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1 Morning Research Department Table of Contents 目录 4 October 2016 Industry and Company Focus 行业和公司焦点 Evergrande (03333 HK): Proposed Reorganization Cooperation Agreement with Shenzhen Invest 中国恒大 (03333 HK): 与深控投建议重组的合作协议 Latest Reports 最新报告摘要 Company Name 公司名称 Sundart Holdings 承达控股 Code 代码 HK HK Title 标题 Leading Integrated Fitting-Out Contractor in HK and Macau, Initiate with Accumulate 香港及澳门综合装潢行业的领导者, 首次给予收集 TP 目标价 Chg 变动 Rating 评级 Chg 变动 EPS Est. Change? 盈利预测是否改变 HK$ Accumulate -- N HK$ 收集 -- 否 Appendices:Chinese Version of the Industry and Company Focus, Latest Reports. 后附 : 行业和公司焦点, 最新报告摘要中文版 HSI Performance HSCEI Performance 29,000 16,000 27,000 25,000 23,000 21,000 19,000 17,000 Oct/15 Jan/16 Apr/16 Jul/16 Oct/16 Source: Bloomberg 14,000 12,000 10,000 8,000 6,000 Oct/15 Jan/16 Apr/16 Jul/16 Oct/16 Source: Bloomberg See the last page for disclaimer Page 1 of 7

2 Newly Published Key Economic Data for China, US and Europe 中美欧最新公布的重要经济数据 Country 国家 U.S. 美国 Europe 欧洲 Indicator 指标名称 ISM Manufacturing ISM 制造业指数 Markit Euro-zone Manufacturing PMI Markit 欧元区制造业 PMI Data Period 数据期间 September 9 月 September 9 月 Source: Institute of Supply Management, Markit, Bloomberg. 数据来源 : 美国供应管理协会 Markit 彭博 Current Value 当期值 MoM / QoQ 环比变动 YoY 同比变动 Market Consensus 市场一致预期 ppts 1.5ppts ppts 0.6ppts 52.6 See the last page for disclaimer Page 2 of 7

3 Industry and Company Focus Evergrande (03333 HK): Proposed Reorganization Cooperation Agreement with Shenzhen Invest Analyst: Van Liu What happened: Evergrande ( the Company ) has announced a proposed reorganization cooperation agreement with Shenzhen Investment Holding Co. Ltd. ( Shenzhen Invest ). As per the announcement, Shenzhen Real Estate (Shenzhen Stock Exchange A share stock code: , B share stock code: ) will, by way of issue of A shares or the payment of cash consideration, acquire 100% of the equity interest in Hengda Real Estate (the Target Assets ) from Guangzhou Kailong Real Estate Company Limited ( Kailong Real Estate ), which will result in Kailong Real Estate becoming the controlling shareholder of Shenzhen Real Estate. Kailong Real Estate and Hengda Real Estate are the subsidiaries of the Company. Shenzhen Invest is the controlling shareholders of Shenzhen Real Estate. According to the undertaking on business performance and compensation, the estimated contract sales of the Target Assets for will amount to approximately RMB450 bn, RMB500 bn and RMB550 bn, respectively, and the estimated revenues will amount to approximately RMB280 bn, RMB348 bn and RMB380 bn, respectively. The estimated shareholders net profits after deducting non-recurring gains and losses ( underlying net profit ) for , will amount to approximately RMB24.3 bn, RMB30.8 bn and RMB33.7 bn, respectively. In addition, Kailong Real Estate will provide an undertaking on the accumulated underlying net profit for of approximately RMB88.8 bn. The issue price of the consideration shares by Shenzhen Real Restate to Kailong Real Estate will not be lower than 90% of the reference market price. The reference market price will be the average closing prices of the Shenzhen Real Estate shares for one of the 20 trading days, 60 trading days or 120 trading days prior to the date of announcement by the board of Shenzhen Real Estate on their resolution on the proposed reorganization. Shenzhen Real Estate and Shenzhen Investment agreed that prior to the signing of the definitive agreement, Hengda Real Estate may introduce strategic investment of up to RMB30 bn. Comments and Views: Upon the completion of this proposed reorganization, the Company s main property development business will list on A share markets. This could lead to revaluation for the Company. Therefore, the proposed reorganization will enable the market to assess the intrinsic value of the Company positively and reasonably, as well as providing an additional fund-raising platform for the Company. In addition, as per the undertaking on business performance and compensation, we argue that the Company is likely to maintain strong upside potential with CAGR of 17.8% for the underlying net profit during 2017 to Investment suggestion: The Company will still maintain a weak balance sheet due to high levels of net gearing ratio and debt scale. Nevertheless, contracted sales should maintain strong growth. The Company also completed its diversified business distribution. Funding costs are likely to decline further. The proposed reorganization will be a catalyst for the Company s valuation. The Company s current investment rating is Accumulate and the target price is HK$5.52, which implies a 54% discount to its 2016E NAV and also implies 6.4x underlying 2016 PER and 1.1x 2016 PBR. We will revise up our target price and overview investment rating in the next company report. See the last page for disclaimer Page 3 of 7

4 Latest Reports Sundart Holdings (01568 HK): Leading Integrated Fitting-Out Contractor in HK and Macau, Initiate with Accumulate Rating: Accumulate 6-18m TP: HK$5.00 Analyst: Gary Wong Report Date: Summary According to Frost & Sullivan, the market size of the commercial fitting-out industry in Hong Kong and in Macau will increase with a CAGR of 8.2% and 13.1%, respectively, in In addition, Ipsos estimated that the ASP of fitting-out projects would maintain the growth trend in Hong Kong and Macau. Sundart ( the Company ) is the leading integrated fitting-out contractor in Hong Kong and Macau, specializing in providing professional fitting-out contracting services for residential and hotel projects, public buildings, and commercial projects. The Company s business includes: 1) fitting-out business, 2) alteration and addition, and construction, and 3) manufacturing, sourcing and distribution of interior decorative materials. We expect the revenue to increase from HKD4,133 million in FY15 to HKD4,905 million in FY18, with a CAGR of 5.9%. Gross margin should increase from 14.1% in FY15 to 18.2% in FY18. Net profit should increase from HKD382 million in FY15 to HKD631 million in FY18 with a CAGR of 18.3%. Initiate the EPS estimates of FY16-FY18 at HKD0.255, HKD0.264 and HKD0.293, respectively, or FY15-FY18 EPS CAGR of 4.9%. We set the TP at HKD5.00, representing 19.6x/18.9x/17.1x FY16/FY17/FY18 PER. Initiate with Accumulate. Main risks are continuous increase in labour costs and lower-than-expected new contracts received. Chinese Translation 中文翻译行业和公司焦点中国恒大 (03333 HK): 与深控投建议重组的合作协议分析员 : 刘斐凡事件描述 : 中国恒大 ( 公司 ) 宣布了与深圳市投资控股有限公司 ( 深控投 ) 的建议重组的合作协议依据公告, 深深房 ( 深圳证券交易所 A 股股份代码 :000029;B 股股份代码 :200029), 将通过发行 A 股或支付现金的方式从广州市凯隆置业有限公司 ( 凯隆置业 ) 购买恒大地产 ( 目标资产 )100% 的股权, 这将使凯隆置业成为深深房的控股股东凯隆置业和恒大地产为公司的附属公司深控投是深深房的控股股东依据业务承诺及补偿, 目标资产预计年合约销售分别约为人民币 4,500 亿元, 人民币 5,000 亿元和人民币 5,500 亿元, 预计收入分别约为人民币 2,800 亿元, 人民币 3,480 亿元和人民币 3,800 亿元预计年扣除非经常性损益归属于母公司所有者净利润 ( 核心净利 ) 分别约为人民币 243 亿元, 人民币 308 亿元和人民币 337 亿元另外, 凯隆置业承诺年的核心净利累计约为人民币 888 亿元深深房发行予凯隆置业作为对价的股份的发行价将不低于市场参考价的 90% 市场参考价为审议建议重组交易的深深房董事会决议前公告日前的 20 个交易日,60 个交易日和 120 个交易日的深深房 A 股股票交易均价之一深控投和深深房同意在正式协议签署之前, 恒大地产可以引入总金额最多为人民币 300 亿元的战略投资者观点评论 : 这次建议重组完成后, 公司的主要地产开发业务将在 A 股市场上市这将带来对公司的重估因此, 建议重组将能够让市场正面合理地评估公司的内在价值, 并为公司提供多渠道筹资平台另外, 根 See the last page for disclaimer Page 4 of 7

5 据业务承诺及补偿, 我们认为公司很有可能保持强劲上升势头, 核心净利在 2017 至 2019 年的年复合增长率为 17.8% 投资建议 : 由于较高水平的净资产负债率和债务规模, 公司仍将会维持一个弱的资产负债表尽管如此, 合约销售应会保持强劲增长公司也完成其多元化业务布局融资成本很有可能进一步降低建议重组将会是公司估值的催化剂公司目前投资评级为收集, 目标价为 5.52 港元, 相当于其 2016 年 NAV 有 54% 的折让, 也相当于 6.4 倍 2016 年的核心市盈率和 1.1 倍 2016 年的市净率我们将会在下一篇公司报告中上调们的目标价并检讨投资评级最新报告承达控股 (01568 HK): 香港及澳门综合装潢行业的领导者, 首次给予收集评级 : 收集 6-18m 目标价 : HK$5.00 分析员 : 黄家玮报告日期 : 报告摘要根据弗若斯特沙利文的报告, 香港和澳门商业装潢市场的规模将在年分别保持 8.2% 和 13.1% 的年复合增长率此外, 益普索预计装修工程的平均价格将在香港和澳门保持增长趋势承达集团 (01568 HK, 公司 ) 是香港及澳门的综合室内装潢工程行业领导者, 专门为住宅物业及酒店项目提供专业的室内装潢工程公司的业务包括 :1) 室内装潢 ;2) 改建与加建及建筑 ;3) 制造采购及分销室内装饰材料我们预计营收将会从 2015 年的亿港元增至 2018 年的亿港元或 5.9% 的年复合增长率我们预计毛利率将从 2015 年的 14.1% 增至 2018 年的 18.2% 我们预计纯利将会从 2015 年的 3.82 亿增长至 2018 年的 6.31 亿港元或 18.3% 的年复合增长率年的每股盈利预测分别为港元港元和港元, 或年 4.9% 的年复合增长我们给与公司的目标价为 5.00 港元, 对应 19.6/18.9/17.1 倍的 2016/2017/2018 年预期市盈率, 首次给予收集评级主要风险为持续增长的劳动力成本及新签订单低于预期 See the last page for disclaimer Page 5 of 7

6 Research Department 研究部 Grace Liu 刘谷 Head of Research, Market Strategy, Petrochemicals 主管, 市场策略石化 (852) Noah Hudson Noah Hudson Consumer (Hotels), Gaming 消费 ( 酒店 ) 博彩 [email protected] (86755) Gary Wong 黄家玮 Environmental Protection, Infrastructure 环保基建 [email protected] (852) Leo Wu 吴逸超 Coal, Electricity 煤炭电力 [email protected] (86755) Ray Zhao 赵睿 Conglomerate, E-commerce 综合电子商务 [email protected] (86755) Square Chui 徐惠芳 Futures 期货 [email protected] (852) Kevin Guo 郭勇 Raw Materials, Gas 原材料燃气 [email protected] (86755) Ricky Lai 黎柏坚 Telecommunications, Internet 电信互联网 [email protected] (852) Dayton Wang 王庆鲁 Insurance, Fixed-income 保险债券 [email protected] (852) Richard Cao 曹柱 Banking 银行 [email protected] (86755) Jun Zhu 朱俊杰 Clean Energy, Electric Equipment 清洁能源电力设备 [email protected] (852) Andrew Song 宋涛 Consumer (Retailing), Home Appliances 消费 ( 零售 ) 家电 [email protected] (852) Van Liu 刘斐凡 Property 房地产 [email protected] (86755) Sean Xiang 向宇豪 Machinery, Construction Materials 机械建材 [email protected] (86755) Terry Hong 洪学宇 Consumer (Apparel) 消费 ( 服装 ) [email protected] (86755) Johnny Wong 王俊浩 Macroeconomics, Property 宏观房地产 [email protected] (852) Toliver Ma 马守彰 Aviation, Automobiles & Components 航空汽车 [email protected] (852) Spencer Fan 范明 Shipping & Logistics, Ports, 航运物流港口 [email protected] (86755) Barney Wu 吴宇扬 Consumer (Food & Beverage, Household Products) 消费 ( 食品饮料日用品 ) [email protected] (86755) Gary Ching 程嘉伟 Market Strategy 市场策略 [email protected] (852) Jake Wang 汪昌江 Research Assistant 研究助理 [email protected] (86755) Wiley Huang 黄重钧 Research Assistant 研究助理 [email protected] (852) Danny Law 罗沛达 Research Assistant 研究助理 [email protected] (852) David Liu 刘静骁 Research Assistant 研究助理 [email protected] (852) Kay Mai 麦梓琪 Research Assistant 研究助理 [email protected] (86755) Esabella Zhao 赵舒蔓 Research Assistant, Translator 研究助理翻译员 [email protected] (86755) Penny Pan 潘凌蕾 Secretary, Translator 秘书翻译员 [email protected] (852) See the last page for disclaimer Page 6 of 7

Company Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Buy Relative Performance >15%; or the fundamental outlook of

7 Company Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Outperform Relative Performance >5%; or the fundamental outlook of the sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable. DISCLOSURE OF INTERESTS (1) Except for Shenzhen International Holdings Limited (00152 HK), the Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for SMI Holdings Group Limited (00198 HK), China All Access (Holdings) Limited (00633 HK), Guotai Junan International Holdings Limited (01788 HK), Binhai Investment Company Limited (02886 HK) and Link Holdings Limited (08237 HK), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with China All Access (00633 HK) / 361 Degrees (01361 HK) / Modern Land (01107 HK) / Huaneng Renewables- H shares (00958 HK) / Hengdeli (03389 HK) / Sundart Holdings Ltd. (01568 HK) / China Dredging Environment Protection (00871 HK) / AviChina Industry & Technology- H shares (02357 HK) / China Power (02380 HK) / Sinotruk (03808 HK) / Xiao Nan Guo Restaurants (03666 HK) / China Aoyuan Property (03883 HK) / SMI Holdings Group (00198 HK) / Anhui Conch Cement- H shares (00914 HK) / Chanjet Information Technology- H shares (01588 HK) / Tianyun International (06836 HK) / China U-Ton (06168 HK) / Huaneng Power- H shares (00902 HK) / Shanghai Electric- H shares (02727 HK) / Powerlong Real Estate (01238 HK) / Huishang Bank- H shares (03698 HK) / Bosideng (03998 HK) / WH Group (00288 HK) mentioned in this Research Report within the preceding 12 months. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services and etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen s Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: See the last page for disclaimer Page 7 of 7

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Morning Research Department Table of Contents 目录 11 January 2017 Industry and Company Focus 行业和公司焦点 Powerlong Real Estate (01238 HK): Contracted Sales Increased 23.3% YoY to RMB17.642 Bn During 2016 宝龙地产