Company Report (011210 KS) Auto parts Weaker top-line growth, but margins still strong 4Q12 review: 8.5% OPM beats consensus Ês 4Q12 consolidated earnings beat our forecasts and the market consensus, with revenue of W1.9tr (+11.1% YoY) and operating profit of W166bn (+76.4% YoY). Hence, Ês 4Q12 OP margin improved to 8.5% (4Q11 OPM: 5.4%). Pretax profit also increased by 84.2% YoY to W167bn. We believe Ês efforts throughout the year to improve sales mix and productivity at both its automotive and machinery divisions are showing results. The automotive divisionês sales mix has benefited from the increase in power train (engine and transmission) parts, while the machinery division benefited from the strong sales growth of its factory automation (FA) products. Meanwhile, we attribute the solid 4Q12 margin improvement to: 1) strong growth in engine sales at the firmês Chinese facilities, 2) increased high-margin CKD exports, and 3) the weak yen, which lowered procurement costs from Japan. Strong momentum in China to continue in 2013 Ês 2012 EPS increased 76.6% YoY, which could prove to be a burden for the company in 2013. We project substantially slower production growth for both Hyundai Motor (HMC) and Kia (in step with a weak macro environment). We project this will then lead to weak order momentum at Ês machinery business. However, we believe strong momentum in China for HMC and Kia will boost Hyundai Wia earnings, as: 1) Wia will benefit from the first full year of capacity additions that became operational in 2H12 (engines and materials processing lines), and 2) increased high-margin CKD exports to China. Additionally, we project the weak yen will continue to lower procurement costs from Japan for core machinery parts. Thus, despite weak top-line growth, we estimate Ês net profit will increase 8.6% YoY in 2013. Maintain Buy rating, but Lower TP to W215,000 We maintain our Buy rating on, but lower our 12-month target price 6.1% to W215,000 (previously W229,000). This revision stems from our reduced 2013F operating profit (by 7.5%). We have incorporated our projections for weaker production at HMC and Kia, and the subsequent lack of new order momentum at WiaÊs machinery division. However, we do believe Ês margins will remain stable thanks to strong momentum in China for HMC and Kia. Additionally, we project continued, solid growth within the Hyundai Motor Group for FA products from WiaÊs machinery division, as Kia is preparing to launch a 3 rd Chinese plant by April 2014. We believe the stability of Ês margins in the first half will definitely distinguish the firm from the rest of the sector, which we expect will face weak 1H13 earnings momentum. Daewoo Securities Co., Ltd. Michael Yun +822-768-4169 michael.yun@dwsec.com Young-ho Park +822-768-3033 youngho.park@dwsec.com Buy (Maintain) Target Price (12M, W) 215,000 Share Price (02/01/13, W) 151,500 Expected Return (%) 41.9 EPS Growth (13F, %) 8.4 Market EPS Growth (13F, %) 17.1 P/E (13F, x) 8.6 Market P/E (13F, x) 9.3 KOSPI 1,957.79 Market Cap (Wbn) 3,898 Shares Outstanding (mn) 26 Avg Trading Volume (60D, '000) 159 Avg Trading Value (60D, Wbn) 26 Dividend Yield (13F, %) 1.1 Free Float (%) 59.0 52-Week Low (W) 122,500 52-Week High (W) 194,500 Beta (12M, Daily Rate of Return) 1.03 Price Return Volatility (12M Daily, %, SD) 2.3 Foreign Ownership (%) 17.2 Major Shareholder(s) HMC et al. (41%) NPS (9.28%) Price Performance (%) 1M 6M 12M Absolute -12.4-6.5 20.2 Relative -10.5-10.6 20.3 Earnings & Valuation Metrics FY Revenues OP OP margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) (x) (x) 12/10 5,125 220 4.3 128 5,885 290-208 14.4 - - - 12/11 6,393 337 5.3 238 9,421 416-110 19.8 15.1 2.8 10.6 12/12P 7,021 565 8.0 418 16,263 652 330 25.5 10.6 2.6 7.6 12/13F 7,411 584 7.9 454 17,634 711 198 22.3 8.6 1.9 6.0 12/14F 8,414 670 8.0 519 20,167 804 397 20.9 7.5 1.5 4.9 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, estimates Share price 150 KOSPI 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S.
Table 1. 4Q12 earnings review 4Q11 3Q12 4Q12P % (Wbn,%) Actual KDB Daewoo Cons. YoY QoQ Revenue 1,749 1,741 1,943 1,875 1,955 11.1 11.6 Operating profit 94 136 166 146 158 76.4 22.2 - pre-adjusted 96 144 150 - OP margin 5.4 7.8 8.5 7.8 8.1 Pretax profit 91 142 167 149 156 84.2 17.4 Net profit 63 106 128 113 119 102.0 20.2 Note: Net profit = net profit attributable to controlling interests Source: Company data, FnGuide, Table 2. Quarterly and annual earnings (Wbn,%) 2012 2013F 1Q13F % 1Q 2Q 3Q 4QP 1Q 2Q 3Q 4Q YoY QoQ 2012P 2013F 2014F Revenue 1,652 1,685 1,741 1,943 1,704 1,871 1,853 1,983 3.2-12.3 7,021 7,411 8,414 Operating profit 112 127 136 166 133 145 146 160 19.4-19.6 540 584 670 Pretax profit 119 129 142 167 136 146 155 167 14.9-18.2 556 604 694 Net profit 90 95 106 128 103 110 116 126 14.3-19.6 418 454 519 OP margin 6.8 7.5 7.8 8.5 7.8 7.7 7.9 8.1 7.7 7.9 8.0 Net margin 5.4 5.6 6.1 6.6 6.0 5.9 6.2 6.3 6.0 6.1 6.2 Notes: 1) Net profit = net profit attributable to controlling interests; 2) OP has been adjusted to reflect new accounting changes Source: Company data, Table 3. Quarterly earnings breakdown by division (Wbn, %) 2012P 2013F 1Q13F % 1Q 2Q 3Q 4QP 1Q 2Q 3QP 4Q YoY QoQ 2012P 2013F 2014F Revenue Automotive 1,255 1,237 1,256 1,526 1,332 1,388 1,388 1,443 6.2-12.7 5,274 5,552 6,356 Machinery 397 448 485 418 372 483 465 539-6.3-10.9 1,748 1,859 2,058 Sum 1,652 1,685 1,741 1,943 1,704 1,871 1,853 1,983 3.2-12.3 7,021 7,411 8,414 OP Automotive 85 93 97 133 107 108 111 119 24.9-19.6 407 444 516 Machinery 26 34 39 33 27 37 35 41 1.5-19.2 133 140 154 Sum 112 127 136 166 133 145 146 160 19.4-19.6 540 584 670 OP margin Automotive 6.8 7.5 7.7 8.7 8.0 7.8 8.0 8.2 7.7 8.0 8.1 Machinery 6.6 7.7 8.0 7.9 7.1 7.7 7.5 7.6 7.6 7.5 7.5 Sum 6.8 7.5 7.8 8.5 7.8 7.7 7.9 8.1 7.7 7.9 8.0 Notes: 1) Net profit = net profit attributable to controlling interests; 2) OP has been adjusted to reflect new accounting changes Source: Company data, Table 4. Earnings forecast revisions (Wbn, W, %) Previous Revised % change 2012F 2013F 2014F 2012P 2013F 2014F 2012P 2013F 2014F Comments Revenue 6,953 7,985 9,498 7,021 7,411 8,414 1.0-7.2-11.4 - Reflected HMC & KiaÊs production Operating profit 520 632 756 540 584 670 3.8-7.5-11.3 - Revised down US$/W Pretax profit 539 609 724 556 604 694 3.2-0.8-4.2 - Revised up China business sales Net profit 403 455 542 418 454 519 3.7-0.4-4.2 - Revised down machinery sales EPS 15,681 17,702 21,062 16,263 17,634 20,167 3.7-0.4-4.2 OP margin 7.5 7.9 8.0 7.7 7.9 8.0 Net margin 5.8 5.7 5.7 6.0 6.1 6.2 - Automotive revenue 5,112 5,767 6,813 5,273 5,552 6,356 3.2-3.7-6.7 - Automotive OP 378 458 540 407 444 516 7.7-3.0-4.5 - Machinery revenue 1,841 2,218 2,685 1,748 1,859 2,058-5.1-16.2-23.4 - Machinery OP 142 174 216 133 140 154-6.6-19.5-28.5 Notes: 1) Net profit = net profit attributable to controlling interests; 2) OP has been adjusted to reflect new accounting changes Source: 2
Figure 1. P/E band Figure 2. P/B band (W) 350,000 20.5X 17.0X (W) 350,000 3.7X 300,000 250,000 200,000 13.5X 10.0X 300,000 250,000 200,000 3.0X 2.3X 150,000 150,000 1.6X 100,000 100,000 50,000 50,000 0 11 12 13F 14F 0 11 12 13F 14F Source: Thomson Reuters, Source: Thomson Reuters, Table 5. Global peer valuation comparison Performance (%) EPS (W,JPY,EUR,US$) OP margin (%) EV/EBITDA (x) P/E (x) Relative P/E (%) -1M -3M 12F 13F YoY,% 12F 13F 12F 13F 12F 13F 12F 13F Mando 1.7-12.2 8,950 12,012 34.2 5.2 6.0 7.6 5.4 14.4 10.2 138.5 117.4 Toyota Ind. 10.9 30.0 174 214 22.9 5.1 5.5 9.2 8.4 17.4 14.2 96.8 109.5 Denso 17.7 38.8 196 252 28.2 7.1 8.1 6.2 5.5 17.8 13.9 99.1 107.4 BorgWarner 0.2 12.3 5.0 5.3 6.5 11.7 11.7 8.2 7.8 15.0 14.1 101.6 103.1-6.5-11.9 16,263 17,634 8.4 8.0 7.9 7.6 6.0 10.6 8.6 101.9 99.0 Mobis 6.8 7.4 36,547 36,946 1.1 9.4 9.6 8.4 7.1 7.9 7.9 76.0 90.9 JCI -1.8 19.0 1.8 2.6 44.1 4.2 5.5 8.9 8.4 12.5 12.0 84.9 88.1 Keihin 4.7 22.9 76 114 50.5 4.2 5.2 3.8 3.2 16.9 11.2 94.0 86.8 Autoliv -2.9 15.0 5.2 5.8 11.4 9.3 9.4 5.8 5.5 12.6 11.5 85.2 84.4 Aisin 14.1 32.3 250 286 14.6 6.0 6.4 3.9 3.6 12.2 10.6 67.7 82.0 NOK 2.8 9.5 99 136 37.7 5.6 6.6 4.9 4.2 13.9 10.1 77.3 78.0 Faurecia 8.4 16.1 1.4 1.6 15.8 2.8 3.0 3.4 3.1 10.0 8.7 81.7 76.1 Valeo 7.7 18.9 5.0 4.9-1.5 5.8 5.9 3.2 3.2 8.3 8.5 67.9 74.3 Continental -2.5 11.1 10.1 10.5 4.0 10.2 10.5 5.2 4.8 8.6 8.3 78.2 74.0 Lear 5.2 15.7 12.9 5.0-60.9 4.7 5.1 4.3 4.1 9.1 9.9 61.3 72.2 Magna 4.0 18.2 5.2 5.4 3.3 4.9 4.7 4.9 4.6 10.1 9.8 68.7 71.8 TRW 6.7 21.8 5.9 6.4 7.4 7.4 7.5 4.8 4.5 9.9 9.2 67.0 67.4 Source: Bloomberg, Figure 3. Global auto part suppliersê P/E vs. EPS growth (2013F) Figure 4. Global auto part suppliersê P/B vs. ROE (2013F) (P/E, x) 15 14 BorgWarner Toyota Ind. (P/B, x) 2.5 BorgWarner 13 Denso JCI 12 Autoliv 11 Keihin Magna Aisin NOK 10 Lear 9 TRW Mando 8 Valeo Continental Faurecia 7 Mobis (EPS growth, %) 6-10 0 10 20 30 40 50 60 2.0 1.5 1.0 0.5 JCI Continental TRW Autoliv Lear Denso Magna Mando Mobis Valeo Faurecia Toyota Ind. Aisin NOK (ROE, %) Keihin 5 7 9 11 13 15 17 19 21 23 25 Source: Bloomberg, Source: Bloomberg, 3
(011210 KS/Buy/TP: W215,000) Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/11 12/12P 12/13F 12/14F (Wbn) 12/11 12/12P 12/13F 12/14F Revenues 6,393 7,021 7,411 8,414 Current Assets 2,695 2,720 2,756 3,075 Cost of Sales 5,810 6,198 6,529 7,413 Cash and Cash Equivalents 350 426 444 595 Gross Profit 583 823 882 1,001 AR & Other Receivables 1,519 1,392 1,375 1,508 SG&A Expenses 265 284 298 331 Inventories 789 731 765 799 Operating Profit (Adj) 318 540 584 670 Other Current Assets 35 29 29 29 Operating Profit 337 565 584 670 Non-Current Assets 1,558 1,853 2,107 2,272 Non-Operating Profit -25-8 20 24 Investments in Associates 152 198 231 271 Net Financial Income 42 40 32 26 Property, Plant and Equipment 1,223 1,352 1,508 1,613 Net Gain from Inv in Associates 22 29 33 40 Intangible Assets 118 125 133 139 Pretax Profit 312 556 604 694 Total Assets 4,253 4,573 4,863 5,347 Income Tax 71 132 146 170 Current Liabilities 2,160 1,943 1,890 1,887 Profit from Continuing Operations 241 425 458 524 AP & Other Payables 1,447 1,443 1,423 1,517 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 550 342 308 208 Net Profit 241 425 458 524 Other Current Liabilities 163 157 159 162 Controlling Interests 238 418 454 519 Non-Current Liabilities 597 748 676 686 Non-Controlling Interests 3 6 5 5 Long-Term Financial Liabilities 500 645 575 505 Total Comprehensive Profit 249 400 454 520 Other Non-Current Liabilities 82 89 86 166 Controlling Interests 246 394 450 516 Total Liabilities 2,757 2,691 2,566 2,573 Non-Controlling Interests 3 6 4 5 Controlling Interests 1,452 1,833 2,245 2,716 EBITDA 416 652 711 804 Capital Stock 129 129 129 129 FCF (Free Cash Flow) -110 330 198 397 Capital Surplus 241 241 241 241 EBITDA Margin (%) 6.5 9.3 9.6 9.6 Retained Earnings 1,067 1,472 1,887 2,362 Operating Profit Margin (%) 5.3 8.0 7.9 8.0 Non-Controlling Interests 44 49 53 58 Net Profit Margin (%) 3.7 6.0 6.1 6.2 Stockholders' Equity 1,495 1,882 2,298 2,774 Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/11 12/12P 12/13F 12/14F 12/11 12/12P 12/13F 12/14F Cash Flows from Op Activities 178 592 484 636 P/E (x) 15.1 10.6 8.6 7.5 Net Profit 241 425 458 524 P/CF (x) 10.7 8.4 6.7 6.0 Non-Cash Income and Expense 246 287 253 280 P/B (x) 2.8 2.6 1.9 1.5 Depreciation 81 91 103 110 EV/EBITDA (x) 10.6 7.6 6.0 4.9 Amortization 18 21 24 24 EPS (W) 9,421 16,263 17,634 20,167 Others -63-40 15 12 CFPS (W) 13,325 20,606 22,575 25,366 Chg in Working Capital -259-24 -82 2 BPS (W) 51,830 66,374 82,078 100,158 Chg in AR & Other Receivables -144 186 16-132 DPS (W) 500 1,500 1,700 1,750 Chg in Inventories -152 53-34 -35 Payout ratio (%) 5.4 9.2 9.6 8.7 Chg in AP & Other Payables 19-2 -20 94 Dividend Yield (%) 0.4 0.9 1.1 1.2 Income Tax Paid -49-96 -146-170 Revenue Growth (%) 24.7 9.8 5.6 13.5 Cash Flows from Inv Activities -237-403 -272-226 EBITDA Growth (%) 43.6 56.4 9.2 13.1 Chg in PP&E -220-225 -260-215 Operating Profit Growth (%) 53.0 67.6 3.5 14.8 Chg in Intangible Assets -35-32 -31-31 EPS Growth (%) 60.1 72.6 8.4 14.4 Chg in Financial Assets -4-137 0 0 Accounts Receivable Turnover (x) 4.8 5.1 5.7 6.2 Others 22-10 19 20 Inventory Turnover (x) 9.0 9.2 9.9 10.8 Cash Flows from Fin Activities 199-110 -194-259 Accounts Payable Turnover (x) 4.9 5.2 5.5 6.1 Chg in Financial Liabilities -9-48 -104-170 ROA (%) 6.2 9.6 9.7 10.3 Chg in Equity 257 0 0 0 ROE (%) 19.8 25.5 22.3 20.9 Dividends Paid 0-13 -39-44 ROIC (%) 12.9 19.5 19.5 20.6 Others -49-50 -51-46 Liability to Equity Ratio (%) 184.4 143.0 111.7 92.8 Increase (Decrease) in Cash 142 76 18 151 Current Ratio (%) 124.8 140.0 145.8 162.9 Beginning Balance 208 350 426 444 Net Debt to Equity Ratio (%) 46.7 22.2 12.9-0.9 Ending Balance 350 426 444 595 Interest Coverage Ratio (x) 6.9 11.1 11.5 14.7 Source: Company data, estimates 4
Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding. Stock Ratings Industry Ratings Buy Relative performance of 20% or greater Trading Buy Relative performance of 10% or greater, but with volatility Hold Relative performance of -10% and 10% Sell Relative performance of -10% Overweight Fundamentals are favorable or improving Neutral Fundamentals are steady without any material changes Underweight Fundamentals are unfavorable or worsening (W) 250,000 200,000 150,000 100,000 50,000 0 2/11 8/11 2/12 7/12 1/13 * Ratings and Target Price History (Share price (----), Target price (----), Not covered ( ), Buy ( ), Trading Buy ( ), Hold ( ), Sell ( )) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analystês estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. Analyst Certification The research analysts who prepared this report (the Analysts ) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystÊs area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co., Ltd. ( Daewoo ), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. 5
Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as Relevant Persons ). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction. KDB Daewoo Securities International Network Daewoo Securities Co. Ltd. (Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office 34-3 Yeouido-dong, Yeongdeungpo-gu Seoul 150-716 Korea Two International Finance Centre Suites 2005-2012 8 Finance Street, Central Hong Kong 600 Lexington Avenue Suite 301 New York, NY 10022 United States Tel: 82-2-768-3026 Tel: 85-2-2514-1304 Tel: 1-212-407-1022 Daewoo Securities (Europe) Ltd. Tokyo Representative Office Beijing Representative Office Tower 42, Level 41 25 Old Broad Street London EC2N 1HQ United Kingdom 7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan Suite 2602, Twin Towers (East) B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China Tel: 44-20-7982-8016 Tel: 81-3- 3211-5511 Tel: 86-10-6567-9699 Shanghai Representative Office Ho Chi Minh Representative Office Unit 13, 28 th Floor, Hang Seng Bank Tower Centec Tower 1000 Lujiazui Ring Road 72-74 Nguyen Thi Minh Khai Street Pudong New Area, Shanghai 200120 Ward 6, District 3, Ho Chi Minh City China Vietnam Tel: 86-21-5013-6392 Tel: 84-8-3910-6000 6