Through The Looking Glass #17

June 22, 2015
CHINA
HONG KONG
Notes from the Field
Paul SNELGROVE
T (852) 2532 1125
E paul.snelgrove@cimb.com
SMALLCAP-PEDIA WEEKLY
Through the looking glass #17

Dream International (1126 HK)
We revisit an old small cap name, Dream International, the global
leader in the production of plush toys. Although the plush toys industry
has stagnated, industry consolidation is helping Dream deliver growth.
At the same time, Dream has moved into plastic figurines which
delivered over 150% revenue growth in 2014.
Ray KWOK
T (852) 2532 1113
E ray.kwok@cimb.com
Figure 1: Dream Internationals plush toys
Toby SHEK
T (852) 2532 1119
E toby.shek@cimb.com
Show Style "View Doc Map"
"View Doc Map"
SOURCE: COMPANY REPORT
First look: company visit

We visited Dream International, the
largest plush toys manufacturer with
a 3-4% market share in the global
US$6bn industry. While the plush
toys industry has seen a significant
shrinkage in China-based capacity,
Dream,
with
its
lower-cost
Vietnam-based capacity and strong
customer reputation, is benefitting
from the industry consolidation.
Having identified the lacklustre
outlook for plush toys, Dreams
management took the decision to
move into plastic figurines, a
US$8bn/year industry. Having set up
two dedicated facilities in Vietnam,
the company is currently finishing a
third facility to meet the increasing
demand.
There is currently no brokerage

coverage on Dream. On a historic P/E
basis, the stock is trading at 8.6x with
a 5% dividend yield (the company has
a conservative 8 HK cents annual
dividend policy), supported by a net
cash position of over HK$200m.
Our research updates

This week we have updates on Sunny
Optical (2382 HK) and Skyworth
Digital (751 HK), while there is also a
non-rated note published on Genvon
(2389 HK).
Small-cap calendar
We will make several company visits
in Hong Kong over the next week. See
calendar for details.
IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
Smallcap-Pedia WeeklyHong Kong

June 22, 2015
Figure 2: Small caps have outperformed the HSI by 10.6% over

the past year
Figure 3: Small caps barely underperformed the large caps by

2.0% over the past month
150
104
140
102
130
100
98
120
96
110
94
100
92
90
HSSI Index
HSI Index
21/06/15
5.8%
Giordano International
Honghua Group Limited
Jiangnan Group Limited
5.0%
NagaCorp Ltd
7.9
7x
5.6%
TCL Communication
7.8
8x
4.6%
0%
2%
SOURCES: CIMB, BLOOMBERG
4%
6%
8%
Figure 6: Best performers (1-week)
Figure 7: Worst performers (1-week)
Sunny Optical Technology (Group)
11%
Comtec Solar
Goodbaby International
4%
The United Labs
4%
Xinyi Solar
-6%
Nirvana Asia
-7%
CITIC Telecom
-7%
4%
5%
Comba Telecom Systems
-5%
10%
0%
19/06/15
7.6%
Shenguan Holdings
7.0
TCL Communication
17/06/15
Perfect Shape (PRC) Holdings Ltd
7.0
6x
15/06/15
Figure 5: Top 5 stocks that generate highest dividend yields
6.9
China Singyes Solar
13/06/15
SOURCES: CIMB, COMPANY REPORTS
Figure 4: Top 5 stocks with lowest FY15 P/E
11/06/15
HSSI Index
SOURCES: BLOOMBERG
Hilong Holding Limited
09/06/15
07/06/15
05/06/15
03/06/15
01/06/15
30/05/15
28/05/15
26/05/15
06/15
05/15
04/15
03/15
02/15
01/15
12/14
11/14
10/14
09/14
08/14
07/14
06/14
HSI Index
24/05/15
22/05/15
90
80
Jintian Pharma
-12%
10%
15%
-15%
-10%
-5%
0%

June 22, 2015
Figure 8: CIMB Hong Kong/China small-cap universe

Com pany
Bloom berg
Recom .
Ticker
Price
Target Market Cap
(local
curr)
(local
curr)
(US$ m)
Core P/E (x)

CY15
CY16
2-year
Recurring ROE (%) EV/EBITDA (x) Dividend Yield (%)
PEG P/BV (x)
EPS
CAGR
CY15
CY16 CY15 CY16
CY15
CY16
(%) CY15 CY15 CY16
Capital Goods
EVA Precision Industrial
838 HK
ADD
2.24
3.05
539
10.4
7.6
33%
0.3
1.4
1.2
14.7%
17.2%
4.8
3.5
2.9%
3.9%
Jiangnan Group Limited
1366 HK
ADD
2.41
3.44
1,153
7.9
6.3
24%
0.3
1.8
1.5
24.7%
26.1%
5.7
4.6
3.2%
4.0%
9.1
7.0
28%
0.3
1.6
1.4
19.7%
21.7%
5.3
4.1
3.0%
3.9%
Average
Consum er Discretionary
Cosmo Lady
Giordano International
Perfect Shape (PRC) Holdings Ltd
2298 HK
ADD
7.73
10.00
1,901
18.9
14.6
30%
0.6
4.5
3.7
25.6%
28.0%
11.8
8.7
1.9%
2.5%
709 HK REDUCE
4.41
3.04
893
16.0
14.5
8%
2.0
2.2
2.0
14.1%
14.5%
7.9
7.1
5.6%
6.2%
2.03
2.67
295
12.9
10.5
29%
0.4
4.3
4.1
35.9%
39.6%
5.8
4.6
7.6%
9.5%
14.5
12.5
19%
1.2
3.2
3.1
25.0%
27.0%
6.8
5.8
6.6%
7.8%
1830 HK
ADD
Average
Consum er Durables & Apparel
Goodbaby International
1086 HK
ADD
3.42
5.20
486
11.8
10.3
17%
0.7
1.4
1.2
12.0%
12.6%
6.9
5.9
2.7%
3.1%
Skyw orth Digital Hldgs
751 HK
ADD
7.43
7.97
2,732
10.1
9.3
18%
0.6
1.4
1.3
15.0%
14.5%
9.4
8.6
3.5%
3.7%
2678 HK REDUCE
8.03
4.00
916
11.7
7.8
41%
0.3
1.5
1.3
13.2%
17.7%
6.8
5.2
2.6%
3.9%
11.2
9.1
26%
0.5
1.4
1.3
13.4%
14.9%
7.7
6.5
2.9%
3.6%
Texhong
Average
Deathcare
Fu Shou Yuan International
1448 HK
ADD
4.55
4.60
1,218
26.2
21.8
20%
1.3
3.6
3.2
14.7%
15.7%
12.6
10.1
1.0%
1.1%
Nirvana Asia
1438 HK
ADD
2.17
3.35
756
12.9
11.0
25%
0.5
2.1
1.8
17.2%
17.8%
3.7
2.9
2.3%
2.7%
19.6
16.4
22%
0.9
2.9
2.5
15.9%
16.7%
8.1
6.5
1.6%
1.9%
Average
Energy
Anton Oilfield Services Group
3337 HK REDUCE
1.59
0.96
455
na
40.1
n.a.
na
1.3
1.3
-1.2%
3.3%
12.7
8.3
0.0%
0.9%
Hilong Holding Limited
1623 HK
HOLD
2.10
2.00
460
6.9
6.4
3%
2.0
0.9
0.8
13.5%
13.2%
6.6
5.8
2.8%
3.0%
196 HK REDUCE
0.90
1.00
376
7.8
7.1
12%
0.7
0.5
0.4
5.9%
6.2%
7.6
6.2
3.6%
4.0%
Petro-King Oilfield Services Ltd
2178 HK REDUCE
1.16
1.00
185
na
19.3
551%
0.0
0.5
0.5
2.5%
2.7%
7.1
6.4
0.8%
0.9%
SPT Energy Group
1251 HK REDUCE
1.37
1.00
271
10.9
9.1
16%
0.7
0.9
0.8
8.0%
9.1%
4.2
3.9
2.3%
2.7%
8.5
16.4
146%
0.8
0.8
0.8
5.7%
6.9%
7.7
6.1
1.9%
2.3%
2,141
10.4
8.5
18%
0.6
1.0
1.0
10.4%
11.9%
na
na
4.3%
5.2%
Honghua Group Limited
Average
Finance Com panies
Sun Hung Kai & Co Ltd
86 HK
ADD
7.37
8.10
Food & Staples Retailing

Ajisen (China) Holdings Ltd
538 HK
HOLD
4.19
4.80
590
15.8
14.6
7%
2.4
1.3
1.3
8.4%
8.9%
5.4
4.9
4.3%
4.6%
1117 HK
ADD
2.83
3.30
1,762
9.7
7.4
19%
0.5
1.5
1.3
16.2%
18.4%
7.8
6.3
0.0%
0.0%
Fufeng Group
546 HK
ADD
6.00
7.40
1,635
10.7
8.6
10%
1.0
1.6
1.4
15.9%
17.1%
5.4
4.3
1.9%
2.3%
Lianhua Supermarket
980 HK
ADD
5.66
7.10
818
66.1
45.3
89%
0.7
1.5
1.4
2.2%
3.2%
#N/A
#N/A
0.5%
0.7%
Shenguan Holdings
829 HK
HOLD
2.19
2.40
930
9.5
8.4
12%
0.8
2.0
1.8
21.9%
22.1%
6.4
5.4
5.8%
6.6%
Vinda International Holdings
3331 HK
ADD
16.18
18.80
2,085
22.5
19.3
22%
1.0
2.8
2.5
13.3%
13.9%
13.7
11.9
1.2%
1.4%
Yashili International
1230 HK
HOLD
2.46
2.91
1,506
22.5
17.9
25%
0.9
2.1
1.9
9.5%
11.1%
12.1
9.4
2.7%
3.3%
22.4
17.4
26%
1.1
1.8
1.7
12.5%
13.5%
#N/A
#N/A
2.3%
2.7%
-2%
(6.0)
3.3
3.0
22.2%
23.5%
8.5
7.6
4.6%
5.1%
China Modern Dairy Holdings Ltd
Average
Gam ing
NagaCorp Ltd
3918 HK
HOLD
5.93
5.98
1,746
13.7
13.4
2877 HK
ADD
11.96
17.60
1,276
11.1
10.0
5%
2.3
1.6
1.4
14.6%
14.8%
7.0
5.4
3.8%
4.3%
570 HK
ADD
6.49
4.80
3,588
28.6
23.7
20%
1.4
3.8
3.3
13.8%
14.9%
18.5
14.5
0.7%
0.8%
Jintian Pharma
2211 HK
ADD
4.30
3.30
1,109
13.0
12.2
10%
1.3
2.2
2.0
18.3%
17.0%
6.4
5.6
1.9%
2.0%
Lee's Pharma
950 HK
ADD
13.96
13.00
1,056
31.2
26.1
29%
1.1
7.0
5.8
24.4%
24.2%
26.0
21.3
0.7%
0.9%
Nanjing Sinolife
3332 HK
HOLD
3.99
1.53
431
32.1
31.8
2% 15.9
5.1
4.9
16.1%
15.8%
13.8
14.0
2.5%
2.5%
Phoenix Healthcare Group
1515 HK
HOLD
15.18
13.50
1,633
44.0
30.1
32%
1.4
5.3
4.7
12.6%
16.6%
24.7
17.4
0.7%
1.0%
The United Labs
3933 HK
ADD
6.05
8.20
1,270
13.6
11.2
-10%
(1.3)
1.2
1.1
9.2%
10.4%
11.6
8.8
1.5%
1.8%
24.8
20.7
12%
3.2
3.7
3.3
15.6%
16.2%
15.4
12.4
1.7%
1.9%
Healthcare/ pharm aceutical

China Shinew ay
CTCM
Average
Solar
Comtec Solar
712 HK
ADD
1.30
1.45
233
16.1
11.9
71%
0.2
0.8
0.8
5.3%
6.8%
6.2
4.6
0.0%
0.0%
China Singyes Solar
750 HK
ADD
10.16
16.20
913
7.0
6.0
39%
0.2
1.5
1.2
22.9%
22.0%
6.3
5.7
1.4%
1.7%
Xinyi Solar
968 HK
ADD
3.25
4.10
2,759
18.2
12.4
77%
0.2
4.0
3.3
26.6%
28.9%
13.8
10.1
2.5%
3.6%
13.8
10.1
62%
0.2
2.1
1.7
18.3%
19.2%
8.8
6.8
1.3%
1.8%
Average
Softw are & Services
CITIC Telecom
1883 HK
ADD
3.86
4.00
1,681
16.3
14.1
12%
1.3
1.8
1.7
11.7%
12.6%
9.6
8.5
3.2%
3.7%
2342 HK
ADD
2.13
4.76
508
7.0
6.4
29%
0.2
0.9
0.8
13.0%
12.5%
5.4
4.3
0.0%
0.0%
Coolpad Group Ltd
2369 HK
ADD
2.53
3.19
1,415
23.3
29.6
-15%
(1.5)
1.3
1.2
7.9%
4.2%
10.5
8.8
0.0%
0.0%
Sunny Optical Technology (Group)
2382 HK
ADD
18.26
20.00
2,584
20.2
16.0
30%
0.7
4.1
3.4
22.6%
24.4%
14.1
11.4
1.4%
1.8%
TCL Communication
2618 HK REDUCE
7.56
7.22
1,228
8.5
8.1
1%
7.2
1.9
1.7
24.6%
22.5%
6.5
6.0
5.0%
5.2%
Cow ell e Holdings Inc
1415 HK
ADD
7.34
9.00
787
10.4
9.0
24%
0.4
2.5
2.0
30.0%
25.1%
6.0
5.1
0.0%
1.1%
698 HK
ADD
1.50
2.00
1,058
11.7
9.0
33%
0.4
1.9
1.6
18.5%
20.3%
7.5
6.1
2.6%
3.3%
13.9
13.2
16%
1.2
2.1
1.8
18.3%
17.4%
8.5
7.2
1.7%
2.2%
Tongda Group Holdings Ltd

Average
Transportation
Pacific Basin Shipping
2343 HK
HOLD
2.75
2.87
691
na
na
n.a.
0.7
0.7
-2.8%
-1.3%
12.4
10.9
0.0%
0.0%
SITC International
1308 HK
HOLD
5.05
5.80
1,701
12.7
11.7
12%
1.1
1.9
1.8
15.9%
15.8%
9.7
8.4
4.6%
4.6%
12.7
11.7
12%
1.1
1.3
1.2
6.5%
7.3%
11.0
9.7
2.3%
2.3%
25.9
20.7
44%
0.6
6.6
5.2
28.6%
28.0%
16.5
13.3
0.7%
0.9%
15.8
14.0
34%
0.4
2.6
2.3
16.8%
17.7%
#N/A
#N/A
2.6%
3.0%
Average
n.a
Utilities
CT Environmental Group
Overall average
1363 HK
ADD
10.96
8.50
2,162
*Prices as at 22 June 2015

SOURCE: CIMB, BLOOMBERG

June 22, 2015
FIRST LOOK COMPANY VISIT

Dream International (1126 HK) HK$1.57, Not Rated
Figure 9: Dream Intl 5-year share

price chart
Paul SNELGROVE/Toby SHEK
HK$/sh
2.5
Figure 10: Market cap and share price info

Market cap (HK$m)
12-mth price range (HK$)
3-mth avg daily t/o (HK$m)
# of shares (m)
Est free float (%)
1.5
1,056
HK$0.86-1.75
1.6
676.9
32.8%
Share price perf (%)

Relative to Hang Seng Index
Absolute
Major shareholders
Choi, Yoon Kyoo (Chairman)
1M
23%
20%
3M
19%
29%
12M
21%
37%
% held
67.2%

1
Figure 11: Financial summary table
0.5
Jun-15
Oct-14
Feb-15
Jun-14
Oct-13
Feb-14
Jun-13
Oct-12
Feb-13
Jun-12
Oct-11
Feb-12
Jun-11
Oct-10
Feb-11
Jun-10
SOURCE: BLOOMBERG
Revenue (HK$ m)
Revenue (yoy %)
Operating EBITDA (HK$ m)
Operating EBITDA (yoy %)
Net Profit (HK$ m)
Net profit (yoy %)
EPS (HK$/sh)
EPS growth (%)
P/E (x)
Net Debt / (Cash) (HK$m)
DPS (HK$/sh)
Dividend yield
BVPS (HK$/sh)
P/BV (x)
Book value (HK$m)
Recurring ROE
Dec-11A
1,083
-30%
113
-53%
75
-63%
0.11
-63%
14.0
(154)
0%
1.03
1.51
707
11%
Dec-12A
1,353
25%
182
62%
133
78%
0.20
78%
7.9
(259)
0.08
5%
1.24
1.26
838
16%
Note: FY14 net profit includes loss from discontinued operations
Dec-13A
1,353
0%
784
330%
124
-7%
0.18
-7%
8.5
(298)
0.08
5%
1.32
1.18
885
14%
Dec-14A
1,637
21%
958
22%
123
-1%
0.18
-2%
8.6
(207)
0.08
5%
1.40
1.11
947
13%
Business summary
Dream International was listed on the Stock Exchange of Hong Kong in Feb
2002 at HK$1.20/share. The main business of the group is the production of
plush toys (accounting for 84% of group sales in 2014), while it also
manufactures ride-on toys and plastic figurines. The company was formed in
1992 by C&H Co from South Korea and started its China operations in 1997.
Dream first expanded into Vietnam in 2004 and currently has four factories in
China and nine factories in Vietnam.
Global leader in a tough industry. Dream is the largest player in the plush
toys market with approximately 3-4% market share in a global industry worth
US$6bn. The overall market has seen limited or no growth for the past five years,
and major toy brands and retailers continue to put margin pressure on the
manufacturers. Despite this, the plush toys segment is not a nightmare for
Dream, as it has seen competitors shut down capacity in China (by as much as
40% over the past four years) as the industry consolidates.
The company has concentrated on high-quality products to sustain its gross
profit margin in the 26-28% range. Dream generates approximately 48% of its
revenues from Japan. Its main customers include Oriental Land (licence holder
of Disney in Japan), SEGA and Bandai. It also serves Disney in other parts of the
world.
Plastic expansion. Foreseeing the limited growth prospects for the plush toys
industry, Dream explored other opportunities and identified the plastic figurine
market as one with a larger size (estimated at US$8bn annually) and potentially
higher gross margins. The company already has dedicated two factories in
Vietnam for the production of plastic figurines.
Strong financial position. Dream has a conservative management style, and
as a result a healthy balance sheet with HK$242m in cash as at end-2014 and a
total debt of just HK$35m.

June 22, 2015
Major shareholder. The company is 67%-owned by the founder, chairman

and CEO Mr. Choi, who originally worked for Daewoos plush toys business
before setting up the group in Korea in 1984.
Figure 12: Revenue, by product (FY14)
Figure 13: EBITDA margin by product in 2013 & 2014

30%
Plastic figures,
13%
20%
18%
16%
13%
Ride-on toys, 3%
10%
10%
0%
-10%
-6%
-20%
-30%
-40%
-41%
Plush stuffed toys,

84%
-50%
Plush stuffed toys
Ride-on toys
2013
Plastic figures
2014
Figure 14: Revenue by geography (FY14)
Figure 15: Net profit growth trend

HK$m
Others, 6.3%
Europe, 10.7%
140
North America,
36.6%
100%
78%
80%
120
60%
100
40%
80
20%
-7%
60
-1%
0%
-20%
40
-40%
20
-63%
-60%
-80%
Dec-11A
Japan, 46.3%
Dec-12A
Net profit
Dec-13A
Dec-14A
YoY%
Financial performance summary

In 2014, Dreams revenue rose 21% to HK$1,637m, driven by a first meaningful
topline contribution from its plastic figurine business as well as 13% growth in
its plush toys business (driven by new customers). Despite the topline growth,
gross profit margin fell from 29.1% to 22.4% due to the ramp-up of new
production facilities in Vietnam and as the plastic figurine business was still in
its infancy. Net profit was flat yoy at HK$122m in 2014. The company
maintained its dividend policy 8 HK cents/year.
Outlook
Steady teddy. The company expects to see steady but unspectacular growth in
the plush toys industry, with its long list of Disney-related customers accounting
for most of the growth, including the opening of Shanghai Disneyland 2016 and
Disney Store expansion in China. Historically, customers have had the upper
hand in terms of price negotiations, but with significant capacity having been
taken out of the market, Dreams management sees less pricing/margin
pressure going forward.
5

June 22, 2015
Plastic fantastic. The plastic figurine business jumped by a massive 150% in

2014, with sales reaching 13% of total group revenue or HK$212m. While
Disney was the first customer for Dreams figurine products, the group has seen
significant demand from new US-based customer Funko, which owns the
licence for plastic figurines and collectables for numerous cartoon, film and
pop-culture brands. This has prompted the company to set up a third facility in
Vietnam for this division as its current capacity is not able meet the increased
demand. The company expects the new facility to start production by end-2015.
Figure 16: Dreams plastic figurine products
SOURCE FUNKO, DISNEY:

June 22, 2015
Figure 17: Dreams products for the Disney movie Inside Out
Figure 18: Selection of Dreams products for Disney
SOURCES: CIMB
SOURCES: CIMB
Valuation
There is currently no broker coverage on Dream. On a historic 2014 P/E, the
stock trades at 8.6x, while its 8 HK cent dividend is equivalent to a 5% dividend
yield. The stock has risen by 41% over the past 12 months, and over the past few
weeks the stocks trading volume has also picked up (from US$200k/day over
the past three months to almost US$700k/day since 1 June). Given the small
market cap of the stock, stripping out the net cash position (over HK$200m)
and the current market-rate of a listed company (estimated at c.HK$400m), it
is trading at a 2014 adjusted P/E of around 4x.
Figure 19: Peer comparison
Market 2-year EPS
cap
CAGR
Company
Ticker
Currency Share price
Forward P/E
Forward P/B
ROE
Dividend yield
US$m
FY14-17
FY14
FY15
FY16
FY15
FY16
FY15
FY16
FY15
FY16
HK listed
Kin Yat Holdings
1126 HK
HKD
1.55
135.3
n.a
8.6
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Kin Yat Holdings
638 HK
HKD
1.5
81.0
n.a
3.7
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Playmates Toys
869 HK
HKD
1.66
259.6
n.a
4.0
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Kader Holdings
180 HK
HKD
1.08
132.4
n.a
6.8
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Kiu Hung Int'l
381 HK
HKD
0.32
119.5
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
5.8
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
Average
China listed
Rastar Group
300043 CH
CNY
19.2
3,857.6
28%
88.0
64.0
53.3
9.6
9.5
17%
19%
0%
0%
Goldlok Toys
002348 CH
CNY
19.8
1,514.3
33%
204.8
146.7
116.5
7.7
7.4
5%
6%
1%
1%
Huawei Technology
002502 CH
CNY
25.56
1,439.6
148%
213.0
98.3
34.5
3.0
2.8
3%
8%
0%
1%
168.6
103.0
68.1
6.7
6.6
8%
11%
0%
1%
Average

June 22, 2015
RESEARCH UPDATE
Sunny Optical (2382 HK) - High-margin products shine
ADD - Maintained| TP: HK$20.0 | 17 June 2015 | Ray KWOK
Sunny Optical (Sunny) hosted a reserve roadshow to showcase its production
capabilities in high-end handset camera modules such as OIS, 360 surrounding
view, 3D, array camera and Iris identification. Management was bullish on
growth in handset lens sets and vehicle lens sets divisions, driven by strong
demand. Rapid growth in these high margin divisions and its new products
pipeline will help Sunny to maintain its lead in the domestic supply chain for
handset vendors and support GP margin improvement in the next few years.
Our Add call and target price remain intact, based on 17x FY16 P/E (peak of its
upcycle). Catalysts are wider adoption of OIS camera modules among Chinese
brands and faster-than-expected handset lens sets shipment. PDF
Genvon Group (2389 HK) - Beijings SOE giant marching into elderly
homes and hospitals
Non-rated| 16 June 2015 | Christopher LUI
The de facto healthcare arm of Beijing Enterprises is leveraging its brand, SOE
status and ample resources from its parent group to march into two of the
hottest subsectors in healthcare: elderly homes and hospitals. PDF
Skyworth Digital (751 HK) - Bricks and mortar with eDreams
ADD - Maintained| TP: HK$7.97 | 21 June 2015 | Bertram LAI
FY15 core net profit grew 23% yoy but came in 8% below our forecast and
slightly below consensus due to a higher tax rate. The share price has doubled
over the last year, far outstripping the 17% rise in the HSI over the same period.
We keep our Add recommendation ahead of the analysts briefing as the share
price is likely to remain buoyed by the A-share valuation of its subsidiary and
expectations of an eCommerce tie-up. Our target price is set at the top end of the
trading range (2 s.d. above historical average P/E) or 10.4x CY16 P/E (previous
7.5x), given buoyant A-share liquidity. FY16-17 EPS raised by 33-43% for
better-than-expected TV ASP. PDF
CALENDAR
Figure 20: CIMBs upcoming corporate access
Date
23-Jun-15
30-Jun-15
Events
Nine Dragon Paper (2689 HK) meeting
HK/China Financial Corporate Day
- PAX Global (327 HK)
- China Smartpay (8325 HK)
SOURCES: CIMB

June 22, 2015
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AAV, ADVANC, AIT, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLAND, BMCL,
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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.
AAV Very Good, ADVANC Very Good, AEONTS not available, AMATA - Good, ANAN Very Good, AOT Very Good, AP - Good, ASK Very Good,
ASP Very Good, BANPU Very Good , BAY Very Good , BBL Very Good, BCH not available, BCP - Excellent, BEAUTY Good, BEC - Good, BECL
Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC Good, BLA Very Good, BMCL - Very Good, BTS - Excellent, CCET Good,
CENTEL Very Good, CHG not available, CK Very Good, CPALL not available, CPF Very Good, CPN - Excellent, DELTA - Very Good, DEMCO Good,
DTAC Very Good, EA - Good, ECL not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA Excellent, HEMRAJ Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD Good, IVL - Excellent, JAS not available, JUBILE
not available, KAMART not available, KBANK - Excellent, KCE - Very Good, KGI Good, KKP Excellent, KTB - Excellent, KTC Good, LH - Very Good,
LPN Very Good, M - not available, MAJOR - Good, MAKRO Good, MBKET Good, MC Very Good, MCOT Very Good, MEGA Good, MINT Excellent, OFM Very Good, OISHI Good, PS Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH Very Good,
RATCH Very Good, ROBINS Very Good, RS Very Good, SAMART - Excellent, SAPPE - not available, SAT Excellent, SAWAD not available, SC
Excellent, SCB - Excellent, SCBLIF Good, SCC Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA Very Good, STEC - Good,
SVI Very Good, TASCO Good, TCAP Very Good, THAI Very Good, THANI Very Good, THCOM Very Good, THRE not available, THREL Good,
TICON Good, TISCO - Excellent, TK Very Good, TMB - Excellent, TOP - Excellent, TRUE Very Good, TTW Very Good, TUF - Good, VGI Very Good,
WORK not available.
CIMB Recommendation Framework

Stock Ratings
Definition:
Add
The stocks total return is expected to exceed 10% over the next 12 months.
Hold
The stocks total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce
The stocks total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward
net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.
Sector Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.
Country Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.
*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,
Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were
based on a stocks total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months.
Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy:
expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on
Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or
more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total
returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected
negative total returns of 10% or more over the next 3 months.
12

Through The Looking Glass #17 - Dream International (1126 HK)

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Through The Looking Glass #17 - Dream International (1126 HK)

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June 22, 2015

Notes from the Field

Figure 1: Dream Internationals plush toys

"View Doc Map"

SOURCE: COMPANY REPORT

First look: company visit

There is currently no brokerage

Our research updates

Smallcap-Pedia WeeklyHong Kong

Figure 2: Small caps have outperformed the HSI by 10.6% over

Figure 3: Small caps barely underperformed the large caps by

Honghua Group Limited

Jiangnan Group Limited

SOURCES: CIMB, BLOOMBERG

SOURCES: CIMB, BLOOMBERG

Figure 6: Best performers (1-week)

Figure 7: Worst performers (1-week)

Sunny Optical Technology (Group)

The United Labs

Comba Telecom Systems

Perfect Shape (PRC) Holdings Ltd

Figure 5: Top 5 stocks that generate highest dividend yields

China Singyes Solar

SOURCES: CIMB, COMPANY REPORTS

Figure 4: Top 5 stocks with lowest FY15 P/E

Comba Telecom Systems

Hilong Holding Limited

SOURCES: CIMB, BLOOMBERG

SOURCES: CIMB, BLOOMBERG

Smallcap-Pedia WeeklyHong Kong

Figure 8: CIMB Hong Kong/China small-cap universe

Target Market Cap

Core P/E (x)

Jiangnan Group Limited

Skyw orth Digital Hldgs

Hilong Holding Limited

Petro-King Oilfield Services Ltd

SPT Energy Group

Honghua Group Limited

Food & Staples Retailing

Vinda International Holdings

China Modern Dairy Holdings Ltd

Phoenix Healthcare Group

The United Labs

Healthcare/ pharm aceutical

China Singyes Solar

Comba Telecom Systems

Coolpad Group Ltd

Sunny Optical Technology (Group)

Cow ell e Holdings Inc

Tongda Group Holdings Ltd

*Prices as at 22 June 2015

Smallcap-Pedia WeeklyHong Kong

FIRST LOOK COMPANY VISIT

Figure 9: Dream Intl 5-year share

Paul SNELGROVE/Toby SHEK

Figure 10: Market cap and share price info

Share price perf (%)

SOURCES: CIMB, COMPANY REPORTS

Figure 11: Financial summary table

Note: FY14 net profit includes loss from discontinued operations