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>> 招银国际-GDS (GDS US) Focus on quality growth with cautious expansion plan-230316
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研究报告全文:MN16Mar2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateGDSGDSUSFocusonqualitygrowthwithcautiousexpansionplanGDSreportedin-lineFY4Q22andguidedasoftFY23EoutlookwithrevenueTargetPriceUS2121EBITDAgrowthof8662YoYrespectivelyasthecompanyfocusesonPreviousTPUS3507existingbacklogdeliverywithtightercontroloncapex-335YoYtoUpDownside360RMB75bnDespiteshort-termpainwelikeGDSimprovementincustomerandCurrentPriceUS1559geographicalmixandthattherelianceonAlibabaandTencentisdecreasingChinaSoftwareITServicesWeremainpositiveonlong-termdatacenterdemandgivenDigitalEconomyandAIdevelopmentMaintainBUYMarleyNGAN85239163719FY4Q22weaknesswell-anticipatedGDSreportedin-line4Q22resultsmarleyngancmbicomhkwithrevenueofRMB2404mn99YoYandadjEBITDAofRMB1071mn43YoYAdjEBITDAmarginwas446-24pptsNetBowenLIlossnarrowedtoRMB194mnvs-RMB351mnin4Q21duetoRMB205mn85237618957gainfrompurchasepriceadjustmentrelatedtooneofpreviousacquisitionslibowencmbicomhkExcludingthisone-offitemnetlosswidenedbyRMB49mnYoYStockDataFY23EfocusesonexistingbacklogdeliverywithtightercontrolonMktCapUSmn28390capexMgmtguidedFY23ErevenuetobeintherangeofRMB9940-Avg3mthstoUSmn21652wHighLowUS444786310320mnMid-pointofguidanceisin-linewithconsensusanditimpliedaTotalIssuedSharesmn1821YoYgrowthof87YoYvs193YoYinFY22GDSwillfocusontheSourceFactSetdeliveryofexistingbacklogwhilenewbookingsisexpectedtobeatsimilarShareholdingStructureleveltoFY2273ksqmFY23EAdjEBITDAmarginisguidedat446-STTGDC3171pptsYoYwiththeramp-upofoverseascapacityMgmtexpectsFY23EWilliamHuang-Chairman57margintobethetroughandtoimprovegraduallyinFY24EMeanwhileSourceCompanydataorganiccapexisexpectedtobedown335YoYtoRMB75bnvsSharePerformanceRMB113bninFY22asGDSfocusesonqualitygrowthAbsoluteRelativeContinuouschangeincustomerandgeographicalmixIntermsof1-mth-285-2363-mth-261-263customermixcloudserviceprovidersCSPtookup631ofGDS4Q226-mth-322-290revenueAlibabaTencentcontributed433MeanwhilethenetSourceFactSetadditionalareacommittedbylargeinternetcompaniesLIwas631oftotalvs174byCSPCustomermixisexpectedtoenhancegoing12-mthPricePerformanceforwardAlsolookingatthedeliveryscheduleforcurrentprojects50ofnewcapacitytobedeliveredinFY23comesfromoverseasmarketWearepositiveonthediversificationinbothcustomerandgeographicalmixDigitalEconomyandAIwillcontinuetodrivedatacenterdemandWetrimmedFY23-24EadjEBITDAby-8-11toreflectaslowrecoveryofChinacloudmarketpostCOVID-19HoweverweremainpositiveontheSourceFactSetlongtermdemandinChinadatacenterswiththebuildingofDigitalEconomyandthedevelopmentofAIGDSistradingat09xFY23EPBMaintainBUYwithnewtargetpriceofUS2121basedonlowered15xFY23EEVEBITDAtoreflectslowergrowthEarningsSummaryYE31DecFY21AFY22AFY23EFY24EFY25ERevenueRMBmn78199326101411129212788YoYgrowth36219387114133AdjustedEBITDARMBmn37034251432347655671ConsensusEBITDARMB37034251453154246475YoYgrowth38214817102190NetprofitRMBmn1314515099238362705719387EPSReportedRMBcents904810310166951895113579EVEBITDAx123121139137117ROE5263108138111Netgearing10511392194425102832SourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk16Mar2023FocuschartsFigure1RevenueandYoYgrowthFigure2AreainservicesandYoYRmbmnsqm3000100600000100909025008050000080200070400000706060150050300000504040100030200000305002010000020101000001Q174Q173Q182Q191Q204Q203Q212Q221Q174Q173Q182Q191Q204Q203Q212Q22RevenueYoYAreainservicesEoPYoYSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure3TotaloperatingcostperareainserviceFigure4EBITDAmarginvsutilizationRMB70008806600070460500024000050-2403000-42000-630-8100020-100-12103Q162Q171Q184Q183Q192Q201Q214Q213Q220Totaloperatingcostperareainservicesqm3Q162Q171Q184Q183Q192Q201Q214Q213Q22YoYAdjEBITDAmarginUtilizationrateSourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure5TotalareacommittedvsfwdareautilizedFigure6Netaddsinareaunderconstructionsqmsqm7000003000060000025000200005000001500040000010000300000500020000003Q162Q171Q184Q183Q192Q201Q214Q213Q2210000050000100001Q164Q163Q172Q181Q194Q193Q202Q211Q224Q2215000TotalareacommittedAreautilizedin15yearsSourceCompanydataCMBIGMSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE216Mar20234Q22earningsreview4Q22resultsreviewRevenuewasRMB2404mn99YoY15QoQin-linewithconsensusGrossprofitwasRMB488mn02YoY-10QoQaboveconsensusby44Grossmarginwas203-20pctptsYoY-05pctptsQoQaboveconsensusby06pctptsAdjEBITDAwasRMB1071mn43YoY05QoQin-linewithconsensusAdjEBITDAmarginwas446-24pctptsYoY-05pctptsQoQbelowourestimatesby04pctptsbutaboveconsensusby04pctptsNetlossnarrowedtoRMB194mnbeatconsensusestimatesExcludingRMB205mnone-offgainfrompurchasepriceadjustmentrelatedtooneofpreviousacquisitionsascertainconditionswerenotmetnetlosswasRMB399mnwidenedfrom-RMB351mninFY4Q21FY23EguidanceRevenuewillbeintherangeofRMB9940-10320mnimplying66to107YoYin-linewithconsensusofRMB10265mnAdjEBITDAwillbeintherangeofRMB4430-4600mnimplying42to82YoYin-linewithconsensusofRMB4531mnAdjEBITDAmarginwillbe446-1pctptsYoYCapexwillbeatRMB75bn-335YoYin-linewithconsensusofRMB785bnAmongtheRMB75bnRMB35bnisfororganicexpansioninChinaRMB4bnisforregionalexpansionFigure74Q22resultsreviewDec-21Sep-22Dec-22Dec-22Dec-224Q213Q224Q224Q22versus4Q22versusRMBmnactualactualactualYoYQoQCMBICMBIconsensusconsensusRevenue2187236824049915236318237015Grossprofit48749348802-1036832546744Grossmargin223208203-2pctpts-05pctpts15647pctpts19706pctptsOperatingprofit152147136-103-7314903412686Operatingmargin696257-13pctpts-05pctpts0651pctpts5304pctptsAdjEBITDA1027106710714305106407104625AdjEBITDAmargin470450446-24pctpts-05pctpts450-04pctpts44104pctptsNetnon-op-403-419-236-555-528PBT-251-272-100601633-542816-403752Netincome-351-353-194446449-706725-434552Netmargin-160-149-8179pctpts68pctpts-299218pctpts-183102pctptsEPSRMB-024-024-013459460236318-028531SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE316Mar2023EarningsrevisionFigure8Earningsrevision2023E2024ERMBmnNewOldDiffNewOldDiffSales1014110241-11129211579-2Grossprofit18942185-1320772970-30OPProfit428716-404761322-64AdjEBITDA43234713-847655354-11PBT-1706-1712-0-1936-128051Netprofit-2384-23641-2706-182448EPS-167-1661-190-12848MarginsGM187213-266bps184256-725bpsOPM4270-277bps42114-720bpsAdjEBITDAmargin426460-339bps422462-404bpsPBTmargin-168-167-11bps-171-111-609bpsNetmargin-235-231-42bps-240-158-821bpsKeyassumptionsTotalareainservice575133595331-3649900672724-3Totalareautilized41700640249944706314634412Avgutilizationrate716675413bps719688311bpsAverageMSR21472194-221392177-2Depreciation36843687-0423741362SourceCompanydataCMBIGMestimatesFigure9CMBIestimatesvsconsensus2023E2024ERMBmnCMBIStreetDiffCMBIStreetDiffSales1014110265-11129211850-5Grossprofit18942208-1420772771-25Operatingprofit428655-354761061-55AdjEBITDA43234531-547655424-12Netprofit-2384-175336-2706-164465EPS-167-480-65-190-500-62MarginsGM187215-283bps184234-499bpsOPM4264-216bps4290-474bpsAdjEBITDAmargin426441-151bps422458-358bpsNetmargin-235-171-643bps-240-139-1009bpsSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE416Mar2023Figure10OperatingmodelRMBmn202120222023E2024E2025ERevenues78199326101411129212788ServiceRevenue78149318101341128512782EquipmentRevenue48666Costofsales-6039-7390-8247-9215-10168GrossProfit17791936189420772620Grossmargin228208187184205RD-69-36-52-66-63SGA-1141-1336-1414-1535-1759OperatingIncome570565428476797AdjEBITDA37034251432347655671AdjEBITDAmargin474456426422443InterestExpense-1604-1845-2259-2537-2321Netotherincomeexp86291125125125ProfitBeforeIncomeTaxes-949-990-1706-1936-1398IncomeTaxExpense-242-276-495-597-381Netprofitloss-1315-1510-2384-2706-1939Netmargin-152-136-217-224-139EPSRMB-090-103-167-190-136KeyassumptionsTotalareainserviceEoP487883515787575133649900727888TotalareautilizedEoP319475370547417006470631479064Utilizationrateareautilizedareainservice6770727273AverageMSRRMBSqmMonth22602206214721392139Depreciation26173189368442374645GrowthYoYRevenues361991113GrossProfit159-21026AdjEBITDA381521019NetprofitlossnananananaSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE516Mar2023Figure11OperatingmodelquarterlyRMBmn1Q222Q223Q224Q221Q23E2Q23E3Q23E4Q23ERevenues22442310236824042514252225232582GrossProfit486469493488571474442407AdjEBITDA1051106210671071117211381054959Netprofitloss-574-388-353-194-451-550-597-786EPSRMB-039-027-024-013-031-037-041-054KeyassumptionsTotalareainserviceEoP492344504383510511515787536431540481544745575133TotalareautilizedEoP332019345678359862370547380868384600391098417006Utilizationrateareautilizedareain6769707271717273serviceAverageMSRRMBSqmMonth22962265223721942229219521672128Depreciation782792795820847921921995MarginsGrossmargin2220212023191816AdjEBITDAmargin4746454547454237Netmargin-26-17-15-8-18-22-24-30GrowthQoQRevenues33225002GrossProfit0-45-117-17-7-8AdjEBITDA21009-3-7-9NetprofitlossnanananananananaGrowthYoYRevenues3224151012967GrossProfit23780171-10-17AdjEBITDA2919114127-1-11NetprofitlossnanananananananaSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE616Mar2023ValuationMaintainBUYwithtargetpriceofUS2121WemaintainourBUYrecommendationonGDSwithnewtargetpriceofUS2121priorUS3507basedonlowered15xprior16xFY23EadjEVEBITDAOurnewtargetmultipleisbasedon1-SDbelowmeantoreflectaslowergrowthphaseWeuseEVEBITDAasthevaluationmethodologyasitbetterreflectsIDCoperatingprofitabilitythanPEgivenhighdepreciationexpenseduringramp-upstageandlargeinterestexpensegapbetweenpeersifcapitalstructureisdifferentFigure12PeersvaluationMarketCapPriceTPEVEBITDAxEBITDAmarginRevenueFY21-24ECompanyTickerRatingUSmnLCLCFY22EFY23EFY22EFY23ECAGRGDSGDSUSBUY29711559212112113946431321VianetVNETUSNR441298NA635625258Sinnet300383CHNR27651061NA13211421238Baosight600845CHNR131005270NA322255202024AtHub603881CHNR16313420NA152130646716ChinDataCDUSNR2376651NA9168515143EquinixEQIXUSNR6413069147NA230210464511DigitalRealtyTrustDLRUSNR3144010570NA19818253477Mean165142414017Median142125464512SourceBloombergCMBIGMestimatesFigure1312MforwardEVEBITDAchartFigure1412MforwardEVEBITDAbandxUSmn453500040300003530250002520000201500015100001050005--Jul-20Jul-21Jul-22Jan-21Jan-22Jan-23Mar-20Mar-21Mar-22Nov-20Nov-21Nov-22Sep-21Sep-20Sep-22May-20May-21May-22Jul-20Jul-21Jul-22Jan-21Jan-22Jan-23Mar-20Mar-21Mar-22Sep-20Nov-20Sep-21Nov-21Sep-22Nov-22May-20May-22May-21EV96x171x1-yrfwdEVEBITDAMean246x322x397xMean1SDMean-1SDSourceCompanydataCMBIGMestimatesSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE716Mar2023FinancialSummaryINCOMESTATEMENT2020A2021A2022A2023E2024E2025EYE31DecRMBmnRevenue573978199326101411129212788Costofgoodssold217030804189603973908247Grossprofit155017791936189420772620Operatingexpenses87812101371146616011822Sellingexpense135119150159170190Adminexpense70310221185125513651569RDexpense406936526663Operatingprofit673570565428476797EBITDA268137034251432347655671AdjustedEBITDA268137034251432347655671NetInterestincomeexpense128716041845225925372321Others6686291125125125Pre-taxprofit548949990170619361398Incometax121242276495597381Minorityinterest69123244183173159Netprofit73813151510238427061939BALANCESHEET2020A2021A2022A2023E2024E2025EYE31DecRMBmnCurrentassets18319144641195113899144245563Cashequivalents1625999688608970210062992Accountreceivables148017332406247525592666Othercurrentassets5792763937172218021904Non-currentassets389405716962863685937203571679PPE295964062446917526475608955732Intangibles338283598124812481248124Othernon-currentassets596281867822782278227822Totalassets572597163274814824928645977241Currentliabilities76441346510603139751535814940Short-termborrowings215359483624462153334131Accountpayables365739023093439247895276Othercurrentliabilities3418452713271527412780Accruedexpenses149327711173224724952753Non-currentliabilities229473227140026465335165144630Long-termborrowings105671828523518299913460726806Convertiblebonds192818964295429542954295Othernon-currentliabilities104521209112213122481274913529Totalliabilities305914573650629605086700859570Sharecapital111111Capitalsurplus287292898329049290492904929049Retainedearnings2724391151807381991311693Otherreserves440599848848848848Totalshareholdersequity255662453323138209371840416625Totalequityandliabilities561577026973767814458541276194PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE816Mar2023CASHFLOW2020A2021A2022A2023E2024E2025EYE31DecRMBmnOperatingProfitbeforetaxation548949990170619361398Taxpaid121242276495597381Changeinworkingcapital10238106741520506576Others375593466000Netcashfromoperations32112083063300322113441InvestingCapitalexpenditure802196997804760567753836Acquisitionofsubsidiariesinvestments135740133471000Others02101809904452Netcashfrominvesting93781369211275941476794289FinancingDividendpaid000000Netborrowings790115122909747053279003Proceedsfromshareissues1272400000Others66303393194735501780Netcashfromfinancing2014481194856750558298223NetchangeincashCashatthebeginningoftheyear58111625999688608970210062Exchangedifference964160000Cashattheendoftheyear1625999688608970210062992GROWTH2020A2021A2022A2023E2024E2025EYE31DecRevenue39236219387114133Grossprofit487148882297261Operatingprofit40315409242113675EBITDA47038214817102190PROFITABILITY2020A2021A2022A2023E2024E2025EYE31DecGrossprofitmargin270228208187184205Operatingmargin1177361424262EBITDAmargin467474456426422443ReturnonequityROE415263108138111GEARINGLIQUIDITYACTIVITIES2020A2021A2022A2023E2024E2025EYE31DecNetdebttoequityx031114192528Currentratiox241111100904Receivableturnoverdays751750810866802736Payableturnoverdays13891340105198410811076VALUATION2020A2021A2022A2023E2024E2025EYE31DecPB241280119758594EV260981454110515009599973654913663781EVSales455855595852EVEBITDA97123121139137117SourceCompanydataCMBIGMestimatesNoteThecalculationofnetcashincludesfinancialassetsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE916Mar2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE10
 
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