Economics Inflation Page 2 Sep 17 PPI beat expectations while consumer inflation in line.

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1 PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. CHINA Economics Inflation Page 2 Sep 17 PPI beat expectations while consumer inflation in line. Asian Gems Corporate Highlights China Singyes Solar Technologies (75 HK/HOLD/HK$2.8/Target: HK$2.5) Page 4 Cash flows remain robust. Yangtze Optical Fibre and Cable (6869 HK/BUY/HK$3.65/Target: HK$33.7) Page 7 Optimistic on China demand for optical fibre and cable. Small/Mid Cap Highlights XiabuXiabu (52 HK/BUY/HK$1./Target: HK$13.88) Page 1 Organic growth from hotpot; new brand and tea drink a call option. HONG KONG Asian Gems Corporate Highlights IGG Inc (799 HK/BUY/HK$11.4/Target: HK$14.5) Page 13 On track for growth as expected. INDONESIA Asian Gems Corporate Highlights Bumi Serpong Damai (BSDE IJ/BUY/Rp1,765/Target: Rp2,15) Page 16 On track to meet 217 pre-sales target; acquires office building. MALAYSIA Update Genting Plantations (GENP MK/HOLD/RM1.58/Target: RM9.95) Page 19 Neutral on long-term outlook as the strong production growth from Indonesia will be partly offset by potential CPO price weakness and lower production from Malaysia. SINGAPORE Results M1 (M1 SP/BUY/S$1.81/Target: S$1.95) Page 22 3Q17: Steady growth from post-paid mobile and fixed services. Update Thai Beverage (THBEV SP/BUY/S$.96/Target: S$1.9) Page 25 Positioning for Vision 22 with Grand Royal acquisition. THAILAND Sector Property Page 28 Expect strong 3Q17 presales; more optimistic earnings outlook. KEY INDICES Prev Close 1D % 1W % 1M % YTD % DJIA S&P FTSE (.1) AS CSI (.2) FSSTI HSCEI HSI JCI KLCI (.1) (.5) (1.8) 6.9 KOSPI Nikkei SET TWSE BDI CPO (RM/mt) (3.8) (14.6) Brent Crude (US$/bbl) Source: Bloomberg TOP PICKS Ticker CP (lcy) TP (lcy) Pot. +/- (%) BUY CSPC Pharmaceutical 193 HK Waskita Karya WSKT IJ 2,4. 3, Ekovest EKO MK Gabungan AQRS AQRS MK OCBC OCBC SP Siam Cement SCC TB SELL Great Wall Motor 2333 HK (5.) UMW Holdings UMWH MK (14.9) KEY ASSUMPTIONS GDP (% yoy) F 218F US Euro Zone Japan Singapore Malaysia Thailand Indonesia Hong Kong China Brent (Average) (US$/bbl) CPO (RM/mt) 2,653 2,6 2,4 Source: Bloomberg, UOB ETR, UOB Kay Hian CORPORATE EVENTS Venue Begin Close Analyst Presentation on Indonesia Hong Kong 17 Oct 18 Oct Consumer Piece and Strategy Luncheon with O-Net Technologies Hong Kong 17 Oct 17 Oct Fintech Seminar 217 Kuala Lumpur 19 Oct 19 Oct Roadshow with PT Bumi Serpong Damai Taipei 24 Oct 25 Oct Roadshow with Hong Leong Bank Hong Kong 26 Oct 27 Oct Roadshow with Gabungan AQRS Singapore 31 Oct 1 Nov Luncheon with Globetronics Technology Malaysia 1 Nov 1 Nov UOB Kay Hian Annual Regional Strategy Kuala Lumpur 13 Nov 13 Nov Conference 1

2 ECONOMICS CHINA Inflation Sep 17 PPI Beat Expectations While Consumer Inflation In Line China s PPI inflation accelerated for two consecutive months to 6.9% yoy in September due to strong commodity prices. Meanwhile, weaker food prices dragged CPI inflation to 1.6% yoy while core CPI remained stable at 2.3% yoy. Looking ahead, downstream sectors may face margin compression if the strong commodity prices are sustained. Upstream producers and services providers have a better margin outlook. WHAT S NEW Weaker food prices slowed CPI inflation. Headline CPI inflation edged down.2ppt to 1.6% yoy in Sep 17, in line with Bloomberg consensus estimate of 1.6% yoy. Food prices continued to fall by1.4% yoy (Aug 17: -.2% yoy). Despite a slight recovery, pork prices still fell 12.4% yoy (Aug 17: -13.4% yoy). Service sectors continued to support core inflation. Core CPI inflation remained stable at 2.3% yoy in Sep (Aug 17: 2.2% yoy), continuing to be bolstered by strong service prices. Prices of healthcare services soared to 9.2% yoy (Aug 17: +6.4% yoy), while prices of travel services also edged up to 3.8% yoy from 3.5% in Aug 17. PPI inflation boosted by strong commodity prices. PPI inflation rose to 6.9% yoy in Sep 17 from 6.3% yoy in Aug 17, beating Bloomberg consensus estimate of 6.4% yoy. The strong commodity prices were supported by supply-side reform which lifted producer inflation. PPI for steel and aluminium processing remained on the uptrend, growing 31.5% yoy and 2.2% yoy respectively (Aug 17: 29.1% and 16.3% yoy). On the other hand, PPI for consumer goods, specifically clothing, edged down to 1.2% yoy from 1.4% yoy in Aug 17. OUR VIEWS Producer inflation yet to spill over to consumer level. PPI of consumer goods remained flat across the board, with the exception of daily goods which saw prices growing 1.3% yoy from.8% yoy in Aug 17. This indicates a lack of pricing power for downstream manufacturers. If commodity prices stay at a high level due to supply-side reform, there will be margin pressures for downstream manufacturers. In this respect, upstream producers and services providers will have a better margin outlook. CONSUMER PRICE INDEX (yoy % chg) Sep 17 ppt chg Aug 17 Jul 17 Headline CPI Food Core CPI Food and tobacco, liquor Clothing Residence Daily necessities and services Transportation and communication Recreational, educational and cultural articles Medical-related articles Othe products and services Source: NBS, Wind, UOB Kay Hian CPI AND CORE CPI (yoy % chg) CPI Core CPI Source: NBS, Wind, UOB Kay Hian FOOD AND PORK PRICES (yoy % chg) Pork Price Food Price Source: NBS, Wind, UOB Kay Hian PPI OF CONSUMER AND PRODUCER GOODS (yoy % chg) Consumer Goods Producer Goods Source: NBS, Wind, UOB Kay Hian PPI AND PURCHASING PRICE INDEX (yoy % chg) PPI Purchasing Price Index Source: NBS, Wind, UOB Kay Hian ANALYST(S) Tham Mun Hon, CFA munhon.tham@uobkayhian.com.hk 2

3 PRODUCER PRICE INDEX (yoy % chg) Sep 17 ppt chg Aug 17 Jul 17 Headline PPI Producer Goods Mining and quarrying Raw materials Processing Consumer Goods Food Clothing Articles for daily use Durable consumer goods.... Purchasing Price Index Fuel and Power Ferrous Metal Material Non-ferrous Metal Materials and Wires Chemical Raw Materials Wood and Pulp Building Materials and Non-metallic Other Industrial Raw Materials and Semi-products Agricultural and Sideline Products Textile Raw Materials Source: NBS, Wind, UOB Kay Hian 3

4 ASIAN GEMS CORPORATE HIGHLIGHTS China Singyes Solar Technologies (75 HK) Cash Flows Remain Robust Investors concerns were largely focused on Singyes EPC business outlook and solar farms. While investors were re-assured by its robust cash flows, concerns were raised over future EPC earnings and the high interest expense for the next few years. Maintain HOLD with a slightly higher target price of HK$2.5. Entry price: HK$2.3. WHAT S NEW Hints of a shift back towards solar EPC. While China Singyes Solar s (Singyes) disposal of its solar farms helps to partly deleverage its balance sheet, it also hints at a gradual return to its solar EPC business roots. Investors reactions to this were mixed owing to the perception of declining ASP for the EPC business. However, some reassurance was taken from the fact that higher volume of solar installations would offset the decline in ASP, and that margins will be maintained at current levels of ~25%. Solar farms are at cash flow breakeven. Investors also questioned Singyes cash flow for the solar farm business. These remain robust, hovering at breakeven levels after operating and financing cost before the impact of tariff adjustments. Fresh bond raising a near- to medium-term drag on earnings. Singyes announced on 12 Oct 17 that it was seeking to issue US$16m bond due 218 at 6.75%. The bulk of this will be used to repay the Rmb56m 7.875% note due Nov 17. Despite the lower interest rate, this introduces about Rmb7m of interest expense that lowers our FY18 earnings by 9%. STOCK IMPACT Refinancing expenses a drag on near- to medium-term earnings. Singyes is in a transitional phase as it rejigs its balance sheet and business strategy. Solar farm divestments should not significantly impact earnings due to the smallish contribution but will help reduce its debt levels. That said, these are insufficient and cannot drastically affect earnings in the near term, as a large part of its financing expense stems from bond issuances, rather than project level debt. HOLD (Maintained) Share Price HK$2.8 Target Price HK$2.5 Upside -1.7% (Previous TP HK$2.45) COMPANY DESCRIPTION China Singyes Solar Technologies Holdings engages in the design, fabrication, and installation of curtain walls, thin-film building integrated photovoltaic systems, and other solar energy products. STOCK DATA GICS sector Industrials Bloomberg ticker: 75.HK Shares issued (m): Market cap (HK$m): 2,335.4 Market cap (US$m): mth avg daily t'over (US$m): 1.3 Price Performance (%) 52-week high/low HK$4.12/HK$2.44 1mth 3mth 6mth 1yr YTD (2.1) (7.9) (15.5) (3.8) (22.8) Major Shareholders % Liu Hongwei 35.5 FY17 NAV/Share (HK$) 5.17 FY17 Net Debt/Share (HK$) 4.73 PRICE CHART (lcy) CHINA SINGYES SOLAR TECH CHINA SINGYES SOLAR TECH/HSI INDEX (%) 11 1 KEY FINANCIALS Year to 31 Dec (Rmbm) F 218F 219F Net turnover 4,182. 5, ,616. 5, ,71.1 EBITDA , , Operating profit Net profit (rep./act.) Net profit (adj.) EPS (fen) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) Interest cover (x) ROE (%) Consensus net profit UOBKH/Consensus (x) Source: Singyes, Bloomberg, UOB Kay Hian Volume (m) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Foo Zhi Wei zhiwei@uobkayhian.com

5 EARNINGS REVISION/RISK Lower F earnings by 7-9%. We have factored higher interest expense for its debt facilities, as well as incorporated the impact of higher financial expense from the US$16m bond and change in timing of earnings recognition of the Uzbekistan project. Our revised earnings over is Rmb359m (-3%), Rmb343m (-9%) and Rmb424m (-3%). VALUATION/RECOMMENDATION Maintain HOLD and lift target price slightly to HK$2.5. Given the recent re-rating in the solar segment, we have revised up our target price to HK$2.5, based on 5.2x 1-year forward PE, derived from a P/B-ROE relationship. This represents a 17% discount to its long-term mean of 6.3x. Despite the positive macro trend, high interest expense should eat into earnings growth in the near term. Maintain HOLD. Entry price is HK$2.3. SHARE PRICE CATALYST Larger-than-expected increase in solar installations within China. 5

6 PROFIT & LOSS BALANCE SHEET Year to 31 Dec (Rmbm) F 218F 219F Year to 31 Dec (Rmbm) F 218F 219F Net turnover 5, ,616. 5, ,71.1 Fixed assets 4, , , ,681.2 EBITDA 1, , Other LT assets Deprec. & amort Cash/ST investment EBIT Other current assets 5, , ,38.7 4,85.3 Total other non-operating income Total assets 1, , , ,539.9 Associate contributions (23.3) (12.).. ST debt 1, ,839. 3,36.8 3,275.6 Net interest income/(expense) (368.) (587.3) (358.8) (247.2) Other current liabilities 1, , ,52.9 1,465.8 Pre-tax profit LT debt 2,76. 2, Tax (114.4) (99.2) (111.2) (1.2) Other LT liabilities Minorities (1.6) (2.5) (4.9) (6.) Shareholders' equity 4, , , ,11.1 Net profit Minority interest Net profit (adj.) Total liabilities & equity 1, , , ,539.9 CASH FLOW KEY METRICS Year to 31 Dec (Rmbm) F 218F 219F Year to 31 Dec (%) F 218F 219F Operating Profitability Pre-tax profit EBITDA margin Tax (13.4) (99.2) (111.2) (1.2) Pre-tax margin Deprec. & amort Net margin Associates ROA Working capital changes (674.) (98.5) ROE Non-cash items (54.8)... Other operating cashflows Growth Investing (933.1) (199.8) (254.8) (256.2) Turnover (5.3) (4.7) Capex (growth) (949.3) (5.) (5.) (5.) EBITDA 51.1 (8.5) (5.5) (4.2) Investments (16.4)... Pre-tax profit 4.1 (53.7) Proceeds from sale of assets Net profit 41.3 (62.4) Others (88.7) Net profit (adj.) (4.4) 23.5 Financing (277.4) (835.4) (635.8) EPS (4.4) 23.5 Dividend payments (17.5) (18.7) (29.9) (37.4) Issue of shares Leverage Proceeds from borrowings 1, Debt to total capital Loan repayment (1,42.5) (4.5) (35.) Debt to equity Others/interest paid (265.5) (411.2) (45.) (293.4) Net debt/(cash) to equity Net cash inflow (outflow) (59.1) (145.4). Interest cover (x) Beginning cash & cash equivalent 1, Changes due to forex impact Ending cash & cash equivalent

7 ASIAN GEMS CORPORATE HIGHLIGHTS Yangtze Optical Fibre and Cable (6869 HK) Optimistic On China Demand For Optical Fibre And Cable Yangtze Optical Fibre and Cable s management remained optimistic about the future demand for optical fibre and cable in China, as China Mobile is catching up with China Telecom in the fixed-line broadband business, and 5G will create another round of strong demand. Maintain BUY and target price of HK$33.7. WHAT S NEW CM to drive demand for optical cable. According to Yangtze Optical Fibre and Cable s (YOFC) management, despite China Mobile (CM) accounting for over 5% of China s optical fibre and cable demand in 217, it still needs to catch up with China Telecom (CT) in fixed line coverage and is competing heavily with CT for the 4G pole position. Although the strategy of fibre to the village is not very profitable for telecom operators, management believes telecom operators have to spend heavily on the related capex as connecting broadband to village is one of the government s top policy priorities. 5G to drive next round of strong demand. Differing from the market expectations of trial network operation in 219 and commercial operation in 22, management believes the trial run of 5G network will only happen in 22 as they expect international standards for 5G to only be fixed in 2H18. Once the standards are set, telecom operators can then decide the telecom equipment they need and the related capex budget. Given the nature of high frequency, high speed and low coverage area for 5G, the 5G construction will need more small cells to be connected by optical fibre network than 4G. Hence, management expects the demand for optical fibre and cable by 5G to be higher than that for 4G. CU s capex to remain muted until 5G capex kicks off. For China Unicom (CU), most of their demand for optical fibre and cable is for the maintenance and replacement of existing wireless and fixed-line networks. YOFC s management has no idea whether CU will be budgeting more capex after the corporate restructuring, but it expects CU to pin its hope on 5G rollout given that it is lagging its peers in the 4G business. BUY (Maintained) Share Price Target Price HK$3.65 HK$33.7 Upside +1% COMPANY DESCRIPTION The group is principally engaged in the research, development, production and sale of optical fibre preforms, optical fibres, optical fibre cables and related products. STOCK DATA GICS sector Information Technology Bloomberg ticker: 6869 HK Shares issued (m): Market cap (HK$m): 2,872.7 Market cap (US$m): 2, mth avg daily t'over (US$m): 7 Price Performance (%) 52-week high/low HK$31.5/HK$14. 1mth 3mth 6mth 1yr YTD Major Shareholders % China Huaxin FY17F NAV/Share (Rmb) 7.37 FY17F Net Cash/Share (Rmb).45 PRICE CHART KEY FINANCIALS Year to 31 Dec (Rmbm) F 218F 219F Net turnover 6,731 8,12 1,456 11,463 11,815 EBITDA ,385 1,615 1,771 Operating profit ,218 1,419 1,54 Net profit (rep./act.) ,121 1,33 1,413 Net profit (adj.) ,121 1,33 1,413 EPS (fen) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) (9.8) (12.9) 6.1 (12.8) (1.5) Interest cover (x) ROE (%) Consensus net profit - - 1,13 1,299 1,426 UOBKH/Consensus (x) Source: YOFC, Bloomberg, UOB Kay Hian (lcy) Volume (m) YANGTZE OPTICAL FIBRE AND-H YANGTZE OPTICAL FIBRE AND-H/HSI INDEX (%) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Yukkei Lee, CFA yukkei.lee@uobkayhian.com.hk

8 The upcoming open tender may signify strong demand in 218. To prepare for the stocking of optical fibre and cable for 1H18, management expects telecom operators to announce the upcoming open tender results in Dec 17. Management also expects the telecom operators to announce the open tender results for 2H18 optical fibre and cable in Jun 18. Management expect 218 capex of three telecom operators to be at least the same as 217. In terms of demand of optical fibre and cable, management foresees strong demand in 218, and should be comparable with the demand in 217, based on channel check. YOFC has 1-year visibility on its orders. Not concerned about over-capacity of preform industry. Management is not too concerned about new entrants to the preform industry as this industry has high barriers to entry. Moreover, existing smaller players would encounter some restrictions such as negotiations and purchase of equipment from technical partners to further expand their production capacity. Looking for downstream expansion opportunity. Given the over-capacity in the optical cable industry with over 1 players, YOFC prefers to focus on the expansion of preform production first as preform business has the highest margin, and the competitive landscape of preform is much healthier with only 13 players in the market. YOFC has the largest preform market share of 3-35% in China. YOFC is considering venturing further downstream by helping telecom operators build cable networks. A-share listing in progress. YOFC submitted its A-share listing application to CSRC in Jun 17 and is now ranked at 19 th in the queue. Assuming the CSRC can maintain the approval speed of five to six companies to be processed a week, management expects YOFC to get listed in Jun-Jul 18. STOCK IMPACT Maintain operating assumptions. We maintain our operating assumptions unchanged. EARNINGS REVISION/RISK No earnings revision. We maintain our net profit forecasts for at Rmb1.12b, Rmb1.3b and Rmb1.41b respectively, implying yoy growth of 6%, 16% and 8% respectively. VALUATION/RECOMMENDATION Maintain BUY and target price HK$33.7, based on 15x 218F PE, as we keep our operating assumptions and financial forecasts unchanged. China s internet and telecommunication network upgrade remains our core investment theme for YOFC. SHARE PRICE CATALYST Better-than-expected open tender results from telecom operators, and earlier-thanexpected A-share listing progress. 8

9 PROFIT & LOSS Year to 31 Dec (Rmbm) F 218F 219F Net turnover 8,12.3 1, , ,815.5 EBITDA , ,615. 1,771.3 Deprec. & amort EBIT , ,419. 1,54.1 Total other non-operating income (54.1)... Associate contributions Net interest income/(expense) (51.9) (61.5) (61.5) (61.5) Pre-tax profit , ,56.5 1,635.1 Tax (97.) (193.9) (226.) (245.3) Minorities Net profit , ,33.2 1,412.5 Net profit (adj.) , ,33.2 1,412.5 BALANCE SHEET Year to 31 Dec (Rmbm) F 218F 219F Fixed assets 2,19. 2,32.8 3,6.9 3,475.6 Other LT assets 1, , , ,523.5 LT debt n.a. n.a. n.a. n.a. Cash/ST investment 1, , Other current assets 3,28.5 4, , ,966.4 Total assets 8, , ,32.9 1,955.2 ST debt Other current liabilities 1, , , ,914.4 Other LT liabilities 1,17. 1,17. 1,17. 1,17. Shareholders' equity 4, ,27.7 5, ,788.2 Minority interest Total liabilities & equity 8, , ,32.9 1,955.2 CASH FLOW Year to 31 Dec (Rmbm) F 218F 219F Operating 1,32.9 (223.2) 2, Pre-tax profit , ,56.5 1,635.1 Tax (12.7) (193.9) (226.) (245.3) Deprec. & amort Associates (15.) (135.5) (149.) (156.5) Working capital changes 51.4 (1,414.) 96.3 (1,84.7) Non-cash items Other operating cashflows Investing (1,152.9) (45.) (9.) (7.) Capex (growth) (829.3) (45.) (9.) (7.) Investments.... Proceeds from sale of assets Others (33.8)... Financing (769.6) (173.9) (336.4) (391.) Dividend payments (118.7) (173.9) (336.4) (391.) Issue of shares.... Proceeds from borrowings 3, Loan repayment (4,274.9)... Others/interest paid Net cash inflow (outflow) (619.6) (847.2) 1,58.9 (649.6) Beginning cash & cash equivalent 2,47.1 1, ,639.3 Changes due to forex impact.... Ending cash & cash equivalent 1, , KEY METRICS Year to 31 Dec (%) F 218F 219F Profitability EBITDA margin Pre-tax margin Net margin ROA ROE Growth Turnover EBITDA Pre-tax profit Net profit Net profit (adj.) EPS Leverage Debt to total capital Debt to equity Net debt/(cash) to equity (12.9) 6.1 (12.8) (1.5) Interest cover (x)

10 SMALL/MID CAP HIGHLIGHTS XiabuXiabu (52 HK) Organic Growth From Hotpot; New Brand And Tea Drink A Call Option Since opening its first hotpot restaurant in Beijing in 1999, XB has grown into the largest hotpot chain restaurant in China in terms of restaurant outlets. On top of capturing secular industry trends of dining out and the consumption upgrade in China, XB is rolling out new initiatives, which include a new hotpot restaurant brand and new products to accelerate organic growth. Initiate coverage with a BUY and DCF-derived target price of HK$ INVESTMENT HIGHLIGHTS Gaining popularity in fast casual hotpot dining. With rising personal income, higher living standards and changing lifestyle habits, Chinese consumers, especially the younger ones, now prefer dining out more frequently and spending more on catered foods. Despite the highly fragmented hotpot restaurant industry in China which has low entry barriers, we believe large-scale chain operators will be able to gain market share from smaller players in the face of rising cost environment and more stringent consumer preferences on food safety/quality and dining atmospheres. XB has plenty of room to expand nationwide. XiabuXiabu Catering Management (XB) has penetrated only 64 cities in terms of Xiabu restaurant count in China. As hotpot is widely accepted in Chinese community, we believe there is still very large potential for the Xiabu brand of restaurants to further penetrate other cities. XB expects almost 9% of its new store openings to take place in non-tier-1 cities. Leveraging on its highly scalable and replicable business model, we forecast the Xiabu brand of restaurants would reach 869 outlets in 219. New initiatives to enhance Xiabu restaurant sales and profitability. To further cater to the consumption upgrade trend, XB has started upgrading its existing Xiabu restaurant outlets into Xiabu 2. restaurants, which provide higher-priced items and menus with more SKUs than Xiabu 1.. The shop design of Xiabu 2. allows consumers to hold social functions and gatherings. After the upgrade, Taiwanese hand-shaken tea products will be introduced at these Xiabu 2. shops. Delivery of takeout food is also another initiative but contribution seems limited in the near term. Click here for our Red Top dated 16 Oct 17 Organic Growth From Hotpot; New Brand And Tea Drink A Call Option. KEY FINANCIALS Year to 31 Dec (Rmbm) F 218F 219F Net turnover 2,425 2,758 3,474 4,35 5,13 EBITDA ,62 Operating profit Net profit (rep./act.) Net profit (adj.) EPS (fen) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) (91.5) (86.2) (86.3) (87.) (9.2) ROE (%) Consensus net profit UOBKH/Consensus (x) Source: XB, Bloomberg, UOB Kay Hian BUY Share Price Target Price HK$1. HK$13.88 Upside +38.8% COMPANY DESCRIPTION The group is principally engaged in Chinese hotpot restaurant operations in China. STOCK DATA GICS sector Consumer Discretionary Bloomberg ticker: 52 HK Shares issued (m): 1,72.3 Market cap (HK$m): 1,744.7 Market cap (US$m): 1, mth avg daily t'over (US$m): 2.9 Price Performance (%) 52-week high/low HK$1.64/HK$4.29 1mth 3mth 6mth 1yr YTD Major Shareholders % Ying Qi Investment 42.1 FY17F NAV/Share (Rmb) 1.9 FY17F Net Cash/Share (Rmb) 1.64 PRICE CHART (lcy) Volume (m) XIABUXIABU CATERING MANAGEME XIABUXIABU CATERING MANAGEME/HSI INDEX (%) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Yukkei Lee, CFA yukkei.lee@uobkayhian.com.hk Jasmine Duan Jasmine.duan@uobkayhian.com

11 New brand Coucou is a wildcard. XB introduced the first Coucou outlet in Beijing in Jun 16, and as at end-jun 17, had a total of six Coucou restaurants. We are positive about this product line extension as Coucou is positioned as a mid- to high-end and full-service restaurant model, which we view as complementary to Xiabu restaurants. Tea business is a call option. Following the rising popularity of coffee drinks in China, tea appears to be another hot item that reflects consumer lifestyle changes and consumption upgrade. We like XB s strategy of piggybacking its tea operations on Coucou and Xiabu stores. Thus, investment risk is well-controlled and may create synergy with its hotpot business. An independent development of the tea business could be a long-term trump card. STOCK IMPACT 1H17 results highlight. XB reported a decent set of results for 1H17, with net profit soaring 35% yoy to Rmb188m on a 25% yoy increase in revenue to Rmb1.58b. Revenue growth was driven by decent nationwide SSSG growth of 7.2% and a net increase of 12 stores or 18.4% yoy growth in store numbers. XB attributed the good SSSG to an effective promotional campaign, enhanced branding initiatives and upgraded old Xiabu 1. restaurants. According to management, upgraded stores have higher SSSG of 1-15% and nationwide 1H17 SSSG grew by 3ppt due to the upgrading of stores as well as raw food delivery services. By geographical segmentation, Beijing remains the largest contributor, accounting for 53% of total revenue. Sales contribution from Beijing has been diluted by the rapid growth in Hebei and other regions such as Central and North-eastern regions. Sales in Hebei and other regions soared 3% and 17% yoy respectively in 1H17. EARNINGS REVISION Revenue CAGR of 23% from Our assumptions are mainly based on doubledigit revenue growth of Xiabu restaurants, supplemented by rapid growth of the Coucou brand in the next three years. Our revenue forecasts are premised on restaurant store count, average spending per head and seat turnover rate. VALUATION/RECOMMENDATION Initiate with BUY and target price of HK$ We initiate coverage with a BUY and target price at HK$13.88 is derived from the DCF model. We deem DCF is the most suitable valuation methodology to evaluate XB s intrinsic value because: a) the fast casual dining business is less sensitive to economic cycle, b) XB s free cash flow is solid with high visibility, and c) it can better capture XB s long-term growth potential. Our DCFderived target price translates into 23x 218F PE. SHARE PRICE CATALYST Robust growth of fast casual hotpot (FCH) market. According to Frost & Sullivan, in 213, FCH accounted for around 3.7% of China s FCR market and.2% of CSM. It is expected to grow at a faster speed than the whole fastfood restaurant market with a CAGR of 25.5% from XB is currently the dominant player of the FCH market with a market share of 51.9% in 213. RISKS Risks include: a) Failure to ramp up Coucou, b) sharp slowdown in Chinese economy, c) food safety issue and output in China, d) weaker-than-expected new restaurant openings, e) intensifying market competition, f) unable to pass through cost pressure, and g) change in consumer tastes. % OF DINING-OUT VS URBAN HOUSEHOLDS IN CHINA (%) F215F216F217F218F Home-dining Out-dining Source: National Bureau of Statistics, Frost & Sullivan, UOB Kay Hian REVENUE BY BRAND (Rmbm) 6, 5, 4, 3, 2, 1, 2,425 2, , , , F 218F 219F Xiabu Coucou Source: XB, UOB Kay Hian SSSG AND OPERATING MARGINS (%) F 218F 219F Source: XB, UOB Kay Hian SSSG (Xiabu only) 2.9 OPM PEERS FORWARD PE AGAINST EPS CAGR PE (x) Cafe de Coral McDonald Fairwood Under-valued in terms of CAGR YUMC Starbucks Ajisen Gourmet Xiabu 1.8 Tang Palace Source: Bloomberg, UOB Kay Hian CAGR (%) Over-valued in terms of CAGR 11

12 PROFIT & LOSS Year to 31 Dec (Rmbm) F 218F 219F Net turnover 2, , ,35.2 5,13.5 EBITDA ,62.2 Deprec. & amort EBIT Total other non-operating income Associate contributions Net interest income/(expense).... Pre-tax profit Tax (15.1) (129.2) (161.7) (194.2) Minorities.... Net profit Net profit (adj.) BALANCE SHEET Year to 31 Dec (Rmbm) F 218F 219F Fixed assets Other LT assets LT debt n.a. n.a. n.a. n.a. Cash/ST investment 1, , ,88.7 2,558.3 Other current assets Total assets 2, , ,165. 3,757.8 ST debt.... Other current liabilities Other LT liabilities Shareholders' equity 1, ,3.4 2, ,836.3 Minority interest.... Total liabilities & equity 2, , ,165. 3,757.8 CASH FLOW Year to 31 Dec (Rmbm) F 218F 219F Operating Pre-tax profit Tax (1.1) (129.2) (161.7) (194.2) Deprec. & amort Associates.... Working capital changes (33.9) Non-cash items (5.)... Other operating cashflows (36.6). (.1) (.5) Investing (166.7) (27.5) (263.2) (288.) Capex (growth) (189.2) (27.5) (263.2) (288.) Investments.... Proceeds from sale of assets.... Others Financing (145.4) (147.5) (175.4) (217.1) Dividend payments (113.7) (147.5) (175.4) (217.1) Issue of shares (31.8)... Proceeds from borrowings.... Loan repayment.... Others/interest paid.... Net cash inflow (outflow) Beginning cash & cash equivalent 1, , , ,88.7 Changes due to forex impact Ending cash & cash equivalent 1, , ,88.7 2,558.3 KEY METRICS Year to 31 Dec (%) F 218F 219F Profitability EBITDA margin Pre-tax margin Net margin ROA ROE Growth Turnover EBITDA Pre-tax profit Net profit Net profit (adj.) EPS Leverage Debt to total capital.... Debt to equity.... Net debt/(cash) to equity (86.2) (86.3) (87.) (9.2) Interest cover (x) n.a. n.a. n.a. n.a. 12

13 ASIAN GEMS CORPORATE HIGHLIGHTS IGG Inc (799 HK) On Track For Growth As Expected IGG provided updates on its operation metrics and future strategy, which turned out to be in line with our estimates. Lords Mobile continued to perform well, with about 6m total registered users and 6.7m MAU in Oct 17. The stock is trading at 8.6x 218F PE, lower than peers average of 12.5x. Maintain BUY. Target price: HK$14.5. WHAT S NEW Financial and operating wrap-up. Lords Mobile (LM), Castle Clash and Clash of Lords II contributed 69%, 23% and 5% of revenue respectively, during 1H17. Lords Mobile s monthly gross billing topped US$41m in Jun 17, while Castle Clash s averaged at about US$11m in 1H17. Gross margin was 68% in 1H17, and was guided to hover between 68-7%. During 1 July-15 October, LM s grossing rank was stable, ranging 1-3 in major countries such as China, Korea, the US and major European countries, according to App Annie. Multiple initiations in growing user base. IGG believes LM is still ramping up, and should be able to grow its registered users further. The company launched the Android version of LM in China in Sep 17 in order to reach the remaining 8% of smartphone users in China. In addition, IGG recently hired singer Jolin Tsai as the ambassador for LM, who has a large fan base matching IGG s typical user profile. IGG s typical user is defined as 2-25-year-old male with good spending power, according to the company. IGG is also attempting to appeal to female players, with a casual game Sweet Maker in pipeline. R&D expenditure focusing on high quality games, staff retention. IGG s development period for a game has been extended to years from 8 months previously, as the company is focusing on developing high quality games only. IGG is also taking measures to ensure staff retention. The company awards R&D staff of wellperforming games with treasury shares or a cut from the monthly gross billings. User acquisition cost is higher in developed markets. For each new user acquired, IGG pays US$1-15 in North America and Europe, US$2-3 in Japan and Korea, US$5-1 in China, and US$1 in Vietnam, according to the company. LM unaffected by Chaos King. Tencent s Chaos King, a new MMO (massively multiplayer online) game similar to LM, recorded monthly grossing rank of 8 th in September in China. Contrary to market concerns, LM was relatively unaffected. LM s China grossing rank stayed stable between 15-3 during the 1 July-15 October period. Currently, LM s registered users are about 6m with 6.7 monthly active users (MAU). Paying users account for 5% of MAU, spending US$12 per month on average. KEY FINANCIALS Year to 31 Dec (US$m) F 218F 219F Net turnover EBITDA Operating profit Net profit (rep./act.) Net profit (adj.) EPS (US$ cent) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) (97.4) (93.9) (95.1) (96.) (96.9) ROE (%) Consensus net profit UOBKH/Consensus (x) Source: IGG Inc, Bloomberg, UOB Kay Hian BUY (Maintained) Share Price Target Price HK$11.4 HK$14.5 Upside +31.3% COMPANY DESCRIPTION The company is an online games developer and operator offering multi-language browser games, client-based games and mobile games globally. STOCK DATA GICS sector Information Technology Bloomberg ticker: 799 HK Shares issued (m): 1,356. Market cap (HK$m): 14,97.5 Market cap (US$m): 1, mth avg daily t'over (US$m): 32.5 Price Performance (%) 52-week high/low HK$14.1/HK$5.3 1mth 3mth 6mth 1yr YTD (1.8) (13.1) Major Shareholders % Cai Zongjian 17.6 FY17 NAV/Share (US$).2 FY17 Net Cash/Share (US$).19 PRICE CHART (lcy) IGG INC IGG INC/HSI INDEX Volume (m) (%) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Julia Pan ext 88 juliapan@uobkayhian.com Pierce Qian ext 81 pierceqian@uobkayhian.com

14 LORDS MOBILE CHINA DAILY GROSSING RANK (1ST JUL 15TH OCT) Source: App Annie, UOB Kay Hian PEER COMPARISON Company Ticker Price Mkt Cap (US$m) Calendarised PE Calendarised EV/EBITDA Calendarised EV/Sales ROE year EPS CAGR US-listed Chinese Internet & game companies NetEase NTES US , % YY YY US , % Changyou.com CYOU US , % Average % HK-listed Chinese Internet & game companies Tencent 7 HK , % Kingsoft 3888 HK , % Netdragon 777 HK , % IGG 799 HK , % Tian Ge 198 HK n.a. n.a. n.a % Boyaa 434 HK % Ourgame 6899 HK n.a. n.a. n.a n.a. 24.3% Feiyu 122 HK n.a. n.a. n.a. n.a n.a. (1.) 16. n.a. n.a. Average % Source: Bloomberg, UOB Kay Hian Note: Netdragon is not included in the calculation of average 14

15 PROFIT & LOSS Year to 31 Dec (US$m) F 218F 219F Net turnover EBITDA Deprec. & amort EBIT Total other non-operating income (1) Associate contributions (1) (1) (1) (1) Pre-tax profit Tax (6) (26) (21) (21) Minorities 1 1 Net profit Net profit (adj.) BALANCE SHEET Year to 31 Dec (US$m) F 218F 219F Fixed assets Other LT assets ST debt n.a. n.a. n.a. n.a. LT debt n.a. n.a. n.a. n.a. Cash/ST investment Other current assets Total assets Other current liabilities Other LT liabilities Shareholders' equity Minority interest Total liabilities & equity CASH FLOW Year to 31 Dec (US$m) F 218F 219F Operating Pre-tax profit Tax (6) (26) (21) (21) Deprec. & amort Working capital changes (4) Other operating cashflows 4 1 Investing (7) (1) (9) (1) Capex (growth) (5) (9) (7) (8) Others (2) (1) (1) (1) Financing (68) (84) (84) (55) Dividend payments (38) (84) (85) (56) Others/interest paid (31) 1 1 Net cash inflow (outflow) (1) Beginning cash & cash equivalent Changes due to forex impact n.a. n.a. n.a. n.a. Ending cash & cash equivalent KEY METRICS Year to 31 Dec (%) F 218F 219F Profitability EBITDA margin Pre-tax margin Net margin ROA ROE Growth Turnover EBITDA (.3) Pre-tax profit (.8) Net profit (.7) Net profit (adj.) (.7) EPS (.7) Leverage Debt to total capital.... Debt to equity.... Net debt/(cash) to equity (93.9) (95.1) (96.) (96.9) 15

16 ASIAN GEMS CORPORATE HIGHLIGHTS Bumi Serpong Damai (BSDE IJ) On Track To Meet 217 Pre-Sales Target; Acquires Office Building BSDE is confident of achieving its pre-sales target for this year, supported by sizeable land sales contribution. 9M17 pre-sales reached Rp4.8t, or 66.7% of the fullyear target. The acquisition of new office space is set to boost recurring income going forward. Mortgage payments now account for 65% of total financing, given the lower mortgage rate environment. BSDE is trading at a 64% discount to our RNAV. Maintain BUY and target price of Rp2,15. WHAT S NEW Confident of achieving its 217 pre-sales target, given sizeable land sales contribution. Bumi Serpong Damai (BSDE) reportedly sold 8ha of land to a Chinese developer in 3Q17 which helped prop up its 9M17 pre-sales to Rp4.8t, or 66.7% of its fullyear target of Rp7.2t. The company is also in discussions to sell 18ha of land worth Rp1.5t in 4Q17. Should the transaction materialise, coupled with several pipeline projects in 4Q17, we deem BSDE could easily achieve this year s pre-sales target. However, going into 218, the company expects pre-sales to be lower, given the absence of land sales, in line with our forecast of Rp6.4t (-16.4% yoy). New office space set to boost recurring income. BSDE recently acquired a 24-storey Grade-A office building - Sinarmas MSIG building - at Jendral Sudirman CBD from Golden Agri for around Rp1.4t, or Rp38m/sqm. The building s occupancy rate is 3% but the company believes it can rent out the office space at a 9% capitalisation rate. Hence, with the contribution from the building, the company expects to increase its recurring income contribution to at least 2% of total revenue by next year and 25% within the next five years. Maintaining healthy margin for its landbank. As the company acquired most of its landbank back in the 198s at an average cost of only Rp6,/sqm. Excluding public and social facilities which normally account for 4-5% of the total landbank and taking into account infrastructure development costs of around Rp1m/sqm, BSDE s total effective land cost is around Rp2.2m/sqm. Hence, given the current average selling price of Rp13-14/sqm in the area, BSDE could generate a strong gross margin of 83-85%. BUY (Maintained) Share Price Rp1,765 Target Price Rp2,15 Upside +21.8% COMPANY DESCRIPTION The largest developer in Greater Jakarta with a total land bank of 3,65ha STOCK DATA GICS sector Real Estate Bloomberg ticker: BSDE IJ Shares issued (m): 19,246.7 Market cap (Rpb): 33,97.4 Market cap (US$m): 2, mth avg daily t'over (US$m): 2. Price Performance (%) 52-week high/low Rp2,25/Rp1,6 1mth 3mth 6mth 1yr YTD (1.7) (3.6). (19.).6 Major Shareholders % PT. Paraga Artamida 25. PT. Ekacentra Usahamaju 25. Warner Investment 1. FY17 NAV/Share (Rp) 1,18 FY17 Net Debt/Share (Rp) 8 PRICE CHART (lcy) BUMI SERPONG DAMAI PT BUMI SERPONG DAMAI PT/JCI INDEX (%) KEY FINANCIALS Year to 31 Dec (Rpb) F 218F 219F Net turnover 6,21 6,522 7,272 7,352 7,95 EBITDA 2,743 2,71 3,169 3,25 3,122 Operating profit 2,547 2,476 2,924 2,918 2,84 Net profit (rep./act.) 2,139 1,796 2,397 2,591 2,415 Net profit (adj.) 2,139 1,796 2,397 2,591 2,415 EPS (Rp) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) Interest cover (x) ROE (%) Consensus net profit - - 2,658 2,775 2,949 UOBKH/Consensus (x) Source: BSDE, Bloomberg, UOB Kay Hian Volume (m) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Edward Lowis (62 21) edwardlowis@uobkayhian.com

17 STOCK IMPACT Shifting trend in payment profile. Given the lower mortgage rate environment, BSDE s customer payment profile is now heavily dominated by mortgage payments which account for 65% of total sales. That is higher than the 45% in 215. Meanwhile, the average price per unit is also declining due to smaller-sized products being offered. BSDE s current products sell at Rp8m-2.5b per unit, but the majority costs about Rp1.5b each. We believe lower mortgage rates should potentially boost homebuyers appetite which will help drive up pre-sales going forward. 9M17 PRE-SALES DECLINING MORTGAGE RATES Rp t Jan-14 Jan-15 Jan-16 Jan-17 Total mortgage Mortgage rates (%) Source: Financial Services Authority (Indonesia) PAYMENT PROFILE % Source: BSDE 51% take-up rate for Vanya Park Askara House at BSD City. In July, the company sold 37 units on the first day of sales out of 72 units being offered. Gross development value (GDV) for this project is Rp11b with asking prices at Rp1.2b-3.b per unit for 6-15sqm land area. 2% 65% New residential project slated for launch this month. The new residential product - Sapphia at BSD phase 1 - will have a GDV of about Rp3b with 192 units available for sale. Asking prices are Rp8m-3b each with land ASP of Rp8m per sqm. EARNINGS REVISION/RISK Maintain earnings forecasts. We maintain our net profit forecasts as we have already factored in slower pre-sales for next year, given the absence of the land sales. We forecast 218 pre-sales at Rp6.4t, a 16.4% yoy decline from the expected Rp7.2t this year. VALUATION/RECOMMENDATION Maintain BUY and target price of Rp2,15. The stock is currently trading at a 64% discount to our RNAV/share, close to its historical low of 7%, which should provide good downside support. Our target price is based on a 56% discount, implying a strong 21.9% upside from current price levels. Mortgage Installments Cash Source: BSDE, UOB Kay Hian RNAV BAND stdev +1stdev mean stdev -2stdev.8 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Source: UOB Kay HIan, Bloomberg 17

18 PROFIT & LOSS BALANCE SHEET Year to 31 Dec (Rpb) F 218F 219F Year to 31 Dec (Rpb) F 218F 219F Net turnover 6,522 7,272 7,352 7,95 Fixed assets ,48 1,13 EBITDA 2,71 3,169 3,25 3,122 Other LT assets 21,127 23,195 25,245 27,282 Deprec. & amort Cash/ST investment 3,569 6,187 4,288 4,398 EBIT 2,476 2,924 2,918 2,84 Other current assets 12,773 11,819 12,437 12,198 Total other non-operating income (262) (45) (8) (9) Total assets 38,292 42,151 43,18 45,7 Associate contributions ST debt Net interest income/(expense) (39) (39) (14) (177) Other current liabilities 5,22 6,761 5,433 5,973 Pre-tax profit 2,65 2,633 2,892 2,76 LT debt 6,527 5,958 5,525 4,48 Tax (28) (16) (2) (22) Other LT liabilities 1,846 2,129 2,241 2,27 Minorities (241) (22) (28) (269) Shareholders' equity 2,581 22,71 24,942 26,968 Net profit 1,796 2,397 2,591 2,415 Minority interest 3,772 4,216 4,5 4,938 Net profit (adj.) 1,796 2,397 2,591 2,415 Total liabilities & equity 38,292 42,151 43,18 45,7 CASH FLOW KEY METRICS Year to 31 Dec (Rpb) F 218F 219F Year to 31 Dec (%) F 218F 219F Operating (1,337) 2, ,433 Profitability Pre-tax profit 1,824 2,413 2,611 2,437 EBITDA margin Tax Pre-tax margin Deprec. & amort Net margin Working capital changes (1,89) 1,547 (615) 157 ROA Other operating cashflows (1,65) (1,238) (1,413) (1,51) ROE Investing (1,386) (1,3) (938) (94) Capex (growth) (969) (95) (95) (95) Growth Capex (maintenance) (142) (25) (25) (25) Turnover (3.5) Investments 71 (53) 12 1 EBITDA (1.5) (2.6) Others (346) Pre-tax profit (12.6) (6.4) Financing (1,852) (383) Net profit (16.) (6.8) Dividend payments (96) (269) (36) (389) Net profit (adj.) (16.) (6.8) Issue of shares EPS (17.) (6.8) Proceeds from borrowings (277) 463 (1,775) (433) Loan repayment.... Leverage Others/interest paid Debt to total capital Net cash inflow (outflow) (2,525) 2,618 (1,9) 11 Debt to equity Beginning cash & cash 6,19 3,569 6,187 4,288 Net debt/(cash) to equity equivalent Changes due to forex impact (15)... Interest cover (x) Ending cash & cash equivalent 3,569 6,187 4,288 4,398 18

19 COMPANY UPDATE Genting Plantations (GENP MK) Neutral On The Long-term Outlook GENP is likely to benefit from the recent high CPO prices in the short term, but its long-term outlook remains muted as strong production growth from Indonesia will be offset by potential CPO price weakness and lower production from Malaysia. 3Q17 results are likely to be better qoq and yoy on higher FFB production. We increased F EPS by.3%, 2.% and 3.9% respectively after incorporating the contribution from KOI. Maintain HOLD. Target price: RM9.95. Entry price: RM9.. WHAT S NEW Neutral on GENP s long-term outlook. Post our recent meeting with management, we gather that Genting Plantations (GENP) is likely to benefit from the recent high CPO prices in the short term as it mostly engages in spot sales. CPO prices have been holding up at RM2,68-2,87/tonne since end-aug 17 due to tight supply. However, we are neutral on GENP s long-term outlook as the strong growth from its young Indonesia estates will be partly offset by the slow growth from Malaysia estates due to replanting activity and potentially weak CPO prices going into 218 as palm oil supply outweighs demand. Incorporate contribution from KOI to our earnings forecasts. On 1 Oct 17, management announced that the acqusition of Knowledge One Investment (KOI) has been completed. The acquisition comes with approximately 14,661ha of land with Hak Guna Usaha (HGU) or rights to cultivate in South Kalimantan, of which 12,893ha of land have planted with average age of 5 years. This acquisition is expected to contribute positively to GENP s earnings. However, the quantum would be small in the near term as the positive earnings contribution from the young estates will be offset by interest costs. We are incorporating the contribution to our earnings forecasts. Our 217, 218 and 219 earnings estimates increase by.3%, 2.% and 3.9% respectively. Premium outlets continue to contribute positively. Genting Highlands Premium Outlet (GHPO) commenced operations in mid-jun 17. As of Sep 17, about 9% of the retail shops have opened. We gather that contribution from GPO is likely to be better than that of Johor Premium Outlet (JPO), given the better tenant mix and higher sales volume. Meanwhile, management is looking to expand JPO and targets to open new retail outlets in end-19. We are forecasting 8%, 1% and 12% of PBT contribution to come from GHPO and JPO in respectively. Expect better 3Q17 earnings. We are expecting GENP to report better qoq and yoy results in 3Q17 on the back of better FFB production qoq and yoy, supported by higher CPO prices yoy. Based on our channel checks, GENP sold most of its production at spot prices, which means it is likely to benefit from the recent high CPO prices in Aug-Sep 17. KEY FINANCIALS Year to 31 Dec (RMm) F 218F 219F Net turnover 1,375 1,48 1,986 2,223 2,436 EBITDA Operating profit Net profit (rep./act.) Net profit (adj.) EPS (sen) PE (x) P/B (x) EV/EBITDA (x) Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) ROE (%) Consensus net profit UOBKH/Consensus (x) Source: GENP, Bloomberg, UOB Kay Hian HOLD (Maintained) Share Price Target Price RM1.58 RM9.95 Upside -6.% (Previous TP RM9.8) COMPANY DESCRIPTION Plantations company with property development and retail businesses. STOCK DATA GICS sector Consumer Staples Bloomberg ticker: GENP MK Shariah Compliant: Yes Shares issued (m): 83.2 Market cap (RMm): 8,498. Market cap (US$m): 2, mth avg daily t'over (US$m): 1. Price Performance (%) 52-week high/low RM11.72/RM1.3 1mth 3mth 6mth 1yr YTD. (2.) (6.4) (.9) (1.1) Major Shareholders % Genting Berhad 53.6 Employees Provident Fund Board 15. FY17 NAV/Share (RM) 6.45 FY17 Net Debt/Share (RM) 2.65 PRICE CHART (lcy) Volume (m) GENTING PLANTATIONS BHD GENTING PLANTATIONS BHD/FBMKLCI INDEX (%) Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Source: Bloomberg ANALYST(S) Leow Huey Chuen hueychuen@uobkayhian.com Ooi Mong Huey monghuey@uobkayhian.com