| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 1 6

Spring Real Estate Investment Trust 01426 QQQQQ Q 15 Feb 2025 06:40, UTC
Q Q Q 1
9.63 2.71 Bil — Real Estate REIT - Diversified
None Medium 0.81 ;;;;;

8
Qoant

6 2.30

4
1.87

0.5
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0.91 0.97 1.04 0.84 0.95 0.88 0.84 — — — 0.81
-9.97 14.72 11.65 8.71 -1.97 -10.43 3.44 1.71 3.33 -10.09 0.00
-1.87 0.54 34.78 -8.85 10.80 6.67 -4.25 -8.13 -16.95 -2.77 1.19
14 Feb 2025 | Morningstar Hong Kong GR HKD. 11 Feb 2025 06:36, UTC.

Spring Real Estate Investment Trust is a real estate 15 Feb 2025

investment trust. The group holds investment prop-
erties in China and the United Kingdom and is prin- The company's quantitative economic moat rating
cipally engaged in property investment. It operates of none suggests any excess returns could erode
in three reportable business segments namely, quickly as competition arrives. Additionally, the
Rental income, Car park income, and other income. firm's moderate financial health score suggests it is
A majority of the company's revenue is produced acceptably positioned against adverse economic
by the Rental income segment. circumstances.

15 Feb 2025 LHT Tower, 31 Queen’s Road Central Room 2602,

Spring Real Estate Investment Trust earns a 5-star 26 Floor, Hong Kong
quantitative star rating, indicating our belief that T +852 31000300
this share class offers a compelling opportunity for https://www.springreit.com
investors. The stock currently trades at a 19% dis-
count to our quantitative fair value estimate of 2.30
HKD per share; however, some caution is warran-
ted due to this estimate's medium uncertainty rat-
ing.

The company's valuation metrics strengthen our

estimated fair value. A company's valuation metrics
provide insights into the market's expectations for
its future growth and profitability. For example, the
firm's book value yield of 240.8% falls in the top
10% compared with peers globally. The market
price is low relative to the book (accounting) value
of the company's equity, which contributes to our
view that shares are undervalued.

The company's favorable dividend structure is an

additional encouraging factor. Dividends represent
a stable form of future cash flows returned to
shareholders, reducing the perceived risk of a busi-
ness. The firm's forward dividend yield of 9.6%, for
example, falls in the top 10% compared with peers
globally. Expected dividend payments over the
coming year relative to the current share price are
favorable, which further promotes our favorable
price/fair value ratio.
©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.
| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 2 6

Spring Real Estate Investment Trust 01426 QQQQQ Q 15 Feb 2025 06:40, UTC
Q Q Q 1
9.63 2.71 Bil — Real Estate REIT - Diversified
None Medium 0.81 ;;;;;

8 Feb 14 Feb 2025 11 Feb 2025

2025
20 988.00% Undervalued (18
0.00-0.70 0.71-0.99 0.99-1.00
Discount)
Qoant
1.0
15 741.00 2.30
Q oant None
:
Medium
2.57
10 494.00 2.05
0.5 1.87
5 247.00

0 0.00

0.0 16 17 18 19 20 21 22 23 24 25

2020 2021 2022 2023 2024 2025

( 31 Dec 2024)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 06/2024
505.62 502.43 518.30 557.95 546.59 533.17 528.45 577.85 732.45 — 730.51 (Mil)
326.27 315.79 306.26 302.42 339.47 325.41 331.11 365.78 454.26 — 451.65 (Mil)
64.53 62.85 59.09 54.20 62.11 61.03 62.66 63.30 62.02 — 61.83
253.50 608.09 372.77 30.79 223.06 -189.92 509.95 118.43 -77.54 — 57.65 (Mil)
0.23 0.54 0.31 0.02 0.15 -0.17 0.35 0.02 -0.05 — 0.04
355.47 342.38 355.49 340.95 376.15 345.60 347.45 389.90 483.82 — 450.05 (Mil)
— — — — — — — — — — — (Mil)
261.29 238.64 226.80 218.62 231.81 263.01 299.05 295.11 296.07 — 286.62 (Mil)
1.12 1.13 1.26 1.27 1.29 1.46 1.47 1.48 1.44 — 1.45 (Bil)

14 Feb 2025
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0.91 0.97 1.04 0.84 0.95 0.88 0.84 — — — 0.81
5.27 5.91 7.05 6.55 6.49 6.77 6.24 5.44 4.47 3.40 3.40
6.60 3.91 49.19 12.51 24.88 — 11.19 7.50 — 45.29 45.29
12.04 10.81 16.42 13.63 18.63 15.13 11.47 9.56 10.41 8.67 8.67
0.48 0.50 0.58 0.57 0.56 0.55 0.48 0.45 0.49 0.42 0.42

( 31 Dec 2024)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 06/2024
2.98 6.84 3.61 0.31 2.15 -1.89 5.20 1.04 -0.60 — 0.45
4.70 10.90 5.74 0.50 — -2.95 7.78 1.79 -1.22 — 0.93
4.48 8.25 4.89 1.76 — -1.08 6.20 2.23 0.65 — 1.43

14 Feb 2025
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0.21 0.22 0.17 0.20 0.15 0.17 0.18 0.19 0.18 0.17 0.18
8.75 7.95 5.74 6.82 5.34 6.81 8.26 9.33 8.77 9.63 9.63
0.00 — — 0.15 0.00 — 0.08 0.09 0.12 5.61 5.61

©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.
| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 3 6

Appendix

8 Feb 2025 (: , : , :
)
January February March April May June July August September October November December
2025 0.16 0.05 — — — — — — — — — —
2024 0.05 0.12 0.08 0.37 0.24 0.37 0.37 0.09 0.03 0.02 0.17 0.27
2023 0.28 0.20 0.26 0.55 0.36 0.45 0.18 0.15 0.18 0.38 0.37 0.28
2022 0.61 0.61 0.40 0.44 0.50 0.66 0.66 0.75 0.60 0.65 0.35 0.35
2021 0.53 0.54 0.55 0.35 0.24 0.19 0.25 0.25 0.30 0.36 0.45 0.65
2020 0.12 0.24 0.22 0.25 0.18 0.32 0.27 0.14 0.33 0.42 0.58 0.50

©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.
| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 4 6

QQQQ – the stock is somewhat undervalued.

Quantitative Equity Report Overview Log (Quant FVE/Price) between (0.5*Quantitative Uncertainty, 1*Quantitative
Uncertainty)
Micro-Caps: Log (Quant FVE/Price) between (0.75*Quantitative Uncertainty,
The quantitative report on equities consists of data, statistics and quantitative
1.5*Quantitative Uncertainty)
equity ratings on equity securities. Morningstar, Inc.’s quantitative equity
QQQQQ – the stock is undervalued with a reasonable margin of safety.
ratings are forward looking and are generated by a statistical model that is
Log (Quant FVE/Price) > 1*Quantitative Uncertainty
based on Morningstar Inc.’s analyst-driven equity ratings and quantitative
Micro-Caps: Log (Quant FVE/Price) > 1.5*Quantitative Uncertainty
statistics. Given the nature of the quantitative report and the quantitative
ratings, there is no one analyst in which a given report is attributed to; Under Review – Morningstar will assign a rating of "Under Review" in three
however, Jeffrey Ptak, Chief Ratings Officer for Morningstar Research Services scenarios: when there is occurrence of a corporate event, when the closing
LLC is responsible for overseeing the methodology that supports the price is unavailable for at least 7 days, or when the quantitative Fair Value to
quanitiative equity ratings used in this report. As an employee of Morningstar Price Ratio does not fall into the expected range of 0.25-4.
Research Services LLC, a subsidiary of Morningstar, Inc, Mr Ptak is guided by Not Rated – Morningstar will assign a rating of 'Not Rated' when closing
the Morningstar Research Services' Code of Ethics and the Morningstar, Inc. price data is unavailable for at least 30 days.
Code of Ethics and Personal Securities trading Policy in carrying out his
responsibilities. Momentum Flag – After the initial calculation for the star rating, there is a
final filtering step based on the momentum of the company. We rank the
Quantitative Equity Ratings companies based on their 12-1 month momentum, then restrict those below
Morningstar’s quantitative equity ratings consist of: (i) Quantitative Fair Value the 30th percentile to a maximum of 3 stars.
Estimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv)
Quantitative Economic Moat, and (v) Quantitative Financial Health (collectively iv. Quantitative Uncertainty: Intended to represent Morningstar’s level of
the “Quantitative Ratings). uncertainty about the accuracy of the Quantitative Fair Value Estimate.
Generally, the lower the Quantitative Uncertainty, the narrower the potential
The Quantitative Ratings are calculated daily and derived from the analyst- range of outcomes for that particular company. The rating is expressed as Low,
driven ratings of a company’s peers as determined by statistical algorithms. Medium, High, Very High, and Extreme.
Morningstar, Inc. (“Morningstar”, “we”, “our”) calculates Quantitative Ratings Low – the interquartile range for possible fair values is less than 10%
for companies whether or not it already provides analyst ratings and qualitative Medium – the interquartile range for possible fair values is less than 15%
coverage. In some cases, the Quantitative Ratings may differ from the analyst but greater than 10%
ratings because a company’s analyst-driven ratings can significantly differ from High – the interquartile range for possible fair values is less than 35% but
other companies in its peer group. greater than 15%
Very High – the interquartile range for possible fair values is less than 80%
i. Quantitative Fair Value Estimate: Intended to represent Morningstar’s
but greater than 35%
estimate of the per share dollar amount that a company’s equity is worth
Extreme – the interquartile range for possible fair values is greater than
today. Morningstar calculates the Quantitative Fair Value Estimate using a
80%
statistical model derived from the Fair Value Estimate Morningstar’s equity
analysts assign to companies. Please go to http://global.morningstar.com/ v. Quantitative Financial Health: Intended to reflect the probability that a firm
equitydisclosures for information about Fair Value Estimate Morningstar’s will face financial distress in the near future. The calculation uses a predictive
equity analysts assign to companies. model designed to anticipate when a company may default on its financial
obligations. The rating is expressed as Weak, Moderate, and Strong.
ii. Quantitative Economic Moat: Intended to describe the strength of a firm’s
Weak – assigned when Quantitative Financial Health < 0.2
competitive position. It is calculated using an algorithm designed to predict the
Moderate – assigned when Quantitative Financial Health is between 0.2
Economic Moat rating a Morningstar analyst would assign to the stock. The
and 0.7
rating is expressed as Narrow, Wide, or None.
Strong – assigned when Quantitative Financial Health > 0.7
Narrow – assigned when the probability of a stock receiving a “Wide Moat”
rating by an analyst is greater than 70% but less than 99%. Other Definitions
Wide – assigned when the probability of a stock receiving a “Wide Moat” i. Last Close – Price of the stock as of the close of the market of the last
rating by an analyst is greater than 99%. trading day before date of the report.
None – assigned when the probability of an analyst receiving a “Wide ii. Quantitative Valuation– Using the below terms, intended to denote the
Moat” rating by an analyst is less than 70%. relationship between the security’s Last Price and Morningstar’s quantitative
fair value estimate for that security.
iii. Quantitative Star Rating: Intended to be the summary rating based on the
Undervalued – Last Price is below Morningstar’s quantitative fair value
combination of our Quantitative Fair Value Estimate, current market price,
estimate.
Quantitative Uncertainty Rating, and momentum. The rating is expressed as
Fairly Valued – Last Price is in line with Morningstar’s quantitative fair value
One-Star, Two-Star, Three-Star, Four-Star, and Five-Star.
estimate.
Q – the stock is overvalued with a reasonable margin of safety.
Log (Quant FVE/Price) < -1*Quantitative Uncertainty
Overvalued – Last Price is above Morningstar’s quantitative fair value
Micro-Caps: Log (Quant FVE/Price) < -1.5*Quantitative Uncertainty
estimate.
QQ - the stock is somewhat overvalued. Sustainalytics ESG Risk Rating Assessment: The ESG Risk Rating
Log (Quant FVE/Price) between (-1*Quantitative Uncertainty, -0.5*Quantitative Assessment is provided by Sustainalytics; a Morningstar company.
Uncertainty) Sustainalytics’ ESG Risk Ratings measure the degree to which company’s
Micro-Caps: Log (Quant FVE/Price) between (-1.5*Quantitative Uncertainty, - economic value at risk is driven by environment, social and governance (ESG)
0.75*Quantitative Uncertainty) factors.
QQQ – the stock is approximately fairly valued.
Log (Quant FVE/Price) between (-0.5*Quantitative Uncertainty, 0.5*Quantitative Sustainalytics analyzes over 1,300 data points to assess a company’s exposure
Uncertainty) to and management of ESG risks. In other words, ESG Risk Ratings measures a
Micro-Caps: Log (Quant FVE/Price) between (-0.75*Quantitative Uncertainty, company’s unmanaged ESG Risks represented as a quantitative score.
0.75*Quantitative Uncertainty)

©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.
| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 5 6

Unmanaged Risk is measured on an open-ended scale starting at zero (no risk) specific investment objectives, financial situation or particular needs of any
with lower scores representing less unmanaged risk and, for 95% of cases, the specific recipient. This publication is intended to provide information to assist
unmanaged ESG Risk score is below 50. investors in making their own investment decisions, not to provide investment
advice to any specific investor. Therefore, investments discussed herein may
Based on their quantitative scores, companies are grouped into one of five Risk not be suitable for all investors; investors must exercise their own independent
Categories (negligible, low, medium, high, severe). These risk categories are judgment as to the suitability of such investments and recommendations in the
absolute, meaning that a ‘high risk’ assessment reflects a comparable degree light of their own investment objectives, experience, taxation status and
of unmanaged ESG risk across all subindustries covered. financial position. Morningstar encourages Report recipients to read all
relevant issue documents (e.g., prospectus) pertaining to the security
The ESG Risk Rating Assessment is a visual representation of Sustainalytics
concerned, including without limitation, information relevant to its investment
ESG Risk Categories on a 1 to 5 scale. Companies with Negligible Risk = 5
objectives, risks, and costs before making an investment decision and when
Globes, Low Risk = 4, Medium Risk = 3 Globes, High Risk = 2 Globes, Severe
deemed necessary, to seek the advice of a financial, legal, tax, and/or
Risk = 1 Globe. For more information, please visit sustainalytics.com/esg-
accounting professional.
ratings/
The quantitative equity ratings noted in the Report are provided in good faith,
Ratings should not be used as the sole basis in evaluating a company or
are as of the date of the Report and are subject to change. While Morningstar
security. Ratings involve unknown risks and uncertainties which may cause our
has obtained data, statistics, and information from sources it believes to be
expectations not to occur or to differ significantly from what was expected and
reliable, Morningstar does not perform an audit or seeks independent
should not be considered an offer or solicitation to buy or sell a security.
verification of any of the data, statistics, and information it receives.
This Report has not been made available to the issuer of the security prior to
The quantitative equity ratings are not a market call, and do not replace the
publication.
Recipient or the Recipient’s clients from conducting their own due-diligence on
Risk Warning the security. The quantitative equity rating is not a suitability assessment; such
Please note that investments in securities are subject to market and other risks assessments take into account many factors including a person’s investment
and there is no assurance or guarantee that the intended investment objectives objective, personal and financial situation, and risk tolerance all of which are
will be achieved. Past performance of a security may or may not be sustained factors the quantitative equity rating statistical model does not and did not
in future and is no indication of future performance. A security investment consider.
return and an investor’s principal value will fluctuate so that, when redeemed,
Prices noted with the Report are the closing prices on the last stock-market
an investor’s shares may be worth more or less than their original cost. A
trading day before the publication date stated, unless another point in time is
security’s current investment performance may be lower or higher than the
explicitly stated. Unless otherwise provided in a separate agreement, recipients
investment performance noted within the report.
accessing this report may only use it in the country in which the Morningstar
The quantitative equity ratings are not statements of fact. Morningstar does distributor is based.
not guarantee the completeness or accuracy of the assumptions or models
Unless stated otherwise, the original distributor of the report is Morningstar
used in determining the quantitative equity ratings. In addition, there is the risk
Inc., a U.S.A. domiciled financial institution.
that the price target will not be met due to such things as unforeseen changes
in demand for the company’s products, changes in management, technology, The information, data and statistics presented herein are not warranted to be
economic development, interest rate development, operating and/or material accurate, correct, complete or timely. Unless otherwise provided in a separate
costs, competitive pressure, supervisory law, exchange rate, and tax rate. For agreement, Morningstar makes no representation that the report contents
investments in foreign markets there are further risks, generally based on meet all of the presentation and/or disclosure standards applicable in the
exchange rate changes or changes in political and social conditions. A change jurisdiction the recipient is located.
in the fundamental factors underlying the quantitative equity ratings can mean
that the valuation is subsequently no longer accurate. Except as otherwise required by law or provided for in a separate agreement,
Morningstar and its officers, directors and employees shall not be responsible
For more information about Morningstar’s quantitative methodology, please or liable for any trading decisions, damages or other losses resulting from, or
visit http://global.morningstar.com/equitydisclosures. related to, the information, data, analyses or opinions within the report.
Morningstar encourages recipients of this report to read all relevant issue
General Disclosure documents (e.g., prospectus) pertaining to the security concerned, including
without limitation, information relevant to its investment objectives, risks, and
costs before making an investment decision and when deemed necessary, to
The Quantitative Equity Report (“Report”) is derived from data, statistics and
seek the advice of a legal, tax, and/or accounting professional.
information within Morningstar, Inc.’s database as of the date of the Report
and is subject to change without notice. The Report and its contents are not directed to, or intended for distribution to
or use by, any person or entity who is a citizen or resident of or located in any
Given the nature of this Report, there is no one analyst in which a given Report
locality, state, country or other jurisdiction where such distribution, publication,
is fully attributable to; however, Mr Jeffrey Ptak, Chief Ratings Officer for
availability or use would be contrary to law or regulation or which would
Morningstar Research Services LLC is responsible for overseeing the
subject Morningstar or its affiliates to any registration or licensing
methodology that supports the Report. Mr. Ptak is guided by the Morningstar
requirements in such jurisdiction.
Research Services' Code of Ethics and the Morningstar, Inc. Code of Ethics in
carrying out his responsibilities. Morningstar’s Manager Research, Investment, Where this report is made available in a language other than English and in the
and Analytics Group includes research employees of various Morningstar, Inc. case of inconsistencies between the English and translated versions of the
subsidiaries who prepare analysis on investment products and quantitative report, the English version will control and supersede any ambiguities
research employees of Morningstar, Inc. or its subsidiaries who aim to help associated with any part or section of a report that has been issued in a foreign
investors by providing innovative research, models, and software. language. Neither the analyst, Morningstar, or Morningstar affiliates guarantee
the accuracy of the translations.
This Report is for informational purposes, should not be the sole piece of
information used in making an investment decision, and has no regard to the This report may be distributed in certain localities, countries and/or

©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.
| : 17 Feb 2025, 07:34 UTC | : CNY | : HKD | : HONG KONG EXCHANGES AND CLEARING LTD Page 6 6

jurisdictions (“Territories”) by independent third parties or independent reference to an investor’s objectives, financial situation or needs. Investors
intermediaries and/or distributors (“Distributors”). Such Distributors are not should consider the advice in light of these matters and, if applicable, the rel-
acting as agents or representatives of the analyst or Morningstar. In Territories evant Product Disclosure Statement before making any decision to invest.
where a Distributor distributes our report, the Distributor, and not the analyst Refer to our Financial Services Guide (FSG) for more information at http://
or Morningstar, is solely responsible for complying with all applicable www.morningstar.com.au/fsg.pdf
regulations, laws, rules, circulars, codes and guidelines established by local
and/or regional regulatory bodies, including laws in connection with the For recipients in New Zealand: This report has been issued and distributed by
distribution third-party research reports. Morningstar Australasia Pty Ltd and/or Morningstar Research Ltd (together
‘Morningstar’). This report has been prepared and is intended for distribution in
Conflicts of Interest New Zealand to wholesale clients only and has not been prepared for use by
u Morningstar, Inc. may hold a long position in the security subject of this in- New Zealand retail clients (as those terms are defined in the Financial Markets
vestment research report that exceeds 0.5% of the total issued share capit- Conduct Act 2013).The information, views and any recommendations in this
al of the security. To determine if such is the case, please click http:// material are provided for general information purposes only, and solely relate
msi.morningstar.com and http://mdi.morningstar.com to the companies and investment opportunities specified within. Our reports do
u The Chief Rating Officer's compensation is derived from Morningstar's over- not take into account any particular investor’s financial situation, objectives or
all earnings and consists of salary, bonus and market stock units of Morn- appetite for risk, meaning no representation may be implied as to the suitability
ingstar, Inc. of any financial product mentioned for any particular investor. We recommend
u Morningstar does not receive commissions for providing research and does seeking financial advice before making any investment decision.
not charge companies to be rated.
u Morningstar is not a market maker or a liquidity provider of the security For recipients in Canada: This research is not prepared subject to Canadian
noted within this report. disclosure requirements.
u Morningstar has not been a lead manager or co-lead manager over the pre-
vious 12-months of any publicly disclosed offer of financial instruments of For recipients in Hong Kong: The Report is distributed by Morningstar Invest-
the issuer. ment Management Asia Limited, which is regulated by the Hong Kong Securit-
u Morningstar affiliates (i.e., its investment management group) have ar- ies and Futures Commission to provide investment research and investment ad-
rangements with financial institutions to provide portfolio management/ in- visory services to professional investors only. Neither Morningstar Investment
vestment advice some of which an analyst may issue investment research Management Asia Limited, nor its representatives, are acting or will be
reports on. However, the Chief Rating Officer does not have authority over deemed to be acting as an investment professional to any recipients of this in-
Morningstar's investment management group's business arrangements nor formation unless expressly agreed to by Morningstar Investment Management
allow employees from the investment management group to participate or Asia Limited.
influence the analysis or opinion prepared by them.
u Morningstar, Inc. is a publicly traded company (Ticker Symbol: MORN) and For recipients in Japan: The Report is distributed by Ibbotson Associates Ja-
thus a financial institution the security of which is the subject of this report pan, Inc., which is regulated by Financial Services Agency, for informational
may own more than 5% of Morningstar, Inc.’s total outstanding shares. purposes only. Neither Ibbotson Associates Japan, Inc., nor its representatives,
Please access Morningstar, Inc.’s proxy statement, “Security Ownership of are acting or will be deemed to be acting as an investment professional to any
Certain Beneficial Owners and Management” section https://sharehold- recipients of this information.
ers.morningstar.com/investor-relations/financials/sec-filings/default.aspx
u Morningstar may provide the product issuer or its related entities with ser- For recipients in Singapore: For Institutional Investor audiences only. The Re-
vices or products for a fee and on an arms’ length basis including software port is distributed by Morningstar Investment Adviser Singapore Pte. Limited,
products and licenses, research and consulting services, data services, li- which is licensed by the Monetary Authority of Singapore to provide financial
censes to republish our ratings and research in their promotional material, advisory services in Singapore. Morningstar Investment Adviser Singapore Pte.
event sponsorship and website advertising. Limited is the entity responsible for the creation and distribution of the re-
search services described in this presentation. Investors should consult a finan-
Further information on Morningstar, Inc.’s conflict of interest policies is avail- cial adviser regarding the suitability of any investment product, taking into ac-
able from http://global.morningstar.com/equitydisclosures. Also, please note count their specific investment objectives, financial situation or particular
analysts are subject to the CFA Institute’s Code of Ethics and Standards of Pro- needs, before making any investment decisions.
fessional Conduct.
For recipients in Korea: The report is distributed by Morningstar Korea Ltd.,
Morningstar’s quantitative ratings are available for more than 40,000 which has filed to the Financial Services Committee, for informational purposes
companies in 86 countries that trade on 64 exchanges. If you wish to obtain only. Neither Morningstar Korea Ltd. nor its representatives are acting or will
further information regarding Morningstar’s quantitative equity reports please be deemed to be acting as an investment advisor to any recipients of this in-
contact your local Morningstar office. formation.

For a list of securities which the Equity Research Group currently covers and
provides written analysis on please contact your local Morningstar office. In ad-
dition, for historical analysis of securities covered, including their fair value es-
timate, please contact your local office.

For recipients in Australia: This Report has been issued and distributed in
Australia by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544; ASFL:
240892). Morningstar Australasia Pty Ltd is the provider of the general advice
(‘the Service’) and takes responsibility for the production of this report. The Ser-
vice is provided through the research of investment products.

To the extent the Report contains general advice it has been prepared without
©2025 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions ®
presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
ß
from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner,
without the prior written consent of Morningstar. This report may have been generated with the help of artificial intelligence and reviewed by Morningstar analysts. Investment research is produced and issued by
subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the
research, call +1 312-696-6869. Please see important disclosures at the end of this report.