研究报告全文：22Feb2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateMobvistaInc1860HKBUYMaintainRecoveryinsightwithclearmarginexpansionTargetPriceHK63UpDownside505CurrentPriceHK42GlobalmacrochallengesandinflationdampenedMobvistas2H22EadsmomentumMintegralrevslowedto13YoYin4Q22HoweverwesuggesttolookintoitsFY23Ereaccelerationforecastingrev25YoYinFY23EChinaInternetSectorbackedby1verticalexpansion2Chinasreopeningand3cooperationwithGoogleAspriorityonprofitabilityupgradedweexpectFY23EmarginSophieHuangenhancementtocontinuewithlighterincentivesandstabilizedRDforecasting85239000889GPadjNP27110YoYinFY23EWeforecastMobvistatodeliver2274sophiehuangcmbicomhktoplinebottomlineCAGRduringFY22-24EResumewithBUYwithSOTP-basedEasonXuTPatHK6312x10xFY2324EPSor58x40xFY2324EPE85239000849easonxucmbicomhkLookingbeyond2H22EslowdownWeexpectMobvistarev18YoYinFY22EwithadjnetprofitatUS11mnvs-US39mninFY21MintegralStockDatarevsloweddownto13YoYin4Q22disruptedbyshrinkingadsbudgetsMktCapHKmn7201amidglobalmacrochallengesandinflationNativexrevwoulddecline70Avg3mthstoHKmn526YoYinFY22EasMobvistafurthershiftedtowardsprogrammaticadsDespite52wHighLowHK6633802H22EheadwindswearepositiveonitsmarginimprovementinFY22EwithTotalIssuedSharesmn1637SourceBloombergdisciplinedtrafficsubsidiesforecastingblendedGPM35pptsto196inFY22EShareholdingStructureSeamlessTechnology628PriorityonmarginexpansionwithqualitygrowthLookinginto2023EweGIC80expectMobvistatoreacceleratewith25revgrowthboostedby1Citigroup47continuousverticalexpansionwithrisinghardcoregamesandecommerceSourceBloombergbudget2increasingdemandfromdomesticclients30revcontributionSharePerformanceafterChinasreopening3bettertargetingwithalgorithmoptimizationand4AbsoluteRelativefurtherupsidefromcooperationwithGoogleWithpriorityonprofitability1-mth-37-22upgradedweseehighvisibilityforMobvistatocontinuetoimproveitsmargin3-mth23-1636-mthinFY23Ebackedby1higheradsefficiencywithlighterincentives2RD-50-95SourceBloomberginvestmenttostabilizeand3narrowinglossofReyunAssuchweexpectitsbottomline110YoYinFY23EwithGP27YoY12-mthPricePerformanceHK1860HKHSIrebasedLong-termsynergiesfromMar-techbizWeexpectMar-techrev50in7FY23Eaccountingfor15oftotalrevItsSaaSecosystemwithGAReyun6andSpotMaxwouldnotonlybringmoresynergieswithMintegraladsinthe5longrunbutalsoseenarrowinglossahead43ResumewithBUYWesetourSOTP-basedTPatHK63byassigning30x2FY23EPEtoad-techbizand33xFY23EPStomar-techbizWaitingfor1morecatalystsfrom1Mintegraladsaccelerationfrom1Q23Eand20Feb-22May-22Aug-22Nov-22cooperationwithGoogleEarningsSummarySourceBloombergYE31DecFY20AFY21AFY22EFY23EFY24ERevenueUSmn51675589111141337AuditorKPMGYoYchange346182520AdjnetincomeUSmn94112333AdjEPSUS001000001001002YoYgrowth79NANA11043ConsensusEPSUSNANA001NANAPEx88208763726PSx1511090806ROE31369NetgearingNetcashNetcashNetcashNetcashNetcashSourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOANDhttpwwwcmbicomhk22Feb2023Globalmacrochallengesandinflationtodistrupt2H22EmomentumMobvistasufferedadschallengesin2H22EMintegralrevsloweddownto13YoYin4Q22vs1086425in1Q222Q223Q22duetoshrinkingadsbudgetsamidglobalmacrochallengesandinflationHoweveritsadsverticalexpansionborecontinuousfruitwithnon-hyper-casualgamesrev58YoYin4Q22Erevmixupto42WeforecastMobvistasrev15YoYinFY22Ead-techrev17YoYwithadjnetprofitatUS11mnvs-US39mninFY21Nativexrevmaydecline69YoYinFY22EasMobvistafurthershiftedtowardsprogrammaticadsDespite2H22EslowdownwearepositiveonitsmarginimprovementinFY22EwithdisciplinedtrafficsubsidiesforecastingblendedGPM35pptsto196inFY22EFigure1MintegraladrevtrendFigure2Higherrevmixofnon-hyper-casualgames2503001004245USmnUSmn9040250342008035200703015015060251005020100504015300502010-501050-100001Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q224Q214Q22RevYoYQoQRevRevmixofMintegralrevSourceCompanydataSourceCompanydataFigure3Ad-techrevenuegrowthestimatesFigure4Mar-techrevenuegrowthestimates14005025350USmnUSmn45120030040201000352503015800200256001502010400151001052005050000FY19FY20FY21FY22EFY23EFY24EFY19FY20FY21FY22EFY23EFY24EAd-techYoYMar-techYoYSourceCompanydataCMBIGMestimatesSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE222Feb2023MovingintoreaccelerationinFY23ELookinginto2023EweexpectMobvistatoreacceleratewith25revgrowthboostedby1continuousverticalexpansionwithrisinghardcoregamesandecommercebudget2increasingdemandfromdomesticclients30revcontributionafterChinasreopening3bettertargetingwithalgorithmoptimizationand4furtherupsidefromcooperationwithGoogleInthelongrunwethinkMobvistaiswellpositionedtocapturethegrowingdemandofappglobalizationespeciallyonSEAmktandinflationtostabilizeleveragingitsfirst-moveradvantageinGlocaloperationandcross-jurisdictionalknow-howFigure5MobvistaFY22EpreviewUSmnDec-YEFY18FY19FY20FY21FY22EFY23EFY24ERevenue43550051675589111141337CostofSales3373814346337178921069Grossprofit9811982122175222268Sellingandmarketingexpenses8101747625766Researchanddevelopmentexpenses2935326997105126Generalandadministrativeexpenses36514428605256Othernetincome23694399Operatingprofit272551211730Financecosts1224554Profitbeforetaxation262373171226Incometax4126324Profitfortheyear2222525101022ProfitattributabletoownersoftheCompany2222525101022Non-controllinginterests0000000Adjustednetprofit354194112333MarginAnalysisGrossmargin232416161196199201Operatingmargin65-1-2022Adjnetmargin882-1122GrowthAnalysisRevenue3915346182520Grossprofit1821-3148432721Operatingprofit-12-7-121137NANA78AdjnetprofitNA16-78-144NA11043SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE322Feb2023ReyunGAsynergiestoboostMar-techpotentialMobvistastarteditsaffiliatemarketingbusinessin2013tocapturetheopportunityglobalizationofChineseAppsInitssecondstageitlaunchedAI-drivenprogrammaticadvertisingplatformMintegralin2015tofacilitateclientstoconnecttoglobalusersinanautomatedandscalablemannerMintegralhasbecomeoneofthetopglobaladvertisingplatformsaccordingtoAppsFlyerPerformanceIndexAfterAd-techbizdevelopmentMobvistaintegrateAd-techMar-techasdual-enginestodrivebusinessgrowthMar-techbizincludesasetofSaaStoolsunderSolarEngineupgradesfromReyunproductsconnectingwithGameAnalyticsGAReyunandSpotMaxItoffersvariousVASincludingcreativeoptimizationcomparativeanalysisofROIamongchannelsdatainsightmarketingautomationcloudcostoptimizationetcInourviewMar-techbizisstillatanearlystageofbuildingafull-fledgedrevenuemodelstillsmallportionofrevcontributionbutwebelieveitcanleverageitsbroaderappcoveragehigh-volumedataandpowerfulanalyticstobringsynergieswithMintegraladsinthelongrunWeexpectMar-techrev50inFY23Eaccountingfor15oftotalrevforecasting5inthelongrunItsSaaSecosystemwithGAReyunandSpotMaxwouldnotonlybringmoresynergieswithadsbutalsoseeimprovingmarginaheadFigure6ThreestagesofMobvistasdevelopmentSourceCompanydataPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE422Feb2023Figure7FuturestrategyofMobvistaSourceCompanydataFigure8SaaStoolsincludedunderSolarEngineSourceCompanydataPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE522Feb2023Figure9ComparisonofReyunDatabeforeandafteritsupgradestoSolarEngineSourceCompanydataFigure10MajorcustomersofGAFigure11MajorcustomersofSolarEngineReyunSourceCompanydataSourceCompanydataPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE622Feb2023PriorityonmarginexpansionwithqualitygrowthWithpriorityonprofitabilityupgradedweseehighvisibilityforMobvistatocontinueimproveitsmargininFY23Ebackedby1higheradsefficiencywithlighterincentivesand2RDinvestmenttostabilizeAssuchweexpectitsbottomline110YoYinFY23EwithGP27YoYMar-techbizmightrecordaroundUS30mnlossinFY22EandweforecastitslosswillnarrowtoUS15mninFY23EAssuchweforecastMobvistatodeliver2274toplinebottomlineCAGRduringFY22-24EFigure12Margintrend2520151050FY19FY20FY21FY22EFY23EFY24E-5GPMAdjNPMSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE722Feb2023ResumewithBUYTPatHK63WeresumedcoveragewithBUYratingwithSOTP-basedTPatHK63implying12xFY23EPSor58xFY23EPEWeassigned30xFY23EPEtoad-techbizinlinewithaveragemultipleofglobal3PadtechpeersTradeDeskandApplovinandassigned33xPStoMar-techbizinlinewithindustrialaverageofSaaSsegmentOurTP-impliedmultipleof58x40xFY2324EPEisaboveindustrialaverageof25x23xbutwethinkMobvistadeservespremiummultiplegivenitsabove-peersgrowthandbettermarginoutlookWeselectedsixglobaladscompanieseightdomesticsadscompaniesandfourSaaScompaniesascompsforpeercomparisonWenoticedthat3Pglobalplayersdeliveredhighervaluationmultiplethantraditional1Pglobalplatformsforitsstrong-stickinesssubscriptionmodelandhigherearningsCAGRAmong3PpeersTradeDeskApplovinandUnitycouldbethemostcomparablenamesinourviewduetoitsfocusonprogrammaticadsandglobalreachAssuchwethinkitisnotdemandingtoapply30xFY23EPEonMobvistaad-techbizFigure13CMBIGMestimatesvsconsensusCMBIGMConsensusDiffRMBmnDec-YEFY22EFY23EFY24EFY22EFY23EFY24EFY22EFY23EFY24ERevenue891111413379471261NA-59-116NAGrossProfit175222268NANANANANANAOperatingProfit11730103NANA4093NAAdjnetprofit112333142NA-24610024NAAdjEPSRMB001001002001NANANANANAGrossMargin196199201NANANANANANAOperatingMargin-0115231003NA-11ppts13pptsNAAdjnetmargin1220241502NA-03ppts19pptsNASourceCMBIGMestimatesBloombergNotesBBGconsensusmightnotbecomparableforoutdatedforecastFigure14SOTPvaluationSOTPMethodologyMetricsMultipleValuationUSmnAd-techPEFY23EadjNP3783001135Mar-techPSFY23ERev1693356Total1190NetCash132EquityValueUSmn1322EquityValueHKmn10381Noofsharesmn1651TargetPriceHKbasedonSOTP63SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE822Feb2023Figure15CompstableCompanyTickerMktcapCurrencyPriceCMBICMBIPEPSEVEBITFY22-24EPSUSDmnRaitingTPFY22EFY23EFY24EFY22EFY23EFY24EFY22EFY23EFY24ECAGRMobvista1860HK858HKD4BUY6779374263090806908NANANAGlobaladsTradeDeskTTDUS29595USD60NANA54642032015712599NA55938533ApplovinAPPUS5572USD15NANA23818912220181622315510775UnitySoftwareUUS15989USD40NANANANA4181167359NANA468NAMetaMETAUS448216USD173NANA16814212737332913311310018GoogleGOOGLUS1209879USD94NANA17414612246413714412310521SnapchatSNAPUS16383USD10NANANA632240353025NANANA82Average28130622568534416723823329DomesticadsTencent700HK450990HKD370BUY45026421618556504519717315419BaiduBIDUUS48968USD142BUY19517015413127252316114011225WeiboWBUS5032USD21BUY2810395892727257786759XDInc2400HK1639HKD27NANANANA320342520NANA296NAWeimob2013HK1794HKD5NANANANANA604739NANANANAZhihuZHUS1093USD2BUY2NANANA211612NANANANAFocusMedia002027CH13918CNY7NANA31019415594736225215712540BlueFocusGroup300058CH2147CNY6NANANA257198040303NA182140NAAverage21218318040332917214815023SaaSSalesforceCRMUS165170USD165NANA33428323453484326221818018Youzan8083HK512HKD0NANANANANA242117NANANANAMingYuanCloud909HK1462HKD6HOLD6NANA622484134NANANANAKEHoldingsBEKEUS23298USD19BUY23784300236272320NA26418475Average33429223538332926224118218Average30925223549403418119718723SourceCompanydataBBGCMBIGMestimatesKeyInvestmentRisksKeyinvestmentrisksmayderivefrom1softer-than-expectedglobalmacromomentum2potentiallossofkeyadvertisesorpublishersand3higher-than-expectedinvestmentornetlossfromSaaSbizPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE922Feb2023FinancialSummaryIncomestatementCashflowsummaryYE31DecUSmnFY20AFY21AFY22EFY23EFY24EYE31DecUSmnFY20AFY21AFY22EFY23EFY24ERevenue51675589111141337Profitbeforetaxation73171226Mobileadvertising51575388010971316DA1329303132Dataanalyticsservices13111721Changeinworkingcapital736671354CloudproductsservicesOthers178521Costofrevenue4346337178921069OperatingCF164210932110Grossprofit82122175222268Capex011555SM1747625766Other2919311RD326997105126InvestingCF308244GA43656Othernetincome694399Proceedsfrombankloans218271---Operatingprofit73171226Repaymentofbankloans217267---Others155755-Interestincome21311FinancingCF1461554Financecosts24554Pre-taxprofit73171226Netchangeincash2811210223102Cashbegofyr6739150252276Tax26324FX01---Profitfortheyear525101022Cashendofyr39150252276378Minorityinterest-0---Netprofit525101022Adjnetincome94112333BalancesheetKeyratiosYE31DecUSmnFY20AFY21AFY22EFY23EFY24EYE31DecFY20AFY21AFY22EFY23EFY24ENon-currentassets102264239214187SalesmixPPE118753Mobileadvertising999996987985984Intangibleassets43118936945Dataanalyticsservices0104131516Goodwill29115115115115Cloudproductsservices10001000100010001000Deferredtaxassets1522222222TotalInvestments32222Depositsprepayments1----GrowthRevenue32464180250200Currentassets396483655620922Grossprofit308484434269208Receivables297183383324524OperatingIncomeNANANA6731132Restrictedcash56666Adjnetprofit781NANA1101435Cashcashequivalents39160252276378Currenttaxrecoverable11111ProfitabilityGrossmargin159161196199201Currentliabilities221350553482736Pre-taxmargin1441081119Tradeandotherpayables150215482411664Taxrate268194412150150Currenttaxation108888Netmargin1705122024Bankloans5659595959ReturnsNon-currentliabilities938111111ROE3412316486Bankloans-----ROA1805122730Deferredtaxliabilities28888PersharedataMinorityinterest-23232323EPSUS001000001001002Shareholdersequity268337347357379DPSUS-----Totalequity268337347357379BVPSUS0202020202SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1022Feb2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBIGMGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBIGMGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBIGMGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBIGMGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE11