UOB Kay Hian Asian Gems Conference - October 2017 - BOC Aviation
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UOB Kay Hian Asian Gems Conference
October 2017
Disclaimer This presentation contains general background information about the activities of BOC Aviation Limited (“BOC Aviation”), current as at the date hereof. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. The information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. None of BOC Aviation or any of its affiliates, advisers or representatives (including directors, officers and employees) shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its contents or otherwise arising in connection with this document (whether direct, indirect, consequential or other). No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of BOC Aviation or any of its affiliates, advisors, agents or representatives including directors, officers and employees shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This document is highly confidential and is being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. This document may contain “forward-looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “will”, “would”, “aim”, “aimed”, “will likely result”, “is likely”, “are likely”, “believe”, “expect”, “expected to”, “will continue”, “will achieve”, “anticipate”, “estimate”, “estimating”, “intend”, “plan”, “contemplate”, “seek to”, “seeking to”, “trying to”, “target”, “propose to”, “future”, “objective”, “goal”, “project”, “should”, “can”, “could”, “may”, “will pursue” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond BOC Aviation’s control that could cause the actual results, performance or achievements of BOC Aviation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Neither BOC Aviation nor any of its affiliates, agents, advisors or representatives (including directors, officers and employees) intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. Any securities or strategies mentioned herein (if any) may not be suitable for all investors. Recipients of this document are required to make their own independent investigation and appraisal of the business and financial condition of BOC Aviation, and any tax, legal, accounting and economic considerations that may be relevant. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, BOC Aviation does not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should not be treated as an indication that BOC Aviation agrees with or concurs with such views. The information contained in this document is provided as at the date of this document and is subject to change without notice.
1H17 - Balance Sheet & Stable Yield Drive Earnings
Consistent execution underpins strong
Robust Balance Sheet5
earnings1
US$240 million 13% US$14.4 billion 7%
Total assets
Net profit after tax
US$0.35 13% US$3.5 billion 5%
Total equity
Earnings per share2
US$5.10 5%
Net assets per share2
Driven by:
US$670 million 16% Increasing dividend payout1
Total revenues and other income US cents 10.38 70%7
US$259 million 18% Interim dividend per share6
Core lease rental contribution3 Driven by:
8.5% Stable - Payout ratio 50%
Net lease yield4 - Earnings per share2 13%
All data as at 30 June 2017
Notes:
1. Compared to the first six months of 2016
2. Based on the number of shares outstanding as at period end
3. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease
transaction closing costs
4. Calculated as lease rental income less finance expenses divided by average net book value of aircraft
5. Compared to 31 December 2016
6. Payable to shareholders registered at the close of business on the record date, being 25 September 2017 3
7. Compared to US cents 6.1 paid for 1H16
3Q17 & YTD-2017- Operational Developments
• Ended 3Q17 with 268 owned and 34 managed aircraft
• Portfolio utilization high at 99.7% YTD-2017
• 100% for 3Q17
• Cash collection of 99.9%1
• Average fleet age of 3.2 years2 – one of the youngest in the industry
• Average lease term remaining of 7.8 years2
• 43 aircraft added to the owned portfolio in YTD-20173; nine in 3Q17
• Took delivery of our first Airbus A320NEO
• Sold 21 owned aircraft in YTD-2017; two in 3Q17
• 32 deliveries from our orderbook scheduled for 4Q17 and 48 in 2018
• Increased 2017 CAPEX by c.US$1 billion or 37% to US$3.9 billion1
• All aircraft delivered/scheduled for delivery in 2017 placed
• More than 90% placed for 2018
Strong operational performance
All data as at 30 September 2017 unless otherwise indicated
Notes:
1. As at 30 June 2017
2. Weighted by net book value of owned fleet
3. Delivered 46 aircraft including three acquired by airline customer on delivery
41H17 Revenue and NPAT Growth
Fleet growth underpins lift in revenues Operating margin >40%2
US$ million 42.6% 42.6%
41.7% 41.5%
670 39.5%
579
520 535
453
1H13 1H14 1H15 1H16 1H17 1H13 1H14 1H15 1H16 1H17
Rising core lease rental contribution1 Consistent NPAT growth
US$ million US$ million
259 240
220 212
192 203
163 163 171
150
1H13 1H14 1H15 1H16 1H17 1H13 1H14 1H15 1H16 1H17
All data as at 30 June 2017
Notes:
1. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease
transaction closing costs
2. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease
transaction closing costs divided by lease rental income
5Lease Rental Income Dominates P&L
Lease rental income consistently c.90% of total revenue and other income
Interest & fee income and others US$ million
2.3% 670
Net gain on sale of 579 48
aircraft 37
7.1%
607
516
1H16 1H17
Lease rental income
Lease rental income Net gain on sale of aircraft
90.6% Interest & fee income and others
Depreciation of aircraft plus financing costs make up >85% of total costs
Other variable costs US$ million 402
4.3% 340
Other fixed costs
9.1% 120
101
186 228
1H16 1H17
Finance expenses Aircraft costs1 1
29.9% 56.7% Aircraft costs Finance expenses
Other fixed costs Other variable costs
All data as at 30 June 2017
Note:
1. Comprises depreciation and impairment chargesImproving Net Lease Yield Drives Profitability
Higher lease rate factor1 reflects increased ... with a higher proportion of fixed rate debt
fixed rate leases affecting finance expenses4
10.7% 2.8%
2.5%
10.3% 2.0%
1.9% 1.9%
9.9%
9.8%
9.7%
2013 2014 2015 2016 1H17 2013 2014 2015 2016 1H17
Proportion of fixed rate leases rising steadily2 Maintaining net lease yield5
By net book value
8.5%
8.3% 8.2% 8.2%
8.1%
46% 40%
65% 56%
74%
54% 60%
35% 44%
26%
3
2013 2014 2015 2016 1H17 2013 2014 2015 2016 1H17
Fixed rate Floating rate
All data as at 30 June 2017
Notes:
1. Calculated as lease rental income divided by average net book value of aircraft and multiplied by 100%
2. By net book value including aircraft held for sale
3. Excluded aircraft off lease
4. Calculated as the sum of finance expenses and capitalized interest, divided by average total indebtedness. Total
indebtedness represents loans and borrowings and finance lease payables before adjustments for debt issue costs, fair
values and discounts/premiums to medium term notes
5. Calculated as lease rental income less finance expenses divided by average net book value of aircraft
7Our Portfolio Remains Well Diversified
Lease portfolio diversified by customer1,4 …and diversified by geography1,4
EVA Airways Middle East and Africa
7.4% 4.1%
Cathay Pacific Group
6.0%2 Americas
Air China 14.2% Chinese Mainland,
5.1% Hong Kong SAR,
Thai Airways
4.2%
Macau SAR and
Taiwan
Lion Air Group
3.9%3 30.8%
Iberia
Others
3.8%
56.9% Europe Asia Pacific (excluding
Turkish Airlines
3.8% 24.5% Chinese Mainland, Hong
Vistara Kong SAR, Macau SAR
3.1% and Taiwan)
AirAsia X
Southwest Airlines 3.0% 26.4%
2.8%
High collection rate5 High fleet utilization6
98.5% 99.4% 100.9% 99.8% 97.2% 100.4% 99.9% 100.4% 99.8% 100.0% 100.0% 100.0% 100.0% 100.0% 99.8% 99.0% 99.9% 100.0% 99.9% 99.7%
Average = 99.6% Average = 99.8%
2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17
All data as at 30 September 2017 unless otherwise indicated
Notes:
1. Based on net book value as at 30 September 2017
2. Includes our leases with Cathay Pacific (Hong Kong) and Cathay Dragon (Hong Kong)
3. Includes our leases with Lion Air (Indonesia), Thai Lion Air (Thailand), Malindo Air (Malaysia) and Batik Air (Indonesia)
4. Includes aircraft held for sale; excludes one aircraft subject to finance lease
5. As at 30 June 2017
6. Fleet utilization is the total days on-lease in the period as a percentage of total available lease days in the period 8Long-term, Stable and Contracted USD Cash Flows
Well-dispersed lease expiries1,2 Proportion of fixed rate leases rising steadily4
200 76.4% 80% By net book value
150 60%
Average remaining lease term of 7.8 years
46% 40%
100 184 40% 56%
74% 65%
50 2.5% 3.4% 5.2% 7.0% 4.8% 20%
11 11 20 22 54% 60%
0 17 0% 44%
26% 35%
2018 2019 2020 2021 2022 2023 and
beyond 5
2013 2014 2015 2016 1H17
Number of leases expiring (LHS)
Percentage of aircraft NBV with leases expiring (RHS) Fixed rate Floating rate
A long average remaining lease term3 Proportion of fixed rate debt also rising6
Number of years • Hedged c.70% of mismatched floating interest rate exposure
• A 25 basis points increase in interest rates on our floating rate
7.82
6.9 6.72 leases, deposits and debt, holding all other variables constant, could
6.4 6.3 decrease our annual NPAT by c.US$1.2 million based on the lease
4.7 portfolio, deposits and debt composition as at 30 June 2017
57% 55%
86% 88% 80%
43% 45%
BOC Air Lease Avolon Aercap FLY Aircastle 14% 12% 20%
Aviation Corp
2013 2014 2015 2016 1H17
Source: Respective company websites
All data as at 30 June 2017 unless otherwise indicated Fixed rate Floating rate
Notes:
1. Owned aircraft with lease expiring in each calendar year adjusted for any aircraft for which BOC Aviation has sale or lease
commitments, weighted by net book value including book value of assets held for sale
2. As at 30 September 2017
3. Weighted by net book value of owned fleet
4. By net book value including aircraft held for sale
5. Excluded aircraft off lease 9
6. Fixed rate debt included floating rate debt swapped to fixed rate liabilitiesDebt Profile
Sources of debt1 Outstanding debt balances
US$ billion
BOC BOC BOC
ECA2 3% ECA2 2% 10
ECA2 9%
14% 12%
14% 8
Loans Loans
Loans 32% 34%
34% 6
4
Bonds Bonds Bonds
43% 51% 52% 2
0
1H16 FY16 1H17 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Total loans outstanding Total bonds outstanding
Increasing unsecured funding Debt repayment by year
US$ billion 3.0
Secured Secured
Secured 27%
43% 35%
1.5 1.5 1.5
1.3
Unsecured Unsecured
Unsecured 0.7
65% 73%
57%
1H16 FY16 1H17 2017 2018 2019 2020 2021 2022 and
beyond
Loans Bonds
Undrawn committed credit lines of over US$4 billion as at 30 June 2017
All data as at 30 June 2017
Notes:
1. Drawn debt only
2. ECA refers to debt guaranteed by the export credit agencies of France, Germany, the United Kingdom or the United StatesOur Fleet
Our Aircraft Portfolio
Aircraft Type Owned Aircraft1 Managed Aircraft Aircraft on Order2 Total
Airbus A320CEO family 128 13 15 156
Airbus A320NEO family 4 0 62 66
Airbus A330CEO family 11 7 1 19
Airbus A330NEO family 0 0 2 2
Airbus A350 family 0 0 6 6
Boeing 737NG family 94 8 23 125
Boeing 737 MAX family 0 0 84 84
Boeing 777-300ER 21 1 0 22
Boeing 777-300 0 1 0 1
Boeing 787 family 1 0 4 5
Embraer E190 family 5 0 0 5
Freighters 4 4 0 8
Total 268 34 197 499
All data as at 30 September 2017
Notes:
1. Includes one aircraft subject to finance lease
2. Includes all commitments to purchase aircraft including those where an airline customer has the right to acquire the relevant
aircraft on delivery
11Orderbook Underpins Future Balance Sheet Growth
Growing balance sheet Committed deliveries of 197 aircraft till 20211
US$ billion Number of aircraft
14.4
13.4 78
12.5 2.3
11.4
10.1 2.7
1.5 2.8
1.0 32 51
11
48
41
12.1 25
9.9 9.7 10.7
9.1 462
2013 2014 2015 2016 1H17 2017 2018 2019 2020 2021
Aircraft NBV Other assets Delivered aircraft Orderbook
Fleet NBV evolution Premium over aircraft net book value3,4
US$ billion US$ billion
+13%
+14%
+14% +15% 1.6
2.2 (0.6) (0.2) +11% 1.5
1.4 1.5
1.0
12.1 12.1
10.7 9.9 9.7 10.7
9.1
Aircraft NBV Additions Sales Aircraft cost Aircraft NBV 2013 2014 2015 2016 1H17
at 1 January at 30 June
Aircraft NBV Premium of current market value over aircraft NBV
All data as at 30 June 2017 unless otherwise indicated
Notes:
1. As at 30 September 2017
2. Delivered 46 aircraft in 2017 YTD including three acquired by airline customer on delivery
3. Average of five appraisers
4. Percentages refer to premium of appraised current market value over aircraft NBV
12Value Driven by Fleet and Committed Lease Revenues
Net Book Value understates business value Committed future revenues of c.US$15 billion
US$ billion US$ billion
+ PV of
leases
+US$1.6bn premium of
5.1
current market value1 ?
over aircraft NBV
1.6 14.9
?
9.8 9.8
12.1
NBV Premium over PV of leases 2017 30-Jun-17
NBV Owned portfolio Scheduled to be delivered
Committed future lease revenues create additional value today
All data as at 30 June 2017
Note:
1. Based on an average of five independent appraisers’ aggregate value for our owned fleet at US$13.7 billion, on a full-life, current
market value basis, which compared with a net book value of US$12.1 billion
13Sustainable Value Creation (1)
• 1H17 has been our best semi-annual performance to date:
• Record NPAT - up 13% YoY to US$240 million
• Stable net lease yield
• US$1.4 billion growth in NBV of aircraft will drive future lease revenues
• Committed future lease revenue higher at c.US$15 billion, up 21% compared to end-2016
• Improving asset quality
• Introduced new technology aircraft to our fleet
• Committed to 10 Boeing 737 MAX 10, six Airbus A350 and two Airbus A330NEO for future
deliveries
• Taken delivery of both CFM and P&W powered Airbus A320NEO aircraft
• Funding position strengthened
• Over US$4 billion of committed funding available
• GMTN program limit increased to US$10 billion
• Raised US$500 million of senior unsecured notes in 1H17
• Reduced proportion of secured debt to less than 30% of total debt
• Credit ratings of A- by S&P Global Ratings and Fitch Ratings
All data as at 30 June 2017 unless otherwise indicated
14Sustainable Value Creation (2)
• Robust air travel environment
• 2017 YTD passenger demand growth continues to exceed expectations and long term trend1
• Strong air traffic continues to underpin demand for new aircraft
• 2017 will be another record year of activity - our busiest in the Company’s history
• 78 aircraft scheduled to be / already delivered2
• Opportunistically increase CAPEX by building out orderbook in 2018 and beyond
• Future CAPEX through to 2021 already increased to US$9.1 billion
• Shareholder return is a priority
• Earnings per share growth of 13%
• 2017 interim dividend payout at 30% of 1H17 NPAT – an increase of 70% over 2016’s interim
dividend
• Dividend policy adjusted to distribute up to 35% of full year’s NPAT
• Alignment of management interest with shareholders
• Half of management’s long term incentives will be invested in the Company’s shares
acquired in the secondary market
• The shares will vest after three years
Management focused on further enhancing shareholder value
All data as at 30 June 2017 unless otherwise indicated
Notes:
1. International Air Transport Association
2. Delivered 46 aircraft in 9M17 including three acquired by airline customer on delivery
15Strong Momentum Sustained into 3Q17
• Existing portfolio & pipeline of close to 500 aircraft together drive future recurring
revenue growth
• Fleet age of 3.2 years remains one of the youngest in the industry
• An increasingly diversified customer portfolio
• Average remaining lease term maintained at 7.8 years
• Investment grade credit ratings of A-from S&P Global Ratings and Fitch Ratings
One of the world’s top five aircraft lessors
All data as at 30 September 2017 unless otherwise indicated
16APPENDICES
17Core Competencies – a Reminder
Since inception in 1993:
Purchasing 740 aircraft purchased totaling more than US$37 billion
Leasing More than 750 leases executed with more than 140 airlines in 52 countries
Financing1 More than US$20 billion in debt raised since 1 January 2007
Sales 280 aircraft sold
Transitions More than 60 transitions
Repossessions2 33 aircraft in 13 jurisdictions
All data as at 30 September 2017, since inception unless otherwise indicated
Notes:
1. As at 30 June 2017
2. Includes repossessions and consensual early returns
18How We Invest
Number of Aircraft Delivered, Purchased and Sold
Global European
Financial Opportunistic PLB Crisis
Crisis acquisitions in the
down cycle
30
24
7 9
45 27 25
16 6
22 7
21 17
14 31 18
5 58
6 5 41 44
12 39
(5) 27 31
17 22 22
14
7
(12) (12) (10) (10) (6)
(3)
(21) (21)
(33) (37)
(43)
1 1 1
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 30-Sep-17
High liquidity Low liquidity Low liquidity High liquidity
From Order Book From PLB Owned Aircraft Sold
All data as at 31 December of relevant year unless otherwise indicated
Note:
1. 10, 11 and 3 aircraft were acquired by the relevant airline lessees in 2015, 2016 and 2017 YTD, respectively
19Leasing: Customer Segmentation
• 797 airlines in service today
• Focus on 143 airlines or only 18% of the airlines in the market – minimum credit score, above 20 aircraft
Airline Segmentation by Credit Our Target 143 Airlines Operate 74%
Score and Fleet Size of the Current In-service Aircraft
643, 3%
302, 1%
407, 51%
2,289, 11%
14,948 aircraft,
c.80% of
143 airlines, 72% aircraft,
15213
15,914 aircraft,
BOC
18% 73%
74%
Aviation’s
portfolio
1,142, 5%
1,347, 6%
43, 5%
84, 11%
64, 8%
56, 7%
Credit above minimum, Credit above minimum, Credit above minimum,
fleet >20 aircraft fleet 10-20 aircraft fleet < 10 aircraft
Credit below minimum, Credit below minimum, Credit below minimum,
fleet >20 aircraft fleet 10-20 aircraft fleet < 10 aircraft
Source: Ascend, as at 30 September 2017
20Most Attractively Valued Aviation Investment
P/E vs. 2-yr EPS growth (2018E) P/B vs. ROE (2018E)
30 30% 25 3.5
25 25% 3.0
22
20 20% 2.5
19
15 15% 2.0
16
10 10% 1.5
5 5% 13 1.0
0 0% 10 0.5
Airports MRO Airlines Aircraft BOC Airlines Airports MRO BOC Aircraft
leasing Aviation Aviation leasing
2018 PE (LHS) 2016-2018 EPS growth 2018 ROE (LHS) 2018 P/B (RHS)
Source: UBS, Goldman Sachs’ research, Bloomberg, 29 Sep 17 Source: UBS, Goldman Sachs’ research, Bloomberg, 29 Sep 17
• BOC Aviation is growing earnings faster than other aviation sub-sectors;
• At 6.4x 2018E earnings its P/E is lower than both the leasing sector and other aviation verticals; and,
• It trades below 1x 2018 P/B – despite generating consistent mid-teen ROEs
High growth and robust returns yet valued at a discount
21Stable Business: Consistent Leverage and Steady Returns
Average ROE of c.15% at gross debt to equity1 of 3.5 times
5 16.3% 18%
16.0% 15.0% 15.3%
4 14.6% 15.1% 16%
14.0% 14.0% 14.4%
3 13.7%
14%
2
1 12%
3.0 3.5 4.6 3.5 3.5 3.7 3.9 4.0 3.7 2.6 2.7
0 10%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17
Gross debt to equity (Number of times, LHS) ROE (%, RHS)
Equity Cashflows
US$m
Outflows
200 139 83
113 42
0
-200 100 200
-400 550
-600
Inflows
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17
New primary equity Dividends paid
ROE and leverage decline as equity is raised and rise as profit growth and dividend payment increase
All data as at 31 December of relevant year unless otherwise indicated
Note:
1. Calculated as total indebtedness divided by total equity
22Positive Environment with Airline Profitability near Records
Emerging markets continue to record high air
Elevated airline profitability sustained
traffic growth
Aggregate net profit RPK growth, YTD
US$ billion
10.2%
8.7%
7.4% 7.5% 7.0%
4.5%
Africa Asia Pacific Europe
Latin America Middle East North America
Source: IATA (Airline Industry Economic Performance – June 2017) Source: IATA (August 2017)
High load factors suggest well-managed capacity
Passenger Load Factor Passenger Load Factor
YoY change, % %
5 90
80
0 70
60
(5) 50
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Passenger Load Factor YoY % Change (LHS) Passenger Load Factor (RHS)
Passenger Load Factor 12M Mov. Avg (RHS)
Source: IATA (August 2017)
23Underlying Traffic Growth Positive for Core Leasing
Business
Growth in the middle classes1 to be driven by
Above-trend passenger demand growth
emerging economies
7.9% Middle class households (million)
6.5% 6.3% Asia: ~x2
5.9% Asia: ~x2
5.3% 5.2%
Asia:
Asia: ~x2
~x2 338
199
99 40 56
60 16 26
150 168 189
127
75 83 91 96
2012 2013 2014 2015 2016 Aug-2017 2000 2010 2020E 2030E
North America Europe LATAM Asia
RPK growth (YTD) 20-year RPK trend growth
Source: IATA (August 2017) Source: Euromonitor
Air traffic estimated to grow by 150% in the next Fleet expected to double in the next 20 years
two decades…
1990-2016 2017-2036
20-year fleet growth rate, %
Air Traffic +5.3% +4.7%
Global
+2.9% +2.8%
GDP
First 9/11 & Global
Gulf Second Economic
War Gulf Crisis
War
Air traffic is
estimated to
grow by 2.5x by
2036
Source: Airbus Global Market Forecast, Boeing Capital Market Outlook
Source: Ascend Flightglobal Fleet Forecast 2015, Oxford Economics, Boeing Current Market
Interactive Forecast 2017-2036
Note:
1.Defined as number of households with yearly income between US$25,000 and 24
US$150,000Aircraft Operating Leasing Drivers
Demand driven by market growth and
New aircraft demand led by Asia Pacific
replacement of old aircraft
46,950
Number of aircraft
41,030
Source: Boeing CMO 2017-2036 Source: Boeing CMO 2017-2036
Predominantly single aisle aircraft Share of operating lessors now stable
Number of aircraft
Source: Boeing CMO 2017-2036 Source: Ascend, 30 September 2017
25www.bocaviation.com
BOC Aviation Limited 8 Shenton Way #18-01 Singapore 068811 Phone +65 6323 5559 Facsimile +65 6323 6962
Incorporated in the Republic of Singapore with limited liability
Company Registration No. 199307789K 26You can also read
