Bonus share issued to repay shareholders The company has completed theissuance of 1 bonus share for every 5 existing shares. The issuance of bonusshare is considered a repayment for the shareholders’ support.
Valuation still attractive, maintain Buy We accordingly adjust our FY13-15EPS forecasts to HK$0.14/0.20/0.26 (previously HK$ 0.17/0.25/0.32) and TP toHK$2.17 from HK$ 2.60. The stock is trading at only 14.1x FY13E P/E, which isundervalued relative to an FY13-15 earnings CAGR of 28.8% (excluding onetimegain/loss) and 22.6% (excluding potential contribution from hNGF) andsector average of 16x. Valuation is still attractive, maintain Buy.