"!#$% &' ()*+ , # -. /0 , 12 3 + 465789:;< = >? @42009ABC DE©6FGHI JKMLONP QRTSVUXWVY Z[ \]^FGHI JKMLONP QRTSVUXWVY Z[ \]^FGHI JKMLONP QRTSVUXWVY Z[ \]^FGHI JKMLONP QRTSVUXWVY Z[ \]^____````Taaaabbbb<cccc"ddddGGGGeeeeffffgggghhhhiiiijjjjkkkkTllllXmmmmcccc npopqsrutwvyxyzp{}|~Vtx }p~r}sOs}s}ys}yy¡ 12¢¤£¤¥§¦w ̈}©wªy«8.00¬}~ ̄®w°10.00¬y± ²p³|s ́p{y|pμ¶twv}·y ̧sxwzs¹}ºs»}¼}½s¾}¿pÀ¥Á¦¤ÂpÃwÄ}ÅpÆO pÇpÈÆtyvÉ}ÊwËpÌwÍ}ÎÂÐÏwѱV¿pÀyÎpÒÆyÓ}ÔyÕ×ÖØyÕ}ÙÚ¥OÛwÜ}Ýyμ}ÞpßÐà4áwâ}yãäwåyæwçyèÂÐéÐêyë± tÐxyìpísyîÂwï½sðpñpòyópôpõ~÷öpø¬úù<û}üpýO®¤þÐμs®sÿÂyÙ¥ wã·ûpãä O¥ ÂÐÔpÕÅ °Ø} "!é±09# $#Ô¤Õ É%&Â14%±2009-2010# twvÂ'#yÔyÕ(*)+ ,}ÞpßÐà6,000â}±.-*/}wî°0é1Ò2'3ãäï½ 4*5 6 tv87w½*9*:*;Â=<: -*/wwîy >y° ?*@ï½ AB CD± {E}Â*FGÆpÓHI*JK}ï½}ôpõû®LMN*ÛOPp QR@ ST U VVÜWútyxÂXYZþ}°Ø[Â\]|^"_` V ab±Ø}Â*cy¢ ÔpÕpÙÚ¥——defp«Z*gÔ}Õh¹i;ûjk}«9l}ðÔÕh¹i;m nhopM"qrtsu_ NÂX YwvÛxy[_©z{|± 2'3N*¡n}o}~} ?@{|* *l2010#*O} p° }Ρnyo* q}r'?@'w}± 20091217 !t/ ¢¡¤£¢¥¢¡¤£¢¥¢¡¤£¢¥¢¡¤£¢¥¦¦¦¦ §t ̈ª©.«8¬®° ̄±²³"!# $ % ́μt¶t·±² ̧¹º¢»¼ ̧¹º¢»¼ ̧¹º¢»¼ ̧¹º¢»¼ ½¾¿¢¢¡¥½¾¿¢¢¡¥½¾¿¢¢¡¥½¾¿¢¢¡¥¦¦¦¦ §t ̈ª©.«8¬®° ̄±²³"!# $ % ́μt¶t·±² * * 2007AÀtÁÂtÃ&ÀÁtÁªÄ.ÅÆÇtÈ0.94ɬ1.00ÊÉ·tË42007AÌ1ÀtÁÂtÃ&ÀÁtÁªÄ.ÅÆÇtÈ0.87ɬ1.00ÊªÉ·Ë ÍªÎÏ.ÐÑÒÔÓÕ.Ö@ Ì©.¶·t±²ª×.ØÙtÚÛÜtÚ5%Ý.Þtß àá âã äå¢æç 1800 HK èé¢ê 1800.HK ë¢ìíî¢ïðñò óô¢õö¢÷ñò øùúøùúøùúøùú 12ûýüýþëÿ ÿ 12ûü % 10.8 Hooi Tow, Chew +603 - 2284 8668 alex_hooitow_chew@sandp.com 8£¢¥£¢¥£¢¥£¢¥ 7.22£¢¥£¢¥£¢¥£¢¥ à 52ÿ !" 7.02 - 11.34 #$ 107,037 %& þ' )(*" 14,825 +-,./0 '000 33,473 123/4æ5 % 53.8 20096789 % 11.5 :;:;:;:;12<=>?@A<=>?@A<=>?@A<=>?@A 2009BCBCBCBC 2009º¢»º¢»º¢»º¢» 2010º¢»º¢»º¢»º¢» 2011º¢»º¢»º¢»º¢» DE@FGHDE@FGHDE@FGHDE@FGH%¦¦¦¦ IáJ 178,889 221,458 265,541 318,086 21.1 KLMEBITDA 15,493 17,617 22,395 26,911 20.2 NOP8QRST 9,831 11,170 15,073 18,609 23.7 NOUS 6,075 6,893 9,356 11,511 23.7 NOVWSX õY8Z 0.41 0.46 0.63 0.78 23.7 NOVWSX ![ 0.47 0.53 0.73 0.89 23.7 #W9 ]\^ 15.3 13.5 10.0 8.1 - V_` õY8Z 0.10 0.11 0.15 0.18 22.1 V_` ![ 0.11 0.12 0.17 0.21 22.1 _9 % 1.6 1.7 2.3 2.8 - 2 Standard & Poor’s Equity Research 2009612ü17+ abcdfegabcdfegabcdfegabcdfeg txÆ 500htfi^j252μtÐvlkpÿ¬uù Õ"m{Ð|^nw|ç"o "pqÂ- /o "rZÂts[u[v^wÎü"x"y"z±|{"}20#"~wØÐî"[ZwîyÌ"[ û[ÖÖtlÖ|^yÂ73¢vttÏ[± ÓFGyï½pôpõû@STUV^p{E[pÎ"± ̈ç tx2010#"?Tw°10.0¡ Ó£¢"Â¥¤"¦¤10.6±#[§y«[ ̈tx[ ̈}©'z24.5%©n¤tv¢"~#[§y«[ ̈y© z2.4%û^ªt«tvo"¬t~#"§p«" ̈*60.6%®^ ̄°W±¡kz{Ew}¡n}o^²p°Zê}ë@³ã ́μ·¶±Ó£ ́ ̧·¹£º»@5åæ{E£¼¤ ÇȽ¤ºZ|¾qr ̄ wúw~rw± nyoWtx2010#"?T'm^¿_y¤[¦¤10.6Ê"À"Á[Â12¢¤£¤¥§¦ ̈±Xtx[{[}é #pÂç?*T"Ã^Ä10.4-20.6!"Å^±'T"ÆtÇÈtÀ[Éʱ (*){[Ëû¥§¦w ̈sÂ={|ÍÌ^ÎÐϲ{tÑCÐôyõ¡Ò[ÓÐμ2011#OÐÔ*}¥Õ^Öt×·y@ST©ØÔûNÇÙ×±ÚTÛCÜ"Ý>^ÞßOÂ?@^àáÀÕ tx[âwÀyÐîÅwÆsÂ=H[ãvttä"å*C[æ>"ç{|± 3 Standard & Poor’s Equity Research 2009612ü17+ abcdfegabcdfegabcdfegabcdfeg èé¼¢èé¼¢èé¼¢èé¼¢ §t ̈ª©.«8¬®° ̄±²³"!# $ % ́μt¶t·±² :;:;:;:;12<=>?@A<=>?@A<=>?@A<=>?@A ½¢¾¿¡¥½¢¾¿¡¥½¢¾¿¡¥½¢¾¿¡¥¦¦¦¦ 2007BCBCBCBC 2008BCBCBCBC 2009º¢»º¢»º¢»º¢» 2010º¢»º¢»º¢»º¢» 2011º¢»º¢»º¢»º¢» IáJ 150,601 178,889 221,458 265,541 318,086 KLMEBITDA 13,218 15,493 17,617 22,395 26,911 êëìí -2,453 -3,500 -4,114 -5,139 -6,160 KLMEBIT 10,765 11,993 13,502 17,256 20,750 1îïðñ ò÷ -1,054 -1,979 -2,213 -2,052 -1,998 óIôõ 91 -77 10 8 -20 NOP8QRST 9,623 9,831 11,170 15,073 18,609 ö÷Q -2,049 -1,955 -2,234 -3,074 -3,739 øùQ9X % 21.3 19.9 20.0 20.4 20.1 ú&4 1,542 1,801 2,043 2,643 3,359 NOUS 6,032 6,075 6,893 9,356 11,511 KLMUS 6,032 6,075 6,893 9,356 11,511 FGHFGHFGHFGH IáJ % 31.1 18.8 23.8 19.9 19.8 KLMEBITDA % 50.3 17.2 13.7 27.1 20.2 KLMEBIT % 63.4 11.4 12.6 27.8 20.3 KLMUS % 88.6 0.7 13.5 35.7 23.0 ûüHûüHûüHûüH EBITDAST9X % 8.8 8.7 8.0 8.4 8.5 EBITST9 % 7.1 6.7 6.1 6.5 6.5 KLMUS