SIAS has forecasted slightly higher FY09 revenue at HK$2,676m, representing
5% growth annually. But after the inflation effect, the real revenue growth becomes negative because of the following reasons -

1) Chinese economy cools down and demand for both industrial and consumer goods softening in 2008/9.

2) Willas-Array’s focus on credit control may well affect sales negatively.

3) High inflation erodes purchasing power, thus affecting demand for consumer goods.

FY09 earnings are estimated to be HK$40.6m, translating to a 13.1 HK
cents of EPS. Currently, the stocks seems to be fully priced.