FY15 NPAT up 1% yoy, 8% below DBe Huabao reported revenue/NPAT of HKD4,326m/HKD1,987m for the year ended March 2015, up 2%/1% yoy, and is 6%/8% below DBe, During the period, flavour sales were up 4% yoy to HKD3,209m, in line with DBe but slightly below management guidance of 6-8%. RTL sales were down 12% yoy to HKD946m, lower than DBe of HKD1,131m (+6%) and management guidance of 5-8% growth. No final dividend, below DBe The company declared no final dividend (FY14: HKD0.17), although it held a net cash of HKD2.9bn as of March 2015. Including interim and special dividend, full year payout is 50% (FY14: 46%), down from 100% in 1HFY15 and below DBe of 71%. The company will hold an analyst briefing on 24 June 2015, we will follow up with more details.