Feng Shui Index

2016

 
  

OVERVIEW
CONTENTS

Monkeys tale

OVERVIEW.................................................................... 3

Famous chimps

A volatile ride as the Hang Seng goes ape

Previous MONKEY years ......................................... 4

The Chinese monkey is an ambivalent figure. Close to man and yet

Sector highlights................................................... 6

uncontrollable. Loved for his human-like antics and disliked for his

Affliction deflection ........................................... 8

lack of social grace and unpredictability. The embodiment of this years

Zodiac sign guide................................................... 9

King, from the Ming Dynasty saga, Journey to the West.

Sun Wukong
Sun Wukong
as performed
in Chinese
opera

zodiac, and the year ahead, is the character Sun Wukong, or Monkey

Famous faces .......................................................... 21

The Monkeys character is so dominant that the novel is often referred

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

CLSA Feng Shui Index 2016.................................... 26

Buddha, the Monkey is entrusted to assist the monk, Xuan Zang, to

Hanuman

Hindu deity, and

also revered in
Balinese and
Thai culture

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

aving pegged the

Goat, how will we

fare with the primate?

We picked the Goat-path

The CLSA Feng Shui Index for the Year of the Goat 2015
2 Feb
24,485

and compare it to the eight-character birth chart of the Earth Rooster,

the Hang Seng Index. This is a Fire Monkey year, and in the chart Fire sits

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

trajectory last year with

Earth Roosters chart to withstand a scorching. Our forecast chart (page

eerie facility. Rising from

26) takes a unique turn from recent years, with a decent start after a bad

February through June,

end to the Goats reign, a big dip in the middle followed by a recovery.

we fingered 8 July as the

ex
Feng Shui Ind

In the 60-year Stems and Branches, or fiddlesticks as we call them,

the Hang Seng fell nearly

this is a year to set things up for a stronger future. Thats good news

market dropping through

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

some celebrities and offer guidance for deflecting negative energies.

for the Monkey years of 1992 and 2004 with actual index performance.

Feng Shui Inde

x

2016

Hang Seng Earth Rooster

HOUR
MONTH
DAY
PILLAR
PILLAR
PILLAR

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

Our cover is a representation of one of Chinas

most famous monkeys, Sun Wukong from the Ming
Dynasty (16th Century AD) novel, Journey to The West.

Bazi - Interplay determines our forecasts

DAY
PILLAR

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

Michael Jacksons pet chimp

2015

inauspicious day when

6%. From there we had the

Sanbiki No Saru

Japanese three wise monkeys

You

Chen

Yin

Shen

Yin Metal

Yang Earth

Yang Wood

Yang Metal

The Monkees

American rock band

Curious
George
Childrens favourite

The two bazi in the chart literally eight (Chinese)

characters, which change
position on a 60-year cycle guide predictions for the year.
3

 
  

Previous years

PREVIOUS YEARS
2004

1980

Metal Monkey

Hang Seng Index

Wood Monkey

The Metal Monkey skidded

The Wood Monkey lost his hold

spent the first month poking

in the treetops early and by mid-

ants nests on the ground.

perch that the only way from

there was up. It was clearly a

in through the savannah and

22 Jan

8 Feb

13,727

13,846

change into the proboscis monkey and finish a nose in front

of where hed started, making

2004
Shui Index

4 Feb: Facebook is launched.

1

19 Mar: Shooting of Chen Shui-bian in Tainan.

950

1,651

climbing chimp on the monkey

ting your moneys worth. Even if

year-end, hed only managed to

4 Feb

he lost his tail and became the

year for paying peanuts and gethed tried to ape anyone else, by

16 Feb

From April through December,

 

CLSA Feng

May had fallen so far from the

Hang Seng Index

1 Apr: Google launches Gmail.

28 Jul: The Chinese establish the Yellow River site in the Arctic.

bars. Resting at the top, there

he turned into a blue monkey
and got down about things for
a month or so before finishing
the year as the alpha male of
the powder monkey troop.

25 Feb: A military coup takes place in Suriname.

4 Mar: Robert Mugabe elected Prime Minister of Zimbabwe.
22 May: Pac-Man game is released in Japan.
25 Jul: AC/DC release Back in Black.
13 Aug: The base monthly wage in Taiwan rises to NT$12,365.
10 Sep: Zhao Ziyang becomes the third Premier of the PRC.

monkeys of us all.

13 Aug: Opening of the Summer Olympics in Athens.

23 Oct: HK ends the Touch Base policy for illegal mainland immigrants.

Our Feng Shui Index forecast

missed the early fall, but found
the bananas by year-end.

21 Sep: Construction begins on the Burj Khalifa.

20 Nov: Gang of Four trial begins in the PRC.

27 Oct: Discovery of the remains of Homo Floresiensis in Indonesia.

8 Dec: John Lennon shot dead.

21 Nov: Crash of China Eastern Airlines flight MU5210.

20 Jan: The hostages from the US embassy in Tehran are finally freed.

1992

Water Monkey

Hang Seng Index

22 Jan

4 Feb

5,914

4,711

1968

Dow Jones Index

Earth Monkey

The Water Monkey spent the

The Earth Monkey Dow slipped

first two months as the bathing

early in the year then found

30 Jan

ape, floundering around as if the

his nuts and rose, gibbon it

860

world were a barrel of monkeys.

was a different day and age,

Finally he got that off his back

to heady heights not seen

and changed into the grease

before in the world of man.

monkey, got down to work and

From May through September,

showed us his white tail tuft for

two months. From June through
November, he perfected the
quadrupedal knuckle walking
trick and went nowhere fast. He
then lost that monkey grip in a
nasty fall before finishing the year
slightly higher than he began.
Our Feng Shui Index forecast
was a little extreme, but still
tracked key market moves.

27 Feb: Stella Leibeck spills McDonalds coffee; awarded US$2.86m.

9 Mar: PRC ratifies the Nuclear Non-Proliferation Treaty.
20 Apr: Seville Expo 92 opens.
23 May: Italian judge Giovanni Falcone is murdered by mafia bomb.
20 Jun: Estonia gets its own currency, ending the rule of the ruble.
22 Jul: Pablo Escobar escapes from his luxury prison.
3 Aug: Wang Hongwen from the Gang of Four dies.
8 Sep: Japan sends troops abroad for the first time since WWII.
18 Dec: Kim Young-sam wins the South Korean election.
20 Jan: Bill Clinton is sworn in as the 42nd President of the USA.

the sleeping monkey did not

fall off the branch, and on
waking headed for the canopy
to enjoy the fruits of his liking
from November on. But on
the way up, he left his wrench
somewhere and the following
two years saw the Dow lose
nearly half its value.

16 Feb
945

30 Jan: North Vietnam launch the Tet Offensive.

16 Mar: The My Lai Massacre.
29 Apr: The musical Hair opens on Broadway.
29 May: De Gaulle flees Paris after the demonstrations against him.
8 Jun: Chiang Kai-shek calls the CCP the origin of disasters in East Asia.
27 Jul: End of Red-Guard power over the army in Cultural Revolution.
21 Aug: Soviet tanks enter Prague.
11 Oct: The first manned Apollo mission blasts off.
9 Dec: The first demonstration of the computer mouse.
20 Jan: Richard Nixon inaugurated as the 37th President of the USA.
5

 
  

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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41.2
7.1

mining
the next
Awaiting

at cib@clsa.com.
email us

or
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your CLSA
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the 12dividends)
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also fine-tune
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for the stock
but below
Taiwan
You can
Total stock
positive
dividends)
the recommendation
Securities

13A
65,848
12,655
(32.6)

Source: CLSA

Find CLSA
research

ISO14001:2004

Research

Year to 30
June
Revenue
(US$m)
Net profit
(US$m)
EPS (US)
CL/consensus
(20) (EPS%)
EPS growth
(% YoY)
PE (x)
Dividend
yield (%)
FCF yield
(%)
PB (x)
Net debt/equity
(%)
EV/Ebitda
(x)

5.5

15CL
56,175
7,720
140.1
88
(42.6)
17.2
5.1
2.3
1.5
33.2

16CL
60,373
8,878
161.1
105
15.0
14.7
5.3
4.6
1.4
33.1

6.5
on Bloomberg,
For important
6.2
Thomson
disclosures Reuters, Factset and CapitalIQ
- and profit
please refer
to page 50. from our evalu@tor proprietary
database

2015
15 June

an
2020
+86 21
7003
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115
110
105

33
31
29

27
BHP Billiton
85
(LHS)
Rel to ASX200
25
80
Mar 13
Nov 13
75
Jul 14
Source: Bloomberg
Mar 15

CLEAN GREEN
&
Malaysia
Philippines
Singapore
Taiwan*
Thailand
UK
US

(%)

39
37
35

research

m
www.clsau.co

U products
Find CLSA

For important

listings
and event

s please
disclosure

clsau@clsa.com.
or email

page 92.
refer to

on www.clsau.com

ers
968.HK
Solar manufactur
Xinyi Solar
makers
Battery
LG Chem
SDI
Samsung

Lyon

051910.KS
006400.KS

operators
916.HK
Renewable
816.HK
Longyuan
Fuxin
958.HK
Huadian
Ren
Huaneng

BHP.AX
BHP AU

12M hi/lo

York
USA - New
LLC
CLSA Americas,
of The Americas
1301 Avenue
th
15 Floor,
10019
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Limited*
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Tel: +886 2 2326 8166
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27 March
2015

Australia

Materials

Reuters
Bloomberg

Priced on
25 March
2015
ASX200 @
5,973.3

Materials

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Street
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Dearborn
One South
Suite 2100 60603
IL
Chicago
7346
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Pte Ltd
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Place,
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UOB Plaza
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Singapore
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6533 8922
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Japan Co.,
Building
CLSA Securities Sumitomo
i
16/F, Shiodome
1-9-2, Higashi-Shimbash
Tokyo 105-0021
Minato-ku, 4578 8000
3
Tel: +81 4578 8080
3
Fax: +81

Dave Thompson

views

Global

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Suite 220
CLSA Americas,
Street,
99 Summer 02110
MA
Boston,
0100
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Tel: +1
0140
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de Roxas
The Enterprise
corner Paseo
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PT CLSA
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Shanghai
Rep Office
China - Shanghai
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9/F
Room 910, Avenue
100 Century Area
New
Pudong
200120
5888
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21 2020
5777
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21 2020
Fax: +86

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
clsa.comResear
8539
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China

- BUY

Chet

India
Indonesia
Japan
Korea

    

and

e refer

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Australia
China (Shanghai)
Hong Kong

  

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Andrew Driscoll

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CLSA Sales +61 2 8571 5810

n Reuters

es pleas
osur

rg, Thomso

discl

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May

lsa.com

CLSA

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14

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Blue Books

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Jan

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13
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Source:

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40

CV - YoY
PV (LHS)
CHINAS
PLANS FOR
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30 INTEGRATION
PV - YoY

and CapitalIQ

Jun

Bloomber

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160

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tran
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7201 JP
BUY

4.0
13
Oct

19.9
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11

From our planet

there is nothing
to go ape over. From
earth come construction,
both buildings and capital,
livestock rearing and real estate, all of
which may not go baboon but should fare
well. Leather and hotels are well indicated
so expect some activity from right-wing
politicians as they indulge in their primate
sensibilities.

No

an

7267 JP
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cap
HK$5.41
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Price
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Target
ide
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HK
1398
BUY
ICBC
bn
US$240.0
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cap
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Market
HK$5.40
Price
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Target
ide
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HK
1288
U-PF
ABC
bn
US$156.9
Rec
cap
HK$3.04
Market
HK$3.10
Price
+2%
Target
ide
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HK
3988
U-PF
of China
Bank
bn
US$168.5
Rec
cap
HK$3.57
Market
HK$3.60
Price
+1%
Target
ide
Up/downs
HK
3328
SELL
n
Bocom
US$63.6b
Rec
cap
HK$5.54
Market
HK$4.90
Price
-12%
Target
ide
Up/downs
HK
3968
SELL
n
CMB
US$66.6b
Rec
cap
HK$18.84
Market
HK$14.10
Price
-25%
Target
ide
Up/downs
HK
1988
SELL
g
n
Minshen
US$46.4b
Rec
cap
HK$7.30
at clsa.com
Market
database
HK$6.00
Price
proprietary
-18%
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evalu@tor
ide
from our
Up/downs
and profit

15 Septem

Motor

Motor

4.5

14.5

14

12

November 2015

- Mimic

US$40.00

Honda
Rec
Target

5.0

Oc

banks

GM US
O-PF

Motors

Hyundai
Rec
Target

8401

cial servic
Finan

China

Dec

US$18.00

General
Rec
Target

SILK BELT
SEA ROAD

fail
g tod mar
ket
o bithe
bon
Not to
s in
g risk

2015
5 May

Nov

OBOR

Ford
Rec
Target

Xu

2600

China

(1%)

rform
1288.HK
Underpe
HK$4.38
ABC
HK$4.70
Price
13%
Target
TSR
3328.HK
HK$7.97
Bocom
HK$8.30
Price
8%
Target
TSR

8555

15 Septemb

We
segmen
g with
2015-17 to curb sales
paymen
as this
to new
Cagr overent policy
e on Dongfen
drivers,
a SELL.
le due
growth
e coverag Auto with
governm affordab
the main We reinitiat Guangzhou
Boyd
are moreSUVs will be
inty.
and
.
Geoff 7853
rform
segment
models. to macro uncerta
as
le (PV)
+65 6416
an Underpe
ng
as well in
er-vehic
immune
CFA
Wall with
passeng new drivers,
help Dongfe
Ben Xu, 5807
in the
pass 30% to
BUY, Great
to
2020
ed driversoutperform
appeal
ion should
is likely
+86 21
to
vision
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(DFG)
SUV penetrat
SUVs
continue better driver
g Motor
2016.
sedans.
should
Dongfen 2H15 and
SUVs
g from
size and
larger
upgradin Korea in 2003.
cycle in
Their
product
of
ime buyers similar to
subsidy
2015
to its new
second-t five years,
6 May
a new
ry due
helps
nd as
1.6L)
beneficia
the next
share
will
under
l
biggest
more
their turnarou
be the
e brands bile
Globa
winning to continue
PVs (engines
JapanesBELT
ONE
friendly
ic brands c brands
ou AutomoONE ROAD
regions.
Autos
Domest
Guangzh
nsitive
domesti environmentally
e brands.
drag on
price-se
Japanes
for
in
We expect
ly
could
JVs with
00/unit
especial
and this
initiations
Rmb3,0
489 HK
share,
t
China
from related
in FY15/16
Motor
BUY
ts come
lift market
ass segmen
n
Dongfeng
to struggle shipmen
s and
small-cl
US$14.4b
continue 80% of its
Rec
for GAC entry-level
province
le
cap
as
HK$12.94
western
the
Market
downsca If
the tunnel
in
(GAC)
of
GAC
HK$19.59
poorer
PVs
le.
end
to
Price
more
+51%
shifts
at the
affordab s to lose share.
Target
more
ide
are buyingntal demand
No light
to price
models
s due
it continue
Up/downs
2333 HK
out as
The Chinese as incrememake these
forecast
U-PF
Wall Motor
1.6L)
s
working will cut EPS
n
Great
is not
(1L to ent subsidie
us
US$24.9b
Rec
A class)
consens
to
B
cap
governm (from
HK$59.15
its
Market
, we believe
HK$59.60
strategy
persists
we expect
Price
+1%
ation.
because faces marketTarget
the situationdeterior
ide
top pick
HK
le but
Up/downs
2238
as our
its upscale
and margin
profitab
ahead
u Auto
SELL
despite
Wall is
with DFG
and see
speeds
n
Guangzho
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Great
sector
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le strategy
US$11.0b
Top pick e on the
AND
Rec
SUV trends. stiff competi
downsca 9,
cap
HK$59.6 PE.
HK$8.45
amid
to its
Market
We reinitiat benefit from
16CL
HK$7.99
to
pressure on GAC due
Price
our HK$19.5
-5%
and 9.0x
pipeline
base
10.5x
Target
and margin
ide
most negative s. We
on 9.0x,
share
Up/downs
. We are us EPS forecast stocks
60
three
strategy consens
for 2015
for the
(%)
t growth
risk to target prices
players
F US
50
Global
le shipmen
O-PF
HK$7.99
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er-vehic
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5.5

Sep

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ly
Policy positive on
pollutio low. Chinas
and moret is relative
a
is
. While
are
t terms

3968.HK
5
HK$23.4 0
HK$22.3

CMB
Price
Target
TSR

Yau

2600

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H SHARES AND

unit-shi
ap tition is highing a 7.2% REGIONAL
STOCKS
risk of
s, the
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compe
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entry-le
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rt
Three-pa
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heng@cls
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es

13

EARTH

May

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to SELL 1988.HK
Stocks g
8
HK$11.3 0
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HK$10.1
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7.5

Ap

Aug Sep Oc

s
bank
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3988.HK
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Alexious Lee

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1398.HK
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FIRE

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939.HK

BOC
Price
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TSR

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8.5

research

CLSA

For

1M

r
furthe
FY16

BUY 35% upsid

18,
Lenov We expeced by
e.
see
up foreca de to
ing
in FY17We
upgra
imply
, Mobil be replac
revise
Cagr
7.75,
ry driver We nting an
ahead this to
(-3%
e
FY18.
HK$1
for
prima
t share
upsid ct slowly
but
h warra1.48 to
e the ess until
ins
are
marke
fruit
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marg to contra 25%
ll growt HK$1
less
and
from
nging at 4.8%
ue
Mobileound overa
u
st
target
ue but contin
o comm low-ha
se in
comp
t will
Lenov but the to platea we foreca
contin
n to
ns
marke HP and
sion
d.
an increa
down,
till
lidatio the PC
expan ing margi slow
beyon
not
lidate margin
but
operat expansion
PC conso t that conso
r
PC
n in
n
expec and to
(79%)
furthe
os
We
FY16
drive
) divisio
17)
Lenov and margi
h in
2014- This will expect
ServerM can regain
gains
growt
that
x86
we
each.
and
t share of profit
(IBM
LenoIB
us;
M
rise
that
5.4%) LenoIB
2015
behind). As markethe bulk
st
now
ing
believe
mine the Enterp
7 May
g
(FY18 will drive
of
y. We in FY11, We foreca operat the
gold
t.
and
PC
ound
length
prise
g Kon
be
the
s are 12% share the marke in FY18 rise to
Enter a turnar
gy
Hon
BM
by
cation
nolo
K
Enterp
to 10%
LenoI not expect qualifi (IBM had stimated
Tech
0992.H
rise
years
do
expect at 47%.
HK
We
share is undere next 4
we
992
8
PC
as enterp t
ial
mer
FY17-1
Reuters erg
FY16 lost marke potent over the
a result,
2015
from
ry
. As
t Consu brands
Bloomb
May
most
growth
recove to double (FY18)
.9
on 6
till FY18 againsmost PC y will
margint share
Priced @ 27,640
8.5%
os profit earnings nce policy that
ly
strateg
ent
56/8.34
to
otos
HK HSI
possib
marke s to reach to Lenov
insura ledgem
ial
HK$13.
an
utor
75
LenoM
mater
la as
hi/lo
margint contrib
that idation starts,
acknow
HK$17.
12M
in FY18.
e not t Motoro is also We think
target
larges
+35%
consol
OPM
.
Mobil bough
ition
price al
o
oto
1.3%
t until
brands
12M
the
potenti
Lenov The acquis hone
marke FY17 and
10.2m
LenoM
to be as
%
r
massuing.
smartp
58.5%
in issue
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we expectquarte no
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rajesh.panjwani@clsa.
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+852 2600 8271

Johnny Lau

+852 2600 8175

16 January
2015

Analkey justifi, which icant share (from trigge

Power tion

Powers earnings.
if the will prices (c.6% of tariffs)
r Asset
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HK$

nelson.2600 8589
+852

Po

in
CGN offers something
- earnings stability,
tthe a long-term
few companies
However,
growth theme
in China do
rke
stock seems
and an antipollution
to have already
nuclear-capacity
on
angle.
priced these
er ratio
based expansion
is
in. Chinas rapid
amid slowing
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Mr 6Ma
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power demand
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Taishan
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is
if there are further CGNs
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fying r ratio Underperform
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delays
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and a HK$3.25
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s justi merge st, and Howe value
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again cash. in fair
ment 1.066
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ses
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Rajesh Panjwani

and
CKorIoutlook
, CFA
wanirch
sh PanjResea.com
Raje of Power

pe
Sino
- BUY
4.48

Technology

CGN Power

HK$3.20 - UNDERPERFO
RM

Nelson Wang

of
a.com
Head
heng@cls
patricia.c
8683
2600
+852

Marco

Utilities

Rajesh Panjwani

Oil & Gas

ia Cheng l Res
PatricChina Financia

Autos/Machinery

r 2015
2 Octobe

Patricia Cheng

r outlo
Secto

Ap

Ma

Feb

WOOD

Financials

s
bank
Chinaok - Overweight

Its a fire year, but other

elements are going to weigh it down.
Nonetheless, no-one should lemur as there is
much to look forward to. Telecoms and computing
should not be making monkeys out of their supporters.
Cosmetics, glasses and advertising may well come trooping in.

0.8
5.2
2.3
18.8

at clsa.com

should thrive this year think autos and machinery

(good for monkey-bar makers);
lawyers (always monkeying around);
martial arts (the drunken monkey form
anyone?); and public servants (nah,
cant think of any monkey-associated
terms for them).

Oc

and top-notc
implies
coverag
in
e with
the
h service.Chinas bulky-ite
special
a BUY.
handling
This
last-mile
and meticulocategory m logistics
segmen
operatio
differs
these
us planning
t with
ns.
from
core
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parcel
compete Replicating
services
,
delivery
ed scale
ncies
Haiers including warehou
(ICS)
will support
as it
business
advanta
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and allow
ges would sing, transpor
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the
expans
it to profit expansio
t and
not be
Haier
n of
ion
is
easy
from
its integrat
the e-comm
and
network among the
ed
few
erce boom.channel
rely on . This different operator
s with
distribut
iates
a deep,
is about
it from
ors for
yet tightly
peers
fulfilmen
we see 10 years
such
manage
behind
t.
more
urban We see upsideas Midea or
innovati
d, distribut
levels.
Gree,
on and
to rural
ion
Cash
Under
coopera
cow
consum which heavily
Haiers
tion in
We expect
ption,
partners
its rural
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
isation
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
initiate ted EPS. Our (SOTP)
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
Revenue
0 support 0
er
(Rmbm)
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

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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
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from plantation forests.
Please recycle.

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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
Cagr
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
+852 2600 7003
+91 22 6622 5000
+62 21 573 9460
+81 3 4580 5169
+82 2 397 8512

USA - San Francisco

CLSA Americas, LLC
50 California Street,
Suite 850
San Francisco, CA 94111
Tel: +1 415 544 6100
Fax: +1 415 434 6140

United Kingdom
CLSA (UK)
12/F, Moor House
120 London Wall
London EC2Y 5ET
Tel: +44 20 7614 7000
Fax: +44 20 7614 7070

Wei,

8639

exp

Apr-14

CLSA Sales Trading Team

4201

Thailand
Ltd
CLSA Securities (Thailand)
16/F, M. Thai Tower
All Seasons Place
87 Wireless Road,
Pathumwan, Bangkok 10330
Tel: +66 2 257 4600
Fax: +66 2 253 0532

the

Jan-14

Malaysia
Sdn Bhd
CLSA Securities Malaysia
Suite 20-01, Level 20
Menara Dion
27 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: +60 3 2056 7888
Fax: +60 3 2056 7988

2600

ing

Oct-13

Dawe

dawei.fen Feng,
g@clsa.co CFA
+852
2600
m
8172

Xiaopo

+852

19 May
2015

China

Wei
gh

R&D
spendi
ng and

Jul-13

USA - New York

CLSA Americas, LLC
1301 Avenue of The Americas
15th Floor,
New York 10019
Tel: +1 212 408 5888
Fax: +1 212 261 2502

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

CLSA

Aug

Taiwan
Credit Agricole Securities
(Taiwan) Company Limited*
27/F, 95, Section 2
Dun Hua South Road
Taipei 10682
Tel: +886 2 2326 8188
Fax: +886 2 2326 8166

Taiwan research
* CAST is an exclusive
provider to CLSA

Korea
Ltd
CLSA Securities Korea
30/F, One IFC
10 Gukjegeumyung-ro
Yeongdeungpo-gu
Seoul, 150-712
Tel: +82 2 397 8400
Fax: +82 2 771 8583

Hong Kong
CLSA Limited
18/F, One Pacific Place
88 Queensway
Hong Kong
Tel: +852 2600 8888
Fax: +852 2868 0189

Australia
China (Shanghai)
Hong Kong
India
Indonesia
Japan
Korea

Singapore
CLSA Singapore Pte Ltd
80 Raffles Place, No.18-01
UOB Plaza 1
Singapore 048624
Tel: +65 6416 7888
Fax: +65 6533 8922

For

China - Shenzhen
Rep Office
CLSA Limited - Shenzhen
Square
Room 3111, Shun Hing
Di Wang Commercial Centre
5002 Shennan Road East
Shenzhen 518008
Tel: +86 755 8246 1755
Fax: +86 755 8246 1754

Japan
Co., Ltd.
CLSA Securities Japan
Building
16/F, Shiodome Sumitomo
1-9-2, Higashi-Shimbashi
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

rom 2013 through 2015, the

elements stayed in relatively
Chinormous
similar positions. Not so
This year is going to get
this year, metal and
better. Shipping, banking, gambling
Retail
and retail will all make good ground. We
water - which have
Dawei Feng
happily announce that philosophy and arcane
not been so strong
studies belong to water and that their tide is rising - good
for the past few
for all of us, even if these stocks are not listed.
years - make
inroads. They
Gaming
completely
Aaron Fischer
dominate the
Transport
beginning of
Ra an Khe an
the year, and
both finish
strongly. Earth
is still quite
WATER
decent and has
a strong late
period. While
Fe
it is the Fireb
M
an
a
Monkey year, that
c
Ap
De
element flares through
ov
Ma
N
y
Oc
un u
Aug Sep
the middle of the year but
otherwise is not as strong as
it was. Wood runs to around the
same level as water, but the fire is
It is not only
gold
and
silver that
scorching some of it.
Indonesia
PT CLSA Indonesia
WISMA GKBI Suite 901
Jl Jendral Sudirman No.28
Jakarta 10210
Tel: +62 21 2554 8888
Fax: +62 21 574 6920

39.4
3.4
0.6
2.7
8.6

evalu@tor
from our
- and profit
and CapitalIQ
Reuters, Factset
page 38.

un

8/F, Dalamal House

Nariman Point
Mumbai 400021
Tel: +91 22 6650 5050
Fax: +91 22 2284 0271

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

Avoid: Toadstool

Source: CLSA

(formerly CLSA India Limited)

- New themes and developments

Chinormous: E-commerce

Philippines
CLSA Philippines, Inc
19/F, Tower 2
The Enterprise Center
de Roxas
6766 Ayala corner Paseo
Makati City
Tel: +63 2 860 4000
Fax: +63 2 860 4051

India
CLSA India Private Limited

Beijing 100004
Tel: +86 10 5965 2188
Fax: +86 10 6505 2209

Not so bad: Peanuts

ROE (%)

From wood come the paper and lumber

industries as well as timepieces,
hairdressers and ingredients for
medicine and the like. This
year may not be as good
as the last, but there
are still some good
trees in this
forest.

Haier

www.clsa.com

Good: Coconuts

50
0
Jul 15

Sep

Research & sales offices

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
42.2
3.7
4.3
1.1
4.9
0.9
0.6
5.7
0.4 www.c
4.9
3.8
19.2
lsa.com
3.0
18.8
14.7
14.2
Find

14A

1,206
230
22.5
(6.7)
-

Oct-12

7
Jun 14
Nov 13
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

Sector selection based on five phases

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
listings
on www.cl

evalu@tor
from our
-and profit

com

sau.com

set

or email

ram

to sha
ke thi
ngs

clsau@c
lsa.com
. CLSA

U -

Experts
views

for

expert

up
investo

rs

92
9.0
13.3
5.3
5.0
1.4
32.2
5.7

at clsa.com

ZODIAC SIGN GUIDE

AFFLICTION DEFLECTION
Forewarned is forearmed

Monkey

Forces of malevolent energy in the Year of the Monkey

Monkeys know that one of the best ways to mitigate the evil forces coming your way is to eat the peaches
of immortality, otherwise perhaps a personal trainer with very short shorts will keep your mind on positive
energies. The usual suspects are the Tai Sui, Tsui Po, San Sha and Wu Wang - ghostly forces meandering
across the fengshui firmament, so if the predictions are not in your favour, purchase a cannister of reality
from your local 7-11 and breathe deep, youll be fine.

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

08 Feb 2016 - 27 Jan 2017

12 Feb 1956 - 30 Jan 1957

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

22 Jan 2004 - 08 Feb 2005

25 Jan 1944 - 12 Feb 1945

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

04 Feb 1992 - 22 Jan 1993

06 Feb 1932 - 25 Jan 1933

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

16 Feb 1980 - 04 Feb 1981

20 Feb 1920 - 07 Feb 1921

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

30 Jan 1968 - 16 Feb 1969

02 Feb 1908 - 21 Jan 1909

to the Hong Kong-Zhuhai-Macau bridge.

Tsui Po - The Year Breaker

This year the star is in the North-East, with the Five Yellows in the same direction and the Tai Sui
opposite. Its yet another dangerous year to go to sleep in case you should end up in one of those
directions. Monkeys headband was not just so that the monk Tripitaka could control him, it also made

Directions for bed,

workstation and lounge
Good Dubious
SE
W
NW

him sleep in auspicious directions.

San Sha - Three Killings

This year youll find the Robbery, Disaster and Yearly Killings leaping in through

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.

Wu Wang - Five Yellows

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

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

The Clinging. Perseverance

furthers. It brings success. Care of
the cow brings good fortune.

That which is bright rises twice:

the image of fire. Thus the
great man, by perpetuating this
brightness, illumines the four
quarters of the world.

Nine in the third place means in

the light of the setting sun, men
either beat the pot and sing or
loudly bewail the approach of
old age. Misfortune.

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
 
  

ZODIAC SIGN GUIDE

ZODIAC SIGN GUIDE

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:

09 Feb 2005 - 28 Jan 2006

13 Feb 1945 - 01 Feb 1946

Water Rooster:

23 Jan 1993 - 09 Feb 1994

26 Jan 1933 - 13 Feb 1934

05 Feb 1981 - 24 Jan 1982

08 Feb 1921 - 27 Jan 1922

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.

Directions for bed,

workstation and lounge
Good Dubious
E
SW
NW

before the others come home to roost.

Yellow
Orange
Red

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

The Gentle. Success through what

is small. It furthers one to have
somewhere to go. It furthers one to
see the great man.

Winds following one upon the

other: the image of the Gently
Penetrating. Thus the superior
man spreads his commands
abroad and carries out his
undertakings.

Nine in the fifth place means

perseverance brings good fortune.
Remorse vanishes. No beginning,

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

but an end. Before the change, three

days. After the change, three days.
Good fortune.

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.

06 Feb 1970 - 26 Jan 1971

10 Feb 1910 - 29 Jan 1911

18 Feb 1958 - 07 Feb 1959

22 Jan 1898 - 09 Feb 1899

can pullet off.

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

No need to mutter anything.

25 Jan 1982 - 12 Feb 1983

28 Jan 1922 - 15 Feb 1923

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:

crossing the road.

Fire Rooster:

SE
W
NW

- youve not been forgotten! Theres not a lucky star in sight, but the wicked

10 Feb 1994 - 30 Jan 1995

14 Feb 1934 - 03 Feb 1935

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

Directions for bed,

workstation and lounge
Good Dubious

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

17 Feb 1969 - 05 Feb 1970

22 Jan 1909 - 09 Feb 1910

31 Jan 1957 - 17 Feb 1958

02 Feb 1897 - 21 Jan 1898

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

29 Jan 2006 - 17 Feb 2007

02 Feb 1946 - 21 Jan 1947

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.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Gathering Together. Success. The

king approaches his temple. It
furthers one to see the great man.
This brings success. Perseverance
furthers. To bring great offerings
creates good fortune.

Over the earth, the lake: the

image of Gathering Together.
Thus the superior man renews
his weapons in order to meet the
unforeseen.

Six at the beginning means if you

are sincere, but not to the end,
there will sometimes be confusion,
sometimes gathering together. If
you call out, then after one grasp of
the hand you can laugh again.

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
 
  

ZODIAC SIGN GUIDE

ZODIAC SIGN GUIDE

Pig

Rat

Pigsy is the helper of Monkey. Though you may be assailed by swine at

every turn, remember the monkey has not forgotten you and that you still
have something in the piggy-bank, no-one else need be bringing home
your bacon. The spring and autumn forecasts are for rain, do you want to
be a pig in mud? Summon your inner razorback. Youll not be hogging the

limelight, but youre no ruminant.

Fire Pig:

18 Feb 2007 - 06 Feb 2008

22 Jan 1947 - 09 Feb 1948

Wood Pig:

31 Jan 1995 - 18 Feb 1996

04 Feb 1935 - 23 Jan 1936

Water Pig:

13 Feb 1983 - 01 Feb 1984

16 Feb 1923 - 04 Feb 1924

27 Jan 1971 - 14 Feb 1972

30 Jan 1911 - 17 Feb 1912

Directions for bed,

workstation and lounge
Good Dubious
E
W
NW

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:

centre stage, which threatens an outbreak of communicable disease, were

19 Feb 1996 - 06 Feb 1997

24 Jan 1936 - 10 Feb 1937

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:

details of your rashers. Theyre minor and will clear up.

02 Feb 1984 - 19 Feb 1985

05 Feb 1924 - 24 Jan 1925

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.

15 Feb 1972 - 02 Feb 1973

18 Feb 1912 - 05 Feb 1913

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

28 Jan 1960 - 14 Feb 1961

31 Jan 1900 - 18 Feb 1901

Love Swine, women and song. You were made for love, oink oink! The

Health Hygiene is humbly suggested as a lifestyle choice. Amusingly

Wealth Dont bother taking the ferry to Macau - youve been banned

Water Rat:

youve got the right stuff if you want more of it.

Earth Pig:

08 Feb 1959 - 27 Jan 1960

10 Feb 1899 - 30 Jan 1900

the moon is really made of cheese and how much of it you can get. Still, the

07 Feb 2008 - 25 Jan 2009

10 Feb 1948 - 28 Jan 1949

Wealth For those warthogs roaming the savannah of self-employment

Metal Pig:

As far as youre concerned, its not so much whats in the stars as whether

corner? We doubt there is anyone as cunning as you. Still, youre advised

is attacking his own.

Love Good news Ratty, as the world population heads north of seven

Directions for bed,

workstation and lounge
Good Dubious

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

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Return. Success. Going out and

coming in without error. Friends
come without blame. To and fro
goes the way. On the seventh day
comes return. It furthers one to
have somewhere to go.

Thunder within the earth: the image

of the Turning Point. The kings of
antiquity closed the passes at the time
of solstice. Merchants and strangers
did not go about, and the ruler did
not travel through the provinces.

Nine at the beginning means

return from a short distance.
No need for remorse.
Great good fortune.

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.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Pushing Upward has supreme

success. One must see the great
man. Fear not. Departure toward
the south brings good fortune.

Within the earth, wood grows: the

image of Pushing Upward. Thus the
superior man of devoted character
heaps up small things in order to
achieve something high and great.

Six at the top means pushing

upward in darkness. It furthers
one to be unremittingly
persevering.

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
 
  

ZODIAC SIGN GUIDE

ZODIAC SIGN GUIDE

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:

26 Jan 2009 - 13 Feb 2010

29 Jan 1949 - 16 Feb 1950

Fire Ox:

07 Feb 1997 - 27 Jan 1998

11 Feb 1937 - 30 Jan 1938

20 Feb 1985 - 08 Feb 1986

25 Jan 1925 - 12 Feb 1926

03 Feb 1973 - 22 Jan 1974

06 Feb 1913 - 25 Jan 1914

Directions for bed,

workstation and lounge
Good Dubious
N
SE
W

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

this year and its a bull market.

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:

acceptable, but stalking a little more dollar is entirely reasonable. Follow

Image

Line

Thunder and lightning: the image

of Biting Through. The kings of
former times made firm the laws
through clearly defined penalties.

Nine at the beginning means

his feet are fastened in the stocks,
so that his toes disappear.
No blame.

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

Guiding hexagram from the Yi-Jing (Book of Changes)

Biting Through has success.
It is favourable to let justice be
administered.

in doubt get some tiger-bone plaster and er . . .

Directions for bed,

workstation and lounge
Good Dubious

Judgement

to lionise them for. Alternatively get yourself a chauffeur and head for the

23 Jan 1974 - 10 Feb 1975

26 Jan 1914 - 13 Feb 1915

05 Feb 1962 - 24 Jan 1963

08 Feb 1902 - 28 Jan 1903

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

09 Feb 1986 - 28 Jan 1987

13 Feb 1926 - 01 Feb 1927

No need for rumination, you can hoof it as soon as youre ready. No need

21

year; do not grab a Tiger by the tail, even if it is your own.

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

28 Jan 1998 - 15 Feb 1999

31 Jan 1938 - 18 Feb 1939

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:

15 Feb 1961 - 04 Feb 1962

19 Feb 1901 - 07 Feb 1902

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

14 Feb 2010 - 02 Feb 2011

17 Feb 1950 - 05 Feb 1951

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.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

The Family. The perseverance of

the woman furthers.

Wind comes forth from fire: the

image of the Family. Thus the
superior man has substance in
his words and duration in his
way of life.

Six in the second place means

she should not follow her whims.
She must attend within to the food.
Perseverance brings good fortune.

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
 
  

ZODIAC SIGN GUIDE

ZODIAC SIGN GUIDE

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:

03 Feb 2011 - 22 Jan 2012

06 Feb 1951 - 26 Jan 1952

Earth Rabbit:

16 Feb 1999 - 04 Feb 2000

19 Feb 1939 - 07 Feb 1940

29 Jan 1987 - 16 Feb 1988

02 Feb 1927 - 22 Jan 1928

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

opportunities all the more fun, right?

17 Feb 1988 - 05 Feb 1989

23 Jan 1928 - 09 Feb 1929

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

Directions for bed,

workstation and lounge
Good Dubious
W
SE
SW

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:

13 Feb 1964 - 01 Feb 1965

16 Feb 1904 - 03 Feb 1905

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:

31 Jan 1976 - 17 Feb 1977

03 Feb 1916 - 22 Jan 1917

to disappear down any creditor-dug rabbit-hole either. Study also seems

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:

headlights. A little precaution and the lettuce patch is yours.

Water Rabbit:

E
SW
NW

are born in dragon years than any other, which makes competition for limited

05 Feb 2000 - 23 Jan 2001

08 Feb 1940 - 26 Jan 1941

seem to be colliding in your health chart, might be a good idea to keep

can absorb. You cant make money on all of them, but you wont need

Directions for bed,

workstation and lounge
Good Dubious

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

11 Feb 1975 - 30 Jan 1976

14 Feb 1915 - 02 Feb 1916

25 Jan 1963 - 12 Feb 1964

29 Jan 1903 - 15 Feb 1904

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

23 Jan 2012 - 09 Feb 2013

27 Jan 1952 - 13 Feb 1953

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.

bring that rabbits foot into play.

Colours for
walls and clothing
Good Dubious
Yellow
Purple
Red

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

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Increase. It furthers one to

undertake something. It furthers
one to cross the great water.

Wind and thunder: the image of

Increase. Thus the superior man:
if he sees good, he imitates it;
if he has faults, he rids himself
of them.

Nine at the beginning means it

furthers one to accomplish great
deeds. Supreme good fortune.
No blame.

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

are good at listening to libationers - this might be a good time to breathe

deeply into their ears.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Persevering: Success. No blame.

It furthers one to have somewhere
to go.

Thunder and wind: the image of

Perseverance. Thus the superior
man stands firm and does not
change his direction.

Nine in the fourth place means

no game in the field.

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
 
  

ZODIAC SIGN GUIDE

ZODIAC SIGN GUIDE

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:

10 Feb 2013 - 30 Jan 2014

14 Feb 1953 - 02 Feb 1954

Metal Snake:

24 Jan 2001 - 11 Feb 2002

27 Jan 1941 - 14 Feb 1942

good work will see you gliding smoothly across most obstacles.

06 Feb 1989 - 26 Jan 1990

10 Feb 1929 - 29 Jan 1930

Health To make sure you stay in rude health this year, youre advised to

27 Jan 1990 - 14 Feb 1991

30 Jan 1930 - 16 Feb 1931

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.

Directions for bed,

workstation and lounge
Good Dubious
E
SE
NW

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

venom will come your way.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

The Receptive brings about sublime

success, furthering through the perseverance of a mare. If the superior
man tries to lead, he goes astray;
But if he follows, he finds guidance.

The earths condition is receptive

devotion. Thus the superior man
who has breadth of character
carries the outer world.

Six in the fifth place means: a

yellow lower garment brings
supreme good fortune.

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:

21 Jan 1966 - 08 Feb 1967

25 Jan 1906 - 12 Feb 1907

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.

Love A good year to be the cold-blooded horse in the land of emotions

for therell be more than enough misunderstandings and not enough horse
sense to go around. It is however, a good year to be cantering around the
place meeting dark horses - something may come of that, perhaps a desire
for a better light switch?

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

pony up for anything unexpected. One exception is gambling: if you put

Earth Horse:

07 Feb 1978 - 27 Jan 1979

11 Feb 1918 - 31 Jan 1919

to flow smoothly. You were once a burrowing lizard - time to reprise that

Health Horses sleep standing up. Its shaping up to be a tiring time so

heels into hock. Eat well and take care not to catch colts running around.

Metal Horse:

down.

Wood Snake:

S
NW

horse. Confusion mounting while you get that nagging feeling?

12 Feb 2002 - 31 Jan 2003

15 Feb 1942 - 04 Feb 1943

pharmacy bench as a curio. Your lungs and windpipe may be delicate so

the months ahead. Both orthodox and, er, oblique income streams are due

Directions for bed,

workstation and lounge
Good Dubious

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

18 Feb 1977 - 06 Feb 1978

23 Jan 1917 - 10 Feb 1918

02 Feb 1965 - 20 Jan 1966

04 Feb 1905 - 24 Jan 1906

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

31 Jan 2014 - 18 Feb 2015

03 Feb 1954 - 23 Jan 1955

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.

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Development. The maiden is given

in marriage. Good fortune. Perseverance furthers.

On the mountain, a tree: the

image of Development. Thus the
superior man abides in dignity
and virtue, in order to improve
the mores.

Six in the second place means the

wild goose gradually draws near
the cliff. Eating and drinking in
peace and concord. Good fortune.

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
 
  

ZODIAC SIGN GUIDE

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:

01 Feb 2003 - 21 Jan 2004

05 Feb 1943 - 24 Jan 1944

Metal Goat:

15 Feb 1991 - 03 Feb 1992

17 Feb 1931 - 05 Feb 1932

come and opportunities abound. Finance, work and travel

Health Youll be thrilled to discover that the sick amulet star is taking

are all well-aspected. Expect the lonely year predicted to be

up residence with you, we kid you not. This chap casts a pall over your

of the gua-ren type as they call it in Chinese: the Taiwanese

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

Planet of the Apes franchise. House moving is clearly

first half will carry over from last.

indicated, reflecting her advance into the Presidential Office

Wealth A year with few expectations means one with few let downs.

Earth Goat:

28 Jan 1979 - 15 Feb 1980

01 Feb 1919 - 19 Feb 1920

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

09 Feb 1967 - 29 Jan 1968

13 Feb 1907 - 01 Feb 1908

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

Born: 31 Aug 1956

President of Taiwan

Building. She is advised to go heavy on the joss to make sure

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

your goat, or leave you raddled, thistle blow over in no time.

Directions for bed,

workstation and lounge
Good Dubious

Tsai Ing-wen

fire. Some things are on the up: youll find more people with feelings for

19 Feb 2015 - 07 Feb 2016

24 Jan 1955 - 11 Feb 1956

Orange
Yellow
Red

FAMOUS FACES

your boss desk alight will get you a promotion. That said, getting off your

Unsurprisingly, Earth Roosters are known for their business

own butt will bring its own rewards so no need to stand sheepishly in the

acumen. Its lucky for Lei that he is running the enviable

corner or youll end up with the possibility of getting culled.

company that he is, as those with such fine feathers tend to feel

the need to strut around and garner respect from colleagues.

Yet his stars indicate that hell make his fortune following the
troop through the IT forest. Whether that means listening
to his underlings, or aping silverbacks Pony Ma and Robin

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hexagram

Jin
Progress

Li in scampering up the Hurun list, is something for those

Guiding hexagram from the Yi-Jing (Book of Changes)

Judgement

Image

Line

Progress. The powerful prince is

honoured with horses in large numbers. In a single day he is granted
an audience three times.

The sun rises over the earth:

the image of Progress. Thus the
superior man brightens his bright
virtue.

Six in the fifth place means remorse

disappears. Take not gain and loss
to heart. Undertakings bring good
fortune. Everything serves to further.

Earth Rooster
Born: 16 Dec 1969
Xiaomi founder

who monkey with predictions to essay. Its a time for Earth

Roosters to come out of the shadows; so is this the year that
Xiaomi overtakes Apple and sets the pace? Or will it witness
the companys data-collection policies become a little more
transparent?

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.

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FAMOUS FACES

FAMOUS FACES

Donald Trump

Fire Dog

Born: 14 Jun 1946

US presidential candidate

Pope Francis

A year of struggle for all Fire Dogs, whether its for bragging

Perhaps on account of his Argentine origins, Pope Francis is

rights on your local fire hydrant or whether youre running

sometimes mistaken for a Capuchin monk, but this primate

for president of the US of A, itll be time to cock that leg

is the Bishop of Rome. Nonetheless, capuchin monkeys can

and aim straight. Would it surprise you to hear that these

be trained for service to humans, so perhaps all is not lost

canines have outgoing personalities with a stubborn side?

yet. This is to be a year of numerous surprises, so we can

Hello Apprentice! The stars portend a time for wearing

surmise that the line upstairs to Ozymandias, the Golden

the emperors clothes - could this lucky monkeys banana

Monkey from the Golden Compass must be catching static.

really be peeled and awaiting his chompers, or is he in silk

Although Fire Rats have a tendency to make comments on

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

Born: 17 Dec 1936

Head of the Roman
Catholic Church

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?

coming back in with a full-moon high tide . . .

Fire Pig

Born: 26 Oct 1947

US presidential candidate

Hillary Clinton

Tang Wei

Apparently this is the year of the golden tongue for the Fire

Will everyones favourite imaginative and creative actress

Pig. The one caveat here is that one must seek to avoid

make the most of her Monster Hunt success and become

faux pas. Its a time to make sure that family dont make

the break-out household name she deserves to be? Gruff

slip-ups, with Bills activities resembling a naughty monkey

Goats are advised when swimming to take care to stay away

rampaging through the foliage throwing banana skins out

from the outlet valves - for Ms Tang those valves are the

behind him, Hillary will need to have a leash on that baboon

Chinese media censors. Expect a little sparkle in personal

and his florid mating signs. This year is not well suited to

relations for Earth Goats; those interested may begin to plan

dealing with false and copied goods, those Chinese military

a disguise as one of the unexpected events for the year.

copy DVDs of House of Cards will have to be put out with

the trash.

Earth Goat

Born: 7 Oct 1979

Chinese actress

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PROPERTY OUTLOOK

PROPERTY OUTLOOK
Location, location
W

elcome to the Battle Royale where good

stars fight bad influences and vice-versa.

In the South, we have the Three-Killings spreading

their joy. Opposed to them are three stars of fortune:
Star 1 in the South-East favouring patronage and
academic fortune; Star 6 in the South spreading
attenuated wealth and general good fortune; and

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!)

HONG KONG OVERALL

NORTH

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:

Take out insurance, you

have a star designed to test
this, but otherwise decent

Possible misunderstandings
here, but otherwise
unafflicted read the
fine print

TIGER
NE3

Year Breaker and the Five

Yellow, if you catch typhoid
somewhere else it will seem
like fun

Star 8 in the South-West, the biggie of them all

pushing back against those hateful and destructive
vapours. In the West, home of our sacred Earth

WEST

EAST

CENTRE

Rooster, is woody Star 4 - quite the cheery chap. So

Home element:

Home element:

Home element:

expect clearer skies out at the airport. The West has

Annual star:

Annual star:

Annual star:

our bananas rating. Star 9, ahem, future prosperity, is

Zodiac signs:

now sitting unassailed in the east. Despite belonging

to Brer Rabbit, not being the best of pals with our
Rooster, it still looks very promising and gets our

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:

Disease, sickness and

general deflation, only if
youre in the market for a
medical centre

This bright star for the

airport governs travel, you
can see the horizon

Happy rabbit, happy future

and you can wave to the
rooster

second bananas rating. Other coconuts will be

dropping from the trees for your amusement, with
possible profit in the North and North-West, and
the south-east. The South-West and centre have
enough afflictions to get the peanuts rating, while
the South and North-East - housing the housing
wreckers - get nothing but toadstool.
These stars bring their general attributes to bear on
the nine houses they inhabit. But each residence itself
can be divided into the nine houses on a micro-scale,
and here follow some of the ramifications for your own
living space this year.

SOUTH-WEST
Home element:

SOUTH

TAI SUI (SW3)

Home element:

FIRE

EARTH

WOOD

Annual star:

Annual star:

Annual star:

METAL 6

EARTH 8

WATER 1

Zodiac signs:

Zodiac signs:

Not so bad: Peanuts

Three Killings and a weak

Heavenly Luck star, avoid

Tai Sui and a hint of the

Three Killings, not a good
year for the seafront islands

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

(S1-S3) See page 8

Source: Google Maps

NORTH

NORTH-WEST

WEST

SOUTH-WEST

SOUTH

SOUTH-EAST

EAST

NORTH-EAST

The North is visited this

year by the Seven Red, quite
a violent star which often
brings burglaries, lawsuits,
fires and such in its wake.
If you think you can repaint
your door a coffee-colour,
thatd be good. Make sure
all of your preventative and
secure measures are up-todate. Everything from locks
on windows to fire-fighting
equipment.

Three Emerald is the

inauspicious star in this
corner this year. Think of it
as a cantankerous elderly
relative. Youre hardly going
to throw them out but they
do make life unnecessarily
difficult. What to do?
Ameliorate those effects
by placing pink items there
(centres for criminals are
decorated with this colour as
it calms everything down).

This year the West has the

Four Green star, which is
good for romance and selfimprovement. How to make
the most of this? Have some
sort of water feature there,
fresh flowers in a darkcoloured vase, or even just
keep a glass of water in the
area - thatll attract the right
vibrations. No need to go
overboard or you might get
a little too much romance.

Finally, the South-West has

the Eight White star this
year. This is mostly good
for finance and your career
path. Its an especially potent
star if treated well so adorn
the area with red, red, red.
Remember the Taisui is in
here as well - so this is where
the Guan Zhong image
should be placed. No large
amounts of metal, and keep
the air flowing.

The South has the Six White

star governing the sector.
Normally it brings wealth
and good blessings, as well
as study-related endeavours.
Dark coloured floorings
work well with it. The Three
Killings are here this year so
best to avoid doors in this
area, or use them discreetly,
renovations to this sector
should be avoided - drop in
a Laughing Buddha.

The star for this corner is the

One White; it often presages
the patronage of those who
can make a difference to
your life. Its benign effect
on relationships can also
carry over to meeting people
who will become close
to you. If youd like to get
involved with someone
then grey is the colour.
Green decorations will keep
relationships humming.

The Nine Purple star, a

bit of a chameleon as it is
gearing up to preside over
the next cycle that begins
around 2024. Thus it also
portends good things for the
future, if your door faces east
then open the door and let
the sunshine in, and while
youre doing that put some
bonsai in the same area,
thatll amplify the general
goodness here.

Less than ideal as thats

where the Five Yellows (Wu
Wang) are holding court;
their bag of tricks involves
unexpected troubles and
major illnesses. Mostly youll
want to focus on mitigation,
thus grey furnishings and
bronze implements or strings
of coins placed underneath
will assist. The Suipo, Year
Breaker, star is also here so
no renovations!

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CLSA FENG SHUI INDEX 2016

04 FEB 04 MAR
24 34

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

Its 12 years since

youve been here,
Monkey. Despite
the horrid start,
theres a party in
Heaven, you get an
invitation. Things
are looking up.

You burst into

Heaven and find
the peaches of
immortality. But you
see the doorkeepers
checking invitations.
Eat while the going
is good.

The doormen are

coming your way,
dont lose your
grip but now is a
good time to store
all those goodies
youve helped
yourself to.

The doormen have

cornered you and
the outlook is
uncertain, stash
those bananas
away. The CLSA
China Forum will
position you well.

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.

They think youre

secured but the
restraints loosen enough time to get
back to the table
and help yourself to
the offerings.

Theyre back,
youre about to be
sedated, no more
fruit for you, the
Queen Mother of
the West has you
under her control.

Happily you wake

to find that while
you cannot move,
youre an arms
reach from the
feast. Bide the
month and your
strength will return.

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.

If you push slightly

against the wall
youll find the
gurney slides along
the side of the
table, once again
anything in reach
is yours.

The gurney slides

down a slope; no
matter, youve
still got plenty of
delights on those
sheets and the
eating is good.

Youre still rolling

away from
heaven. You
wont get back in
now, and stores
are low, but
that was quite a
party.

12

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

JANUARY

Monkeys journey to the West

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

back onto the perch and cackle.

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

offer actionable ideas on how to ride returns.

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,

take some advice from your elders on the way out.

Sorcerer: Dr James Greenbaum

Sorcerers apprentice: Craig Cork
Wicked Witch of the East: Cherry Ma
Wand bearer: Marco Yau

: ()

Editor: Rebecca Taylor

Design/Art: Jennifer Luk; Lizzie Lau; Jon Berkeley
Translation: Elyse Li, Jack Liu, Lifu Luan, Joanne Wu, An Shilian
Thanks to: Joanne Wong, Maria Cascales, Liz Patterson

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