THAILAND EQUITY RESEARCH
Page | 1 | PHILLIP SECURITIES (THAILAND)
VGI Global Media 3QFY17 net profit down 46.5% y-y
THAILAND | SET | MEDIA | COMPANY RESULTS BLOOMBERG VGI TB l REUTERS VGI.BK Soaring costs and SG&A expenses drag 3QFY17 net profit down 46.5% y-y VGI reported a 46.5% y-y drop in 3QFY17 net profit to Bt124mn dragged down by soaring costs and SG&A expenses despite revenue growth. For the quarter, sales/service revenue leapt 29.4% y-y to Bt672mn, chiefly boosted by additional revenue of Bt181mn from MACO following the consolidation of MACO in Jun 2016. Excluding MACO, sales/service revenue however dropped 5.4% y-y as revenues from BTS-related media and office building and other media businesses sagged 3.4% and 18.9% y-y, largely blaming the suspension of ads in digital media during the mourning period for the late monarch though the number of office buildings under media management contracts rose to 160. Costs and SG&A expenses skyrocketed 54.6% and 170.5% y-y respectively following the consolidation of MACO and on account of acquisition and business development expenses. VGI also recorded a loss from its affiliates in this period, reversing a profit of Bt11mn in the same year-ago period. 4QFY17 profit seen lower than 4QFY16 despite benefits of delayed ad budgets Notwithstanding that 4Q is traditionally the slack season for media business, we believe the consolidation of MACO and the benefits of delayed ad budgets from the mourning period should offset the seasonal impact in 4QFY17. On this basis, we expect VGI’s 4QFY17 revenue will be better than what it achieved in 4QFY16 but high levels of costs and SG&A expenses however remain a cause of concern for us and could possibly push 4QFY17 profit lower from 4QFY16. Rosier outlook for FY18 on better industry prospects and contribution from recent investments We see brighter outlook for VGI in FY18 on the back of improving industry prospects and contribution from its recent investments. Thailand’s total ad spending is expected to return to positive growth of between 3%-5% to Bt111bn-Bt113bn in 2017 after a contraction of 11.7% y-y in 2016. In our view, the pickup in ad spending would spur a recovery for both VGI and MACO while office building and other media business should perform better amid an increasing number of office buildings under media management contracts. VGI should also reap the benefits from full-year profit contribution and synergies from its recent acquisitions, including (1) MACO in Jun 2016, (2) Multi Sign Co in which MACO acquired 70% stake in Oct 2016, (3) Demo Power, in which VGI bought 40% in Nov 2016, (4) Aero Media Group in which VGI upped its stake to 30% in Aug 2016, (5) Malaysia-based Titanium Compass, 19% owned by VGI, scheduled to begin full ad operations on the MRT SBK Line, one of the three planned lines in the Klang Valley Mass Rapid Transit Project in Jul 2017, and (6) BSS-BSSH which provide digital and online media with the acquisition of 90% stake in both firms slated to be completed on Mar 31, 2017. ‘SELL’ rating with Bt5/share target price We will place our FY17 profit outlook for VGI under review for a possible downgrade after 9MFY17 profit came in at only Bt635mn, making it difficult to meet our full-year forecast of Bt979mn and we will roll forward our valuation to FY18 after we get a better glimpse of what 4QFY17 and FY18 will look like from management at the upcoming post-results analyst briefing on Feb 10, 2017. Following results announcement, VGI also declared an interim dividend of Bt0.035/share for 1HFY17 operations. The stock will trade ex-dividend (XD) on Feb 10, and the dividend is scheduled to be paid on Feb 27, 2017. For the meantime, we maintain our ‘SELL’ recommendation on VGI shares as current share prices have already exceeded our Bt5/share target price.
Ref. No.: CO2017_0077
Closing Price(Bt) 5.20
Target Price(Bt) 5.00 (‐1.73%)
COMPANY DATA
O/S Shares (mn) : 6,864
Market Cap. (Btmn) :
Market Cap. (USDmn) :
52‐WK Hi/Lo (Bt) : 6.95/3.8
3M Average Daily T/O (mn) : 8.87
Par Value (Bt) : 0.10
MAJOR SHAREHOLDERS (%)
1. BTS Group 70.4
2. BBL 3.5
3. Thai NVDR Co. Ltd. 2.7
PRICE PERFORMANCE (%)
1MTH 3MTH 12MTH
ABS ‐7% ‐5% 30%
REL TO SET INDEX ‐9% ‐9% 7%
PRICE VS SET INDEX
Source: Bloomberg, PSR
KEY FINANCIALS
FYE Mar FY15 FY16 FY17E FY18E
Sales(Btmn) 2,963 2,106 2,664 4,416
Net Profit(Btmn) 838 941 979 1,034
EPS (Bt) 0.12 0.14 0.14 1.15
P/E (X) 42.6 37.1 37.1 4.5
BVPS (Bt) 0.27 0.33 0.51 0.54
P/B (X) 19.5 15.9 10.2 9.6
DPS (Bt) 0.17 0.11 0.11 0.11
Dividend Yield (%) 3.2 2.1 2.1 2.1
ROE (%) 44.81 46.71 34.15 28.76
Source: Company, PSR Est.
**Multiples and yields are based on latest closing price
VALUATION METHOD
SOTP
Siam Tiyanont
Securities Investment Analyst #17970
Tel: 66 2 635 1700 # 483
03 February 2017
35,695
1,018
30 September 2016
Sell (Maintain)
0
2
4
6
8
10
Feb‐14 Feb‐15 Feb‐16 Feb‐17
VGI TB EQUITY SETI (rebased)
Page | 2 | PHILLIP SECURITIES (THAILAND)
VGI Global Media COMPANY RESULTS
Income Statement
Btmn 3Q17 2Q17 3Q16 q‐q+/‐ y‐y+/‐ 9M17 9M16 y‐y+/‐
Sa les and s e rvi ce s 672 712 520 ‐5.5% 29.4% 1,935 1,606 20.5%
Cos ts of s a l es 274 273 178 0.3% 54.6% 760 578 31.4%
Gross profit 398 438 342 ‐9.2% 16.3% 1,175 1,028 14.4%
Se l l i ng expens es 77 65 22 19.0% 248.5% 176 87 101.1%
Admini s tra ti ve expenses 158 120 65 31.8% 143.9% 369 200 84.3%
Operating profit 163 254 255 ‐35.8% ‐36.2% 631 740 ‐14.8%
Othe r i ncome 11 10 12 10.0% ‐1.2% 28 31 ‐8.3%
Ga in/los s from a ffi l i a te s ‐1 2 11 ‐183.7% ‐112.8% 4 21 ‐80.9%
Othe r expens e 0 2 0 ‐84.8% n.m. 6 1 472.2%
EBIT 173 263 277 ‐34.4% ‐37.8% 657 791 ‐16.9%
Inte res t expens e 8 4 2 95.2% 233.9% 14 9 44.2%
EBT 165 259 275 ‐36.4% ‐40.0% 644 781 ‐17.6%
Ta xa ti on 47 52 53 ‐8.8% ‐12.1% 172 159 8.0%
EAT 118 208 222 ‐43.2% ‐46.8% 472 622 ‐24.2%
Minori ty ‐6 10 0 ‐161.3% n.m. 8 0 n.m.
Net profit before extra 124 197 222 ‐37.1% ‐43.9% 464 622 ‐25.4%
Extra ordina ry i tems 0 0 10 ‐100.0% ‐100.0% 171 109 57.4%
Net profit 124 198 232 ‐37.1% ‐46.5% 635 731 ‐13.1%
EPS (Bt) 0.02 0.03 0.03 ‐37.1% ‐46.5% 0.09 0.11 ‐13.1%
Key Financial Ratio
% 3Q17 2Q17 3Q16 q‐q+/‐ y‐y+/‐ 9M17 9M16 y‐y+/‐
Cos t of s a le s /s a l e s 40.8% 38.4% 34.2% 6.2% 19.4% 39.27% 36.01% 9.1%
SG&A exp/s a l e s 35.0% 26.0% 16.7% 34.8% 109.1% 28.14% 17.90% 57.2%
Gros s margin 59.2% 61.6% 65.8% ‐3.9% ‐10.1% 60.73% 63.99% ‐5.1%
Opera ti ng profi t margin 24.2% 35.6% 49.1% ‐32.0% ‐50.7% 32.59% 46.09% ‐29.3%
Net profi t margin 18.5% 27.7% 44.7% ‐33.4% ‐58.6% 32.82% 45.52% ‐27.9%
Balance Sheet
Btmn 3Q17 2Q17 3Q16 q‐q+/‐ y‐y+/‐ 9M17 9M16 y‐y+/‐
As se ts 5,600 4,617 3,555 21.3% 57.5% 5,600 3,555 57.5%
Li abi l i ti e s 2,095 1,682 1,167 24.5% 79.5% 2,095 1,167 79.5%
Pa id ‐up (mn s hrs ) ‐ Pa r Bt0.1 6,864 6,864 6,864 0.0% 0.0% 6,864 6,864 0.0%
Equi ti e s 3,506 2,934 2,388 19.5% 46.8% 3,506 2,388 46.8%
BVPS (Bt) 0.60 0.57 0.49 4.2% 22.3% 0.60 0.49 22.3%
Debt/equi ty (x) 0.51 0.43 0.35 19.5% 46.8% 0.51 0.35 46.8%
Page | 3 | PHILLIP SECURITIES (THAILAND)
VGI Global Media COMPANY RESULTS
Page | 4 | PHILLIP SECURITIES (THAILAND)
VGI Global Media COMPANY RESULTS
Corporate Governance ‐ 2016
AMATA AOT BAFS BAY BCP BIGC BTS BWG CK CPF
CPN CSL DELTA DEMCO DRT DTAC DTC EASTW EGCO GFPT
GPSC GRAMMY HANA HMPRO INTUCH IRPC IVL KBANK KCE KKP
KTB KTC LHBANK LPN MBK MCOT MINT MONO NKI NYT
OTO PHOL PPS PS PSL PTT PTTEP PTTGC QH QTC
RATCH SAMART SAMTEL SAT SC SCB SCC SCCC SE‐ED SIM
SITHAI SNC SPALI SSSC STEC SVI TCAP THCOM TISCO TKT
TMB TNDT TOP TSC TTCL TU UV VGI WACOAL WAVE
2S AAV ACAP ADVANC AGE AH AHC AKP ALUCON AMANAH
ANAN AP APCO APCS ARIP ASIA ASIMAR ASK ASP AUCT
AYUD BANPU BBL BDMS BEM BFIT BLA BOL BROOK CEN
CENTEL CFRESH CGH CHG CHO CHOW CI CIMBT CKP CM
CNS CNT COL CPI DCC EA ECF EE ERW FORTH
FPI GBX GC GCAP GL GLOBAL GLOW GUNKUL HOTPOT HYDRO
ICC ICHI IFEC INET IRC JSP K KSL KTIS L&E
LANNA LH LHK LIT LOXLEY LRH LST M MACO MALEE
MBKET MC MEGA MFC MOONG MSC MTI MTLS NCH NOBLE
NSI NTV OCC OGC OISHI ORI PACE PAP PB PCSGH
PDI PE PG PJW PLANB PM PPP PR PRANDA PREB
PRG PRINC PT PTG PYLON Q‐CON RICHY ROBINS RS RWI
S S & J SABINA SALEE SAMCO SCG SEAFCO SFP SIAM SINGER
SIS SMK SMPC SMT SNP SPI SPPT SPRC SR SSF
SST STA SUSCO SUTHA SWC SYMC SYNEX SYNTEC TAE TAKUNI
TASCO TBSP TCC TF TFI TGCI THAI THANA THANI THIP
THRE THREL TICON TIPCO TK TKS TMC TMI TMILL TMT
TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSE TSR
TSTE TSTH TTA TTW TVD TVO TWPC UAC UP UPF
VIH VNT WINNER YUASA ZMICO
AEC AEONTS AF AIRA AIT AJ AKR AMARIN AMATAV AMC
APURE AQUA ARROW AS BA BEAUTY BEC BH BIG BJC
BJCHI BKD BR BROCK BRR BTNC CBG CGD CHARAN CITY
CMR COLOR COM7 CPL CSC CSP CSR CSS CTW DCON
DIMET DNA EARTH EASON ECL EFORL EPCO EPG ESSO FE
FER FOCUS FSMART FSS FVC GEL GIFT GLAND GOLD GSTEL
GYT HPT HTC HTECH IFS IHL ILINK INSURE IRCP IT
ITD J JMART JMT JUBILE JWD KASET KBS KCAR KGI
KKC KOOL KWC KYE LALIN LPH MAJOR MAKRO MATCH MATI
M‐CHAI MDX MFEC MJD MK MODERN MPG NC NCL NDR
NEP NOK NUSA PATO PCA PDG PF PICO PIMO PL
PLAT PLE PMTA PPM PRIN PSTC QLT RCI RCL RICH
RML RPC SANKO SAPPE SAWAD SCI SCN SCP SEAOIL SENA
SIRI SKR SLP SMG SMIT SORKON SPA SPC SPCG SPVI
SSC STANLY STPI SUC TACC TCCC TCMC TEAM TFD TFG
TIC TIW TKN TLUXE TMD TNP TOPP TPA TPAC TPCH
TPIPL TPOLY TRITN TRT TTI TVI TWP U UBIS UMI
UPOIC UT UWC VIBHA VPO VTE WICE WIIK WIN XO
Score Range
< 50%
50‐59%
60‐69%
70‐79%
80‐89%
90‐100%
The disclosure of the survey result of the Thai Institute of Directors Association (IOD)
regarding corporate governance is made pursuant to the Office of the Securities and
Exchange Commission. The survey of the IOD is based on the information of a company
l isted on the Stock Exchange of Thailand and the Market for Alternative disclosure to the
public and able to be accessed by a general public investor. The results, therefore, is from
the perspective of a third party. It is not an evaluation of operation and is not based on
inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai
Listed Companies. As a result, the survey result may be changed after that data. Phil l ip
Securities (Thai land) of securities company does not confirm nor certify the accuracy of
such survey result.
No logo given
Number of Logo
Results Presentation
Page | 5 | PHILLIP SECURITIES (THAILAND)
VGI Global Media COMPANY RESULTS
Declared
2S A ABC ABICO ACAP AEC AF AGE AH AI
AIE AIRA ALUCON AMARIN AMATA ANAN AOT AP APCO APCS
APURE AQUA AS ASIA ASIAN ASIMAR ASK BCH BEAUTY BFIT
BH BIGC BJCHI BKD BLAND BROCK BROOK BRR BSBM BTNC
CEN CGH CHARAN CHO CHOTI CHOW CI CM COL CPALL
CPF CPL CSC CSR CSS DELTA DNA EA ECF EE
EFORL EPCO ESTAR EVER FC FER FNS FPI FSMART FVC
GC GEL GFPT GIFT GLOBAL GPSC GREEN GUNKUL HMPRO HOTPOT
ICHI IEC IFS ILINK INET INOX INSURE IRC J JAS
JMART JMT JTS JUBILE JUTHA K KASET KBS KC KCAR
KSL KTECH KYE L&E LALIN LPN LRH LTX LVT M
MAKRO MALEE MBAX MC MCOT MEGA MFEC MIDA MILL MINT
MJD MK ML MPG MTLS NBC NCH NCL NDR NINE
NMG NNCL NPP NTV NUSA OCC OGC PACE PAF PCA
PCSGH PDG PDI PIMO PK PLANB PLAT PRANDA PREB PRG
PRINC PSTC PYLON QH RML ROBINS ROCK ROH ROJNA RP
RWI SAMCO SANKO SAUCE SC SCCC SCN SEAOIL SE‐ED SENA
SGP SITHAI SKR SMIT SMK SORKON SPALI SPCG SPPT SPRC
SR SRICHA STA STANLY SUPER SUSCO SYMC SYNEX SYNTEC TAE
TAKUNI TASCO TBSP TEAM TFG TFI THAI TIC TICON TIP
TKT TLUXE TMC TMI TMILL TMT TPA TPP TRT TRU
TRUE TSE TSI TSTE TTW TU TVD TVO TVT TWPC
U UBIS UKEM UNIQ UOBKH UREKA UWC VGI VIBHA VNG
VNT WAVE WHA WICE WIIK WIN XO ZMICO
Certified
ADVANC AKP AMANAH ASP AYUD BAFS BANPU BAY BBL BCP
BKI BLA BTS BWG CENTEL CFRESH CIMBT CNS CPI CPN
CSL DCC DEMCO DIMET DRT DTAC DTC EASTW ECL EGCO
ERW FE FSS GBX GCAP GLOW HANA HTC ICC IFEC
INTUCH IPRC IVL KBANK KCE KGI KKP KTB KTC LANNA
LHBANK LHK MBK MBKET MFC MINT MONO MOONG MSC MTI
NKI NSI OCEAN PB PE PG PHOL PM PPP PPS
PR PSL PT PTG PTT PTTEP PTTGC Q‐CON QLT RATCH
S & J SABINA SAT SCB SCC SCG SINGER SIS SMPC SNC
SNP SPC SPI SSF SSI SSSC SVI TCAP TCMC TF
TGCI THANI THCOM THRE THREL TIPCO TISCO TMB TMD TNITY
TNL TOG TOP TPC TPCORP TSC TSTH TTCL TVI WACOAL
Non‐participation
AAV ACC ADAM AEONTS AHC AFC AIT AJ AJD AKR
ALLA ALT AMATAV AMC APX AQ ARIP ARROW ASEFA ASN
ATP30 AUCT BA BAT‐3K BCPG BDMS BEC BEM BGT BIG
BIZ BJC BLISS BM BOL BPP BR BRC BSM BTC
BTW BUI CBG CCET CCN CCP CGD CHEWA CHG CHUO
CIG CITY CK CKP CMO CMR CNT COLOR COM7 COMAN
CPH CPR CRANE CSP CTW CWT DAII DCON DCORP DRACO
DSGT DTCI EARTH EASON EIC EKH EMC EPG ESSO F&D
FANCY FMT FN FOCUS FORTH GENCO GJS GL GLAND GOLD
GRAMMY GRAND GSTEL GTB GYT HARN HFT HPT HTECH HYDRO
IHL IRCP IT ITD ITEL JCT JSP JWD KAMART KCM
KDH KIAT KKC KOOL KTIS KWC KWG LDC LEE LH
LIT LOXLEY LPH LST MACO MAJOR MANRIN MATCH MATI MAX
M‐CHAI MCS MDX MODERN MPIC NC NEP NETBAY NEW
NEWS NFC NOBLE NOK NPK NWR NYT OHTL OISHI ORI
OTO PAE PAP PATO PERM PF PICO PJW PL PLE
PMTA POLAR POMPUI POST PPM PRAKIT PRECHA PRIN PRO PSH
PTL QTC RAM RCI RCL RICH RICHY RJH RPC RS
S S11 SAFARI SALEE SAM SAMART SAMTEL SAPPE SAWAD SAWANG
SCI SCP SEAFCO SELIC SF SFP SGF SHANG SIAM SIM
SIMAT SIRI SLP SMART SMM SMT SOLAR SPA SPG SPORT
SPVI SQ SSC SST STAR STEC STHAI STPI SUC SUTHA
SVH SVOA SWC T TACC TAPAC TC TCB TCC TCCC
TCJ TCOAT TFD TGPRO TH THANA THE THIP THL TIW
TK TKN TKS TM TMW TNDT TNH TNP TNPC TNR
TOPP TPAC TPBI TPCH TPIPL TPOLY TPROP TR TRC TRITN
TRUBB TSF TSR TTA TTI TTL TTTM TUCC TWP TWZ
TYCN UAC UEC UMI UMS UP UPA UPF UPOIC UT
UTP UV UVAN VARO VI VIH VPO VTE WG WINNER
WORK WORLD WP WR YCI YNP YUASA
Companies participating in Thailand's Private Sector Collective Action Coalition Against
Corruption programme (Thai CAC) under Thai Institute of Directors (as of October 28, 2016)
PHILLIP SECURITIESS (THAILAND) | 6 | P a g e
VGI Global Media COMPANY RESULTS
The SEC has a policy to promote l isted companies and intermediaries, i .e. securities companies, asset management companies, derivative business companies
(“intermediaries”) to establish anti‐corruption measures as part of their business operation. The SEC has supported Thaipat Institute in developing the Anti‐corruption
Progress Indicator of l isted companies and intermediaries. The Indicator comprises five levels: Level 1: Committed, Level 2: Declared, Level 3: Established,
Level 4: Certified, and Level 5: Extended.
The SEC continues to develop business sustainabil ity among l isted companies and intermediaries with a focus on anti‐corruption by supporting them to join Thailand’s
Private Sector Collective Action Coalition Against Corruption (CAC) and to disclose their corporate governance progress on http://www.cgthai land.org.
Levels of Commitment
Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption
programme (Thai CAC) under Thai Institute of Directors (as of October 28, 2016)
PHILLIP SECURITIESS (THAILAND) | 7 | P a g e
VGI Global Media COMPANY RESULTS
Industry Group Name Sector Name Sector Index
Agro & Food Industry[AGRO] Agribusiness AGRI
Food & Beverage FOOD
Consumer Products[CONSUMP] Fashion FASHION
Home & Office Products HOME
Personal Products & Pharmaceuticals PERSON
Financials [FINCIAL] Banking BANK
Finance & Securities FIN
Insurance INSUR
Industrials [INDUS] Automotive AUTO
Industrial Materials & Machinery IMM
Packaging PKG
Paper & Printing Materials PAPER
Petrochemicals & Chemicals PETRO
Steel STEEL
Property & Construction[PROPCON] Construction Materials CONMAT
Construction Services CONS
Property Development PROP
Property Fund & REITs PF&REIT
Resources [RESOURC] Energy & Util ities ENERG
Mining MINE
Services [SERVICE] Commerce COMM
Media & Publishing MEDIA
Health Care Services HELTH
Tourism & Leisure TOURISM
Professional Services PROF
Transportation & Logistics TRANS
Technology [TECH] Electronic Components ETRON
Information & Communication Technology ICT
PSR Rating SystemCapital Gain Recommendation
> 15% BUY
> 5% ‐ 15% ACCUMULATE / TRADING BUY
> 0% ‐ 5% NEUTRAL
0 <= SELL
Remarks
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors l ike (but
not l imited to) a stock's risk reward profi le, market sentiment, recent rate of share price appreciation, presence or absence of
stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation
Contact Information of Hong Kong Representatives
Research
Benny WANG
Dealing Director
(852) 2277 6720
ZHANG Jing
Research Analyst
Transportation and Automobiles
(86) 21 51699400-103
Sales
FAN Guohe
Research Analyst
Pharmaceutical, Health Care, TMT
(86) 21 51699400-110
Aric AU Matthew WONG
Manager, Corporate & Institutional Sales Manager, International Sales
(852) 2277 6783 (852) 2277 6678
[email protected] [email protected]
Yoshikazu SHIKITA
Manager, International Sales
(Japan Team)
(852) 2277 6624
PHILLIP RESEARCH STOCK SELECTION SYSTEMS
Total Return Recommendation Rating Remarks
> +20% Buy 1 >20% upside from the current price
+5% to +20% Accumulate 2 +5% to +20% upside from the current price
-5% to +5% Neutral 3 Trade within +/- 5% from the current price
-5% to -20% Reduce 4 -5% to -20% downside from the current price
< -20% Sell 5 -20% downside from the current price
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation
GENERAL DISCLAIMER
This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific
person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to [email protected].
Investment involves risks. For details of product risks, please view the Risk Disclosures Statement on http://www.phiIlip.com.hk.
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