! " #$% &' ()* + ",- /. 0 +12 3 *465789:; / <=>42010? @AB C©6DDDDEEEEFFFFGGGGHHHHIIIIKJJJJ6LLLLMMMMNNNNOOOOPPPPQQQQKRRRR6SSSSTTTTUUUUVVVVWWWWXXXXYYYYZZZZ[[[[\\\\^]]]]/____EEEE````aaaabbbbccccddddeeeeffffgggg4hhhh]]]] ikjmlonopoqkrksutwvxpoqyr{z}|/~ouovxnk {zk12om43.0049.00ym ¡¢¤£¥§¦n ̈©ª «o¬y®y ̄° ̈y±²³μ ́y¶·y ̧¹kº»y¼½y¾o¿ÀkÁÂyÃkÄÅÆ£ÈÇkÉʾËoÌÍyÎkÏÐyÑyÁ¤Ò§ÓkpyqrÔuÕÖÂÆ£μ×ØyÙ£Ú¬ÛyÜyÝkÞ ̈kßà¤áoªâÓkã¤äyåy®Àæyçyè£μ·y ̧méê¤ëkìíîyï ́Æ£k¥§ðñ¤ò®óÀkôõèö÷ø§ùú£â· ̧mÈäûü§ýþÊÿ ¤ª ð¤ÑkÁk yÎÊk¥ÑkÁ£¬Ðoôõçó¦n oßoÁðóÝ! "à¤ákªÈÓyãm09#y $#pqrÔuÕÂ%&£280'(è )§×Ø*+,-ªâÓ./01Ã2345¤£7689:;<m= > ?°@&Ø(AB(DCE oßGF§¿HÆ£IJ¶ K LDMìyíÒpyqr£NOÿæPnª09#$#23 45¤£@&%& Q#R7%μÀSUT@&%&Q#VW4.5%ª ij2009# XYZy14%o[\pqr«y¬26]°&^_`a.bcÅde£ fª§pkqkryGghG fkÔÕâÂijkl1ƪ§iyjmlon2010#Ê2011#XYZðmª 2010nnnn1oooo8pppp q srutsv/wv xzy|{~}~xzy|{~}~xzy|{~}~xzy|{~}~ z|z|z|z| suss/ "#$ uuuss ~~~ ~¡~~~ ~¡~~~ ~¡~~~ ~¡ z|z|z|z| suss/ "#$ uuuss ¢s£s¤s¥u¦s§© ̈tª«>¬®usus ̄±°s²s³s ́uμs³5%¶±·u ̧ ¹|º »¼ ½~¾À¿zÁ 4 HK ÂÃ|Ä 0004.HK Å~ÆÇÀÈzÉ|ÊzË|Ì ÍÎ~ÏÐ~ÑËÀÌ BBB 12ÒÔÓÕÅÖ ×Ö Ø~Ù12ÒÀÓÚÔÛÝÜßÞ%à 6.4 Ching Wah Tam á~â|ã~äå 603 22848668 chingwah_tam@standardandpoors.com 49|||| 46|||| æ~ç~è~éêëÀì 52íîÖ|ïUðÞ¼~ñà 15.20 - 46.75 Úzòó 112,730 î~ô~õÕöÞø÷zùîà 2,448 úû~ü~ýþÞ'000à 4,632 ÿ /Þ%à 25.0 2009Ø~Ùî7ÛÜ Þ%à 4.2 12 2008 2009~ ~ ~ ~ 2010~ ~ ~ ~ 2011À % ë 15,840 17,122 18,414 19,564 7.3 EBITDA 8,797 9,843 10,319 2,628 -33.2 !#"Ü%$'& ( )* 7,907 13,236 8,017 8,566 2.7 !#"Ü +) 6,247 10,026 5,874 6,283 0.2 !#"Ü ,î - )Þ¼|ñà 2.28 3.64 2.13 2.28 0.1 ò - Þ/.à 20.2 12.6 21.6 20.2 - ,~î~î 0Þ¼|ñà 0.80 0.80 0.80 0.80 0.0 î 0Þ%à 1.7 1.7 1.7 1.7 - 2 Standard & Poor’s Equity Research 20101Ó8ú 123%465123%465123%465123%465 ij§12k43.0049.00y¤ ¡¢m£¥¦nÆ ̈Æ©ªyij87:9¡¼RNAVv<;¡>=8?1mÃÆ¢zA@10%vCBÒEDGF5%z§,IHKJ MLkμ¼KNªâij¡¢KOkÒ[ \×ØyÄAPAQKRÊÆ ¡¢¥ª ijTSTQkpqrMkðKUyÔ T×yØ k16VTWYX9Z;K[ÂK\Æ^]yÔÕÖÂkðM_A`Ta£ÁÂyÃkÄÅk y ̈KbTcyÂƪTdy¹Mem6fMg§ÔuÕÖÂÆ£ih×yØyÙçóCENRAjKkoy.ÈÔ T£â×Øk1μElDIAmm£inKoìíRªqp2009#6roÕÂ1μÃ>Xpq§rMs1Ãm£29%ª tTu12kh Kv6w"Äoy¥105%ÈÀSxMyIzK{kÒy¥49%ªQ>¼NmY¼h§ =>K|K}"Äm%~¤ª k1yÌZ£6M[ZG6ZY äZ>IZmMZZZ?°Y¬6lTIZmCEEko7i¹T© (i) ÑA×Øm£μôõ§ÊúE%Ê(ii) ^ëÊA6m£μô§õÊKLVWª 3 Standard & Poor’s Equity Research 20101 8 123%465123%465123%465123%465 ¡ ¢£ ¡ ¢£ ¡ ¢£ ¡ ¢£ – ̈1987?1¤1¥§¦ 6"/#$6/±u ̈©«ª¬C® ̄ °C±5±¦°C²³/. ́μμ¶6#·°C± ̧C¹º»½¼¾C¿ÀCÁÂCº»^ÃÄ°±CºμCÅ«Æ! ! "/# $//ÇCÈɬCÊCËCÌCÍ/. ́CÎ °C±5±Iì12̤<Ï/"«Æ ÐÑC²³CÒ6.C¾CÓÏ/"IÃÕÔCÖØ×ÚÙ-CÛ/ ( "/#$CÜÝ50Û "/# $ÞCÝ350Ûu ́6 /"#$500Û)+CßàÐØÑ+Cßá.C°C±C ̧C¹Cº»âÁÂ6+±ã<äCåæ çCè6,CéuCê ̄¶éu<ëì ç CíîC¢£CíîC¢£CíîC¢£CíîC¢£ÃÕïðCñòóôõ ¢£Cñòóôõ ¢£Cñòóôõ ¢£Cñòóôõ ¢£«Æ– öC÷%°ø/+Cùú/-%Cû ̄6-ü/ "# $ ý#·C°±öC÷%þøCº»Øÿ /Ó & /+q¶ã ! Ì Â ² + ì /3% .³ ý²Cº»C v%! ÎC°C±"1#/</+ºÇ $&%!' Ç È ́μ () *¦-++/ °C±+ºÇ/,C ̄/+ºÇ6 /" -!+C°/+Cº./½¼C¾¬wº»±² 0 ̄21 A+ "3 B+ ́4 D 5 67 A 3 B 8³C ́4 9 : C "8 A- 3³C ́4 9 : B- ; 8 NR 5 º» C <= >? @C¢£C <= >? @C¢£C <= >? @C¢£C <= >? @C¢£ – /"/#$/> ¹CÍA/ Cº»Cã6. B© Í C D/& E©B©6+ FE©G³IÃ&A /;HI«Æ+JKL MLMN7³ B©CÍOCàPC¹ E©B©/+G³/%L Q Ò R/ u³// Ø ̄E©B© 6LMCÒ SC OTB©6+- U%V W!&CüXY ́ Z[à\¶^]_a` ̄bcuªdu ́ B©/+ e `;fgh¹/-^i j LM kSC l*ͶAman*Í ́/&CÊop6+B©A qf rs>C¹CÍA Cº»CÒt u v 6u ́wCxB© Í >C¹/+E©B 6!&ÒSCº yz {r |u ́} ~ ReCÌ és ë>C¹CÍA º»C¬%!B©CÍ/u ́% "/# $6&Ê/& 6; H+ # /+"u±/® "# $Ò/ CÓ>C¹CÍA Cº»C ̧C¹ Cÿa 5/7 /+ E©u®> ¹ÍA Cº» ́