"!#$% &' ()*+ , # -. /0 ,123 + "46578 9:; <= > ? A@CBEDBCF G H I JKL"MMMMNNNNOOOOQPPPPRRRRQSSSSUTTTTWVVVVXXXXYYYYZZZZL[[[[\\\\L]]]] ^^^^____````aaaabbbbQccccddddeeeeQffffgggg;hhhhjiiiiNNNNkkkkQllllmmmmnnnnooooQpppp qqqqQrrrrtssssuhhhh vxwxy{z{|~}~~ ~z~{12~x{{ {¡126¢x£x¤¥{¦116¢{£ ̈§¤¥x~©«ª¬x®{ ̄°±x²x¤¥§ 2009³~ ́~μx¶x·vxw¡¹ ̧{º~»x¼x½x¾~¿~ ̧{ÀÁ§09³x¤xÂ~³Ã{ÄxÅ{Æ~Â~³~ÇxÈ5%ÉËÊ©ª~¬xÌËÍËΫÏ{»ËÐÑÒÓÕÔ ́{ÖØ×ËÙ¡xÚxÛËÇËÜݧ ÞÑxÄ{ßËÅ«Æ˳x¤xà8%§ 09³x¤{³xáxâ{¡ÇxÈ{ãäxåxæ~çxèÅ{ÆxÂ~³ÇxÈ6%êéËë09³xÆxÂ~³~¬xÅ08³{¤ËÂx³~ΫÏ1%§ ìîíðï ́{ñ{ò{»xó{ô{áxâ«¡ÇxÈËõ{¬{ö{÷ùø{úÅËÆxÂx³~ÇÈ14%»8%§û~üx{ý{þË ̄©ðÿ Å{Æ{Â~³xÇxÈ23%ÉxÊ©îª¬Þ ÅËÆËÂ{³{Ç{È27% ñ{òÅ«ÆËÂx³xÇËÈ67%»ÅÆxÂ~³~Ç~È14%¡ÿ ÆÁ§òË¡~åxæ "!2009³6$#%&1.14%')( *¡+,~á~âë°-.¦0.72%§ +/ ̄01235409³x¤ËÂ~³67ˤxà3289§;:<>=?@2009³A BB ̄x2008³î¡6.30¢£«¤¥¦5.20¢£DC: 7E®î ̄{°Ë2008³î¡86%.¦76%§ 2009³W|~}íF~¡Þ«ÑGxéxzHó{³~Ç{È3.9%ÒÓÉxÊIJKLMNâó˳xÇ{È35.9%POQá{âó{³xÇËÈ5.2%§;R=S:UT$V ́W×Ù¡ÚÛ -¹Ç¦X(*Y5Z[\ÄË¡13.3%ùé{ë2008³~¬11.9%§ vxw¡¹ ̧{ÀM]+^§ 2010____3````2aaaa b!Dc d;e fDgDe hjilknmnonphjilknmnonphjilknmnonphjilknmnonprqqqqtsvuxwvysvuxwvysvuxwvysvuxwvyzzzz {D| };~$"U "!# $ % UUDDUU njvlonpnnjvlonpnnjvlonpnnjvlonpnrqqqqtsnujwvysnujwvysnujwvysnujwvyzzzz {D| };~$"U "!# $ % UUDDUU U;UUdU;? ; };UDU ;UDU U¡D5%¢;£D¤ ¥§¦ ̈l© ªl«v¬n 11 HK ®n ̄v° 0011.HK ±v²n³j ́vμn¶l·l ̧ ¹nºv»l¼v½·n ̧ AA 12¾À¿ÀÁ±l Ã ÄvÅ12¾Æ¿ÈÇÆÉËÊÍÌ%Î 1.0 Desmond Ch'ng, ACA ÏvÐlÑnÒ§Ó 603 22848668 desmond_chng@standardandpoors.com 116wvywvywvywvy 115wvywvywvywvy ÔnÕvÖº 52×nØÂnÙÚÌ©nÛÎ 67.00 - 125.90 ÇvÜlÝ 219,666 ØlÞnßÁàÌâávãjØÎ 1,912 äæånçvèjéÌ'000Î 2,055 2010êÄvÅØlëÉxÊlìÍÌ%Î 24.7 ínîínîínîínî12ïÈðnñnòvónôïÈðnñnòvónôïÈðnñnòvónôïÈðnñnòvónô2009õ§öõ§öõ§öõ§ö 2010vvvv 2011vvvv 2012vvvv ÷nøólùnúnû÷nøólùnúnû÷nøólùnúnû÷nøólùnúnû(%) ülýnþ 20,812 23,256 25,949 27,956 10.3 ÿ§ü Çþ 14,136 16,310 18,659 20,297 12.8 Ê 15,477 18,013 19,792 21,660 11.9 Ê 13,221 14,913 16,356 17,835 10.5 Ê lØ Ì©vÛÎ 6.92 7.80 8.56 9.33 10.5 ÜvìÍÌÎ 16.6 14.7 13.4 12.3 - nØnØÌ©vÛÎ 5.20 5.20 5.82 6.34 6.9 ØlìÍÌ%Î 4.5 4.5 5.1 5.5 - 2 Standard & Poor’s Equity Research 2010ê3¿2ä 8O6|x}Ë{ !K#"%$B'&()ì{ò*+Ë°{»,.-xòë°ø{ú0/)15.8%112.8%32~4!ã45x¬687 ̈§6 ̧72010³xá~âx ́W09.:áxâ~ÇxÈ{°0/)6.1%§=?@ ̧7<;³xÄx°~yxzÅ4=?>H3@ ̄5012A4B§D+/C{¾4D?Eˬ10³{¤{Â~³F0G.H0I~Ü ̄ª5:v{w ̧7{10³x¤ËÂ~³J@ ̄09KLý?M§Ù¬M?N¡x.O8Pá4QRW|~}xx{49ªÜ« ̄O0ST§ =? @U.V(*.WXY{Ô ́{¡0ZB»[C]\_^8`D«òabdc¤5ˬe4f¡ò?Ê?gªO¤¥ABB ̄»x®{ ̄° ̈§=?@ ̧xÀ2010³ABB ̄yz5.20¢x£vxw-4h x¡®Ë ̄°~±~²xx{ x¡75%¤¥{¦68%§ (*8îªij'kìil!ãVm_ OðvËwEˬn.o{ÄËýªMp-4q|~}x¡Bîísr)0t?u<vì~©4q{ìB ̄¤¥'Á§2B2010³~ ̧xÀx¼@°~¬3.7wHxB:0y°{z25%Wé«ë ́T$Hx>H¬1.3wB:0y°{z11%6?|?}+0~ú?B§ v«wËy«z2Bê{ uËêz{Ö§q«¤¥® ̄{°{±Ë²'ðv«w«8KDDMB ̄8u0N7EË¡12îx~126¢{£~¤¥x¦116¢x£Á§ 8±x²z<T4~¬10.6%2010³¦2015³ABB ̄³ÇxÈ{°~¬9.4%2015-2025³~¬8.4%< ÇxÈx°~¬2%§ ñ{ò{»x¡4z(i) Þ?=4{Åx ̧˺eJð?9 ́W{Ç{È1xò(ii) ( *qTÀV¡0?%K ̧{ºð» (iii) {ò?4§ 3 Standard & Poor’s Equity Research 2010ê3¿2ä nlovp nlovp nlovp nlovp {D| };~$"U "!# $ % UUDDUU ínîínîínîínî12ïÈðnñnòvónôïÈðnñnòvónôïÈðnñnòvónôïÈðnñnòvónôqqqqtsvujwnysvujwnysvujwnysvujwnyzzzz 2008õ§öõ§öõ§öõ§ö 2009õ§öõ§öõ§öõ§ö 2010 2011vvvv 2012vvvv ülýnþ 23,296 20,812 23,256 25,949 27,956 ÿ§ü Çþ 16,501 14,136 16,310 18,659 20,297 ¼ ¡Ý ¢£ -2,776 -812 -714 -757 -803 ÿ§ü ¤nþ 13,725 13,324 15,596 17,901 19,494 ¥¦§ ̪̈©«Î 346 405 600 0 200 ¬ü® 1,807 1,748 1,818 1,891 1,966 Ê 15,878 15,477 18,013 19,792 21,660 ̄ ° -1,779 -2,256 -3,101 -3,436 -3,825 ±²nìÌ%Î 11.2 14.6 17.2 17.4 17.7 ³ßvØ ́ 0 0 0 0 0 Ê 14,099 13,221 14,913 16,356 17,835 ÿ μ¶ 14,020 13,002 14,513 16,356 17,835 ùnúvûùnúvûùnúvûùnúvû ülýnþÌ%Î -6.9 -10.7 11.7 11.6 7.7 ÿ§ü ÇþÌ%Î -10.1 -14.3 15.4 14.4 8.8 ÿ§ü ¤nþÌ%Î -22.8 -2.9 17.0 14.8 8.9 ÿ μ¶ Ì%Î -14.5 -7.3 11.6 12.7 9.0 4 Standard & Poor’s Equity Research 2010ê3¿2ä · ̧¹ºvjovp· ̧¹ºvjovp· ̧¹ºvjovp· ̧¹ºvjovp {D| };~$"U "!# $ % UUDDUU » ¼ovp ½¾û» ¼ovp ½¾û» ¼ovp ½¾û» ¼ovp ½¾û {|;}~ÆU> v!#W$6%66; ínîínîínîínî12ïÈ