Imperial Sierra Initial Coverage 20170822 CH

2017 8 22
| 2017 8 22 |

7

1.
5

2014-

2016 92.2%46.2% 52.6%

2017 4 3
2.

www.blazing-research.com / blazing.research.m@protonmail.ch
2017 8 22
3.
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4.
2014 2015
75.6% 86.8%
5.
6. 2016
2016 2014 2015 2016
24 2016
7. 8,000
3
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2015 4,000
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i2013 1
0.78623 2014 1 0.78887 2015 1 0.83778
2016 1 0.89451
ii
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2017 8 22
2017 4
2016
2017 8 22
2017 8 22
2017 4 3
3 2014-2016 5
2017 8 22
99-100
A1
A1
2017 8 22
2014 2016 9,363,000 6,030,000 2014 2016

42.7% 10.4%
1-2 2013-2015
2016 5 2013-2016 1,500
2016
4
2013 2014 2015 2016
0.000 0.000 0.000 50.925
0.000 0.000 0.000 1.500
0.000 0.000 0.000 -0.707
0.000 0.000 0.000 -0.707
2 2 2 1
2014 2 28
A1
5
2014 2015 2016
0.000 0.000 0.000
0.000 0.000 0.000
-4.823 -13.824 -791.627
-4.823 -13.824 -791.627
3 2 6
A2
A2 2014
2015 2016
2014-2016 3,600,000 2,500,000

18,095,000 2014-2016 16.4%5.5% 31.3%
2017 8 22
2016
A1
2016 11 12 2016
1
2014-2016 3,600,000 2,500,000
18,095,000
2017 8 22
7
2016
0.000
0.000
0.000
0.000
1
8
2016
0.000
0.000
0.000
0.000
1
2014 2015 4,356,000 3,817,000 2014 2015

19.9% 8.3% 2014-2016 2-
3 18
9
2014 2015 2016
0.000 180.185 76.214
0.000 2.495 0.874
0.000 4.975 -18.646
0.000 3.533 -19.194
3 2 2
2017 8 22
2014 2,911,000 13.3%

2013-2016 1-2
2015
10
2013 2014 2015 2016
0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000
0.000 0.000 -24.000 0.000
0.000 0.000 -24.000 0.000
2 2 2 1
2014 369,000 1.6%

2013-2016
2014
11
2013 2014 2015
11,460.440 12,475.000 13,076.100
30.802 847.500 821.300
194.895 148.900 179.700
164.093 111.900 160.900
80 73 78
2015 14,793,000 32.4%

2014-2016
2014-2016
2017 8 22
12
2014 2015 2016
676.744 497.364 598.716
35.686 29.117 18.671
18.096 -186.731 -104.912
16.287 -186.731 -104.912
14 15 11
2016 6,323,000 10.8% 2014-

2016 1-2
600
13
2014 2015 2016
0.000 0.000 0.000
0.000 0.000 0.000
-17.094 -5.300 -179.738
-17.094 -5.300 -179.738
2 2 1
2014-2016 5
2014-2016 92.2%
46.2% 52.6%
2017 8 22
14
2014 2015 2016
A1 9,363 0 6,030
A2 3,600 2,500 18,095
4,356 3,817 0
2,911 0 0
0 14,793 0
0 0 6,323
20,230 21,110 30,448
21,941 45,725 57,882
92.2% 46.2% 52.6%
2017 8 22
A1
A1
25 C
15 25 C
2017 8 22
140-148 2809 B107

28 2803-2810 B107 28
16 140-148 28
2017 8 22
A2
A2
103
17 103
A1
2017 8 22
1264 B13-2
18 1264 B13-2
2017 8 22
33 3 82
19 33 3 82
2017 8 22
72
20 72
2017 8 22
43 3 201
21 43 3 201
2017 8 22
611 A1 707-709
2014
22 611 A1 707-709
2017 8 22
51 ABC142
51 B
23 51 B
2017 8 22
49
24 49
2017 8 22
2017 8 22
30 2010
25
118-119
2B 7 35 A
2017 8 22
26
38
2003 15,861,300
2007 Victory
Honour Development Limited
1991 1997
12202003
28822006
8.4
2007
2010
1.8
7 2012 6
2017 8 22
27 2B 7 35 A
2011
2017 8 22
28 2011
http://orientaldaily.on.cc/cnt/finance/20110720/00202_034.html
2014
2017 8 22
29 2014
http://orientaldaily.on.cc/cnt/finance/20140529/00202_063.html
2016
2017 8 22
30 2016
http://hk.on.cc/hk/bkn/cnt/finance/20160616/bkn-20160616182428003-0616_00842_001.html
2007
2017 8 22
31
http://www.singtao.ca/financial/2007-12-27/1198788257d724371.html
2010 7
D1 24
30
2017 8 22
322010 7
DCCC551/2008
24
2017 8 22
2014 2015
2014
2015 645,000 1,157,000 25%
2014 2015 1,935,000 3,471,000
33
I-21
34
2014 2015
645 1,157
2,580 4,628
1,935 3,471
2014 2015 37
39 2014 2015 75.6% 86.8%
2017 8 22
35
2014 2015
496 513
2,035 3,877
75.6% 86.8%
372 385
1,526 2,908
75.6% 86.8%
2014 2015
2014 2015
72.9% 45.4%
36
2014 2015
138 530
509 969
72.9% 45.4%
2017 8 22
37 2014
2017 8 22
38 2015
2017 8 22
70%
39
2014 2015 2016
3,038 6,715 15,363
17,309 38,307 51,776
82.4% 82.5% 70.3%
70%
40
104
2017 8 22
41 2016
2017 8 22
2016
2016
2016 2014 2015
1158.4% 1159.1%
2016 2014 2015
42
2014 2015 2016
3,038 6,715 15,363
121.0% 128.8%
138 530 2,612
283.5% 393.0%
496 513 6,453
3.4% 1158.4%
372 385 4,842
3.4% 1159.1%
31,952 43,541 96,903
36.3% 122.6%
20,605 31,810 80,529
54.4% 153.2%
11,347 11,731 16,374
3.4% 39.6%
2016 24
2016
2017 8 22
43 2016
2017 8 22
8,000
44

2016 33,460 48,579 -45,929 2,650 30,810 7.9%
2015 24,163 11,460 -11,858 -398 24,561 -1.6%
2014 11,204 -7,065 -9,593 -16,658 27,862 -148.7%
68,827 52,974 -67,380 -14,406 83,233 -20.9%
3 68,827,000
14,406,000 83,233,000 iii
2017 8 22
45 3

67,711
36,289
5,276
1,180
1,001
14
-120
-444
-601
-2,033
-2,392
-2,595
-2,732
-3,832
-13,489
83,233
67,711,000
36,289,000
2014 2015 274,000

4,000
2016 13,087,000 12,000,000 5,000,000
2016
587,000
0.03%
2017 8 22
46 3 %
2014 2015 2016
0 1 2
274 4 13,087
% 0.00% 0.72% 0.03%
2006 7 24
47 2006 7 24
2006 7 24
2017 8 22
7
7
2017 8 22
2016
2017 8 22
2015
2017 8 22
2014-2016
2017 8 22
2017 8 22
2017 8 22
2B 7 35 A
2017 8 22
2017 8 22
2017 8 22
2017 8 22
2017 8 22
2017 8 22
2017 8 22
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2017 8 22

2014 2016 9,363,000 6,030,000 2014 2016

2014-2016 3,600,000 2,500,000

2014 2015 4,356,000 3,817,000 2014 2015

2014 2,911,000 13.3%

2014 369,000 1.6%

2015 14,793,000 32.4%

2016 6,323,000 10.8% 2014-

140-148 2809 B107

2014 2015 274,000

(i) valuation or accounting purposes;

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