Company Research Report Company Research Report Date Industry 25 Jun 2014 Property Emperor International Holdings (163.HK, EIH) Growing on three-pronged strategy Overweight Closing Price HK$1.72 Share Information Target Price HK$3.38 Outstanding Shares (bn) 3.67 Market Cap (HK$bn) 6.35 6-mth Avg Daily Turnover (HK$mn) 4.1 12-mth High (HK$ per share) 2.4 12-mth Low (HK$ per share) 1.6 BVPS (HK$) 6.8 P/E (x) 3.4 P/B (x) 0.3 ROA (%) 4.3 Total Debt/Total Assets (%) 31.6 Div. Yield (%) 6.6 Source : Bloomberg, Emperor Securities Research Share Price of EIH HK$ 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1-mth 3-mth 6-mth 12-mth Change (%) 3.6-8.5-17.2-19.5 Rel. to Hang Seng Index (%) EIH Hang Seng Index 1.20 Jun-13 Sep-13 Dec-13 M ar-14 Jun-14 2.8-15.2-18.0-29.5 Source : Bloomberg, Emperor Securities Research Emperor Securities Research Tel : (852) 2836 2763 Fax : (852) 2831 8089 Email : esl.research@emperorgroup.com Growing on three-pronged strategy: With over 5m sq.ft. of quality property portfolios on hand, EIH is adopting a three-pronged strategy to grow which means solid rental growth on premium investment properties, strong pipeline of luxury property developments and expansion of hospitality services (hotel and gaming). We expect this three-pronged strategy will take EIH into a new growth stage starting from FY16 when new investment properties, premium development projects and hotels gradually come on stream from China, HK and Macau. FY14 results review: Excluding revaluation, EIH s total segment profit fell by 48% yoy to HK$1.49bn mainly due to limited property sales recognized during the period. However, EIH still posted 2% growth in rental to HK$639mn despite no rental from 22-24 Russell Street which is under upgrade renovation. EIH s gaming arm, EEH (296.HK), continued delivering solid results with 9.4% profit growth. Financial position remains healthy with gearing ratio of 31.6%. EIH declared final dividend of HK$0.059 per share, up from HK$0.056 a year ago. Total dividend is HK$0.114, up 4.6% yoy and implying 6.6% dividend yield. Strong growth to be seen in FY16: We are upbeat to the earnings outlook for EIH in FY16 with 52% profit growth to HK$3.7bn. As the presale of redevelopment project in Western District kicks off in 4Q14, there will be strong sales and profit recognized in FY16. In addition, the opening of The Pulse in 3Q2014, completion of flagship shop 22-24 Russell Street in 2015 and operation of 200-room hotel in Yaumatei in FY2015 will definitely boost income and profitability from FY16 onwards. This is not the end. Instead, we will see more investment properties and projects of detached houses to be completed afterwards. Maintain Overweight: Despite some market headwinds, EIH remains focused on expanding her core business. During the period, EIH acquired an office building known as Wing Hang Finance Centre in Wanchai and won the bid of land site in Tai Lam. Recently, EIH formed a JV and won the bid of a rare and prime site of Shouson Hill. All these acquisitions are expected to enhance her property portfolios and generate solid return for EIH. Trading at 79% discount to our NAV HK$8.10, EIH is absolutely undervalued. We reiterate Overweight on the stock with target at HK$3.38. Financial Information Year Ended 31 March FY12 FY13 FY14 FY15E FY16E Revenue (HK$mn) 2,960 5,703 3,014 3,427 7,067 Growth 66% 93% -47% 15% 103% Net Profit (HK$mn) 4,459 6,156 1,858 2,440 3,700 Growth 28% 38% -70% 31% 51% EPS (HK$) 1.22 1.68 0.51 0.67 1.01 Growth 22% 38% -70% -31% 51% P/E (x) 1.42 1.03 3.39 2.58 1.70 Dividend Yield 5.9% 6.3% 6.6% 6.9% 7.2% Source : Bloomberg, Emperor Securities Research 1
FY14 Results Review FY14 results review: Excluding revaluation, EIH s total segment profit fell by 48% yoy to HK$1.49bn mainly due to limited property sales during the period. However, EIH still posted 2% growth in rental to HK$639mn despite no rental from 22-24 Russell Street which is under upgrade renovation. EIH s gaming arm, EEH (296.HK), continued delivering solid results with 9.4% profit growth. Financial position remains healthy with gearing ratio of 31.6%. EIH declared final dividend of HK$0.059 per share, up from HK$0.056 a year ago. Total dividend is HK$0.114, up 4.6% yoy. Figure 1: FY14 Results Highlights FY14 FY13 Change (HK$mn) (HK$mn) (%) Remarks Segment revenue Property investment 639 627 2% Property development 60 3,003-98% Hotel operations 2,315 2,074 12% - Positive rental reversion. - Russell Street topped world in shop rents. The majority of the sales proceeds from residential units were recognised in FY13. Macau unit saw 14%/ 25% growth in its mass-market gaming / hotel revenue respectively. Total 3,014 5,703-47% Segment profit Property investment 573 561 2% Retail properties reported a high occupancy rate of 99%+. Property development 24 1,500-98% Limited property sales in FY14. Hotel operations 897 826 9% Average win per table per day at concourse/ VIP halls up 11%/ 12% respectively. Total 1,494 2,886-48% Revaluation gain on properties 1,385 4,599-70% Net Profit 1,858 6,156-70% EPS, basic and diluted, HK$ 0.51 1.68-70% Source: Company data Rental income increased 2.2% yoy to $639mn mainly attributed to positive rental reversion. The Pulse is under the stage of pre-marketing and pre-leasing stage and can be seen as a new major source of stable rental income of the Group from 2014 onwards Rental Income Up by 2%: Rental income increased 2% yoy to $639mn, which is mainly attributed to positive rental reversion. The majority of the Group s investment properties are at the prime locations, with occupancy rate as high as 99%. We expect rental revenue growth to be 8.4% & 25% in FY15 & FY16 respectively which are supported by 1) positive rental reversion 2) an upscale of street-level shops on Russell Street and re-launching in FY15 and 3) contribution from The Repulse shopping complex in HK and 4) redevelopment of Avenida de Praia Grande, Macau. The Pulse Expected to be Launched in 3Q 2014: The Pulse is located at Repulse Bay, a famous tourist attraction in Hong Kong, with a total GFA of 167,000 sq.ft. Four of the six-storeys of commercial facilities at the Pulse will be ready for opening in 3Q 2014 with expected annual rental income to be about HK$80mn per year. We expect The Pulse would be an iconic hot spot in Repulse Bay offering superior shopping experience for both the tourists and local residents. 2
Avenida de Praia Grande, Macau to be Completed in 2015: In Macau, demolition at Nos. 71-75, Avenida do Infant D Henrique & Nos.514-520, 526-528, 532-540, Avenida ad Praia Grande has been completed. The property will be redeveloped into a multi-storey premium retail complex with a total GFA of approximately 30,000 square feet. It is expected that after the project be upgraded as a prime city-centre shopping spot in Peninsula in Macau, EIH will enjoy another stable rental income after the redevelopment completion of project by end of 2015. Building a Steady Development Projects Pipeline: Development projects in the pipeline include Tuen Mun Town project and 179-180 Connaught Road project (both are scheduled to be completed in 2015). The projects combined have a total GFA of 224,000 sq.ft. To accelerate its development plan, EIH has successfully won the bid of a residential site located at Tuen Mun Town Lot No. 490, Tai Lam, Tuen Mun, with a total floor area of approximately 29,000 sq. ft. in FY13. This Tuen Mun project will be developed into 10 low-rise detached or semi-detached houses with target completion in 2017. Meanwhile, on May 2014, a joint venture entity indirectly held as to 40% by EIH, has acquired another a prime resident land, with a total GFA of 88,000sq.ft, located at Shouson Hill Road West and Wong Chuk Hang Path, Hong Kong, with a total consideration of HK$2,708mn. Supported by solid steady cash flow from rental income and hotel operation, we believe EIH will be well-positioned to increase its development landbank in the coming years. EIH further enhance its hotel operation business by launching two hotels in the near future and by acquiring Best Western Hotel in Macau. Revenue from hotel operations increased by 8.7% YoY to $2,315mn supported by 10.5% growth in gaming revenue to $2,050mn and a 24.5% increase in hotel revenue to $215mn in FY14. EIH maintained a healthy financial position with gearing of 31.6%. Further Strengthen Hospitality Business: EIH will further enhance its hotel operation business by launching two hotels in the near future. One is No. 373 Queen s Road East, Wanchai which will be developed into a 29-storey, 4-star hotel, with about 300 rooms and a total GFA of 115,000sq.ft. This hotel will replace the Emperor (Happy Valley) Hotel and is scheduled for completion in FY16. The other is No. 54-60 Portland Street, Kowloon which will be developed into a 30-storey, with about 200 rooms, 3-star hotel. The project is scheduled for completion in FY15. The Emperor (Happy Valley) Hotel is planned to be rebuilt for residential use after the completion of the 4-star hotel in Wanchai. Furthermore, through her gaming arm EEH, EIH has extended her hotel exposure in Taipa by acquiring Best Western Hotel. Hotel Income Increased by 8.7%: Revenue from hotel operations increased by 8.7% YoY to $2,315mn. Emperor Entertainment Hotel (296.HK), in which EIH holds 62.4% stake, enjoyed a 10.5% growth in gaming revenue to $2,050mn and a 24.5% increase in hotel revenue to $215mn in FY14. The gross win of the gaming concourse was up by 13.7% to $2,832mn, thanks to a 10.6% increase in the average win per table per day to $115,000. The gross win of the VIP Halls grew by 5.6% to $797mn, which was mainly due to a 11.8% increase in the average win per table per day to $218,000. Hotel segment profit increased 8.7% YoY to $897mn. Occupancy stood high at 89% (FY12: 89%), and an average daily room rate was up 3.6% to $1,250 per day (FY12: $1,206). Increasing visitor arrivals and steady growth of disposable income of mainlanders bode well for the demand of her hotel services. We expect the hotel income will increase steadily to HK$2.62bn and HK$2.92bn in FY15 & FY16 respectively. Healthy Financial Position: EIH maintained a healthy financial position with debt to total asset ratio of 31.6% in FY14 (26.9% in FY13). With a strong cash flow from rental income and gaming operation, we believe EIH is well-geared to do expansion and increase landbank when suitable opportunities arise. 3
Investment Highlights Strong growth to be seen in FY16: We are upbeat to the earnings outlook for EIH in FY16. As the pre-sale of redevelopment project in Western District kicks off in 4Q14, there will be strong sales and profit recognized in FY16. In addition, the opening of The Pulse, completion of flagship shop 22-24 Russell Street and operation of 200-room hotel in Yaumatei by end of 2014 will definitely boost income and profitability from FY16 onwards. This is not the end. Instead, we will see more investment properties and projects of detached houses to be completed afterwards. Maintain Overweight: Despite some market headwinds, EIH remains focused on expanding her core business. During the period, EIH acquired an office building known as Wing Hang Finance Centre in Wanchai and won the bid of land site in Tai Lam. Recently, EIH formed a JV and won the bid of a rare and prime site of Shouson Hill. All these acquisitions are expected to enhance her property portfolios and generate solid return for EIH. Trading at 79% discount to our NAV HK$8.12, EIH is absolutely undervalued. We reiterate Overweight on the stock with target at HK$3.38. Figure 2: Valuation Assets Valuation basis Gross asset value (HK$ mn) Leased investment properties market vakue 24,796 59% Investment properties under development book value 8,345 20% Development properties available for sales book value 210 1% Development properties to be launched for book value 4,800 11% Hotels in operation book value 289 1% Hotels under development book value 1,059 3% Stake in EEH market vakue 2,374 6% 41,873 100% Net cash/(debt) as at Mar 14 (12,055) Net asset value (NAV) 29,818 No. of shares outstanding (mn) 3,672 NAV (HK$ per share) 8.12 Share price (HK$ per share) 1.72 Discount to NAV -79% % 4
Figure 3: Leased Investment Properties Address Total GFA Book Value Total 1,258,000 24,796,000 Retail - R; Commercial - C; Office - O (sq.ft.) (HK$'000) No. 8(G/F & 3/F), 20(G/F & 2/F), 50-56, Russell Street, Causeway Bay HK 55,000 6,702,000 R/C No. 76, Percival Street, Causeway Bay G/F, No. 12, Matheson Street, Causeway Bay No. 474-476 (G/F & 1/F), 478 (G/F), 507(G/F), 523(G/F & 1/F), Lockhart Road, Causeway Bay HK 7,000 942,000 R G/F & 1/F, No. 4, 6, 8, Canton Road, Tsim Sha Tsui HK 4,000 2,364,000 R Shop C, G/F, No. 35-37, Haiphong Road, Tsim Sha Tsui Shop B, G/F, No. 25-29 Hankow Road, Tsim Sha Tsui No. 81, Nathan Road, Tsim Sha Tsui Leased-out units, Emperor Group Centre, 288 Hennessy Road, Wanchai HK 189,000 2,122,000 R/O 60 Gloucester Road, Wanchai HK 96,000 1,605,000 R/O Fitfort Shopping Arcade, 560 King's Road, North Point G/F shops,18 Upper East, 18 Shing On Street, Sai Wan Ho New Town Mansion Shopping Arcade, Tuen Mun HK 38,000 286,000 R Others HK 576,000 5,820,000 R/C Leased-out units, Grand Emperor Hotel Leased-out units, Best Western Hotel Taipa Location HK 1,000 HK 6,000 Shops & Carparks, Emperor Lakeside Metropolis, Hubin Bei Road, Xiamen the PRC 63,000 112,000 R Macau Macau Type 789,000 R 1,024,000 R HK 148,000 2,310,000 R 75,000 720,000 R/C Figure 4: Investment Properties Under Development Total GFA Book Value Address Location Type (sq.ft.) (HK$'000) The Pulse, Repulse Bay HK 167,000 1,700,000 L/R 2014 No. 22-24 Russell Street, Causeway Bay HK 8,000 1,610,000 R/C 2015 No. 71-75 Avenida de Infante D. Henrique & No. 514-540 Avenida de Praia Grande Macau 30,000 1,263,000 R 2015 Chang'an Avenue, Beijing the PRC 1,000,000 2,282,000 R/O 2016 Emperor Star City, Huang Pu District, Shanghai the PRC 1,300,000 1,490,000 R/C 2016 Total 2,505,000 8,345,000 Retail - R; Commercial - C; Office - O; Leisure - L Target Completion Figure 5: Development Properties in HK Available for Sale Address Harbour One, 458 Des Voeux Road West, Sai Wan May-10 4Q12 14,000 The Java, 98 Java Road, North Point Jul-10 1Q12 6,800 18 Upper East, 18 Shing On Street, Sai Wan Ho The Prince Place, 396-402 Prince Edward Road West, Kowloon Presale/Sale Date Construction Completion Apr-11 3Q12 7,200 Jun-12 4Q12 3,300 Unsold Book Land Cost+ Amount Expected ASP Total GFA Site Units/ Value of Construction Realized on of Unsold of Unsold Area Total Unsold Cost Sold Units Units Units Saleable Units (sq.ft.) (HK$ 000) (HK$'000) Units (HK$/sq.ft.) (sq.ft.) (HK$ 000) 2,061,000 912,000 (HK$16,000 (HK$6,500/sq.ft.) /sq.ft.) 768,000 502,000 (HK$12,600 (HK$7,300/sq.ft.) /sq.ft.) 638,000 496,000 (HK$11,200 (HK$6,000/sq.ft.) /sq.ft.) 208,000 (HK$6,700/sq.ft.) 215,000 (HK$9,900/ sq.ft.) 5/103 23,000 9,700 70,000 Luxury 1/75 26,000 2,200 17,000 Luxury 18/108 18,000 13,700 90,000 Luxury 4/36 14,000 5,000 33,000 Luxury Total 31,300 2,118,000 3,682,000 28/322 30,600 210,000 Target Market Position 5
Figure 6: Development Properties in HK to Be Launched for Pre-sale Address Tuen Mun Town, Lot No.436, Kwun Fat Street, Siu Lam No. 179-180 Connaught Road West & No. 345-345A, Des Voeux Road West, Sai Wan Total GFA Site Area Book Value Expected Sales Proceeds (sq.ft.) (sq.ft.) (HK$ 000) (HK$ 000) Target Completion Target Market Position 39,000 97,000 139,000 930,000 2015 Luxury 185,000 18,000 1,736,000 4,600,000 2015 Luxury Tuen Mun Town, Lot No.490, Tai Lam 29,000 22,000 217,000 570,000 2017 Luxury Rural building, Lot No. 1198, Shouson Hill 88,000 117,000 2,708,000 6,000,000 2017 Luxury Emperor Hotel (to be transformed into a residential project) 58,000 6,000 289,000 1,488,000 2018 Luxury Total 399,000 260,000 5,089,000 13,588,000 Figure 7: Hotels in Operation Hotel Name Location Total GFA Site Area Book Value (sq.ft.) (sq.ft.) (HK$ 000) Star Grading Storey (incl. basement) Grand Emperor Hotel Macau 655,000 48,000 1,259,000 3 24 307 Best Western Hotel Taipa Macau 209,000 24,000 676,000 3 17 262 Emperor Hotel, Happy Valley HK 84,000 6,000 289,000 3 26 150 Total 948,000 78,000 2,224,000 719 No. of Guest Rooms Figure 8: Hotels in HK under Development Address Total GFA Site Area Book Value Construction Investment (sq.ft.) (sq.ft.) (HK$ 000) (HK$ 000) Star Grading Storey (incl. basement) No. of Guest Rooms Target Completion No. 54-60 Portland Street,Yau Ma Tei 48,000 4,000 276,000 270,000 3 30 200 2015 373, Queen s Road East, Wanchai 115,000 8,000 783,000 695,000 4 29 300 2016 Total 163,000 12,000 1,059,000 965,000 500 6
Income Statement YE: Mar (HK$mn) FY12 FY13 FY14 FY15E FY16E Revenue 2,960 5,703 3,014 3,467 7,027 Property investment 490 627 639 693 866 Property development 637 3,003 60 150 3,238 Hotel 1,833 2,074 2,315 2,624 2,923 Segment profit Property investment 460 561 573 624 779 Property development 155 1,499 24 75 1,457 Hotel 711 826 897 1,019 1,123 Others (57) (87) (5) (3) (87) EBIT 1,269 2,798 1,489 1,715 3,272 Finance costs (165) (210) (218) (241) (261) Fair value chg on IP 3,976 4,599 1,385 1,800 1,800 PBT 5,080 7,187 2,656 3,274 4,811 Tax (154) (561) (266) (243) (497) Minorities (467) (470) (532) (591) (614) Net profit 4,459 6,156 1,858 2,440 3,700 EPS(HK$) 1.22 1.68 0.51 0.67 1.01 DPS(cents) 0.10 0.11 0.11 0.12 0.13 Core earnings 483 1,557 473 640 1,900 Source: Emperor Securities Research Cash Flow Statement YE: Mar (HK$mn) FY12 FY13 FY14 FY15E FY16E PBT 5,080 7,187 2,656 3,274 4,811 Depreciation 114 136 161 177 195 Tax paid (19) (76) (30) (30) (30) Change in w orking cap. (192) 132 126 (2) 845 Others (3,423) (4,631) (1,475) (1,591) (3,266) Operating cashflow 1,560 2,748 1,439 1,828 2,555 Capex (3,107) (2,953) (3,748) (2,250) (2,500) M&A/ disposals 893 1,450 0 0 0 Others (519) 520 (75) 400 400 Investing cashflow (2,733) (983) (3,823) (1,850) (2,100) Change in debt 2,010 (81) 625 950 550 Issue of Notes 0 0 858 0 0 Dividend paid (422) (440) (463) (474) (503) Others (202) (250) (180) (180) (180) Financing cashflow 1,386 (771) 840 296 (133) Change in cash 214 994 (1,544) 274 322 Forex effect 5 0 0 0 0 Beginning cash 1,097 1,316 2,309 765 1,040 Ending cash 1,316 2,309 765 1,040 1,361 Source: Emperor Securities Research Balance Sheet YE: Mar (HK$mn) FY12 FY13 FY14 FY15E FY16E Cash & CE 1,316 2,310 765 1,040 1,361 Trade & Other Rec. 916 677 578 520 572 Prop. Under dev 3,083 1,805 2,149 2,149 2,579 Others 2,074 304 2,695 2,636 2,987 Current assets 7,388 5,096 6,186 6,345 7,499 PPE 2,322 2,699 3,088 3,397 3,737 Investment property 22,746 29,358 33,141 34,941 36,741 Goodw ill 57 57 57 57 57 Others 492 593 843 837 836 Total assets 33,006 37,802 43,315 45,576 48,869 Bank loans 2,501 813 2,086 2,503 2,503 Trade & other pay. 2,863 1,021 926 1,040 1,054 Current tax liabilities 229 492 385 461 460 Others 623 633 621 659 658 Current liabilities 6,216 2,959 4,018 4,664 4,675 Unsecured Bank loans 3,282 3,317 3,042 3,346 3,300 Other borrow ings 3,859 5,417 7,946 6,881 6,882 Others 432 654 775 795 815 Non current liabilities 7,574 9,388 11,762 11,022 10,997 Total Liability 13,789 12,347 15,780 15,686 15,672 Minorities 1,721 2,107 2,582 2,927 2,992 Ow ners' Equity 17,495 23,348 24,953 26,963 30,205 Source: Emperor Securities Research Financial Ratio YE: Mar (HK$mn) FY12 FY13 FY14 FY15E FY16E Profitability(%) Segment margin Property investment 93.8% 89.4% 89.7% 90.0% 90.0% Property development 24.3% 49.9% 40.0% 50.0% 45.0% Hotel 38.8% 39.8% 38.7% 38.8% 38.4% Underlying profit 16.3% 27.3% 15.7% 18.5% 27.0% Grow th (%) Revenue 65.8% 92.7% -47.2% 15.0% 102.7% EBIT 94.9% 120.5% -46.8% 15.2% 90.8% PBT 32.6% 41.5% -63.0% 23.3% 46.9% Net profit 28.3% 38.0% -69.8% 31.3% 51.7% EPS 22.0% 37.6% -69.8% 31.3% 51.7% Other Key Ratios Current ratio (x) 1.2 1.7 1.5 1.4 1.6 Debt/ total asset (%) 29.2% 25.3% 30.2% 27.9% 26.0% Net debt to equity (%) 47.6% 31.0% 49.3% 43.4% 37.5% Dividend payout (%) 8.4% 6.5% 22.5% 17.6% 12.4% ROA (%) 13.5% 16.3% 4.3% 5.4% 7.6% ROE (%) 25.5% 26.4% 7.4% 9.0% 12.2% BV per share (HK$) 4.8 6.4 6.8 7.4 8.2 Source: Emperor Securities Research 7
Disclaimers And Disclosures The information contained in this report has been compiled from sources believed to be reliable and has been compiled with high integrity, but Emperor Securities Limited ( Emperor Securities ) or any member of Emperor Capital Group ( ECG ) does not make any representation or warranty as to its accuracy, completeness or correctness. The information and opinions contained in this report are or may be subject to change or revision without any notice. This report is for information purposes only. No representation, warranty or guarantee whatsoever, whether expressed or implied, is made as to its accuracy or completeness and should not be construed as an offer to buy or sell or the solicitation of an offer to buy or sell the securities mentioned. Emperor Securities and ECG do not accept any responsibility or liability whatsoever for any direct or consequential loss or damage of whatsoever nature arising from or as a result of the use in whole or in part of this report or any of its contents. The research analyst(s) who prepared this report hereby confirm the views expressed in this report only reflect the personal views of the research analyst(s) about the subject company(ies) and their securities. The research analyst(s) also confirm the research analyst(s) were not, are not, and will not be receiving any direct or indirect compensation or other benefits for expressing the specific recommendation(s) or view(s) in this report. Emperor Securities is a wholly-owned subsidiary of ECG. Both ECG and Limited are companies listed on the Hong Kong Stock Exchange and with a common controlling shareholder. Apart from that, Emperor Securities and ECG and their respective directors, officers, partners, representatives, or employees may have positions or otherwise be directly or indirectly interested in the securities mentioned in this report or may buy, sell, or deal or offer to buy, sell, or deal in or with such securities from time to time, whether as principal for its or their own account or as agent or in any other capacity for or on behalf of another person. Copyright protection and other rights exist or subsist in this report, which may accordingly not be used for any other purpose, nor sold, distributed, published, or reproduced in any manner without the express consent of Emperor Securities. Emperor Securities Research Stanley Chan Associate Director Tel : (852) 2836 2733 Email : stanleychan@emperorgroup.com David Yuen Senior Research Analyst Tel : (852) 2836 2797 Email : davidyuen@emperorgroup.com Frankie Chan Research Analyst Tel : (852) 2836 2566 Email : frankiechan@emperorgroup.com Ian Lam Research Analyst Tel : (852) 2836 2763 Email : ianlam@emperorgroup.com 8
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