研究报告全文：MN13Mar2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateAIAGroupLtd1299HK2H22recoveryinlineUpbeattrendinHKandmainlandChinain2M23AIArecorded6YoYgrowthofvalueofnewbusinessVNBin2H22onaconstantTargetPriceHK11800FXrateCERbasistranslatinginto45YoYVNBgrowthin4Q22ThelifeinsurerPreviousTPHK11800reportedpositivenewbusinessmomentumacrossitsmajormarketsin2H22withUpDownside4471MainlandChinasVNBgrowthturnaroundto3YoYonaCERbasisdespiteCurrentPriceHK8155thenegativeimpactfromOmicronpeakinDec2022213VNBgrowthofASEANbusinessin2H22drivenbymulti-channelstrategyand35YoYgrowthofHKChinaInsuranceVNBDuringtheanalystbriefingthemanagementindicatedthat1theVNBgrowthGigiCHENCFAofmainlandvisitorsMCVbusinesswasstrongin2M23astheborderreopened285239163739despitetheslightVNBdeclineofAIAChinainJan2023amidOmicronoutbreaksgigichencmbicomhkthenewbusinessmomentumquicklybouncedbacktodoubledigitinFebandbrought2M23ChinaVNBgrowthtopositiveThepositivedataof2M23reconfirmNikaMAourviewthatAIAwillrecordstrongVNBrecoveryinFY23ReiterateBUY85239000805UpbeattrendinHKChinamarketsin2M23ThemanagementindicatedthatnikamacmbicomhktheVNBfromMCVbusinessinHKmorethantrebledin2022withstrongStockDatamomentumsustainedinto2M23asAIAhasretaineditspremieragencywithaMktCapHKmn951675MCV-specializedteamof6800agentssimilarinscaletothatof2018whichAvg3mthstoHKmn192382enabledittowellcapturethepent-updemandsposttheborderreopeningIn52wHighLowHK93705725MainlandChinaAIAsawdouble-digitVNBgrowthinJul-Nov2022DespiteanTotalIssuedSharesmn11670occasionalinterruptiongivenresurgenceofCOVIDcasesinDec2022-JanSourceFactSet2023thenewbusinessmomentumofAIAChinaimmediatelybouncedbacktoShareholdingStructuredoubledigitonceagaininFebturningthe2M23VNBgrowthtopositiveBankofNewYorkMellon1023OverallpositiveimpactfromanadoptionofIFRS917AsdisclosedunderJPMorganChaseCo804theIFRS17AIAscontractualservicemarginCSMnotablyareplacementofSourceBloombergresidualmarginamountedtoUS55bnasof1Jan2022edginguptheSharePerformancecomprehensiveequitybookvalueCSMtoanaggregateofUS101bnForAbsoluteRelativePLtheimpactofnewaccountingrulesadoptiontoOPATwouldbetrivialat1-mth-2756lessthan5whiletoFY22NPATwouldbemorestrikingwithatleastUS2bn3-mth00-01higherthanasreportedOnBSthebookvalueresultedfromthenewstandard6-mth144111wouldbe7lowerthanreportedasof1Jan2022buthigherinend-FY22SourceFactSetSoundcapitalpositionIfexcludedtheimpactofUS36bnsharebuybacksin12-mthPricePerformance2022theGroupLCSMPCRcoverratiowouldstandat296byendFY22vs291proformaayearaheadbolsteredbyarobustfreesurplusgenerationTheLCSMcoverratioremainedresilientamidcapitalmarketvolatilitieswithlessthan6pptsensitivityto50bps10chgininterestrateequitypriceValuationThestockisnowtradingat15xPEVFY24Ebelowa2-year5-yearhistoricalaveragePEVat17x19xLookingforwardweexpecttheuptickinHKandmainlandChinabusinesswillcontinuetounderpinstrongVNBgrowthforAIAthroughoutFY23ReiterateBUYSourceFactSetEarningsSummaryYE31DecFY21AFY22AFY23EFY24EFY25EAuditorPricewaterhouseCoopersNetprofitUSmn7427282744282669198RecentReportsEPSReportedUS0620020640730831AIAGroupLtd1299HKLong-termConsensusEPSUSnana062070082growthintactexpect2H22recoverylinkVNBshareUS0320260320380452AIAGroupLtd1299HKPent-upYoYgrowth139185226202187demandstoboostHKgrowthRaiseTPlinkGroupembeddedvalue6359636978shareUSPremiumincomeUSmn3444433912400164721955719Premiumincomegrowth3315180180180PBx2132272522PEmbeddedvaluex1618161513Dividendyield1719212426ROE12006182184187SourceCompanydataBloombergCMBIGMestimatesNotethestockpricewasquotedbymarketcloseat400pmonMar102023PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk13Mar2023AIAVNBVNBmarginANPgrowthonAERandCERbasisFigure1AIAFY22VNBVNBmarginANPgrowthonAERandCERbasisSourceCompanydataCMBIGMFigure2AIA2H22VNBVNBmarginANPgrowthonAERandCERbasisSourceCompanydataCMBIGMAIAtradingbandof12MforwardPEVHistoricalavgPEVFigure3AIA12MforwardPEVbandFigure4AIAshistorical2-yrand5-yravgPEVSourceCompanydataCMBIGMestimatesNotethestockpricewasSourceCompanydataCMBIGMestimatesNotethestockpricewasquotedbyquotedbymarketcloseat400pmonMar102023bymarketcloseat400pmonMar102023PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE213Mar2023FocusChartsFigure5AIAGroupVNBVNBgrowth1Q17-FY22Figure6AIAGroupVNBbreakdownbycountriesSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure7AIAGroupANPANPgrowth1Q17-FY22Figure8AIAGroupANPbreakdownbycountriesSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure9AIAGroupVNBmarginANPbasisquarterlyFigure10AIAGroupVNBmarginANPbasisSourceCompanydataCMBIGMSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE313Mar2023Figure11AIAOPATbreakdownbycountriesFigure12AIAGroupOPATOPATYoYSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure13AIAGroupNPATNPATYoYFigure14AIAGroupInvestmentPortfolioinFY22SourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure15VNBGrowthonAERCERbasisadjFigure16VNBGrowthonAERCERBasisexcladjSourceCompanydataCMBIGMSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE413Mar2023Figure17AIAGroupEVEVYoYFigure18AIAGroupEVEquityEVEquityYoYSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure19EVANWVIFbreakdownbycountriesFigure20AIAGroupLCSMcoverratiounderGWSSourceCompanydataCMBIGMSourceCompanydataCMBIGMNoteLCSMstandsforLocalCapitalSummationMethodunderthegroup-widesupervisionGWSframeworksetbyHKIAwherethenewprescribedcapitalrequirementPCRbasishasbeenadoptedsinceFY22Figure21AIAGroupLCSMSurplusYoYFigure22AIAlifeANPmarketshareinSEASourceCompanydataCMBIGMNotetheGroupchangedfromSourceCompanydataCMBIGMNMGNoteDatasubjecttoFY21minimumcapitalrequirementMCRtoprescribedcapitalrequirementSEAmarketsrefertoThailandIndonesiaMalaysiathePhilippinesPCRundertheLCSMinFY22GroupLCSMsurplusinFY22isonaSingaporeandVietnaminclmostAIAGroupsoperatingmarketsPCRbasiswhereastheLCSMsurplusinFY21isonaMCRbasisPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE513Mar2023Figure23AIAdistributionmixofagencyandpartnershipsFigure24PremierAgencyVNBmarginsustained70SourceCompanydataCMBIGMSourceCompanydataCMBIGMNotetheagencyVNBmarginiscalconanANPbasisFigure25AIAAgencyVNBVNBYoYFY18-FY22Figure26AIAAgencyAPEAPEYoYFY18-FY22SourceCompanydataCMBIGMNoteCERstandsforyear-over-SourceCompanydataCMBIGMNoteCERstandsforyear-over-yearchangebasedonconstantexchangeratewhichcalcwithaverageyearchangebasedonconstantexchangeratewhichcalcwithaverageexchangerateswithinaperiodoftimethusexcltheimpactsofFXexchangerateswithinaperiodoftimethusexcltheimpactsofFXmovementsmovementsFigure27AIAPartnershipsVNBVNBYoYFY18-FY22Figure28AIAPartnershipsAPEAPEYoYFY18-FY22SourceCompanydataCMBIGMNoteCERstandsforyear-over-SourceCompanydataCMBIGMNoteCERstandsforyear-over-yearchangebasedonconstantexchangeratewhichcalcwithaverageyearchangebasedonconstantexchangeratewhichcalcwithaverageexchangerateswithinaperiodoftimethusexcltheimpactsofFXexchangerateswithinaperiodoftimethusexcltheimpactsofFXmovementsmovementsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE613Mar2023Figure29AIAPartnershipsVNBmarginANPbasisFigure30AIAVNBproductmixinFY22SourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure31AIAVNBmarginbyproductsFY18-FY22Figure32AIAPVNBPmarginbyproductsFY18-FY22SourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure33AIAChinaVNBYoY1Q17-FY22semi-annualFigure34AIAChinaANPYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisderivedonanactualexchangerateAERbasisderivedonanactualexchangerateAERbasisPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE713Mar2023Figure35AIAChinaVNBmargin1Q17-FY22semi-annualFigure36AIAHKVNBYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMSourceCompanydataCMBIGMNote1AIAOthermarketscoversgeographicalfootprintinAustraliaCambodiaIndiaIndonesiaMyanmarNewZealandThePhilippinesSouthKoreaSriLankaTaiwanChinaVietnam2theyear-over-yeargrowthisderivedonanactualexchangerateAERbasisFigure37AIAHKANPYoY1Q17-FY22semi-annualFigure38AIAHKVNBmargin1Q17-FY22semi-annualSourceCompanydataCMBIGMNote1AIAOthermarketscoversSourceCompanydataCMBIGMNote1AIAOthermarketscoversgeographicalfootprintinAustraliaCambodiaIndiaIndonesiageographicalfootprintinAustraliaCambodiaIndiaIndonesiaMyanmarNewZealandThePhilippinesSouthKoreaSriLankaMyanmarNewZealandThePhilippinesSouthKoreaSriLankaTaiwanChinaVietnam2theyear-over-yeargrowthisderivedonanTaiwanChinaVietnamactualexchangerateAERbasisFigure39AIAThailandVNBYoY1Q17-FY22semi-annualFigure40AIAThailandANPYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisderivedonanactualexchangerateAERbasisderivedonanactualexchangerateAERbasisPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE813Mar2023Figure41AIAThailandVNBmargin1Q17-FY22semi-annualFigure42AIASingaporeVNBYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisderivedonanactualexchangerateAERbasisFigure43AIASingaporeANPYoY1Q17-FY22semi-annualFigure44AIASingaporeVNBmargin1Q17-FY22semi-annualSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisSourceCompanydataCMBIGMderivedonanactualexchangerateAERbasisFigure45AIAMalaysiaVNBYoY1Q17-FY22semi-annualFigure46AIAMalaysiaANPYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisderivedonanactualexchangerateAERbasisderivedonanactualexchangerateAERbasisPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE913Mar2023Figure47AIAMalaysiaVNBmargin1Q17-FY22semi-annualFigure48AIAOthersVNBYoY1Q17-FY22semi-annualSourceCompanydataCMBIGMSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisderivedonanactualexchangerateAERbasisFigure49AIAOthersANPYoY1Q17-FY22semi-annualFigure50AIAOthersVNBmargin1Q17-FY22semi-annualSourceCompanydataCMBIGMNotetheyear-over-yeargrowthisSourceCompanydataCMBIGMderivedonanactualexchangerateAERbasisPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1013Mar2023FinancialSummaryINCOMESTATEMENT2020A2021A2022A2023E2024E2025EYE31DecUSmnTotalincome503594752519110487025672166135Premiumswrittengross357803712336519430925084960002Premiumsearnednet333283444433912400164721955719Investmentincome1670712748151568332914710062Otheroperatingincome324333354354354354Losses430723904618587399024695155269Selling34739300559964300973551541908Underwritingcommissions440245974016544264227578Otheroperatingexpense301234023644335939644677Non-opeartingincomeexpense919992963100410511106Equityinaffiliatespretax171132000Excplchrgs-others000000Pretaxincome727084684918800976910866Incometaxes1491991171132014651630Minorityinterest05038383838Netincome57797427282744282669198Netincomeavailabletocommon57797427282744282669198BALANCESHEET2020A2021A2022A2023E2024E2025EYE31DecUSmnAssetsCashshort-termIinvestments561949898020462650895598Totalfixedincomesecuritiesinvestment211216209391173668194420213862224496Totalequitysecuritiesinvestment591827101761955658517243679680Realestateassets736174607444750182519077Otherinvestments10691468568136114971647Investmentinunconsolidatedsubs6066792092230125312784Intangibleassets263429143277360539654362Otherassets384344195641643432604513447311Totalassets326121339874303048322925352766385706LiabilitiesshareholdersequityInsurancepolicyliabilities235952251283226647242526261264283375STdebtcurrportionLTdebt166415881748192321152327Long-termdebt8559958811206117661235512972Provisionforriskscharges230194160184212243Defferedtaxliabilities690259823563391943114742Otherliabilities91461030521174183202585229227Totalliabilities262453278940264498278638306109332886Totalcommonequity632006046738096438324620252365Commonstockordinarycapital141551416014171141711417114171Capitalsurplus000000Retainedearnings447044998444437461734854354706Equityeeserves4341367720512165121651216512Revaluationeeserves1517084076709270927092709OtherappropriatedReserves23310682813281328132813Unappropriatedfreereserves110621101610990109901099010990Totalshareholdersequity632006046738096438324620252365Minorityinterest468467454454454454Totalequity636686093438550442864665652819Totalliabilitiesshareholdersequity326121339874303048322831352766385706PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1113Mar2023PERSHAREDATA2020A2021A2022A2023E2024E2025EYE31DecDPS128139151169192214EPSReported371481019504575649ConsensusEPSnanana062070082GroupembeddedvalueshareHK471849514607495154426117VNBshareHK218250203250300356Noofsharesbasic120951209711734114341113411134PROFITABILITY2020A2021A2022A2023E2024E2025EYE31DecReturnonequityROE9812006182184187ReturnonassetROA192201242425ReturnonlifeembeddedValue11246-584668117VNBmarginFYPAPEbasis530596572579593606VALUATION2020A2021A2022A2023E2024E2025EYE31DecPEV171618161513PB202132272522Divyield161719212426SourceCompanydataCMBIGMestimatesNoteThecalculationofnetcashincludesfinancialassetsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1213Mar2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE13