研究报告全文：9Oct2023CMBInternationalGlobalMarketsEquityResearchSectorUpdateChinaConsumerSectorAninlinegoldenweekbutwewillstaycautiousMARKET-PERFORMMaintainWehavefoundtheretailsalesduringthisMid-Autumnand10-1NationalDayholidaywasroughlyinlinewithexpectationsButintermsofsub-ChinaConsumerDiscretionarysectorswethinkthemoneyweremostlyspentontravellingandcateringSectorratherthanotherconsumergoodsandservicesSincepricewarsandde-stockingarestillinplacewedothinkretaildiscountsorGPmarginhaveWalterWoocomebelowexpectationMoreoveraswearestillhighlycautiousonthe85237618776walterwoocmbicomhksustainabilityofpurchasingpoweraftertheholidayswemaintainourMARKET-PERFORMratingontheconsumerdiscretionarysectorVesync2148HKsharepriceHK1AccordingtotheMinistryofCultureandTourism文化和旅游部theStockHSIrecoveryrateofdomestictourismvolumespendingduringthis10-1holidays60wereat104102whicharelowerslightlyhigherthanthe11395in50DragonBoatFestivalandthe119101in5-1holidaysWebelievesuch40recoveryratesareinlinewithmarketexpectationasmoreandmoreinvestorsarenotexpectingasequentialimprovementgoinginto2H23EInfactwe30thinkthetrafficwasamissifwecombinenumbersof2022sMid-Autumn20Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23festivaland10-1holidaysthetourismvolumerecoveryratecouldhavedroppedtojust93butspendingperpersona43YoYincreasetoRMBSourceBloombergCMBIGMestimates912wasabeatJNBY3306HKshareprice2WethinkthemissintrafficwaspartiallyduetothejumpinoutboundtourismHKStockHSIastherecoveryrateofvisitorstoHKMacauhavealreadyreachedabout7012088vs20182019whicharefarbetterthanthe6070backin5-1110holidays100903Eventhoughthetourismspendingperpersonwasstrongerthanexpected80webelievethatdoesnotnecessarilymeanthepurchasingpowerhadgone7060upIncontrastwesuspectmoremoneywerespentonbothtravellingand50catering20accordingtoMinistryofCommerceandthatcouldmeanOct-22Dec-22Feb-23Apr-23Jun-23Aug-23lessmoneyonothersub-sectorsegluxurygoodsAVequipmentSourceBloombergCMBIGMestimatessportswearandapparelNotedthat2023Mid-Autumnand10-1NationalDayholidaysWeChatdatareporthassuggesteda46-83spendingYumChina9987HKsharepriceHKincreaseinhotelstransportationandticketsforotherexperience-basedStockHSIentertainmentAlsoreferringtoMeituansdatadailyaveragespendingper5500personhadincreasedby153vsthe2019levelandwedothinkthisisa5000clearindicationofrobustfooddeliverydemandeveninthepost-covidera45004AccordingtotheMinistryofCommerce商务部retailsalesgrowthofcertain4000keyenterpriseswasat9duringthisholidaysandtier1and2citiesarelikely3500outperformingBasedonvariousofficialsourcesretailsalesforkey3000Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23enterprisesorcommercialzoneshadincreasedby2281120inBeijingShanghaiGuangzhouShenzhenandby582017-38SourceBloombergCMBIGMestimates1017inTianjinChongqingHangzhouNingboJiangsuHenanSichuanAnta2020HKsharepriceHKStockHSI5Movieboxofficewasmuchweakerthanexpectedandthiscouldalsopoint1300toaweakappetitetospendAccordingtoBeaconProfessionalEdition灯塔12001100专业版themovieboxofficegeneratedinthis10-1holidayswasjustRMB100027bnup83YoYbutrecoveredtoonly54ofthe2019levelandfellalot900fromthe99in5-1holidaysandthe3087inthe2022202110-1800holidaysMoreovertheASPhadstayedflattishatRMB42comparedtothe70060018YoYincreaseduringthe5-1holidaysOct-22Dec-22Feb-23Apr-23Jun-23Aug-23WeprefersectorslikehomeappliancesespexportstourismesphotelsSourceBloombergCMBIGMestimatesandapparelmorethancateringandsportswearPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk9Oct2023SportswearsectorMARKET-PERFORMAccordingtotheVATinvoicedatabyStateAdministrationofTaxation国家税务总局增值税发票数据retailsalesofsportsrelatedgoodsandserviceswasgrowingatabout27slightlyfasterthantheoverallretailsalesgrowthof21ConservativelyspeakingwetendtobelievethatthesportswearcouldonlygrowatasimilarratevsChinasretailsalesabout10to20Basedonourchannelcheckweestimatethatthegrowthratecouldbefasterforbrandslike361degreesXtepandFILA20orabovebutslowerforLiNingandAnta10orevenlowerBecauseoftheweakerthanexpectedsalesgrowthespdomesticbrandsandtherelativelyfastertradefairgrowththebacklogde-stockingpressurecouldpersisthenceretaildiscountsandGPmarginwouldstillbehighandweakplusthelowSSSGthatcouldinduceoperatingdeleveragewearestillquitecautiousaboutthesectorin2H23Eand1H24EPreferenceTopsports6110HKBUYAnta2020HKBUYXtep1368HK361Degrees1361HKNRLiNing2331HKBUYCateringsectorMARKET-PERFORMAccordingtodatafromtheMinistryofCommercewebelievecateringsalesgrowthatabout20isclearlyoutperformingtheentireconsumersectoraround9IntermsofSSSGcateringsectorsaverageSSSGhavesloweddownto0inAug2023from6inJul2023duetohighbaseAndwethinkthatcouldacceleratemildlyinSep2023andin10-1holidaysButintermsofSSSrecoveryrateitwasstagnatingatabout85inJun2023toAug2023andweestimatetheratetoremainstableduringthe10-1HolidayswhichshouldbeinlinewiththemarketexpectationsBasedonourchannelcheckwebelieveYumChinaandHDLcanenjoyaroughly90recoveryratethankstoimprovedservicesandproductqualitywhilethatcouldbeslightlylowerforotherbrandsMoreimportantlywedoexpectthepricewartocontinueandtheconsumerstoactivelytradedowntheirmealsthentheGPmargincouldstillbeunderpressureHencewearestillfairlyneutralonthesectorin2H23EPreferenceYumChina9987HKBUYHDL6862HKBUYNayuki2150HKBUYJMJ9922HKBUYXBXB520HKBUYTourism-HotelsectorOUTPERFORMAccordingtoourchannelcheckwebelievetheRevPARrecoveryrateduringthismid-autumnandnationaldaygoldenweekmaynotbeasstrongasthatinthelabourdaygoldenweekForinstancethatcouldbeat120forAtourandH-Worldin10-1holidayswhilethosewereat130backinthe5-1HolidaysbecauseoflessaggressivehikeinroomratesWeattributedthereasonsbehindthissoftresultto1dropinspendingappetiteasmacroenvironmentweakens2surgeinoutboundtourismandmoremoneywerespentoverseas3lengthenedholidaysaveragespendingperdaycouldbedilutedin8daysofholidayscomparedtothe5-daylabourdayholidaysHoweverthankstotheratherconservativemanagementguidanceandalreadylowvaluationde-ratingwasdoneinthepast2quarterswebelievethepotentialdownsidecouldbelimitedandhencestayoptimisticonthesectorin2H23Eand1H24EWethinkthestructuralopportunityisstillheretopmidtohigh-endhotelbrandstofurtherconsolidatetheChinasmarketPreferenceAtourATATUSBUYH-World1179HKNRJJHotels600754CHNRBTGHotels600258CHNRPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE9Oct2023FocusChartsFigure1Keysalesfiguresanddetailsduring10-1goldenweek增長率地区行业主要销售数据和信息同比增長vs2019时间来源全国國內出遊人次全国国内旅游出游人数826亿人次71341中秋国庆假期前8天文化和旅游部全国國內旅遊收入实现国内旅游收入75343亿元129515中秋国庆假期前8天文化和旅游部全国國內出遊人次国内游出游人数达到了754亿人次789中秋国庆假期前7天文化和旅游部全国國內旅遊收入国内旅游收入66809亿元1326中秋国庆假期前7天文化和旅游部全国國內出遊人次全国国内旅游出游合计395亿人次758中秋国庆假期前3天文化和旅游部全国國內旅遊收入国内旅游收入34224亿元1253中秋国庆假期前3天文化和旅游部全国示范步行街客流量示范步行街客流量947中秋国庆假期前7天商务部全国重点商圈客流量36个大中城市重点商圈客流量1640中秋国庆假期前7天商务部全国全行業消费相关行业销售收入213中秋国庆假期前7天国家税务总局全国旅游旅游游览服务销售1100中秋国庆假期前7天国家税务总局全国住宿和餐饮住宿餐饮服务销售255中秋国庆假期前7天国家税务总局全国文化和体育文化和体育服务销售454中秋国庆假期前7天国家税务总局全国体育相关服务体育相关服务销售271中秋国庆假期前7天国家税务总局日用品化妆品及全国服装鞋帽类日用品化妆品及服装鞋帽类商品销售275中秋国庆假期前7天国家税务总局全国粮油食品粮油食品销售215中秋国庆假期前7天国家税务总局全国综合零售业综合零售业销售250中秋国庆假期前7天国家税务总局全国金银珠宝金银珠宝销售155中秋国庆假期前7天国家税务总局全国通讯器材通讯器材销售165中秋国庆假期前7天国家税务总局全国零售和餐饮全国重点监测零售和餐饮企业销售90中秋国庆假期前7天商务部全国粮油食品重点零售企业粮油食品销售10以上中秋国庆假期前7天商务部全国饮料重点零售企业饮料销售10以上中秋国庆假期前7天商务部全国金银珠宝重点零售企业金银珠宝销售10以上中秋国庆假期前7天商务部全国通信器材重点零售企业通信器材销售10以上中秋国庆假期前7天商务部全国汽车重点零售企业汽车销售7左右中秋国庆假期前7天商务部全国化妆品重点零售企业化妆品销售7左右中秋国庆假期前7天商务部全国电影全国电影票房收入突破27亿元830中秋国庆假期前8天商务部酒旅交通影剧2023年中秋国庆微信数据报告显示全国酒全国演出等行业旅交通影剧演出等行业日均消费金额46-83中秋国庆假期前7天微信全国全行業全国服务零售日均消费规模1530中秋国庆假期前7天美团SourceStateAdministrationofTaxation国家税务总局增值税发票数据MinistryofCommerce商务部CMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE3MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk9Oct2023Figure2Keysalesfiguresanddetailsduring10-1goldenweek增長率地区行业主要销售数据和信息同比增長vs2019时间来源上海客流量35个重点商圈进店线下客流总量达到3789万人次346198中秋国庆假期前7天消费大数据监测8天长假期间本市共接待游客212967万人次主上海客流量要旅游景区景点累计接待游客925万人次250中秋国庆假期前7天上海旅游大数据双节期间天河路商圈客流量超1200万人次广州客流量北京路商圈客流量380万人次718中秋国庆假期前7天广州市商务局双节假期期间深圳市重点监测的商圈客流深圳客流量总量1220中秋国庆假期前7天深圳市商务局据监测的496家商贸企业数据显示假期8天累计天津客流量客流18102万人次870中秋国庆假期前8天天津市商务局百货超市专业专卖店餐饮和电商等企业实北京百货超市餐饮现销售额927亿元218中秋国庆假期前7天北京市商务局上海全行業长假8天步行街36家样本企业销售额合计61亿元79中秋国庆假期前8天上海市商务局上海地区吃住行游购娱等全要素旅游上海全行業消费交易总金额为29238亿元297中秋国庆假期前7天银联商务大数据万博商圈客流量近300万人次同比增长6销售广州全行業额约17亿元110中秋国庆假期前7天广州市商务局深圳全行業双节假期期间深圳市重点监测的商圈销售198中秋国庆假期前7天深圳市商务局据监测的496家商贸企业数据显示假期8天累计天津全行業销售309亿元57891中秋国庆假期前8天天津市商务局重庆全行業重庆市重点商圈消费总额199130中秋国庆假期前7天重庆市商务委杭州全行業杭州全市消费总金额为23753亿元172139中秋国庆假期前7天杭州市商务局宁波全行業重点监测的50家样本企业累计销售总额1381亿元-34212中秋国庆假期前8天宁波市商务局江苏全行業重点商贸流通企业累计实现销售额约715亿元76123中秋国庆假期前8天江苏省商务厅重点监测的360家零售和餐饮企业累计实现销售总河南全行業额3133亿元97144中秋国庆假期前8天河南省商务厅全省550家重点商贸流通企业累计实现销售额营四川全行業业额588亿元169198中秋国庆假期前8天四川省商务厅据重点监测企业和平台大数据测算全市住宿餐广州餐饮饮消费约45亿元同比增长超15150中秋国庆假期前7天广州市商务局重庆餐饮重点监测餐饮企业销售303中秋国庆假期前7天重庆市商务局杭州餐饮重点监测餐饮企业销售193中秋国庆假期前7天杭州市商务局武汉餐饮重点监测餐饮企业销售163中秋国庆假期前7天武汉文化和旅游部重庆餐饮餐饮行业营业额292134中秋国庆假期前7天重庆市商务委杭州餐饮餐饮消费金额为3278亿元594434中秋国庆假期前7天杭州市商务局重点监测的15家餐饮企业累计实现营业收入7725河南餐饮万元427243中秋国庆假期前8天河南省商务厅四川餐饮重点监测的152家餐饮企业实现营业额149亿元236中秋国庆假期前8天四川省商务厅SourceStateAdministrationofTaxation国家税务总局增值税发票数据MinistryofCommerce商务部CMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE49Oct2023Figure3Domestictourismvolumegrowthandrecoveryratevs2019indifferentholidays10500200113119104900015075001006000504500030001500-50--100春节春节春节春节春节劳动节劳动节清明节端午节国庆节清明节劳动节端午节国庆节清明节劳动节端午节国庆节清明节端午节国庆节清明节劳动节端午节国庆节元旦期间元旦期间元旦期间元旦期间201920192020202120222023201920192022201920192019201920202020202020202021202120212021202220222022202320232023202320192019202020212022全国国内旅游出游百万人次同比出游人次恢复率对比2019年SourceMinistryofCultureandTourism文化和旅游部CMBIGMestimatesFigure4Domestictourismspendinggrowthandrecoveryratevs2019indifferentholidays800002507000020010110260000951505000010040000503000020000010000-50--100春节春节春节春节春节端午节清明节劳动节端午节国庆节清明节劳动节端午节国庆节清明节劳动节端午节国庆节清明节劳动节国庆节清明节劳动节端午节国庆节元旦期间元旦期间元旦期间元旦期间201920192020202120222023202220222019201920192019201920202020202020202021202120212021202220222022202320232023202320192019202020212022实现国内旅游收入亿元同比旅游收入恢复率对比2019年SourceMinistryofCultureandTourism文化和旅游部CMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE59Oct2023Figure5Domestictourismvolumeandspendinggrowthandrecoveryratevs2019Length7days8days7days8daysYear2019201920232023Date1Oct20191Oct20191Oct20231Oct2023Festival国庆节中秋国庆节国庆节中秋国庆节Domestictourismvolumemn782887754826YoY7971vs2019levelCMBIest9693vs2019levelofficial104DomestictourismspendingRMBbn650697668753YoY133130vs2019level103108vs2019levelofficial102SourceMinistryofCultureandTourism文化和旅游部CMBIGMestimatesFigure6MovieboxofficegrowthandrecoveryrateFigure7Ticketsizeandgrowthduring10-1goldenvs2019during10-1goldenweekweek60150600253083255010044145645041442020543974033935215502715103030009520401501-510-50-10-10--100--9-1520172018201920202021202220232017201820192020202120222023国庆档票房亿同比对比2019年票价元同比SourceBeaconProfessionalEdition灯塔专业版CMBIGMestimatesSourceBeaconProfessionalEdition灯塔专业版CMBIGMestimatesFigure8MovieboxofficegrowthandrecoveryrateFigure9Ticketsizeandgrowthduring5-1goldenvs2019during5-1goldenweekweek2005005002630411435181674031531524003781604003493453422030012010120030010997852-180192810020000-104030100-10-82-1000000-200--2020172018201920202021202220232017201820192020202120222023五一档票房亿同比对比2019年5-1票价元同比SourceBeaconProfessionalEdition灯塔专业版CMBIGMestimatesSourceBeaconProfessionalEdition灯塔专业版CMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE69Oct2023Figure10TheconsumptionrelatedsalesgrowthbasedontheVATinvoicedatabysub-sectors12001100100080060045440027127521321625521525020915516520000增值税发票数据-销售收入增长SourceStateAdministrationofTaxation国家税务总局增值税发票数据CMBIGMestimatesFigure11TheconsumptionrelatedsalesgrowthbasedonMinistryofCommercedatabysub-sectors1410101010121098776420零售和餐饮粮油食品饮料金银珠宝通信器材汽车化妆品商务部全国重点监测零售和餐饮企业-销售收入增长SourceMinistryofCommerce商务部CMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE79Oct2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE8