研究报告全文：MN18Oct2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateXtep1368HKAninline3Q23andstrongFY24EguidanceWhatisnewXtepsretailsalesin3Q23grewbyhigh-teensYoYinlineTargetPriceHK1141withCMBIestof18IntermsofbreakdownofflinesaleswerefasterthanPreviousTPHK1141onlineandXtepKidshada30growthandrunningcategoryalsoUpDownside612delivereda25salesgrowthRetaildiscountwasat25-30offinlineCurrentPriceHK708withmanagementscommentsinAug2023Theinventorytosalesratiowasat45to5monthssameasthelastquarterChinaConsumerDiscretionaryOurviewboth3Q23numbersand4Q23EguidancewereimpressiveWalterWOOandoutlookforFY24Eispositive85237618776Theretailsalestrendwasstrongand30guidancefor4Q23EshouldwalterwoocmbicomhkbeachievableAlthoughtheretailsalesgrowthin3Q23wassimilartothatin2Q23thebasewastoughersoitwasgreatManagementexpects30RaphaelTSEgrowthin4Q23EwhichisinlinewithCMBIestWeareconfidentthanksto85239000856raphaeltsecmbicomhkthelowbaseanddecentretailsalestrendaround10high-teens25-3030forJulAugSep10-1holidaysStockDataRetaildiscountscouldstayhighin4Q23EbuttheinventorytosalesMktCapHKmn186547ratiocouldnormalizetoabout4monthsWearenotsurprisedastheAvg3mthstoHKmn37952wHighLowHK1098685managementhadreiteratedmanytimestheirplantode-stocklastwintersTotalIssuedSharesmn26348productsin2H23Eandtheshort-termimpactTheseoff-seasonitemswillbeSourceFactSetsoldmainlyonlineandintheoutletsDiscountsfornewproductswillnotbeaffectedandthesell-throughratein1H23wasfairlystrong8075forShareholdingStructureMrDingShuiPoFamily4901Q232Q23JPMorganChase46FY24Eguidanceisbetterthanexpectedassuminganormalsell-SourceHKExthroughratein4Q23EManagementexpectsbothretailsalesgrowthandSharePerformancelistcolevelsalesgrowthtoreach20inFY24EthankstorobustdemandAbsoluteRelativeThisisbetterthanourexpectationsof15Thegrowthdriversinourview1-mth-99-72shouldbe10salesperstoreincreasemainlyvolumeandsmallASP3-mth-100-10increases7-8SSSGandRMB300kofsalesperstorefora9th-genstore6-mth-286-173vsRMB190kforanaveragestore3storecountgrowtharound1000SourceFactSetopeningsandaround800closuresanda20KidsandE-commercesales12-mthPricePerformancegrowthNewbrandsguidancemaintainedbutSauconycontinuetodowellSaunconyssalesperstorecannowreachaboutRMB300kwithasmallersizeatjust110sqmvsXtepsaverageof140sqmNumberofstoreswillreachabout100inFY23Eandaround20willbedistributorsstoresInthiscasebreakevenislikelyinFY23EMaintainBUYandTPofHK1141basedonunchanged23xFY23EPESourceFactSetXtepscurrentvaluationisnotdemandingat14xFY23EPEand06PEGRecentReportsespwhenthefiguresbothsalesgrowthandmarginsarelikelytobottomAntaSports2020HKEarningscutoutandde-ratingmayendhereEarningsSummary13Oct23YE31DecFY21AFY22AFY23EFY24EFY25EChinaConsumerSectorAninlineRevenueRMBmn1001312930151031754520012goldenweekbutwewillstaycautious10Oct23YoYgrowth225291168162141OperatingprofitRMBmn13961464180622672680JNBYDesign3306HKAnall-NetprofitRMBmn88949123116201512618425roundedbeatandanoptimisticoutlook11Sep23EPSReportedRMB036036044057069YoYgrowth72106229298218Xtep1368HKThegrowthstoryisPEx21026615111695intactdespitevolatility24Aug23PBx2430201816Yield2918334352AntaSports2020HKCostscontrolROE116112135162180andefficiencygainsarethekeysNetgearing1796819215023Aug23SourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk18Oct2023OperatingnumbersFigure1SportswearbrandssalesgrowthtrendOperatingnumbers1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23E4Q23E1Q24ENikeChinasales-418194291-24-8-20-13611288AdidasChinasales-580-57156-16-15-24-35-35-27-50-916520AntabrandsSSSG-ve20-veLow-veMid-veHigh-Antabrandsretailsales-veLSDveLSDveLSD40-4535-40-veMSDveMSD-veHSDveMSDveHSDveHSD1925teensteensteens-ve20-veMid--veLow--veMid-Corebrand-veLSD-veMSD-veMSD35-4035-40veHSDveMSDveLSDveHSDveHSDveHSD25teensteensteens-ve20-veLow--veLow-OverveMid--veHigh-KidsveMSD45-50veMSD20-25veLSDveHSDveMSDveHSDveHSD25teensteens20teensteensOverOverOverOverOverOverOnlineveMSD25-3030-35veHSDveHSDveMSD-veLSDveMSDveLSD405025604530veLow-veLow--veLow-veHigh-veLow-FILAbrandsretailsales-veMSD20-2525-3075-8030-35veMSDveHSDveMSD-veHSDveHSD28teensteensteensteensteens-ve20--veMid-ClassicCorebrandveMSDveMSDveMSD80Over20FlatFlat-veMSD-veDD-veLSDveLSDveMSDveHSD25teensOverOverOverveMid-veMid-veMid--veLow-Kids-veLSD100Over40veHSDveLSD-veHSDveLSDveHSD303020teensteensteensteensOverOverOverveMid-veLow-OverFusionveMSD150Over80-veMSDveLSDveHSD-veHSDveLSDveHSD705050teensteens20OverOverOverOverOverOver-veMid-Online16070-80Over40Over4020-2525-30veMSD60-65809020654040teens115-veLow-Otherbrands-veHSD25-3050-5555-6070-7535-4030-3540-4520-2540-4575-8070-7545-50120teensveMid-OverOverOverOver-veLow-Descente901501005040-4540-4570-7560-6540-45teens60802035teens-veHigh-Over-veHigh-OverOver-veHigh-KolonveLSD20-2530-40403040-4510010060-65teens75teens2055teensveLow-veLowveHighveLowveLow-veLow--veHigh-LiNinggroupsSSSGna-veMSDveLSDnaveHSD-veHSDveLSDteens80202020teensteens-veHigh-veLowveLowveMidveMid-veHigh--veHighDirectretailna-veMSDveHSDnaveMSD-veLSDveHSDteens90302020teens20-veLow-veLowveMidveHigh-veLow--veHigh--veLowWholesalesna-veMSDveMSDnaveHSD-veLSDveLSDteens7020teensteensteens20veLow-veMidveHighveLowveHighveMidveHighveMidveLow--veLowE-CommercenaveLSD-veLSDveLSDteens20303080302030teens20-veHigh-veMid-veHighveLowveLowveLowveHighveMid--veLow-veMid-LiNinggroupsretailsales-veMSDveMSD-veHSDveMSD930teensteens8090403020teensteensteens-veMid-veLow-veLowveHighveMidveHighveMidveLow-veMid-veMid-veHighDirectretailFlatveMSD-veHSD30teens908030203020teensteens20-veHigh-veLow-veLowveLowveHighveHighveLowveLow--veLowveMid-Wholesales-veHSD-veLSD-veHSDveMSDteensteens8090302020teens20teensveLow-veHighveLowveMidveHighveMidveLowveMidveMid-veLow-veLow-E-Commerce100veMSDveMSDteens2040309050403020teensteensXtepbrandsSSSG-ve20-Mid50-veMid-veMid-veHigh-veHigh-Xtepbrandsretailsales-veLSDveMSDveHSD30-3520-2530-3520-25-veHSD20302560teensteensteensteens361DegreebrandsSSSG-ve20--veLow-veHigh-veLow-veHigh-veHigh-veLow-veMid-veLow-veLow-361Degreebrandsretailsales-veHSDveLSD15-20Flat15025teensteensteensteensteensteensteensteensteensKids20-2530-3515-2025-3020-2520-2520-25veLSD20-2520-2525-30E-Commerce35-4050404525353030PouShengsSSSG-33-18-13-132-11-25-29-21-25-10-27013PouShengssales-2500148-15-25-27-25-24-8-20717-120-ve20--veHigh--veHigh-veHigh--veLow-veLow-Topsportsretailsales-veLSD81525teens20teensteens20-veLowveLowveMid-veMid-veLow-veLowveLowveLow-veHigh--veMid-DongXiangsSSSGtoMid-veMSDtoMidveMSDveHSDtoHightoHigh--veMSDtoMid-toMidtoMid-toMid-teensteensSDSDSDteensteensSDteensteensveLow-veMid-veMid-veMidveLow-ve25-veLow-veLow--veMid-veMid-DongXiangsretailsalesveMSD60-70toMid-toHigh--veMSDtoHigh-veLSD20totoMid-to30MidSDteensteensteensteensteensteens30teens-ve30--veLow-DirectretailFlatveMSD70-7535teens-veLow-ve30-ve30-ve20-E-Commerce35-40teens353530CMBIestimatesSourceCompanydataCMBIGMestimatesNikesyearendisinMayeg4Q18calendaryear2Q19fiscalyearSep-Nov2018PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE218Oct2023AssumptionsFigure2MajorassumptionsMajorassumptionsFY21AFY22AFY23EFY24EFY25ESalesbysegmentRMBmnShoes5928776091621074112344Apparels38874897563164767318Accessories198273309327350Total1001312930151031754520012SalesbysegmentgrowthShoes175309181172149Apparels312260150150130Accessories2253831306070Total225291168162141SalesbysegmentRMBmnMassmarket884111128126801456716474Athleisure9711403171120302315Professionalsports2014007119481223Total1001312930151031754520012SalesbysegmentgrowthYoYMassmarket245259139149131Athleisure-28445220186140Professionalsports1803990778333290Total225291168162141SalesnetworkXtep47224493462847674910Xtepkids11791520167217891878Overseastores250300300300300Total61516313660068567088GPmargins417409414416419OpexbreakdownAPsales102119126121121Staffcostssales111113109104104RDsales2523242626DAsales1719161514Provisionswritebackssales-0204030202Rentalsales0101040404Sellingdistributioncostssales189208206200199Adminexpensessales119112115110109Total308320321310308OPmargins139113120129134Effectivetaxrate309330320310300Netprofitattmargins9171778691Netprofitattgrowth77115255298218SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE318Oct2023ValuationFigure3Peersvaluationtable3yrs12mUpPBROEYieldYTDPriceMktCapYearPExPEGTPDown-xperfxCompanyTickerRatingLCLCsideHKmnEndFY1EFY2EFY2EFY1EFY1EFY1EFY1EHsharesSportswearXtepIntl1368HKBUY11417754720448Dec-22156120211140632108AntaSports2020HKBUY10797852027241340Dec-22228191512181320167LiNing2331HKBUY529736454596084Dec-22199165321681519462361Degrees1361HKNRna390na8064Dec-228169081090544171Topsports6110HKBUY9006723441672Feb-23157132371800856111PouSheng3813HKNRna068na3622Dec-2267450446013693ChinaDX3818HKNRna028na1619Mar-235143021200156113Avg13410922121075294Med156120211140636108InternationalSportswearNikeIncNKEUSNRna10146na1217104May-232712311103461714133AdidasADSGYNRna17424na265751Dec-22na41068220004367PumaPUMGYNRna5962na76194Dec-2224318233128121451UnderArmourUAAUSNRna720na23920Mar-23144116152082800291LululemonLULUUSNRna37942na378004Jan-233182771123191000184SkechersSKXUSNRna5015na60850Dec-22148122181310600195VfCorpVFCUSNRna1896na57808Apr-23938123390163313ColumbiaCOLMUSNRna7388na35526Dec-22161138221622417156WolverineWWWUSNRna809na5044Dec-2217453175650150260MizunoCorp8022JPNRna469500na6725Mar-2312011010902816669AsicsCorp7936JPNRna498500na51012Dec-22308266501581511711Avg1981814490081793Med16713823131101451SourceBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE418Oct2023Figure4Forward12MPEvaluationbandSourceBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE518Oct2023FinancialSummaryINCOMESTATEMENT2020A2021A2022A2023E2024E2025EYE31DecRMBmnRevenue81721001312930151031754520012Costofgoodssold49735835763988451024411628Grossprofit319841785292625873018384Operatingexpenses258830814144484454376164Sellingexpense153718912690311035013988Adminexpense8279371155137214791656RDexpense223252299362456520Others000000Operatingprofit91813961464180622672680Otherincome307299317393404460ShareoflossesprofitsofassociatesJV17461271949EBITDA99614801597197424502875Depreciation6471107127131133Otheramortisation141326405261Interestincome42125262320Interestexpense14485117117117117Otherincomeexpense000000Pre-taxprofit76212871361170921922632Incometax257397449547680790Minorityinterest819951113Netprofit505889912116215131842BALANCESHEET2020A2021A2022A2023E2024E2025EYE31DecRMBmnCurrentassets90271043211484124741367314926Cashequivalents347239303071267323001973Accountreceivables323635284556532161827051Inventories97514971960227026292984Prepayment89914431863217625282883STbankdeposits4373333333333Othercurrentassets811111Non-currentassets354441834491484552955850PPE79611191464186623492916InvestmentinJVsassos218365352345364413Intangibles709671642599545482Othernon-currentassets182020282032203520372038Totalassets125721461515975173191896820776Currentliabilities333440535092581066367458Short-termborrowings642405405405405405Accountpayables147923523079356641304688Taxpayable86123123123123123Othercurrentliabilities112711731485171719782242Non-currentliabilities193925802580258025802580Long-termborrowings151613751375137513751375Othernon-currentliabilities42312051205120512051205Totalliabilities5273663376728391921610038Sharecapital222323232323Retainedearnings467150205185576465157429Otherreserves260529403104314632073266Totalshareholdersequity7299798283138933974510718Minorityinterest0094720Totalequityandliabilities125721461515975173191896820776PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE618Oct2023CASHFLOW2020A2021A2022A2023E2024E2025EYE31DecRMBmnOperatingProfitbeforetaxation76212871361170921922632Depreciationamortization7884132168183195Taxpaid325329449547680790Changeinworkingcapital320447872669746758Others1251071271949Netcashfromoperations3207011856689301230InvestingCapitalexpenditure207414453529614700Acquisitionofsubsidiariesinvestments430000Others784890000Netcashfrominvesting573329453529614700FinancingDividendpaid279356591537689856Netborrowings773120000Proceedsfromshareissues3700000Sharerepurchases600000Others557640000Netcashfromfinancing38096591537689856NetchangeincashCashatthebeginningoftheyear297034723930307126732300Exchangedifference11110000Others513469859398373327Cashattheendoftheyear347239303071267323001973GROWTH2020A2021A2022A2023E2024E2025EYE31DecRevenue01225291168162141Grossprofit99306267183167148Operatingprofit25652149234255182EBITDA24648679236241174Netprofit31076126274302218PROFITABILITY2020A2021A2022A2023E2024E2025EYE31DecGrossprofitmargin391417409414416419Operatingmargin112139113120129134EBITDAmargin122148123131140144ReturnonequityROE71116112135162180GEARINGLIQUIDITYACTIVITIES2020A2021A2022A2023E2024E2025EYE31DecNetdebttoequityx020201000000Currentratiox272623212120Receivableturnoverdays144512861286128612861286Inventoryturnoverdays715937937937937937Payableturnoverdays108514711471147114711471VALUATION2020A2021A2022A2023E2024E2025EYE31DecPE12521026615111695PEdiluted12521026615111695PB092430201816PCFPS2002721325261187142Divyield462918334352EV179876183136198536202515206246209512EVSales221815131210EVEBITDA1811241241038473SourceCompanydataCMBIGMestimatesNoteThecalculationofnetcashincludesfinancialassetsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE718Oct2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE8