We attended HSG’s AGM for the 2017 financial year on January 6, 2017. FY17 guidance of 29% revenue growth and 10% NPAT growth is in line with our forecast. Shareholders approved the FY16 dividend plan, ESOP plan, a new reward scheme for BOD, supervisory board, management team, and the new corporate structure model. HSG is rated MARKET PERFORM due to its 17% rally in price since our initiation. We are looking forward to full disclosure of Q1 FY17 results to revise our forecast.