Maintain BUY with higher TP of HKD75 from HKD73 after revising up our UK earnings forecast. Overseas acquisitions will be the catalysts, in our view.
FY13 net profit rose 15% YoY to HKD11,165m, above our expectation and consensus.
25% growth in earnings outside Hong Kong was the driver, contributing 57% of total pr ofit. The UK business recorded earnings of HKD5,865m, up 40% YoY, boosted by strong operation and deferred tax credit.