fy2020/21
Interim results
November 2020

(6858.hk)
one of the most prestigious andiconic brands in the golf industry

You must read the terms, conditions, limitations, notifications, restrictions, acknowledgments and representations in the following (the “Terms”) before reading or
making any other use of this presentation. In reading or making any other use of this presentation, you acknowledge and agree to be bound by the following Terms.
These materials, and any further information made available to you during this presentation, are fully based on information that has already been in public domain.
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the materials contained herein, and any further information made available to you, may not be copied, reproduced or redistributed to any other person in any manneror published, in whole or in part, for any purpose, at any time, without the prior written consent of the Company. You will return to the Company all materials provided
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The information contained in these materials also contains certain forward-looking statements, which are based on various assumptions and subject to risks anduncertainties. In light of these assumptions, risks, and uncertainties, the future facts, events and circumstances described in these materials may not occur andactual results could differ materially and adversely from those anticipated or implied in the forward looking statements. The forward-looking statements are not aguarantee of future performance. Each of the Company, its subsidiaries, affiliates, controlling persons, directors, officers, employees, agents, representatives oradvisers of any of the foregoing assumes no obligation to (1) provide access to any additional information, (2) correct any inaccuracies in this presentation, or (3)update or otherwise revise this presentation, for any reason whatsoever, including without limitation to reflect new information, events or circumstances that arise,occur or become known after the date of this presentation. This presentation is for information purposes only and does not constitute an offer or invitation for thesale or purchase of any security. Any such offer or invitation will be made solely through a prospectus or offering circular in compliance with applicable laws and any
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INTERIM REPORT 20/21

01

1 HONMAINTERIM REPORT 20/21

02

#1 Premium golf brand founded in 1959, Japan60+ years of dedications towards Quality and Craftsmanshipthe only vertically integrated golf company in the world

HONMA
In-house R&D and club
manufacturing••

INTERIM REPORT 20/21

256 skilled craftsmen and R&D
personnel operating out of 163,000 sq
metre of R&D and manufacturing
footprint in Sakata, Japan
Advanced and sophisticated design
and manufacturing capacity, housed
under one roof

Premium & Performance-driven
Golf Products••

Club portfolio focusing on superpremium and premium-performance
consumer segments
Comprehensive range of premium nonclub products including balls, apparels
and accessories

Extensive DTC + distribution
network•••

Presence in over 50 countries•

Fast growing E-commerce business77 self-operated stores
4,077 POS via third party retailers &wholesellers

032 performanceoverview

INTERIM REPORT 20/21

04

The global distribution of new Covid cases
Since 2QFY21, North America, Europe and Japan continued to see increasing confirmed cases, while
China, South Korea and SEA saw a speedier recovery from the pandemic

Performanceoverview

INTERIM REPORT 20/21

05

Overview by market
1H fy21 Revenue Mix
JPY 9,053 Million / USD 84.7 Million, -14.1%%

4.5 3.4
11.2
34.4

Performanceoverview

Revenue from our major markets showed different
development Patterns corresponding to how
government authorities responded to the health crisis-19.4% EUROPE
Sales: JPY 410 MM

20.5-59.6% JAPAN -36.7% NORTH AMERICA

Sales: JPY 305 MM+52.3% CHINA Sales: JPY 1,856 MM
Sales: JPY 2,353 MM +16.9% SOUTH KOREA(INCLUDING hk & macau)

26.0

Korea
China (Including Hong Kong and Macau)
Japan
Rest of the World
EuropeNorth America

Sales: JPY 3,116 MM+30.7% REST OF THE WORLDSales: JPY 1,013 MMNote
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

06

Overview by Product Category
1H fy21 Revenue Mix
JPY 9,053 Million / USD 84.7 Million, -14.1%
Golf clubs
Net sales -12.5%, gross margin -1.8pp to 50.9%
%

•
•
•

5.5
6.5

Performanceoverview

Beres family +18.6%
Mainland China +102.9%
South Korea +10.3%

10.3

Golf balls
77.8

Net sales -6.0%, gross margin +1.9pp to 48.9%••
Golf Clubs
Golf Balls
Accessories & Other Related
Apparels

Mainland China +28.7%
South Korea +41.5%

Apparels
Net sales -5.2%, gross margin +38.4pp to 69.6%•

South Korea +1023.9%

Note
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

07

Overview by channel
1H fy21 Revenue Mix
JPY 9,053 Million / USD 84.7% Million, -14.1%

%

28.9

Performanceoverview

Direct-to-Consumer channel•••

77 self-operated stores

•
•
•
•

Revenue decreased slightly by 0.2%

14 US mobile vans
E-Commerce in China, Japan and US

Increased sales per store
Sales from E-commerce +79%
Sales from Tmall + JDmall more than trippled

71.1

3rd party retailers and wholsalers
Distributors
DTC Channels••

4,077 POS••

Revenue decreased by 18.8%+158 newly opened POS

Significant disruptions due to COVID-19

Note
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

08

3 BUSINESS

highlight

INTERIM REPORT 20/21

09

Product• Focus on super premium and premium performance club family• Nurture complimentary non-club categories in Asia home markets• Stay up with latest market trend with leading R&D capabilities• Sakata studio + North America product development hub

HONMA Core Brand Valuehonma
growthstrategy• Japanese craftsmanship• Premium performance

Channel• Self-operated retail channels

Matchrefined consumer focus••• Brand experience store• On-course hubs and mobile vansThird-party• Premier shop-in-shops in North America and Europe• Extensive POS with third party retailers and wholesalers
E-commerce capabilities in key markets including Japan, China andNorth America

sales
revenue
growth• Super premium - affluent golfer• Premium performance - avid
golferConsumer Awareness & Loyalty• Upgrade online / offline retail experience• Strengthen digital and social media presence• Create a streamlined tour team with local pros and influencers• Create / revamp CRM system to track consumer behavior andexecute loyalty program

INTERIM REPORT 20/21

10

to

from

super premiumA.

Affluent Consumers

CLUB PRODUCTPORTFOLIO
optimized
tO FOCUS ON SUPERPREMIUM AND PREMIUMPERFORMANCE CONSUMERS
SEGMENTS(cont’d)Affluent Consumers

premium performance
avid golfers

beginners

INTERIM REPORT 20/21

TOUR RELEASEPERFORMANCE
enhancement

Better & Serious golfers
Handicap 0-12

Game Improvement golfers
Handicap 8-20

11

A.

CLUB PRODUCTPORTFOLIO
optimized
tO FOCUS ON SUPERPREMIUM AND PREMIUMPERFORMANCE CONSUMERS
SEGMENTS(cont’d)

INTERIM REPORT 20/21

Beres

Tour World

Designed for super premium
segment

Designed for premiumperformance segment

BERES 07

TOUR RELEASE

othersCOUNTRY SPECIFIC MODELS

TR20
TR21

PERFORMANCE ENHANCEMENT
XP-1

12

overall club sales down by 12.5%
BERES showed strong resilience in Super Premium segment
TOUR WORLD new product launch severely INTERRUPTED by COVID-19 in mature markets

A.

CLUB PRODUCTPORTFOLIO
optimized
tO FOCUS ON SUPERPREMIUM AND PREMIUMPERFORMANCE CONSUMERS
SEGMENTS(cont’d)product
launchsales
performance

Beres (focus)

Tour World (focus)

OTHERS

•

•
•

•
•
•

Putters

1H FY21 sales up by 13.7%

Sales in Mainland China +132.6%

Beres 07 launched in Dec 2019••

1H FY21 sales up by 18.6%•••

Sales in Mainland China +62.6%

58.4% of club sales

Sales in South Korea +85.4%
Sales in SEA +62.5%

XP-1 launched in Sep 2019
TR20 launched in Jan 2020
TR21 launched in Sep 2021•

Activation disrupted due to COVID-19••

1H FY21 sales down by 70.7%
11.2% of club sales

•
•

•
•
•
•

Sales in Mainland China +278.4%•

Country specific models
Special editions

30.4% of club sales

Sales in Japan -80.9%
Sales in Europe -81.1%
Sales in US -80.5%

Note
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

13

Golf ball sales DOWN BY 6%
COVID-19 headwind partially offset by strong growth in Mainland China and South Korea

B.
ACCELERATINGGROWTH IN BALL
AND RELAUNCHINGAPPARELin home markets

D1 2020, 2-LAYER BALL

HONMA X4, 4-LAYER BALL•

Sales in Mainland China +28.7%•

Sales in South Korea +41.5%•

Prioritized R&D resources and launched product with own
patent•

Dedicated sales force and go-to-market strategy in Japan,
Korea and China•

Beefed up product marketing resources

FUTURE XX, 6-LAYER BALL

golf ball sales
Double-digit growth for 5 consecutive years
JPY MM

51
+
:
R
G
CA

.5%

2,206
1,805

1,148
736
420

2016

2017

2018

2019

2020

Note
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

14

APPAREL sales DOWN BY 5.2%
Spring / Summer 2020 collection severely hit by COVID-19 due tosupply chain and retail disruption
Fall / Winter 2020 collection showing strong YOY growth on theright track to meet Full year targetB.
ACCELERATINGGROWTH IN BALL
AND RELAUNCHINGAPPARELin home markets•

Sales in South Korea +1023.9%• Dedicated apparel team established in 2019• Opened 11 new apparel stores in 1HFY21, despite of
the pandemic•

Sales in Mainland China -6.1%• Sales of 20SS collection was negatively impacted by
COVID-19 in 1QFY21(cont’d)• 2QFY21 saw fast recovery and strong trend of growth

Note
The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

15

New HONMA apparel collection consisting of
3 distinctive product lines resonating the target
segment of the club families

B.
ACCELERATINGGROWTH IN BALL
AND RELAUNCHINGAPPAREL

FALL / WINTER

in home markets

SPRING / SUMMER(cont’d)

INTERIM REPORT 20/21

black label

red labelwhite label

Premium, Aesthetic, Design

Performance, High-tech, Functionality

Modern, Active, Fashion

16

US
Mobile Van

Self-owned stores
to upgrade as brand experience hubs across all
markets•• 10 new stores opened, of which 6 in Mainland
China, 2 in Japan, 2 in rest of Asiac.

360 degree
brandexperience

77 self-owned stores, net decrease by 2

South Korea, Sejong
opened in Apr 2020•

Japan, Tokyo
opened in Jun 2019

Launching additional mobile vans in the US• 14 vans by 1HFY21• Bring HONMA fitting experience to consumer’shome course

through omni channels

US, Carlsbad
opened in Oct 2019

Third-party retailers and wholesalers
continued to drive penetration and gain mind share

•
•
•
•

Number of POS increased by 158 to 4,077
125 new POS in the US
23 new POS in Europe
28 new POS in South Korea
China, Shanghai
opened in June 2020

INTERIM REPORT 20/21

Europe, Paris
opened in Nov 201917

E-commerce sales Increased robustly by 79%c.

360 degree
brandexperiencethrough omni channels(cont’d)•E-commerce platforms strengthened / added in
major markets• China: Tmall, JD, WeChat Mini Program, VIP mall
• Japan & US: self-operated E-commerce site
• Overall E-commerce sales grew by 79%• Sales from Tmall & JD flagship store grew
fourfold YoY•

Creating / Revamping CRM system• Strengthen direct-to-consumer distribution
model• Create an end-to-end digital ecosystem aroundthe re-defined brand and golfers• Significant increase in site visits and sales
driven by offline retail channel closedown due to
COVID-19

INTERIM REPORT 20/21

18

TAPPING INTO THE LARGEST GOLF MARKETS IN THE WORLD53%
D.
GROWINGSTRATEGIES INNORTH AMERICA& EUROPE

12%of the global golf
retail salesof the global golf
equipment sales• Building a unique DIRECT-TO-CONSUMER distribution model to capture super premium and premium performancesegment

brand headquarterand gallery

honma house
Digital Platform

Honma hubs &shop-in-shops

DTC
Distribution
Model

Digital Platform

mobile vans

Digital Platform• Well underpinned marketing plan to• Build brand awareness, loyalty and repurchase frequency• Drive traffic to HONMA house, hubs and shop in shops for the complete HONMA experience• Create, optimize and leverage digital channels as a day to day point of brand engagement with CRM mindset
INTERIM REPORT 20/21

19

driving brand awarenessacross all markets
Customer events

E.
Re-defining HONMA

Dynamic,
Modern,GlobalINTERIM REPORT 20/21•

Increase in rounds play after multiple markets re-openfrom social-distancing rules•

During 1H FY2021, HONMA hosted 1,357 customer
days across its main markets•

The activities were mainly held on golf courses withdedicated fitters•

Integrated brand experience and retail activities

PR & Media Coverage

20

Active digital communication throughRelaunched Global Website and Social
Media Accounts

E.
Re-defining HONMA

Dynamic,
Modern,Global(cont’d)

INTERIM REPORT 20/21•

Frequent updates on the relaunched global website
and mainstream social media platforms• To convey consistent brand image and enhancebrand awareness across all markets• To connect digital platform with retail activities• To own the entire consumer experience andrelevant data21

4 FINANCIAL

review

INTERIM REPORT 20/21

22

HALF year ended 30 SEP 2020

YoY Change (JPY Base)

JPY 9,053.0 Million / USD 84.7 Million (1)-14.5%

51.2%+1.5 pp

JPY 442.4 Million / USD 4.1 Million (1)+142.1%

Profit Before Tax(JPY 431.4 Million) / (USD 4.0 Million) (1)+JPY 79.4 Million

Net profit(JPY 803.5 Million) / (USD 7.5 Million) (1)-JPY 752.3 Million (2)(JPY 1.33) / (HKD 0.098 ) (1)-JPY 1.25

Net Operating Cash flow

JPY 2,576.4 Million / USD 24.1 Million (1)+540.2%Net Cash Position

JPY 2,578.1 Million / USD 24.1 Million (1)-44.2%

Proposed Dividend

JPY 1.5 / shareapproximately 7% of the Group’s distributable profit as at 30 Sep
2020

Net Sales
Gross Profit Margin
EBITDA

key
financials

Reported Earnings Per ShareNote(1) Exchange rate: 1USD = 106.9 JPY; 1HKD = 13.64 JPY(2) Due to tax expenses of JPY372mm in 1HFY21 while tax credit of JPY459mm same period last year

INTERIM REPORT 20/21

23

revenue

Gross Profit & GROSS Margin

JPY MM

JPY MM

23,787

12,118—11.9%-14.5%
10,591REVENUEDECLINE
DUE TO COVID-19 IMPACT

FY2020

5,261

9,053

1HFY2020

1HFY2021

50.9%

49.7%

FY2020

1HFY2020

Gross Profit

4,634+1.5pp51.2%
1HFY2021

Gross Margin

EBITDAPROFIT BEFORE TAX

JPY MM

JPY MM

1,200

.1
2
4
1
+

%
442

183
FY2020

1HFY2020

1HFY2021

FY2020

1HFY2020

-358
-511

INTERIM REPORT 20/21

1HFY2021-431

24

ahead-ofthe-curve
investment in
distribution
foot print

SG&A Expenses

SG&A Expenses Breakdown

JPY MM

AS % OF SALES

56.9%
2.7%

50.2%

49.3%
1.8%

3.3%

3%

5.0%

2.8%

11,733

9.2%

3.6%
13.0%

3.5%
13.1%
12.1%

to fuel growth in key
markets and productcategories

15.4%

5,320

5,152

11.8%
8.6%

56.9%
49.3%

50.2%

FY2020

1HFY2020

Total SG&A

INTERIM REPORT 20/21

14.1%

1HFY2021

SG&A as % to sales

FY2020

17.5%

15.8%

1HFY2020

Employee Benefits
Depreciation of Right-of-Use Assets

1HFY2021

Other Selling Expenses
Administrative Expenses

A&P Expenses
Rental Fees

25

Net Operating Cash Flow

cash on hand

JPY MM

JPY MM

11,203

2,576
10,222strongoperatingcash flow
and HEALTHY
capitalstructure402
1HFY2020

559
FY2020

1HFY2021

1HFY2020

FY2020

1HFY2021

Interest-bearing Liabilities

Interest-bearing Liabilities / Total Equity

JPY MM

%

8,600

8,624
40.4%

5,600

1HFY2020

INTERIM REPORT 20/21

10,473

44.0%

24.3%

FY2020

1HFY2021

1HFY2020

FY2020

1HFY2021

26

Receivables Turnover Days (1)Payables Turnover Days (2)Inventory Turnover Days (2)JPY MM

JPY MM

JPY MM

139

Continued
Improvementin Working
CapitalEfficiency-23 days+7 days
63

116

108

70

309
268

248

+41 days

57
215
145

22

1HFY2020

FY2020

1HFY2021

1HFY2020

FY2020

1HFY2021

172

25

24

81

71

70

1HFY2020

FY2020

1HFY2021

Raw MaterialWork in Process

Finished Goods

Note(1) Turnover days are calculated using the average of the opening, mid year and closing balance of the relevant periods(2) Turnover days are calculated using the average of the opening and closing balance of the relevant periods.

INTERIM REPORT 20/21

27

5 APPENDIX

INTERIM REPORT 20/21

28

Robust growth across hero product categories
Overall sales dropped due to club portfolio
optimisation%

Appendix I

Business
Reviewby Market
HOME MARKET

Japan

4.5 3.4

market••

2nd largest golf equipment market in the world•

2,290 golf facilities, representing half of thetotal facilities in Asia (2)•Around 12 million golf population (3)

11.2
34.4
20.5
26.0

Korea
China (Incl. HK and Macau)
Japan
Rest of the World
EuropeNorth America

Total equipment market size in 2018
approximates to USD 1.2 billion by forecast (1)HALF year review on a constant currency basis

net sales
JPY MM•

Retail environment severely disrupted while thecountry continues to battle with COVID-19•

Sales from E-commerce more than doubled due
to shift of consumer behavior prompted by the
pandemic

4,594

1,856
-59.6%
1HFY20

1HFY21Note(1) Source : Golf Around the World 2017, the R&A(2) 2018 Yano’s White Paper on Golf Industry, Japan(3) Frost & Sullivan(4) The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

29

Continued double digit growth into
the 7th consecutive year%

Appendix I

KOREA

•
•

Fast growing and under-penetrated market•

6.3 million of golf population, close to 15% of
total population in Korea (1)4.5 3.4
11.2
34.4

Business
Reviewby Market
HOME MARKET

market20.5

Korea
China (Incl. HK and Macau)
Japan
Rest of the World
EuropeNorth America

HALF year review on a constant currency basis

•
•

26.0

net sales

7th consecutive year of double-digit growth
Golf club sales up by 10.3% thanks to strong
brand equity and continued partnership withKolon
• Beres sales increased by 85.4%

JPY MM

2,665

3rd largest golf equipment market in the world
with USD 600 million equipment sales in 2018
by forecast (1)

3,116

•

Growing ball and apparel business with thecreation of an internal non-club sales team
• Golf ball sales up by 41.5%+16.9%• Apparel sales up by 1023.9%

1HFY20

1HFY21Note(1) Source : KGPA, Korea Golf Association 2017
(2) The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

30

Apparel sales boomed after Apparelline relaunch and POS expansion%

Appendix I

market•••4.5 3.4
11.2

Business
Reviewby Market

Korea
China (Incl. HK and Macau)
Japan
Rest of the World
EuropeNorth America

34.4
20.5

26.0

HOME MARKET

china

net sales Mainland china

net sales HONG KONG

JPY MM

JPY MM

2,361(incl. HK & Macau)
1,403+68.3%
181

1HFY20

1HFY21

1HFY20-70.9%
53
1HFY21

New and developing golf market
496 golf courses, around 1 million golf
population (1)Solid and growing demand in active wear andfashion-athletic apparel

HALF year review on a constant currency basis
Mainland China•

Starting from May, strong sales recovery
following consumption sentiment rebounce andgolf courses re-opening•••

Golf club sales up by 102.9%-30.8%

Golf ball sales up by 28.7%
Strengthened E-commerce strategy: sales from
Tmall and JD flagship store more thanquadrupled.

Note(1) Source : Forward Golf White Paper Report 2017
(2) The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

31

building a unique direct-to-customer
distribution model to capture super premiumand premium performance segment
3.4%

Appendix I

4.5
11.2

Business
Reviewby Market

34.4
20.5
26.0

NEW MARKET

North
America

Korea
China (Incl. HK and Macau)
Japan
Rest of the World
EuropeNorth America

market•Largest golf market in the world with 53% of the
global golf retail sales (1)•2018 golf equipment sales approximates to USD
4.3 billion by forecast (1)•Around 24 million golf participants (1)HALF year review on a constant currency basis•

Retail environment severely disrupted due to thepandemic and social distancing policies•

Continued executing HONMA’s unique DTC
distribution strategy+125 POS to 549 in total+5 mobile vans to 14 in total

net sales
JPY MM

490
311-36.7%

1HFY20

1HFY21Note(1) Source : Golf DataTech’s 2018 research report(2) The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

32

Effective awareness elevation andcontinued POS increase
4.5%

Appendix I

EUROPE

•
•

3.4

11.2
34.4

Business
Reviewby Market
NEW MARKET

market

20.5
26.0

Korea
China (Incl. HK and Macau)
Japan
Rest of the World
EuropeNorth America

Mature but fragmented golf market
England, Austria, Germany, France and Sweden in
total accounts for around 12% of the world’ golf
equipment sales, which approximates to USD 1
billion (1)HALF year review on a constant currency basis•

net sales

Continued channel penetration and enhancing
brand awareness+23 POS to 563 in total
426 demo days / fitting events

JPY MM

490
395-19.4%

1HFY20

1HFY21Note(1) Source : KGPA, Korea Golf Association 2017
(2) The growth rate shown on this page are calculated on a constant currency basis

INTERIM REPORT 20/21

33

For the six months ended 30 September
2019.9.30
JPY

2018.9.30
%

JPY

%

Year-on-Year Change%(In thousands, except for percentages and per share data)
Consolidated Statement of Profit or Loss
Revenue

9,052,973

100.0

10,590,973

100.0

-14.5

Cost of sales-4,418,599-48.8-5,330,135

-50.3

-17.1

Gross profit

4,634,374

51.2

5,260,838

49.7

-11.9

362,048

4.0

36,6520.3

887.8

Selling and distribution expenses-4,319,244-47.7-4,627,977

-43.7

-6.7

Administrative expenses-832,987-9.2-691,916

-6.5

20.4

Other (expenses)/income, net-244,568-2.7-519,534

-4.9

-52.9

Finance costs-39,108-0.4-28,476

-0.3

37.3

Finance income

8,109

0.1

59,6800.6-86.4

Profit before tax-431,376-4.8-510,733

-4.8

-15.5

Income tax expense-372,149-4.1

459,495

4.3-181.0Net profit-803,525-8.9-51,238-0.5

1,468.2

Operating Profit-548,856-6.1-28,458-0.3

1,828.7

Net Operating Profit-850,219-9.4

392,0723.7-316.9Other income and gains

Consolidated
P&L

Note
(1) Operating profit is derived from profit before tax by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses and (iv) adding RSU expenses.
(2) Net operating profit is derived from net profit by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses, (iv) adding RSU expenses and (v) adding impact on tax. The Group referred to such measure as
adjusted net profit in the Group’s Interim Results Announcement for the Six Months Ended 30 September 2019 dated 29 November 2019

INTERIM REPORT 20/21

34

For the six months ended 30 September
2019.9.30

2019.3.31
JPY

JPY(In thousands, except for percentages and per share data)
Consolidated Statement of Financial Position
AssetsConsolidated
Balance Sheet

INTERIM REPORT 20/21

Non-current assets

8,985,203

9,825,389

Current assets

27,358,893

30,354,928

Total Assets

36,344,096

40,180,317

Non-current Liabilities

2,070,706

2,975,818

Current Liabilities

14,664,017

6,363,274

Total Liabilities

16,734,723

9,339,092

Net current assets

12,694,876

23,991,654

Total assets less current liabilities

21,680,079

33,817,043

Net Assets

19,609,373

30,841,225

Total Equity

19,609,373

23,005,386

Liabilities

35

For more inquires, please contact

ir@honma.hk