www.dbsvickers.

com

ed: TH / sa: JC


HOLD S$3.23 STI : 3,222.43

Price Target : 12-Month S$ 3.26 (Prev S$ 4.09)
Reason for Report : Earnings/TP downgrade
Potential Catalyst: Better margins from lower raw material prices
DBS vs Consensus: In line

Analyst
Alfie YEO +65 6682 3717
alfieyeo@dbs.com



Price Relative


Forecasts and Valuation
FY Dec (S$ m) 2012A 2013A 2014F 2015F
Revenue 519 557 565 612
EBITDA 96 107 108 113
Pre-tax Profit 91 115 94 99
Net Profit 79 100 80 85
Net Pft (Pre Ex.) 75 81 80 85
EPS (S cts) 14.2 17.9 14.4 15.2
EPS Pre Ex. (S cts) 13.5 14.5 14.4 15.2
EPS Gth (%) 28 26 (19) 6
EPS Gth Pre Ex (%) 49 7 (1) 6
Diluted EPS (S cts) 14.2 17.9 14.4 15.2
Net DPS (S cts) 7.1 9.0 7.2 7.6
BV Per Share (S cts) 71.6 83.8 91.0 98.6
PE (X) 22.8 18.0 22.4 21.2
PE Pre Ex. (X) 23.9 22.2 22.5 21.2
P/Cash Flow (X) 21.0 28.7 17.8 28.6
EV/EBITDA (X) 17.8 16.1 15.7 14.9
Net Div Yield (%) 2.2 2.8 2.2 2.4
P/Book Value (X) 4.5 3.9 3.6 3.3
Net Debt/Equity (X) CASH CASH CASH CASH
ROAE (%) 20.6 23.1 16.5 16.1

Earnings Rev (%): (5) (8)
Consensus EPS (S cts): 16.4 18.4
Other Broker Recs: B: 23 S: 3 H: 5

ICB Industry : Consumer Goods
ICB Sector: Food Producers
Principal Business: Manufacturer distributor and brand owner of
instant beverages and convenience food
Source of all data: Company, DBS Bank, Bloomberg Finance L.P

At A Glance
Issued Capital (m shrs) 558
Mkt. Cap (S$m/US$m) 1,801 / 1,440
Major Shareholders
Lay Hoon Teo (%) 12.1
Kee Bock Teo (%) 11.7
YHS Invest Pte Ltd (%) 11.7
Free Float (%) 30.8
Avg. Daily Vol.(000) 673
14 May 2014
Singapore Company Focus
Super Group
Bloomberg: SUPER SP
|
Reuters: SPGP.SI Refer to important disclosures at the end of this report
A slow start to the year
1Q14 figures fell short on disappointing sales,
higher opex.
Outlook will be challenging; management to
diversify into new products
Lower FY14F/FY15F earnings by 5%/8%
Maintain HOLD with lower TP of S$3.26
Sales disappointed, costs higher. 1Q14 core
earnings came in at S$17.8m (-19% y-o-y), missing our
S$21m expectations. Both Food Ingredients and
Branded Consumer sales declined by 6%. While gross
margins were maintained (37.5%), higher opex from
expanded production facilities resulted in lower net
margins (14.3%, -2.4ppts).
Challenging outlook, but management will
strengthen its business model. We believe that key
markets have become challenging based on recent
quarters results. Management is taking steps to
strengthen its business model including rebranding and
improving marketing/distribution, as well as developing
new product categories to diversify into new coffee and
tea products. We expect these initiatives to take time
to develop, leading to higher near-term expenses but
translating into longer-term benefits.
Expect flat core earnings growth in FY14F. We cut
FY14F/FY15F earnings by 5%/8% as we moderate
revenue growth expectations on the back of weak
trading in key markets. We also factor in higher opex
as management implements new initiatives.
Maintain HOLD with lower S$3.26 TP. We believe
the operating environment for Super has intensified.
Along with the earnings downgrade, we cut Supers TP
to S$3.26 based on a lower valuation peg of 22x
FY14F/FY15F earnings, in line with its average PE
valuations. Maintain HOLD.

83
133
183
233
283
333
383
433
483
533
0.7
1.2
1.7
2.2
2.7
3.2
3.7
4.2
4.7
5.2
May-10 May-11 May-12 May-13 May-14
Relative Index
S$
Super Group (LHS) Relative STI INDEX (RHS)


Page 2

Company Focus
Super Group
1Q14 results below expectations

Affected by lower topline growth from both business
segments. 1Q14 core earnings came in at S$17.8m (-19% y-
o-y), missing our S$21m expectations. Revenue contracted
6% y-o-y to S$125m, as a result of sales declines in both Food
Ingredients and Branded Consumer segments. Food
Ingredients sales shrinkage of 6% (S$89m) was attributed to
lower sales in Indonesia and China, offset by higher sales in
Taiwan. Branded Consumer sales decline (S$36m, -6% y-o-y)
was due to lower sales in Southeast Asian markets, especially
in Thailand.

Thailands Branded Consumer sales volume declines. Thailand,
which contributes 30% of Branded Consumer sales,
experienced a 10% decline in sales, affected by reduction in
sales volumes and weaker THB. While volumes for northern
territories have grown, demand in southern Thailand region
has slowed. Supers distributors and wholesalers have
withheld stocking activities amid poorer consumption and
social unrest.

Food Ingredients sales in China and Indonesia decline. The
milk tea segment in China remains soft, which affected both
sales volumes and sales value demand for ingredients.
Management also attributed the decline in Chinas sales to its
current initiative to restructure and establish a distribution
team to insource distribution activities. Tepid demand was
also seen in Indonesia as the rupiah remained weak and
customers are well-stocked.

Higher opex dampens net margins. While gross margins were
maintained (37.5%), higher opex from expanded production
facilities resulted in lower net margins (14.3%, -2.4ppts).
1Q14 met 20% of our full-year forecast. Net cash declined
marginally to S$95m.













Expect outlook to be challenging

Key markets have become challenging. Recent quarters
results have shown that Supers key markets are weakening,
with slow consumer demand and less favourable exchange
rates the main factors affecting the results. As competition in
the 3-in-1 instant coffee space remains keen, we believe
management has to find new avenues to supplement growth
going forward.

Transitioning for the future. Management is now taking steps
to strengthen its business model through rebranding, product
innovation and better product portfolio management. It will
also reinforce its organisational structure by improving its
distribution and product development teams. Going forward,
the team will explore new product categories and diversify into
new coffee and tea products, and new ingredients such as
Botanical Herbal Extract and Liquified Glucose Syrup Solids.
We expect these initiatives to take time to develop, leading to
higher near-term expenses but translating into longer-term
benefits.

Margins under pressure. For now, we believe that even as
demand continues to be soft, costs will be a challenge going
forward. Commodity prices have trended higher since the
second half of last year and prices of robusta coffee beans,
sugar and palm oil have risen YTD by a further 24%, 2% and
2% respectively. Along with new initiatives and new
manufacturing capacities coming on, we expect relatively
higher opex and lower margins from FY13.

Raw material prices have increased from 2H13












Source: DBS Bank




50
60
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80
90
100
110
120
Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14
Sugar Coffee Palm Oil

Page 3


Company Focus
Super Group
Share price to be halved upon bonus issue at end-May

Ex-date for bonus issue is 26 May. Super announced a "1-for-
1 bonus issue" post-release of FY13 results in February. Ex-
date for this corporate action will be 26 May. The theoretical
EPS and share price will be halved and the number of shares is
due to double from 557.5m to 1,115m. Expected impact is
outlined below.

Bonus issue impact
1-for-1 bonus issue Before After Theoretical change
Share base (m) 558 1,115 Share base doubles
Price (S$) 3.23 1.615 Price halves
Mkt Cap (S$m) 1,801 1,801 Nil

FY14F earnings (m) 80 80 Nil
EPS (Scents) 14.4 7.2 EPS halves

FY14F PE 22.5 22.5 Nil
Source: DBS Bank


Cut FY14F/FY15F earnings by 5%/8%

Expect flat core earnings growth in FY14F. We now expect
core earnings growth to be flat. Further to our previous
earnings downgrade in November 2013, we have lowered:
1)Revenue growth expectations on the back of weak trading in
key markets; and 2) Account for higher opex as management
embarks on new initiatives. This results in earnings cut of
5%/8% to FY14F/FY15F earnings. While we have factored in
impact of higher raw material costs, higher than expected
commodity price increase could present further risks to our
gross margin expectations.

Valuation

Maintain HOLD with lower S$3.26 TP. We recognise that the
operating environment for Super has changed as outlook in
key markets weakens. As such, we are lowering our 26x
forward earnings peg to 22x. Along with the earnings
downgrade, we cut Supers TP to S$3.26. This is based on 22x
blended FY14F/FY15F earnings, pegged to average valuations.
Maintain HOLD.

Super currently trades at 22x forward PE













Source: DBS Bank















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Avg


Page 4

Company Focus
Super Group
Results Summary and Comparison
FY Dec (S$m) 1Q13 4Q13 1Q14 YoY Chg QoQ Chg
Sales 132.4 153.3 124.6 -6% -19%
Cost of Goods Sold (83.3) (95.6) (77.9) -6% -19%
Gross Profit 49.1 57.7 46.7 -5% -19%
Other Operating Income 0.4 3.0 0.5 40% -83%
Distribution Costs (13.0) (19.4) (13.3) 2% -32%
Administration Expenses (12.2) (14.9) (13.5) 11% -9%
Other Operating Expenses (25.2) (34.3) (26.8) 6% -22%
EBIT 24.2 26.4 20.4 -16% -22%
Non-Operating Income 2.6 (1.2) 0.2 n/m n/m
Interest Income 0.1 0.2 0.1 -39% -61%
Interest Expense (0.0) (0.2) (0.0) -53% -95%
Share of Associates' or JV Income (0.7) (0.9) (0.3) -60% -69%
Exceptional Gains/(Losses) (0.2) 2.0 0.4 n/m -79%
Pretax Profit 26.0 26.3 20.8 -20% -21%
Tax (3.1) (2.7) (2.1) -31% -20%
Minority Interests (0.8) (1.0) (0.8) 6% -18%
Net Profit 22.1 22.6 17.8 -19% -21%

Margins (%)
Gross Margin 37.1 37.6 37.5
SGA % Sales 19.1 22.4 21.5
EBITDA Margin 20.4 19.2 19.3
EBIT Margin 18.3 17.2 16.4
Pre-tax Margin 19.6 17.1 16.7
Net Margin 16.7 14.7 14.3
Source: Company, DBS Bank


Page 5


Company Focus
Super Group
Key Assumptions
FY Dec 2011A 2012A 2013A 2014F 2015F

Consumer goods 318.6 355.1 364.5 370.8 400.4
Ingredients 122.4 164.1 192.5 194.4 211.9
Total 441.0 519.2 557.0 565.2 612.3



Segmental Breakdown
FY Dec 2011A 2012A 2013A 2014F 2015F

Revenues (S$ m)
Singapore 102 102 105 107 116
South East Asia 248 293 338 316 343
East Asia 91 124 115 141 153
Elimination N/A N/A N/A N/A N/A

Total 441 519 557 565 612
Operating profit (S$ m)
Singapore 22 30 57 31 34
South East Asia 37 60 71 63 69
East Asia 29 28 24 32 35
Elimination (29) (31) (54) (32) (37)

Total 59 88 98 95 100
Operating profit Margins
Singapore 21.3 29.4 54.4 29.0 29.0
South East Asia 15.0 20.4 21.0 20.0 20.0
East Asia 31.7 22.9 21.2 23.0 23.0
Elimination N/A N/A N/A N/A N/A

Total 13.3 16.9 17.6 16.8 16.4

Income Statement (S$ m)
FY Dec 2011A 2012A 2013A 2014F 2015F

Revenue 441 519 557 565 612
Other Opng (Exp)/Inc (83) (94) (111) (112) (120)
Operating Profit 59 88 98 95 100
Other Non Opg (Exp)/Inc 0 (1) 0 0 0
Associates & JV Inc 1 0 (2) (2) (2)
Net Interest (Exp)/Inc 0 1 0 0 0
Exceptional Gain/(Loss) 11 4 19 0 0
Pre-tax Profit 70 91 115 94 99
Tax (6) (9) (11) (10) (10)
Minority Interest (2) (4) (3) (4) (4)
Preference Dividend 0 0 0 0 0
Net Profit 62 79 100 80 85
Net Profit before Except. 51 75 81 80 85
EBITDA 65 96 107 108 113
Growth
Revenue Gth (%) 25.3 17.8 7.3 1.5 8.3
EBITDA Gth (%) 1.9 46.1 11.9 0.7 5.1
Opg Profit Gth (%) 5.9 49.0 12.1 (3.5) 5.9
Net Profit Gth (%) 6.1 27.7 26.4 (19.5) 5.6
Margins & Ratio
Gross Margins (%) 32.2 34.9 37.6 36.6 36.0
Opg Profit Margin (%) 13.3 16.9 17.6 16.8 16.4
Net Profit Margin (%) 14.0 15.2 17.9 14.2 13.9
ROAE (%) 17.8 20.6 23.1 16.5 16.1
ROA (%) 13.0 15.1 17.5 12.9 12.6
ROCE (%) 14.3 19.4 19.3 16.5 16.1
Div Payout Ratio (%) 52.2 50.1 50.2 50.0 50.0
Net Interest Cover (x) NM NM NM NM NM
Source: Company, DBS Bank





































Margins Trend


12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
2011A 2012A 2013A 2014F 2015F
Operating Margin % Net Income Margin %
Expect flat core earnings
growth


Page 6

Company Focus
Super Group
Quarterly / Interim Income Statement (S$ m)
FY Dec 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014

Revenue 132 138 133 153 125
Other Oper. (Exp)/Inc (25) (29) (26) (31) (26)
Operating Profit 24 24 23 26 20
Other Non Opg (Exp)/Inc 3 0 (1) (1) 0
Associates & JV Inc (1) (1) 0 (1) 0
Net Interest (Exp)/Inc 0 0 0 0 0
Exceptional Gain/(Loss) 0 17 0 2 0
Pre-tax Profit 26 41 21 26 21
Tax (3) (4) (2) (3) (2)
Minority Interest (1) (1) (1) (1) (1)
Net Profit 22 36 19 23 18
Net profit bef Except. 22 19 19 21 17
EBITDA 29 27 24 27 24

Growth
Revenue Gth (%) (14.9) 4.5 (3.9) 15.3 (18.7)
EBITDA Gth (%) 9.7 (8.1) (8.5) 12.4 (12.2)
Opg Profit Gth (%) 3.2 1.0 (5.5) 14.1 (22.5)
Net Profit Gth (%) 4.2 64.9 (48.7) 20.7 (21.1)
Margins
Gross Margins (%) 37.1 38.8 36.8 37.6 37.5
Opg Profit Margins (%) 18.3 17.7 17.4 17.2 16.4
Net Profit Margins (%) 16.7 26.4 14.1 14.7 14.3




Balance Sheet (S$ m)
FY Dec 2011A 2012A 2013A 2014F 2015F

Net Fixed Assets 166 212 251 281 276
Invts in Associates & JVs 16 15 19 18 29
Other LT Assets 14 13 3 3 3
Cash & ST Invts 125 115 101 130 140
Inventory 93 83 102 94 112
Debtors 78 96 95 97 105
Other Current Assets 11 9 29 29 29
Total Assets 502 543 599 651 694

ST Debt 2 1 0 0 0
Creditor 36 40 37 45 41
Other Current Liab 74 80 69 69 69
LT Debt 0 0 0 0 0
Other LT Liabilities 9 5 7 7 7
Shareholders Equity 367 399 467 507 550
Minority Interests 15 18 20 23 27
Total Cap. & Liab. 502 543 599 651 694

Non-Cash Wkg. Capital 72 67 120 106 135
Net Cash/(Debt) 123 115 101 130 140
Debtors Turn (avg days) 61.6 61.1 62.3 61.7 59.9
Creditors Turn (avg days) 39.8 41.9 41.8 43.6 41.9
Inventory Turn (avg days) 101.7 97.4 100.2 104.0 99.6
Asset Turnover (x) 0.9 1.0 1.0 0.9 0.9
Current Ratio (x) 2.7 2.5 3.1 3.1 3.5
Quick Ratio (x) 1.8 1.7 1.9 2.0 2.2
Net Debt/Equity (X) CASH CASH CASH CASH CASH
Net Debt/Equity ex MI (X) CASH CASH CASH CASH CASH
Capex to Debt (%) 4,324.0 8,909.7 N/A N/A N/A
Z-Score (X) 12.0 15.3 13.0 12.0 12.4

Source: Company, DBS Bank
Revenue Trend













Asset Breakdown (2013)














-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
120
140
160
180
4
Q
2
0
1
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Revenue RevenueGrowth%(QoQ)
Net Fixed
Assets -
44.4%
Assocs'/JVs -
3.4%
Bank, Cash
and Liquid
Assets -
17.4%
Inventory -
18.0%
Debtors -
16.7%
Gross margins maintained on
efficient cost management

Page 7


Company Focus
Super Group
Cash Flow Statement (S$ m)
FY Dec 2011A 2012A 2013A 2014F 2015F

Pre-Tax Profit 70 91 115 94 99
Dep. & Amort. 7 8 12 15 15
Tax Paid (4) (7) (11) (10) (10)
Assoc. & JV Inc/(loss) (1) 0 2 2 2
Chg in Wkg.Cap. (7) (4) (36) 1 (42)
Other Operating CF (6) (3) (19) 0 0
Net Operating CF 59 86 63 101 63
Capital Exp.(net) (73) (60) (46) (45) (10)
Other Invts.(net) 0 0 0 0 0
Invts in Assoc. & JV 23 (3) 8 13 0
Div from Assoc & JV 0 0 0 0 0
Other Investing CF 4 5 0 0 0
Net Investing CF (47) (58) (38) (32) (10)
Div Paid (31) (32) (40) (40) (42)
Chg in Gross Debt (1) (1) 0 0 0
Capital Issues 0 0 0 0 0
Other Financing CF 0 0 (2) 0 0
Net Financing CF (33) (33) (42) (40) (42)
Currency Adjustments 1 (5) 4 0 0
Chg in Cash (19) (10) (13) 29 11
Opg CFPS (S cts) 11.8 16.0 17.7 18.0 18.9
Free CFPS (S cts) (2.5) 4.7 3.0 10.1 9.5
Source: Company, DBS Bank


Capital Expenditure














Target Price & Ratings History

Source: DBS Bank


0
10
20
30
40
50
60
70
80
2011A 2012A 2013A 2014F 2015F
Capital Expenditure (-)
S.No. Da te
Cl osi ng
Pri c e
Ta rge t
Pri c e
Ra ti ng
1: 14 May 13 4.76 5.35 Buy
2: 12 Aug 13 4.90 5.35 Buy
3: 12 Nov 13 3.57 3.97 Hold
4: 25 Feb 14 3.82 4.09 Hold
Not e : Share price and Target price are adjusted for corporate actions.
1
2
3
4
2.95
3.45
3.95
4.45
4.95
May-13 Sep-13 Jan-14
S$
Assume 50% dividend
payout


Page 8

Company Focus
Super Group
DBS Bank recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)
Share price appreciation + dividends

GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte
Ltd, its respective connected and associated corporations and affiliates (collectively, the DBS Vickers Group) only and no part of this document
may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS
Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents
(collectively, the DBS Group)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed
are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for
the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain
separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss
(including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in
relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS
Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in
this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek
to perform broking, investment banking and other banking services for these companies.

Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there
can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk
assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or
condensed and it may not contain all material information concerning the company (or companies) referred to in this report.

The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and
assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on
which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from
actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE
RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:

(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and
(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk
assessments stated therein.

Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies)
mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to
the commodity referred to in this report.

DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research
department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months.

ANALYST CERTIFICATION
The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies
and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her
compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the
report is published,the analyst and his/her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the
securities recommended in this report (interest includes direct or indirect ownership of securities).

COMPANY-SPECIFIC / REGULATORY DISCLOSURES
1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (DBSVS), their subsidiaries and/or other affiliates do not have a
proprietary position in the securities recommended in this report as of 31 Mar 2014
2. DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates may beneficially own a total of 1% of any class of
common equity securities of the company mentioned as of 31 Mar 2014.

3.







Compensation for investment banking services:
DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates may received compensation, within the past 12
months, and within the next 3 months may receive or intends to seek compensation for investment banking services from the
company mentioned.

DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking
transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information,
including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document
should contact DBSVUSA exclusively.


Page 9


Company Focus
Super Group


RESTRICTIONS ON DISTRIBUTION
General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or
located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be
contrary to law or regulation.
Australia This report is not for distribution into Australia.
Hong Kong This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the
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