COALINDIACONSISTENTLYDELIVERING0816

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1、37.14.28.431.43.47.0Energy / India13 August 2012Coal IndiaCOAL INTarget price: Rs400.00 Rs400.00Up/downside: +15.1%Share price (13 Aug): Rs347.65Consistently delivering Coal Indias 1Q FY13 results were in line with our forecasts and 6%above consensus Production performance in 2Q FY13 will remain a k

2、ey factor tomonitor Reiterate Buy, post the consistent performance in 1QFY13How do we justify our view?costs. The PAT came to Rs44.7bn, inline with our forecast, led largely byhigher other income.consensus, due mainly to our lowerassumption for employee costs.Forecast revisions (%)Saurabh Mehta(91)

3、22 6622 Key factors to monitor in 9MFY13: 1) The final framework of thefuel supply agreement (FSA) and coalpooling, 2) CILs productionperformance in 2Q FY13 we believeYear to 31 MarRevenue changeNet-profit changeEPS changeSource: Daiwa forecasts12E0.00.00.013E0.00.00.014E0.00.00.0Whats newCoal India

4、s (CIL) 1Q FY13 results,announced on 13 August, showed aPAT of Rs44.7bn, in line with ourforecast and 6% above that of theBloomberg consensus.Whats the impactResults highlights. CILs revenuerose by 13.8% YoY on the back of anincreased ASP (to Rs1,461, up 7.3%YoY) and a higher off-take (up 6.3%YoY).

5、The ASP was down by 2.6%QoQ (compared to the adjusted 4QFY12 ASP for incentives) due to a 10%QoQ fall in the e-auction ASP toRs2,561, which we believe is due tofallen imported coal prices. Employeecosts were Rs61.3bn, up 26% YoY,though were below our forecast ofRs64.5bn. However, the loweremployee c

6、osts compared to ourforecast were offset by a higheroverburden removal (up 24.6% YoY),social overheads (up 37.4% YoY), andother expenses (up 24.6% YoY).EBITDA per tonne was Rs426, down6% YoY, due largely to higher wagethat to achieve its full-year targets,CILs 2Q FY13 performance will bekey to monit

7、or, as its FY12performance was affected adverselyby heavy monsoons, and 3) the actualrevenue impact of the price increase atsubsidiary WCL (21 June) andsubsidiary ECL (pending) to adjust forthe negative impact of the change inCILs coal-grading system from UHVto GCV.What we recommendIn the current we

8、ak macroeconomicenvironment, CIL enjoys highearnings visibility, with 80% of itssales at notified prices. It has a strongbalance sheet, with net cash (Rs569bnat end-FY12). We reiterate our Buy (1)rating and DCF-based six-monthtarget price of Rs400. Inadequateevacuation infrastructure and delaysin ap

9、provals from the Ministry ofEnvironment and Forests would bethe key risks to our call.How we differOur FY13 EPS forecast is higherthan that of the BloombergShare price performance(Rs) (%)430 110390 100350 90310 80270 70Aug-11 Nov-11 Feb-12 May-12 Aug-12Coal India (LHS)Relative to SENSEX (RHS)12-mont

10、h range 297.55-397.90Market cap (US$bn) 39.72Average daily turnover (US$m) 11.29Shares outstanding (m) 6,316Major shareholder President of India (90.0%)Financial summary (Rs)Year to 31 Mar 12E 13E 14ERevenue (m) 624,155 670,240 718,402Operating profit (m) 136,986 160,369 173,320Net profit (m) 147,31

11、5 169,759 184,201Core EPS 23.323 26.876 29.162EPS change (%) 35.6 15.2 8.5Daiwa vs Cons. EPS (%) - 1.0 (1.8)PER (x) 14.9 12.9 11.9Dividend yield (%) 1.9 1.0 1.1DPS 6.500 3.494 3.791PBR (x) 5.6EV/EBITDA (x) 10.6ROE (%) 40.4Source: Bloomberg, Daiwa forecastsImportant disclosures, including any require

12、d research certifications, are provided on the last two pages of this report.Energy / IndiaCOAL IN13 August 2012Financial summaryKey assumptionsYear to 31 MarCoal Production (Million tonnes)Coal Dispatch (Million tonnes)Coal avg. blended price per tonnes(INR)2007360.9351.1843.02008379.5375.3869.4200

13、9403.7401.4966.32010431.3415.41,074.12011431.3423.31,186.62012E435.8432.61,443.02013E453.3449.91,489.92014E471.4467.81,535.6Profit and loss (Rs m)Year to 31 MarCoalOthersOthersTotal revenueOther incomeCOGSSG&AOther op. expensesOperating profitNet-interest inc./(exp.)Assoc/forex/extraord./othersPre-t

14、ax profitTaxMin. int./pref. div./othersNet profit (reported)Net profit (adjusted)EPS (reported) (Rs)EPS (adjusted) (Rs)EPS (adjusted fully-diluted) (Rs)DPS (Rs)EBITEBITDA2007296,02200296,02221,880(204,298)(12,640)(46,625)54,33914,70316,98286,025(28,937)057,08757,0879.0389.0389.0381.52954,33967,45520

15、08326,33900326,33922,187(239,012)(14,873)(49,989)44,65119,45623,07187,178(34,745)052,43352,4338.3018.3018.3011.29844,65159,9512009387,88800387,88821,556(323,177)(19,285)(59,516)7,46626,88223,05957,407(36,632)020,77520,7753.2893.2893.2891.8307,46624,0952010446,15300446,15327,362(298,739)(19,336)(66,2

16、97)89,14225,57524,928139,646(43,425)096,22196,22115.23415.23415.2342.26989,142102,2812011502,33600502,33636,359(327,162)(22,077)(71,565)117,89029,04117,701164,632(55,959)0108,674108,67417.20517.20517.2052.479117,890134,6192012E624,15500624,1550(379,358)(21,966)(85,844)136,98643,02932,090212,106(64,7

17、90)0147,315147,31523.32323.32323.3236.500136,986156,6782013E670,24000670,2400(402,718)(24,243)(82,911)160,36951,64434,015246,028(76,269)0169,759169,75926.87626.87626.8763.494160,369181,1372014E718,40200718,4020(428,206)(27,103)(89,773)173,32057,02736,611266,957(82,757)0184,201184,20129.16229.16229.1

18、623.791173,320196,127Cash flow (Rs m)Year to 31 MarProfit before taxDepreciation and amortisationTax paidChange in working capitalOther operational CF itemsCash flow from operationsCapexNet (acquisitions)/disposalsOther investing CF itemsCash flow from investingChange in debtNet share issues/(repurc

19、hases)Dividends paidOther financing CF itemsCash flow from financingForex effect/othersChange in cashFree cash flow200786,02512,285(23,325)239(32,018)43,205(15,342)00(15,342)(1,751)0(18,875)16,609(4,018)023,84527,863200887,17813,800(29,297)27,621(27,873)71,428(18,350)00(18,350)(2,600)0(19,953)23,490

20、937054,01653,078200957,40710,630(27,907)56,054(5,853)90,332(18,746)00(18,746)2,6460(17,054)29,61615,208086,79471,5862010139,6466,750(39,990)(1,310)(24,719)80,377(19,804)00(19,804)(616)0(22,100)28,0315,315065,88860,5732011164,63216,729(56,228)(38,199)(25,983)60,951(24,870)00(24,870)(4,096)0(25,832)30

21、,480552036,63336,0812012E212,10619,692(64,790)61,719(42,490)186,237(46,500)00(46,500)(1,500)0(85,271)43,029(43,742)095,995139,7372013E246,02820,768(76,269)24,005(50,648)163,884(40,000)00(40,000)(1,500)0(45,835)51,6444,3090128,193123,8842014E266,95722,808(82,757)25,086(56,143)175,952(35,000)00(35,000

22、)(1,500)0(49,734)57,0275,7930146,745140,952Source: Company, Daiwa forecasts-2-Energy / IndiaCOAL IN13 August 2012Financial summary continued Balance sheet (Rs m)As at 31 MarCash & short-term investmentInventoryAccounts receivableOther current assetsTotal current assetsFixed assetsGoodwill & intangib

23、lesOther non-current assetsTotal assetsShort-term debtAccounts payableOther current liabilitiesTotal current liabilitiesLong-term debtOther non-current liabilitiesTotal liabilitiesShare capitalReserves/R.E./othersShareholders equityMinority interestsTotal equity & liabilitiesEVNet debt/(cash)BVPS (R

24、s)2007159,29331,25016,82278,184285,549116,543026,861428,95418,1120236,171254,2833,3279,212266,82263,16498,968162,1310428,9542,058,030(137,854)25.6682008209,61534,07416,572102,663362,923120,071025,057508,05016,5920305,945322,5372,24711,259336,04363,164108,843172,0070508,0502,005,108(190,776)27.232200

25、9296,95036,66618,475117,271469,362129,283024,600623,24419,6800399,422419,1021,80512,238433,14663,164126,916190,08019623,2441,920,438(275,465)30.0932010390,78244,01821,68686,778543,265142,461022,425708,15116,1990415,557431,7573,43214,774449,96363,164194,789257,952236708,1511,824,969(371,151)40.839201

26、1458,62355,85630,25699,259643,994150,610019,369813,97315,2100448,725463,93532616,214480,47563,164270,008333,172326813,9731,753,123(443,087)52.7472012E554,10962,41531,208138,847786,579177,417019,369983,36613,7100557,543571,25332616,214587,79363,164332,084395,247326983,3661,656,137(540,073)62.5752013E

27、681,30667,02433,512149,097930,938196,650019,3691,146,95712,2100598,710610,92032616,214627,45963,164456,008519,1723261,146,9571,527,440(668,770)82.1952014E827,16671,84035,920159,8081,094,735208,842019,3691,322,94610,7100641,732652,44232616,214668,98163,164590,475653,6383261,322,9461,380,079(816,131)1

28、03Key ratios (%)Year to 31 MarSales (YoY)EBITDA (YoY)Operating profit (YoY)Net profit (YoY)EPS (YoY)Gross-profit marginEBITDA marginOperating-profit marginROAEROAAROCEROICNet debt to equityEffective tax rateAccounts receivable (days)Payables (days)Net interest cover (x)Net dividend payout20073.1(8.4

29、)(10.1)(3.1)(3.1)31.022.818.437.513.931.1129.4net cash33.622.00.0n.a.16.9200810.2(11.1)(17.8)(8.2)(8.2)26.818.413.731.411.223.9975.0net cash39.918.70.0n.a.15.6200918.9(59.8)(83.3)(60.4)(60.4) cash34.018.90.0n.a.14.42012E cash30.518.00.0n.a.27.92013E cash31.017.60.0n.a.13.02014E cash31.017.60.0n.a.

30、13.0Source: Company, Daiwa forecastsCompany profileCoal India is the largest coal-mining company in the world in terms of raw coal production (433m tonnes for FY11), total coalreserves (18.86bn tonnes), and resources base (64.22bn tonnes).-3-Energy / IndiaCOAL IN13 August 2012CIL: 1Q FY13 results su

31、mmary(Rs bn)ProductionDispatchInventoryRakes availabilityASPsNet salesEmployee costContractual expensesOverburden removal adjustmentOthersTotal expensesEBITDAEBITDA margin (%)EBITDA per tonneDepreciationEBITInterestOther incomePBTTaxesPAT1Q FY13102.5112.9621771,461165.061.312.37.335.9116.948.129.242

32、65.442.80.120.763.318.644.71Q FY1296.3106.3601641,362145.048.711.15.931.196.848.233.24544.343.90.115.659.618.141.44Q FY12145123731951,581194.290.715.819.130.7156.337.919.53084.133.80.223.357.417.240.1YoY (%)6.46.33.87.97.313.825.811.624.615.3(0.1)(6.0)32.97.9QoQ (%)(29.1)(8.1)(14.4)(9.2)(7.6)(15.0)(

33、32.4)(22.0)(61.6)16.827.238.3(11.0)11.4Source: CompanyBlended ASP down 2.6% QoQ for 1Q FY13 due to lower e-auction ASPsRs/tonne1,50015001461FSA ASPs up 1.3% QoQ for 1Q FY13 with improved sales mixRs/tonne1,4001,3001,4001362141013961,2001,100118812251163125112671,3001,0009001,2001Q FY122Q FY123Q FY12

34、4Q FY121Q FY138001Q FY122Q FY123Q FY124Q FY121Q FY13Source: CompanyE-auction ASPs down by 10% QoQ for 1Q FY13, in line withfall in imported coal pricesRs/tonne3,000Source: CompanyCILs washed ASP remained flattish QoQ for 1Q FY13Rs/tonne2,5002,8002,600285228512,3002,10021792262231823152,4002,20022462

35、43525611,9001,70020892,0001Q FY122Q FY123Q FY124Q FY121Q FY131,5001Q FY122Q FY123Q FY124Q FY121Q FY13Source: Company-4-Source: Company00Energy / IndiaCOAL IN13 August 2012E-auction volumes as % of total dispatches were flat QoQ for1Q FY13FSA price vs. e-auction price: premiums have fallenm tonnes%m

36、tonnes%12011015121,4001,30014512815013010090106941101231139631,2001,1001,0009001,188891,225991,1631,2511,2671021109070801Q FY122Q FY123Q FY124Q FY121Q FY138001Q FY122Q FY123Q FY124Q FY121Q FY1350Total off-takeE-auction volumes (% of total off-take)FSA (Rs tonne, LHS)Premium of E-auction over FSA (RH

37、S)Source: CompanyEmployee costs up 26% YoY with impact of wage hike, but 5%lower than expectedSource: CompanyTotal cost per tonne up 13.5% YoY for 1Q FY13 on higheremployee costs, OBR cost (up 25% YoY), social overheads (up38% YoY) and other expenses (up 27% YoY)Rs bn100%100Rs/tn1,4008090.7801,20060

38、604048.756.956.261.340201,0008001,0051,3299431,0811,14120-1Q FY122Q FY123Q FY124Q FY121Q FY13600Employee cost (LHS)YoY growth (RHS)1Q FY122Q FY123Q FY124Q FY121Q FY13Source: CompanySource: CompanyNote: OBR overburden removalEBITDA per tonne down 6% for 1Q FY13 due to higheremployee costsRs/tn5004003

39、00EBITDA margin came to 29.2% for 1Q FY13%353025200100454264412308426201533.218.829.619.529.21Q FY122Q FY123Q FY124Q FY121Q FY13101Q FY122Q FY123Q FY124Q FY121Q FY13Source: Company-5-Source: CompanyEnergy / IndiaCOAL IN13 August 2012CIL: quarterly productionm tonnes150130110CIL: quarterly dispatches

40、m tonnes130120110907050961Q FY12802Q FY121153Q FY121454Q FY121021Q FY1310090801061Q FY12942Q FY121103Q FY121234Q FY121131Q FY13Source: CompanyCIL: quarterly railway rake availabilitym tonnesSource: CompanyCIL: mode of dispatches%200190180170100806033118331183301832819229181601501401301641Q FY121482Q

41、 FY121763Q FY121954Q FY121771Q FY1340200481Q FY12482Q FY12Rail493Q FY12MGRRoad504Q FY12Others501Q FY13Source: CompanyCIL: production targets and sourcingSource: CompanyCIL: production targets across subsidiariesm tonnes650500464548810531425757061597m tonnes7006005004004641124881205311355751506151673

42、5023025528630732630020050227FY13E223FY14EEx isting202FY15EOngoing197FY16EFuture192FY17E200100055FY13EECLBCCL63FY14ECCLNCL75FY15EWCL85FY16ESECLMCL92FY17ENECSource: Company-6-Source: CompanyEnergy / IndiaCOAL IN13 August 2012CIL: key assumptionsComponentProductionYoY changeDispatchYoY changeRailway di

43、spatchesRailway dispatchesRail wagons requiredRaw coalE-auctionE-auctionWashed coalBlended ASPYoY changeRaw coal ASPYoY changeE-auction coal ASPYoY changeUnitm tonnes%m tonnes%m tonnesas a % of total dispatchesUnitm tonnesm tonnesAs a % of total dispatchesm tonnesRs%Rs%Rs%FY124361.04332.221249.11683

44、625111.8171,44321.61,23514.52,59940.8FY13E4534.04504.022550.01813765011.1171,4903.31,2844.02,8007.7FY14E4714.04684.024351.91923955010.7171,5363.11,3364.02,8572.0Source: Company, Daiwa forecasts-7-Daiwas Asia Pacific Research DirectoryHONG KONGSOUTH KOREANagahisa MIYABE(852) 2848 Chang H LEE(82) 2 78

45、7 Regional Research HeadHead of Korea Research; Strategy; Banking/FinanceChristopher LOBELLO(852) 2848 Sung Yop CHUNG(82) 2 787 Regional Research Co-headPan-Asia Co-head/Regional Head of Automobiles and Components; Automobiles;John HETHERINGTON (852) 2773 8787Head of Product ManagementTathagata Guha

46、 ROY(852) 2773 Shipbuilding; SteelAnderson CHABanking/Finance(82) 2 787 Head of Thematic Research; Product ManagementMingchun SUN (852) 2773 8751 Mike OH (82) 2 787 9179Capital Goods (Construction and Machinery)Head of China Research; Chief Economist (Regional)Sang Hee PARK(82) 2 787 Dave DAI(852) 2

47、848 Consumer/RetailDeputy Head of Hong Kong and China Research; Pan-Asia/Regional Head of CleanJae H LEE(82) 2 787 Energy and Utilities; Utilities; Power Equipment; Renewables (Hong Kong, China)IT/Electronics (Tech Hardware and Memory Chips)Kevin LAI(852) 2848 Jihye CHOI(82) 2 787 Deputy Head of Reg

48、ional Economics; Macro Economics (Regional)Materials (Chemicals); Oil and GasChi SUN(852) 2848 Thomas Y KWON(82) 2 787 Macro Economics (China)Pan-Asia Head of Internet & Telecommunications; Software (Korea) Internet/On-line GameJonas KAN(852) 2848 Shannen PARK(82) 2 787 Head of Hong Kong Research; H

49、ead of Hong Kong and China Property; RegionalProperty Coordinator; Property Developers (Hong Kong)Jeff CHUNG (852) 2773 8783 Automobiles and Components (China)Grace WU (852) 2532 4383 Head of Greater China FIG; Banking (Hong Kong, China)Jerry YANG (852) 2773 8842 Banking/Diversified Financials (Taiw

50、an)Queenie POON (852) 2532 4381 Banking (Hong Kong, China)Joseph HO (852) 2848 4443 Capital Goods Electronics Equipments and Machinery (Hong Kong, China)Bing Zhou (852) 2773 8782 Consumer/Retail (Hong Kong, China)Hongxia ZHU (852) 2848 4460 Consumer, Pharmaceuticals and Healthcare (China)Eric CHEN (

51、852) 2773 8702 Pan-Asia/Regional Head of IT/Electronics; Semiconductor/IC Design (Regional)Alexander LATZER (852) 2848 4463 Pan-Asia/Regional Head of Materials; Materials/Energy (Regional)Felix LAM (852) 2532 4341 Materials Cement and Building Materials (China and Taiwan)Mark CHANG (852) 2773 8729 R

52、egional Head of Small/Medium Cap; Small/Medium Cap (Regional)John CHOI (852) 2773 8730 Small/Medium Cap (Regional)Custom Products GroupTAIWANYoshihiko KAWASHIMA (886) 2 8758 6247 y.kawashimadaiwacm-.twConsumer/RetailChristine WANG (886) 2 8758 6249 christine.wangdaiwacm-.twIT/Technology Hardware (PC

53、 Hardware)Alex CHANG (886) 2 8758 6248 alex.changdaiwacm-.twIT/Technology Hardware (Handsets and Components)Chris LIN (886) 2 8758 6251 chris.lindaiwacm-.twIT/Technology Hardware (Panels)INDIAPunit SRIVASTAVA (91) 22 6622 1013 Head of Research; Strategy; Banking/FinanceSaurabh MEHTA (91) 22 6622 100

54、9 Capital Goods; UtilitiesDeepak PODDAR (91) 22 6622 1016 MaterialsNirmal RAGHAVAN (91) 22 6622 1018 Oil and Gas; UtilitiesSINGAPORETony DARWELL (65) 6321 3050 Head of Singapore Research, Pan-Asia Head of PropertyCris XU (852) 2773 8736Small/Medium Cap (Regional)Srikanth VADLAMANIBanking (ASEAN)(65)

55、 6499 Pranab Kumar SARMAHHead of Solar(852) 2848 Adrian LOH (65) 6499 6548 Regional Head of Oil and Gas; Oil and Gas (ASEAN and China); Capital Goods (Singapore)Kelvin LAU (852) 2848 4467 Transportation Aviation, Land and Transportation Infrastructure (Regional)David LUMProperty and REITs(65) 6329 J

56、ustin LAU (852) 2773 8741 Head of Custom Products Group; Custom Products GroupRamakrishna MARUVADA (65) 6499 6543 Head of ASEAN & India Telecommunications; Telecommunications (ASEAN & India)Philip LOCustom Products GroupJibo MACustom Products GroupPHILIPPINESAlvin AROGO(852) 2773 8714(852) 2848 4489

57、(63) 2 813 7344ext .phEconomy; Consumer; Power and Utilities; Transportation AviationDanielo PICACHE(63) 2 813 .phext 293Property; Banking; Transportation Port-8-Daiwas OfficesOffice / Branch / AffiliateAddressTelFaxDAIWA SECURITIES GROUP INCHEAD OFFICEGran Tokyo North Tower, 1-9-1, Marunouchi, Chiy

58、oda-ku, Tokyo, 100-6753 (81) 3 5555 3111(81) 3 5555 0661Daiwa Securities Trust CompanyOne Evertrust Plaza, Jersey City, NJ 07302, U.S.A.(1) 201 333 7300(1) 201 333 7726Daiwa Securities Trust and Banking (Europe) PLC (Head Office)5 King William Street, London EC4N 7JB, United Kingdom(44) 207 320 8000

59、 (44) 207 410 0129Daiwa Europe Trustees (Ireland) LtdDaiwa Capital Markets America IncDaiwa Capital Markets America Inc. San Francisco BranchLevel 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, IrelandFinancial Square, 32 Old Slip, New York, NY10005, U.S.A.555 California Street, Suite 3360, S

60、an Francisco, CA 94104, U.S.A.(353) 1 603 9900(1) 212 612 7000(1) 415 955 8100(353) 1 478 3469(1) 212 612 7100(1) 415 956 1935Daiwa Capital Markets Europe Limited5 King William Street, London EC4N 7AX, United Kingdom(44) 20 7597 8000 (44) 20 7597 8600Daiwa Capital Markets Europe Limited, Frankfurt B

61、ranchDaiwa Capital Markets Europe Limited, Paris Representative OfficeDaiwa Capital Markets Europe Limited, London, Geneva BranchDaiwa Capital Markets Europe Limited,Moscow Representative OfficeDaiwa Capital Markets Europe Limited, Bahrain BranchDaiwa Capital Markets Hong Kong LimitedDaiwa Capital M

62、arkets Singapore LimitedDaiwa Capital Markets Australia LimitedDBP-Daiwa Capital Markets Philippines, IncTrianon Building, Mainzer Landstrasse 16, 60325 Frankfurt am Main,Federal Republic of Germany36, rue de Naples, 75008 Paris, France50 rue du Rhne, P.O.Box 3198, 1211 Geneva 3, SwitzerlandMidland

63、Plaza 7th Floor, 10 Arbat Street, Moscow 119002,Russian Federation7th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069,Manama, BahrainLevel 28, One Pacific Place, 88 Queensway, Hong Kong6 Shenton Way #26-08, DBS Building Tower Two, Singapore 068809,Republic of SingaporeLevel 34, Rialto N

64、orth Tower, 525 Collins Street, Melbourne,Victoria 3000, Australia18th Floor, Citibank Tower, 8741 Paseo de Roxas, Salcedo Village,Makati City, Republic of the Philippines(49) 69 717 080(33) 1 56 262 200(41) 22 818 7400(7) 495 641 3416(973) 17 534 452(852) 2525 0121(65) 6220 3666(61) 3 9916 1300(632

65、) 813 7344(49) 69 723 340(33) 1 47 550 808(41) 22 818 7441(7) 495 775 6238(973) 17 535 113(852) 2845 1621(65) 6223 6198(61) 3 9916 1330(632) 848 0105Daiwa-Cathay Capital Markets Co Ltd14/F, 200, Keelung Road, Sec 1, Taipei, Taiwan, R.O.C.(886) 2 2723 9698 (886) 2 2345 3638Daiwa Securities Capital Ma

66、rkets Korea Co., Ltd.One IFC, 10 Gukjegeumyung-Ro, Yeouido-dong, Yeongdeungpo-gu,Seoul, 150-876, Korea(82) 2 787 9100(82) 2 787 9191Daiwa Securities Capital Markets Co Ltd,Beijing Representative OfficeDaiwa SSC Securities Co LtdRoom 3503/3504, SK Tower,No.6 Jia Jianguomen Wai Avenue, Chaoyang Distri

67、ct,Beijing 100022, Peoples Republic of China45/F, Hang Seng Tower, 1000 Lujiazui Ring Road,Pudong, Shanghai 200120, Peoples Republic of China(86) 10 6500 6688 (86) 10 6500 3594(86) 21 3858 2000 (86) 21 3858 2111Daiwa Securities Capital Markets Co. Ltd,Bangkok Representative Office18th Floor, M Thai

68、Tower, All Seasons Place, 87 Wireless Road,Lumpini, Pathumwan, Bangkok 10330, Thailand(66) 2 252 5650(66) 2 252 5665Daiwa Capital Markets India Private Ltd10th Floor, 3 North Avenue, Maker Maxity, Bandra Kurla Complex,Bandra East, Mumbai 400051, India(91) 22 6622 1000 (91) 22 6622 1019Daiwa Securiti

69、es Capital Markets Co. Ltd,Hanoi Representative OfficeSuite 405, Pacific Palace Building, 83B, Ly Thuong Kiet Street,Hoan Kiem Dist. Hanoi, Vietnam(84) 4 3946 0460(84) 4 3946 0461DAIWA INSTITUTE OF RESEARCH LTDHEAD OFFICE15-6, Fuyuki, Koto-ku, Tokyo, 135-8460, Japan(81) 3 5620 5100(81) 3 5620 5603MA

70、RUNOUCHI OFFICEGran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6756 (81) 3 5555 7011(81) 3 5202 2021New York Research Center11th Floor, Financial Square, 32 Old Slip, NY, NY 10005-3504, U.S.A.(1) 212 612 6100(1) 212 612 8417London Research Centre3/F, 5 King William Street, London,

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