Sun Hung Kai Properties Company Update BUY

Equity | Kong | Real Estate/Property 24 June 2013 US meeting takeaways: Strong rental portfolio overlooked

Raymond Ngai, CFA >> +852 2536 3987 Research Analyst Merrill Lynch (Hong Kong)  Key takeaways from the US investor meetings [email protected] This past week we hosted investor meetings for SHKP in the US. We noted growing interest in the firm after the recent share price pullback and as the stock is trading at

an attractive valuation of 51% discount to NAV (-1.5SD), 0.7x P/BV, and 3.5%  Stock Data dividend yield. We believe the stock has been weak on concerns about rising Price (Common / ADR) HK$95.50 / US$12.26 Price Objective HK$135.00 / US$17.40 interest rates and lack of new launches. We remain Buy on the stock as valuations Date Established 6-Jan-2013 / 6-Jan-2013 and risk-rewardwe think have become even more attractive. Even if there is a 50% Investment Opinion B-1-7 / B-1-7 drop in property prices, SHKP would still trade at 16% discount to NAV, in line with Volatility Risk MEDIUM / MEDIUM the historical average. Kwok Family has been buying back shares actively at below 52-Week Range HK$88.30-HK$130.80 HK$100/sh recently. We keep our PO of HK$135 based on 30% discount to NAV Market Value (mn) US$32,707 Market Value (mn) HK$253,721 (0.97x P/BV). Shares Outstanding (mn) 2,656.8 / 2,656.8 Average Daily Volume 6,187,419 Market overlooks its strong investment property portfolio BofAML Ticker / Exchange SUHJF / HKG SHKP is one of the largest landlords with well-diversified shopping mall and office BofAML Ticker / Exchange SUHJY / OTU portfolio in HK. It ranks first in terms of annual rental income of over HK$16bn. It is Bloomberg / Reuters 16 HK / 0016.HK ROE (2013E) 4.9% the largest retail landlord in terms of income and owns the largest office space in Net Dbt to Eqty (Jun-2011A) 16.2% HK. The group posted CAGR of 14% in rental income over the past eight years and Est. 5-Yr EPS / DPS Growth 0.2% / 4.3% expects to see around 10% growth on positive reversions and new additions from Free Float 57.4% V-City Mall and IAPM. The group’s rental income is well enough to pay dividend. Achieved contracted sales of HK$32bn in FY13 The group has yet to announce its sales target for FY14 but expects sales from China to stay strong. It will launch Century Gateway Ph2, RIVA, and Imperial Kennedy by end of 2013 and will continue to sell non-core investment properties. Over 70% of the group’s residential land bank (14mn sqf) in HK is earmarked for mass residential building small-mid size units.

 Estimates (Jun) (HK$) 2011A 2012A 2013E 2014E 2015E Net Income (Adjusted - mn) 22,594 21,678 17,733 20,916 22,393 EPS 8.79 8.37 6.67 7.87 8.43 EPS Change (YoY) 62.4% -4.8% -20.2% 17.9% 7.1% Dividend / Share 3.35 3.35 3.35 3.60 3.80 Book value / Share 119.44 130.44 142.40 155.98 167.24 NAV / Share NA NA 193.74 NA NA

Valuation (Jun) 2011A 2012A 2013E 2014E 2015E P/E 10.9x 11.4x 14.3x 12.1x 11.3x Dividend Yield 3.5% 3.5% 3.5% 3.8% 4.0% Price/Book value 0.8x 0.7x 0.7x 0.6x 0.6x Discount to NAV NA NA -50.7% NA NA * For full definitions of iQmethod SM measures, see page 10.

>> Employed by a non-US affiliate of MLPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 11 to 14. Analyst Certification on Page 9. Price Objective Basis/Risk on page 9. Link to Definitions on page 9.11287709 [email protected] Junjie zhang 06/24/13 03:09:01 PM Guocoland Limited CR

Sun Hung Kai Properties 24 June 2013

SM iQprofile Sun Hung Kai Properties

Key Income Statement Data (Jun) 2011A 2012A 2013E 2014E 2015E Company Description (HK$ Millions) Sun Hung Kai Properties (SHKP) is the largest Development Sales 36,230 35,922 16,611 33,057 45,831 property company in Hong Kong in terms of market Rental Income 9,878 11,421 12,660 14,045 14,524 capitalization. The company owns iconic Hong Kong Total Revenue 62,491 68,278 53,252 71,305 85,469 assets International Finance Centre (IFC) and Operating Profit 21,744 25,662 19,728 24,657 27,422 International Commerce Centre, and has a Associates & JCE NA NA NA NA NA reputation as the best luxury-class residential Net Income Reported 21,479 21,678 17,733 20,916 22,393 developer. In China, SHKP has been ramping up Net Income (Underlying) 22,594 21,678 17,733 20,916 22,393 exposure, development pipeline includes landmark Fully Diluted Shares 2,570 2,590 2,657 2,657 2,657 investment property development in 1st-tier cities Key Cash Flow Statement Data and residential developments in 2nd-tier cities. Recurring Net Income 21,479 21,678 17,733 20,916 22,393 Depreciation & Amortization 1,827 1,561 1,561 1,561 1,561 Change in Working Capital (91) 13,023 11,350 (18,173) 0 Investment Thesis Cash Flow from Operations 22,447 38,557 28,306 3,204 22,638 We rate SHKP as Buy due to three reasons: (1) Capital Expenditure (31,564) (35,228) (26,000) (10,000) (10,000) Laggard vs other developers - SHKP (Acquisition) / Disposal of Investments (2,108) (3,488) (1,000) (1,000) (1,000) underperformed its peers by 12% in 2012 due to the Cash Flow from Investing (31,761) (37,394) (27,000) (11,000) (11,000) corruption case and limited primary launches. (2) Capital Issue / (Repurchase) (138) 21 0 0 0 Corruption case priced in at its current attractive Cost of Dividends Paid (7,491) (4,750) (8,900) (9,564) (10,096) valuation. (3) More primary launches expected in Cash Flow from Financing 8,879 5,663 (4,900) 10,436 (10,096) 2013. Successful launches will reflect favorably on Change in Cash (361) 6,832 (3,595) 2,640 1,542 its execution capability. Key Balance Sheet Data Property, Plant & Equipment 230,759 252,458 278,031 298,788 321,204 Cash & Equivalents 7,898 14,338 10,945 13,585 15,127

Total Assets 413,197 467,570 503,952 560,518 590,437 Stock Data Long-Term Debt 50,753 61,465 65,465 85,465 85,465 Short-Term Debt 9,682 9,801 9,906 9,906 9,906 Shares / ADR 1.00 Total Liabilities 101,002 116,611 121,216 141,716 141,716 Price to Book Value 0.7x

Preferred Stocks NA NA NA NA NA Total Equity 312,195 350,959 382,736 418,802 448,721 Total Equity & Liabilities 413,197 467,570 503,952 560,518 590,437 Key Metrics iQmethod SM - Bus Performance* Return On Capital Employed 5.6% 5.3% 3.8% 4.2% 4.3% Return On Equity 7.9% 6.6% 4.9% 5.3% 5.2% Operating Margin 47.2% 54.2% 67.4% 52.3% 45.4% iQmethod SM - Quality of Earnings* Tax Rate (Reported) 13.9% 15.6% 13.3% 14.7% 15.1% Net Debt-to-Equity Ratio 16.8% 16.2% 16.8% 19.5% 17.9% Interest Cover 17.2x 12.5x 7.4x 8.0x 7.0x Debt / EBITDA 2.4x 2.6x 3.5x 3.6x 3.3x * For full definitions of iQmethod SM measures, see page 10.

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Sun Hung Kai Properties 24 June 2013

Reiterating Buy after the US investor meetings We took SHKP mgmt to the US for a non-deal roadshow last week. Below are our major key takeaways.

1. Market has overlooked SHKP’s strong investment property portfolio Mgmt highlighted SHKP is one of the largest landlords with well-diversified shopping mall and office portfolio in HK. It ranks first in terms of annual gross rental income (over HK$12bn). It generated the most retail rental income (over HK$6bn) in HK, even larger than LINK REIT and Wharf. SHKP also owns the largest office space (10mn sqf) in HK. The group achieved CAGR of 14% in gross rental income over the past eight years.

Including contributions from China and Singapore, gross rental income reached HK$16bn a year. Mgmt expects rental growth can maintain at around 10% a year over the next few years on account of positive rent reversions and new additions. Average passing rents for its portfolio are well below spot rents – IFC (HK$110psf passing vs HK$120psf spot), ICC (HK$30-35psf vs HK$60psf), Kowloon East office portfolio (around HK$20psf vs around HK$30psf). Rents for retail properties are up 15% for two-year leases and 20% for new contracts.

Major new additions in the near term will be V-City atop of Tuen Mun Station in HK and IAPM Mall in China. V-City is a shopping mall with GFA of 269,000sqf. The mall is scheduled to be opened later this year and is now almost fully let. In China, IAPM Mall in Shanghai covering 1.3mn sqf will open this summer and is also almost fully pre-leased. About 10% of the shops are international brands new to Mainland China. The group’s flagship projects, Shanghai IFC (completed in 2012) and Shanghai ICC (to be fully completed in 2015), are expected to achieve HK$2bn gross rental income a year upon full completion with yield on cost of around 10%. In medium term, the group will complete a regional in Yuen Long and a mall above MTR Nam Cheong Station in HK, as well as Tianhui Plaza in Guangzhou, Hong Cheng project in Guangzhou, and Minhang project in Shanghai in China.

The group’s investment property portfolio was valued conservatively at passing yield of 5.3% as of end-Dec 2012. This compared with 4.7% (June 2012) for Sino’s investment property portfolio, 4.6% (Dec 2012) for Henderson Land, and 4.9% (Dec 2012) for Wharf. We value the group’s investment properties at HK$345bn (HK$135/share) including those under development using a cap rate of 4.5-5.0%. The group has no plan to spin off its investment properties for separate listing.

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Sun Hung Kai Properties 24 June 2013

Chart 1: SHKP – Growing investment property portfolio Chart 2: SHKP - Gross rental income breakdowns in 1H FY13

35 HK$bn 18 Sq f t in m n Office 29 16 30 35% 14 25 21 12 20 10

15 8 Shopping 6 Others 10 8 center 14% 4 51% 5 2 0 0 FY90 92 94 96 98 00 02 04 06 08 10 12 Source: Company and BofA Merrill Lynch Global Research

Investment portfolio (L) Rental income (R)

Source: Company and BofA Merrill Lynch Global Research

2. Achieved contracted sales of HK$32bn in FY13 Chart 3: SHKP total contracted sales SHKP achieved its revised contracted sales target of HK$32bn (original: 45 HK$35bn) for FY13 (year-end June). Of this, HK$22bn was from HK and 39 40 38 HK$10bn from China. Sales from China were better than expected. The group 35 32 has yet to announce its target for FY14 but it expects sales from China will 30 26 25 23 continue to stay strong next year. 21

HK$bn 20 14 15 The group expects property sales activities in HK will gradually pick up in 4Q13 10 as developers will adapt to the new ordinance governing first-hand sales. As far 5 as SHKP is concerned, it will continue to launch new projects for pre-sale when - FY07 FY08 FY09 FY10 FY11 FY12 FY13E ready. The group targets to release Century Gateway Ph 2 (911 units) in Tuen

Mun, RIVA (800 units) in Yuen Long, and Imperial Kennedy (161 units) in Source: Company Western district for pre-sale by the year end. It will also re-launch unsold inventory at Cullinan (around 300 units left) and dispose non-core investment properties to support sales. For example, it has put KCC Office Tower A for sale and sold a few floors to recently for HK$1.17bn (HK$9k/sf). A project in Fanling and TKO Area 66A will be released in 1H14.

Satisfactory pre-sale for these launches will drive share outperformance in the medium term. SHKP has a few large-scale mass residential projects in Yuen Long and Tuen Mun targeting local end-users and upgraders. They should be less affected by the recent tightening measures on BSD (buyer stamp duty) and DSD (double stamp duty). They include Century Gateway mentioned above, Yoho Town Ph3 (2,500 units) and Lot 1927 (3,000 units) in Yuen Long. It should be noted that over 70% of the group’s residential land bank (14mn sqf) in HK is earmarked for mass residential building small-mid size units.

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Sun Hung Kai Properties 24 June 2013

Chart 4: SHKP – Hong Kong residential development landbank Chart 5: SHKP – Land acquisitions in Hong Kong

Sq ft in mn HK$bn 5.5 30 6 5.3 5.2 25 Sq ft in mn 26 5.0 24 24 25 25 23 5 20 3.8 3.9 3.7 20 4 19 15 20 2.7 3 2.5 15 15 15 14 14 14 14 14 1.4 10 15 13 13 12 2 1.2 12 12 12 12 11 0.5 10 1 0.4 5 10 0 0 5 FY99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 YTD 0

FY90 92 94 96 98 00 02 04 06 08 10 12 GFA land acquisition Capex on land acquisition (R

Source: Company and BofA Merrill Lynch Global Research Source: Company and BofA Merrill Lynch Global Research

Chart 6: SHKP – Contracted sales and market share in HK residential market

HK$bn 30% 28% 50 27% 45 25% 37 40 35 20% 21% 35 20% 17% 18% 30 14% 23 15% 21 25 18 18 16% 20 10% 11 12 15 10 5% 5 0% 0 05 06 07 08 09 10 11 12

HK contartced sales (R) Markets share (L)

Source: Company and BofA Merrill Lynch Global Research

3. Court case will take 2-3 years to settle The first hearing of Kwok brothers’ court case was scheduled for May 2014 and it will likely take 70 working days to complete. However, the whole process may take longer – about 2-3 years to settle – as whoever loses may appeal. In March 2013, the company was informed that one of the three charges against , or the most serious one, related to bribery has been dropped.

After ICAC formally laid charges against SHKP co-Chairman Ping- kwong and Raymond Kwok Ping-luen on 13 July 2012, the pressure on SHKP is actually released as the company has not been affected – in the sense that none of the charges are against any SHKP projects or properties.

A potential worst-case scenario would likely be the two co-Chairmen need to step down. The group has stated that it has a contingency plan to prepare for a potential resignation of the Kwok brothers and minimize any potential disruption to day-to-day operations. We won’t be surprised if someone not related to Kwok family within the Board may replace Kwoks as chairman in case they need to

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Sun Hung Kai Properties 24 June 2013

resign. Mgmt promoted two directors (Mr Mike Wong and Mr Victor Lui) as deputy managing directors. Both have served the group for more than 30 years and are very familiar with the development of the goals and strategies of the group. In fact, the company’s business has not been affected and it has purchased six pieces of sites for more than HK$11bn since the brothers were arrested.

4. Trading at attractive valuations; share buybacks provide downside support SHKP’s shares have correctted 7% in June and 18% YTD. We attribute the weakness to concerns about rising interest rates and lack of primary project launches. At current valuations, we think that the stock has priced in a 40-50% decline in property prices, which we believe is unlikely to happen barring any economic crisis. We reiterate our Buy rating on the stock as valuations and risk- reward have become even more attractive,in our view.

Chart 7: HK developers/investors’ performance in 2013 YTD Chart 8: HK developers/investors’ performance MTD from end-May Fortune REIT 11% Fortune REIT -2% Great Eagle 6% Hang Lung Group -4% Kowloon Dev 3% Kowloon Dev -5% Wharf 1% -7% Link REIT -4% Kerry Properties -7% Hang Lung Group -7% Link REIT -7% K Wah International -8% SHKP -7% HK ppty Investors -8% Cheung Kong -8% HK Land -9% HK Land -8% Henderson -11% Champion REIT -10% Champion REIT -11% Hysan -10% -13% Property Developers -10% NWD -15% Property Investors -10% HS Property -15% Henderson -11% Cheung Kong -15% Great Eagle -11% Hysan -17% Hang Seng Index -12% Swire Properties -17% Swire Properties -12% Hang Lung Properties -17% Hang Seng Property -12% SHKP -18% Wharf -12% HK Developers -18% Sino Land -13% Kerry Properties -27% K Wah International -14% Sino Land -28% NWD -17% -40% -30% -20% -10% 0% 10% 20% -30% -25% -20% -15% -10% -5% 0% 5% 10% Source: Bloomberg, Priced as of 24 Jun 2013 Source: Bloomberg, Priced as of 24 Jun 2013

a) Valuation close to trough level SHKP is trading at a 51% discount to NAV (HK$194/share), implying -1.5SD to the long-term historical average. Trough valuation was a 58% discount to NAV. In terms of P/B, the stock is trading at 0.7x P/B vs the long-term historical average of 1.2x. This is also approaching the trough level seen during SARS in 2003 (0.68x). While we see potential correction in property prices in 2H13 due to tightening policies in place and rising interest rates, we do not expect a crash in property prices due to still-low interest rates and limited supply.

Even if there is a 50% decline in capital value for SHKP’s Hong Kong property assets, it would still trade at a discount to NAV of 16%, which is in line with the historical average.

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Sun Hung Kai Properties 24 June 2013

We maintain our PO of HK$135 which is based on 30% discount to NAV (0.97x PBV) which represents around -1SD below mean. This compared with its long- term average of 16% discount to NAV and 1.2x P/BV. This provides 41% upside poptential..

Chart 9: SHKP – Price-to-adjusted book band Chart 10: SHKP – Discount to NAV

300 60% HK$ 1.9x

250 40% 1.6x +2 s.d. 20% +1 s.d. 200 LT average: 1.16x 1.3x 0%

150 -20% 1.0x Average: -16% -40% 100 - 1 s.d. 0.64x -60% - 2 s.d. 50 0.57x -80% 0.49x 0.68x 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 0 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 NAV (Discount/Premium) Mean

Source: BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research

B) Share buybacks provide downside support Since the beginning of June, Kwok Family has been buying back shares actively. They spent HK$200mn in buying back 2mn shares at average price of HK$98.

Chart 11: SHKP – GAV breakdowns

Others Listed inv. 5% Hotels 6% HK res 4% 26%

China inv. ppty 10%

China dev. ppty 6% HK office 19%

HK retail 24%

Source: Company and BofA Merrill Lynch Global Research

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Sun Hung Kai Properties 24 June 2013

Table 1: SHKP - NAV breakdowns GFA (sf)/ rooms Dec-13 % of HK$MM sf / number HK$psf/rm value HK$/sh GAV Hong Kong properties Agricultural Land 26,000,000 250 6,500 2.45 1.1% Property under development Lux Residential 5,352,131 10,350 55,394 20.85 9.5% Mass Residential 11,401,301 6,187 70,536 26.55 12.1% Retail 14,000 9,089 127 0.05 0.0% Office 1,613,957 750 1,211 0.46 0.2% Ind/others 101 0.04 0 127,369 47.94 21.8% Property investment Lux Residential 1,544,500 18,018 27,829 10.47 4.8% Office 9,978,600 10,451 104,291 39.25 17.9% Retail 9,372,806 12,281 115,110 43.33 19.7% Industrial 1,941,600 2,411 4,681 1.76 0.8% Office (under dev) 1,937,163 2,834 5,491 2.07 0.9% Retail (under development) 1,942,680 6,768 13,147 4.95 2.3% Car Park 35,000 294,624 10,312 3.88 1.8% 280,860 105.72 48.2% No of rooms HK$MM/rm Hotel 4,490 3.9 17,350 6.53 3.0% HK Properties total 432,079 162.63 74% China properties Development property 68,750,488 529 36,363 13.69 6.2% Property investment Lux Residential 933,000 5,469 5,103 1.92 0.9% Office 10,209,000 2,117 21,616 8.14 3.7% Retail 11,400,531 2,472 28,177 10.61 4.8% 54,896 20.7 9.4% No of rooms HK$MM/rm Hotel 1,784 2.3 4,049 1.52 0.7% China properties total 95,308 35.87 16% Singapore properties Orchard Residence 182,690 0 0 0.00 0.0% ION Orchard (Retail) 324,999 20,400 6,630 2.50 1.1% Singapore properties total 6,630 2.50 1.1% Listed investments No of shares (MM) Stock price Transport Intl (62 HK) 134 16.00 2,149 0.81 0.4% SmarTone (315 HK) 690 12.54 8,648 3.25 1.5% Sunevision (8008 HK) 1,715 2.18 3,738 1.41 0.6% Wing Tai Properties (369 HK) 137 4.90 671 0.29 0.1% Other listed shares 3,742 1.38 0.6% Receivables 16,081 6.05 2.8% 35,029 13.6 6.0% Other business (8x P/E blended) 13,213 4.97 2.3% Gross Asset Value 582,262 100% Net Debt (60,614) Associated debt (6,291) NAV 515,357 Number of shares (MM) 2,657 NAV per share 194 Source: Company, BofAML Global Research

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Sun Hung Kai Properties 24 June 2013

Price objective basis & risk Sun Hung Kai Properties (SUHJF / SUHJY) Our PO of HK$135 (US$17.4/ADR) is based on -1.0SD below mean on 30% discount to NAV.

Our NAV estimate utilizes a 4.5-5.0% cap rate on HK/Singapore investment properties, an 8-12% cap rate in China and discount rates for development of 9% in Hong Kong.

The risks to our price objective are that SHKP may overpay for land, slow progress in converting agricultural land into residential uses, a sudden drop in property prices, low occupancy levels/spot rents for new investment properties.

Link to Definitions Financials Click here for definitions of commonly used terms.

Analyst Certification I, Raymond Ngai, CFA, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report.

Greater China - Property Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Cheung Kong (Holdings) Limited CHEUF 1 HK Karl Choi, CFA China Overseas Grand Oceans Group CSVGF 81 HK Liying Du China Overseas Land & Investment CAOVF 688 HK Raymond Ngai, CFA CTRYF 2007 HK Matthew Chow, CFA Evergrande Real Estate Group XEVRF 3333 HK Raymond Ngai, CFA Franshion Properties (China) Limited FRSHF 817 HK Sunny Tam, CFA Future Land Development Holdings Ltd XFAQF 1030 HK Liying Du Great Eagle Holdings GEAHF 41 HK Karl Choi, CFA Guangzhou R&F -H GZUHF 2777 HK Raymond Ngai, CFA Company Limited HYSNF 14 HK Karl Choi, CFA Kaisa Group Holdings XKSIF 1638 HK Liying Du Kerry Properties KRYPF 683 HK Matthew Chow, CFA KWG Property Holding Ltd KWGPF 1813 HK Matthew Chow, CFA Longfor Properties Co.Ltd XLOFF 960 HK Matthew Chow, CFA NDVLF 17 HK Matthew Chow, CFA Shanghai Shimao XHGNF 600823 CH Sunny Tam, CFA Shimao Property SIOPF 813 HK Sunny Tam, CFA SHK Properties-A SUHJY SUHJY US Raymond Ngai, CFA Sun Hung Kai Properties SUHJF 16 HK Raymond Ngai, CFA Yuexiu Property Co. Ltd YUEXF 123 HK Sunny Tam, CFA Yuexiu REIT GZIRF 405 HK Sunny Tam, CFA NEUTRAL Agile Property Holdings Ltd AGPYF 3383 HK Matthew Chow, CFA CRBJF 1109 HK Matthew Chow, CFA Fortune REIT FRIVF FRT SP Ronald Leung Fortune REIT XUOFF 778 HK Ronald Leung Hang Lung Properties HLPPF 101 HK Sunny Tam, CFA Henderson Land HLDVF 12 HK Raymond Ngai, CFA Henderson Lnd -A HLDCY HLDCY US Raymond Ngai, CFA

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Sun Hung Kai Properties 24 June 2013

Greater China - Property Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst Hongkong Land Holdings Limited HKHGF HKL SP Karl Choi, CFA Link REIT LKREF 823 HK Karl Choi, CFA Sino Land SNLAF 83 HK Raymond Ngai, CFA Soho China Ltd SOHOF 410 HK Sunny Tam, CFA Swire Properties Ltd. XAFEF 1972 HK Karl Choi, CFA UNDERPERFORM Champion REIT CMPNF 2778 HK Karl Choi, CFA E-House China EJ EJ US Sunny Tam, CFA Glorious Property Holdings XULGF 845 HK Matthew Chow, CFA Hopson Development Holdings Ltd HPDLF 754 HK Raymond Ngai, CFA Hui Xian REIT XURHF 87001 HK Sunny Tam, CFA Mingfa Group XMFAF 846 HK Sunny Tam, CFA Shui On Land SOLLF 272 HK Sunny Tam, CFA Sino-Ocean Land SIOLF 3377 HK Matthew Chow, CFA Yanlord Land Group Ltd YLDGF YLLG SP Matthew Chow, CFA RVW Renhe Commercial Holdings RNHEF 1387 HK Sunny Tam, CFA

iQmethod SM Measures Definitions Business Performance Numerator Denominator Return On Capital Employed NOPAT = (EBIT + Interest Income) * (1 - Tax Rate) + Goodwill Total Assets – Current Liabilities + ST Debt + Accumulated Goodwill Amortization Amortization Return On Equity Net Income Shareholders’ Equity Operating Margin Operating Profit Sales Earnings Growth Expected 5-Year CAGR From Latest Actual N/A Free Cash Flow Cash Flow From Operations – Total Capex N/A Quality of Earnings Cash Realization Ratio Cash Flow From Operations Net Income Asset Replacement Ratio Capex Depreciation Tax Rate Tax Charge Pre-Tax Income Net Debt-To-Equity Ratio Net Debt = Total Debt, Less Cash & Equivalents Total Equity Interest Cover EBIT Interest Expense Valuation Toolkit Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified) Price / Book Value Current Share Price Shareholders’ Equity / Current Basic Shares Dividend Yield Annualised Declared Cash Dividend Current Share Price Free Cash Flow Yield Cash Flow From Operations – Total Capex Market Cap. = Current Share Price * Current Basic Shares Enterprise Value / Sales EV = Current Share Price * Current Shares + Minority Equity + Net Debt Sales + Other LT Liabilities

EV / EBITDA Enterprise Value Basic EBIT + Depreciation + Amortization iQmethod SMis the set of BofA Merrill Lynch standard measures that serve to maintain global consistency under three broad headings: Business Performance, Quality of Earnings, and validations. The key features of iQmethod are: A consistently structured, detailed, and transparent methodology. Guidelines to maximize the effectiveness of the comparative valuation process, and to identify some common pitfalls. iQdatabase ® is our real-time global research database that is sourced directly from our equity analysts’ earnings models and includes forecasted as well as historical data for income statements, balance sheets, and cash flow statements for companies covered by BofA Merrill Lynch. SM SM ® iQ profile , iQmethod are service marks of Merrill Lynch & Co., Inc.iQdatabase is a registered service mark of Merrill Lynch & Co., Inc.

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Sun Hung Kai Properties 24 June 2013

Important Disclosures

SUHJF Price Chart 1-Jun:B 6-Oct 28-Feb 15-Sep 26-Feb 7-Oct Choi PO:HK$143 PO:HK$165 PO:HK$135 PO:HK$135 PO:HK$125 PO:HK$124 200 11-Jul 13-Oct 12-Oct 3-Apr:N 6-Jan:B 180 PO:HK$126 PO:HK$147 PO:HK$115 PO:HK$100 PO:HK$135 160 14-Sep 4-Jan 4-Jun PO:HK$128 PO:HK$160 PO:HK$105 140 20-Sep 16-Jan 4-Sep 120 PO:HK$134 Ngai PO:HK$115 100 80 60 40 20 0 1-Jan-11 1-Jan-12 1-Jan-13 SUHJF B : Buy, N : Neutral, U : Underperform, PO : Price objective, NA : No longer valid, NR: No Rating The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key". Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of May 31, 2013 or such later date as indicated.

SUHJY Price Chart 1-Jun:B 4-Jan 15-Sep 26-Feb 4-Sep Choi PO:US$21 PO:US$17 PO:US$17 PO:US$15 PO:US$16 24 20-Sep 16-Jan 12-Oct 3-Apr:N 6-Jan:B PO:US$17 Ngai PO:US$15 PO:US$13 PO:US$17 21 6-Oct 18 PO:US$18 13-Oct 15 PO:US$19 12

9 6

3 0 1-Jan-11 1-Jan-12 1-Jan-13 SUHJY B : Buy, N : Neutral, U : Underperform, PO : Price objective, NA : No longer valid, NR: No Rating The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key". Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of May 31, 2013 or such later date as indicated.

Investment Rating Distribution: Real Estate/Property Group (as of 31 Mar 2013) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 63 59.43% Buy 36 57.14% Neutral 24 22.64% Neutral 18 75.00% Sell 19 17.92% Sell 8 42.11% Investment Rating Distribution: Global Group (as of 31 Mar 2013) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 1677 49.32% Buy 1226 73.11% Neutral 826 24.29% Neutral 600 72.64% Sell 897 26.38% Sell 570 63.55% * Companies that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this distribution, a stock rated Underperform is included as a Sell.

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FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: (i) absolute total return potential and (ii) attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). There are three investment ratings: 1 - Buy stocks are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. Analysts assign investment ratings considering, among other things, the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price appreciation (depreciation). Investment rating Total return expectation (within 12-month period of date of initial rating) Ratings dispersion guidelines for coverage cluster* Buy ≥ 10% ≤ 70% Neutral ≥ 0% ≤ 30% Underperform N/A ≥ 20% * Ratings dispersions may vary from time to time where BofA Merrill Lynch Research believes it better reflects the investment prospects of stocks in a Coverage Cluster. INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure) and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Merrill Lynch Comment referencing the stock.

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Sun Hung Kai Properties 24 June 2013

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