Company Report May 12, 15 Chinese operations to turn around in 3Q15 Media/entertainment BUY (M) TP: W, (U) Share price (won, May 8) 81,6 Paid-in capital (Wbn) 11 Market cap (Wbn) 1,727 BPS (won),715 Net debt to equity (%) 95.6 Shares outstanding 21,161,313 Avg daily T/O (2M, Wbn) 8 Avg daily vol (2M, shrs) 121,36 52-week high (won) 81,6 52-week low (won) 43, Foreign ownership (%) 16.4 Major shareholders (%) Stock performance (%) CJ Corp and 1 others 39. 1M 3M 12M Absolute 18.6 26.1 68.6 Relative 17.1 18.3 57.7 Abs (US$) 18.9 26.3 58.4 (won) (%) 9, 16 8, 14 7, 1 6, 5, 4, 8 3, 6, 4 1, May-13 May-14 May-15 CJ CGV(LHS) Rel. to KOSPI(RHS) 1Q15 review: Consolidated sales came to W257.5bn (+4% YoY) and operating profit W14.5bn (+51% YoY), while we estimate net profit from controlling interest at W9.4bn (+152% YoY). Operating profit was in line with consensus, while net profit likely beat consensus by 25%, as lower interest rates led to parent valuation gains from the liquidation of lease deposits. Parent sales came to W4.bn (-3% YoY) and operating profit W.1bn (+15% YoY), with operating margin improving to 9.8% (+1.5%p YoY). Although parent sales dropped in 1Q15 as the number of tickets sold at directly-run theaters shrunk to 18.2mn (-7% YoY), the introduction of flexible pricing and diversification of snack menus eased the sales decline, with higher average ticket prices (ATP, +1%) and spending per patron (SPP, +4%). In addition, parent ad sales rose 18% thanks to low-base and Screen X (adding a screen to each of the sidewalls adjoining the main screen wall) effects. Operating profit grew on efficient workforce management, lower labor expenses, and a decline in building maintenance costs due to fewer customers visiting existing theaters. Consolidated subsidiaries posted combined sales of W53.5bn (+46% YoY) and an operating loss of W5.6bn (remaining in red YoY). Operating profit came to W2.3bn for 4DPLEX and Simuline. For operations in Vietnam operating profit came to W2.1bn, while China saw a loss of W1.1bn and the US a loss of W.5bn. Of special note, Chinese operating loss narrowed greatly YoY from W5.bn to W1.1bn. Chinese operations to turn around in 3Q15: Despite new theater openings (seven in 4Q14, four in 1Q15), consolidated Chinese CGV theaters posted strong sales, reducing operating loss from W3.7bn in 4Q14 to W2.8bn in 1Q15. In China, 1Q15 box office ticket sales surged 42% YoY to W1.7tn. In China, CGV s existing theater (total of 13 consolidated) sales grew 38%, similar to the industry average and breaking even in terms of operating profit. Come 3Q15, operating profit at these theaters will likely offset the losses at new theaters, helping CGV s operations in China turn around. We reiterate BUY and revise up our target price from W89, to W,. Our target price is equivalent to a 15E implied P/E of 44.8x based on SOTP. We believe it is time to accumulate CJ CGV shares, as: 1) solid box office ticket sales in Korea, China, and Vietnam in 2Q15 should strengthen short-term momentum; and 2) Chinese theaters, the key to the firm s long-term growth, should turnaround in 3Q15. With China s biggest cinema operator, Wanda Cinema, currently trading at a 15E P/E of 89.8x, we expect a re-rating of CGV in the near future. Quarterly earnings (Wbn) 1Q15E % YoY % QoQ Consens vs consens (%) Sales 258 4.3 -.6 27-4.7 Operating profit 14 5.8 169.6 14 1.7 Pre-tax profit 15 135.2 TTB 11 38.3 Net profit 9 152.5 TTB 8 25.1 Op margin (%) 5.6 +1.7 %pt +3.5 %pt 5.3 +.3 %pt Net margin (%) 3.7 +2.2 %pt TTB 2.8 +.9 %pt Note: TTB = turn to black, TTR = turn to red, RR = remain in red Forecasts and valuations (K-IFRS, consolidated) (Wbn) FY ends Dec 13A 14A 15E 16E Sales 916 1,39 1,177 1,42 Operating profit 52 52 77 11 Net profit, CI 13 17 47 62 % YoY -76.6 31.3 183.7 31. P/E (x) 79.2 63.6 36.5 27.9 P/B (x) 2.7 2.8 3.9 3.4 EV/EBITDA (x) 11. 1.5 12.2 9.9 ROE (%) 3.5 4.4 11.5 13.1 Note: Operating profit = gross profit SG&A expense, CI = controlling interest
1Q15 review: consolidated operating profit at W14.5bn (+51% YoY) 14 15 Annual 1Q 2Q 3Q 4Q 1QP 2QE 3QE 4QE 14 15E 16E Consolidated sales 247. 225.4 37.8 259.1 257.5 277.7 344.3 297.1. 1,39.3 1,176.7 Parent 21.3 18. 266.3 7.9 4. 214.5 277.1 219.2. 864.5 914.9 Subsidiary 36.7 45.4 41.5 51.2 53.5 63.2 67.1 77.9. 174.8 261.8 Consolidated OP 9.6 3.2 33.9 5.4 14.5 15.1 4.7 6.6. 52.1 76.9 Parent 17.5 7.3 38.2 8.4.1 14.6 39.1 8.4. 71.4 82.2 Subsidiary -7.9-4.1-4.3-3.1-5.6.5 1.6-1.8. -19.4-5.3 Operating margin (%) 4 1 11 2 6 5 12 2 5 7 7 Parent 8 4 14 4 1 7 14 4 8 9 9 Subsidiary -22-9 -1-6 -11 1 2-2 -11-2 3 Consolidated NPCI 3.7. 25.9-11. 9.4 8.5 27.1 2.3 16.7 47.2 61.9 NIM (%) 2 8-4 4 3 8 1 2 4 4 Growth (% YoY) Consolidated sales 1 7 15 21 4 23 12 15 13 13 19 Consolidated OP -54-71 57 TTP 51 369 23 3 48 31 Consolidated NP -65 TTP 61 RR 152 7613 14 TTP 31 184 31 [Parent earnings estimates] [Theater data] National ticket sales ( tickets ) 54,51 41,95 69,18 49,37 5,47 5,34 7,56 52,83 215,1 224, 236,9 CGV sales 26,18,3 33,57 24,4 24,7 24,63 34,81 26,27 14,47 11,4 119,29 At directly-run theaters 19,3 15,29 24,87 18,31 18, 17,97 25,4 19,17 77,78 8,56 87, National ticket sales (% YoY) -2-3 3 4-7 2 7 1 4 6 CGV sales 6 9 1-6 21 4 8 7 6 8 At directly-run theaters 11 4 8 11-7 18 2 5 8 4 8 ATP (won) 7,468 7,938 7,542 7,569 7,567 8,97 7,542 7,569 7,475 7,653 7,677 (% YoY) 3 8 8 3 1 2 5 2 No of directly-run theaters 72 75 79 78 8 8 81 82 78 82 85 Sales 21.3 18. 266.3 7.9 4. 214.5 277.1 219.2 864.5 914.9 984. Box office ticket 141.5 119.6 183.9 136.4 134.4 145.5 191.6 145.1 581.4 616.6 668.7 Snack bar 36.1 29.4 46.6 35. 35.6 35.8 49.1 36.9 147.1 157.3 17.3 Ad 16.9 19.5 22.8 21.5 19.9 21.5 23.2 22. 8.8 86.6 88.3 Other 15.8 11.5 13. 14.9 14.1 11.7 13.3 15.2 55.3 54.4 56.7 COGS 14. 91. 127. 12. 97. 17.6 134.3 19.3 424. 448.2 485.1 COGS ratio (%)..1....1..1... SG&A 88.8 81.8 11.1 97.5 86.9 92.3 13.8 11.5 369.1 384.5 48.9 SG&A ratio (%)........... Operating profit 17.5 7.3 38.2 8.4.1 14.6 39.1 8.4 71.4 82.2 9. Operating margin (%) 8 4 14 4 1 7 14 4 8 9 9 Growth (% YoY) Parent sales 12 6 14 15-3 19 4 5 12 6 8 Parent operating profit -28-35 39 66 15 2 5 15 1 2
Company Report 1Q15 cumulative box office ticket sales in Korea (' people) 2, 1,6 1, 8 4 Daily ticket sales (L) Cumulative ticket sales growth (L) 1Q15 ticket sales: 5.47mn (-7% YoY) Jan-15 Jan-15 Jan-15 Feb-15 Feb-15 Mar-15 Mar-15 (% YoY) 7 5 3 1-1 -3 2Q15 cumulative box office ticket sales in Korea (' people) 1,4 1, 1, 8 6 4 Fast and Furious 7 (Apr 1) Avengers 2 (Apr 23) Daily ticket sales (L) Cumulative ticket sales growth (R) Cumulative ticket sales as of May 9: 19.48mn people (+23% YoY) Jurassic World (Jun 11) Apr-14 Apr-14 Apr-14 May-14 May-14 Jun-14 Jun-14 (% YoY) 14 1 8 6 4 Source: Korea Film Council, Yuanta Securities Source: Korea Film Council, Yuanta Securities 1Q15 box office ticket sales growth in China by city Quarterly box office ticket sales growth in China (% YoY) 46 Beijing 56 Shanghai 44 45 Guangzhou Shenzhen 34 35 34 36 Hangzhou Chongqing Wuhan Chengdu 41 Nanjing 47 Suzhou 42 National (RMBbn) (%) 1 Box office ticket sales (L) 11.3 1 YoY (R) 8 6 4 2 29.9 14.9 55.2 43.8 39.3 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 8 6 4 Note: Ticket sales are the sum of top-1 hit movie sales 2Q15 sales growth of +11% is QTD basis as of May 3. Source: Box Office Mojo, Yuanta Securities Consolidated CGV theaters in China JV CGV theaters in China (no of theaters) 4Q13: 6 new theaters 4Q14: 7 new theaters 15 15 16 19 26 3 (no of theaters) 1 11 11 12 12 12 12 12 13 5 7 9 3
CJ CGV China: earnings (consolidated theaters) CJ CGV China: earnings (JV theaters) (Wbn) Sales (L) (%) 3 OPM (R) 25 15 1 5 CGV China theaters (consolidated):1q15 sales of W24.bn, OPM -12% -1 - -3-4 -5 (Wbn) (%) Sales (L) OPM (R) 16 12 8 4 - CGV China theaters (JV): sales of W17.3bn, OPM 17% 18 16 14 12 1 8 6 4 2-2 CJ CGV China: operating loss (consolidated theaters) CJ CGV China: operating profit (JV theaters) (Wbn) Despite sharp increase in new openings over 4Q14~1Q15, operating loss fell QoQ in 1Q15 (Wbn) -.2 3. -1.5 -.9-2.6-2.1-1.1-1.9-2.8 1.5.5 1.8 1.1 2. 1.8 1.8-3.7. CJ CGV China existing theatres: consolidated theaters broke even in 1Q15 (Wbn) 1Q15 1Q14 YoY 4Q14 QoQ Consolidated combined sales JV combined sales Consolidated combined OP JV combined OP Avg consol theatre sales Average JV theater sales Avg consol theatre OP Average JV theater OP 13.2 9.5 38% 1.8 22% 17 13.8 23% 14.2 % -.1-2.4 RR -1.29 RR 2.88 1.6 172% 1.8 6% 1.7 38%.8 22% 1.4 1.2 23% 1.2 % -.16 RR -.1 RR.24.9 172%.15 6% Note: Existing theaters refers to those at least one year old and whose sales can be confirmed (13 consolidated theaters and 12 JV theaters) CJ CGV: consolidated operating profit breakdown (Wbn) 1Q15 (A) 1Q14 (B) Change (A-B) Parent.1 17.5 2.6 Subsidiaries -5.6-7.9 2.3 4DPLEX & Simuline -2.3-3.1.8 China -1.1-5 3.9 Vietnam 2.1 1.5.6 US -.5 -.6.1 (Adjusted for consolidation) -3.8 -.7-3.1 Note: Figures for China are the sum of OP of Chinese head office, consolidated theaters and advertisement entity in China after deducting intercompany transactions and are different from combined OP of CGV theaters in China subject to consolidation 4
Company Report Peer comparison of earnings and valuations 14 15E 16E Sales OP NP Sales OP NP Sales OP NP CJ CGV (Wbn) 139.3 52.1 16.7 1176.7 76.9 47.2 141.8.9 61.9 Wanda Cinema ($mn) 88 151 128 1,193 23 194 1,6 334 281 Xingmei Cinema ($mn) 243 58 35 328 91 59 396 13 88 Regal Entertainment ($mn) 2,991 38 131 3,152 38 189 3,5 397 196 Cinemark Holdings ($mn) 2,611 351 186 2,884 478 249 3,41 5 276 AMC Entertainment ($mn) 2,693 165 53 2,959 275 119 3,69 314 144 Carmike Cinemas ($mn) 693 47-1 83 87 27 855 14 35 Marcus Corporation ($mn) 447 48 25 486 52 25 54 57 29 Cineplex ($mn) 982 88 54 1,122 438 89 1,212 474 11 Village Roadshow ($mn) 883 14 56 751 72 37 785 82 46 Cineworld Group ($mn) 943 1 8 1,62 151 14 1,157 166 115 14 15E 16E P/E P/B ROE P/E P/B ROE P/E P/B ROE CJ CGV (x, %) 63.6 2.8 4.4 36.5 3.9 11.5 27.9 3.4 13.1 Wanda Cinema (x, %) - - 27.8 89.8 19.6 23.1 61.9 16.3 24.8 Xingmei Cinema (x, %) 28. - 8.3 18.5-11.3 1.6-14.6 Regal Entertainment (x, %) 24.5 - -18.4 17.1 - -23.2 16.6 - -26.6 Cinemark Holdings (x, %) 26.4 4.3 15.9 18.6 3.8 19.8 16.9 3.2 19.3 AMC Entertainment (x, %) 63.6 2.1 7.1 23.7 1.8 7..1 1.7 7. Carmike Cinemas (x, %) - 2.6.1 25.6 2.2 9.8 19.6 2. 1.3 Marcus Corporation (x, %) 23.9 1.8 7.7 21.6 1.6 7.5 19.8 1.5 8. Cineplex (x, %) 45.6 4.3 12.4 27.7 4.1 19.1 22.6 3.9 22.4 Village Roadshow (x, %) 15. 1.8 11.2 19.4 1.9 9.5 15.8 2.1 11.3 Cineworld Group (x, %) 21.8 2.5 13.3 18.5 4.8 13.5 16.6 4.4 13.9 Note: CJ CGV figures are our estimates. Other peer figures are based on Bloomberg data. Source: Bloomberg, Yuanta Securities CJ CGV target price calculation method Old (Apr 8, 15) New (May 11, 15) Key details (+) Operations W2,732.7bn W2,92.1bn Business division OP Depreciation EBITDA Proper multiple Proper EV Remarks Korean theaters 82.2 56.8 139 7.4x 129.8 As of 15 Chinese theaters (consolidated) 56.8 113.6 17.4 9.6x 1634.8 As of 18 Vietnamese theaters 8.3 8.7 17 14.x 237.5 As of 15 Total 2732.7 (+) Investments W133.3bn W114.9bn Investment assets Stake Book Value P/B Proper value Remarks CJ 4DPLEX 93.4% 28.6 1.x 26.7 - Simuline 64.9% 3.4 1.x 2.2 - PT Graha Layar Prima 14.8% 45.6 1.x 6.7 - Maritime Tower 25.% 49.4 1.x 12.3 - SSV Contents Investment Fund 35.5% 37.3 1.x 13.3 - Myanmar entity 5.% 3.1 1.x 1.6 - Chinese theaters (JV) 49.% 53.1 2.x 52.1 - Total 2.6 114.9 (-) Net debts W998.2bn W918,2bn Total debts W1,17.bn * Total debts W467.bn (as of 4Q14) + Investment in Chinese theaters W56.bn (Additional 112 W1,27,bn consolidated theaters x capex of W5.bn per theater) Cash equivalent W18.8bn W18.8bn Common shares (A) W1,867.8 W2,98.8 Outstanding shares (B) 21.16mn shrs 21.16mn shrs Shareholders value per share (A/B) W89, W, * Equivalent to 15E EPS (W2,233) 44.8x Note: Moved CJ theaters in Vietnam from investment assets category to operating assets 5
pro forma financial statements (K-IFRS, consolidated) Statement of comprehensive income Statement of financial position FY ends Dec (Wbn) 13A 14A 15E 16E 17E FY ends Dec (Wbn) 13A 14A 15E 16E 17E Sales 916 1,39 1,177 1,42 1,617 Current assets 239 35 255 3 317 Cost of sales 448 527 578 68 77 Cash & cash equiv 86 19 41 8 52 Gross profit 468 512 599 721 847 Accts rec & other 14 141 156 18 3 SG&A 416 46 522 621 723 Inventory 12 11 13 15 18 Operating profit 52 52 77 11 124 Non-current assets 86 95 1,74 1,178 1,261 EBITDA 119 135 176 221 254 Tangible assets 58 588 7 789 865 Non-op profit/loss -36-18 -11-17 -15 Investment in affiliate 35 69 93 117 13 Forex gain/loss -1 Other non-current 99 79 79 79 79 Net interest inc -17-17 - -23-22 Total assets 1,99 1,255 1,329 1,498 1,578 Equity-meth gain/loss 1 4 5 6 7 Current liabilities 455 474 491 518 573 Other - -4 4 Accts payable & other 176 225 236 253 298 Net prof before income tax 15 35 66 84 11 ST financial liabilities 53 59 65 75 85 Income tax 3 19 21 25 33 Liquid LT liabilities 161 96 96 96 96 Net profit from cont op 12 16 45 59 77 Non-current liabilities 265 39 39 46 41 Net profit from discont op LT financial liabilities 78 133 133 133 133 Net profit 12 16 45 59 77 Debentures 18 18 25 NP for controlling int 13 17 47 62 81 Total liabilities 721 864 881 978 982 Total comprehensive inc 12 18 62 76 93 Equity, controlling int 372 382 438 59 583 TCI for controlling int 13 18 65 79 98 Paid-in capital 11 11 11 11 11 Note: Operating profit calculation same as K-GAAP (sales - COGS - SG&A). Capital surplus 9 9 9 9 9 Retained earnings 278 285 324 379 452 Equity, non-control int 6 9 1 11 13 Total equity 379 391 448 521 595 Net debt 296 345 419 46 448 Total debt 397 467 474 554 514 Cash flow statement Valuation FY ends Dec (Wbn) 13A 14A 15E 16E 17E FY ends Dec 13A 14A 15E 16E 17E Operating cash flow 61 139 124 153 21 EPS (won) 67 787 2,233 2,925 3,89 Net profit 12 16 45 59 77 BPS (won) 17,591 18,48,715 24,74 27,533 Depreciation & amort 56 64 88 112 124 EBITDA/shr (won) 5,678 6,359 8,321 1,441 12,6 Forex gain/loss 2 SPS (won) 43,842 49,113 55,64 66,244 76,423 Affiliate invest gain/loss -5-6 -7 DPS (won) 35 35 35 35 35 Inc(dec) net working cap -55 8-28 -32-2 P/E (x) 79.2 63.6 36.5 27.9 21.4 Other 48 5 24 21 19 P/B (x) 2.7 2.8 3.9 3.4 3. Investing cash flow -8-181 -7-7 -7 EV/EBITDA (x) 11. 1.5 12.2 9.9 8.6 Investment -43-33 -6-6 -6 PSR (x) 1.1 1. 1.5 1.2 1.1 Inc in tangible assets -16-146 - - - Dec in tangible assets 4 2 Key financial data Other -8-4 FY ends Dec 13A 14A 15E 16E 17E Financing cash flow 49 59 72-48 Sales (% YoY) 17.5 13.5 13.2 19.1 15.4 Inc(dec) in ST fin liab 9 7 1 1 Operating profit (%YoY) -6.6 1.1 47.7 31.2 23.2 Inc(dec) in LT fin liab 33 65 7-5 NP, CI (%YoY) -76.6 31.3 183.7 31. 3.2 Inc(dec) in equity Gross margin (%) 51.1 49.3 5.9 51.5 52.4 Cash dividend -7-7 -7-7 -7 Operating margin (%) 5.6 5. 6.5 7.2 7.7 Other 14 NP, CI margin (%) 1.4 1.6 4. 4.4 5. Other cash flow 6 15 16 EBITDA margin (%) 13. 12.9 15. 15.8 15.7 Inc (dec) in cash & eq -97 23-68 39-28 ROIC (%) 9.3 4.5 8.6 9.9 11.1 Beginning cash & equiv 183 86 19 41 8 ROA (%) 1.2 1.4 3.7 4.4 5.2 Ending cash & equiv 86 19 41 8 52 ROE (%) 3.5 4.4 11.5 13.1 14.8 NOPLAT 52 52 77 11 124 Debt-to-equity (%) 19.3 2.8 196.6 187.8 165. FCF -16-31 -76-42 15 Net debt-to-equity (%) 79.4 9.2 95.6 9.3 76.9 OP/financing cost (x) 2.3 2.6 3.5 4. 5.3 Note: EPS, BPS, P/E and P/B are based on controlling interest For valuation metrics such as P/E, historical figures are based on annual averages, estimates on current price For ROA or ROE, assets and equity are averages of end-of-year figures for given year and year prior Data to 1 based on K-GAAP and from 11, K-IFRS 6
Company Report P/E band chart (W') 45 4 35 3 25 15 5 Price (adj) 7.2 x 26.5 x 45.8 x 65.1 x 84.4 x Jan-8 Jan-11 Jan-14 Jan-17 P/B band chart (W') 16 14 1 8 6 4 Price (adj) 1.5 x 2.2 x 2.9 x 3.6 x 4.3 x Jan-8 Jan-11 Jan-14 Jan-17 Hyundai Development Co (1263 KS) ratings and target price history (won) 1,, 8, 6, 4,, Current Price Target Price May-13 Nov-13 May-14 Nov-14 May-15 Date Rating TP (won) 15-5-11 BUY, 15-5-6 BUY 89, 15-4-23 BUY 89, 15-4- BUY 89, 15-4-8 BUY 89, 15-3-3 BUY 72, 15-3-2 BUY 72, 15-2-6 BUY 72, 15-1-28 BUY 72, 15-1-14 BUY 72, Disclosures & disclaimers This research report has been prepared for informational purposes only; it does not constitute an offer or a solicitation of an offer to buy or sell any securities or other financial instruments. The information and data contained in this report have been obtained from sources we consider reliable; however, we make no representation that the information provided in this report is accurate or complete, and it should not be relied on as such. The recipient of this report should use his/her independent judgment regarding the sale or purchase of any securities or financial instruments mentioned herein. We disclaim any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. This report is for our clients only. It is copyrighted material and may not be reproduced, transmitted, quoted, or distributed in any manner without the prior written consent of Yuanta Securities Korea Co., Ltd. As of the publication date of this report, Yuanta Securities Korea Co., Ltd. does not own a stake in excess of 1%, nor does it have any interest whatsoever, in the subject company (ies). The material contained herein was not disclosed by Yuanta Securities Korea Co., Ltd. to any institutional investors or third parties prior to its publication. The analyst (s) of this report or the analyst (s) spouse does not have any financial interest in the securities of the subject company (ies) mentioned herein, nor financial interest of any nature related to the subject company (ies) (including without limitation, whether it consists of any option, right, warrant, future, long or short position), as of the publication date of this report. Analyst certification I/We, as the research analyst/analysts who prepared this research report, do hereby certify that the views expressed in this report accurately reflect my/our personal views about the subject securities discussed in this report. Stock and sector ratings Stock ratings include an Investment Rating (Strong Buy, Buy, Hold, Sell) based on the expected absolute return of a stock over the next 6-12 months. - Strong Buy: Expected to return 3% or more - Buy: Expected to return between 1% and 3% - Hold: Expected to return between -1 and +1% - Sell: Expected to return -1% or less Sector ratings suggest 6 to 12 - month forward investment weighting of a given sector compared to its market capitalization weighting. - Overweight: Investment weighting is higher than the market capitalization weighting - Neutral: Investment weighting is equal to the market capitalization weighting - Underweight: Investment weighting is lower than the market capitalization weighting 7
Yuanta Securities (Korea) International Network Seoul Head Office Yuanta Securities Building Euljiro 76 Jung-gu Seoul, Korea -845 Tel: +822 377 3454 Research Center Yuanta Securities Building Euljiro 76 Jung-gu Seoul, Korea -845 Tel: +822 377 3454 Hong Kong TONGYANG Securities Hong Kong Limited #217, 21F, Hutchison House, 1 Harcourt Road, Central, Hong Kong Tel: +852 398 6 Manila TONGYANG Savings Bank Ground Floor Chatham House 116 Valero cor. V.A. Rufino streets, Salcedo Village, Makati City Metro Manila, Philippines Tel: +63 2 845 3838 Phnom Penh TONGYANG Securities (Cambodia) Plc. #138, 2nd Floor, Paragon Bldg, Norodom Blvd, Phnom Penh, Cambodia Tel: +855 23 224 125 8