28-38 Report of the Directors 董事會報告 39-56 Independent Auditor’s Report 獨立核數師報告 57-64 Consolidated Statement of Comprehensive Income 綜合全面收益表 65 Consolidated Statement of Financial Position 綜合財務狀況表 66-67 Consolidated Statement of Changes in Equity 綜合權益變動表 68 Consolidated Statement of Cash Flows 綜合現金流量表 69-70 Notes to the Consolidated Financial Statements 綜合財務報表附註 71-170 Five-Year Financial Summary 五年財務概要 171-172 CORPORATE INFORMATION 公司資料 STOCK CODE 股份代號 00602 00602 REGISTERED OFFICE 註冊辦事處 Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OF 香港總辦事處及主要營業地點 BUSINESS IN HONG KONG Suite 715, 7th Floor 香港 Ocean Centre, Harbour City 九龍 5 Canton Road 尖沙咀 Tsimshatsui 廣東道5號 Kowloon 海港城海洋中心 Hong Kong 7樓715室 HEAD OFFICE AND PRINCIPAL PLACE OF 中國總辦事處及主要營業地點 BUSINESS IN THE PRC 4/F 中國 Jiahua Ming Yuan 深圳市 No. 2146 Xinhu Road 寶安中心區 Baoan Central District 新湖路2146號 Shenzhen 佳華名苑 The PRC 4樓 COMPANY WEBSITE 公司網站 www.szbjh.com www.szbjh.com AUDITOR 核數師 BDO Limited 香港立信德豪會計師事務所有限公司 Certified Public Accountants 執業會計師 25th Floor 香港 Wing On Centre 干諾道中111號 111 Connaught Road Central 永安中心 Hong Kong 25樓 AUTHORISED REPRESENTATIVES 授權代表 Mr. Zhuang Lu Kun 莊陸坤先生 Mr. Ho Yuet Lee, Leo 何悅利先生 2 Jiahua Stores Holdings Limited Annual Report 2016 Corporate Information (Continued) 公司資料（續） LEGAL ADVISERS TO THE COMPANY 公司法律顧問 As to Hong Kong law 香港法律 Woo Kwan Lee & Lo 胡關李羅律師行 26th Floor, Jardine House 香港 1 Connaught Place 中環 Central 康樂廣場1號 Hong Kong 怡和大廈26樓 As to the Cayman Islands law 開曼群島法律 Conyers Dill & Pearman Conyers Dill & Pearman Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O.
    [Show full text]
  • International Conference on Ships and Offshore Structures ICSOS 2017, Shenzhen, China Program – Conference Venue: International Meeting Hall
    International Conference on Ships and Offshore Structures ICSOS 2017, Shenzhen, China Program – Conference venue: International Meeting Hall Sunday, 10. September 2017 (SUSTC Campus) 18:00-20:00 Dinner (Chinese Restaurant inside SUSTC Campus) Monday, 11. September 2017 (SUSTC Campus) 7:30-8:30 Breakfast (Teaching Staff Canteen) 8:30-9:00 Registration 9:00-9:45 Opening Session and Keynote Speech (Session chair: Yong Bai) • tba 9:45-11:45 Design methods (Session chair: Jeom K. Paik) • Analysis of the reduction of uncertainties in the prediction of ships’ fuel consumption – from early design to operation conditions by Fabian Tillig, Jonas Ringsberg, Wengang Mao and Bengt Ramne (ICSOS2017-001) • Disconnectable FPSO moorings’ design criterion by eXpected life-cycle cost by José Manuel Cabrera-Miranda, Patrícia Mika Sakugawa, Rafael Corona-Tapia, Jeom Kee Paik (ICSOS2017-002) • Safety assessment study of a planned offshore floating platform pipelaying test by Weidong Ruan, Yong Bai, Yu Cao (ICSOS2017-003) • Performance Test Analysis and Structural Safety Assessment by using Reliability Analysis by Tae-Hwan Joung, Choung- ho Choung, Byoung-Jae Park, Hyun-Suk Kim and Kang-Soo Lee (ICSOS2017-004) 11:45-11:55 Group Photo at the big banyan tree in front of the student canteen 11:45-12:30 Lunch (Chinese Restaurant inside SUSTC Campus) 12:30-14:30 Structural analysis (Session chair: Sören Ehlers) • Contribution of a deformable striking-ship structure to the structural crashworthiness of ship-ship collisions by Yeong Gook Ko, Sang Jin Kim and Jeom
    [Show full text]
  • 城市商圈商戶名稱地址city Commerical District Merchant
    實際活動門店可能發生增減，活動狀態請以店內信息為準。Please refer to in-store notification to check and confirm merchant's participation. Commerical 城市 商圈 商戶名稱 地址 City Merchant Name Merchant Address District 廣東省深圳市羅湖區南湖街道羅湖商業城6層 Shop 5010, 6th Floor, Luohu Commercial City, Nanhu Sub- 深圳 羅湖口岸 丹桂軒（羅湖店） Shenzhen Luohu Port Laurel Restaurant (Luohu) 5010號舖 district, Luohu District, Shenzhen 廣東省深圳市羅湖區南湖街道春風路4001號新 Laurel Restaurant (Century 2nd Floor, Century Plaza Hotel, 4001 Chunfeng Road, Nanhu 深圳 羅湖口岸 丹桂軒（新都店） Shenzhen Luohu Port 都酒店2樓 Plaza) Sub-district, Luohu District, Shenzhen 廣東省深圳市深圳市羅湖區寶安南路華潤萬象城 Gan Yunxuan Shop 593, The MixC, South Baoan Road, Luohu District, 深圳 羅湖口岸 贛芸軒（萬象城店） Shenzhen Luohu Port 593鋪 (The MixC, Luohu) Shenzhen, Guangdong 廣東省深圳市深圳市羅湖區春風路3002號金碧 Hu Die Meng Music Restaurant 1F, Jinbi Hotel, 3002 Chunfeng Road, Luohu District, Shenzhen, 深圳 羅湖口岸 蝴蝶夢音樂餐廳（羅湖店） Shenzhen Luohu Port 酒店一樓 (Luohu) Guangdong 廣東省深圳市深圳市羅湖區友誼路6號大院1- Courtyard 1-204, 6 Youyi Road, Luohu District, Shenzhen, 深圳 羅湖口岸 金聖南昌菜館 Shenzhen Luohu Port Jinsheng Nanchang Restaurant 204 Guangdong 2F, Jingyuan Building, Songyuan Road, Luohu District, 深圳 羅湖口岸 三原色酒吧 廣東省深圳市深圳市羅湖區松園路景園大廈二樓 Shenzhen Luohu Port San Yuan Se Bar Shenzhen, Guangdong 廣東省深圳市羅湖區人民南路金光華廣場402A 402A, 402C-017, 021, King Glory Plaza, South Renmin Road, 深圳 羅湖口岸 探魚深圳金光華店 Shenzhen Luohu Port Tan Yu (King Glory Plaza) 、402C-017、021號 Luohu District, Shenzhen, Guangdong 廣東省深圳市福田區福華三路268號星河Coco L-086, L-88, 1F, North District,Coco Park,No. 268 Fuhua Third 深圳 福田CBD Lady M（Coco Park店） Shenzhen Futian CBD Lady M（Coco Park） Park購物廣場北區1樓L-086，L-088
    [Show full text]