No Exclusions Identified as Applicable什么意思?请分析一下这个短语的语法结构,并补成完整的句子.
exclusion=排除identified=认定applicable=合适的没有被排除的可以适用
为您推荐：
其他类似问题
不可能出现意外情况。 这是个省略句，有点像是一句贴墙上的标语那种，或者是某些文件上的套话。你看每个单词首字母都是大写，比较醒目，强调重要性。句子结构缺系动词is 就没了 其余的挺完整 主语No Exclusions 谓语is
Identified as applicable 可以作补语您句子结构分析的很到位, 但是你翻译的意思可是真不着边, 不过仍然谢谢你....
意思应该是“没有其他识别可用的项目”。
No Exclusions Identified as Applicable英文翻译成中文(简体)不排除确定适用
请不要用机器翻译
O(∩_∩)O好的
不好意思!!!
扫描下载二维码Women in medicine The challenge of finding balance (PDF Download Available)
For full functionality of ResearchGate it is necessary to enable JavaScript.
Here are the .
See all >13 CitationsSee all >39 References
15.35 · University of AlbertaAbstractTo examine the experiences of women physicians with regard to the interplay between career and lifestyle choices and to discover how women's experiences have evolved during the past 3 decades.
Qualitative study using a phenomenologic approach and in-depth interviews.
Southwestern Ontario.
A total of 12 women physicians.
A purposeful sample of women physicians was selected using a maximum variation sampling strategy. Through semistructured interviews, participants' experiences, opinions, behaviour, and feelings were explored. All interviews were audiotaped and transcribed. The analysis strategy was both iterative and interpretive. Researchers independently reviewed and coded each transcript to identify key emerging themes, and the research team met to discuss and compare individual interpretations. Interviews continued until saturation was achieved.
Three main challenges emerged from the women physicians' comments: lifestyle and career choices, family planning and career trajectory, and seeking balance.
Despite the increased number of women physicians in the work force, the experiences and challenges faced by these women have not evolved during the past 30 years. Women continue to experience the strain of their dual role as women and as physicians, discordance between career and lifestyle choices, and difficulties with timing pregnancies. Some changes in legislation have been made to benefit women physicians, but these changes have not yet influenced attitudes and behaviour in the workplace.Discover the world's research10+ million members100+ million publications100k+ research projects
&This is supported by others who have found that medical students and doctors often find themselves re-evaluating their work-life balance due to the heavy workload (Gutherie et al. 1995). While most of the comments relating to work-life balance were predominantly from female trainees, this result is supported by others who have found that women are more likely to report difficulties with maintaining a work-life balance (Parsons et al. 2009; Mobilos, Chan, and Brown 2008). We did not find an association between those who were or were not serious about dropping out and problem solving coping or seeking support coping. &ABSTRACT: Medical trainees are at risk of psychological distress due to training workload demands. Dropping out of medicine has hidden and real costs to both the public and the individual. Using quantitative and qualitative methodologies, this study assessed differences in stress and coping strategies between those serious and not serious about dropping out of medicine. A total of 854 medical students and junior doctors completed a web-based survey assessing training stress, problem-solving coping, seeking support coping, avoidance coping, and risky behaviour coping. Those serious about dropping out of medicine were high on training stress, avoidance coping, and risky behaviour coping. Specifically, males were high on risky behaviour coping, and doctors were high on avoidance coping. Reasons for contemplating dropping out of medicine were professional fit, workload, work-life balance, and the medical education training system. Identification of at-risk groups can inform efforts to design and deliver wellness interventions for medical trainees. Full-text · Article · Jan 2015 &In other countries, general practice was commonly chosen f desire to have close contact with patients and shorter postgraduate training have also been cited as factors motivating graduates to enter primary care positions (19, 20). Since primary care was recognised in Hungary as board specialty only 30 years ago, it was not a career option for the respondents. &ABSTRACT: There are few studies from East and Central European countries on health-status, lifestyle and social circumstances of medical professionals. We evaluated data of a cohort of physicians who had graduated 30 years ago in Hungary and compared the data of their professional carrier, life style, health outcomes, and medical specialties. Questionnaires compiled by an expert group and filled in by 208 physicians (83 men and 125 women) were analysed. Men mostly work as surgeons, women were mostly employed as primary care specialists. Women changed their specialty and/or place of work more often than men. Male primary care physicians had more children than women and others specialists. At graduation, most of them had a normal BMI. Since then, a significant increase in weight and BMI was observed in both genders and across all specialty groups. The largest increase in body weight and BMI (mean 5.27) was recorded among female primary care physicians. Recorded physical activity was low in general, with male primary care specialists being most active and female primary care physicians the least. Female doctors in surgical specialties had longer resting time. Male physicians rarely participated in regular health screenings. The incidence of hypertension was higher than the Hungarian national average for that age. About 5% of primary care physicians identified themselves as regular smokers. Abstinence and regular daily alcohol consumption were reported in equal ratio. Burn-out symptoms were rarely experienced. This generation had started its medical profession before the significant progressive changes in the medicine occurred in the last decades. While physicians do not always follow their own professional advices, their lifestyle proved a little bit healthier than that of the population at large, especially for women and their health outcomes, except hypertension, were also better. In general, they were not satisfied with the financial and working conditions of the recent Hungarian healthcare system. Full-text · Article · Sep 2014 &Collins et al. (2009) also identified difficulties in finding a locum, and the ongoing nature of orthodontic treatment, as potential reasons female orthodontists were found to take shorter career breaks than general practitioners. In the medical literature, Mobilos et al. (2008) identified maternity leave as the most difficult challenge of family and career planning in physicians and Caniano et al. (2004) found that maternity leave was characterized as inadequate by 41% of respondents. Gordinier et al. (2000) reported that the majority of female gynecologic oncologists took 3-7 weeks for maternity leave. &ABSTRACT: The number of women entering the orthodontic profession over the past few decades has increased dramatically. A review of the literature revealed the lack of research on achieving a work-family balance among female dentists and dental specialists. Work-family balance has been researched more extensively in t however, despite some critical differences, parallels between these 2 professions exist. This study identified issues that Canadian female orthodontists face and strategies they use to achieve a work-family balance. A phenomenological qualitative study was used to analyze the results of semi-structured telephone interviews of a purposive sample of 13 Canadian female orthodontists. The results strongly support the role-conflict theory about the competing pressures of maternal and professional roles. Female orthodontists described their challenges and strategies to minimize role conflict in their attempt to achieve a work-family balance. The women defined balance as having success and satisfaction in both their family life and professional life. They identified specific challenges of achieving a work-family balance that are unique to orthodontic practice and strategies for adapting to their maternal and professional roles. Achieving a work-family balance is of paramount importance to female orthodontists, and the results of this study may be applied to other specialties in dentistry. Full-text · Article · Jun 2012 +1more author...[...]ArticleAugust 2016 · Academic medicine: journal of the Association of American Medical Colleges · Impact Factor: 2.93ArticleAugust 2016 · BMC Medical Education · Impact Factor: 1.22ArticleAugust 2016 · The American Journal of Gastroenterology · Impact Factor: 10.76+2 more authors…ArticleAugust 2016 · Canadian Medical Association Journal · Impact Factor: 5.96Data provided are for informational purposes only. Although carefully collected, accuracy cannot be guaranteed. The impact factor represents a rough estimation of the journal's impact factor and does not reflect the actual current impact factor. Publisher conditions are provided by RoMEO. Differing provisions from the publisher's actual policy or licence agreement may be applicable.We could not find any SHERPA/RoMEO information. Please check the publication restrictions.Last Updated: 14 Jul 16
oror log in with方兴地产(00817)High growth visible
发布机构：
报告类型：港股报告
发布日期：
报告评级：
撰写作者：
报告下载:463
文件类型：PDF文档
左键点击或右键另存为下载
China / Hong Kong Company Focus
Franshion Properties
Bloomberg: 817 HK EQUITY
Reuters: 0817.HK
Refer to important disclosures at the end of this report
DBS Group Research . Equity
26 March 2013
BUY HK$2.41 HSI : 22,251
Price Target : 12-Month HK$ 3.40 (Prev HK$ 3.48) Reason for Report : FY12 results and company update Potential Catalyst: Better than expected sales DBSV vs Consensus: Our FY13/14F EPS are slightly below consensus Analyst Ken HE CFA +86 21
ken_he@ Carol WU +852
carol_wu@ Danielle Wang CFA +852
danielle_wang@ Andy YEE +852
High growth visible
? ? ? ? FY12 core earnings in line, dividends above 2013 sales target is 27% y-o-y higher at Rmb13.3bn Looking for acquisition opportunities as cash flow is still manageable Maintain BUY on attractive valuations and high visibility of sales and earnings, TP fine-tuned to HK$3.40
Price Relative
HK$ Relative Index 220 3.0 2.5 2.0 1.5 1.0 Mar-09 200 180 160 140 120 100 80 60 Mar-10 Mar-11 Mar-12 40 Mar-13
High earnings visibility in FY13. FY12 core earnings came in at HK$2.2bn, in line with our estimate (see details on page 4). Final DPS of 7HKcents implies a 30% payout ratio (higher than our estimate of 18%) based on core earnings after perpetual securities. As of end-Feb13, total unbooked revenue from development business, including HK$5bn land sales to be booked in 2013, aggregate HK$19.3bn, locking in 97% of our FY13F development revenue, implying strong earnings visibility. Expect to achieve at least 20% growth in presales. Management is looking at a sales target of Rmb13.3bn, based on saleable resources of Rmb17bn and a target sale-through rate of 78% (achieved 80% in 2012). Considering policy headwinds towards high-end projects, we conservatively expect sales to grow 20% to Rmb12.6bn in 2013. The premium locations of its projects and proven sales execution should cushion against some policy risks. It has locked in 25% of its sales target in 2M13. Cash flow manageable despite aggressive landbanking YTD. Management expects to spend another Rmb1-2bn for land acquisitions in 2013. It is also actively seeking for JV partners and improving its asset turn to free more cash for further landbanking. We project its net gearing ratio to end the year at 46%. Maintain BUY with a lower TP of HK$3.40. We cut our FY13/14F earnings forecast by 7% each to factor in its new completion schedule and lower margin assumption. Our TP was fine-tuned to HK$3.40, based on 40% discount to our revised NAV estimate of HK$5.67. Current valuation is attractive at 57% discount to NAV, 7.8x FY13 PE and 0.9x P/BV (vs Tier 2 players’ average of 46%/7.4x/1.1x and its historical average of 50%/12x/1.1x). Maintain BUY for its undemanding valuations, brighter presales outlook and high earnings visibility.
At A Glance Issued Capital (m shrs) Mkt Cap (HK$m/US$m) Major Shareholders (%) Sinochem Corporation Warburg Pincus & Co. F ree F loat (%) A v g Daily V olume (m shrs)
Franshion Properties (LHS)
Relative HSI INDEX (RHS)
Forecasts and Valuation
F Y Dec ( HK $ m) Turnov er EBITDA Pre-tax Profit Net Profit Core Net Profit Core Net Profit after Perpetuals EPS (RMB) EPS (HK$) EPS Gth (%) Diluted EPS (HK$) DPS (HK$) BV Per Share (HK$) PE (X) EV /EBITDA (X) Net Div Yield (%) P/Book V alue (X) Net Debt/Equity (X) ROAE (%)
A F 6,592 17,176 24,281 28,873 4,982 7,768 8,660 9,924 4,097 6,723 7,624 8,920 2,344 3,378 3,159 3,954 1,646 2,158 3,159 3,954 1,330 0.22 0.22 23.3 0.19 0.04 2.36 10.9 7.9 1.7 1.0 0.4 9.5 1,842 0.33 0.33 51.0 0.28 0.07 2.65 7.2 5.5 2.9 0.9 0.4 12.3 2,842 0.31 0.31 (7.1) 0.26 0.09 2.90 7.8 5.3 3.9 0.8 0.5 10.5 3,638 0.40 0.40 28.0 0.34 0.12 3.21 6.1 3.9 4.9 0.8 0.2 12.1
(7) (7) Earnings Rev (%) Consensus EPS (HK$) 0.33 0.39 Other Broker Recs: B:13 H:2 S:0 ICB Industry: Financials ICB Sector: Real Estate Holding & Development Principal Business: Property development & management Source of all data: Company, DBSV, Bloomberg, HKEX
9,161 / 2,844 62.87 8.01 29.12 8.7
In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
ed- JS / sa- AH
“Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65
in respect of any matters arising from or in connection with this report.”
China / Hong Kong Company Focus Franshion Properties
Outlook ? Management has set 2013 contracted sales target at Rmb13.3bn or 27% growth from Rmb10.5bn in 2012. This is based on saleable resources of Rmb17bn and a target sale-through rate of 78% (achieved 80% in 2012). Sales target breakdown
Rmb bn 4.0 0.3 0.7 n.a. 1.3 4.3 0.9 1.5 13.3
population. However, the area still lacks high-end projects. Franshion’s project is expected to fill this gap. ? Policy tightening may have limited impact on Franshion’s sales. Management explained that the policy is targeted to curb investment demand, and not upgrade demand. ? Total GFA under construction is 1.8m sm. The company is looking at 2m sm new construction starts in 2013. Profit / loss ? Core earnings before perpetual securities came in at Rmb2,158m, up 31% y-o-y, in line with our estimate of Rmb2,187m. ? Top line came in at Rmb17.2bn, in line with our estimate, 12% above consensus’ estimate. ? Gross margin decreased to 42%, mainly dragged by its primary development business (22% gross margin in FY12) in Changsha as a result of lower AV (only Rmb2,058/sm) booked. Gross margin should improve in FY13 as blended AV of unbooked land sales averaged higher at Rmb2,500/sm. ? Average interest rate was 5.9% in FY12, lower than 6.1% in 1H12. Interest capitalisation rate increased from 37% in FY11 to 43% in FY12. ? Reported net profit grew 44% to HK$3,378m.
Source: Company, DBS Vickers
Shanghai Int'l Shipping Service Centre Jinmao Noble Manor Lijiang Nanjing Qingdao Beijing Chongqing Changsha Total
? Contracted sales in 2M13 amounted to Rmb3.3bn, locking in 25% of its full year target. ? As of end-Feb 2013, total unbooked property sales amounted to HK$14.3bn. ? HK$5bn land sales in Changsha are expected to be recognised in FY13. Major cash flow items in 2013
Presales collection EBITDA from investment properties Cash inflow Land premium payment Construction capex Other expenses Cash outflow Net cash flow
21.8 1.5 23.3 -9.0 -6.5 -5.6 -21.1 2.2
? Final DPS of 7HKcents was declared, implying 30% payout ratio based on core earnings after perpetual securities, higher than our estimate of 18%. ? SG&A as % of top line declined significantly to 8% in FY12 from 20% in FY11. SG&A as % of contracted sales remained at 11% in FY12. Balance sheet ? Net gearing ratio was 42% as of end-FY12, slightly higher than 41% in FY11, but lower than our estimate. This was mainly due to better than expected cash collection from development business (Rmb12.6bn from property sales and land sales in FY12). ? Cash level increased by 7% to HK$13.5bn. Including HK$17.1bn undrawn facilities, total cash available amounted to HK$30.6bn. ? Short term debt accounted for 32% of total debt. Offshore loans accounted for 36% of total loans in FY12, an improvement from 25% in 1H12.
Source: Company
? Management expects its operating cash flow to remain positive despite aggressive landbanking YTD. Another Rmb1-2bn is available for land acquisition in FY13. Management is also actively seeking for JV partners to free some cash. In addition, the company will continue to improve its asset turn. Its newly acquired Yizhuang project in Beijing will likely launch presales in end-2013 or early-2014. ? According to the management, Yizhuang project in Beijing is more promising than market expectations. After several years of development, Beijing Economic-Technological Development Area has a good proportion of affluent
China / Hong Kong Company Focus Franshion Properties
Business operation FY12 contracted sales was Rmb10.5bn, up 6% y-o-y. Franshion has spent a total of Rmb14.1bn on land acquisition since 2012, adding a gross GFA of 2.1m sm. FY12 result review
FY Dec (HKD mn) Revenue Property sales FY11A 6,592 2,996 FY12A 17,176 13,445 y-o-y % 161% 349% Comments Mainly driven by Beijing Jinmao Palace, Shanghai Int'l Shipping Centre, Changsha Meixi Lake and Shanghai Port Int'l Cruise Terminal. Beijing Wangfujing Hotel has been closed for refurbishment since 2H11.
Beijing Wangfujing Hotel has been closed for refurbishment since 2H2011 and is expected to re-open in 2H2014. Hotels in Sanya saw decrease in occupancy rate due to intensifying competition in the area. However, gross margin of hotel operations was stable at 53% in FY12.
Property leasing Hotel operations Others Cost of goods sold Gross profit
989 2,134 474 (3,017) 3,575
1,106 2,010 614 (9,977) 7,199
12% -6% 30% 231% 101%
Gross margin decreased to 42%, mainly dragged by its primary development business in Changsha as a result of lower AV booked.
Other income and gains SG&A Operating profit Fair value gains on investment Interest income Finance costs
1,547 (1,294) 3,827 931 195 (859)
136 (1,423) 5,912 1,626 170 (986)
-91% 10% 54% 75% -13% 15% After deferred tax gain was HK$1,219m in FY12. Average interest rate was 5.9% in FY12, lower than 6.1% in 1H12. Interest capitalization rate increased from 37% in FY11 to 43% in FY12.
Share of loss of JCE Pretax profit Tax LAT Income Tax Minority interests Reported profit Reported profit after perpetual Core earning Core earning after perpetual Gross profit margin (%) Reported profit margin (%) Core profit margin (%) SG&A as % of top line SG&A as % of contracted sales Effective tax rate (%) EPS (HK$) Core EPS (HK$) DPS (HK$) Dividend payout ratio (%) Net debt to equity ratio Cash Contracted sales
4 4,097 (1,187) (216) (970) (566) 2,344 2,028 1,646 1,330 54% 36% 25% 20% 11% 29% 0.22 0.18 0.04 18% 41% 12,592 9,950
2 6,723 (2,783) (1,145) (1,638) (563) 3,378 3,061 2,158 1,842 42% 20% 13% 8% 11% 41% 0.33 0.24 0.07 21% 42% 13,464 10,500
-32% 64% 135% 430% 69% -1% 44% 51% 31% 38% ↓ 12 ppts ↓ 16 ppts ↓ 12 ppts ↓ 11 ppts ↑ 0 ppts ↑ 12 ppts 51% 31% 75% ↑ 3 ppts ↑ 1 ppts 7% 6% Distribution to perpetual securities amounted to HK$317m.
Source: Company, DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Peers valuation
3-mth daily 25-Mar Mkt trading 12-m Price Cap value Recom target Code HK$ HK$bn US$m HK$ 7 0 813 HK HK HK HK HK HK HK 9.17 21.25 4.06 21.25 3.49 12.94 13.72 31.6 173.7 74.0 123.8 55.9 70.3 47.6 15.8 70.3 16.3 32.5 57.3 14.9 21.0 Hold Buy Buy Buy Buy NR Buy 11.09 24.82 4.70 24.32 5.07 n.a. 16.76 Net PE Yield Yield ROE ROE Gearing P/Bk 14F 12F 13F 13F 14F 1H12A 1H12A x % % % % % x 4.1 1.9 4.3 1.6 4.5 1.9 3.9 3.2 1.1 2.5 2.3 5.9 0.3 5.3 4.5 1.5 5.2 4.7 2.2 4.3 3.3 4.5 2.0 4.8 1.8 5.5 2.1 5.2 3.7 1.3 3.9 3.1 6.3 0.5 5.9 3.9 2.3 4.0 5.7 3.1 4.5 3.7 17.6 19.1 19.2 12.3 22.5 18.9 15.6 17.9 30.1 10.5 21.8 19.1 4.8 14.7 9.5 4.0 7.9 11.2 29.5 8.2 14.3 17.2 18.2 21.2 14.5 22.8 18.7 16.8 18.5 31.1 12.1 21.6 19.3 6.5 15.5 10.5 5.2 9.0 7.3 29.5 10.4 14.8 70.6 32.1 54.5 66.3 96.1 44.5 68.3 61.8 Cash 50.0 93.5 83.8 62.1 71.2 105.4 75.0 55.8 19.2 93.4 53.0 69.3 102.1 61.0 13.2 57.6 53.0 64.2 64.2 7.0 35.2 27.6 112.8 92.5 44.0 58.4 55.9 60.5 56.8 61.9 1.1 2.0 1.6 1.8 1.2 1.9 1.2 1.5 2.9 0.9 1.2 1.5 0.5 0.8 0.7 0.5 0.7 0.9 1.9 0.8 1.1 0.8 0.4 0.4 1.1 1.0 0.4 0.6 0.3 0.6 0.4 0.5 0.1 0.9 1.6 0.9 0.5 0.7 1.0 Disc/ NAV (Prem) to NAV HK$ % 22.0 # 24.8 # 5.2 # 27.0 9.2 # n.a. 23.9 58.4 14.4 22.2 21.4 62.2 n.a. 42.7 36.9 22.2 57.5 27.0 29.4 n.a. 56.7 62.8 53.2 56.7 35.8 n.a. 55.0 45.6 n.a. n.a. 55.5 55.6 n.a. 78.7 n.a. 68.2 n.a. 82.3 37.5 n.a. 39.5 50.5 n.a. n.a. 58.5 47.7~
Company Name Tier 1 players Agile Property* China Overseas* Country Garden* CR Land* Evergrande* Longfor Shimao Property* Average Tier 2 players CO GO* Franshion* Greentown Guangzhou R&F Hopson Dev KWG Property Poly (Hong Kong) Shui On Land* Sino-Ocean Land* Soho China* Sunac China Yuexiu Property* Average
EPS gth 13F 14F % % 11 (4) 12 (16) 22 (2) 28 7 17 (7) 16 n.a. 43 10 n.a. 58 (23) (66) 27 (25) 5 (10) n.a. 40 22 8 22 4 (74) 73 (29) n.a. n.a. (33) (53) 27 n.a. (0) 3
11 5.5 5.0 11 9.6 8.7 25 7.6 6.1 30 13.8 10.7 25 4.6 3.6 17 8.9 7.6 20 7.2 6.0 20 8.2 6.8 38 8.3 6.0 28 7.8 6.1 16 5.1 4.4 15 6.2 5.4 35 8.3 6.1 19 4.7 4.0 18 6.7 5.7 32 12.3 9.3 25 8.7 7.0 (32) 7.6 11.2 32 3.9 3.0 37 9.0 6.6 22 7.4 6.2 n.a. n.a. 33 30 n.a. 41 25 27 19 40 n.a. n.a. 13 71 45 n.a. 34 26 4.8 n.a. n.a. n.a. 10.8 8.1 5.5 4.2 4.0 n.a. 5.9 4.2 3.9 3.2 15.5 12.2 4.4 3.7 7.8 5.5 n.a. 8.8 n.a. n.a. 12.0 10.6 13.7 8.0 4.3 3.0 n.a. n.a. 7.7 6.5 7.7 6.5
HK HK HK HK HK HK HK HK HK HK HK HK
10.22 2.41 13.5 12.78 11 4.68 4.87 3.33 4.56 6.51 5.68 2.25
23.3 22.1 29.1 13.0 19.1 13.5 17.6 20.0 26.7 32.8 18.8 20.9
5.4 2.9 11.8 13.2 8.5 5.8 11.9 8.7 8.2 10.3 23.1 9.6
Buy Buy NR NR NR NR NR Hold Hold Hold NR Buy
11.83 3.40 n.a. n.a. n.a. n.a. n.a. 3.56 5.26 6.09 n.a. 3.00
# 13.1 # 5.7 18.5 # 18.1 n.a. 10.8 # 13.1 7.1 # 10.5 # 10.1 n.a. # 5.0
Tier 3 players BJ Cap Land 'H' 2868 HK BJ North Star 'H' 588 HK C C Land* 1224 HK Central China* 832 HK China SCE 1966 HK Glorious Property 845 HK Kaisa Group 1638 HK Lai Fung* 1125 HK Minmetals Land 230 HK Renhe Commercial 1387 HK SPG Land* 337 HK SRE Group 1207 HK Yanlord Land*^ YLLG SP Ying Li*^ YINGLI SP Yuzhou Properties 1628 HK Zhong An 672 HK Average Average (Overall)
2.95 1.9 2.23 2.6 1.94 1.25 2.17 0.201 1.14 0.485 2.87 0.3 1.5 0.455 2.05 1.25
3.0 1.3 5.8 6.3 5.5 9.7 10.7 3.2 3.8 10.3 3.0 1.7 2.9 1.0 5.9 3.0
2.0 0.7 2.4 1.6 0.5 2.2 7.2 0.7 2.0 5.9 0.9 0.8 5.3 3.5 2.7 0.5
NR NR Hold Buy NR NR NR NR NR NR Hold NR FV Buy NR NR
n.a. n.a. 2.00 2.39 n.a. n.a. n.a. n.a. n.a. n.a. 1.49 n.a. 1.24 0.55 n.a. n.a.
6.8 11.0 n.a. n.a. 3.9 0.0 n.a. n.a. 1.3 1.8 3.9 5.0 4.5 5.5 16.9 19.2 1.9 2.6 17.5 n.a. 0.0 1.0 6.7 8.6 0.0 1.2 15.2 15.9 1.4 1.4 2.0 2.5 1.8 0.9 11.9 12.7 0.0 0.0 1.9 4.2 0.0 0.0 (0.6) 5.6 n.a. n.a. n.a. n.a. 1.2 0.8 7.3 7.8 0.0 0.0 10.7 16.0 5.5 6.7 16.6 20.9 0.0 n.a. n.a. n.a. 1.9 2.3 9.2 10.8 2.7 3.1 13.1 14.2
# n.a. # n.a. 5.0 5.9 n.a. # 5.9 # n.a. # 0.6 n.a. 2.7 4.6 n.a. # 2.5 # 0.9 n.a. n.a.
^ Denominated in SGD for price and market cap ~ Simple average discount to NAV; Market cap weighted average NAV = 35% # 2012 P/Bk Source: Thomson Reuters, * DBS Vickers
China / Hong Kong Company Focus Franshion Properties
P/E valuations, 2007 to 2012
3-mth daily 25-Mar Mkt trading FY13 FY14 Price Cap value PE PE HK$ HK$bn US$m x x 9.17 31.6 15.8 5.5 5.0 21.25 173.7 70.3 9.6 8.7 4.06 74.0 16.3 7.6 6.1 21.25 123.8 32.5 13.8 10.7 3.49 55.9 57.3 4.6 3.6 12.94 70.3 14.9 8.9 7.6 13.72 47.6 21.0 7.2 6.0 8.2 6.8 10.22 2.41 13.5 12.78 11 4.68 4.87 3.33 4.56 6.51 5.68 2.25 2.95 1.9 2.23 2.6 1.94 1.25 2.17 0.201 1.14 0.485 2.87 0.3 1.5 0.455 2.05 1.25 23.3 22.1 29.1 13.0 19.1 13.5 17.6 20.0 26.7 32.8 18.8 20.9 3.0 1.3 5.8 6.3 5.5 9.7 10.7 3.2 3.8 10.3 3.0 1.7 2.9 1.0 5.9 3.0 5.4 8.3 2.9 7.8 11.8 5.1 13.2 6.2 8.5 8.3 5.8 4.7 11.9 6.7 8.7 12.3 8.2 8.7 10.3 7.6 23.1 3.9 9.6 9.0 7.4 2.0 0.7 2.4 1.6 0.5 2.2 7.2 0.7 2.0 5.9 0.9 0.8 5.3 3.5 2.7 0.5 6.0 6.1 4.4 5.4 6.1 4.0 5.7 9.3 7.0 11.2 3.0 6.6 6.2
Company Name Agile Property* China Overseas* Country Garden* CR Land* Evergrande* Longfor Shimao Property* Average COGO* Franshion* Greentown Guangzhou R&F Hopson Dev KWG Property Poly (Hong Kong) Shui On Land* Sino-Ocean Land* Soho China* Sunac China Yuexiu Property* Average BJ Cap Land 'H' BJ North Star 'H' C C Land* Central China* China SCE Glorious Property Kaisa Group Lai Fung Minmetals Land Renhe Commercial SPG Land* SRE Group Yanlord Land*^ Ying Li*^ Yuzhou Properties Zhong An Average Average HSI Index
Code HK3383 HK688 HK2007 HK1109 HK3333 HK960 HK813 HK81 HK817 HK3900 HK2777 HK754 HK1813 HK119 HK272 HK3377 HK410 HK1918 HK123 HK2868 HK588 HK1224 HK832 HK1966 HK845 HK1638 HK1125 HK230 HK1387 HK337 HK1207 T:Z25 T:5DM HK1628 HK672
Avg P/E (x) 6.8 11.6 18.4 14.5 5.1 7.7 11.2 10.8 7.6 11.9 10.3 9.2 5.7 12.0 11.9 7.4 12.4 9.2 2.5 14.0 9.5 8.9 9.7 12.6 5.0 20.8 5.7 3.9 8.9 7.8 7.3 8.2 8.2 13.0 15.6 14.9 18.6 10.6 10.3 10.8
Peak Trough .8 1.2 34.3 10.2 42.3 11.4 53.8 13.5 n.a. n.a. n.a. n.a. 18.7 11.4 35.6 9.6 12.4 7.4 25.5 26.4 12.3 10.5 44.2 16.4 24.0 20.5 n.a. 16.9 19.7 23.6 46.9 36.3 n.a. n.a. n.a. n.a. n.a. 19.8 n.a. 13.1 7.9 33.4 n.a. n.a. 21.8 25.3 24.9 18.4
PE (x) Peak Peak .9 20.9 26.0 21.2 88.1 25.7 36.8 22.3 n.a. 52.1 n.a. 14.8 63.7 14.2 44.5 24.5 n.a. 25.0 18.9 20.6 4.1 22.0 40.1 8.5 22.5 6.7 n.a. n.a. 18.7
12.0 10.8 15.0 7.0 11.7 9.6 10.3 4.9 17.1 10.7 10.2 3.9 13.3 18.6 6.9 16.2 7.9 n.a. 12.8 11.1 6.3 6.9 36.8 7.4 7.0 6.3 3.2 7.8 12.1 9.9 4.9 4.8 11.0 33.8 5.6 12.4 11.0 10.9 13.5
9.7 9.1 10.6 6.6 9.2 6.7 8.8 8.0 9.7 5.2 8.3 11.7 7.7 10.8 5.0 12.8 8.0 3.2 2.6 7.8 5.4 5.2 27.0 6.6 7.3 8.5 7.0 5.4 9.5 6.0 4.2 6.7 11.6 17.6 5.5 10.4 9.0 8.5 11.2
10.4 8.5 11.9 7.9 10.6 10.5 9.6 8.9 8.6 6.3 n.a. 13.5 6.5 n.a. 23.7 8.7 2.4 5.3 7.7 9.2 4.8 n.a. 19.0 7.0 4.2 10.4 4.9 4.1 8.5 11.2 n.a. n.a. 8.3 5.7 6.0 7.2 7.8 8.7 12.0
32.9 188.9 8.4 33.3 4.2 30.5 3.3 28.6 1.1 16.2 7.0 n.a. 11.4 59.7 1.7 12.7 4.5 25.5 n.a. n.a. n.a. n.a. 3.6 21.6 7.8 46.3 2.3 1.6 n.a. 1.1 n.a. n.a. n.a. 2.1 2.2 8.1 2.4 3.2 4.1 1.8 n.a. 4.2 3.0 6.1 10.1
4.8 n.a. n.a. n.a. 10.8 8.1 5.5 4.2 4.0 n.a. 5.9 4.2 3.9 3.2 15.5 12.2 4.4 3.7 7.8 5.5 n.a. 8.8 n.a. n.a. 12.0 10.6 13.7 8.0 4.3 3.0 n.a. n.a. 7.7 6.5 7.7 6.5
21.7 13.2 12.7 6.1 n.a. n.a. 6.7 11.0 n.a. n.a. n.a. 8.8 n.a. 20.2 15.2 5.9 16.4 38.4 9.7 9.6 39.3 7.2 20.7 4.7 27.4 17.6 4.8 112.2 n.a. 3.8 29.4 15.4 18.6 19.6 33.7 25.4 20.5 16.5
^ Denominated in SGD for price and market cap Source: Thomson Reuters, * DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Share price performance
Price Performance 1-wk 2-wk 1-mth 2-mth 3-mth 4-mth 5-mth 6-mth % % % % % % % % Tier 1 players Agile Property China Overseas Country Garden CR Land Evergrande Longfor Properties Shimao Property Average Tier 2 players COGO Franshion Greentown GZ R&F Hopson Dev KWG Poly HK Shui On Land Sino-Ocean SOHO China Sunac China Yuexiu Property Average Tier 3 players BJ Cap. Land BJ North Star C C Land Central China China SCE Property Glorious Property Kaisa Group Lai Fung Minmetals Land Renhe Commercial SPG Land SRE Group Yanlord Land Ying Li Yuzhou Properties Zhong An Average Average (Overall) Hang Seng Index MSCI China 7 0 813 0.9 (1.6) 12.4 2.7 0.0 0.3 4.9 2.8 3.9 (1.2) 8.8 11.5 (0.7) 0.9 2.7 (0.6) (3.3) 6.6 14.0 1.7 3.7 (5.8) (3.4) 4.6 1.2 (3.9) (2.6) (2.6) (1.8) (7.5) (3.0) 8.5 (3.2) (8.7) (6.2) (8.4) (4.1) (17.7) (15.5) (14.0) (8.6) (0.5) 9.7 (9.3) 0.2 (20.9) (15.2) (14.9) (13.7) (17.0) 1.6 (13.4) (5.9) (2.7) 0.0 20.0 10.9 (3.4) (4.1) (8.1) 1.8 4.0 4.9 28.3 24.1 5.8 (1.5) (1.8) 9.1 1.8 9.9 36.9 27.9 8.8 7.8 9.6 14.7 2007 high % (53.6) 10.0 (68.9) (1.6) n.a. n.a. (51.5) (33.1)
(16.1) 3.7 0.4 (39.2) 56.6 (8.0) 43.4 (12.3) (9.7) 78.0 0.5 40.9 3.1 (2.4) 46.5 (0.2) 64.5 (19.5) (12.1) 69.1 (18.8) (17.7) (11.9) (14.8) 32.0 (15.9) 17.5 23.7 (18.9) 72.9 (3.6) 78.5 (20.2) (43.5) 120.5 (8.9) 33.0 (5.3) (20.1) 67.9 9.2 64.4 (11.8) 34.4 (9.4) 144.5 (0.6) 42.3 (10.8) 131.9 (18.7) 6.8 (18.5) 28.0 (11.2) 10.3 (20.0) 24.8 4.0 15.9 (8.8) 120.6 (0.4) 58.4 (8.1) 56.9 (19.9) (14.6) (29.3) (18.8) (25.4) (1.2) (21.8) (18.7) (29.1) 37.6 n.a. (1.8) (13.0) 88.6 (35.9) (60.8) (44.8) (51.8) (55.7) (55.7) (36.9) (29.3) (10.6) (42.1) (46.2) (31.8)
2.5 (3.0) (2.1) 9.0 25.8 (7.2) (6.1) (15.5) (8.9) 1.7 (7.1) (14.4) (19.1) 0.5 17.1 6.8 2.7 (13.5) 0.3 20.3 (7.2) (10.8) (32.3) (7.2) 16.2 (5.0) (6.2) (20.1) (13.4) 1.1 (1.4) (8.7) (21.5) (14.1) 0.6 (3.8) (7.0) (10.7) (10.7) 0.0 (4.7) (13.1) (25.1) (13.5) (10.8) 6.8 7.7 (2.4) 10.4 15.3 (0.5) (3.4) (23.9) 0.7 22.1 (4.7) (6.9) (9.6) 1.7 7.0 (2.1) (5.8) (16.3) (3.8) 9.7 18.2 10.7 17.5 29.1 14.6 5.2 29.2 21.7 11.7 30.8 50.5 (1.6) 16.9 27.4 0.5 54.9 21.1 13.3 3.3 3.2
24.6 32.0 4.7 4.7 44.5 54.6 36.8 44.2 80.1 103.3 6.1 4.4 13.3 17.3 4.1 8.8 (2.9) 7.7 25.9 34.0 38.8 48.6 17.9 25.1 24.5 32.1 28.6 21.4 26.1 31.8 13.3 3.4 49.7 32.0 18.6 47.8 44.5 1.7 20.1 38.8 8.4 60.8 27.9 23.0 3.1 2.7 34.6 34.5 31.4 36.8 17.5 14.0 52.8 34.7 22.3 64.5 92.7 (10.7) 25.5 38.8 4.9 58.8 34.6 29.7 7.2 9.1
105.6 124.1 86.0 (60.8) 321.4 (34.3) 110.1 (70.5) 207.2 (64.7) 122.1 (69.2) 79.8 (56.8) 58.9 (68.9) 60.8 (69.1) 20.3 (45.7) 272.7 n.a. 118.8 (20.8) 130.3 (39.7) (60.9) (76.3) (86.7) n.a. n.a. n.a. n.a. (98.7) (69.0) n.a. (61.3) (91.2) (63.9) (61.3) n.a. (78.0) (74.7) (51.9) (29.7) (42.0)
4 832 8 7 337 1207 YLLG YINGLI
0.0 (5.8) (13.4) (18.7) 4.3 0.0 (7.0) (8.8) (10.5) (1.6) 0.5 (3.5) (14.3) (26.2) (8.3) 7.7 0.4 (6.3) (22.6) 14.0 3.3 3.9 (1.1) (0.5) 2.7 (3.9) (11.6) (15.3) (30.3) (11.6) 2.4 (8.1) (5.7) (18.1) (7.3) (0.5) (8.6) (11.0) (13.7) (1.5) (2.5) (9.4) (8.0) (30.7) (1.7) (3.8) (7.3) (13.6) (32.0) (21.5) 1.8 (2.0) 7.0 (3.3) 62.4 (3.2) (11.8) (10.4) (30.2) (20.0) 3.0 2.0 (0.3) (2.9) 3.4 8.1 3.3 (10.6) 9.4 29.2 4.9 (2.0) (2.5) (27.2) (5.9) 0.0 (2.3) (8.0) (13.6) 13.4 1.1 (4.4) (7.6) (16.9) 3.1 2.3 (1.7) (1.2) (3.1) (2.4) (3.1) (6.3) (16.0) (3.0) (3.8) (5.8) (8.1) (1.0) (1.2) (2.6)
(9.3) 31.5 (25.7) (41.2) 110.5 (11.0) 24.7 (23.0) (45.5) 82.6 (18.4) 33.7 (27.4) (45.0) 88.9 (7.7) 35.3 4.1 (31.2) 76.8 (1.6) 5.6 n.a. (27.7) 20.1 (16.4) (7.6) (23.9) (49.1) 7.4 (9.6) 34.0 (21.7) (42.0) 79.1 (2.4) 41.3 14.2 (47.3) 25.5 (10.2) 23.7 (29.1) (53.4) 70.7 (37.0) (40.7) (22.7) (34.6) (9.0) 46.0 75.2 (16.6) (66.1) 53.5 (24.1) (22.5) (6.0) (55.7) 24.2 0.3 17.8 (22.6) (43.2) 59.2 25.7 32.9 (33.1) (41.4) 45.1 (14.2) 43.0 7.6 (18.6) 37.0 11.4 19.8 (22.1) (43.9) 7.5 (4.9) 21.7 (16.5) (42.9) 48.7 (6.8) (1.9) (3.9) 36.0 6.6 3.1 (13.0) (34.5) 5.3 2.6 (20.0) (20.4) 80.5 22.9 18.7
Source: Thomson Reuters
China / Hong Kong Company Focus Franshion Properties
Discount to NAV
Discount to NAV band
% (30) (35) (40) (45) (50) (55) (60) (65) (70) (75) (80) Nov-09
HK$ +1SD -41.2% 4.50 4.00 3.50 Avg: -49.8% -1SD -58.4% 3.00 2.50 2.00 1.50 Mar-10 Mar-11 Nov-10 Nov-11 Mar-12 Nov-12 Mar-13 1.00 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Jul-10 Jul-11 Jul-12 -64% -74% -43% -53% -32%
Source: Thomson Reuters, DBS Vickers
Source: Thomson Reuters, DBS Vickers
x 35 30 25 20 15 10 5 0 Jun-08 Jun-10 Jun-12 Jan-12 Nov-10 Nov-08 Aug-09 Nov-12 Mar-13 Jan-10 Apr-11 Mar-09 Sep-11 Jan-08 Aug-07 -1SD: 6.2x +1SD: 17.8x Avg: 12x
x 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Nov-10 Nov-08 Mar-09 Aug-09 Sep-11 Jan-10 Apr-11 Jun-10 Jan-12 Aug-07 Jun-08 Jun-12 Jan-08 -1SD: 0.6x Nov-12 Mar-13
+1SD: 1.6x Avg: 1.1x
Source: Thomson Reuters, DBS Vickers
Source: Thomson Reuters, DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Key Assumption
F Y D ec K ey A s s u mp t io n s Property price grow th Rental for office Rental for retail A DR grow th for hotel
Source: DBS Vickers
Sensitivity Analysis
% 5% 5% % 5% 5%
Property price grow th rate Bear case Base case Bull case Tier 1 Tier 2 FY13 EPS (HK$) 0.29 0.31 0.33 FY13 EPS chg -6% 0% 6%
Source: DBS Vickers
Segmental Breakdown (HK$)
F Y D ec R ev en u es Property and land Property leasing Hotel operations Other T o t al A F 2014F
2,925 860 2,007 556 6,348
2,996 989 2,134 474 6,592
13,445 1,106 2,010 614 17,176
20,012 1,154 2,568 548 24,281
24,243 1,200 2,885 545 28,873
Source: Company, DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Income Statement (HK$)
F Y D ec Turnov er Cost of Goods Sold G ro s s Pro f it Other Opg (Exp)/Inc O p erat in g Pro f it Other Non Opg (Exp)/Inc A ssociates & J V Inc Net Interest (Exp)/Inc Exceptional Gain/(Loss) Pre- t ax Pro f it Tax M inority Interest Profit attri. to PSCS N et Pro f it
(3,045) 3,303 (910) 2,392 1,035 3 (367) 3,064 (932) (418) (69) 1,644
(3,017) 3,575 (1,294) 2,281 2,477 4 (664) 4,097 (1,187) (566) (317) 2,028 F 2014F
Margin Trends
17,176 24,281 28,873 (9,977) (13,978) (16,938) 7,199 10,304 11,935 (1,423) (2,012) (2,392) 5,776 8,292 9,543 1,762 126 126 2 3 3 (817) (797) (752) 6,723 7,624 8,920 (2,783) (3,501) (3,967) (563) (964) (999) (317) (317) (317) 3,061 2,842 3,638
HK$m 40 30 20 10 0 A F 2014F
Operating margin Net margin
EBITDA Sales Gth (%) EBITDA Gth (%) Opg Profit Gth (%) Effectiv e Tax Rate (%)
3,648 0.4 20.7 (3.9) 30.4
4,982 3.8 36.6 (4.7) 29.0
7,768 160.6 55.9 153.2 41.4
8,660 41.4 11.5 43.6 45.9
9,924 18.9 14.6 15.1 44.5
Source: Company, DBS Vickers
Source: Company, DBS Vickers
Balance Sheet (HK$)
F Y D ec Net F ixed A ssets Inv ts in A ssocs & J V s Other LT A ssets Cash & ST Inv ts Other Current A ssets T o t al A s s et s ST Debt Other Current Liab LT Debt Other LT Liabilities Shareholder's Equity M inority Interests T o t al Cap . & L iab . Non-Cash Wkg. Cap Net Cash/(Debt)
34 16,210 11,198 4,518 51,355 7,527 3,359 10,708 3,042 23,124 3,595 51,355 1,159 (7,037)
36 16,809 12,137 12,830 69,771 6,028 11,582 19,171 2,442 26,171 4,377 69,771 1,248 (13,062)
39 18,854 12,622 25,577 82,502 8,952 16,774 19,323 2,950 28,878 5,625 82,502 8,803 (15,654)
41 22,169 10,697 35,173 93,258 8,952 24,277 19,323 2,950 31,167 6,589 93,258 10,896 (17,579)
44 22,963 18,614 33,543 99,990 8,952 27,225 19,323 2,950 33,952 7,588 99,990 6,319 (9,662)
Asset Breakdown
Cash & ST Inv ts 17% Other LT Assets 24% Inv ts in Assocs & JVs 0%
Other Current Assets 18%
Net F ixed Assets 41%
Source: Company, DBS Vickers
Source: Company, DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Cash Flow Statement (HK$)
F Y D ec Pre-Tax Profit Dep. & A mort. Tax Paid A ssoc. & J V Inc/(loss) Chg in Wkg. Cap. Other Operating CF N et O p erat in g CF Capital Exp. (net) Other Inv ts. (net) Inv ts. in A ssoc. & J V Div from A ssoc. & J V Other Inv esting CF N et In v es t in g CF Div Paid Chg in Gross Debt Capital Issues Other F inancing CF N et F in an c in g CF Net Cashflow
220 (23) (3) (1,075) (1,498) 685 (96) 2,144 (1,464) 243 827 (229) 957 728 2,240
224 (660) (4) (8,836) (2,730) (7,907) 1,614 1,666 (199) 191 3,272 (229) 5,073 4,844 209
231 (519) (2) (4,337) (2,346) (250) (287) (532) 171 (648) (366) 2,218 (9) 1,843 945
242 (3,501) (3) (2,102) (175) 2,085 (3,315) 175 (3,140) (553) (553) (1,608)
254 (3,967) (3) 4,675 (220) 9,660 (794) 220 (574) (853) (853) 8,233
Operating cashflow
HK$m 15,000 10,000 5,000 0 (5,000) (10,000) A F 2014F
Source: Company, DBS Vickers
Source: Company, DBS Vickers
China / Hong Kong Company Focus Franshion Properties
Target Price & Ratings History
HK$ 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 23 4 5 6 7 11
S.No. Dat e 1: 2: 3: 4: 5: 6: 7: 8: 9: 10: 11: 12: 13: 14: 15: 16: 17: 18: 19: 20: 22-Mar-12 25-J un-12 26-J un-12 7-Aug-12 24-Aug-12 5-Sep-12 18-Oct-12 16-Nov -12 19-Nov -12 29-Nov -12 7-Dec-12 31-Dec-12 9-J an-13 17-J an-13 5-F eb-13 Closing Pric e HK$1.83 HK$2.27 HK$2.27 HK$2.32 HK$2.38 HK$2.36 HK$2.40 HK$2.40 HK$2.42 HK$2.44 HK$2.75 HK$2.83 HK$2.79 HK$2.84 HK$2.65 T arget Pric e HK$2.29 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$2.74 HK$3.20 HK$3.37 HK$3.37 HK$3.37 HK$3.48 Rat ing Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy
Source: DBS Vickers
China / Hong Kong Company Focus Franshion Properties
DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (&20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (&15% total return over the next 12 months for small caps, &10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. & -10% over the next 12 months) SELL (negative total return of & -20% over the next 3 months, with identifiable catalysts within this time frame)
Share price appreciation + dividends
DBS Vickers Research is available on the following electronic platforms: DBS Vickers (); Thomson (/financial); Factset (); Reuters (www.); Capital IQ () and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers (Hong Kong) Limited (“DBSVHK”), a direct wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd (&DBSVH&). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVHK. It is being distributed in the United States by DBSV US, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBS Vickers Securities (USA) Inc (“DBSVUSA”) directly and not its affiliate. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVHK and/or DBSVH) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. DBSVHK accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBSVHK, DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by DBSVHK and/or DBSVH (and/or any persons associated with the aforesaid entities), that: a. b. such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.
Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc (&DBSVUSA&)&), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published, the analyst and his / her spouse and/or relatives and/or associate who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities, directorships and trustee positions).
China / Hong Kong Company Focus Franshion Properties
COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBSVHK and its subsidiaries do not have a proprietary position in the securities recommended in this report as of the date the report is published. 2. DBSVHK, DBSVUSA, DBS Bank Ltd and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject companies mentioned in this document as of the latest available date of the updated information. Compensation for investment banking services: DBSVHK, DBSVUSA, DBS Bank Ltd and/or other affiliates have received compensation, within the past 12 months, and within the next 3 months may receive or intends to seek compensation for investment banking services from China Overseas Grand Oceans Group (81 HK). DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.
RESTRICTIONS ON DISTRIBUTION 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 General 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 being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement to hold an Australian financial services licence under the Corporation Act 2001 [“CA] in respect of financial services provided to the recipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore [“MAS”] under the laws of Singapore, Australia which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.. This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Hong Kong Securities and Futures Commission. This report is being distributed in Singapore by DBSVR, which holds a Financial Adviser’s licence and is regulated by the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn. No. G), which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any research report produced by a foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only to “Institutional Investors”, “Expert Investors” or “Accredited Investors” as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any distribution of research reports published by a foreign-related corporation of DBSVR/DBSVS to “Accredited Investors” is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First Schedule to the FAA. This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients. rd This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box
Floor, Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who meet the DFSA regulatory criteria to be a Professional Client. It should not be relied upon by or distributed to Retail Clients. DBS Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority. Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
United Kingdom Dubai/ United Arab Emirates United States Other jurisdictions
DBS Vickers (Hong Kong) Limited 18 Floor Man Yee building, 68 Des Voeux Road Central, Central, Hong Kong Tel: (852) , Fax: (852)}