Hong Kong Goodbaby International

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Hong KongCompany Visit24 May 2012Goodbaby InternationalNot ratedShare price:A Decent Recovery NameHKD2.03Leading stroller supplier. Established in 1989, Goodbaby is currentlythe largest supplier of strollers in both North America (NA) and Europefor international customers. Its self-owned “Gb” and “Happy Dino”brands are the two largest stroller brands in China. As of end-Dec 11, ithad around 13,500 points-of-sale nationwide via 505 distributors.Jacqueline KO, CFAjacquelineko@kimeng.com.hk(852) 2268 0633Stock InformationDescription: Goodbaby is the largest stroller manufacturer inNorth America, Europe and China. It also produces car safetyseats and other juvenile durables.Ticker:Shares Issued (m):Market Cap (USDm):3-mth Avg Daily Turnover (USDm):HSI:Free Float (%):1086 HK1,000.0260.32.518,78674.1%25.9Major Shareholders:Chairman Mr SongKey IndicatorsROE – annualised (%)Net cash (HKDm):NTA/shr (HKD):Interest cover (x):1.14621.6817.4Historical Chart6.05.0Weak FY11 but recovery is in sight. GB’s FY11 result was weak dueto sluggish demand, CNY appreciation, and rising raw material andlabour costs. Walmart also ceased orders from some of its customersthough these were resumed in 4Q11. GB revealed that YTD orders areup by double digits YoY; together with an easing CNY and moderatingcost inflation, we believe GB is on track for an earnings recovery. Bothits NA and China units thus far recorded double digit sales growth whileEurope also saw high single digit growth. However, product mixchanges as more overseas consumers favour lower-priced productsmay inevitably weigh on its margins, despite improving margin at home.High-growth home market. Branded sales in China only make up of25% of GB’s turnover. However, we expect branded sales contributionsto go up in future on strong demand, backed by its expanding anddeepening distribution network. Sales rose 21% YoY in 2011, but percapita expenditure on durable juvenile products in China thus far is still60-70% below that of US and European markets. The industry isprojected to grow at a 15-20% five-year CAGR ahead. We anticipateimproving ASPs and margins on growing brand recognition.Improving outlook in overseas markets. Dorel, which accounted for40% of GB’s FY11 sales, indicated that its juvenile segment sales roseby 10% QoQ in 1Q12, and said that it believes growth momentum isreturning. The US and European markets are projected to see overalljuvenile industry sales to grow by a 5% CAGR in the next five years.With its customers’ growing market shares and the potential fordiversifying its own customer base, we believe GB is likely to furthergrow its sales despite the relatively mature markets. 11Jul 11Sep 11PRICENov 11Jan 12Mar 12May 12PRICE REL. TO HANG SENG INDEXSource: BloombergPerformance:52-week High/LowAbsolute (%)Relative )6-mth9.14.41-yr57.9(40.5)YTD(4.2)(6.2)OPM/OBM to drive growth. Even with heavy sales exposure to itsinternational customers, GB has seen its cash conversion cycle steadilyimproving. GB is different from its domestic peers in that 77% of itsoverseas sales are derived from OPM rather than OEM sales,demonstrating its strong R&D and innovation capabilities. Meanwhile,GB implemented a new OBM model to sell its branded products inoverseas markets and set up its overseas market brand centre in 2010.Undemanding valuation. The company is trading at 8.8/7.7Xconsensus FY12/13 PER. GB’s net cash position is equal to 23% of itscurrent market cap. Concerns about weak export demand are likely tobe an overhang on the stock in the near term; yet, we believe GB hashigh growth potential over the long term. We will put the stock underradar screen.SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Goodbaby International Holdings LimitedFigure 1: Product portfolioCommencementTargetyearTarget marketcustomer1989 China, Japan, Korea, Hong Kong, Mid-to high-endTaiwan, Middle East, SoutheastAsia, South America, RussiaNameMajor selfownedbrandsMajor thirdparty ownedbrands ( 5years ofcooperation)1999China, South America, MiddleEast, Southeast Asia, RussiaMass market1984U.S., Canada, European Market,South AmericaMid-endowned by Dorel1941U.S., Canada, South America Mass market tomid-endowned by Dorel2001U.S., Canada, European MarketHigh-end1932European MarketHigh-end1968European Market, U.S., CanadaHigh-endOwned by DorelOwned by DorelOwned by Dorel1877Global Mid-to high-end1988European market Mass market tomid-endOwned by SilverCrossOwned by Dorel1961GlobalMid –to highendOwned byMotherCare1966Mid-to high-endEuropean Market, Australia,JapanOwned by PlaySource: Company data, Kim Eng SecuritiesFigure 2: Sales breakdown by markets seasmarket3.5%Europe31.0%China25.4%North America28.9%Source: Company data, Kim Eng Securities24 May 2012Figure 3: Sales breakdown by products (FY11)Other durablejuvenileproducts40.2%Strollers andaccessories49.1%Car safetyseats andaccessories10.7%Source: Company data, Kim Eng SecuritiesPage 2 of 11

Goodbaby International Holdings LimitedFigure 4: Overseas market-breakdown by business modelOEM14.7%OBM8.3%OPM77.0%* OEM (Original Equipment Manufacturer revenue from sales of products developed by clients underclients’ brands); OPM (Original Product Manufacturer revenue from sales of self-developed productsunder clients); OBM (Original Brand Manufacturer revenue from sales of own products)Source: Company data, Kim Eng SecuritiesFigure 5: Three-tier business modelSource: Company data, Kim Eng Securities24 May 2012Page 3 of 11

Goodbaby International Holdings LimitedFigure 6: Development milestoneYear1989Event/Milestone Invented “push and rock” stroller Established the “好孩子 Goodbaby” brand and its predecessor company, GGCL1993 Its strollers ranked number one in sales in China1996 Entered the stroller market of United States1999 Launched the "小龙哈彼 Little Dinosaur" brand "Goodbaby" brand was recognized by the SAIC and other ministries as a China famousbrand Became the largest supplier of strollers in North America2002 Began to sell its strollers in European market2004 Its "好孩子 Goodbaby" branded strollers are recognized by the General Administration ofQuality Supervision, Inspection and Quarantine of the PRC as a top Chinese-brandedproduct2006 Became the largest supplier of strollers in our European market2007 Set up research and development centers in the Netherlands, United States and Japan Its Chairman Mr. Song was granted "Entrepreneur of the Year" Award for the greaterChina region sponsored by Ernst & Young2008 The company was named as one of the "50 local dynamos" from fast growing economiesin a report by The Boston Consulting Group, Inc Mr. Song was awarded the "Chinese toy industry's Outstanding Achievement Award" andthe title of "Industry Leader" by the China Toy Association.2009 It was recognized by China National Intellectual Property Department as a national modelenterprise for intellectual property It was named by China Quality Association as "30th Anniversary's Outstanding Enterprisein implementing total quality management in China" It was the largest supplier of strollers in North America, our European market and Chinaand we supplied one out of 2.9 strollers sold in all these markets combined according toFrost & Sullivan.2010 Became the exclusive stroller sponsor of Expo 2010 Shanghai China Received the "China Quality Award" which is a national award according to ChinaExcellent Performance Evaluation Standard Successfully listed in Hong Kong Stock Exchange through its IPO on November 2010. Established a R&D center in HK2011 Its laboratory was accredited by SGS and TUV Nord Group as a laboratory for cooperationfor product testing Awarded with the “World Class Global Performance Excellent Award(Highest Honor)” byAsia Pacific Quality Organization(APQO) Joining as a member of the American Society for Testing Materials (ASTM) and ComiteEuropeen De Normalisation (CEN) to participate in reviewing and revising of a numbernational standard of developed countries.Source: Company data, Kim Eng SecuritiesFigure 7: COGS breakdown (FY11)Other raw materials16.2%Aluminium2.0%Overhead12.4%Labor cost13.9%Wood2.4%Outsourceprocessing6.6%Cost of outsourcingfinished goods17.5%Steel5.4%Fabric9.9%Plastic13.7%Source: Company data, Kim Eng Securities24 May 2012Page 4 of 11

Goodbaby International Holdings LimitedFigure 8: Snapshots of major productsSource: Company data, Kim Eng SecuritiesFigure 9: Distribution of R&D centersSource: Company data, Kim Eng Securities24 May 2012Page 5 of 11

Goodbaby International Holdings LimitedFigure 10: Well-recognized product safetySource: Company data, Kim Eng SecuritiesFigure 11: Appointed industry professional to lead its new overseas market unitGreg ManskerCEO of overseas market Joined Goodbaby in Oct 2011Responsible for strategic marketing and businessdevelopmentPrevious served as CEO of Chicco USA from2003 to 2009Served as VP of the international division and theVP of global marketing of the Graco from 1998 to2001Source: Company data, Kim Eng SecuritiesFigure 12: PRC market distribution channel (as of end FY11)Source: Company data, Kim Eng Securities24 May 2012Page 6 of 11

Goodbaby International Holdings LimitedFigure 13: Top strollers brands’ market shares in China (2009) (in terms of sales)25%20%23.20%18%15%10%5%0%GoodbabyHappy Dino3%2.30%1.50%CombiBaobaohaoAngelSource: Frost & Sullivan ReportFigure 14: Stroller market shares in North America by units sold (in oOthersSource: Frost & Sullivan ReportFigure 15: Stroller market shares in Europe (in Peg Perego27.80%Dorel, Mothercare,Play & SilverCross40%35%30%25%20%15%10%5%0%Source: Frost & Sullivan Report24 May 2012Page 7 of 11

Goodbaby International Holdings LimitedFigure 16: Margins trendGross margin25%20%16.51%18.29%18.76%7.21%7.18%EBIT 8Source: Company data, Kim Eng SecuritiesFY09FY10FY11Figure 17: Cost ratios trendS&D to sales9%Admin exp to %6.61%5.94%5.78%5.71%Other exp to urce: Company data, Kim Eng SecuritiesFY11Figure 18: Cash conversion cycle 5705351200Trade receivable daysTrade payable daysInventory turnvoer daysSource: Company data, Kim Eng Securities24 May 2012Page 8 of 11

Goodbaby International Holdings LimitedRESEARCH OFFICESREGIONALP K BASURegional Head, Research & Economics(65) 6432 1821 pk.basu@maybank-ke.com.sgWONG Chew Hann, CARegional Head of Institutional Research(603) 2297 8686 wchewh@maybank-ib.comTHAM Mun HonRegional Strategist(852) 2268 0630 thammunhon@kimeng.com.hkONG Seng YeowRegional Products & Planning(852) 2268 0644 ongsengyeow@maybank-ke.com.sgMALAY IAWONG Chew Hann, CA Head of Research(603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & InfrastructureDesmond CH’NG, ACA(603) 2297 8680 desmond.chng@maybank-ib.com Banking - RegionalLIAW Thong Jung(603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive ShippingONG Chee Ting(603) 2297 8678 ct.ong@maybank-ib.com PlantationsMohshin AZIZ(603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem PowerYIN Shao Yang, CPA(603) 2297 8916 samuel.y@maybank-ib.com Gaming – Regional Media PowerWONG Wei Sum, CFA(603) 2297 8679 weisum@maybank-ib.com Property & REITsLEE Yen Ling(603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing TechnologyLEE Cheng Hooi Head of Retailchenghooi.lee@maybank-ib.com TechnicalsHONG KONG / CHINAEdward FUNG Head of Research(852) 2268 0632 edwardfung@kimeng.com.hk ConstructionIvan CHEUNG(852) 2268 0634 ivancheung@kimeng.com.hk Property IndustrialIvan LI(852) 2268 0641 ivanli@kimeng.com.hk Banking & FinanceJacqueline KO(852) 2268 0633 jacquelineko@kimeng.com.hk Consumer StaplesAndy POON(852) 2268 0645 andypoon@kimeng.com.hk Telecom & equipmentSamantha KWONG(852) 2268 0640 samanthakwong@kimeng.com.hk Consumer DiscretionariesAlex YEUNG(852) 2268 0636 alexyeung@kimeng.com.hk IndustrialCatherine CHAN(852) 2268 0631 catherinechan@kimeng.com.hk CementAnita HWANG, CFA Jacky WONG, CFAanitahwang@kimeng.com.hk jackywong@kimeng.com.hk(852) 2268 0142 (852) 2268 0107 Special Situations QuantsINDIAJigar SHAH Head of Research(91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile CementAnubhav GUPTA(91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods PropertyHaripreet BATRA(91) 226623 2606 haripreet@kimeng.co.in Software MediaGanesh RAM(91) 226623 2607 ganeshram@kimeng.co.in Telecom ContractorDarpin SHAH(91) 226623 2610 darpin@kimeng.co.in Banking & Financial ServicesGagan KWATRA(91) 226623 2612 gagan@kimeng.co.in Small Cap24 May 2012ECONOMICSSuhaimi ILIASChief Economist Singapore Malaysia(603) 2297 8682 suhaimi ilias@maybank-ib.comLuz LORENZOEconomist Philippines Indonesia(63) 2 849 8836 luz lorenzo@maybank-atrke.comChaiyachoke SUWISUTTANGKULEconomist Thailand(662) 658 6300 chaiyachoke.s@maybank-ke.co.thSINGAPOREStephanie WONG Head of Research(65) 6432 1451 swong@maybank-ke.com.sg Strategy Small & Mid CapsGregory YAP(65) 6432 1450 gyap@maybank-ke.com.sg Technology & Manufacturing Telcos - RegionalWilson LIEW(65) 6432 1454 wilsonliew@maybank-ke.com.sg Hotel & Resort Property & ConstructionJames KOH(65) 6432 1431 jameskoh@maybank-ke.com.sg Logistics Resources Consumer Small/ Mid capYEAK Chee Keong, CFA(65) 6433 5730 yeakcheekeong@maybank-ke.com.sg Healthcare Offshore & MarineAlison FOK(65) 6433 5745 alisonfok@maybank-ke.com.sg Services S-chipsBernard CHIN(65) 6433 5726 bernardchin@maybank-ke.com.sg Transport Shipping AviationINDONESIAKatarina SETIAWAN Head of Research(62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy TelcosLucky ARIESANDI, CFA(62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Oil & GasRahmi MARINA(62) 21 2557 1128 rmarina@kimeng.co.id Banking MultifinancePandu ANUGRAH(62) 21 2557 1137 panugrah@kimeng.co.id Auto Heavy equipment Plantation Toll roadAdi N. WICAKSONO(62) 21 2557 1130 anwicaksono@kimeng.co.id GeneralistAnthony YUNUS(62) 21 2557 1134 ayunus@kimeng.co.id Cement Infrastructure PropertyArwani PRANADJAYA(62) 21 2557 1129 apranadjaya@kimeng.co.id TechnicalsTHAILANDMayuree CHOWVIKRAN Head of Research(66) 2658 6300 ext 1440 mayuree.c@maybank-ke.co.th StrategyMaria BRENDA SANCHEZ LAPIZ Co-Head of ResearchDir (66) 2257 0250 (66) 2658 6300 ext 1399Maria.L@maybank-ke.co.thAndrew STOTZ Strategist(66) 2658 6300 ext 1399Andrew@maybank-ke.co.thSuttatip PEERASUB(66) 2658 6300 ext 1430 suttatip.p@maybank-ke.co.th Media CommerceSutthichai KUMWORACHAI(66) 2658 6300 ext 1400 sutthichai.k@maybank-ke.co.th Energy PetrochemTermporn TANTIVIVAT(66) 2658 6300 ext 1520 termporn.t@maybank-ke.co.th PropertyWoraphon WIROONSRI(66) 2658 6300 ext 1560 woraphon.w@maybank-ke.co.th Banking & FinanceJaroonpan WATTANAWONG(66) 2658 6300 ext 1404 jaroonpan.w@maybank-ke.co.th Transportation Small cap.Suchot THIRAWANNARAT(66) 2658 6300 ext 1550 suchot.t@maybank-ke.co.th Automotive Construction Materials Soft commodityVIETNAMMichael KOKALARI, CFA Head of Research 84 838 38 66 47 michael.kokalari@kimeng.com.vn StrategyNguyen Thi Ngan Tuyen 84 844 55 58 88 x 8081 tuyen.nguyen@kimeng.com.vn Food and Beverage Oil and GasNgo Bich Van 84 844 55 58 88 x 8084 van.ngo@kimeng.com.vn BankingNguyen Quang Duy 84 844 55 58 88 x 8082 duy.nguyenquang@kimeng.com.vn RubberDang Thi Kim Thoa 84 844 55 58 88 x 8083 thoa.dang@kimeng.com.vn ConsumerNguyen Trung Hoa 84 844 55 58 88 x 8088 hoa.nguyen@kimeng.com.vn Steel Sugar MacroPHILIPPINESLuz LORENZO Head of Research 63 2 849 8836 luz lorenzo@maybank-atrke.com StrategyLaura DY-LIACCO(63) 2 849 8840 laura dyliacco@maybank-atrke.com Utilities Conglomerates TelcosLovell SARREAL(63) 2 849 8841 lovell sarreal@maybank-atrke.com Consumer Media Cement MiningKenneth NERECINA(63) 2 849 8839 kenneth nerecina@maybank-atrke.com Conglomerates Property Ports/ LogisticsKatherine TAN(63) 2 849 8843 kat tan@maybank-atrke.com Banks ConstructionPage 9 of 11

Goodbaby International Holdings LimitedDefinition of RatingsKim Eng Research uses the following rating system:BUYHOLDSELLTotal return is expected to be above 15% in the next 12 monthsTotal return is expected to be between -15% to 15% in the next 12 monthsTotal return is expected to be below -15% in the next 12 monthsApplicability of RatingsThe respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stockswhich form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively followdevelopments in these companies.Some common terms abbreviated in this report (where they appear):Adex Advertising ExpenditureBV Book ValueCAGR Compounded Annual Growth RateCapex Capital ExpenditureCY Calendar YearDCF Discounted CashflowDPS Dividend Per ShareEBIT Earnings Before Interest And TaxEBITDA EBIT, Depreciation And AmortisationEPS Earnings Per ShareEV Enterprise ValueFCF Free CashflowFV Fair ValueFY Financial YearFYE Financial Year EndMoM Month-On-MonthNAV Net Asset ValueNTA Net Tangible AssetP PriceP.A. Per AnnumPAT Profit After TaxPBT Profit Before TaxPE Price EarningsPEG PE Ratio To GrowthPER PE RatioQoQ Quarter-On-QuarterROA Return On AssetROE Return On EquityROSF Return On Shareholders’ FundsWACC Weighted Average Cost Of CapitalYoY Year-On-YearYTD Year-To-DateAPPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERSDisclaimerThe information, tools and material presented herein are provided for informational purposes only and are not to be used or considered as an offer or a solicitation to sellor an offer or solicitation to buy or subscribe for securities, investment products or other financial instruments, nor to constitute any advice or recommendation withrespect to such securities, investment products or other financial instruments. This research report is prepared for general circulation. It does not have regard to thespecific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should independently evaluateparticular investments and you should consult an independent financial adviser before making any investments or entering into any transaction in relation to anysecurities mentioned in this report.The information, tools and material presented herein are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of orlocated in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Maybank KimEng Holdings Limited and/or its subsidiaries or affiliates (collectively “Maybank Kim Eng”) to any registration or licensing requirement within such jurisdiction.Information and opinions presented in this report have been obtained or derived from sources believed by Maybank Kim Eng to be reliable, but Maybank Kim Eng makesno representation as to their accuracy or completeness and Maybank Kim Eng accepts no liability for loss arising from the use of the material presented in this reportwhere permitted by law and/or regulation. This report is not to be relied upon in substitution for the exercise of independent judgment. Maybank Kim Eng may haveissued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the differentassumptions, views and analytical methods of the analysts who prepared them.The research analyst(s) primarily responsible for the preparation of this report confirms that (a) all of the views expressed in this report accurately reflects his or herpersonal views abut any and all of the subject securities or issuers; and (b) that no part of his or her compensation was, is or will be, directly or indirectly, related to thespecific recommendations or views he or she expressed in this report.Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regardingfuture performance.Maybank Kim Eng, its directors and employees may have investments in securities or derivatives of any companies mentioned in this report, and may make investmentdecisions that are inconsistent with the views expressed in this report.Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable ofunderstanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors(including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer orreference issuer. 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Maybank Kim Eng may, to the extent permitted by law, act upon oruse the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/oremployees of Maybank Kim Eng may be a director of the issuers of the securities mentioned in this report. Maybank Kim Eng may have, within the last three years,served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in thisreport or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a relatedinvestment.This research report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of anyspecific person who may receive this report.The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject tochange without notice, and no part of this publication is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whetherreferred therein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report. Anytransactions by US persons in any security discussed in this report must be carried out through Maybank Kim Eng Securities (USA) Inc which has distributed this report inthe USA. In addition, this document has been distributed in the UK for information only and circulated only to existing customers of Maybank Kim Eng, who are notprivate customers as classified under FSA’s Rules.24 May 2012Page 10 of 11

Goodbaby International Holdings Limited MalaysiaMaybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor, Menara Maybank,100 Jalan Tun Perak,50050 Kuala LumpurTel: (603) 2059 1888;Fax: (603) 2078 4194 Stockbroking Business:Level 8, Tower C, Dataran Maybank,No.1, Jalan Maarof59000 Kuala LumpurTel: (603) 2297 8888Fax: (603) 2282 5136 SingaporeMaybank Kim Eng Securities Pte LtdMaybank Kim Eng Research Pte Ltd9 Temasek Boulevard#39-00 Suntec Tower 2Singapore 038989 Hong KongKim Eng Securities (HK) LtdLevel 30,Three Pacific Place,1 Queen’s Road East,Hong Kong PhilippinesMaybank ATR Kim Eng SecuritiesInc.17/F, Tower One & Exchange PlazaAyala Triangle, Ayala AvenueMakati City, Philippines 1200 Tel: (63) 2 849 8888Fax: (63) 2 848 5738ThailandMaybank Kim Eng Securities(Thailand) Public CompanyLimited999/9 The Offices at Central World,20th - 21st Floor,Rama 1 Road Pathumwan,Bangkok 10330, Thailand Tel: (66) 2 658 6817 (sales)Tel: (66) 2 658 6801 (research) South Asia Sales TradingConnie TANconnie@maybank-ke.com.sgTel: (65) 6333 5775US Toll Free: 1 866 406 7447 IndonesiaPT Kim Eng SecuritiesPlaza BapindoCitibank Tower 17th FloorJl Jend. Sudirman Kav. 54-55Jakarta 12190, IndonesiaVietnamIn association withNew YorkMaybank Kim Eng Securities USAInc777 Third Avenue, 21st FloorNew York, NY 10017, U.S.A.Tel: (212) 688 8886Fax: (212) 688 3500 Tel: (62) 21 2557 1188Fax: (62) 21 2557 1189Tel: (852) 2268 0800Fax: (852) 2877 0104 Maybank Kim Eng Securities(London) Ltd6/F, 20 St. Dunstan’s HillLondon EC3R 8HY, UKTel: (44) 20 7621 9298Dealers’ Tel: (44) 20 7626 2828Fax: (44) 20 7283 6674Tel: (65) 6336 9090Fax: (65) 6339 6003 LondonIndiaKim Eng Securities India Pvt Ltd2nd Floor, The International 16,Maharishi Karve Road,Churchgate Station,Mumbai City - 400 020, IndiaTel: (91).22.6623.2600Fax: (91).22.6623.2604 Saudi ArabiaIn association withKim Eng Vietnam SecuritiesCompany1st Floor, 255 Tran Hung Dao St.District 1Ho Chi Minh City, VietnamAnfaal CapitalVilla 47, Tujjar JeddahPrince Mohammed bin AbdulazizStreet P.O. Box 126575Jeddah 21352Tel : (84) 838 38 66 36Fax : (84) 838 38 66 39Tel: (966) 2 6068686Fax: (966) 26068787North Asia Sales TradingEddie LAUeddielau@kimeng.com.hkTel: (852) 2268 0800US Toll Free: 1 866 598 2267 www.maybank-ke.com www.kimengresearch.com www.kimeng.com.hkRegulatory Disclosures as required by the Hong Kong Securities and Futures CommissionPolicies of Kim Eng Securities (Hong Kong) Limited (“KESHK”): Research analysts who publish investment research are not directly supervised by, and do not report directly to, investment banking or sales and trading personnel. Research analysts’ compensation or remuneration should not be linked to any specific investment banking function or to recommendations in research. Research analysts or their associates are prohibited from dealing in the securities or any derivatives of any companies the research analysts review/analyse/cover. Research analysts or their associates are prohibited from holding any directorship or other position in any company the research analysts review/analyse/cover.Group companies of Kim Eng (inclusive of KESHK) which are carrying on a business in Hong Kong in investment banking, proprietary trading or market making oragency broking (the “Firms”) are not a market maker in the securities of the subject companies mentioned in this report.The Firms do not have any investment banking relationship with the companies mentioned in this report within the last 12 months.As of 24 May 2012, Kim Eng Securities (Hong Kong) Limited and the authoring analyst does not have interests in the said company/companies.Additional Disclaimers (for purpose of distribution in Singapore)This report has been produced as of the date hereof and the information herein maybe subject to change. Maybank Kim Eng Research Pte Ltd ("MBKERPL") inSingapore has no obligation to update such information for any recipient. Recipients of this report are to contact MBKERPL in Singapore in respect of any matters arisingfrom, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A ofthe Singapore Securities and Futures Act), MBKERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) aspermitted by law.As of 24 May 2012, MBKERPL does not have an interest in the said company/companies.Analyst CertificationThe views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of theresearch analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2012 Kim Eng Securities (Hong Kong) Limited. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed inany manner without the prior written permission of Kim Eng Securities (Hong Kong) Limited. Kim Eng Securities (Hong Kong) Limited accepts no liability whatsoever forthe actions of third parties in this respect.24 May 2012Page 11 of 11

East, Southeast Asia, Russia Mass market Major third-party owned brands ( 5 years of cooperation) owned by Dorel 1984 U.S., Canada, European Market, South America Mid-end owned by Dorel 1941 U.S., Canada, South America Mass market to mid-end Owned by Dorel 2001 U.S., Canada, European Market High-end Owned by Dorel 1932 European Market High-end

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Jun 29, 2018 · 33 Garden Road Central, Hong Kong Food Retailing Industry In 2017, Hong Kong’s retail food sector sales rose 1.82 percent to US 12.28 billion. The Hong Kong food retail market is made up of supermarkets, convenience stores, and traditional il