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14 Hold

2 Sell

0 Current price: HK$5.56 Target price: HK$6.55 Previous target: HK$6.00 Up/downside: 17.8% CGS-CIMB / Consensus: na Reuters: Bloomberg:

1778 HK Market cap: US$941m HK$7,387m Average daily turnover: US$1.64m HK$13.95m Current shares o/s: 1,280m Free float: 27.5% *Source: Bloomberg Key changes in this note FY19E/20E Revenue lowered by 1%/8%. FY19E/20E EPS changed by +5%/-2%. Source: Bloomberg Price performance 1M 3M 12M Absolute (%) 18.6 41.5 -25.3 Relative (%) 18.1 28.7 -21.1 Major shareholders % held Fantasia 72.5 Insert Analyst(s) Tony Li T (852)

3698 6392 E [email protected] Wong Chi Man T (852)

3698 6317 E [email protected] Financial Summary Dec-16A Dec- 17A Dec-18A Dec-19F Dec-20F Revenue (Rmbm) 1,342 1,629 3,614 4,504 5,059 Operating EBITDA (Rmbm)

341 495

927 1,071 1,158 Net Profit (Rmbm) 187.8 320.7 485.0 599.1 732.2 Normalised EPS (Rmb) 0.18 0.32 0.38 0.45 0.55 Normalised EPS Growth 13.1% 74.3% 17.7 % 20.2 % 20.7% FD Normalised P/E (x) 26.23 15.05 11.65 10.54 8.73 DPS (Rmb) 1.........