我们将永利澳门的投资评级由“中性”上调至“买入”，并将目标价上调至11.00港元，基于11.5倍的2024年EV/EBITDA。我们预测2022-2024年经调整物业息税折旧摊销前利润分别为-17.3亿港元、25.7亿港元及80.3亿港元。我们认为永利澳门目前的股价反映了市场对VIP业务损失的影响过于悲观的看法。我们预测，到2024年中期，永利澳门的收入将赶上2019年的水平。
　　我们认为贵宾中介业务转为直销业务有望助永利澳门2023年第一季度业绩超预期。春节期间，永利澳门的直销贵宾业务收入高于2019年春节约40%，中场赌桌投注额达到2019年同期的95%，核心中场至高端中场的表现都很强劲，其中包括部分原贵宾中介客户转为直销贵宾客户。
　　当新冠旅行限制取消后，永利澳门的股价现在仍明显低于2021年3月水平，当时新冠疫情反弹并且有严格的跨境旅行限制。现在，疫情相关旅行管制措施全面解除，而且澳门博彩业的复苏已经开始，我们认为永利澳门目前的股价被低估（比疫情后高点的16.44港元低50%）。
　　风险：宏观经济复苏弱于预期；疫情反复。
　　

研究报告全文：股票研TableTitleCompanyReportWynnMacau01128HKNoahHudson究8675523976684EquityResearch公司报告永利澳门01128HKnoahhudsongtjascomhk28February2023TableSummaryVIPDirectCouldBeatExpectationsUpgradetoBuy直销贵宾业务有望超预期上调至买入WeupgradeWynnMacausinvestmentratingfromNeutraltoBuyandRatingTableRankBuy公increasetargetpricetoHK1100basedon115x2024EVEBITDAWeUpgraded司forecast2022-2024adjustedpropertyEBITDAof-HK173bnHK257bnandHK803bnrespectivelyWethinkWynnMacauscurrentsharepricereflects评级买入上调报overlypessimisticviewsontheimpactoflossofVIPbusinessWeforecastthatby告themiddle2024WynnMacausrevenuewillcatchupwithits2019level6TablePrice-18mTP目标价HK1100CompanyReportWethinkWynnMacaucouldsurprisethemarketwithmoreVIPjunketbusinessmigratingtodirectbusinessduring1Q2023thaniscurrentlygenerallyexpectedDuringChineseNewYearCNYWynnMacausdirectVIPShareprice股价HK8240businessrevenuewasaround40higherthanthatofCNYin2019andmasstabledropreached95of2019ChineseNewYearlevelswithstrongperformancefromcoremasstopremiummasswhichincludedaportionofformerStockperformanceVIPjunketplayerswhomigratedtodirectplay股价表现TableQuotePicWynnMacaussharepriceissignificantlylowernowwhenCovidtravel60changerestrictionsaregonethanitwasinMarch2021whenCovidwasragingand5040severecross-bordertravelrestrictionswerestillinplaceNowwithCovid30证travelcontrolsfullydismantledandMacaogamingrecoveryalreadyunderwaywe20告thinkthatWynnMacauscurrentsharepriceisundervaluedat50belowits券10post-CovidhighofHK16440研报10RisksMacroeconomicrecoverymaybeweakerthanexpectedpandemic20究究resurgence30报40研我们将永利澳门的投资评级由中性上调至买入并将目标价上调至港元110050告基于倍的年我们预测年经调整物业息税折旧摊销前券1152024EVEBITDA2022-202460Mar-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23EquityResearchReport利润分别为-173亿港元257亿港元及803亿港元我们认为永利澳门目前的股价反映HSIIndexWynnMacau证了市场对VIP业务损失的影响过于悲观的看法我们预测到2024年中期永利澳门的收入将赶上2019年的水平TabChangeTablePriceChangeinSharePrice1M3M1Y我们认为贵宾中介业务转为直销业务有望助永利澳门2023年第一季度业绩超预期春节leI股价变动1个月3个月1年期间永利澳门的直销贵宾业务收入高于2019年春节约40中场赌桌投注额达到2019Abs78383237nfo1年同期的95核心中场至高端中场的表现都很强劲其中包括部分原贵宾中介客户转为绝对变动ReltoHSIndex博09310359直销贵宾客户相对恒指变动彩AvgSharepriceHK868758平均股价港元行当新冠旅行限制取消后永利澳门的股价现在仍明显低于2021年3月水平当时新冠疫SourceBloombergGuotaiJunanInternational业情反弹并且有严格的跨境旅行限制现在疫情相关旅行管制措施全面解除而且澳门博彩业的复苏已经开始我们认为永利澳门目前的股价被低估比疫情后高点的1644港元GamingSector低50风险宏观经济复苏弱于预期疫情反复TableITableYearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结Profit收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率nfo21231HKmHKmHKxHKxHK2020A7612721713922472na0975215000000na永2021A1172551791000nana193185000000na利中2022F564973481414nana346543000000na澳193367460143nana342524000000na外2023F2024F3550830560587na140256400000000na门运TableBaseDataSharesinissuem总股数m52384Majorshareholder大股东WynnResortsWYNNUS720输MarketcapHKm市值HKm431647Freefloat自由流通比率279WynnMacauWynn01128HK3monthaveragevol3个月平均成交股数000324962FY23NetgearingFY23净负债股东资金na52WeekshighlowHK52周高低HK103202950FY23EstNAVHKFY23每股估值港元138SourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of6TablePageHeaderWynnMacau01128HKValuation1raMthgiRelbaTWeupgradeWynnMacausinvestmentratingfromNeutraltoBuyandincreasethetargetpricetoHK1100basedon115x2024EVEBITDAOurtargetpriceisa205discounttoourDCF-derivedNAVofHK1383Weforecast2022-2024adjustedpropertyEBITDAof-HK173bnHK257bnandHK803bnrespectivelyWethinkWynnMacauscurrentsharepricereflectsoverlypessimisticviewsontheimpactoflossofVIPbusinessWeforecastthatbythemiddle2024WynnMacausrevenuewillcatchupwithits2019levelwhileEBITDAmarginwillstillbecatchingupwithbutnottoofarbehindtheCompanys2019EBITDAmarginof265WeseefurtherpotentialupsideifmigrationfromVIPjunkettoVIPdirectbusiness28February2023growsfasterthanexpectedTable-1OurWynnMacauTargetPriceisequivalentto115x2024EVAdjustedEBITDA2021A2022Next4Quarters2023F2024FTargetPriceHK1100SharesOutstandingPeriodEndFullyDilutedmn51915205521352125218TPBasedMarketCapHKmn5710457256573455732957394PeriodEndMinorityInterestHKmn00000PeriodEndBorrowingsHKmn4653748592455924681341927-PeriodEndCashEquivalentsHKmn116687624718371857178YearEndEnterpriseValueHKmn91974982249575396957921432raMthgiRelbaTAdjustedEBITDAHKmn3841726393025658025TPBasedEVAdjustedEBITDA2396569244378115SourcetheCompanyGuotaiJunanInternationalNoteValuationsarebasedonGuotaiJunanInternationalforecastsTable-2WynnMacautradedat163xaverageEVadjustedEBITDAT12Mfrom2010-20192010-20192015-2019CompanyStockCode2010201120122013201420152016201720182019AverageAverageGalaxyEntertain00027HK149221136171184116126163164134156141MelcoReso-AdrMLCOUS34912189146164156130120122101150126MgmChina02282HKna12494144150107141194196136143155SandsChinaLtd01928HK170186199217175121164183166142172155SjmHoldingsLtd00880HK1071279711910249na109135128108105WynnMacaoLtd01128HK17119613516717713617720215511116315601128HKSimpleAverage189163125161159114148162156125150141SourceBloombergGuotaiJunanInternationalTable-3Macaogamingpeersaretradingat258x2023EVAdjustedEBITDAbasedonconsensusforecasts永利澳门CompanyStockCrncyPriceM-CapPEEVAdjustedEBITDAROEPBRYieldCodeHKBn22A23F24F22F23F24F22F22F22FMacaoGalaxyEntertain00027HKHKD52152311na313192na252147523600WynnMacauMelcoReso-AdrMLCOUSUSD1241433nana165na19191nana00MgmChina02282HKHKD956366nana221na184105nana00SandsChinaLtd01928HKHKD27652254na512141na211121nana00SjmHoldingsLtd00880HKHKD395281nana170na340103nana00WynnMacaoLtd01128HKHKD824432nana236na208118nana00SimpleAvgna412187na231114523600WeightedAvgna411175na22912752360052152311na313192na252147523600USA1241433nana165na19191nana00BoydGamingBYDUSUSD956366nana221na184105nana00CaesarsEntertaiCZRUSUSD27652254na512141na211121nana00LasVegasSandsLVSUSUSD395281nana170na340103nana00MgmResortsInteMGMUSUSD824432nana236na208118nana00PennNatlGamingPENNUSUSDna412187na231114523600WynnResortsLtdWYNNUSUSDna411175na229127523600SimpleAvg52152311na313192na252147523600WeightedAvg1241433nana165na19191nana00956366nana221na184105nana00Other27652254na512141na211121nana00BloomberryResBLOOMPMPHP395281nana170na340103nana00BelleCorpBELPMPHP824432nana236na208118nana00ReportSimpleAvgna412187na231114523600WeightedAvgna411175na229127523600SourceBloombergGuotaiJunanInternationalNoteValuationsarebasedonBloombergconsensusforecastsCompanySeethelastpagefordisclaimerPage2of6TablePageHeaderWynnMacau01128HKTable-4OurWynnMacautargetpriceofHK1100isa205discounttoourDCF-derivedNAV1raMthgiRelbaTRiskFreeRate352SumofPVFCFFHKmn48524MarketReturn952PVTerminalValueHKmn64320MarketRiskPremium600EnterpriseValueHKmn112843AdjBeta11-NetDebtcashHKmn40968EquityDiscountRate1012EquityValueHKmn71875AfterTaxCostofDebt508SharesOutstandingatyearendmn5197DDE600NAVperShareHK1383EDE40028February2023WACC71Longtermgrowthrate30SourceBloombergtheCompanyGuotaiJunanInternationalBasedonrecentresultswethinkWynnMacaucouldsurprisethemarketwithmoreVIPjunketbusinessmigratingtodirectbusinessduring1Q2023thaniscurrentlygenerallyexpectedDuringtherecentearningscallWynnMacaumanagementindicatedthattheywereseeingaportionofformerVIPjunketcustomersmigratetobothVIPdirectandpremiummassbusinessDuringChineseNewYearCNYthisyearWynnMacausdirectVIPbusinessrevenuewasaround40higherthanthatofCNYin2019AlsoduringthisyearsCNYWynnMacausmasstabledropreached95of2019ChineseNewYearlevelswithstrongperformancefromcoremasstopremiummasswhichincludedaportionofformer2raVIPMtjunkethgipRlayersewholbaTmigratedtodirectplayWynnMacausdirectVIPmadeuparound10to20oftotalVIProllingchipturnoverin2019andweexpectthisproportiontosignificantlyincreaseby1Q2023WynnMacauisstillmuchmorereliantontheVIPsegmentthanotherMacaogamingoperatorsbutinrecentyearsithassucceededinreducingsuchrelianceIn2013WynnMacauderived746ofitstotalgrossgamingrevenueGGRfromtheVIPsegment85pptmorethanthesectorand305pptmorethanthekingofmassmarketSandsChina01928HKBy2019WynnMacauderivedonly487ofitsGGRfromVIPjust25pptabovethesectors462By2018WynnPalaceopenedAugust2015wasfullyrampeduphelpedshifttosomeextentWynnMacausfocusfromVIPtopremiummassWithMacaosnewgaminglawthatwentintoeffectatthestartofthisyearVIPjunketsareexpectedtocontributemuchlesstototalgamingrevenueWynnMacausshifttolessrelianceonVIPisalsogoodforprofitabilityPre-pandemictheMacaugamingsectorVIPsegmentEBITDAmarginwasaround10-15whilethatforthemasssegmentwasgenerallyaround30-3501128HKandevenhigherforpremiummassAlthoughitstooearlytoestimatetheextentweexpectthatasignificantproportionofWynnsMacauspreviousVIPjunketcustomerswillmigratetodirectVIPandpremiummass永利澳门Figure-1WynnMacauhasreduceditsrelianceFigure-2WynnMacauisstillmuchmorereliantontheVIPsegmentonVIPcomparedtoSandsChina01928HKMacaoVIPGGRasoftotalGGRleftMacaoVIPGGRasoftotalGGRleftWynnMacauWynnMacauVIPGGRasoftotalGGRleftSandsChinaVIPGGRasoftotalGGRleftDifferencerightDifferencerightpptppt661807462070605055456754867560533-5706284626011550441-105895706066134740310292310-156054871025630-20505545335675481918520-2552204070684622446210241-302572572932723522302500-3520132014201520162017201820192013201420152016201720182019SourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalWeexpectresultsin1H2023namelymonthlyreportedMacaogrossgamingrevenueandWynnMacaus1Q2023ReportresultstogenerallyatleastmeetorbeatmarketexpectationsInourviewWynnMacauscurrentsharepricesreflectsthemarketshighdegreeofuncertaintyastowhetherandwhenrevenuewillrecoverytothatof2019InthecomingmonthswethinkthatresultsjustmeetingmarketexpectationswillincreaseinvestorconfidenceregardingWynnMacausrevenuerecoveryCompanyInotherwordsweexpectthatbythemiddleof2023themarketwillhaveagreaterdegreeofcertaintythatWynnMacausSeethelastpagefordisclaimerPage3of6TablePageHeaderWynnMacau01128HKrevenuecanrecoverto2019levelsbysometimein2024Thiswouldinturnsupporthighershareprices1raMthgiRelbaTWynnMacaussharepriceissignificantlylowernowwhenCovid-controltravelrestrictionshavebeencompletelyextinguishedthanitwasinMarch2021whenthemarketwasmerelyexpectingthattravelwouldreturntonormalWithCovidtravelcontrolsinplaceduring1H2021actualresultswerestilllousyWynnMacaus4Q2020adjustedpropertyEBITDAwasaboutbreak-evenatjustUS39mn1Q2021wasntmuchbetterwithWynnMacaureportingadjustedpropertyEBITDAofUS44mnequivalenttojust114of1Q2019adjustedEBITDADespitethelousyresultsthemarketwaspricinginexpectationsofareturntopre-pandemicnormalwithhopesthatin2021Macaugamingresultsmightstarttoimprove28February2023towardthatof2019On16March2021marketexpectationnottherealizationofareturnto2019resultspushedWynnMacaussharepricetoHK1644thehighestamountsincethestartoftheimpactfromCovidThatoccurredwhileCovidwasstillragingandseverecross-bordertravelrestrictionswerestillinplaceNowwithCovidtravelcontrolsfullydismantledandMacaogamingrecoveryalreadyunderwaywethinkthatWynnMacauscurrentsharepriceisundervaluedat499belowitspost-CovidhighofHK1644Figure-3WynnMacauscurrentsharepriceFigure-4WynnMacauscurrentmarketcapiswouldhavetodoubletorecovertoitspost-Covid496belowitspost-CovidhighofHK849bnhighofHK16442raMthgiRelbaTWynnMacausharepriceWynnMacaumarketcapHKDHKDbn30180160253162021140164420120318202184964227202310015227202382480431610604051028202210282022203051596800226201822620192262020226202122620222262018226201922620202262021226202201128HKSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalStrengthoflowsharepriceanchoringbiaswilldiminishgoingforwardWynnMacauslowestclosingsharepricesincethe永利澳门startofCovidwasHK305whichoccurredonFriday28Oct2022SincethenWynnMacaussharepriceincreased338toahighofHK1032on26January2023ThissharepricehighwhichoccurredwhenCovidtravelrestrictionshadalreadybeendismantledisstill372lowerthanWynnMacauspost-CovidhighsharepriceofHK1644whichoccurredon16March2021WynnMacauwhenCovidtravelrestrictionswerestillinplaceWethinkthattherecentlowandsubsequentmorethantriplinginsharepricemightbecreatingananchorbiasininvestorsmindscausingworrythatfurthersharepriceincreasemaybeunlikelyBydefinitionthestrengthofananchoringheuristicbecomesweakerastimepassesWethinkthiswillbethecaseforWynnMacaussharepricenowwithcross-bordertravelfullyopenandbetterthanexpectedJanuarygamingrevenueAsconfidenceintherecoveryincreaseswethinkthatthemarketwillstartlookingforWynnMacaussharepricetorecovertowarditspost-CovidhighsharepriceofHK1644whichwouldbecomethenewanchorpriceReportCompanySeethelastpagefordisclaimerPage4of6TablePageHeaderWynnMacau01128HKFinancialStatementsandRatiosTableBalanceSheetTableIncomeStatement1raMthgiRelbaTIncomeStatementBalanceSheetYearend31DecHKDm2020A2021A2022F2023F2024FYearend31DecHKDm2020A2021A2022F2023F2024FTotalrevenue76121172556491933635508PE2856126486243062229720534Gamingtaxesandpremiums342948632163882513822Right-of-useAssets16521495133911821026Staffcosts42314134384040413882Goodwill398398398398398Otheroperatingexpenses225026501961260110493Others59177638212772333Depreciationandamortisation29152625231020831885Totalnon-currentassets3120229156264252515424291Propertychargesandother18610427011312228February2023Operatingprofit53992651489616725304Cashcashequivalents1883111664762371817171Inventories287296283312332Financerevenues8520821616Receivables10474985238301525Financecosts19522342256624262257Prepaymentsother101101101106111For-ex981764400Others189181125134144DebtExtinguishment3618000Totalcurrentassets2045412741865685649283Profitbeforetax7204516773357373063Totalassets5165641897350813371833574IncomeTax12121288Accountspayable438394282310341Profitaftertax7217517973487463056Bankborrowings42362raM0thg0iR0elba0TNon-controllinginterest00000Otherpayablesandaccruals61394285354237553980Shareholdersprofitloss7217517973487463056Others550411417385382Totalcurrentliabilities113645091424144504703AdjustedPropEBITDA2064384172625658025Interest-bearingborrowings4496346537485924681341927BasicEPS13921000141401430587LeaseLiability206162132141151DilutedEPS13901000141401430586Otherpayablesandaccruals700000Others110130124134144Totalnon-currentliabilities4534946829488484708842222TableCashFlowStatementCashFlowStatementTotalliabilities5671351920530895153846925Yearend31DecHKDm2020A2021A2022F2023F2024FProfitbeforetax720451677335737306301128HKTotalshareholdersequity505610023180081782013351DepreciationofPE26912460227020831885Minorityinterest00000Depofright-of-useassets225164143122101Totalequity505610023180081782013351Provisionforcreditlosses238185156193178永利澳门Share-basedexpense163224108370679Financecosts19522342256624262257TableFinancialRatioFinancialRatiosWorkingcapitaladjustments18121700873139479Others4027812515122020A2021A2022F2023F2024FMarginsWynnMacauCashfromoperatingactivities37081212309043037672Effectivegamingtaxrate619542585535535PurchaseofPPE749476446450519Operatingmargin70922686786149Interestreceived9018821616Netprofitmargin94844213013986Insuranceclaims17413910AdjpropertyEBITDAmargin27133306133226Others00333Cashfrominvestingactivities643454349428496ReturnRatiosROA1421111912291ROEBorrowings56515651565156515651nananananaReturnoncapitalemployedInterestpaid150022612566242622571276614656184Returnoninvestedcapital20910620575246Dividendspaid84000Others498689513731754210581LiquidityleverageCashfromfinancingactivities9128556564643177187LeverageiegearingnananananaNetgearingnananananaCashatbegofyear14088188311166476237181Interestcoverageratiox2911200724Netchangesincash47777231408544211Currentratiox1825201920ReportEffectofForeignExchange34644400Cashatendofyear1883111664762371817171SourcetheCompanyGuotaiJunanInternationalCompanyTableCompanyRatingDefinitionSeethelastpagefordisclaimerPage5of6TablePageHeaderWynnMacau01128HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to528February2023orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearch01128HKReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch永利澳门ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesWynnMacauHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793ReportWebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage6of6