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Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide H ONG K ONG 2nd LINERS : EARNINGS GUIDE Page 66 FYE Mkt Mkt Price Target Share Price Avg CAGR EV/ P/BV P/Sales Div Yld Latest Company Cap Cap (HK$) Price % Performance (%) 6-mth PAT/MI (HK$m) EPS (HK$) 07-09 PE (x) EBITDA (x) (x) (x) (%) (%) Report Data (%) Disclosure (HK$bn) (US$m) 25-Mar (HK$) Upside Rcmd 3M 6M 12M Vol (m) 07E 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F Gear ROA ROE Analyst Legend Automobile Brilliance China Dec 5 601 1.27 2.00 57 H (25) (40) (37) 16 194 497 802 0.14 0.22 103 9.4 5.8 3.7 2.5 0.7 0.3 2.1 3.4 10% n.a. n.a. HK Research Denway Motors Dec 25 3208 3.31 6.50 96 B (32) (26) 0 24 2128 2574 3002 0.34 0.40 19 9.7 8.3 319.5 384.6 1.9 29.5 4.1 4.8 cash 23% 24.0% Rachel Miu Dongfeng Motor Group Dec 11 1399 3.80 6.00 58 B (31) (46) (14) 19 3110 3600 4395 0.42 0.42 8 9.1 9.1 4.8 4.1 1.7 0.5 2.2 2.7 cash 5% 15.7% Rachel Miu Tianneng Power Dec 1 168 1.30 2.50 92 B (21) (23) n.a. 2 216 323 450 0.32 0.45 36 4.0 2.9 1.9 0.7 1.0 0.4 7.5 10.4 cash 15% 28.0% P Yeung/J Yuen Weichai Power Dec 3 426 26.10 10.00 (62) NR (49) (53) (27) 1 2044 2275 2663 4.48 5.25 10 5.8 5.0 n.a. n.a. 1.3 0.1 2.6 3.4 38% 11% 26.1% HK Research Xingda Dec 2 222 1.24 5.90 376 B (36) (52) (72) 2 411 503 595 0.34 0.40 16 3.7 3.1 2.9 2.3 0.6 0.5 2.7 3.2 29% 5% 15.2% HK Research Note 2 Xinyi Glass Dec 8 989 4.55 7.05 55 B (26) (46) 46 8 580 800 888 0.50 0.55 24 9.1 8.2 7.9 6.8 2.4 1.9 4.9 5.5 11% 14% 19.4% HK Research Sector 54 7011 8684 10572 12795 8.5 7.2 Banking China CITIC Bank * Dec 47 6026 3.77 5.25 39 B (18) (32) n.a. 70 8716 14326 16091 0.41 0.44 35 9.2 8.6 n.a. n.a. 1.4 n.a. 2.9 3.5 n.a. 1% 14.4% Jasmine Lai Note 2 China Merchants Bank * Dec 66 8509 24.80 24.40 (2) H (16) (22) 69 33 15167 18516 19943 1.47 1.69 25 16.8 14.7 n.a. n.a. 3.9 n.a. 2.3 2.6 n.a. 1% 24.8% Jasmine Lai CITIC Int'l Financial * Dec 20 2545 3.43 5.00 46 B (19) (38) (41) 12 1852 2471 3532 0.44 0.62 38 7.8 5.5 n.a. n.a. 0.7 n.a. 2.6 6.2 n.a. 2% 7.9% Jasmine Lai Dah Sing Financial * Dec 12 1584 49.15 52.00 6 H (33) (14) (24) 0 1050 1248 1186 4.99 4.74 6 9.9 10.4 n.a. n.a. 1.2 n.a. 4.6 4.3 n.a. 1% 10.2% Jasmine Lai Public Financial * Dec 7 890 6.31 7.50 19 B 35 27 12 2 675 720 810 0.66 0.74 10 9.6 8.5 n.a. n.a. 1.1 n.a. 4.9 5.5 n.a. 3% 12.9% Jasmine Lai ICBC Asia * Dec 22 2892 18.30 21.60 18 B (10) (15) 11 2 1609 2048 2331 1.63 1.76 12 11.3 10.4 n.a. n.a. 1.4 n.a. 5.2 5.6 n.a. 1% 12.3% Jasmine Lai Wing Hang * Dec 33 4197 110.40 97.70 (12) S (1) 22 20 0 2033 1923 1990 6.48 6.70 (1) 17.0 16.5 n.a. n.a. 2.8 n.a. 2.9 3.0 n.a. 2% 20.6% Jasmine Lai Wing Lung Bank Dec 26 3406 113.80 79.60 (30) FV 28 45 41 0 1372 1338 1393 5.76 6.00 1 19.8 19.0 n.a. n.a. 2.0 n.a. 2.0 2.1 n.a. 2% 14.9% Jasmine Lai Sector 233 30050 32475 42590 47277 13.2 11.9 Bio-Chem Global Bio-chem Dec 6 828 2.77 4.20 52 B 26 (1) 48 5 838 749 931 0.32 0.40 26 8.6 6.9 5.5 4.9 0.9 0.7 1.4 1.5 44% 7% n.a. Peter So Sector 6 828 838 749 931 8.6 6.9 Capital Goods Singamas Dec 1 180 1.99 6.00 202 B (35) (56) (52) 4 269 322 420 0.53 0.69 25 3.8 2.9 4.6 3.7 0.6 0.1 6.6 8.6 112% 2% 8.2% Gideon Lo Sector 1 180 269 322 420 3.8 2.9 Commercial Services Pico Far East * Oct 1 119 0.77 2.15 179 B (66) (73) (58) 3 146 171 198 0.14 0.17 17 5.4 4.7 2.2 1.6 1.1 0.4 10.2 11.8 cash 9% 19.9% Mavis Hui Sector 1 119 146 171 198 5.4 4.7 Commodities Aluminium Corp of China * Dec 47 6049 11.90 11.20 (6) H (24) (44) 58 57 10838 10001 11282 0.74 0.83 (2) 16.1 14.3 7.4 6.7 2.6 1.4 1.9 2.1 2% 11% 20.4% Helen Wang Note 2 Angang Steel Dec 19 2385 17.04 21.11 24 H (15) (34) 53 20 9523 10796 13450 1.49 1.86 10 11.4 9.2 5.2 4.2 1.9 0.6 4.2 5.3 49% 19% 38.1% Helen Wang Anhui Conch Cement Dec 21 2686 48.10 80.20 67 B (23) (23) 86 4 2704 3598 4188 2.30 2.67 24 20.9 18.0 12.9 11.3 6.7 2.8 0.8 0.9 113% 15% 29.9% Helen Wang Hunan Non-ferrous Dec 5 644 3.06 4.20 37 S (39) (62) (40) 24 584 617 589 0.19 0.18 0 16.0 16.8 6.6 5.4 1.3 0.3 1.2 1.2 51% 4% 9.3% Helen Wang Jiangxi Copper Dec 20 2611 14.60 14.80 1 H (24) (43) 51 34 4631 4508 4666 1.56 1.61 0 9.4 9.1 6.5 6.1 2.1 0.8 2.7 2.8 4% 29% 44.5% Helen Wang Lingbao Dec 1 135 3.53 5.47 55 FV (23) (50) (43) 4 124 201 247 0.26 0.32 41 13.6 11.0 7.8 6.3 1.6 8.8 2.1 2.5 33% 8% 21.0% Helen Wang Maanshan Iron & Steel Dec 7 858 3.84 5.80 51 H (23) (53) (20) 35 2390 2898 4526 0.45 0.70 37 8.6 5.5 5.0 3.7 1.0 0.4 4.1 6.4 62% 6% 12.3% Helen Wang Yanzhou Coal Dec 19 2471 9.79 17.10 75 H (28) (31) 52 27 3180 4137 4554 0.84 0.93 20 11.6 10.6 6.6 5.8 1.9 2.8 3.0 3.3 cash 12% 13.0% Helen Wang Zijin Mining * Dec 28 3562 6.90 11.13 61 H (36) (38) 73 54 2700 3866 4248 0.29 0.32 25 23.5 21.3 11.1 10.0 18.0 4.5 2.1 2.3 42% 20% 56.6% Helen Wang Sector 166 21402 36675 40619 47750 14.5 12.6 Conglomerates-HK Shun Tak Dec 23 2911 9.70 14.38 48 B (16) (20) (4) 7 1089 714 2350 0.33 0.92 36 29.7 10.6 19.1 n.a. 0.6 4.2 1.6 3.6 cash 5% 8.4% Wheelock * Mar 41 5343 20.40 23.10 13 H (5) 1 24 1 2995 3085 3319 1.52 1.63 5 13.4 12.5 32.8 29.6 0.7 9.0 0.6 0.6 cash 4% 6.7% Jeff Yau Sector 23 2911 4084 3799 5669 16.9 11.3 Consumer Aeon Stores Dec 4 469 14.00 16.57 18 H (19) (32) 63 0 143 167 190 0.98 0.98 7 14.3 14.3 5.5 4.3 4.6 0.5 1.9 2.2 cash 6% 17.3% Mavis Hui Beijing Jingkelong ^* Dec 1 97 4.14 11.86 186 B (37) (46) (44) 1 126 168 211 0.41 0.51 26 10.2 8.1 4.5 3.4 1.0 0.1 5.7 7.2 37% 4% 10.0% Mavis Hui Note 2 Cafe de Coral * Mar 8 1055 14.82 16.50 11 H (21) 4 7 0 370 442 505 0.81 0.91 16 18.4 16.2 10.8 10.6 3.6 1.9 3.5 4.0 cash 20% 18.0% Alice Hui China Mengniu Dec 27 3452 18.78 33.00 76 B (24) (36) (7) 10 952 1240 1597 0.91 1.17 30 20.7 16.1 11.4 9.1 4.3 0.9 1.2 1.6 cash 11% 27.3% Alice Hui Giordano Dec 4 515 2.68 3.60 34 H (16) (19) (12) 7 302 346 400 0.23 0.27 15 11.5 10.0 6.1 5.5 2.2 5.8 9.9 9.9 cash 7% 9.5% Alice Hui Kingway Brewery Dec 3 365 1.66 1.75 5 FV (22) (33) (47) 2 9 56 102 0.03 0.06 230 51.0 27.7 10.2 6.8 1.0 1.3 0.7 1.4 18% 3% 5.8% Alice Hui Global Sweeteners Dec 1 154 1.14 2.40 111 B (14) (40) n.a. 4 192 247 341 0.24 0.33 14 4.8 3.5 1.5 0.6 0.9 0.6 3.1 4.3 49% 13% 57.4% Peter So Note 2 Gome Elec Appliances FD Dec 55 7055 17.16 24.34 42 B (11) 16 105 11 1203 2092 2626 0.58 0.73 27 29.4 23.4 19.1 14.7 6.3 1.0 1.1 1.4 9% 5% 23.0% Mavis Hui Hengan * Dec 28 3609 24.50 25.60 4 FV (19) (5) 24 3 1006 1317 1616 1.14 1.38 22 21.6 17.7 14.1 11.5 4.6 3.6 3.1 3.8 27% 17% 24.9% Patricia Yeung IDS Group * Dec 7 885 21.85 35.07 61 B (9) (27) 16 0 220 274 343 0.88 1.10 25 24.9 19.9 16.2 13.6 5.8 0.6 2.4 3.0 14% 5% 23.6% Mavis Hui Li Ning * Dec 22 2864 21.45 28.00 31 B (30) (25) 33 4 523 750 965 0.73 0.93 36 29.5 23.0 19.2 14.8 8.9 0.3 1.4 1.7 cash 19% 30.1% Alice Hui Lianhua Supermarket Dec 2 271 10.16 11.80 16 H 3 (15) 2 1 291 357 435 0.57 0.70 23 17.7 14.5 5.9 4.4 2.6 0.3 1.9 2.3 cash 4% 12.0% Mavis Hui Lifestyle Dec 30 3822 17.40 21.90 26 H (20) (24) 42 3 1024 1241 1521 0.73 0.89 22 23.9 19.5 15.7 12.4 5.4 0.9 1.7 2.0 cash 12% 20.6% Mavis Hui Ming Fai * Dec 1 124 1.60 3.40 113 B (25) n.a. n.a. n.a. 126 152 189 0.25 0.32 9 6.3 5.1 2.4 1.9 1.2 0.9 6.3 7.9 cash 19% 28.9% Patricia Yeung Note 2 Neo-Neon Dec 4 481 4.90 14.50 196 B (29) (46) (61) 3 325 437 564 0.58 0.74 32 8.5 6.6 5.2 3.9 1.4 1.7 2.9 3.8 cash 14% 18.4% P Yeung/J Yuen Oriental Watch * Mar 1 132 3.20 7.25 127 B (9) 19 95 1 95 132 161 0.44 0.50 21 7.3 6.3 5.3 4.4 0.9 0.2 3.2 3.9 13% 8% 11.8% Mavis Hui Note 2 Parkson Dec 34 4342 60.60 108.19 79 B (26) (5) 37 2 751 1105 1460 1.99 2.64 39 30.4 23.0 19.8 14.7 10.2 7.4 1.6 2.2 cash 9% 23.0% Mavis Hui Sa Sa * Mar 4 517 2.91 3.78 30 B (11) 3 24 3 222 246 288 0.18 0.21 13 16.2 13.8 9.9 8.3 4.4 0.8 6.5 7.2 cash 16% 20.3% Mavis Hui Texwinca * Mar 8 984 5.75 6.65 16 H (20) (15) 5 2 625 757 873 0.57 0.66 18 10.1 8.7 6.5 5.5 2.1 0.8 5.7 6.6 26% 29% 20.4% Alice Hui Times Ltd ^ Dec 2 243 2.16 6.18 186 B (25) (41) n.a. 1 106 160 217 0.18 0.25 43 11.8 8.7 3.5 2.4 1.5 0.4 2.5 3.4 cash 5% 14.1% Mavis Hui Note 2 Tingyi Holding Dec 50 6483 9.00 10.80 20 H (20) (16) 35 4 1571 1886 2259 0.34 0.40 20 26.7 22.3 12.1 10.4 6.2 1.7 3.4 4.1 11% 11% 16.7% Alice Hui Tsingtao Brewery Dec 13 1697 20.10 19.75 (2) FV (17) (25) 61 2 652 754 1266 0.60 0.96 36 33.5 20.9 17.3 15.6 4.6 1.5 1.8 2.9 cash 5% 8.8% Alice Hui Walker Group* Mar 1 106 1.32 5.65 328 B (62) (64) n.a. 1 83 134 178 0.23 0.29 24 5.8 4.6 1.6 1.0 1.0 0.9 3.3 4.3 37% 22% 60.7% Alice Hui Note 2 Win Hanverky * Dec 2 204 1.25 2.20 76 B (40) (55) (73) 2 290 321 383 0.25 0.30 14 4.9 4.1 1.8 1.5 0.8 0.4 6.1 7.3 cash 13% 18.3% Alice Hui Note 2 Wumart * Dec 3 442 6.77 8.92 32 B 8 (10) 2 3 322 418 484 0.34 0.40 23 19.7 17.1 11.1 9.1 3.3 0.8 1.8 2.1 cash 6% 15.4% Mavis Hui Vedan Dec 1 132 0.67 1.06 58 H (20) (29) (35) 1 119 134 153 0.09 0.10 13 7.6 6.6 3.0 2.7 0.5 0.4 6.6 7.6 23% 3% 4.5% Alice Hui Note 3 Vitasoy * Mar 3 438 3.36 3.65 9 H 2 (0) 7 0 174 206 240 0.20 0.24 17 16.4 14.1 7.8 6.9 2.7 1.1 5.8 5.8 cash 7% 13.9% Alice Hui Sector 322 41463 12325 15900 19971 21.7 19.0

Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide H ONG K ONG 2nd LINERS : EARNINGS GUIDE FYE Mkt Mkt Price Target Share Price Avg CAGR EV/ P/BV P/Sales Div Yld Latest Company Cap Cap (HK$) Price % Performance (%) 6-mth PAT/MI (HK$m) EPS (HK$) 07-09 PE (x) EBITDA (x) (x) (x) (%) (%) Report Data (%) Disclosure (HK$bn) (US$m) 25-Mar (HK$) Upside Rcmd 3M 6M 12M Vol (m) 07E 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F Gear ROA ROE Analyst Legend E-Commerce Tradelink * Dec 1 95 0.95 1.50 58 B (7) (10) (33) 1 76 91 103 0.12 0.13 17 8.1 7.2 3.0 5.6 2.3 3.1 10.2 11.7 cash 13% 22.9% Steven Liu Sector 1 95 76 91 103 8.1 7.2 Hotel HK & Shanghai Hotels * Dec 18 2256 12.14 14.84 22 B (7) (8) 2 1 901 946 1004 0.66 0.70 5 18.5 17.4 11.4 10.9 0.6 3.2 1.6 1.8 9% 4% 5.1% Jeff Yau Sector 18 2256 901 946 1004 18.5 17.4 Industrial AMVIG Dec 6 832 6.60 15.00 127 B (29) (37) 22 1 357 612 715 0.62 0.73 30 10.6 9.1 7.5 6.2 1.6 1.8 3.8 4.4 cash 13% 17.7% Patricia Yeung Chen Hsong * Mar 2 286 3.55 7.80 120 B (20) (35) (25) 1 312 359 414 0.57 0.66 15 6.2 5.4 3.9 3.2 1.0 0.9 7.3 8.4 cash 11% 15.5% Patricia Yeung Cosco International Dec 6 743 3.90 8.62 121 B (38) (40) 16 5 661 655 759 0.46 0.53 7 8.5 7.4 6.3 5.3 1.7 2.1 2.4 2.7 cash 19% 32.5% Gideon Lo Huabao * Mar 18 2282 5.77 9.00 56 B (17) (10) 40 4 567 763 1015 0.25 0.33 29 23.1 17.4 19.9 14.2 10.8 13.0 1.3 1.7 cash 49% 63.4% Patricia Yeung L.K. Technology Mar 1 136 1.04 1.15 11 H (1) 20 (11) 1 95 127 155 0.13 0.16 18 8.2 6.7 5.7 4.8 27.3 0.9 3.7 4.5 61% 11% 25.8% Patricia Yeung Lee and Man Paper * FD Mar 14 1794 12.24 14.20 16 B (62) (61) (27) 4 1010 1482 1898 1.31 1.67 29 9.4 7.3 9.9 8.1 1.8 1.6 3.2 4.1 24% 16% 19.9% Patricia Yeung Nine Dragons * Jun 30 3830 6.86 8.30 21 B (65) (72) (58) 12 2201 2585 3539 0.60 0.82 25 11.4 8.3 11.6 8.3 2.0 1.9 1.8 2.4 42% 11% 21.0% Patricia Yeung Peace Mark * Mar 6 825 6.14 13.87 126 H (44) (40) (15) 3 283 379 503 0.41 0.54 38 15.0 11.4 10.8 8.0 3.0 1.7 2.8 3.7 7% 8% 16.1% Mavis Hui Shenzhou Intl Dec 3 334 2.08 4.45 114 H (40) (43) (35) 0 484 554 670 0.44 0.54 18 4.7 3.9 4.0 3.2 1.0 0.7 10.0 12.1 2% 15% 20.7% Patricia Yeung Symphony FD Dec 1 142 0.63 1.14 81 H (27) (31) (46) 2 154 162 191 0.10 0.11 11 6.5 5.5 2.0 1.3 0.6 0.5 6.2 7.3 cash 11% 14.4% Patricia Yeung Top Form Jun 1 80 0.58 0.90 55 S (35) (47) (54) 2 117 131 135 0.12 0.13 7 4.8 4.6 1.2 0.7 0.9 0.4 10.5 10.8 cash 17% 26.4% Patricia Yeung Victory City * Mar 1 177 2.06 3.50 70 B (12) (12) (34) 1 306 336 388 0.51 0.59 12 4.1 3.5 5.0 4.3 0.6 0.3 7.4 8.5 86% 7% 17.6% Patricia Yeung Sector 82 10630 6190 7533 9666 9.9 9.8 Infrastructure, Environmental China Everbright Intl * Dec 8 1063 2.63 4.27 62 B (27) (12) 33 14 338 555 513 0.18 0.16 5 14.9 16.1 12.6 12.7 2.8 4.3 1.0 1.0 40% 9% 15.2% Patricia Yeung Sector 8 1063 338 555 513 14.9 16.1 Internet Tencent Dec 77 9864 42.65 31.60 (26) H (22) (12) 75 4 1724 2280 3219 1.26 1.81 37 33.9 23.6 26.2 n.a. 11.4 15.9 1.0 n.a. cash 26% 31.8% Steven Liu Sector 77 9864 1724 2280 3219 33.9 23.6 Leisure Star Cruises @ Dec 11 1426 0.19 0.57 199 B (41) (51) (30) 1 (127) (70) 27 (0.01) 0.00 n.a. n.a. 48.3 11.3 9.2 1.1 0.5 n.a. n.a. 153% nm nmo / Lee Len Chong Sector 11 1426 (127) (70) 27 n.a. 48.3 Machinery China Infra Machinery Dec 8 1053 7.50 17.65 135 B (49) (66) (55) 4 730 903 1166 0.83 1.07 26 9.0 7.0 6.5 5.1 2.2 1.2 3.3 3.3 4% 25% 42.6% HK Research Sector 8 1053 730 903 1166 9.0 7.0 Media Next Media FD Mar 7 948 3.05 3.66 20 B 0 31 6 2 358 400 435 0.17 0.17 6 18.4 18.4 10.5 9.4 1.8 7.5 4.6 4.6 cash 8% 13.0% Mavis Hui QJY Media * Sep 1 108 4.60 6.50 41 B 11 (1) 119 3 139 196 275 0.32 0.44 30 14.3 10.3 11.4 8.1 2.3 2.1 1.4 1.9 cash 16% 16.2% Mavis Hui SCMP Group Dec 4 551 2.74 3.04 11 H 1 5 (2) 4 294 333 371 0.21 0.24 12 12.8 11.5 8.8 8.0 2.3 3.3 6.6 7.4 cash 13% 16.4% Mavis Hui TVB * Dec 19 2416 42.80 51.91 21 B (10) (10) (14) 1 1277 749 931 3.17 3.58 11 13.5 12.0 8.3 7.5 3.2 4.1 4.6 5.2 cash 21% 24.0% Mavis Hui Sector 12 1607 2069 1677 2012 13.2 13.3 Oil and Gas Sinopec Shanghai Petro Dec 6 802 2.67 5.25 97 H (41) (56) (31) 28 1235 1552 2231 0.22 0.31 34 12.4 8.6 6.3 4.7 0.9 0.3 2.9 4.2 23% 3% 4.4% Gideon Lo Sector 6 802 1235 1552 2231 12.4 8.6 Pharmaceuticals & Healthcare China Pharmaceutical Dec 3 432 2.18 2.80 28 FV (19) (51) 66 5 495 304 293 0.20 0.19 (23) 11.0 11.4 4.9 4.6 1.0 0.7 1.8 1.7 36% 9% 17.4% Gideon Lo Guangzhou Pharm Dec 1 153 5.40 7.10 31 B (21) (39) (8) 1 285 393 474 0.48 0.58 29 11.1 9.2 6.7 5.9 1.2 0.3 2.9 3.5 13% 4% 7.8% Gideon Lo Hua Han Bio-Pharma * Jun 1 150 1.32 2.15 63 B (35) (44) (45) 0 131 144 189 0.16 0.21 20 8.1 6.2 3.0 2.2 1.0 1.5 1.9 3.2 cash 9% 13.5% Gideon Lo Mingyuan Medicare Dec 3 418 1.12 1.65 47 B 5 (9) 50 9 116 163 224 0.06 0.07 34 20.2 14.9 14.2 10.4 4.1 8.7 1.7 2.3 cash 9% 13.9% Gideon Lo Sino Biopharmaceutical * Dec 3 428 1.47 2.73 86 B 2 (10) 17 1 224 294 377 0.13 0.17 30 11.3 8.8 5.0 4.0 1.6 2.1 5.3 6.8 cash 9% 10.6% Gideon Lo Tong Ren Tong Tech * FD Dec 1 116 10.30 10.10 (2) FV (23) (41) (25) 0 169 188 205 0.99 1.08 10 10.4 9.5 6.2 5.5 1.3 1.3 4.8 5.2 cash 9% 12.4% Gideon Lo Sector 13 1698 1420 1486 1763 12.1 10.3 Properties-China China Resources Land Dec 47 6103 11.74 9.86 (16) H (26) (21) 38 17 1007 1742 2859 0.56 0.90 67 21.0 13.0 28.7 n.a. 1.1 8.6 1.2 2.1 29% 9% 17.7% HK Research Coastal Greenland Ltd FD* Mar 3 432 1.20 2.39 99 B (26) (45) (5) 4 230 459 n.a. 0.21 n.a. n.a. 5.8 n.a. 7.4 n.a. 0.6 0.7 4.3 n.a. 122% 5% 7.3% HK Research Guangzhou Investment Dec 11 1405 1.53 2.92 91 B (32) (34) (15) 43 1154 1656 1656 0.23 n.a. n.a. 6.6 n.a. 4.8 n.a. 0.4 0.9 4.6 n.a. 32% 2% 6.4% HK Research HKC Holdings Dec 12 1609 1.54 3.00 95 B (31) (41) 9 28 669 66 409 0.01 0.05 (37) 191.0 30.9 327.5 14.2 0.6 28.8 3.9 3.9 25% 8% 14.8% Jeff Yau R&F Properties Dec 18 2382 18.20 31.00 70 B (28) (46) 17 21 3194 4550 2064 1.41 0.85 (7) 12.9 21.3 10.1 n.a. 0.9 2.9 2.3 10.7 Cash 23% 35.1% HK Research Road King Dec 6 775 7.99 17.50 119 B (34) (48) (34) 1 1140 1360 444 1.85 0.60 (38) 4.3 13.2 6.1 8.1 0.4 1.0 9.3 n.a. 30% 9% 11.7% HK Research Note 2 Shimao Property Dec 38 4838 11.38 26.00 128 B (31) (42) (8) 14 3031 4200 5761 1.27 2.00 47 8.9 5.7 8.1 5.3 0.6 1.8 3.4 5.3 18% 11% 19.8% Carol Wu SPG Land Dec 3 401 3.00 8.92 197 B (53) (48) (35) 1 453 598 937 0.54 0.84 44 5.6 3.6 7.1 3.9 0.3 1.2 0.7 1.1 9% 8% 27.5% Ken Chen Note 2 Sector 139 17944 10879 14631 14129 12.0 11.0 Properties-HK Far East Consortium * Mar 4 527 2.54 4.65 83 B (35) (19) (13) 5 539 591 659 0.37 0.41 5 6.9 6.2 8.1 3.5 0.4 2.2 5.5 5.9 77% 7% 10.0% Jeff Yau Great Eagle Dec 13 1683 21.60 36.00 67 B (23) (26) (19) 2 1198 819 1345 1.36 1.85 (3) 15.9 11.7 11.7 n.a. 0.4 3.5 3.7 n.a. 35% 1% 1.8% Jeff Yau Hongkong Land ^ @ Dec 72 9250 4.03 n.a. n.a. B (17) (8) (9) 6 345 452 670 0.20 0.29 39 20.5 13.8 21.8 n.a. 0.7 8.4 3.7 4.5 26% 2% 3.0% Jeff Yau Hysan Development * Dec 23 2975 22.25 24.05 8 B (1) 1 3 4 1158 984 1067 0.95 1.03 (3) 23.5 21.6 22.2 n.a. 0.6 15.3 2.7 2.9 10% 3% 4.0% Jeff Yau Kerry Properties * Dec 64 8245 44.90 55.40 23 B (26) (22) 16 3 2589 3346 3396 2.35 2.38 11 19.1 18.8 16.0 15.7 0.7 5.1 2.6 2.6 27% 8% 7.7% Jeff Yau Hang Lung Group *^ Jun 47 6009 34.95 44.30 27 B (10) (17) 31 2 4786 3657 4302 2.74 3.23 (5) 12.7 10.8 8.1 4.4 1.1 3.3 1.9 2.1 28% 5% 11.8% Jeff Yau Tai Cheung * Mar 3 323 4.06 6.18 52 B (40) (33) (14) 1 272 283 597 0.46 0.97 48 8.9 4.2 14.8 4.2 0.3 7.7 5.2 7.4 7% 6% 6.8% Jeff Yau Sector 225 29013 10886 10133 12035 16.4 16.1 Page 67

Regional <strong>Small</strong>/<strong>Mid</strong> <strong>Cap</strong> <strong>Strategy</strong> Q2 2008<br />

Earnings Guide<br />

H ONG K ONG 2nd LINERS : EARNINGS GUIDE<br />

Page 66<br />

FYE Mkt Mkt Price Target Share Price Avg CAGR EV/ P/BV P/Sales Div Yld<br />

Latest<br />

Company <strong>Cap</strong> <strong>Cap</strong> (HK$) Price % Performance (%) 6-mth PAT/MI (HK$m) EPS (HK$) 07-09 PE (x) EBITDA (x) (x) (x) (%) (%) Report Data (%)<br />

Disclosure<br />

(HK$bn) (US$m) 25-Mar (HK$) Upside Rcmd 3M 6M 12M Vol (m) 07E 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F Gear ROA ROE Analyst Legend<br />

Automobile<br />

Brilliance China Dec 5 601 1.27 2.00 57 H (25) (40) (37) 16 194 497 802 0.14 0.22 103 9.4 5.8 3.7 2.5 0.7 0.3 2.1 3.4 10% n.a. n.a. HK Research<br />

Denway Motors Dec 25 3208 3.31 6.50 96 B (32) (26) 0 24 2128 2574 3002 0.34 0.40 19 9.7 8.3 319.5 384.6 1.9 29.5 4.1 4.8 cash 23% 24.0% Rachel Miu<br />

Dongfeng Motor Group Dec 11 1399 3.80 6.00 58 B (31) (46) (14) 19 3110 3600 4395 0.42 0.42 8 9.1 9.1 4.8 4.1 1.7 0.5 2.2 2.7 cash 5% 15.7% Rachel Miu<br />

Tianneng Power Dec 1 168 1.30 2.50 92 B (21) (23) n.a. 2 216 323 450 0.32 0.45 36 4.0 2.9 1.9 0.7 1.0 0.4 7.5 10.4 cash 15% 28.0% P Yeung/J Yuen<br />

Weichai Power Dec 3 426 26.10 10.00 (62) NR (49) (53) (27) 1 2044 2275 2663 4.48 5.25 10 5.8 5.0 n.a. n.a. 1.3 0.1 2.6 3.4 38% 11% 26.1% HK Research<br />

Xingda Dec 2 222 1.24 5.90 376 B (36) (52) (72) 2 411 503 595 0.34 0.40 16 3.7 3.1 2.9 2.3 0.6 0.5 2.7 3.2 29% 5% 15.2% HK Research Note 2<br />

Xinyi Glass Dec 8 989 4.55 7.05 55 B (26) (46) 46 8 580 800 888 0.50 0.55 24 9.1 8.2 7.9 6.8 2.4 1.9 4.9 5.5 11% 14% 19.4% HK Research<br />

Sector 54 7011 8684 10572 12795 8.5 7.2<br />

Banking<br />

China CITIC Bank * Dec 47 6026 3.77 5.25 39 B (18) (32) n.a. 70 8716 14326 16091 0.41 0.44 35 9.2 8.6 n.a. n.a. 1.4 n.a. 2.9 3.5 n.a. 1% 14.4% Jasmine Lai Note 2<br />

China Merchants Bank * Dec 66 8509 24.80 24.40 (2) H (16) (22) 69 33 15167 18516 19943 1.47 1.69 25 16.8 14.7 n.a. n.a. 3.9 n.a. 2.3 2.6 n.a. 1% 24.8% Jasmine Lai<br />

CITIC Int'l Financial * Dec 20 2545 3.43 5.00 46 B (19) (38) (41) 12 1852 2471 3532 0.44 0.62 38 7.8 5.5 n.a. n.a. 0.7 n.a. 2.6 6.2 n.a. 2% 7.9% Jasmine Lai<br />

Dah Sing Financial * Dec 12 1584 49.15 52.00 6 H (33) (14) (24) 0 1050 1248 1186 4.99 4.74 6 9.9 10.4 n.a. n.a. 1.2 n.a. 4.6 4.3 n.a. 1% 10.2% Jasmine Lai<br />

Public Financial * Dec 7 890 6.31 7.50 19 B 35 27 12 2 675 720 810 0.66 0.74 10 9.6 8.5 n.a. n.a. 1.1 n.a. 4.9 5.5 n.a. 3% 12.9% Jasmine Lai<br />

ICBC Asia * Dec 22 2892 18.30 21.60 18 B (10) (15) 11 2 1609 2048 2331 1.63 1.76 12 11.3 10.4 n.a. n.a. 1.4 n.a. 5.2 5.6 n.a. 1% 12.3% Jasmine Lai<br />

Wing Hang * Dec 33 4197 110.40 97.70 (12) S (1) 22 20 0 2033 1923 1990 6.48 6.70 (1) 17.0 16.5 n.a. n.a. 2.8 n.a. 2.9 3.0 n.a. 2% 20.6% Jasmine Lai<br />

Wing Lung Bank Dec 26 3406 113.80 79.60 (30) FV 28 45 41 0 1372 1338 1393 5.76 6.00 1 19.8 19.0 n.a. n.a. 2.0 n.a. 2.0 2.1 n.a. 2% 14.9% Jasmine Lai<br />

Sector 233 30050 32475 42590 47277 13.2 11.9<br />

Bio-Chem<br />

Global Bio-chem Dec 6 828 2.77 4.20 52 B 26 (1) 48 5 838 749 931 0.32 0.40 26 8.6 6.9 5.5 4.9 0.9 0.7 1.4 1.5 44% 7% n.a. Peter So<br />

Sector 6 828 838 749 931 8.6 6.9<br />

<strong>Cap</strong>ital Goods<br />

Singamas Dec 1 180 1.99 6.00 202 B (35) (56) (52) 4 269 322 420 0.53 0.69 25 3.8 2.9 4.6 3.7 0.6 0.1 6.6 8.6 112% 2% 8.2% Gideon Lo<br />

Sector 1 180 269 322 420 3.8 2.9<br />

Commercial Services<br />

Pico Far East * Oct 1 119 0.77 2.15 179 B (66) (73) (58) 3 146 171 198 0.14 0.17 17 5.4 4.7 2.2 1.6 1.1 0.4 10.2 11.8 cash 9% 19.9% Mavis Hui<br />

Sector 1 119 146 171 198 5.4 4.7<br />

Commodities<br />

Aluminium Corp of China * Dec 47 6049 11.90 11.20 (6) H (24) (44) 58 57 10838 10001 11282 0.74 0.83 (2) 16.1 14.3 7.4 6.7 2.6 1.4 1.9 2.1 2% 11% 20.4% Helen Wang Note 2<br />

Angang Steel Dec 19 2385 17.04 21.11 24 H (15) (34) 53 20 9523 10796 13450 1.49 1.86 10 11.4 9.2 5.2 4.2 1.9 0.6 4.2 5.3 49% 19% 38.1% Helen Wang<br />

Anhui Conch Cement Dec 21 2686 48.10 80.20 67 B (23) (23) 86 4 2704 3598 4188 2.30 2.67 24 20.9 18.0 12.9 11.3 6.7 2.8 0.8 0.9 113% 15% 29.9% Helen Wang<br />

Hunan Non-ferrous Dec 5 644 3.06 4.20 37 S (39) (62) (40) 24 584 617 589 0.19 0.18 0 16.0 16.8 6.6 5.4 1.3 0.3 1.2 1.2 51% 4% 9.3% Helen Wang<br />

Jiangxi Copper Dec 20 2611 14.60 14.80 1 H (24) (43) 51 34 4631 4508 4666 1.56 1.61 0 9.4 9.1 6.5 6.1 2.1 0.8 2.7 2.8 4% 29% 44.5% Helen Wang<br />

Lingbao Dec 1 135 3.53 5.47 55 FV (23) (50) (43) 4 124 201 247 0.26 0.32 41 13.6 11.0 7.8 6.3 1.6 8.8 2.1 2.5 33% 8% 21.0% Helen Wang<br />

Maanshan Iron & Steel Dec 7 858 3.84 5.80 51 H (23) (53) (20) 35 2390 2898 4526 0.45 0.70 37 8.6 5.5 5.0 3.7 1.0 0.4 4.1 6.4 62% 6% 12.3% Helen Wang<br />

Yanzhou Coal Dec 19 2471 9.79 17.10 75 H (28) (31) 52 27 3180 4137 4554 0.84 0.93 20 11.6 10.6 6.6 5.8 1.9 2.8 3.0 3.3 cash 12% 13.0% Helen Wang<br />

Zijin Mining * Dec 28 3562 6.90 11.13 61 H (36) (38) 73 54 2700 3866 4248 0.29 0.32 25 23.5 21.3 11.1 10.0 18.0 4.5 2.1 2.3 42% 20% 56.6% Helen Wang<br />

Sector 166 21402 36675 40619 47750 14.5 12.6<br />

Conglomerates-HK<br />

Shun Tak Dec 23 2911 9.70 14.38 48 B (16) (20) (4) 7 1089 714 2350 0.33 0.92 36 29.7 10.6 19.1 n.a. 0.6 4.2 1.6 3.6 cash 5% 8.4%<br />

Wheelock * Mar 41 5343 20.40 23.10 13 H (5) 1 24 1 2995 3085 3319 1.52 1.63 5 13.4 12.5 32.8 29.6 0.7 9.0 0.6 0.6 cash 4% 6.7% Jeff Yau<br />

Sector 23 2911 4084 3799 5669 16.9 11.3<br />

Consumer<br />

Aeon Stores Dec 4 469 14.00 16.57 18 H (19) (32) 63 0 143 167 190 0.98 0.98 7 14.3 14.3 5.5 4.3 4.6 0.5 1.9 2.2 cash 6% 17.3% Mavis Hui<br />

Beijing Jingkelong ^* Dec 1 97 4.14 11.86 186 B (37) (46) (44) 1 126 168 211 0.41 0.51 26 10.2 8.1 4.5 3.4 1.0 0.1 5.7 7.2 37% 4% 10.0% Mavis Hui Note 2<br />

Cafe de Coral * Mar 8 1055 14.82 16.50 11 H (21) 4 7 0 370 442 505 0.81 0.91 16 18.4 16.2 10.8 10.6 3.6 1.9 3.5 4.0 cash 20% 18.0% Alice Hui<br />

China Mengniu Dec 27 3452 18.78 33.00 76 B (24) (36) (7) 10 952 1240 1597 0.91 1.17 30 20.7 16.1 11.4 9.1 4.3 0.9 1.2 1.6 cash 11% 27.3% Alice Hui<br />

Giordano Dec 4 515 2.68 3.60 34 H (16) (19) (12) 7 302 346 400 0.23 0.27 15 11.5 10.0 6.1 5.5 2.2 5.8 9.9 9.9 cash 7% 9.5% Alice Hui<br />

Kingway Brewery Dec 3 365 1.66 1.75 5 FV (22) (33) (47) 2 9 56 102 0.03 0.06 230 51.0 27.7 10.2 6.8 1.0 1.3 0.7 1.4 18% 3% 5.8% Alice Hui<br />

Global Sweeteners Dec 1 154 1.14 2.40 111 B (14) (40) n.a. 4 192 247 341 0.24 0.33 14 4.8 3.5 1.5 0.6 0.9 0.6 3.1 4.3 49% 13% 57.4% Peter So Note 2<br />

Gome Elec Appliances FD Dec 55 7055 17.16 24.34 42 B (11) 16 105 11 1203 2092 2626 0.58 0.73 27 29.4 23.4 19.1 14.7 6.3 1.0 1.1 1.4 9% 5% 23.0% Mavis Hui<br />

Hengan * Dec 28 3609 24.50 25.60 4 FV (19) (5) 24 3 1006 1317 1616 1.14 1.38 22 21.6 17.7 14.1 11.5 4.6 3.6 3.1 3.8 27% 17% 24.9% Patricia Yeung<br />

IDS Group * Dec 7 885 21.85 35.07 61 B (9) (27) 16 0 220 274 343 0.88 1.10 25 24.9 19.9 16.2 13.6 5.8 0.6 2.4 3.0 14% 5% 23.6% Mavis Hui<br />

Li Ning * Dec 22 2864 21.45 28.00 31 B (30) (25) 33 4 523 750 965 0.73 0.93 36 29.5 23.0 19.2 14.8 8.9 0.3 1.4 1.7 cash 19% 30.1% Alice Hui<br />

Lianhua Supermarket Dec 2 271 10.16 11.80 16 H 3 (15) 2 1 291 357 435 0.57 0.70 23 17.7 14.5 5.9 4.4 2.6 0.3 1.9 2.3 cash 4% 12.0% Mavis Hui<br />

Lifestyle Dec 30 3822 17.40 21.90 26 H (20) (24) 42 3 1024 1241 1521 0.73 0.89 22 23.9 19.5 15.7 12.4 5.4 0.9 1.7 2.0 cash 12% 20.6% Mavis Hui<br />

Ming Fai * Dec 1 124 1.60 3.40 113 B (25) n.a. n.a. n.a. 126 152 189 0.25 0.32 9 6.3 5.1 2.4 1.9 1.2 0.9 6.3 7.9 cash 19% 28.9% Patricia Yeung Note 2<br />

Neo-Neon Dec 4 481 4.90 14.50 196 B (29) (46) (61) 3 325 437 564 0.58 0.74 32 8.5 6.6 5.2 3.9 1.4 1.7 2.9 3.8 cash 14% 18.4% P Yeung/J Yuen<br />

Oriental Watch * Mar 1 132 3.20 7.25 127 B (9) 19 95 1 95 132 161 0.44 0.50 21 7.3 6.3 5.3 4.4 0.9 0.2 3.2 3.9 13% 8% 11.8% Mavis Hui Note 2<br />

Parkson Dec 34 4342 60.60 108.19 79 B (26) (5) 37 2 751 1105 1460 1.99 2.64 39 30.4 23.0 19.8 14.7 10.2 7.4 1.6 2.2 cash 9% 23.0% Mavis Hui<br />

Sa Sa * Mar 4 517 2.91 3.78 30 B (11) 3 24 3 222 246 288 0.18 0.21 13 16.2 13.8 9.9 8.3 4.4 0.8 6.5 7.2 cash 16% 20.3% Mavis Hui<br />

Texwinca * Mar 8 984 5.75 6.65 16 H (20) (15) 5 2 625 757 873 0.57 0.66 18 10.1 8.7 6.5 5.5 2.1 0.8 5.7 6.6 26% 29% 20.4% Alice Hui<br />

Times Ltd ^ Dec 2 243 2.16 6.18 186 B (25) (41) n.a. 1 106 160 217 0.18 0.25 43 11.8 8.7 3.5 2.4 1.5 0.4 2.5 3.4 cash 5% 14.1% Mavis Hui Note 2<br />

Tingyi Holding Dec 50 6483 9.00 10.80 20 H (20) (16) 35 4 1571 1886 2259 0.34 0.40 20 26.7 22.3 12.1 10.4 6.2 1.7 3.4 4.1 11% 11% 16.7% Alice Hui<br />

Tsingtao Brewery Dec 13 1697 20.10 19.75 (2) FV (17) (25) 61 2 652 754 1266 0.60 0.96 36 33.5 20.9 17.3 15.6 4.6 1.5 1.8 2.9 cash 5% 8.8% Alice Hui<br />

Walker Group* Mar 1 106 1.32 5.65 328 B (62) (64) n.a. 1 83 134 178 0.23 0.29 24 5.8 4.6 1.6 1.0 1.0 0.9 3.3 4.3 37% 22% 60.7% Alice Hui Note 2<br />

Win Hanverky * Dec 2 204 1.25 2.20 76 B (40) (55) (73) 2 290 321 383 0.25 0.30 14 4.9 4.1 1.8 1.5 0.8 0.4 6.1 7.3 cash 13% 18.3% Alice Hui Note 2<br />

Wumart * Dec 3 442 6.77 8.92 32 B 8 (10) 2 3 322 418 484 0.34 0.40 23 19.7 17.1 11.1 9.1 3.3 0.8 1.8 2.1 cash 6% 15.4% Mavis Hui<br />

Vedan Dec 1 132 0.67 1.06 58 H (20) (29) (35) 1 119 134 153 0.09 0.10 13 7.6 6.6 3.0 2.7 0.5 0.4 6.6 7.6 23% 3% 4.5% Alice Hui Note 3<br />

Vitasoy * Mar 3 438 3.36 3.65 9 H 2 (0) 7 0 174 206 240 0.20 0.24 17 16.4 14.1 7.8 6.9 2.7 1.1 5.8 5.8 cash 7% 13.9% Alice Hui<br />

Sector 322 41463 12325 15900 19971 21.7 19.0

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