Professional Documents
Culture Documents
2016
OVERVIEW
CONTENTS
Monkeys tale
OVERVIEW.................................................................... 3
Famous chimps
Sector highlights................................................... 6
uncontrollable. Loved for his human-like antics and disliked for his
Sun Wukong
Sun Wukong
as performed
in Chinese
opera
zodiac, and the year ahead, is the character Sun Wukong, or Monkey
Property outlook................................................ 24
to as his story. But its worth recalling that, after being punished for
a long list of impish wrongdoings and consequently caged by the
Hanuman
retrieve scriptures from India for the good of humanity. And thats how
Monkey business
we see the year ahead. One of impish, apeful, baboonery, but overall,
not too bad, with many opportunities for fast movers.
As our starting point, we look at the eight-character Bazi for the Monkey
The CLSA Feng Shui Index for the Year of the Goat 2015
2 Feb
24,485
11 Jan
atop Metal, which has capacity for bringing about conflict. However,
19,888
the Fire is relatively benign, and there is enough Water hidden in the
26) takes a unique turn from recent years, with a decent start after a bad
end to the Goats reign, a big dip in the middle followed by a recovery.
ex
Feng Shui Ind
this is a year to set things up for a stronger future. Thats good news
for China as it sets about shoring up its One Belt, One Road strategy
YEAR GOAT
o
with wealth and security two guiding motives for the countrys modern
October until the Goat found his footing and began to climb again. Alas, the influence of the
Journey to the West. We also take a look at the fortunes of the Zodiac,
impish ape arrived early, and our Billy was bumped off his intended path, which was to end the
for the Monkey years of 1992 and 2004 with actual index performance.
2016
YEAR
PILLAR
Geng
Gui
Yi
Ji
Yang Metal
Yin Water
Yin Wood
Yin Earth
Monkey
Rabbit
Pig
Rooster
Shen
Mao
Hai
You
Yang Metal
Yin Wood
Yin Water
Yin Metal
HOUR
PILLAR
Heavenly stems
Fire Monkey
MONTH
YEAR
PILLAR
PILLAR
Ding
Bing
Geng
Bing
Yin Fire
Yang Fire
Yang Metal
Yang Fire
Rooster
Dragon
Tiger
Monkey
Earthly branches
year higher than it started. See page 4 where we also compare our previous Feng Shui forecasts
Famous
chimps
Bubbles
2015
Sanbiki No Saru
You
Chen
Yin
Shen
Yin Metal
Yang Earth
Yang Wood
Yang Metal
The Monkees
Curious
George
Childrens favourite
Previous years
PREVIOUS YEARS
2004
1980
Metal Monkey
Wood Monkey
22 Jan
8 Feb
13,727
13,846
2004
Shui Index
950
1,651
4 Feb
year for paying peanuts and gethed tried to ape anyone else, by
16 Feb
CLSA Feng
monkeys of us all.
23 Oct: HK ends the Touch Base policy for illegal mainland immigrants.
20 Jan: The hostages from the US embassy in Tehran are finally freed.
1992
Water Monkey
22 Jan
4 Feb
5,914
4,711
1968
Earth Monkey
30 Jan
860
16 Feb
945
Healthcare/Pharma
Chine
se pharm
the
gains
and developments
E-commerce - New themes
October 2014
Special report
/18.00
HK$27.80
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perform
1M
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26
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210
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Experts
Kingdom
United
CLSA (UK) House
12/F, Moor Wall
120 London 5ET
EC2Y
7000
London
20 7614
7070
Tel: +44
20 7614
Fax: +44
Bhd
les
author
Founde
s
Energy r and
Princip
Strateg
al,
ies Group
Winners
Opportunitie
s and threats
In the second
for Cannington
of our series
BHPs Cannington
of
mine, which reports on South32s
Ebitda. We
see opportunities
generated
assets, we
potential
14% of
review
for cost
for mine-life
out, particularly1HFY15 underlying
cut opportunity
extension
on underground
labour
and tailings
the declining
ore additions,costs, and
grade profile, processing. The
We expect
an openkey challenge
which could
the South32
is combating
see production
demerger
to create
fall by one-third.
Earnings
value and
contributor
rate BHP
a BUY.
The Cannington
mine is
South32.
one of 10
It is one
assets that
of three
contributed
BHP will
first-quartile
14% and
spin off
industry
19% to South32
1HFY15.
to form
cost
This was
assets underlyingmining assets,
behind only
represents
and
the GEMCO
about 9%
Ebitda and
and Hillside
of our preliminary
Ebit in
operations.
NPV for South32
High-grade
Cannington
silver-lead
of US$15.5bn.
We commissioned
mine
industry
A$39.68/26.90
operations.
expert Louis
The asset
Louwrens
12M price
underground
is located
to review
target
in
A$36.00
the Cannington
% potential
infrastructure. mining and processing Queensland, Australia
+16%
and comprises
which producedIt is one of the worlds facility, as well as
Shares in
an
rail-loading
issue
largest and
about 187kt
5,564.4m
and port
Free float
lowest-cost
of lead, 58kt
(est.)
silver-lead
100.0%
Opportunities
of zinc and
mines,
25Moz of
Market cap
and threats
silver in FY14.
The key opportunity
US$128,658m
appears to
as labour
3M average
be higher
has doubled
labour productivity
A$278.8m daily volume
in
of total
costs. There the past 14 years
(US$220.1m)
and costs
and we estimate
Independent
is potential
savings,
Major shareholders
now represents
Competent
for
will be reviewed
BlackRock
Persons Report. more staff cuts
24%
7.1%
than
again and
to add mine
see potential We believe the open-cuttabled in the
life. The key
for reclaiming
development
on costs and
challenge
tailings (waste
is the declining
could result
material)
in production
grade profile,
falling by
which will
Demerger
a third over
to
the next six weigh
The demerger unlock value
years.
is
progressing,
South32s
with the
listing in
shareholder
early June.
portfolio
vote on 6
to enable
This should
May, ahead
greater
create
appropriate
Stock performance
of
capital structure productivity benefits, value by simplifying
(%)
valuations
BHPs
and by providing
and operating
are
1M
3M
Absolute
model for
dividend yield attractive at 0.8x
12M
a more
(7.1)
South32s
provides support. P/NPV and 6.2x
7.4 (13.4)
Relative
16CL EV/Ebitda, assets. BHPs
(7.6)
We rate BHP
(3.0) (22.6)
Abs (US$)
while the
a High-Conviction
Financials
(6.6)
5%
4.3 (25.3)
41 (A$)
BUY.
Dylan Kelly
+61 2 8571
4263
Research
- Melbourne
Australia
Pty Ltd
CLSA Australia
Level 2
Street
420 Collins VIC 3000
Melbourne 8571 4200
2
Tel: +61 9221 1188
2
Fax: +61
2015
Head
Yont
charlesof Sustain
s
+852 .yonts@ able
2600
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8539
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China
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Chet
India
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Charles
Australia
China (Shanghai)
Hong Kong
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Team
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15 Septem
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1288.HK
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HK$4.70
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13%
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3328.HK
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HK$8.30
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8%
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8555
15 Septemb
We
segmen
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2015-17 to curb sales
paymen
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to new
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drivers,
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SUVs
continue better driver
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2016.
sedans.
should
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g from
size and
larger
upgradin Korea in 2003.
cycle in
Their
product
of
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subsidy
2015
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6 May
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ry due
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e brands bile
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domesti environmentally
e brands.
drag on
price-se
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JVs with
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share,
t
China
from related
in FY15/16
Motor
BUY
ts come
lift market
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Dongfeng
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US$14.4b
continue 80% of its
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the
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models
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HK$59.60
strategy
persists
we expect
Price
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because faces marketTarget
the situationdeterior
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top pick
HK
le but
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amid
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We reinitiat benefit from
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HK$7.99
to
pressure on GAC due
Price
our HK$19.5
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and 9.0x
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10.5x
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on 9.0x,
share
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three
strategy consens
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for the
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Policy positive on
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and moret is relative
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t terms
3968.HK
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HK$23.4 0
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unit-shi
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STOCKS
risk of
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rt
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a
Bevz
Irina2600 8462
rajesh.panjwani@clsa.
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+852 2600 8271
Johnny Lau
16 January
2015
Powers earnings.
if the will prices (c.6% of tariffs)
r Asset
have little impact
andIt also
(CKI)
Powe or hydro.
signif devia no major
The
CKI.does not face big
on CGN
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aker
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rajesh.2600 8271
driving an 18%
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Shan2600 8483
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merge power-demand
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ing to rise by
hi/lo HK$3.62/2.78
et prices
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ntial been
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is at ae multiyear 150% during 2013-17,
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t
to
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low. Thus,
12Mwith
30 days
price target
what
despite priority
e inutilisation
the plants
analys nies have
HK$3.25
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cash hours will
seems
argue
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%
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ive
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fair
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at
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Free float lt,
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ally
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which
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r 2015
utilisation hours
next
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out
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Taishan
also
to justify
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26 Octobe
a leaf overhang;
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s from
ber
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higher
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y daily volume
than CGNs
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tariff
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er
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to
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versus
however,
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ook
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from
ndent the past
there compa
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value
part
is no guarantee
or end
other plants in
overl
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any
value a large
on
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larger
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Guangdong;
ses size,
give
arable
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for CKIs as CGN
get a higher
by the one based
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form ned
tariff. Given
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e analy
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3.3-5.6GW
their
than
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at as
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either
and
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mentio CGNPC
6 HK
per ds
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ratio 64.2% comparativ
debt
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ratios.in 2014-16,
over
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ss while
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have
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e sheeth EPSimplyinginmuch
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e
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justify
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CKIs
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the growth
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ed
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and valuations.
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rating
be
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growthprice, using 7% our
as our
WACC
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and a 3% terminal
may hHK$3.25 DCF-based
event.
HK
PAHs 0.0
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than deal would in
that
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rs withgrowth
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deal
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2015.
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the
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ation.
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l dividen
CKI
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growth theme
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nuclear-capacity
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angle.
priced these
er ratio
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amid slowing
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um
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power demand
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could also fall
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Taishan
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if there are further CGNs
that ver, it project
fying r ratio Underperform
over or if tariffs are insufficient.
delays
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and a HK$3.25
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s justi merge st, and Howe value
argue
with an
target.
again cash. in fair
ment 1.066
provid
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ses
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s Holdin
are
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Nels wang@clsa.co
ts
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wer
Rajesh Panjwani
and
CKorIoutlook
, CFA
wanirch
sh PanjResea.com
Raje of Power
pe
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- BUY
4.48
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CGN Power
HK$3.20 - UNDERPERFO
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Nelson Wang
of
a.com
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heng@cls
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8683
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Rajesh Panjwani
ia Cheng l Res
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r 2015
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Patricia Cheng
r outlo
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s
bank
Chinaok - Overweight
0.8
5.2
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at clsa.com
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e with
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h service.Chinas bulky-ite
special
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handling
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segmen
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us planning
t with
ns.
from
core
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parcel
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services
,
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ed scale
ncies
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ges would sing, transpor
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erce boom.channel
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s with
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ors for
yet tightly
peers
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such
manage
behind
t.
more
urban We see upsideas Midea or
innovati
d, distribut
levels.
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on and
to rural
ion
Cash
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coopera
cow
consum which heavily
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tion in
We expect
ption,
partners
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given
manufa
growth
expansio hip with
it
Alibaba,
in logistics cturing
n.
value
to
expansi to remain
landscap the Haier
the cash
on and
e.
rural
In addition brand
goods
penetra cow support
and
in
, Euromo
favour
tion.
ing long-ter
and the China are
its relativelWe assign
nitor
still low,
Philippin
data
m
es, implying even compare
suggest
y stable tremend
Initiate
that retail
competi ous
premium
d with
with
tive
prices
In the
emergin
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a BUY
near term,
g markets for white
upsides
and the
.
the potentia
like Brazil
and ICS soft input
l recovery
costs
are positive
2015-17 units at 12x
of Chinas
and 16x
for earnings resident
implies . Our sum-ofEV/Ebit
ial property
19x 16CL
. We
the-part
against
this target
value
fully-dilu
s-based
market
11%
and we
and 20% the manufa
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Ebit Cagrs cturing
target
coverag
Financi
DCF valuatio
price
during
e with
als
of HK$27.8
a BUY.
n of HK$31.6
Year
to 31
Decemb
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er
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s
Net
1169.HK
HK$25.75
ers
45.6%
October 2014
Securities Taiwan
and/or Credit Agricole
by non-Taiwan analyst(s))
(for research compiled
expected return
2014 CLSA Limited
exceed 20%; O-PF: Total
analyst(s)).
dividends) expected to
to be negative.
compiled by Taiwan
stock return (including
SELL: Total expected return
rankings: BUY: Total
forecast return
but below market return;
against the 12-month
Key to CLSA/CAST investmentreturn; U-PF: Total expected return positive
dividends) for the stock
market
or more (including
total forecast return (including
below 20% but exceeding
we expect to yield 100%
we benchmark the 12-month
03/09/2014 -DG3
as Double Baggers stocks
For relative performance,
stock trades. We define
the market on which the
(including dividends) for
years.
dividends) within three
onics
Jul-15
Stock
Absolute
Relative
Abs (US$)
28
or email us at cib@clsa.com.
your CLSA sales representative
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m
HK$182.4
daily
volume
m
(US$23.5m
sharehold
)
Haier
Electr
- BUY
Home-r
un hit
Logist
ics
Apr-15
GREEN
At CLSA we support
sustainable development.
from
We print on paper sourced
environmentally conservative
factories that only use fibres
from plantation forests.
Please recycle.
Consu
mer
Reuters
Bloomberg
e pay
e at
clsa.com
and rural
Strong
distribu brand equity, expansion
back
leading
growth tion networ
sustai
logistic
k are
.
potenti A clear
the key
s services nable growt
al recover leader
drivers
could
and an
h
for Haiers
y in the in Chinas
also
expans
be near-te
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country
bulkylong-te
ive
over
item
rm catalysts propert
rm sustainrural
compan
2015-1
y market logistics
7. Our
y can
able
s.
deliver
space,
HK$27. We forecas
and
1169
Priced
HK
on 15
HS CEI
May
@ 14,009.8 2015
12M
12M
price
target
% potential
Shares
in issue
Free
float
(est.)
Market
cap
3M average
databas
a 25%
soft input
the
Logisti
return 80 SOTP-b t a 15%
cs powerh
costs
three-y
Haier
and we
ased
is the
ear Ebit
target
initiate
leader ouse
Major
Qingdao
ary
Jan-15
&
TM
gain
s
erienc
propriet
Oct-14
Malaysia
Philippines
Singapore
Taiwan*
Thailand
UK
US
CLEAN
CFA
tor
Jul-14
+61 2 8571
+86 21 2020 5810
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ing
Oct-13
Dawe
dawei.fen Feng,
g@clsa.co CFA
+852
2600
m
8172
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+852
19 May
2015
China
Wei
gh
R&D
spendi
ng and
Jul-13
research
on Bloombe
impo
at clsa.com
rtant
database rg,
proprietary
discl Thomson
osure Reuters,
s pleas Factset and
e refer CapitalIQ
- and
to page
profit
from
our
120.
evalu@
Oct-10
USA - Chicago
CLSA Americas, LLC
One South Dearborn Street
Suite 2100
Chicago IL 60603
Tel: +1 312 220 7346
Fax: +1 312 212 4401
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Aug
Taiwan
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Tel: +886 2 2326 8188
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Taiwan research
* CAST is an exclusive
provider to CLSA
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Ltd
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Hong Kong
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Tel: +852 2600 8888
Fax: +852 2868 0189
Australia
China (Shanghai)
Hong Kong
India
Indonesia
Japan
Korea
Singapore
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For
China - Shenzhen
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Square
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Co., Ltd.
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Building
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Minato-ku, Tokyo 105-0021
Tel: +81 3 4578 8000
Fax: +81 3 4578 8080
to
please refer
Apr-13
HK$2
2.40
USA - Boston
CLSA Americas, LLC
220
99 Summer Street, Suite
Boston, MA 02110
Tel: +1 617 295 0100
Fax: +1 617 295 0140
39.4
3.4
0.6
2.7
8.6
evalu@tor
from our
- and profit
and CapitalIQ
Reuters, Factset
page 38.
un
China - Shanghai
Rep Office
CLSA Limited - Shanghai
Room 910, 9/F
100 Century Avenue
Pudong New Area
Shanghai 200120
Tel: +86 21 2020 5888
Fax: +86 21 2020 5777
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Philippines
CLSA Philippines, Inc
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The Enterprise Center
de Roxas
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Makati City
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India
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Tel: +86 10 5965 2188
Fax: +86 10 6505 2209
ROE (%)
Haier
www.clsa.com
Good: Coconuts
50
0
Jul 15
Sep
China - Beijing
Rep Office
CLSA Limited - Beijing
Unit 10-12, Level 25
Tower 2
China World Trade Center
1 Jian Guo Men Wai Ave
Great: Bananas
Jan 15
For important
Australia
CLSA Australia Pty Ltd
CLSA House
Level 15
20 Hunter Street
Sydney NSW 2000
Tel: +61 2 8571 4200
Fax: +61 2 9221 1188
Overcoming cycle
Phoenix Healthcare
(RHS)
Rel to CEI
Thomson
Bloomberg,
research on
Find CLSA
disclosures
Jan-13
www.clsa.com
2
Sino
+24%
17CL
Biopha
16CL
Rec
15CL
rm
2,216
1,869
1177 443
Market
1,431
HK
cap 372
Price
O-PF
254
53.1
44.3US$5,9
Target
88m
30.0
19.8
47.9 HK$9.3
Up/dow
33.2 nside
9104
108HK$11.
94
0417.9
21.5 +18%
31.7
3.2
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-
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Jun 14
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Source: Bloomberg
24.1
34.7
-
Jul-12
10
13A
887
90
2015
100
11
December
Year to 31
Revenue (Rmbm)
(Rmbm)
Net profit
EPS (fen)
Adjusted
(% YoY)
Adj EPS growth
(7) (EPS%)
CL/consensus
PE (x)
PB (x)
(%)
Dividend yield
(%)
FCF yield
Apr-12
150
12
Financials
mber
200
13
Generating cycle
3.8
300
250
14
12M
3.8
2.9
Jan-12
(%)
15 Septe
(24.3)
Oct-11
3M
(24.2)
(0.2)
(20.0)
15
Special
January report
2016
Nov Dec
hing
a - Weig
1M
(20.0)
(6.3)
(HK$)
16
Jul-11
30 July 2015
17
Special report
2015
January
ese
phar
- Ove
rwei
ma
ght
ook
8212
+852 2600
Absolute
Relative
Abs (US$)
Chinese
Sect
or outl
Sere
na Shao
serena.
+852 shao@c
lsa.com
2600
8278
Sisi
Liu
+852
Chinas largest
2600
(PHG) is
on new opportunitiesIt is a pioneer
8212
in capitalising
Phoenix Healthcare
of Asia
capital inflows.
and one
advantage
welcome
first-mover
reforms which
in the industry coverage on the
agreements
We initiate
amid government
e-transfer
in the space. implies 37% upside.
of invest-operat
companies
target which
few listed
Pacifics
HK$16.44
a BUY and
in the
15 Septem
stock with
reform, particularly
ber
over 2014-20,
tremendous
2015
target
Chin
A key reform
23% per annum In 2009, the
sector is undergoing
to grow at
industry.
l Heal a
Chinas healthcare which we expect
private-hospita
for the overall
thca
expansion
services segment,
enhance
that support
re
mid-teens
sector to
policies
released
outperforming
into the public
opportunities.
government
investor capital further development
central
welcoming
China
PHG with
development,
thus providing
Top
Healthcare
medical services,
number of
picks
l group by
We
1515.HK
d reforms
management. Fosun
largest private-hospita
Reuters
1515 HK
Policy-backe
doctors Pharm
is Chinas
clinics under
PHG
Bloomberg
sharing
by
Rec
community
Beijing,
network
a
and 28
in the
Based in
28 July 2015
2196
11 hospitals
its established as it further expands Market
Priced on
HK
beds, with
benefit from
cap
11,173.0
and rapidlyfacilities
Price
group to
HS CEI @
among its
population
US$8,3 BUY
expect the
has a large
Target
procurement
51m
HK$16.50/10.72
The region
and centralising
HK$23.
12M hi/lo
Up/dow
-Hebei area.
services.
nside
HK$28. 25
Beijing-Tianjin
target HK$16.44
for healthcare
12M price
40
+37%
growing demand
average
+22%
at anLuye
% potential
Pharm
are trading
due a
Rec
830.9m
vices groups
issue
This is mainly
value
2186
Shares in
Market and
countries.
healthcare-ser
60.3%
Scarcity
HK
(est.)
populationcap
hospital and
Free float
Price
peers in developed to its ageing
in
Asia-Pacific
to global
operating
relative
US$3,1 BUY
US$1,291m
of 100%
Target
resources
listed companiesleast
03m
premium
the next
Market cap
limited medical only a few such
HK$7.2
for at Up/dow
to the regions
daily volume
to continue
There are
hospitals.nside
HK$9.3 4
3M average
demand.
this trend
(US$7.8m)
construct
also strong
We expect
2
HK$60.2m
required to
and China.
+29%
Hong Kong
lengthy timeframe
given the
Major shareholders
an
30.0%
five years,
Others
target, using
Speed Key
and
growth
and HK$16.44
hospital
a BUY rating
is
BUY for sustainable
CSPC
on PHG with
listed Asia-Pacific
coverage
PE. The valuation
16CL of
We initiate
of 18.6x
to 28x 16CL Rec
in 15/16CL,
EV/Ebitda
which equates 34%/48% (adjusted)
1093
Market
average
and 4%
of
HK
vices groups,
cap
9.1% WACC
of Price
profit growth
healthcare-ser
analysis
BUY
DCF
near-term
US$5,0
given
and our
Target
70m
justifiable,
expansion
long-term
HK$6.6
Up/dow
sustainable
nside
(%)
HK$8.2 5
growth rate.
performance
perpetual
Leading
Sisi Liu
Apr-11
ion
reorganisat
prognosis
with a
amid industry
Sound
tal group,
reformer
private-hospi
in the sector
healthcare
serena.shao@cls
8278
+852 2600
Jan-11
HK$12.00
Serena Shao
a.com
Stock
res
l pressu
Sociatouri
exploring
sts keep
Chin
Brokers Poll.
in the Asiamoneythis year.
your support
matrix for
We appreciate
our voting
here to view
Please click
an
SECTOR HIGHLIGHTS
F
Elementary
analysis
Serena Shao
Healthcare
Phoenix
- BUY
- Experts
CLSA U
boom
expert
views for
investors
17CL
63,481
9,678
175.6
Losers
ment names
2727.HK
Power-equip
Electric
1072.HK
Shanghai
Electric
Dongfang
902.HK
IPPs
Huaneng
Huadian
Datang
1073.HK
991.HK
Watch
Charles
www.c
lsau.co
m
Find
www.clsa.
on Bloomberg,
Thomson
Reuters,
and CapitalIQ
page 104.
refer to
Factset
res please
nt disclosu
For importa
research
Find CLSA
CLSA
on CLSA
TV
Batt
ery
Storag
e
at clsa.com
U product
database
proprietary
s and
event
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AFFLICTION DEFLECTION
Forewarned is forearmed
Monkey
Its your year, so time to don your red socks and smalls. But youve got
the Tai Sui and some other nasties crowding in. Youll want to watch out
for squabbles in the branches about you at work and the patterns on the
ground - if the contract says five bananas for free, check the fine print. At
some point youll be back brooding in a cave, but a weekly audit of your
candles and rations will see you through.
Fire Monkey:
Tai Sui - The Grand Duke Jupiter: in charge of the worlds affairs this year
Every year the Tai Sui is manifested through one of the 60 generals or other figures from
the Taoist pantheon. This year it is no less than Guan Zhong () whose reputed dates
Health February and August would be a good time not to monkey around
Wood Monkey:
and Tai Sui at bay: brush your teeth, shower once a month and juice those
are 725BC-645BC. A close reading of the classics reveals he is only moonlighting as the
Grand Duke of Malice, having spent most of the historical record as the patron saint of
history took place in the eastern state of Qi during the Warring States Period when
Wealth You know those nuts you put away for a rainy day? Dont make
Metal Monkey:
any big jungle calls or you might find yourself huddled in a cave nibbling
the Tian family dispensed with the rulers but did not change the name of the state. Into their service in this
endeavour they pressed Guan Zhong. So if youre a rightful autocratic and despotic ruler, of either a state or
just your living room, youll want to be ameliorating Guan Zhongs predilection for placing principle above
Earth Monkey:
power. Oh, hes camped out in South-West 3 this year, and since he hates earthworks, expect further delays
the South, from 142.5 to 217.5, so its good to avoid doors in that direction (Puyi,
that lucky monkey, has left the Forbidden City and is safe), and if you cant avoid
doors, then close them quietly. You should also sit facing south and have pairs of
SAN SHA
(SOUTH)
bananas. The Jianfeng star is also threatening, so those who work in timber
mills may want to avoid the bandsaw.
Water Monkey:
Overthrowing Rightful Despotic Rulers. The only instance of this happening in Chinese
with your cell phone while driving. Lots of liquid will keep the gremlins
NE
S
Colours for
walls and clothing
Good Dubious
Red
Yellow
Purple
youre the chimp running the tuckshop at the zoo, make sure the sharks
pay, otherwise thatll be your pocket.
Love Last year the auspicious red phoenix came-a-calling and if something
began then, its time to put it on a more solid footing, marriage by any other
name - and remember that one happiness can keep three miseries at bay.
Monkeys are at risk of preening a little too much in the mirror this year, dont
fall for yourself, fall for another - they are out there.
Career You have enough wicked stars in your stars so make sure you have
a strategy in place before you go ape. The beginning and end of the year
Green
Blue
Lucky numbers
your final stash - peanuts in, peanuts out is your motto for the year. If
are full of obstacles so summon your magic monkey cloud and make the
most of the opportunities that do present. Making your own luck brings
rewards.
fu-dogs, qilins and piyaos at the door. Even if they dont stop the bad luck, youll
30
probably get a cameo appearance the next time they shoot Noahs Ark.
hexagram
Five Yellows is in the North-East. If you have a telescope handy, train it between
22.5 and 67.5 and youll see them heading our way. Most experts advise the full
frontal response. Tigers and Oxen will find the combination of the earth element
FIVE YELLOW
(NORTH-EAST)
with the Wu Wang distressing as earth is its native element. See page 24 for more.
Li
The Clinging
Image
Line
Verdict: We think this means that if you are running a dairy and it all goes south then you should take
up busking in Central. The fire is the sun going down, in more than oriental splendour, as reflected in the
buildings. Sing your heart out!
9
Rooster
Dog
Put on kneepads for those funny little legs of yours since youll be at the
back of the coop on your knees lighting joss and praying a lot to the patron
saint of roosting. Youll find challenges flocking in; best not to grouse about
them. Beaks to the ground and feathers crossed and youll make it through.
The high point of the year will be not falling off the perch.
Wood Rooster:
Water Rooster:
Health You have an evil star lurking in your hutch. The chicken catchers
Colours for
walls and clothing
Good Dubious
Grey
Blue
Coffee
57
hexagram
Sun
The Gentle
on the menu. Year-end might get a little messy as all those chicks get put
together, but before that happens youve a chance to be cock-a-hoop; SouthEast is the direction those steroids theyre feeding you will have you look.
Earth Dog:
dog, but be aware that every dog has his day and this is possibly not yours.
Yellow
Orange
Red
Image
Line
NE
SE
Colours for
walls and clothing
Good Dubious
leads only to the abattoir. Expect obstacles and fowl play. May might be a
good time for spring chickens to fly out of the hutch and grab pole position
Verdict: No remorse is good, and if youve never done anything to be remorseful about, then you have one
in the bank. The three days thing is good - we think it means moving to the French Riviera and not working so
much.
10
Wealth Youll want to dachshund into the bank, pointer at the counter,
your territory. Perhaps even put up the sign cave canem, if the volcano
Career A higher perch is calling, but Roosters note that the straight road
Yellow
Red
Lucky numbers
Love A Roosters heart is small but mighty and this year new coops may be
tablets, take them, failing that the hair of the dog might be what youre after.
those intestinal worries worm their way through to this one. You have the
and retriever the money. Make sure to hang around lamp posts and mark
Metal Dog:
for rising up the pecking order in your line of work. Your bank account is
Health Youll want to corral whatever was going on last year - dont let
not going to take wing, but if you dont go off half-cocked, were sure you
N
E
ones are no more ferocious than a poodle getting its nails done.
Water Dog:
Fire Rooster:
SE
W
NW
- youve not been forgotten! Theres not a lucky star in sight, but the wicked
in August then proffer your best poultry excuse to avoid their fowl plans.
The money youll make may be chicken-feed to others; but this is the time
hubcaps but remember, someone is always going to see a man about a dog
Wood Dog:
have their eyes on your liver and kidneys, and if they invite you for a swim
dont cur(se) about it or let it dog you. You might spend a lot of time chasing
Fire Dog:
Wealth Looks like a pheasant year ahead for you. What price a reputation?
Earth Rooster:
hounded by those above you. Nose down: it could be a mongrel of a year, but
Traffic accidents are indicated, so perhaps this is not the year to take up
Metal Rooster:
Nose up: the fox is in the henhouse and the games afoot, no need to be
45
hexagram
Cui
Gathering
Together
Love Is this the year for the shaggy dog story? Those with puppy eyes take
heart, the lost dogs home is open for business and its, well, raining cats and
dogs (the former for those keen on miscegenation). You dont have to spend
the year alone in the doghouse, March, May and November are looking
good for getting up with fleas.
Career This year the bark is worse than the bite: not a year for climbing up
that slippery pole, but a year to take paws and turn several circles and mark
White
Grey
Lucky numbers
cant dog your days who else will try? No need to be as mean as a junkyard
that territory. Not a good year to keep nipping at the heels of the top dogs,
unless youre particularly interested in having a dogs life. Let sleeping dogs
lie, they say, for you that means lie in wait, that chance will come.
Image
Line
Verdict: Laugh again dog, the cat is going to get it where it hurts. No, maybe this is about something else.
Fighting the unforeseen and a dog without sincerity? The world has gone mad. Follow the king to the temple,
perhaps he will talk to the grasshopper, perhaps not. Good luck!
11
Pig
Rat
Fire Pig:
Wood Pig:
Water Pig:
N
SE
stars say that your career goes up even if health might be a worry. On neither
account should you consider bending over; remember when asked why only
rats abandon a sinking ship that its because a better one is rising.
Earth Rat:
Health Piglet, while the Flying Stars this year see the No.2 Illness Star at
Fire Rat:
confident it isnt a new strain of Swine Flu. Your health is looking good,
although rest is encouraged from September. Best not bore everyone with
Wood Rat:
and consultancy, this year is a good one to survey the clover laid out before
you. For those whose coin comes in regularly, youll need to shout that
Tai Sui will try to send you to the piggery. But remember, the more youre
rejected, the closer you get to the piggyback that will lift your piggy spirits
and the one that will allow you to make a pig of yourself. Pearls before swine
is just what you want!
enough, the prognostications say that oral health is also good for you - not
that we think you have an oral fixation, but those teeth make you look like
youre auditioning for the politburo c.1970. In the second half remember no gnawing and nibbling - bite off as much as you can chew.
for the year. But what about that Mahjong game in the rathole around the
Metal Rat:
to look out for scams - one of your brothers in rodenthood has turned and
Love Swine, women and song. You were made for love, oink oink! The
Wealth Dont bother taking the ferry to Macau - youve been banned
Water Rat:
Earth Pig:
the moon is really made of cheese and how much of it you can get. Still, the
Metal Pig:
As far as youre concerned, its not so much whats in the stars as whether
Love Good news Ratty, as the world population heads north of seven
billion, youre going to have the opportunity to play cat and mouse with
SE
SW
W
for the first half of the year; let them come to you. For those keen on rug rats,
N
S
someone this year . . . who wouldve thought? The stars say stay in your hole
note that love is not the column you want here.
Colours for
walls and clothing
Good Dubious
Orange
White
Yellow
Career Well, once upon a time there was an animal farm, and the pigs
did rather well. Wonder where that farm may be today? Patience and
Blue
Green
Lucky numbers
24
hexagram
Fu
Return
(Turning Point)
Colours for
walls and clothing
Good Dubious
perseverance, and its the early pig who gets the promotion - just make
sure thats not a sale of fresh pork at the supermarket.
Red
Yellow
Purple
Image
Line
Green
Black
Lucky numbers
46
hexagram
Sheng
Verdict: So Pigsy, did you read that bit just above - yes, you can visit the fridge at 3am for just another little bit
of cake and not feel bad about it. The great good fortune comes from you buying shares in that bakery.
12
Career Perhaps there is a reason they named the rat race after you. Youre
Pushing Upward
up for a podium finish this year if you dont spend too much time ratting
around. The number of good stars in your chart here is embarrassing.
Quiet as a church-mouse and theyll still find a way to lift you up. No harm
in trying out your boss chair when its empty.
Image
Line
Verdict: Dear Ratty, a career as a much-loved lobbyist awaits. Most folk would regard pushing upward in
darkness and being unremittingly persevering as less than ideal character traits; but as youve made them
aware, time and time again, their jealousy wont make them better people. Press on, regardless.
13
Ox
Tiger
Your outside might be mostly hide, but this year the fates decree that you
are sacred. Your ascent up the cow path, strewn with the pats and dung
that your enemies are now covered in, will have you lowing in pleasure.
You get to take yourself by the horns, and its cream and banana pie for
you. Milk it for all it is worth.
Earth Ox:
Fire Ox:
Red
Black
White
Lucky numbers
constitution of an Ox.
eye, and come October youll want to steer clear of risks in case you get
this area should last at least a Minotaur two longer than others. Establish
the taurophilic temple and watch them leather themselves up: you are the
tempting bovine, graze where you may.
Biting Through
78
Shi ke
to beef up that resume; no need to blow on the longhorn; theyve herd you
be kitten if they think youll fall for that. Besides, youll be wanting the
Water Tiger:
Image
Line
lions share. Some caution is called for - stalking your intended may not be
the lynx in the chain and that pot of gold could be yours.
Love Hmm, who doesnt love a cougar? Or riding a tiger? All that is certain is
that this year brings change and emotions fickle and obscure, it is difficult to
E
W
NW
sure its snow leopard, and those spots arent changing. A little considered
S
SW
say what is for the better. Tomcat or tabby, whichever youre seeking, just make
digestion and correct hunting habits (nocturnal) will have you purring.
Colours for
walls and clothing
Good Dubious
Yellow
Red
Purple
Judgement
to lionise them for. Alternatively get yourself a chauffeur and head for the
Love Moooon river . . . you can make eyes this year. Your investments in
another driver once or twice, theyre only paper tigers and youve nothing
Wealth So they come to you with the deal of a lifetime - theyve got to
Wood Tiger:
udder certainties. No gambling over the summer as you wont hit the bulls-
Health Accidents with vehicles loom on that road ahead: perhaps let in
tiger reserve - a spa and a river swim will have you singing like a jaguar. If
No need for rumination, you can hoof it as soon as youre ready. No need
21
Fire Tiger:
land is yours until the cows come home, and you shant be cowed this year.
hexagram
you changing everything else. Winter tigers may follow prey they spotted last
passes, youll be like a bull at a gate. You will be the live-stock, and your
Career Bull in a China shop? Bull in any shop! The Tai Sui has gone, the
Green
Blue
of goodness. This year may not be so much the leopard changing his spots as
Earth Tiger:
the depths that the Goat reduced you to last year. Once the summer
NE
SW
Colours for
walls and clothing
Good Dubious
52
Health In the first half, some of your plumbing might still be plumbing
polled, what youre seeing then may not be the veal thing.
Metal Ox:
cheetah your way out. Health is the one to watch so youll need the lions share
Metal Tiger:
Wealth Your investments may need some gestation time, but theyre
Water Ox:
theres indigestion to deal with. Its not a fair world and youll not be able to
calves will be muscling out. Cattle raiding is off the menu - you have the
Wood Ox:
The Tai Sui and Monkey are not your friends. You can eat the latter but then
Verdict: Lordy, lordy, isnt this just fun. It turns out that what many had mistaken as some sort of personality defect
turns out to be a culturally valuable characteristic. Your habit of, as your detractors near the water-cooler term it,
Going the White Pointer is historically attested. You always had a suspicion that once they examined you, theyd
have to rewrite the evolution textbooks - and there you go.
14
Career The knives might be out for you, but if theres one sign that can
Blue
Green
Lucky numbers
37
hexagram
Jia ren
The Family
walk the precipice without fear, thats you. Its also a good year to learn
from other peoples mistakes - there are already more than enough copies
in the world.
Image
Line
Verdict: And why must she attend to the food? Because youll be attending a conference on feminism and,
well, someones gotta cook da food. Look on the bright side, if you fly to the USA you get to time travel, but
only by a day; if you follow this sage wisdom you can travel back to, well at least the neolithic age; before that
our instruments dont function properly. Let us know how it goes - well probably still be at that conference.
15
Rabbit
Dragon
Love and work are both well-aspected this year. That doesnt mean you
need to do them together, or that if you do the sum will even be the sum
of its parts, let alone greater. The trickster in you needs to modulate those
outbreaks, and if you are going to be pulled out of someones hat youll
need all your manners to get in there first.
Metal Rabbit:
Earth Rabbit:
Health Early to bed, early to rise makes a rabbit... well it certainly will stop
to lead to wealth this year, but that does not mean studying the habits of
S
W
Love Cottontails up! You little ball of furry love, its no longer a case of
hare today, gone tomorrow. The apricot flower star is hanging around your
hutch dropping carrots and telling you its time to make mochi. Forget those
hounding you, its time to go running with the hares, so buck the trend and
youre just cute little hurtin serpents with fragile egos. If someone says
them - help them get a new set of glasses.
year when youll be tipping the scales with your dripping jewels. Winter
dragons do better earlier in the year; the others later. Whatever the case,
dont be draggin your feet or your hoard will start to melt away.
Wood Dragon:
bank guards.
Mental health over physical is suggested. Tough as you lot are, on the inside
Wealth Your sources of stable income are stable at best. This is not a
Fire Dragon:
Health Scaly, scabrous you might want to take a little more care this year.
something nasty about your tail, dont waste all that energy incinerating
Earth Dragon:
Water Rabbit:
E
SW
NW
are born in dragon years than any other, which makes competition for limited
can absorb. You cant make money on all of them, but you wont need
metal just by breathing. Oh, and a quick word to your parents - more people
Metal Dragon:
you going mad as a hatter this year. Communicable diseases and alcohol
mythology. Your finances are looking decent, but you can normally smelt
Water Dragon:
Wealth You can set up as many dai pai dongs as you think the grasslands
Wood Rabbit:
a bad one. This might not be the best year to get caught up in your own
them apart, no one will think the less of you for not being the bunny in the
Fire Rabbit:
Any year that youre not having a better time than everyone else seems like
N
NW
Love Dragon Lady? Is that you or who youre looking for? Might be time to
reappraise this term. However, you dont want the scales to fall from your
intendeds eyes - he or she might end up thinking youre a mere wyvern. You
only have three months to make your advances, but that should be plenty
for you to claw your way into anyones heart.
54
Career Your chart has many good stars - if youre a model, make the most
Grey
Black
Lucky numbers
42
hexagram
Yi
Increase
Colours for
walls and clothing
Good Dubious
79
of this and try to eat lettuce twice a day. The Tai Sui is heading your way next
year, so best to get settled into your warren, and remember The Year of the
Angry Rabbit was only ever a joke; everyone else has known this for some
time, might be timely to put any other hare-brained schemes behind you.
Red
White
Orange
Image
Line
Verdict: The stars above have decided that a hexagram called increase should have something to do with
rabbits? The only great deed we can see here is the dressing up of a prediction so lacking in specifics that it
cannot but come true. No blame? Well, there should be cottontail, because someone is pulling yours.
16
Career With water and fire changing over this year, youll want to make
sure the various dragon kings keep an eye out for you. Yellow dragons
Green
Grey
Lucky numbers
32
hexagram
Heng
Persevering
Image
Line
Verdict: Hehe, hehe, hehe . . . no game in the field. All those wild birds have flown, ever wonder why, Dragon?
Surely its because youre so kind and considerate. Also, see above where it notes duration, the image that should
come to mind is of people listening to you. You think thats the normal state of affairs, all well and good. Note
also that its in your interests to have somewhere to go. If youre not sure of where that may be, then ask those
listening to you, they may have some advice.
17
Snake
Horse
While the Tai Sui will try to harass you, the stars are otherwise good and
congregating in your back garden. Petty people, those snakes in the grass,
will be backstabbing, so youll need to be the empty boat that steers
around them. Youll find those who delight in you being ever the more so,
make the most of it, intertwine and twist the good things together. A little
Water Snake:
Metal Snake:
good work will see you gliding smoothly across most obstacles.
Health To make sure you stay in rude health this year, youre advised to
role because the work you put in this year will come looping back to you.
Colours for
walls and clothing
Good Dubious
Grey
Blue
Black
56
hexagram
Kun
Receptive
little heart to a fine resting place. Cast out your former incarnation as the
viper in the bosom and realise the cute little squamata within. If you make
those snake eyes at someone, how are they going to resist? Remember,
youve no diaphragm so your heart can move to where it wants to be.
appearing overhead. This is a good study year for snakes who can avoid
78
falling off the chair and spending class time winding themselves around
other peoples legs. Concentrate on uncoiling your own issues and no
Blue
White
Green
Image
Line
N
S
Colours for
walls and clothing
Good Dubious
Career Civil serpents can kick back and relax, the jade-hall star is
Red
Purple
Lucky numbers
Fire Horse:
Love Moulting or not, youve the chance to bring the affairs of your sneaky
Verdict: Either its good for you to slough (that yellow garment being your old skin on the way out): new skin,
new game, new life. Or this is a good year not to buy bleach. Dont worry about the directions and friends
advice, the earths magnetic poles are changing over again, befriend whomsoever you wish.
18
Lucky numbers
53
hexagram
Development
is not the year of the pack horse, so dont be carrying others, and put the
Wealth All horses should have a good return this year, enough for you to
hard-earned money down on the horses, youll be shutting that barn door
for some time. You shouldnt bridle at the thought of kneeling before the
Tai Sui and doing your dog and pony show.
Career You may need to do a little circling of the wagons this year, and
it may feel like youre in a one-horse town. Careful handling of issues will
Yellow
Orange
Jian
youll want to get good at doing this at work - itll keep you balanced. This
Earth Horse:
to flow smoothly. You were once a burrowing lizard - time to reprise that
heels into hock. Eat well and take care not to catch colts running around.
Metal Horse:
down.
Wood Snake:
S
NW
the months ahead. Both orthodox and, er, oblique income streams are due
simultaneously hold your reins while making sure that youre not on your high
Water Horse:
remain at arms length from alcohol. If not, youll end up on some old-time
holes those moles will be digging for you. Its not a bad year, but youd better
Wood Horse:
Wealth Winding your way to the upper echelons should be the goal in
Fire Snake:
the long face on that account. If you stay on the track, youll need to avoid
when swallowing prey we suggest a touch of snake oil to help get them
Earth Snake:
E
SW
W
There are a few folks conspiring to get you off the racetrack, but no need for
prevent the knackers from hobbling you. No need to be barn sour, but the
hay isnt free and someone needs to keep an eye on all that tack.
Image
Line
Verdict: This is a little superior to your general forecast this year, prancing time is here again. In case this isnt
clear, that tree on the mountain is an anomaly as development is coming. Dignity and Virtue is the name of a
suburb of condominiums youre putting up. The code word is mores an anagram of orsem (awesome) as you were horse!
19
Goat
Celebrity fortunes
You got out from under last year by the scruff of your goatee. But
unfortunately, dearest rack of lamb, its out of the fireplace and into the
you, though itll be up to you to work out whether schadenfreude is what
you want to inspire in people. Keep chewing on the cud, Goat - better
This is Tsais year in many ways. The full cycle of 60 years has
years await.
Wood Goat:
Water Goat:
Metal Goat:
Health Youll be thrilled to discover that the sick amulet star is taking
up residence with you, we kid you not. This chap casts a pall over your
comings and goings - it might be a good time to spend in the feedlot. But
leader out there on her own - think Caesar from the new
if you pay strict attention to safety, therell be mutton to worry about. The
Wealth A year with few expectations means one with few let downs.
Earth Goat:
Were just airing a principle here - you can happily count sheep for all the
Fire Goat:
come for you, theyll ask you to pay with cash, mere cash, so it neednt get
good itll do. Your regular income should continue as is, but if the repo men
E
SE
SW
stay for a while and you shouldnt crimp your own style. Buck up old boy.
Colours for
walls and clothing
Good Dubious
she avoids traffic accidents (with who but toothless, Beijingaccented apparatchiks not obeying traffic rules and throwing
monkey wrenches into the works).
top lip and expose the teeth . . . well, nice try. Happily that star is going to
Lei Jun
Career Water comes to replace fire, but that doesnt mean that setting
Grey
Azure
Lucky numbers
Love Funnily enough, here you do have a beneficent star wandering into
your paddock. You know what to do, oh hairy-thighed one: curl back your
N
NE
Fire Monkey
Tsai Ing-wen
fire. Some things are on the up: youll find more people with feelings for
Orange
Yellow
Red
FAMOUS FACES
your boss desk alight will get you a promotion. That said, getting off your
own butt will bring its own rewards so no need to stand sheepishly in the
company that he is, as those with such fine feathers tend to feel
35
hexagram
Jin
Progress
Image
Line
Earth Rooster
Born: 16 Dec 1969
Xiaomi founder
Verdict: Were not sure if any of this is unclear, but its pretty much carte blanche, youre going to be able to
get away with anything you decide to do, no-one is looking. Think early 5th Century BC Athens and the sudden
realisation that no-one can stop you. What you do with all that power is up to you.
20
21
FAMOUS FACES
FAMOUS FACES
Donald Trump
Fire Dog
Pope Francis
A year of struggle for all Fire Dogs, whether its for bragging
going to get the robe thatll match his fur? Fire dogs are
also warned to watch their spending this year. If Trump is
running all the way, we can expect him to be watching the
rivers of money flowing out with the tide, before perhaps
Fire Rat
those who have passed (or seem to have) that they later
regret, the stars are still auspicious for giving Mugabe his
promotion to sainthood, after all, if hes already won the
Confucius Prize what could possibly go awry?
Fire Pig
Hillary Clinton
Tang Wei
Apparently this is the year of the golden tongue for the Fire
Pig. The one caveat here is that one must seek to avoid
faux pas. Its a time to make sure that family dont make
from the outlet valves - for Ms Tang those valves are the
and his florid mating signs. This year is not well suited to
Earth Goat
22
23
PROPERTY OUTLOOK
PROPERTY OUTLOOK
Location, location
W
CENTRE
Visited this year by the Two Black star, traditionally responsible for
illness and accidents. Mitigating these effects can be done with laying
green carpet, or some rugs in the area, remaining quiet there, and even placing some strings of metal
coins under those rugs (just remember to get them up next year!)
NORTH-WEST
NORTH-EAST
Home element:
Home element:
Home element:
Annual star:
Annual star:
Annual star:
Zodiac signs:
Zodiac signs:
Zodiac signs:
METAL
WATER
WOOD 3
METAL 7
DOG
NW1
EARTH
EARTH 5
RAT N2
PIG
NW3
OX
NE1
Comments:
Comments:
Comments:
Possible misunderstandings
here, but otherwise
unafflicted read the
fine print
TIGER
NE3
WEST
EAST
CENTRE
Home element:
Home element:
Home element:
Annual star:
Annual star:
Annual star:
Zodiac signs:
METAL
WOOD
EARTH
WOOD 4
FIRE 9
EARTH 2
Zodiac signs:
Zodiac signs:
Each and every one of you
ROOSTER W2
RABBIT E2
Comments:
Comments:
Comments:
SOUTH-WEST
Home element:
SOUTH
Home element:
FIRE
EARTH
WOOD
Annual star:
Annual star:
Annual star:
METAL 6
EARTH 8
WATER 1
Zodiac signs:
Zodiac signs:
THREE KILLINGS
DRAGON
SE1
Good: Coconuts
Comments:
Comments:
Zodiac signs:
Great: Bananas
HORSE S2
MONKEY
SW3
GOAT
SW1
SOUTH-EAST
Home element:
See page 8
Avoid: Toadstool
SNAKE
SE3
Comments:
Star of good reputation, not
that any of us are bothered
by face
NORTH
NORTH-WEST
WEST
SOUTH-WEST
SOUTH
SOUTH-EAST
EAST
NORTH-EAST
24
25
05 MAR 03 APR
35 43
04 APR 04 MAY
44 54
26 FEB Friday
+10
226
+8
05 MAY 04 JUN
55 64
05 JUN 06 JUL
65 76
07 JUL 06 AUG
77 86
07 AUG 06 SEP
87 96
07 SEP 07 OCT
97 107
08 OCT 06 NOV
108 116
07 NOV 06 DEC
117 126
07 DEC 04 JAN
127 14
05 JAN 02 FEB
15 22
7 MAY Saturday
18 JUN Saturday
14 JUL Thursday
14 AUG Sunday
9 SEP Friday
99
14 OCT Friday
1014
22 NOV Tuesday
12 DEC Monday
6 JAN Friday
21 JUN Tuesday
26 JUL Tuesday
24 AUG Wednesday
57
621
14 MAR Monday
+6
314
+4
23 MAR Wednesday
+2
28 MAR Monday
618
714
726
814
1122
1212
27 OCT Thursday
824
16
10 JAN Tueday
1027
110
24 JUN Friday
624
323
27 JUL Wednesday
328
Clever Monkey
727
Bad Monkey
-2
-4
WOOD TIGER
WOOD Rabbit
Earth Dragon
Fire Snake
Fire Horse
Earth Sheep
Metal Monkey
Metal Rooster
Earth Dog
Water PIG
Water RAT
Earth Cow
Youre cornered
and theyve slipped
a restraint on your
head and are keen
to drag you to the
zoo. Its not looking
good - play dead.
Theyre back,
youre about to be
sedated, no more
fruit for you, the
Queen Mother of
the West has you
under her control.
Someone bumps
the other end of
the table and the
nuts are now in
reach, you can eat
them lying down
at leisure, help
yourself.
12
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
he Earth Rooster Index meets the Fire Monkey. Cage fight - only one will win! But
who says the market needs to be a zero-sum game? This is a year to take stock of
where you are and rise - and the ape that helps our beloved Hang Seng Index is here.
This is a year of recovery, well at least at first, as our beloved Rooster crawls out of the
Betty Ford clinic, stops scratching in the dirt, and looks to take flight, or at least get
With the baton passed to the primates, we expect to see some fast movement in the
first few months of the year, coming close to lunchtime (mid-year), we expect our
()
monkey to stop for a bite, dropping out of the canopy for a chance to pick up the fruit
that may have slipped through his furry paws. The second half is perhaps not as stellar
as those first few months, but progress comes. Our China Forum in May will no doubt
Were expecting to see the rise of metals and water-related industries, which is
promising for gaming, transport, financials, autos and machinery. Not to the top just
yet, but the long-reputed paradigm shift is finally here, and gibbon half a chance, itll
make itself felt. Its a year for slow, considered expansion - the sort of thing your mother
and father tell you are good for you. If youre leaving the hutch or the troop this year,
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26