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					Aaron Fischer, CFA                         Head of Asia Consumer & Gaming              Friday, 28 January 2011

     Latest news and views                                                          Share price performance
                                                                                    - 1 week
SJM under spotlight
We maintain our BUY call on SJM despite media reports of a feud within the
                                                                                       Melco C rown
Ho family over transfers of shares in parent STDM, and note that any such          Las Vegas Sands
ownership change should have little impact on daily SJM operations. We                 Wynn Macau
                                                                                      Wynn Resorts
make no change to our HK$18.40 target, which is based on 13.5x 2011                         Pinnacle
EV/Ebitda (a 10% discount to peers), while Macau gaming revenue is                          Tabcorp
growing 25-30% a year.                                                                        C rown
                                                                                        Tatts Group
                                                                                               Boyd
Macau: Dec visitors up 12% yoy                                                          MGM Mirage
Number of visitor and non-resident arrivals totalled 2,991,102 in December      Grand Korea Leisure
                                                                                       Sands C hina
2010. Total visitor arrivals rose by 11.6% yoy to 2,271,301. Same-day                            BST
visitors accounted for 51.3% of total visitor arrivals. Analyzed by place of              Melco Intl
                                                                                         Genting Sg
residence, visitors from Mainland China increased by 18.8% yoy to
                                                                                             Galaxy
1,200,324 (52.8% of total), with 494,567 travelling to Macao under the                    Shun Tak
Individual Visit Scheme. Total visitor arrivals reached 24,965,411 for the                   Rexlot
                                                                                   Genting Malaysia
whole year of 2010, up by 14.8% yoy.                                                        Genting
                                                                                                 SJM
Salary increase at Sands China and SJM                                                                 (15)   (10)   (5)   0   5   10

Sands China announced all eligible full time employees are entitled to a
salary increase of 4.5% effective March 1st. This follows the salary review         CLSA gaming team
exercise of a 3.5% increase for all full time employees in Q3 2010.
Meanwhile, SJM announced a 5% salary increase for its entire staff, effective
                                                                                Aaron Fischer, CFA
from February 1.                                                                Regional, Macau & Singapore
                                                                                (852) 26008256
Macau unemployment drops to lowest in 13 years                                  aaron.fischer@clsa.com
The Macau unemployment rate dropped to 2.7% between October and
                                                                                Huei Suen Ng, Macau
December 2010, down by 0.1 points from the previous period. It’s the
                                                                                (852) 26008126
lowest rate since the handover, the Statistics and Census Service (DSEC)        huei.suen.ng@clsa.com
stressed in its latest Employment Survey. In fact, the last time the rate was
this low was in December 1997.                                                  Mariana Kou, Macau
                                                                                (852) 26008190
                                                                                mariana.kou@clsa.com
MGM Macau launches “Golden Lion Jet”
MGM Macau has refurbished a TurboJet vessel, giving it a new outlook with       Paul Quah, Lottery & small caps
its golden lion brand icon as the “Golden Lion Jet”. The refurbished jet made   (852) 26008298
                                                                                paul.quah@clsa.com
its debut on January 21. The launch event was held at Central Pier 9 in
Hong Kong and the “Golden Lion Jet” will now sail between Hong Kong and         Jon Oh, US
Macau.                                                                          (1) 212 2613865
                                                                                jon.oh@clsa.com

                                                                                Clifford Kurz, US
                                                                                (1) 212 2613984
                                                                                clifford.kurz@clsa.com

                                                                                Sacha Krien, Australia
                                                                                61 (2) 85714264
                                                                                sacha.krien@clsa.com




Please see important notice on last page                                                                              Page 1 of 8
                                                                                    Friday, 28 January 2011



     Recent research

Hong Kong/Macau - SJM
Spattin’ chips
Family feud sells newspapers, but BUY on any share-price weakness.

 Huei Suen Ng (852) 26008126 huei.suen.ng@clsa.com
 Aaron Fischer, CFA (852) 26008256 aaron.fischer@clsa.com
We maintain our BUY call on SJM despite media reports of a feud within
the Ho family over transfers of shares in parent STDM, and note that any
such ownership change should have little impact on daily SJM operations.
It’s likely that a rift has occurred, but we expect it will be settled privately,
rather than in court, as has been suggested. We make no change to our
HK$18.40 target, which is based on 13.5x 2011 EV/Ebitda (a 10%
discount to peers), while Macau gaming revenue is growing 25-30% a year.

Asset transfers. In December 2010, Stanley Ho apparently reduced his
stake in Shun Tak from 20.27% to 8.72% and transferred his 7% stake in
SJM to his fourth wife, Angela Leong. As well, she took over Ho’s position
as managing director in gaming concessionaire Sociedade de Jogos de                  Father apart
Macau (SJM). Then on Monday of this week, it was announced that his                  The contentious Ho family share distributions
entire 32% stake in STDM had been transferred to Lanceford (a company                 Pansy, Daisy, Maisy,
                                                                                         Lawrence, Josie             Ina Chan
held by his third wife and the children of his second wife).                         (second wife’s children)       (third wife)
                                                                                          at 20% each

Two sides of the coin. Media reports have referred to claims that the                 49.45%                               50.55%
transfer of Stanley Ho’s 32% stake in STDM had occurred without his                                     Lanceford
approval. In response, written authorisation for the transfer was produced,
on behalf of a number of Ho family members, with the single largest                                  31.66%

shareholder of SJM Holdings (56%) denying that there had been anything                                    STDM
                                                                                                                        Angela Leong
                                                                                                                                            Others
                                                                                                                        (fourth wife)
untoward in the handling of Stanley Ho’s request, which was reportedly
sent by Daisy Ho, his daughter with his second wife.                                                 55.7%                                       36.7%
                                                                                                                                    7.6%
                                                                                                                              SJM
Ownership-structure uncertainty. Given confirmation of the share
transfers, it appears there may be dissatisfaction within Stanley Ho’s
                                                                                     Source: CLSA Asia-Pacific Markets
family of four wives and 17 children about how the share distribution. A
material stake in SJM was transacted only to his third wife and second               We’re sticking with our BUY call
wife’s children. But although a family rift is likely, we expect these matters       SJM’s relative share-price performance
to be settled behind closed doors.                                                    16       (HK$)                SJM (LHS)              (%)    560
                                                                                      14                            Rel to HSI                    480
Our BUY rating unchanged. We have mentioned before that changes to                    12
the ownership of parent company STDM are unlikely to affect SJM’s daily               10
                                                                                                                                                  400

operations. We maintain our BUY call to a HK$18.40 target, based on                    8                                                          320
                                                                                       6
13.5x 2011 EV/Ebitda, which is a 10% discount to Wynn Macau (1128                                                                                 240
                                                                                       4
HK - HK$20.85 - BUY) and Sands China (1928 HK - HK$18.68 - BUY),                       2                                                          160
given ownership concerns. We note that SJM has applied for a land                      0                                                          80
concession in Cotai and is waiting for final government approval. We would             Jan 09            Sep 09             May 10          Jan 11
BUY on any weakness in the share price.
                                                                                     Source: CLSA Asia-Pacific Markets




Please see important notice on last page                                                                                           Page 2 of 8
                                                                                               Friday, 28 January 2011



       Valuation table
Company             Bbg        Country      Price Target        Rec    MktCap              PE                Evebitda               Yield
                                           (local (local               (US$m)        2011        2012      2011      2012 2011 2012
                                             ccy)   ccy)
Melco Crown         MPEL US    HK               7.52    12.20   BUY       4,064        16.4        10.0       6.8        4.7      0.0       0.0
Melco Intl          200 HK     HK               5.71     5.88   BUY            872      7.6         0.0       1.1        7.7      0.0       0.0
Wynn Macau          1128 HK    HK              21.25    29.30   BUY      14,123        19.5        15.1     15.1       12.1       0.0       0.0
Sands China         1928 HK    HK              19.32    28.80   BUY      19,203        22.5        14.5     13.3         8.2      0.0       0.0
SJM                 880 HK     HK              12.72    18.40   BUY       9,217        13.4        12.5       9.2        8.2      3.7       4.0
Shun Tak            242 HK     HK               4.96     5.00   O-PF      1,389        10.6         6.9       8.9        7.6      0.0       0.0
Rexlot              555 HK     HK               0.81     1.20   BUY            838      8.6         8.5       4.9        4.4      3.5       4.8
Genting Sg          GENS SP    Singapore        2.06     2.85   BUY      19,611        19.3        14.2     12.0         8.8      0.0       0.0
Genting             GENT MK    Malaysia        10.90    14.00   BUY      13,272        12.3         9.9       5.8        4.3      0.5       0.6
Genting Malaysia    GENM MK Malaysia            3.28     3.10   U-PF      6,362        13.6        12.0       5.3        4.2      2.6       2.9
Tabcorp             TAH AU     Australia        6.98     8.48   O-PF      4,538         9.5         9.6       6.5        6.2      6.8       5.9
Tatts Group         TTS AU     Australia        2.50     3.07   BUY       3,235        10.4         9.4       6.4        6.0      9.2   10.1
Crown               CWN AU     Australia        8.68    10.09   O-PF      6,617        20.3        14.0       9.2        8.1      4.3       4.6
Las Vegas Sands     LVS US     US              46.92    62.50   BUY      31,518        22.9        17.4     11.0         8.6      0.0       0.0
Wynn Resorts        WYNN US    US          118.87 127.00        O-PF     14,707        37.6        27.3     13.0       10.8       0.0       0.0
Pinnacle            PNK US     US              15.22    16.00   O-PF           929    351.9        39.7       9.4        7.8      0.0       0.0
Boyd                BYD US     US              11.45    10.10   O-PF           990     26.5        22.9       8.3        8.0      0.0       0.0
GKL                 114090 KS Korea        18,700 27,000        BUY       1,037        14.0        12.9       8.1        7.6      3.9       4.3



       Gaming tables/charts
Figure 1

Macau visitor arrivals YoY growth                                     Mainland visitors breakdown

  50%          Mainland visitors       Total                                         Individual visitor scheme        Tour group
                                                                        100%
  40%
  30%                                                                    80%
  20%
  10%                                                                    60%

   0%
                                                                         40%
    Jan-09
 -10%              Jul-09     Jan-10           Jul-10

 -20%                                                                    20%

 -30%
                                                                          0%
 -40%                                                                      Jan-08     Jul-08     Jan-09   Jul-09    Jan-10     Jul-10



Visitor per-capita spending in Macau (Q3 2010)                        2010 visitor arrivals by entry points

  3,000              Non-shopping      Shopping         (MOP)
                                                                                                    Air
                                               2,530                                                7%
  2,500
                                                                                        Other
                                                                                       modes by
  2,000             1,648
                                                                                         land
                                                                                          4%                        Sea
                                               1,815                                                                41%
  1,500
                     866
  1,000
                                                                                         Border
                                                                                          Gate
      500                                                                                 48%
                     782                        715

      -
                     Total             Mainland visitors


Please see important notice on last page                                                                                         Page 3 of 8
                                                                                                                                                                      Friday, 28 January 2011


Hotel occupancy rate in Macau                                                                                                            Average length of stay of hotel guest (Macau)

  95            (%)                                                                                                                         1.70            (night)
  90                                                                                                                                        1.60
  85                                                                                                                                        1.50
  80
                                                                                                                                            1.40
  75
                                                                                                                                            1.30
  70
                                                                                                                                            1.20
  65
                                                                                                                 5-star hotels              1.10
  60
                                                                                                                 4-star hotels              1.00
  55
                                                                                                                 3-star hotels
                                                                                                                                                   Jan-      Jul-    Jan-    Jul-     Jan-     Jul-     Jan-   Jul-
  50
                                                                                                                                                    07        07      08      08       09       09       10     10
   Jan-07       Jul-07 Jan-08                   Jul-08 Jan-09                      Jul-09           Jan-10             Jul-10

Macau monthly gaming revenues                                                                                                            Macau gaming revenue growth VIP and Mass
                                       M o nthly gaming revenues (M OP m)
                                                                                                                                           120%
                                       Yo Y gro wth % (RHS)
  20,000                                                                                                                      100%                                          VIP YoY            Mass Mkt YoY
  18,000                                                                                                                      90%          100%
  16,000                                                                                                                      80%             80%
  14,000                                                                                                                      70%
  12,000                                                                                                                      60%             60%
  10,000                                                                                                                      50%             40%
   8,000                                                                                                                      40%
   6,000                                                                                                                      30%             20%
   4,000                                                                                                                      20%
   2,000                                                                                                                      10%             0%
     -                                                                                                                        0%           -20%
                                                               Jun-10
                  Jan-10
                           Feb-10
                                    Mar-10
                                             Apr-10
                                                      May-10


                                                                        Jul-10
                                                                                 Aug-10
                                                                                          Sep-10
                                                                                                   Oct-10
                                                                                                            Nov-10
                                                                                                                     Dec-10




                                                                                                                                           -40%
                                                                                                                                              1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10

Monthly market share (Macau)

                                                                                                   Sands             Wynn       Melco Crown       SJM      Galaxy    MGM
                                     100%
                                                      8.7%              9.2%              8.2%         6.6%             7.1%     7.7%    7.1%      7.8%      9.7%    10.8%     1
                                                                                                                                                                              1 .6%     1
                                                                                                                                                                                       1 .6%
                                      90%                                                               1
                                                                                                       1 .3%            1
                                                                                                                       1 .4%     10.3%
                                                       0.1
                                                      1 %               10.8%          1
                                                                                      1 .4%                                              12.3%     12.6%      1
                                                                                                                                                             1 .7%   9.8%    10.5%    10.3%
                                      80%
                                      70%
                                                      30.2% 32.0%
                                                                                      34.1%           33.5% 32.4% 29.6% 32.0% 29.0% 30.3% 32.3%
                                      60%                                                                                                       32.3% 30.6%

                                      50%
                                                                                                                                 13.4%
                                                      16.0%             14.0%                          13.0%           14.0%             14.8%     16.5%     16.4%    4.1
                                                                                                                                                                     1 %              14.2%
                                      40%                                             13.2%                                                                                  14.2%
                                      30%             13.2%                                            14.4%                     17.4%
                                                                        15.0%         13.2%                            15.7%             15.0%     14.3%     12.4%   13.8%            16.9%
                                                                                                                                                                             16.4%
                                      20%
                                       10%            21.8%             19.0%         19.8%            21.2%           19.4%     21.7%   18.8%     19.9%     19.6%   19.2%            16.4%
                                                                                                                                                                             15.0%
                                        0%
                                                      Jan-10                        Mar-10                            May-10             Jul-10             Sep-10           Nov-10

Ebitda margin (Macau)                                                                                                                    2010 Revenue breakdown (Macau)

  40      (%)
                                                                                                                                                            VIP              Mass               Slots
  30                                                                                                                                          100%
                                                                                                                                               90%
  20                                                                                                                                           80%
                                                                                                                                               70%
  10                                                                                                                                           60%
                                                                                                                                               50%
   0                                                                                                                                           40%
                                                                                                                                               30%
 (10)                                                                                                                                          20%
                                      Sands M acao                                                  Venetian                                   10%
 (20)                                                                                                                                           0%
                                      Fo ur Seaso ns                                                A ltira
                                                                                                                                                            Sands      SJM        MGM          Wynn      MPEL Galaxy
 (30)                  City o f Dreams           Wynn M acau                                                                                                C hina
       1Q08 2Q08 3Q08 4Q08 1                        Q1       0
                                Q09 2Q09 3Q09 4Q09 1 0 2Q1 3Q1 0


Source: CLSA Asia-Pacific Markets


Please see important notice on last page                                                                                                                                                                       Page 4 of 8
                                                                                   Friday, 28 January 2011


Figure 2
Revenue breakdown by type (Macau)
Revenue summary                       2007          2008        2009              2010CL              2011CL           2012CL
High end (VIP Baccarat)             55,762.0      73,772.0    79,833.0        135,648.0              176,789.7       218,359.0
YoY growth                            51.6%         32.3%           8.2%           69.9%               30.3%           23.5%
% of total                            67.2%         67.8%       66.9%              72.0%                72.4%           71.6%
% of table games                      70.2%         71.5%       70.7%              75.5%                75.9%           75.1%


Mass market                         23,666.0      29,347.0    33,034.0         44,076.0               56,261.4        72,483.2
YoY growth                            33.1%         24.0%       12.6%              33.4%               27.6%           28.8%
% of total                            28.5%         27.0%       27.7%              23.4%                23.0%           23.8%
% of table games                      29.8%         28.5%       29.3%              24.5%                24.1%           24.9%


Slot machines                        3,594.0       5,653.0     6,502.0             8,619.0            11,204.7        13,962.5
YoY growth                            75.1%         57.3%       15.0%              32.6%               30.0%           24.6%
% of total                             4.3%          5.2%           5.4%             4.6%                4.6%            4.6%


Total Games of Fortune              83,022.0     108,772.0   119,369.0       188,343.0               244,256          304,805
YoY growth                           46.6%          31.0%        9.7%              57.8%               29.7%           24.8%
Source: CLSA Asia-Pacific Markets




Figure 3
Table supply (Macau)
By casino operators                     2006       2007      2008          2009              2010           2011         2012
VIP
Sands China                                69        217       305           276               277            278          290
Melco Crown                                 -        156       215           340               340            340          340
Wynn                                       54        104       143           196               233            233          233
Galaxy                                     82        119       150           150               150            190          230
MGM                                       180        180       150           166               166            166          166
SJM                                       242        325       200           227               354            342          342
Total                                     627      1,101     1,163         1,355             1,520          1,549        1,601

Mass
Sands China                               491      1,344     1,094           830               821            821        1,060
Melco Crown                                 -         59        35           435               435            435          435
Wynn                                      167        283       236           209               233            233          233
Galaxy                                    169        180       200           200               110            420          510
MGM                                       220        220       226           263               263            263          263
SJM                                       902      1,107     1,154         1,435             1,426          1,446        1,398
Total                                   1,949      3,193     2,945         3,372             3,288          3,618        3,899

Overall
Sands China                                560      1,561    1,399         1,106             1,098          1,099         1,350
Melco Crown                                 -        215       250           775               775            775          775
Wynn                                      221        387       379           405               466            466          466
Galaxy                                    251        299       350           350               260            610          740
MGM                                       400        400       376           429               429            429          429
SJM                                     1,144      1,432     1,354         1,662             1,780          1,788        1,740
Total                                   2,576      4,294     4,108         4,727             4,808          5,167        5,500
Source: CLSA Asia-Pacific Markets




Please see important notice on last page                                                                            Page 5 of 8
                                                                               Friday, 28 January 2011


Figure 4
Supply of hotel rooms (Macau)
                                                   Venue       2008     2009         2010      2011        2012
Sands China                                                   3,573    3,573        3,573     3,573       9,573
Sands Macao                                Macau Peninsula      289      289          289       289         289
Venetian                                             Cotai    2,905    2,905        2,905     2,905       2,905
Four seasons                                         Cotai      379      379          379       379         379
Sites 5+6                                                                                                 6,000

Galaxy                                                         507      507          507      2,707       2,707
Galaxy Starworld Hotel                     Macau Peninsula     507      507          507        507         507
Galaxy Macau                                         Cotai                                    2,200       2,200

Wynn                                                           600      600         1,000     1,000       1,000
Wynn Macau                                 Macau Peninsula     600      600           600       600         600
Encore                                     Macau Peninsula                            400       400         400

Melco                                                          216     1,638        1,638     1,638       1,638
Altira                                               Taipa     216       216          216       216         216
City of Dreams                                       Cotai             1,422        1,422     1,422       1,422

MGM Grand                                  Macau Peninsula     593      593          593       593          593

SJM                                                            839      839          839       839          839
Grand Lisboa                               Macau Peninsula     431      431          431       431          431
Sofitel at Ponte 16                        Macau Peninsula     408      408          408       408          408

Others (non casino operators)                                11,162   11,463       11,124    11,124      11,124

Total in Macau                                               17,490   19,213       19,274    21,474      27,474
Source: CLSA Asia-Pacific Markets




Please see important notice on last page                                                              Page 6 of 8
                                                                                  Friday, 28 January 2011


Figure 5
Singapore foreign visitor forecast
                                           2010CL         2011CL        2012CL        2013CL        2014CL        2015CL
Visitor Breakdown by Region           11,025,123     12,990,192    14,164,395    15,456,881    16,880,307    18,448,751
Other                                   3,552,947      4,085,889     4,494,478     4,943,925     5,438,318     5,982,150
Indonesia                               1,848,561      2,310,701     2,541,771     2,795,949     3,075,543     3,383,098
China                                   1,406,536      1,758,170     1,933,987     2,127,386     2,340,124     2,574,136
Australia                                 855,941        941,535       988,611     1,038,042     1,089,944     1,144,441
Malaysia                                  778,108        972,635     1,118,530     1,286,309     1,479,256     1,701,144
India                                     772,906      1,004,777     1,105,255     1,215,781     1,337,359     1,471,094
UK                                        596,391        626,210       651,259       677,309       704,402       732,578
Japan                                     519,501        545,476       556,386       567,514       578,864       590,441
USA                                       377,147        396,004       407,885       420,121       432,725       445,706
Hong Kong                                  317,086      348,794       366,234       384,546       403,773       423,962

Visitor Growth by Region (%)                   17           18             9             9             9              9
Other                                          15           15            10            10            10             10
Indonesia                                      25           25            10            10            10             10
China                                          25           25            10            10            10             10
Australia                                      10           10             5             5             5              5
Malaysia                                       25           25            15            15            15             15
India                                          30           30            10            10            10             10
UK                                              5            5             4             4             4              4
Japan                                           5            5             2             2             2              2
USA                                             5            5             3             3             3              3
Hong Kong                                      10           10             5             5             5              5

% of total
Other                                          32           31            32            32            32             32
Indonesia                                      17           18            18            18            18             18
China                                          13           14            14            14            14             14
Australia                                       8            7             7             7             6              6
Malaysia                                        7            7             8             8             9              9
India                                           7            8             8             8             8              8
UK                                              5            5             5             4             4              4
Japan                                           5            4             4             4             3              3
USA                                             3            3             3             3             3              2
Hong Kong                                       3            3             3             2             2              2
Source: CLSA Asia-Pacific Markets




Please see important notice on last page                                                                      Page 7 of 8
                                                                                                                 Friday, 28 January 2011


Figure 6
Breakdown of casino visitors (Singapore)                                            Singapore gaming revenue forecast

                        Malaysian                                                       (US$bn)                      VIP      Grind      Slots
                           Day-                                                       12.0                                                               9.7
                         trippers
                                                    Local                                                                               8.1
                        (by Land)                                                     10.0
                                                   visitors                                                                                              1.5
                           22%
                                                    30%                                 8.0                            6.5
                  Foreign                                                                                                               1.2              2.4
                   VIPs
                                                                                        6.0                            1.0              1.9
                    1%                                     Foreign                                    3.7
                                                                                                                       1.6
                                                          residents                     4.0
                Foreign                                      9%                                       0.5                                                5.9
                                                                                                      1.0                               4.9
                visitors                         Local VIPs                             2.0                            4.0
                 37%                                1%                                                2.1
                                                                                        -
                                                                                                   2010C L          2011C L           2012C L          2013C L

Market share forecast (Singapore)                                                   Gaming revenue breakdown (Singapore)

                                                                                                                                  Singapore-
                  Marina Bay Sands             Resorts World Sentosa                                           Malaysian             ans
 100%                                                                                                          Daytripper          (C itizen
                                                                                                                   s                          Foreign
  90%                                                                                                                              and PR)
                                                                                                                  5%                         residents
  80%                                                                                                                                16%
                                   55%              55%              52%                                                                     (EP, etc)
  70%            69%                                                                                                                            3%
  60%
  50%
                                                                                                     Foreign                            Local VIPs
  40%                                                                                                                                      14%
                                                                                                      VIPs
  30%
                                   45%              45%              48%                              44%                                   Foreign
  20%             31%
  10%
                                                                                                                                            visitors
                                                                                                                                             17%
   0%
               2010C L          2011C L          2012C L          2013C L

Revenue breakdown by VIP, mass & slots (Genting Sg) Revenue by gaming/non-gaming (Genting Sg)

                                                                                                                    Gaming        Non gaming
                                  VIP      Mass      Slots
 100%                                                                                100%
  90%                                                                                 90%
  80%                                                                                 80%
  70%                                                                                 70%
  60%                                                                                 60%
  50%                                                                                 50%
  40%                                                                                 40%
  30%                                                                                 30%
  20%                                                                                 20%
  10%                                                                                 10%
   0%                                                                                  0%
            2010C L 2011C L 2012C L 2013C L 2014C L 2015C L                                     2010C L 2011C L 2012C L 2013C L 2014C L 2015C L

Source: CLSA Asia-Pacific Markets


Key to CLSA investment rankings: BUY = Expected to outperform the local market by >10%; O-PF = Expected to outperform the local market by 0-10%;
U-PF = Expected to underperform the local market by 0-10%; SELL = Expected to underperform the local market by >10%. Performance is defined as 12-month total
return (including dividends).


©2011 CLSA Asia-Pacific Markets (“CLSA”).                                  Note: In the interests of timeliness, this document has not been edited.
The analyst/s who compiled this publication/communication hereby state/s and confirm/s that the contents hereof truly reflect his/her/their views and opinions on the
subject matter and that the analyst/s has/have not been placed under any undue influence, intervention or pressure by any person/s in compiling such publication/
communication.
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research reports. As a result, investors should be aware that CLSA and/or such individuals may have one or more conflicts of interests that could affect the objectivity
of this report. The Hong Kong Securities and Futures Commission requires disclosure of certain relationships and interests with respect to companies covered in CLSA's
research reports and the securities of which are listed on The Stock Exchange of Hong Kong Limited and such details are available at
www.clsa.com/member/research_disclosures/. Disclosures therein include the position of the CLSA Group only and do not reflect those of Credit Agricole Corporate &
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IMPORTANT: The content of this report is subject to and should be read in conjunction with the disclaimer and CLSA's Legal and Regulatory Notices as
set out at www.clsa.com/disclaimer.html, a hard copy of which may be obtained on request from CLSA Publications or CLSA Compliance Group, 18/F, One
Pacific Place, 88 Queensway, Hong Kong, telephone (852) 2600 8888.                                                                         01/01/2011




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