! " #$% &' ()*
 + ",- /. 0 
 +12 3 *465789:; / <=>42010? @AB C©6DDDDEEEEFFFFGGGGHHHHIIIIKJJJJ6LLLLMMMMNNNNOOOOPPPPQQQQKRRRR6SSSSTTTTUUUUVVVVWWWWXXXXYYYYZZZZ[[[[\\\\^]]]]/____EEEE````aaaabbbbccccddddeeeeffffgggg4hhhh]]]]




ikjmlonkpmqortsvuxwypmqkr{z}|~o€tƒ‚…„†w‡nkˆ{zŠ‰12‹ŒŽ‘o’29.00“m”•m–˜—k™›šœžvŸ m¡£¢›¤¦¥o§m ̈…©…ª…«£¢v¬o­®m ̄‰t°s²±…³“μ ́·¶m ̧q‹ ̄¹kºm»k¼—ƒ½¦¾À¿mÁvÂoÃkĞ¢ikjoŅƮv ̄oÇkȅÉvÊ£—



2009Ë11Œ¢°mskÌÀÍkÎoϜÐŸmÑËoÒoÓ2%—ÐÔvÕvÖo×oØ̲٣ÚvÛ ́ƛܞ̃ÝÞ~…ßmàkážâ¢2009Ë11Œœ¦›Ÿ…ÑŒ o¡3%¢›ÑË k¡6%—¦ã·ä09˅åmækËçtètéäžê{돢…ìtœíŸî…«t¬£­å¢…ï{ðÌoñ{òÒ£ÓtóÆ£ôžõ¢ÑËtÒ£ö16%—À•v÷ž¢Ëoøoùkú¢1Œ›ù11Œë¦û²üåký2%—



p…qkrÖkþÿ
À¿ÍoÎmÏ  kˆ 
ÉwQQUCTzwã“òˆ˜z£¢imj…ŦƽÓëmÃmÄé— !"t¢p…qmr#$%舣Ì&‹ÍoÎoÏ')(*+¥oÉ…¢,QQUCT#ì-kÃ.Ë/Ʀ¥kÉ)012‹'
(—43#65éá67è¥)89‰:;<=¢>Æ®?ž¥
@ÙopqmrA  °ç…èÖBm§£¢)CmüD…äEFGH˜—Im÷ž¥oɦ¢p…qmr#Jÿž¾á“òKL5éÌM¢ONO@POQRS
Tt—



U2009Ë5ŒVÚÃí¢°žsOW6XY6Z[\6]^6(ä503]`_a``b6cÚed—>f¢imj…ŦƢ“μ ́·¶m ̧qüÙg6hi)jtÌekl`mnopqT§{—4rstf¢pqoroŦƢ£ã·ä6uOvdwx{Ú47
y¢>fì2009˱z`{ûڊ‰2010Ë¢Î|uw~}O€Ëÿ)‚"ƒzü#„mn
…ƒž—




  2010††††1‡‡‡‡11ˆˆˆˆ



‰ ‹ŠŒ‹Ž/Ž ’‘“•”•–˜—’‘“•”•–˜—’‘“•”•–˜—’‘“•”•–˜—š™™™™œ›’˜žŸ›’˜žŸ›’˜žŸ›’˜žŸ) ¡£¢‹¤¥§¦© ̈‹ª©«‹¬®­/ "#$   ̄±°²³‹«‹¬  ́•μ•¶•·–˜—• ̧ ́•μ•¶•·–˜—• ̧ ́•μ•¶•·–˜—• ̧ ́•μ•¶•·–˜—• ̧š™™™™œ›’˜žŸ›’˜žŸ›’˜žŸ›’˜žŸ) ¡£¢‹¤¥§¦© ̈‹ª©«‹¬®­/ "#$   ̄±°²³‹«‹¬



 ¹‹º‹»‹¼½‹¾À¿Œ±Á£Â>
ÄÃŤ²‹³«‹¬ÄÆÈNjɋʋˍ̋Ê5%ÍÈ΍Ï 52ИѕÒÓÔÖÕØוÙeÚ 12.20 - 29.80 Û’Ü˜Ý 63,473 ѕޕßàáÕãâ’ä˜ÑeÚ 2,423 åÄæ•ç•è˜éÕ'000Ú 6,339 êìëîí/Ñìï•ðîñòÕ%Ú 19.1 2009ó•ô•õ•Ñ˜ö4÷ùø•úòÕ%Ú 8.7 ûüûüûüûü12ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

 2008 2009¶•·¶•·¶•·¶•· 2010¶•·¶•·¶•·¶•· 2011¶•·¶•·¶•·¶•· 















(%) 
 4,135 3,712  4,097  4,597  3.6 

EBITDA 2,791 1,830  2,179  2,439  -4.4 ø
 4,014 3,143  3,624  4,132  1.0 ø 3,706 2,699  3,125  3,569  -1.2 ø ˜Ñ
!
ÕØ×ÙÚ 1.53 1.11  1.29  1.47  -1.2 Ü!•úòÕ#"eÚ 17.1 23.5  20.3  17.8  - •Ñ•Ñ$ÕØ×ÙÚ 0.68 0.49  0.57  0.65  -1.6 Ñ$˜ú(%) 2.6 1.9  2.2  2.5  - % &' (
)ð * 144 HK +,- 0144.HK .
/021 34 56          78
9:
;526 BBB 12<=)à.Ò  >Ò ô•õ12<2=Û÷øÕ%Ú 10.7 Kah Ling Chan ?
@A
BC 65-6438 2881 kahling_chan@standardandpoors.com 29žŸžŸžŸžŸ 26žŸžŸžŸžŸ D×2EF
G 2 Standard & Poor’s Equity Research 2010ó1=11å HIJLK2HIJLK2HIJLK2HIJLK2     ¤ž¥o§mêNMÛ ́Ÿ£îv«£¢>f°s“ ́¶m ̧q ̄’]NOd«{—eMÆvñ6bQPNR§£¢pmqkr2010˼QSvLT¼QUvQVmÆ20.3WT1.9W¢YXkä[Z2\m ̄¦¢^]L_Q`ba±ìñ/ÌÐÜdcoá(¢imjmŞÆZ—fde¢v®m ̄gf4vihLjäNkmëÌë°Èt¢ÉkÊá )mlk¾À¿Ì¼LnGbož— iojt̎o’29.00“m”„mn•o–ž¢›®kÈÙNpqZ\… ̄oÇoÈڃ‰ÖbrkþÌYsQtQu°wvixÂmyw6°wvμzw1199 HK¢2€gzb{+μz…Ìw|’Mi}i~ۗijM+2010ËêLM€ ̄SÌ21.3W¼QSv‰LQ€ÈÌ1.7W¼QUv¦¢eö€ ̄k ̄N0.57“m”—ƒÇoÈb‚\oÙQƒ ]L„N…&Q†Z‡\‹ ̄ÌÇmÈڊ‰£°^v2010ˎ‘¼Sv|’40%T¼QUv|’20%ˆƒ¦—dL‰Q|’Ù
2003Ë3
.£û²ÉwŠw‹Œ»ñò˜ÚÃ̎dç…èMb}˜—Y…äpqmr{ÌQRwѼÈNMN}t¢mf°Yv»1.5Wz¢ikjkōÆOZL‘b’±Q|’— Ž…’‰¤¦¥1"ÌY“•”Ž–b—q˜>Ž™sYNšb›êëbœdž¢wž…§°sÿ±ÜQŸ`mn b¡Q¢Pm
nŽ£w¤¢¥b¦°msvÛ ́Ì k¡Ž§…ävêm랗 3 Standard & Poor’s Equity Research 2010ó1=11å HIJLK2HIJLK2HIJLK2HIJLK2  ̈ © ̧–˜— ̈ © ̧–˜— ̈ © ̧–˜— ̈ © ̧–˜— ¡£¢‹¤¥§¦© ̈‹ª©«‹¬®­/ "#$   ̄±°²³‹«‹¬ ûüûüûüûü12ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

™™™™œ›’˜žŸ›’˜žŸ›’˜žŸ›’˜žŸO 2007 2008 2009¶•·¶•·¶•·¶•· 2010¶•·¶•·¶•·¶•· 2011¶•·¶•·¶•·¶•· 
 3,345 4,135 3,712 4,097 4,597 

EBITDA 2,129 2,791 1,830 2,179 2,439 ªY«¬­
® -626 -758 -798 -848 -898 

EBIT 3,613 4,014 3,143 3,624 4,132 ê
̄G°²±òÕ ́³;Ú -535 -276 -112 -136 -230 μ
2¶
· 2,705 2,663 2,621 2,858 3,283 ø
 3,613 4,014 3,143 3,624 4,132 ̧
¹ -174 -220 -157 -181 -207 º»úÕ%Ú 4.8 5.5 5.0 5.0 5.0 ¼ß•Ñìï -350 -320 -287 -317 -356 ø 3,545 3,706 2,699 3,125 3,569 

 2,838 2,564 2,699 3,125 3,569








Õ%Ú -15.6 23.6 -10.2 10.4 12.2 

EBITDAÕ%Ú 103.1 31.1 -34.4 19.1 11.9 

EBITÕ%Ú 31.7 11.1 -21.7 15.3 14.0 

òÕ%Ú 29.2 -9.7 5.3 15.8 14.2 ½
¾ ½
¾ ½
¾ ½
¾ EBITDA
•úÕ%Ú 63.6 67.5 49.3 53.2 53.0 EBIT•úòÕ%Ú 108.0 97.1 84.7 88.4 89.9 

•úòÕ%Ú 84.8 62.0 72.7 76.3 77.6 4 Standard & Poor’s Equity Research 2010ó1=11å HIJLK2HIJLK2HIJLK2HIJLK2 ¿ À2Á²Â• ̧–˜—¿ À2Á²Â• ̧–˜—¿ À2Á²Â• ̧–˜—¿ À2Á²Â• ̧–˜— ¢‹¤‹¥Ä¦£ ̈ª£«¬Ä­6 " #$£ ̄®°£²‹³«‹¬ Ã
Ė˜—ÅYÆ Ã
Ė˜—ÅYÆ Ã
Ė˜—ÅYÆ Ã
Ė˜—ÅYÆ ¡Å¢©¤©¥±¦Å ̈©ªÅ«©¬‹­ /"/#$6/È ̄°È²©³©«©¬ ûüûüûüûü12ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

ýîþ•ÿ

™™™™œ›’˜žŸ›’˜žŸ›’˜žŸ›’˜žŸO 2007 2008 2009¶•·¶•·¶•·¶•· 2010¶•·¶•·¶•·¶•· 2011¶•·¶