Jessica Irene

jessica. i rene@clsa.com (62) 2125548831

Swati Chopra

(65) 64167856

22 October 2010

Indonesia

Consumer

Reuters Bloomberg

MYOR.JK MYOR IJ

Priced on 20 October 2010 Jakarta Comp @ 3,579.0

12M hi/lo Rp11,150/2,825

12M price target Rp18,000

±Dfo potential +64%

Target set on 21 Oct 10

Shares in issue 766.6m

Free float (est.) 67.1%

Market cap US$940m

3M average daily volume

Rp9.0bn (US$lm)

Major shareholders Unita Branindo 32.9%

Stock performance (010)

1M 3M

Absolute Relative Abs (US$)

(Rp)

7.9 36.9 274.4

1.6 14.6 161.7

8.4 38.6 293.6

(%) [600

'1550

d~~

400 350 300 250 200 150 100 50 ~o~~~--~~~~o

Oct-05 Feb-07 Jun-08 Oct-09

9.780

7,480

5.180

2.880

--- M ayora Indah (LHS)

---Rei to CO"" (RHS)

Source: Bloomberg

www.clsa.com

Ma~ora Indah

Rpll,150 - BUY

Confectioner's resolve

C 'tI ID

Mayora is our top pick in the small cap space in Indonesia. We forecast iii

28% EPS cagr 2010-2014CL with 25%+ ROE. The company is at the cusp gof the next capex cycle meaning it will double capacity (and revenues) by .., 2014. While short term margins could be under pressure due to rising soft 8 commodity prices, we believe Mayora will be a winner long term with 3 solid franchise, good management and rich local experience. ~

:::J CI. III ...

o·

:::J

Positioning in the market

Mayora has respectable 32 years operating track record in confectionaries and has increased market share consistently by delivering quality products at affordable prices. Its brands in biscuits, coffee, and candies are top of the mind recall. It sells 75% of its products domestically but is increasing its footprints in the export markets. The company has a driven, proactive management who has constantly innovated to stay ahead of competition.

Speed things up

On a bullish note, Mayora has revised up its capex budget by another 50% for this year and next, from U5$40-S0mn to U5$60mn. Up to the first half this year, sales have grown by 38% YoY, all driven by volume growth from capacity expansion. Factories are currently running at high 80% capacity for 24/7. Mayora plans to add another 40% capacity by end of next year versus its previous guidance of 25%, potentially doubling its revenue by 2014.

Pricing strategy & profitability

Mayora's focus is volumes and market share. It targets mass market meaning its customers are price sensitive. Higher volumes reduce fixed cost per unit. Presence in multiple, fast moving products gives it bargaining power with retailers. Rising soft commodity prices could pressure margins short term but it is impressive to note that Mayora delivered 38.6% earnings growth during 2008, when soft commodity prices peaked. Mayora has to increase prices by 2.1 % to offset 5% increase in raw material prices.

12M

Re-rating of the consumers

We upgrade earnings by 2.5-7.2% as we upgrade our revenue by 3.6-7%. Mayora is our top pick in Indonesia small cap consumer space as it offers 28% cagr 2010-2014 and 25% ROE. The stock should re-rate as it continues to deliver. We expect a strong 3Q10 results at the end of the month. We assign a average PE of food manufacturers in Chindia of 22.7x which implies a target price of Rp18,000.

Financials
Year to 31 Dec OBA 09A 10CL llCL 12CL
Revenue (Rpbn) 3,908 4,777 6,911 9,330 11,196
Rev forecast change (%) 3.6 11.9 7.4
Net profit (Rpbn) 196 372 477 610 735
NP forecast change (%) 7.2 5.1 2.5
EPS (Rp) 256 485 622 796 959
CL/consensus (5) (EPS%) 104 108 103
EPS growth (% YoY) 38.6 89.7 28.1 28.0 20.5
PE (x) 43.6 23.0 17.9 14.0 1
Dividend yield (%) 0.4 0.5 0.9 0.7 1.3
ROE (%) 16.9 26.4 26.7 27.0 25.8
Net debt/equity (%) 52.6 38.6 45.3 46.0 47.2
Source: ClSA Asia-Pacific Markets Find CLSA research on Bloomberg, Thomson Reuters, CapIQ and themarkets.com - and profit from our evalu@tor® proprietary database at elsa.com

Mayora revised up its capex budget by another 500/0, adding 400/0 new capacity next year

Sales volume has grown over 300/0 this year by expansion

Capex will be partially funded through debt, increasing net gearing to 50% in 2012

Confectioner's resolve

Mayora Indah - BUY

Speed things up

Mayora revised up its capex budget by another 50% this and next year, from U5$40-50mn to more than U5$60mn. This will give them 40% new capacity this year and another 40% capacity next year. Included in the capex are land acquisitions for three new factories, infrastructure for the facilities, and new machineries. Land acquisition and facility build-up will usually cost U5$30- 40mn, on top of the machineries.

Up to the first half this year, sales have grown by 38% YoY, mostly driven by volume growth since there were no adjustments on pricing. In spite of the expansion programs, Mayora's factories continuously run at high 80% capacity for non-stop 24/7, reflecting the high demand for confectionery products.

Capex will be funded through internal cashflow and debt. Within the next five years, net gearing could grow to 49% with total debt growing to Rp1.9tn in 2012 according to our projection. Current low interest environment is favourable for Mayora's rapid expansion plan. Interest costs are 10%, the lowest since the last decade. Despite the increasing debt, interest costs as a ratio of operating profit are still low at 14% next year versus 30+% in 2002- 2005. This means that net margins will not be affected much and bottom line profitability should remain intact.

Figure 1
Summa!:! table for cashflow assumetion and changes in debt
(Rpbn) 2005 2006 2007 2008 2009 2010CL 2011CL 2012CL 2013CL
EBITDA 172 252 332 460 745 920 1,158 1,429 1,650
Changes in working capital 60 (167) (79) (201) (76) (409) (453) (348) (313)
Tax (38) (19) (44) (63) (72) (121) (146) (187) (226)
Capex 199 84 128 365 364 500 600 900 600
Free cash flow (5) (18) 81 (169) 233 (111) (41) (5) 511
Debt raising (repayments) 101 (19) 106 603 (39) 249 230 447 (144)
Total debt 298 279 385 987 948 1,197 1,427 1,874 1,730
Interest costs 36 41 43 60 98 107 131 182 198
Net gearing (%) 21 23 24 54 40 47 47 49 35
Source: ClSA Asia-Pacific Markets With current expansion speed, Mayora's revenue is set to double in 2013

Figure 2

Medium-term sales projection

16,000 ---Actual sales (Rpbn)

--+- Fo reca st

14,000

13,412

12,000

10,000

8,000

6,000

4,000

2,000

~ ~ ~ 8 8 ~ 8 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

~ ~ ~ a a a a a a a a a a a a a a ~ ~ ~ N N N N N N N N N N N N N N

Source: ClSA Asia-Pacific Markets

22 October 2010

2

jessica.irene@clsa.com

32 operating track record in confection aries

Coffee price war has subsided, and market share is significantly improved

Mayora's pricing strategy is clear, targeting the mainstream customers

Rising soft commodities are posting short term pressure on margins

Confectioner's resolve

Mayora Indah - BUY

Positioning in the market

Mayora has respectable 32 years operating track record in confectionaries and has increased market share consistently by delivering quality products at affordable prices.

Figure 3

Mayora's market share since 2001

18.0%

17%

----

--Coffee

-Candies ~

~~_B_iSC_Ui_t ---------~

16.0% 14.0% 12.0%

10.0% _-----

8.0% :

11.30%

c::::::

10.30%

6.0%

4.0% +----~--~--~--~--~--~--~--~--_

.... o o N

N o o N

v o o N

01 o o N

M o o N

LJ'l o o N

10 o o N

I' o o N

co o o N

Source: Euromonitor

Its brands in biscuits, coffee, and candies are top of the mind recall. We're seeing a significant improvement in the coffee segment whereby the price war in the coffee industry has subsided. Mayora's market share in the coffee business was increased from 10.1% in 2008 to 11.3% in 2009. There should be a more significant improvement this year as coffee sales in 1H10 is up 66.4% YoY.

It sells 75% of its products domestically but is increasing its footprints in the export markets too. The company has a good, driven, proactive management team who has constantly innovated to stay ahead of competition.

Pricing strategy 8&. profitability

Mayora has kept its pricing constant throughout this year. Mayora's pricing strategy is clear, targeting the price sensitive consumers in low to middle income. Near term focus is to grow volume and market share in attempt to create a broader base of loyal customers. Though competition has intensified in the past few years, the company has managed to increase its market share throughout its product lines. Products have been consistently at high quality with familiar local taste that wins over multinationals product.

This year's profitability outlook. Rising wheat, sugar, and palm oil prices are posting pressure on margins, but the impact is mitigated by Rupiah's appreciation. Of the four key raw materials (wheat flour, coffee, palm oil, and sugar), palm oil and sugar are the only two that had appreciated in Rupiah terms.

• Sugar prices are at two year high, up 17.7% YoY in Rupiah terms.

Sugar prices level this year is 69.1% higher than 2008 average. Mayora sourced most of its sugar locally, but local sugars are 10-15% more expensive than the global pricing due to the shortages in the country. Mayora feels that sugar prices are at its peak, and the government's allowance for more imported sugar could cool the local sugar prices next year.

22 October 2010

3

jessica.irene@clsa.com

Confectioner·s resolve

Mayora Indah - BUY

• Palm oil is up 9.6% YoY in Rupiah terms but is still down 10.5% from its peak 2008 average. Going forward, due the global weather anomaly, palm oil prices could go higher nearing its 2008 levels.

• Despite the recent wheat price rally, year-to-date (YTD) average wheat prices in Rupiah terms are still down 9.6% YoY versus last year's, helped by 12.3% appreciation in Rupiah. Wheat prices are still short 34.3% of 2008 average. Mayora sourced its wheat flour from the largest flour producer in the country, Bogasari, so wheat prices have an indirect impact on Mayora's raw material composition. Bogasari had cut prices at the beginning of the year, but recently increased its prices by 5%.

• Coffee prices are trending up since the first quarter of this year, but YTD average prices are still 2.3% lower than last year and 8% lower than 2008 average.

Figure 4

2008 2009

Average key raw material prices 2010YTD, 2009, 2008

Wheat (Rp/bushel) Coffee (Rp/lb) Palm oil (Rp/kg) Sugar (Rp/lb)

USDIDR x-rate (Rp/USD)

75,890 55,164
15,337 14,442
8,158 6,661
1,333 1,916
9,688 10,396 %YoY 2010YTD %YoY %2008-2010YTD
(27.3%) 49,869 (9.6%) (34.3%)
(5.8%) 14,117 (2.3%) (8.0%)
(18.3%) 7,303 9.6% (10.5%)
43.7% 2,254 17.7% 69.1%
7.3% 9,112 (12.3%) (5.9%) Source: Bloomberg

AII-in-all, raw material prices are higher than last year's but Rupiah has worked in favour of Mayora. Mayora's management has proved to be effective in managing costs during the commodity boom in 2008, and we believe that they could do the same this time around. We forecasts a 22.5% gross margins level this year, down 120 bps from last year reflecting palm oil and sugar price increases.

Rupiah is working in favour for Mayora

Figure 5

COGS breakdown (2009)

Overhead 13%

Palm oil

Sugar 19%

Packaging 21%

4%

Flour 14%

8%

Figure 6

Gross, EBIT, and net margins comparison 2008-2010E

2.8%
11.0% 10.3%
8.4% 8.8%
7.8% 6.9%
E.5%
5.0% 5.0% f- -
f- 222%

19.3%

2007 2008

• Gross margin

23.7%

225%

Source: ClSA Asia-Pacific Markets

o Operating margin

2009 2010

21.8%

-

2011

o Net margin

Source: Company

22 October 2010

jessica.irene@clsa.com

4

Soft commodity prices will remain high next year

Next year will be a challenging year

Selling price adjustments expected next year

To offset 50/0 raw material price increases, selling price need to be adjusted by 2.1%

High food inflation is a risk to the business

We upgrade our earnings forecast based on higher revenue assumptions

Confectioner's resolve

Mayora Indah - BUY

Next year's profitability outlook. Should the global weather anomaly receeded, commodity prices in general should start to correct. But the supply shortages this year would likely get carried until next year. Wheat prices seem to have stabilized at this level, and the expected year-end wheat inventory by USDA Grain Council is supportive of lower wheat price level. However, palm oil prices are trending upwards as the current weather condition reduces supply from Indonesia and Malaysia. In our assumptions, we think that next year's average commodity prices will remain strong due to the carried over shortages, and it should start trending down towards the end of the year as production picks up.

We expect Mayora to start increasing prices next year if commodity prices continue to trend upwards. Mayora has kept its prices stable this year as it has already secured up to end of this year's worth of raw material needs. Next year will be a challenging year for Mayora, but given the experience, we believe that the management is capable to manage the costs well.

At its lowest point, gross margins fell below 20% in mid-200B. Margins have improved in stages afterwards, steadily increasing to 25% towards end of 2009. Selling price adjustments should allow Mayora to maintain its margins at above 20% level next year as the raw material price increases are not as steep as the commodity boom period.

Figure 7

Earnings sensitivity to raw material and selling price changes

+/- gross margin +/- EBIT +/- EBIT margin +/- net income

Selling prices
5% +3.6% +39.1% +4.2%
-5% -4.0% -39.1% -4.6%
Raw materials
5% -2.1% -16.5% -2.1%
-5% +2.1% +16.5% +2.1%
Source: elSA Asia-Pacific Markets +39.1% -39.1%

-16.5% +16.5%

To offset 5% price increases in raw materials, Mayora needs to increase its selling prices by 2.1%. Competition is not a main risk as the high raw material prices should affect all food producers. Communal price adjustments should not affect Mayora's market share in the business.

However, we view that high food inflation is a risk to the business. Mayora's customers are mainly mainstream consumers that are fragile to inflation. High inflation can reduce their buying power and therefore hurt demand for confectionery products. But at this stage, food inflation has come off substantially since the seasonally-high Lebaran festive month. Mayora has not seen any slowdown in demand as indicated by the high utilization rate of its six factories.

Re-rating of the consumers

We upgrade our earnings forecast based on higher revenue assumptions, but maintain gross margins below 22% for next year to reflect the higher raw material prices. Higher capex also commands higher interest expenses in the coming years and this affects net margins by 60 bps next year. However at any stage, interest expenses as a percentage of operating profit does not exceed 15% in our calculations.

22 October 2010

5

jessica.irene@clsa.com

Lower risk premiums should allow for the consumer stocks to rerate

Upgrade target price tp Rp18,OOO based on 22.7x llCLPE

Confectioner's resolve

Mayora Indah - BUY

Based on our new assumptions, revenue is expected to grow at 23.6% Cagr
for the next four years and profits to grow by 28.1% Cagr over the same
period.
Figure 8
Changes in assumetions and forecasts
2010CL 2011CL 2012CL 2013CL 2014CL
Margins
Gross margins +0.2% -0.8% -0.6% -0.3% 0.0%
Net margins +0.1% -0.6% -0.5% -0.4% -0.1%
Revenue
New 6,911 9,330 11,196 13,435 16,122
Old 6,673 8,341 10,426 13,033 16,942
% Change +3.6% +11.9% +7.4% +3.1% -4.8%
Gross profit
New 1,553 2,033 2,465 3,056 3,729
Old 1,489 1,886 2,360 3,006 3,918
% Change +4.3% +7.8% +4.4% +1.6% -4.8%
Operating profit
New 758 960 1,178 1,511 1,875
Old 721 927 1,161 1,508 1,970
% Change +5.1% +3.7% +1.4% +0.2% -4.8%
Net profit
New 477 610 735 985 1,282
Old 457 596 736 1,004 1,366
010 Change +4.4% +2.4% -0.1% -1.9% -6.2%
Source: elSA Asia-Pacific Markets Lower risk premiums for the country should allow for the consumer stocks to re-rate, matching Chindia consumers. We think that Mayora could be one of the consumer stocks to re-rate given its solid growth profile, strong brand equity, and reliable management team.

We upgrade Mayora's target price to Rp18,000, matching Chindonesia food manufacturer's average of 22.7x llCL PE. Dividend yield in the medium term will be lower due to its expansion program for the next three years, but the return on equity is firm. Mayora is expected to return 27% ROE next year, higher than most Chindia peers, while still trading at O.Sx PE/G.

There is still upside to our target price if we assume Mayora trading at par with Chindia PE/G. Excluding the outliers, Chinda peers are trading at 1.1x PE/G. Price indication if Mayora is to trade at 1.1x PE/G is Rp2S,000, another 40% to our target price assumptions.

22 October 2010

6

jessica.irene@clsa.com

Confectioner·s resolve

Mayora Indah - BUY

Figure 9
Chindonesia food manufacturers eeer comearables
Mkt cap Ticker PE (x) PE/G (x)* DivYield ROE (Ufo) Net gearing
(Ufo) (Ufo)
Company name (USD$m) 11CL 12CL 11CL 12CL 11CL 12CL 11CL 12CL 11CL 12CL
Mayora Indah 942.3 MYORIl 13.9 11.6 0.5 0.6 0.7 1.3 27.0 25.8 47.3 48.5
Asian Citrus 994.2 73 HK 8.9 7.8 0.4 0.6 1.0 1.2 17.8 17.3 (24.3) (22.6)
Universal Robina 2,124.3 URC PM 10.4 8.8 1.1 0.5 4.0 4.4 19.9 20.8 14.9 2.9
Uni-President China 2,499.4 220 HK 17.6 14.1 0.5 0.6 2.3 2.9 13.3 15.2 (31.1) (25.0)
China Foods 2,237.6 506 HK 41.4 39.2 2.9 6.9 1.5 1.6 7.3 7.5 (18.2) (14.3)
Uni-President Ent 5,539.2 1216 TT 15.4 14.4 1.8 2.0 2.7 2.9 13.5 13.5 17.1 9.1
Indofood 4,915.2 INDF IJ 17.6 15.6 1.0 1.2 1.7 2.0 21.9 21.2 64.7 52.3
China Mengniu 5,148.9 2319 HK 36.3 38.2 (5.6) (7.5) 1.2 1.2 9.3 8.3 (8.3) 3.6
Nestle India 7,187.3 NESTIB 34.0 29.5 1.9 1.9 2.3 2.8 114.9 108.8 (64.1) (89.7)
China Yurun Food 6,670.5 1068 HK 17.1 15.4 1.2 1.4 1.5 1.7 22.4 21.3 (12.5) (15.6)
Want Want China 12,067.4 151 HK 25.7 22.0 1.3 1.3 2.8 3.3 42.2 45.1 (23.3) (22.1)
Tingyi 14,466.7 322 HK 25.0 21.6 0.9 1.4 1.8 2.1 30.5 29.6 (26.9) (40.0)
Average 5,804.6 22.7 20.6 0.7 0.9 2.1 2.4 28.5 28.1 (10.2) (14.7)
Source: CLSA Asia-Pacific Markets, Evalu@tor. Prices as of October 21, 2010. 22 October 2010

jessica.irene@clsa.com

7

~"!-~ Confectioner's resolve Mayora Indah - BUY

evalu@tc)r£t
The Asia-Pacific Market Database
Summary financials
Year to 31 December 2008A 2009A 2010CL 2011CL 2012CL
Summary PIIoL forecast (Rpbn)
Revenue 3,908 4,777 6,911 9,330 11,196
Op Ebitda 454 725 920 1,158 1,429
Revenue is expected to Op Ebit 345 613 758 960 1,178
Interest income 4 20 10 10 10
grow 24% Cagr for the Interest expense (60) (98) (107) (131) (182)
next four years Other items (16) (31) (25) (25) (25)
Profit before tax 274 S04 636 814 981
Taxation (72) (121) (146) (187) (226)
Minorities/Pref divs (5) (10) (13) (17) (20)
Net profit 196 372 477 610 735
Summary cashflow forecast (Rpbn)
Operating profit 345 613 758 960 1,178
Operating adjustments 0 0 0 0 0
Depreciation/amortisation 108 112 162 198 252
Working capital changes (201) (76) (409) (453) (348)
Net interest/taxes/other (138) (254) (292) (360) (453)
Free cashflow is under Net operating cashflow 115 395 219 345 629
pressure given the Capital expenditure (365) (364) (500) (600) (900)
aggressive expansion Free cashflow (249) 31 (281) (255) (271)
Acq/inv/disposals 0 0 0 0 0
Int, invt & associate div 4 20 10 10 10
Net investing cashflow (360) (343) (490) (590) (890)
Increase in loans 603 (39) 249 230 447
Dividends (31) (38) (72) (61) (110)
Net equity raised/other (115) 39 44 31 37
Net financing cashflow 457 (39) 221 200 374
Incr/(decr) in net cash 212 12 (50) (45) 113
Exch rate movements (16) (7) 0 0 0
Opening cash 120 316 322 272 227
Closing cash 316 322 272 227 340
More debt raising to come Summary balance sheet forecast (Rpbn)
funding the expansion Cash & equivalents 316 322 272 227 340
plan Debtors 752 881 1,193 1,610 1,932
Inventories 534 459 881 1,199 1,435
Other current assets 83 89 83 83 83
Fixed assets 1,233 1,491 1,823 2,225 2,873
Intangible assets 0 0 0 0 0
Other term assets 5 5 5 5 5
Total assets 2,923 3,246 4,256 5,350 6,669
Short-term debt 240 250 470 450 947
Creditors 454 373 734 1,000 1,196
Other current liabs 76 141 98 116 130
Long-term debt/CBs 747 698 727 977 927
Provisions/other L T liabs 130 161 184 198 215
Minorities/other equity 31 41 54 71 91
Shareholder funds 1,245 1,582 1,988 2,537 3,162
Net gearing to reach Total liabs 110 equity 2,923 3,246 4,256 5,350 6,669
48.5% in 2012
Ratio analysis
Revenue growth (% YoY) 38.2 22.3 44.7 35.0 20.0
Ebitda growth (% YoY) 37.3 59.7 27.0 25.9 23.4
Ebitda margin (%) 11.6 15.2 13.3 12.4 12.8
Net profit margin (%) 5.0 7.8 6.9 6.5 6.6
Dividend payout (%) 15.6 10.3 15.1 10.0 15.0
Effective tax rate (%) 26.4 24.1 23.0 23.0 23.0
Ebitda/net int exp (x) 8.2 9.3 9.5 9.6 8.3
Net debt/equity (%) 52.6 38.6 45.3 46.0 47.2
ROE (%) 16.9 26.4 26.7 27.0 25.8
ROlC (%) 14.3 20.7 21.0 20.7 20.1
EVA®/IC (%) 1.8 8.3 8.5 8.2 7.6
Source: ClSA Asia-Pacific Markets 22 October 2010

jessica.irene@clsa.com

8

Confectioner·s resolve

Mayora Indah - BUY

Recommendation history - Mayora Indah PT MYOR Il

Date Rec level Closing price

24 August 2010 BUY 8,200.00

06 May 2010 BUY 5,000.00

Target 11,500.00 7,100.00

Source: ClSA Asia-Pacific Markets

Key to ClSA investment rankings: BUY = Expected to outperform the local market by >10%; O-PF = Expected to outperform the local market by 0-10%; U-PF = Expected to underperform the local market by 0-10%; SEll = Expected to underperform the local market by >10%. Performance is defined as 12-month total return (including dividends).

©2010 ClSA Asia-Pacific Markets ("elSA"). Note: In the interests of timeliness, this document has not been edited. The analvst/s who compiled this publication/communication hereby state/s and conflrrn/s that the contents hereof truly reflect his/her/their views and opinions on the subject matter and that the analvst/s has/have not been placed under any undue influence, intervention or pressure by any person/s in compiling such publication/ communication.

The ClSA Group, CLSA's analysts and/or their associates do and from time to time seek to establish business or financial relationships with companies covered in their research reports. As a result, investors should be aware that ClSA and/or such individuals may have one or more conflicts of interests that could affect the objectivity of this report. The Hong Kong Securities and Futures Commission requires disclosure of certain relationships and interests with respect to companies covered in CLSA's research reports and the securities of which are listed on The Stock Exchange of Hong Kong Limited and such details are available at www.clsa.com/member/research_disclosures/. Disclosures therein include the position of the ClSA Group only and do not reflect those of Credit Agricole Corporate & Investment Bank and/or its affiliates. If investors have any difficulty accessing this website, please contact webadmin@clsa.com or (852) 2600 8111. If you require disclosure information on previous dates, please contact compliance_hk@clsa.com

IMPORTANT: The content of this report is subject to and should be read in conjunction with the disclaimer and ClSA's legal and Regulatory Notices as set out at www.clsa.com/disclaimer.html. a hard copy of which may be obtained on request from ClSA Publications or ClSA Compliance Group, 18/F, One Pacific Place, 88 Queensway, Hong Kong, telephone (852) 2600 8888. 27/08/2010

22 October 2010

jessica.irene@clsa.com

9