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Fundamental Analysis and Analyst Recommendations - China Railway
 

Fundamental Analysis and Analyst Recommendations - China Railway

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Fundamental Analysis & Analyst Recommendations - China Railway ...

Fundamental Analysis & Analyst Recommendations - China Railway

Thematic Investments: China Railway
Rapid & Efficient Transportation Supports China's Ascent




INVESTMENT RATIONALE

* The length of China’s rail network is planned to reach a total track length of 120'000 km under the current five-year plan, from 20'000 km in 1949.
o The People’s Republic of China boasts the world’s third-longest railway network behind the USA and Russia.
o China is the only country in the world that has significantly expanded its railway infrastructure in recent years and is poised to build it out further in the future.

* Rapid & efficient transportation systems underpin China’s social and economic development.
o By the end of 2011, the People's Republic of China had a total urban population of 700 million or 53% of total population, rising from 26% in 1990.
+ The train is China's main means of transportation. With a population of just under 1.34 billion and a population density of 140/km², China is facing ever-growing transportation needs.
+ The massive ongoing rural exodus is a major challenge for China’s intercity transportation system.

o Rapid economic growth requires efficient transportation systems.
+ The expansion and rationalization of railways (dedicated freight lines) will boost China’s productivity by enabling raw materials and manufactured goods to reach their destination faster and more economically.

* Expanding and upgrading its railway system allows China to address many of its transportation problems, as the rail offers speed, reliability, and cost efficiency (low per-unit transportation costs) on the largest scale possible.
o Despite a temporary halt caused by the 2011 train wreck, the great railroad expansion will resume chugging forward as the social and economic significance of an efficient railway system is key for China's future
o The government's goal is to dramatically increase the speed and efficiency of intercity links, while expanding the current railway network inland to Western countries, therefore creating new efficient trade routes.
o The expansion and building of railroad infrastructure is likely to give companies operating in the railway industry full order books in the years ahead.
o Alongside rail construction companies, rolling stock manufacturers and maintenance, transport and technology firms can also partake in the government’s expansion plans.

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    Fundamental Analysis and Analyst Recommendations - China Railway Fundamental Analysis and Analyst Recommendations - China Railway Presentation Transcript

    • This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations China Railway March 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • MTR CORP CSR CORP LTD-H CHINA RAIL GR-H CHINA HIGH-SPEED CHINA RAIL CN-H GUANGSHEN RAIL-H ZHUZHOU CSR CHINA ZHONGWANGLatest Fiscal Year: 12/2011 12/2010 12/2010 12/2010 12/2010 12/2010 12/2010 12/201052-Week High 29.25 9.34 5.26 13.16 8.58 3.40 33.55 4.1952-Week High Date 14.03.2011 21.04.2011 14.03.2011 30.03.2011 14.03.2011 06.05.2011 26.04.2011 21.04.201152-Week Low 22.45 2.38 1.43 3.18 3.07 2.16 10.82 2.4552-Week Low Date 03.10.2011 04.10.2011 04.10.2011 04.10.2011 23.09.2011 04.10.2011 23.09.2011 04.10.2011Daily Volume 2373995 8363000 22943756 6041000 13321120 1931370 6087900 2491200 Current Price (3/dd/yy) 27.85 5.50 2.82 4.64 5.34 3.03 21.80 3.36 52-Week High % Change -4.8% -41.1% -46.4% -64.7% -37.8% -10.9% -35.0% -19.8% 52-Week Low % Change 24.1% 131.1% 97.2% 45.9% 73.9% 40.3% 101.5% 37.1%Total Common Shares (M) 5784.9 11840.0 21299.9 1375.1 12337.5 7083.5 1084.3 5406.3 Market Capitalization 161114.4 68435.7 69075.1 6323.1 65704.8 28529.7 23636.8 18165.2Total Debt 34046.0 16879.4 83684.0 5222.0 41524.2 3472.0 697.4 8162.7Preferred Stock - - - - - - - -Minority Interest 186.0 4596.6 7140.0 121.6 828.1 54.6 96.8 -Cash and Equivalents 16100.0 13788.4 55013.0 2123.8 61418.8 3267.6 1569.5 17263.4 Enterprise Value 179246.4 76932.5 118219.9 10566.1 71611.9 22420.3 19952.2 6960.9 Valuation Average MedianTotal Revenue LFY 33423.0 63912.4 456102.0 7392.6 456338.9 13484.4 5831.3 10521.9 130875.8 23453.7 LTM 33423.0 75783.4 484949.0 7478.5 487465.4 14109.0 7412.4 8322.8 139868.0 23766.0 CY+1 34871.3 81635.6 461670.9 6900.6 459514.1 14464.9 7272.6 9571.8 134487.7 24668.1 CY+2 36638.8 95385.0 480389.4 7253.4 481599.6 14977.2 8325.4 12349.8 142114.8 25808.0EV/Total Revenue LFY 4.9x 1.6x 0.3x 2.0x 0.2x 1.9x 4.0x 0.7x 2.0x 1.8x LTM 4.9x 1.4x 0.3x 2.0x 0.2x 1.9x 3.2x 0.9x 1.8x 1.6x CY+1 5.0x 0.7x 0.2x 1.1x 0.1x 1.6x 2.6x 0.7x 1.5x 0.9x CY+2 4.7x 0.6x 0.2x 1.0x 0.1x 1.4x 2.2x 0.5x 1.4x 0.8xEBITDA LFY 16411.0 4817.3 15675.0 2021.3 14125.8 3593.4 1266.7 4400.6 7788.9 4609.0 LTM 16411.0 6329.0 15884.0 1918.0 15806.5 4020.5 1745.5 2175.1 8036.2 5174.7 CY+1 13455.8 6979.6 16667.1 1544.7 19002.9 3914.0 1534.8 2143.0 8155.2 5446.8 CY+2 14616.5 8176.5 18562.6 1597.3 20624.7 3912.8 1721.4 2724.0 8992.0 6044.6EV/EBITDA LFY 10.0x 21.4x 9.1x 7.5x 5.7x 7.3x 18.5x 1.7x 10.2x 8.3x LTM 10.0x 16.3x 9.0x 7.9x 5.1x 6.5x 13.4x 3.5x 9.0x 8.4x CY+1 12.9x 8.6x 6.8x 5.1x 3.5x 5.8x 12.3x 2.9x 7.2x 6.3x CY+2 11.9x 6.9x 6.2x 4.6x 3.2x 5.5x 10.8x 2.2x 6.4x 5.9xEPS LFY 2.54 0.23 0.34 0.93 0.35 0.22 0.92 0.51 0.75 0.43 LTM 2.54 0.29 0.31 0.83 0.36 0.25 1.17 0.17 0.74 0.34 CY+1 1.44 0.32 0.26 0.55 0.56 0.25 1.13 0.19 0.59 0.43 CY+2 1.58 0.35 0.29 0.54 0.57 0.24 1.26 0.27 0.64 0.44P/E LFY 11.0x 15.5x 7.3x 4.5x 12.1x 9.8x 15.2x 16.1x 11.4x 11.5x LTM - - 7.8x - 11.6x 9.3x 13.6x - 10.6x 10.5x CY+1 19.3x 14.2x 8.8x 6.9x 7.7x 9.8x 15.8x 14.7x 12.2x 12.0x CY+2 17.6x 12.9x 8.0x 7.0x 7.6x 10.5x 14.1x 10.3x 11.0x 10.4xRevenue Growth 1 Year 13.2% 40.1% 36.5% 30.9% 32.3% 8.9% 75.3% (24.0%) 26.7% 31.6% 5 Year 29.7% - 29.5% - - 42.5% - - 33.9% 29.7%EBITDA Growth 1 Year 9.7% 46.3% 21.1% 25.6% 2.7% 10.4% 84.9% (17.5%) 22.9% 15.7% 5 Year 8.5% 31.1% 32.8% 60.7% 34.9% 26.2% 37.8% - 33.1% 32.8%EBITDA Margin LTM 49.1% 7.5% 3.4% 27.3% 3.1% 26.6% 21.7% 41.8% 22.6% 24.2% CY+1 38.6% 8.5% 3.6% 22.4% 4.1% 27.1% 21.1% 22.4% 18.5% 21.7% CY+2 39.9% 8.6% 3.9% 22.0% 4.3% 26.1% 20.7% 22.1% 18.4% 21.3% Leverage/Coverage Ratios Average MedianTotal Debt / Equity % 26.4% 87.7% 125.7% 70.6% 72.3% 14.4% 15.8% 52.4% 58.2% 61.5%Total Debt / Capital % 20.9% 41.5% 53.2% 41.0% 41.6% 12.5% 13.4% 34.4% 32.3% 37.7%Total Debt / EBITDA 2.075x 3.504x 5.339x 2.583x 2.940x 0.966x 0.551x 1.855x 2.5x 2.3xNet Debt / EBITDA 1.094x 0.642x 1.829x 1.533x -1.408x 0.057x -0.688x -2.068x 0.1x 0.3xEBITDA / Int. Expense 17.819x 13.749x 4.883x 10.378x 8.731x 21.434x 110.494x 12.138x 25.0x 12.9x Credit RatingsS&P LT Credit Rating AAA - - - - - - -S&P LT Credit Rating Date 16.12.2010 - - - - - - -Moodys LT Credit Rating - - - - - - - -Moodys LT Credit Rating Date - - - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Total Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency mio USD) (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23MTR CORP HKD 20764.84 2374 5785 4.39 0.00 0.02 2.08 23.10 4308 4308 4494 4722 2115 2115 1734 1734 0.33 0.33 0.19 0.20 1.41 - 2.49 2.27 1.71 3.83 1.25 1.09 6.33 AAA 16.12.2010 - -CSR CORP LTD - H HKD 8820.17 8363 11840 2.18 0.00 0.59 1.78 9.92 8237 9767 10521 12293 621 816 - - 0.03 0.04 0.04 0.04 1.99 - 1.83 1.67 5.17 - 5.96 4.01 0.97 - - - -CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 62501 59501 61914 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -CHINA HIGH SPEED TRANSMISSIO HKD 814.94 6041 1375 0.67 0.00 0.02 0.27 1.36 953 964 889 935 261 247 99 99 0.12 0.11 0.07 0.07 0.59 - 0.89 0.90 3.98 - 3.30 7.82 3.52 - - - -CHINA RAILWAY CONSTRUCTION-H HKD 8468.21 13321 12338 5.35 0.00 0.11 7.92 9.23 58814 62826 59223 62070 1821 2037 - - 0.05 0.05 0.07 0.07 1.56 1.50 1.00 0.98 4.16 - 0.35 4.49 0.40 - - - -GUANGSHEN RAILWAY CO LTD-H HKD 3676.98 1931 7084 0.45 0.00 0.01 0.42 2.89 1738 1818 1864 1930 463 518 - - 0.03 0.03 0.03 0.03 1.27 1.20 1.27 1.35 1.14 5.48 1.33 3.38 3.43 - - - -ZHUZHOU CSR TIMES ELECTRIC-H HKD 3046.37 6088 1084 0.09 0.00 0.01 0.20 2.57 752 955 937 1073 163 225 - - 0.12 0.15 0.15 0.16 1.96 1.75 2.03 1.82 9.71 - 10.94 4.87 2.80 - - - -CHINA ZHONGWANG HOLDINGS LTD HKD 2341.18 2491 5406 1.05 0.00 0.00 2.22 0.90 1356 1073 1234 1592 567 280 276 276 0.07 0.02 0.02 0.03 2.08 - 1.90 1.33 -3.10 - -2.25 - 5.39 - - - - Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
    • Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%MTR CORP 1.28 1.20 1.16 1.09 4.96 4.62 4.40 4.17 21.59 24.87 17.27 16.38 13.43 13.32 12.26 13.14 16.95 19.33 17.59 16.02 2.44 2.71 2.78 2.99 30.10 8.1%CSR CORP LTD - H 2.68 2.16 1.76 1.55 0.88 0.68 0.59 0.50 13.27 22.42 5.61 7.83 15.73 11.02 9.41 7.88 19.16 14.24 12.92 10.81 13.19 1.43 1.40 1.54 1.81 1.52 5.94 8.0%CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%CHINA HIGH SPEED TRANSMISSIO 0.74 0.67 0.63 0.60 0.55 0.68 0.75 0.71 0.69 0.65 4.30 15.13 3.83 3.82 5.55 6.84 6.62 6.42 5.98 3.88 6.89 7.01 6.35 6.64 7.96 3.62 3.54 3.86 3.96 5.14 10.7%CHINA RAILWAY CONSTRUCTION-H 0.92 0.83 0.77 0.71 0.13 0.12 0.11 0.11 0.11 4.08 3.08 2.49 4.90 3.77 3.47 3.24 10.22 7.75 7.59 7.11 2.73 3.33 3.58 3.72 5.53 3.6%GUANGSHEN RAILWAY CO LTD-H 0.75 0.70 0.67 0.65 0.66 1.78 1.61 1.55 1.47 1.56 6.18 5.80 5.54 5.51 6.68 6.57 5.73 5.73 5.42 7.12 11.94 9.84 10.51 9.69 16.47 3.64 4.33 4.25 4.70 2.43 3.34 10.1%ZHUZHOU CSR TIMES ELECTRIC-H 4.42 3.62 3.07 2.57 2.17 3.53 2.65 2.31 1.98 1.46 28.86 22.42 25.50 15.30 10.71 17.70 13.00 11.59 9.71 6.79 22.73 15.77 14.11 11.79 8.67 1.54 2.34 2.63 3.44 4.61 22.41 2.8%CHINA ZHONGWANG HOLDINGS LTD 0.94 0.92 0.85 0.83 1.39 1.55 1.20 1.08 1.01 4.57 22.83 9.13 6.68 1.65 3.25 2.56 2.37 5.43 14.73 10.30 9.22 9.78 6.21 2.92 4.38 4.75 3.50 4.2% Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
    • 14.03.2012MTR CorpMTR Corporation Limited provides public transport services in Hong Kong. The Price/VolumeCompany owns and operates the Mass Transit Railway. The Company also develops, 35 12.0 Msells, and manages residential and commercial properties. In addition, MTR 30 10.0 Mleases commercial facilities and provides services along the Railway, such asadvertising, telecommunication facilities, and provides consultancy services. 25 8.0 M 20 6.0 M Valuation Analysis 15Latest Fiscal Year: 12/2011 4.0 M 10LTM as of: 01/yy 5 2.0 M52-Week High (14.03.2011) 29.25 0 .0 M52-Week Low (03.10.2011) 22.45 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 2373995.00 Current Price (3/dd/yy) 27.85 Market Data 52-Week High % Change -4.79% Dividend Yield 2.73 52-Week Low % Change 24.05% Beta 0.69 % 52 Week Price Range High/Low 78.68% Equity Float 1317.34Shares Out 29.02.2012 5785.1 Short Int - Market Capitalization 161114.39 1 Yr Total Return -1.66%Total Debt 34046.00 YTD Return 10.74%Preferred Stock 0.0 Adjusted BETA 0.694Minority Interest 186.0 Analyst Recs 14Cash and Equivalents 16100.00 Consensus Rating 4.429Enterprise Value 179246.39 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 322983666 HK EQUITY YTD Change - Average Volume 30 Day 253318866 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2153734 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 10690 17628 18797 29518 33423 - - 34871 36639 - - TEV/Revenue 18.17x 7.47x 9.63x 6.16x 4.90x - - 4.99x 4.73x - - EBITDA 15383.0 15971.0 14774.0 14956.0 16411.0 - - 13455.8 14616.5 - - TEV/EBITDA 12.62x 8.25x 12.25x 12.16x 9.97x - - 13.32x 12.26x - - Net Income 15180.0 8284.0 9639.0 12059.0 14716.0 - - 8459 9202 - - P/E 10.55x 12.22x 15.86x 13.48x 9.86x - - 19.33x 17.59x - - Profitability S&P Issuer RatingsEBITDA 16411.00 Long-Term Rating Date 16.12.2010EBIT 13205.00 Long-Term Rating AAAOperating Margin 39.51% Long-Term Outlook STABLEPretax Margin 52.86% Short-Term Rating Date 09.10.2009Return on Assets 7.75% Short-Term Rating A-1+Return on Common Equity 10.79% Credit RatiosReturn on Capital 9.98% EBITDA/Interest Exp. 17.82Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 1.74Margin Analysis Net Debt/EBITDA 1.09Gross Margin - Total Debt/EBITDA 2.07EBITDA Margin 49.1% ReferenceEBIT Margin 39.5% Total Debt/Equity 26.4%Net Income Margin 44.0% Total Debt/Capital 20.9%Structure Asset Turnover 0.18Current Ratio 1.33 Net Fixed Asset Turnover 0.24Quick Ratio 1.00 Accounts receivable turnover-days 28.35Debt to Assets 17.21% Inventory Days -Tot Debt to Common Equity 26.42% Accounts Payable Turnover Day -Accounts Receivable Turnover 12.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 40.00 40000.0 35.00 35000.0 30.00 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012MTR CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINANCIAL SECRETARY n/a Co File 4434552207 76.66 - 31.12.2010 GovernmentEXCHANGE FUND n/a Co File 32325625 0.56 - 31.12.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21204583 0.37 (27500) 08.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 15058485 0.26 2262000 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13992587 0.24 336500 31.12.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 12901741 0.22 159757 30.06.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 10772105 0.19 361500 09.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6781500 0.12 - 14.01.2011 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5509337 0.1 (2278000) 31.01.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3439916 0.06 (2708500) 31.01.2012 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2743500 0.05 2000 21.11.2011 Mutual Fund ManagerSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2725991 0.05 (60000) 30.12.2011 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 2699684 0.05 (1351882) 31.12.2011 Pension Fund (ERISA)BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2200093 0.04 (22000) 08.03.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2034500 0.04 1634500 31.10.2011 Investment AdvisorHI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1590000 0.03 - 30.09.2011 Mutual Fund ManagerSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1541524 0.03 - 31.10.2011 Mutual Fund ManagerAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1400500 0.02 662500 30.09.2011 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1276666 0.02 (82106) 31.12.2011 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1089500 0.02 13500 30.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.03.2012Credit Suisse CUSSON LEUNG outperform 5 M 32 Not Provided 09.03.2012CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 09.03.2012Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 31 12 month 08.03.2012JPMorgan BENJAMIN LO neutral 3 M 25 9 month 08.03.2012Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 29 12 month 27.02.2012GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012DBS Vickers JEFF YAU buy 5 M 31 12 month 27.01.2012Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012CSR Corp LtdCSR Corp Ltd provides a wide range of rolling stock products and services. The Price/VolumeCompanys products include locomotives, passenger carriages, freight wagons, 10 180.0 MMUs, rapid transit vehicles and key related components. 9 160.0 M 8 140.0 M 7 120.0 M 6 100.0 M 5 Valuation Analysis 4 80.0 MLatest Fiscal Year: 12/2010 3 60.0 M 2 40.0 MLTM as of: 09/yy 1 20.0 M52-Week High (21.04.2011) 9.34 0 .0 M52-Week Low (04.10.2011) 2.38 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 8363000.00 Current Price (3/dd/yy) 5.5 Market Data 52-Week High % Change -41.11% Dividend Yield 0.89 52-Week Low % Change 131.09% Beta 1.69 % 52 Week Price Range High/Low 43.68% Equity Float 1842.74Shares Out 18.08.2011 2024.0 Short Int - Market Capitalization 68435.70 1 Yr Total Return -32.96%Total Debt 16879.43 YTD Return 23.87%Preferred Stock 0.0 Adjusted BETA 1.687Minority Interest 4596.6 Analyst Recs 23Cash and Equivalents 13788.41 Consensus Rating 3.652Enterprise Value 76932.53 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 184410301766 HK EQUITY YTD Change - Average Volume 30 Day 181142001766 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17970150 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 23047.0 26803.5 35092.8 45620.8 63912.4 0.0 51192.4 81635.6 95385.0 29028.3 - TEV/Revenue - - 1.37x 1.49x 1.55x #DIV/0! 0.00x 0.74x 0.59x - - EBITDA 1536.6 1691.7 2788.2 3293.5 4817.3 0.0 1091.3 6979.6 8176.5 - - TEV/EBITDA - - 17.27x 20.63x 20.62x 0.00x 0.00x 11.02x 9.41x - - Net Income 544.8 613.0 1384.2 1678.2 2531.4 0.0 2187.2 3807.3 4465.0 728.0 - P/E - - 27.45x 40.07x 35.28x 0.00x 0.00x 14.24x 12.92x - - Profitability S&P Issuer RatingsEBITDA 4817.34 Long-Term Rating Date -EBIT 3535.48 Long-Term Rating -Operating Margin 5.53% Long-Term Outlook -Pretax Margin 5.74% Short-Term Rating Date -Return on Assets 3.93% Short-Term Rating -Return on Common Equity 13.84% Credit RatiosReturn on Capital 9.91% EBITDA/Interest Exp. 13.75Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. -2.51Margin Analysis Net Debt/EBITDA 0.64Gross Margin 17.2% Total Debt/EBITDA 3.50EBITDA Margin 7.5% ReferenceEBIT Margin 5.5% Total Debt/Equity 87.7%Net Income Margin 4.0% Total Debt/Capital 41.5%Structure Asset Turnover 0.99Current Ratio 1.17 Net Fixed Asset Turnover 3.36Quick Ratio 0.62 Accounts receivable turnover-days 58.46Debt to Assets 22.94% Inventory Days 100.47Tot Debt to Common Equity 87.71% Accounts Payable Turnover Day 97.46Accounts Receivable Turnover 6.24 Cash Conversion Cycle 61.47Inventory Turnover 3.63Price/ Cash Flow Sales/Revenue/Turnover 1.20 70000.0 60000.0 1.00 50000.0 0.80 40000.0 0.60 30000.0 0.40 20000.0 10000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012CSR Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJOHO PARTNERS LP n/a EXCH 302079370 14.92 - 06.03.2012 Hedge Fund ManagerDEUTSCHE BANK AG n/a EXCH 182422633 9.01 - 09.02.2012 Investment AdvisorSOCIAL SECURITY FUND n/a EXCH 181210000 8.95 - 23.12.2011 Pension Fund (ERISA)DEUTSCHE BANK AG n/a Short (155118944) -7.66 - 29.02.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 114562654 5.66 (3557400) 08.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (114008368) -5.63 - 08.03.2012 Investment AdvisorWELLINGTON MANAGEMEN n/a EXCH 107180180 5.3 - 17.02.2012 Investment AdvisorBAILLIE GIFFORD AND n/a EXCH 101793000 5.03 - 17.08.2011 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 100828146 4.98 - 29.11.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 98439911 4.86 - 01.02.2012 Investment AdvisorMAPS INVESTMENT MANA n/a EXCH 98388000 4.86 - 05.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 70577278 3.49 (302000) 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 51450000 2.54 - 30.12.2011 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 30283000 1.5 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (29769114) -1.47 - 01.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 27544000 1.36 7138000 30.06.2011 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 25599000 1.26 (3408000) 30.09.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 25458000 1.26 - 28.02.2011 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 24628000 1.22 - 14.01.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19251000 0.95 19000 08.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered BEN HARTWRIGHT outperform 5 M 7 12 month 12.03.2012Jefferies JULIAN BU underperform 1 M 4 12 month 12.03.2012BNP Paribas Equity Research TINA LI buy 5 M 7 12 month 09.03.2012Haitong International Securities ZHANG WEN XIAN buy 5 M 8 12 month 08.03.2012HSBC ANDERSON CHOW overweight 5 M 7 Not Provided 06.03.2012UOB Kay Hian MARK PO buy 5 M 7 Not Provided 05.03.2012Macquarie SAIYI HE neutral 3 N 6 12 month 28.02.2012Guotai Junan GARY WONG neutral 3 M 5 Not Provided 21.02.2012Capital Securities Corp HAN WEIQI buy 5 M 7 Not Provided 20.02.2012JPMorgan KAREN LI overweight 5 M 9 9 month 14.02.2012Citi ZHEN NI sell 1 M 5 Not Provided 09.02.2012Deutsche Bank PHYLLIS WANG buy 5 M 7 12 month 30.01.2012SinoPac VIVIAN LIU buy 5 M 6 12 month 19.01.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012Mizuho Securities OLE HUI neutral 3 M 5 12 month 05.01.2012SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 05.01.2012Morgan Stanley KEVIN LUO Equalwt/In-Line 3 D 6 12 month 07.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 6 Not Provided 02.11.2011DBS Vickers RACHEL MIU buy 5 U 6 12 month 31.10.2011BOCOM International Holdings GEORGE YIN not rated #N/A N/A M #N/A N/A Not Provided 14.10.2011Masterlink Securities STANLEY YAN hold 3 D 5 6 month 09.08.2011Bank of China International XU MINLE buy 5 M 7 Not Provided 08.08.2011Citic Securities Co., Ltd SIMON YEUNG not rated #N/A N/A M #N/A N/A Not Provided 06.05.2011China International Capital Corp WU HUIMIN accumulate 4 M 10 12 month 25.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Railway Group LtdChina Railway Group Ltd. offers transportation systems construction services. Price/VolumeThe Company builds railroads, roads, tunnels, and bridges. 6 300.0 M 5 250.0 M 4 200.0 M 3 150.0 M Valuation AnalysisLatest Fiscal Year: 12/2010 2 100.0 MLTM as of: 01/yy 1 50.0 M52-Week High (14.03.2011) 5.26 0 .0 M52-Week Low (04.10.2011) 1.43 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 22943756.00 Current Price (3/dd/yy) 2.82 Market Data 52-Week High % Change -46.39% Dividend Yield 2.39 52-Week Low % Change 97.20% Beta 1.62 % 52 Week Price Range High/Low 36.55% Equity Float 4207.39Shares Out 30.06.2011 4207.4 Short Int - Market Capitalization 69075.08 1 Yr Total Return -44.09%Total Debt 83684.00 YTD Return 16.05%Preferred Stock 0.0 Adjusted BETA 1.617Minority Interest 7140.0 Analyst Recs 19Cash and Equivalents 55013.00 Consensus Rating 2.684Enterprise Value 118219.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 26121960390 HK EQUITY YTD Change - Average Volume 30 Day 30306590390 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26530610 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - - Total Revenue 153568.0 177391.0 225029.0 334045.0 456102.0 - - 461670.9 480389.4 - - TEV/Revenue - 1.13x 0.55x 0.43x 0.28x - - 0.25x 0.24x - - EBITDA 6111.0 6495.0 10122.0 12946.0 15675.0 - - 16667.1 18562.6 - - TEV/EBITDA - 30.78x 12.29x 11.00x 8.28x - - 7.09x 6.37x - - Net Income 2046.0 2488.0 1350.0 6875.0 7490.0 - - 5567.1 6190.8 - - P/E - 54.02x 75.07x 16.47x 13.51x - - 8.78x 8.01x - - Profitability S&P Issuer RatingsEBITDA 15675.00 Long-Term Rating Date -EBIT 10586.00 Long-Term Rating -Operating Margin 2.32% Long-Term Outlook -Pretax Margin 2.33% Short-Term Rating Date -Return on Assets 2.14% Short-Term Rating -Return on Common Equity 11.73% Credit RatiosReturn on Capital 7.15% EBITDA/Interest Exp. 4.88Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 1.92Margin Analysis Net Debt/EBITDA 1.83Gross Margin 5.9% Total Debt/EBITDA 5.34EBITDA Margin 3.4% ReferenceEBIT Margin 2.3% Total Debt/Equity 125.7%Net Income Margin 1.6% Total Debt/Capital 53.2%Structure Asset Turnover 1.30Current Ratio 1.13 Net Fixed Asset Turnover 11.40Quick Ratio 0.52 Accounts receivable turnover-days 60.66Debt to Assets 21.51% Inventory Days 85.66Tot Debt to Common Equity 125.69% Accounts Payable Turnover Day 90.75Accounts Receivable Turnover 6.02 Cash Conversion Cycle 55.57Inventory Turnover 4.26Price/ Cash Flow Sales/Revenue/Turnover 100.00 500000.0 90.00 450000.0 80.00 400000.0 70.00 350000.0 60.00 300000.0 50.00 250000.0 40.00 200000.0 30.00 150000.0 20.00 100000.0 10.00 50000.0 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Railway Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a Co File 382490000 9.09 - 31.12.2010 Pension Fund (ERISA)JP MORGAN CHASE & CO n/a EXCH 209008317 4.97 (1825000) 31.03.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 145322772 3.45 391000 31.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 143991204 3.42 (165723000) 16.09.2011 Investment AdvisorLEHMAN BROTHERS FINA n/a Co File 123652010 2.94 - 31.12.2010 UnclassifiedLEHMAN BROTHERS INTE n/a Short (67870550) -1.61 - 30.06.2010 BankFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63986884 1.52 2187090 31.01.2012 Investment AdvisorLEHMAN BROTHERS INTE n/a Co File 59870550 1.42 - 31.12.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45860000 1.09 38000 08.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 38240000 0.91 - 14.01.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36774000 0.87 (3004000) 09.03.2012 Investment AdvisorLEHMAN BROTHERS HOLD n/a Short (26551000) -0.63 - 30.06.2010 CorporationLEHMAN BROTHERS HOLD n/a Co File 26551000 0.63 - 31.12.2010 CorporationBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16289000 0.39 (1205000) 31.12.2011 Investment AdvisorBLACKROCK INC n/a Short (12803741) -0.3 5014000 16.09.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 8824000 0.21 - 12.03.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8250000 0.2 - 31.12.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8238000 0.2 8238000 30.09.2011 Insurance CompanyUNITED SERVICES AUTO Multiple Portfolios MF-AGG 6872000 0.16 - 30.11.2011 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 5012000 0.12 - 21.04.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered BEN HARTWRIGHT in-line 3 M 3 12 month 12.03.2012Jefferies JULIAN BU underperform 1 M 2 12 month 12.03.2012Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 3 Not Provided 22.12.2011Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010UOB Kay Hian MARK PO buy 5 M 7 Not Provided 06.09.2010Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China High Speed Transmission Equipment Group Co LtdChina High Speed Transmission Equipment Group Co., Ltd. researches, designs, Price/Volumedevelops, manufactures and distributes a range of mechanical transmission 14 100.0 Mequipment used in the wind power generation, marine, vessels, rail transport, 90.0 M 12aerospace, metallurgy, petrochemicals, construction and mining industries. 80.0 M 10 70.0 M 8 60.0 M 50.0 M Valuation Analysis 6 40.0 MLatest Fiscal Year: 12/2010 4 30.0 MLTM as of: 01/yy 20.0 M 2 10.0 M52-Week High (30.03.2011) 13.16 0 .0 M52-Week Low (04.10.2011) 3.18 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 6041000.00 Current Price (3/dd/yy) 4.64 Market Data 52-Week High % Change -64.74% Dividend Yield 7.40 52-Week Low % Change 45.91% Beta 1.49 % 52 Week Price Range High/Low 15.73% Equity Float 1083.25Shares Out 08.07.2011 1362.7 Short Int - Market Capitalization 6323.13 1 Yr Total Return -55.65%Total Debt 5222.00 YTD Return 36.47%Preferred Stock 0.0 Adjusted BETA 1.485Minority Interest 121.6 Analyst Recs 25Cash and Equivalents 2123.77 Consensus Rating 3.400Enterprise Value 10566.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7570959658 HK EQUITY YTD Change - Average Volume 30 Day 13518900658 HK EQUITY YTD % CHANGE - Average Volume 3 Month 11315110 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - - Total Revenue 1184.3 1904.8 3439.2 5647.0 7392.6 - - 6900.6 7253.4 - - TEV/Revenue - 12.33x 3.35x 4.11x 2.33x - - 1.14x 1.02x - - EBITDA 214.0 292.2 692.0 1609.5 2021.3 - - 1544.7 1597.3 - - TEV/EBITDA - 80.34x 16.65x 14.42x 8.54x - - 6.84x 6.62x - - Net Income 85.6 306.7 692.4 966.4 1383.6 - - 742.7 742.1 - - P/E - 67.10x 14.75x 21.40x 9.45x - - 6.89x 7.01x - - Profitability S&P Issuer RatingsEBITDA 2021.33 Long-Term Rating Date -EBIT 1644.89 Long-Term Rating -Operating Margin 22.25% Long-Term Outlook -Pretax Margin 22.32% Short-Term Rating Date -Return on Assets 11.00% Short-Term Rating -Return on Common Equity 23.42% Credit RatiosReturn on Capital 15.13% EBITDA/Interest Exp. 10.38Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 4.68Margin Analysis Net Debt/EBITDA 1.53Gross Margin 31.1% Total Debt/EBITDA 2.58EBITDA Margin 27.3% ReferenceEBIT Margin 22.3% Total Debt/Equity 70.6%Net Income Margin 18.7% Total Debt/Capital 41.0%Structure Asset Turnover 0.59Current Ratio 1.56 Net Fixed Asset Turnover 1.58Quick Ratio 1.08 Accounts receivable turnover-days 142.48Debt to Assets 34.97% Inventory Days 92.09Tot Debt to Common Equity 70.64% Accounts Payable Turnover Day 53.11Accounts Receivable Turnover 2.56 Cash Conversion Cycle 181.47Inventory Turnover 3.96Price/ Cash Flow Sales/Revenue/Turnover 140.00 8000.0 120.00 7000.0 6000.0 100.00 5000.0 80.00 4000.0 60.00 3000.0 40.00 2000.0 20.00 1000.0 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China High Speed Transmission Equipment Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFORTUNE APEX LTD n/a EXCH 211974024 15.55 - 06.01.2012 UnclassifiedCAPITAL GROUP COMPAN n/a EXCH 123643900 9.07 1310000 09.02.2012 Investment AdvisorNORGES BANK n/a EXCH 67519402 4.95 - 27.05.2011 GovernmentJP MORGAN CHASE & CO n/a EXCH 66283999 4.86 (3264000) 19.01.2012 Investment AdvisorUBS AG n/a EXCH 63220877 4.64 - 03.03.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 61823709 4.54 - 25.11.2011 Investment AdvisorMORGAN STANLEY n/a EXCH 60692886 4.45 (11870110) 12.11.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 39023000 2.86 2165000 30.06.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 34854000 2.56 - 30.11.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 28957862 2.12 1181000 09.03.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (20657330) -1.52 - 25.11.2011 Investment AdvisorMORGAN STANLEY n/a Short (19715116) -1.45 - 12.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 17763280 1.3 (20296259) 31.10.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (8907299) -0.65 - 19.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8229815 0.6 (19656280) 31.12.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6600000 0.48 5350000 30.06.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 5709000 0.42 (1571000) 30.09.2011 Mutual Fund ManagerUBS AG n/a Short (5695900) -0.42 - 03.03.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 4062000 0.3 1295000 30.11.2011 Mutual Fund ManagerFALCON FUND MANAGEME Multiple Portfolios MF-AGG 3930000 0.29 101000 31.03.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura IVAN LEE neutral 3 M 5 Not Provided 13.03.2012Deutsche Bank MICHAEL TONG buy 5 M 7 12 month 12.03.2012Piper Jaffray CHI MAN WONG neutral 3 M 5 12 month 12.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012SWS Research Co Ltd TITUS WU neutral 3 M 6 Not Provided 17.02.2012Jefferies JOSEPH FONG hold 3 M 4 12 month 02.02.2012Citi TIMOTHY LAM neutral 3 M 4 Not Provided 02.02.2012CCB International Securities Ltd ALAN LAU outperform 5 M 6 Not Provided 02.02.2012Yuanta Securities Investment Consulting MIN LI buy 5 M 5 Not Provided 18.01.2012Macquarie PATRICK DAI outperform 5 M 5 12 month 11.01.2012Guotai Junan SIMON JIANG neutral 3 D 4 Not Provided 31.12.2011Barclays Capital GUO SHOU equalwt/positive 3 N 5 Not Provided 29.11.2011KGI Securities JERRY WENG neutral 3 M 11 12 month 04.11.2011Standard Chartered LI EVAN in-line 3 D 4 12 month 20.10.2011JPMorgan BORIS KAN neutral 3 M 3 3 month 06.10.2011Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 4 12 month 05.10.2011Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 5 Not Provided 21.09.2011OSK (Asia) Securities LOREN TAI neutral 3 M 5 12 month 09.09.2011Ji Asia FELIX FOK buy 5 M 9 12 month 07.09.2011China International Capital Corp CHEN HUA hold 3 M 7 12 month 02.09.2011Credit Suisse YANG SONG neutral 3 M 10 Not Provided 01.09.2011DBS Vickers DENNIS LAM hold 3 M 5 12 month 01.09.2011CIMB KEITH LI neutral 3 M 5 12 month 01.09.2011SinoPac VIVIEN CHAN neutral 3 M 5 12 month 01.09.2011BOCOM International Holdings GEORGE YIN long-term buy 5 N 17 12 month 31.01.2011BNP Paribas Equity Research TINA LI buy 5 M 19 12 month 18.11.2010Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 26.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Railway Construction Corp LtdChina Railway Construction Corporation Ltd is a full service construction Price/Volumecompany. The Companys services include construction operations, survey design 9 80.0 Mand consulting. China Railway also has manufacturing operations, real estate 8 70.0 Moperations, and logistics. The Company specializes in railway construction. 7 60.0 M 6 50.0 M 5 40.0 M Valuation Analysis 4 30.0 MLatest Fiscal Year: 12/2010 3 2 20.0 MLTM as of: 09/yy 1 10.0 M52-Week High (14.03.2011) 8.58 0 .0 M52-Week Low (23.09.2011) 3.07 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 13321120.00 Current Price (3/dd/yy) 5.34 Market Data 52-Week High % Change -37.76% Dividend Yield 1.15 52-Week Low % Change 73.94% Beta 1.44 % 52 Week Price Range High/Low 40.65% Equity Float 1887.54Shares Out 03.08.2011 2076.3 Short Int - Market Capitalization 65704.83 1 Yr Total Return -35.91%Total Debt 41524.18 YTD Return 24.77%Preferred Stock 0.0 Adjusted BETA 1.440Minority Interest 828.1 Analyst Recs 19Cash and Equivalents 61418.77 Consensus Rating 3.158Enterprise Value 71611.89 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 203584601186 HK EQUITY YTD Change - Average Volume 30 Day 189302601186 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14253310 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 06/11 Q2 09/11 Q3 Total Revenue 153609.0 171997.4 219410.2 344976.2 456338.9 0.0 109391.7 459514.1 481599.6 - - TEV/Revenue - - 0.42x 0.22x 0.15x #DIV/0! 0.62x 0.14x 0.14x - - EBITDA 4974.5 7374.3 9476.7 13754.6 14125.8 0.0 0.0 19002.9 20624.7 - - TEV/EBITDA - - 9.79x 5.41x 4.74x 0.00x 0.00x 3.77x 3.47x - - Net Income 1213.0 2300.8 3643.8 6599.1 4246.2 0.0 1350.6 6839.7 7198.1 - - P/E - - 31.35x 16.38x 23.05x 0.00x 0.00x 7.75x 7.59x - - Profitability S&P Issuer RatingsEBITDA 14125.82 Long-Term Rating Date -EBIT 6319.91 Long-Term Rating -Operating Margin 1.38% Long-Term Outlook -Pretax Margin 1.37% Short-Term Rating Date -Return on Assets 1.34% Short-Term Rating -Return on Common Equity 7.67% Credit RatiosReturn on Capital 5.66% EBITDA/Interest Exp. 8.73Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. -1.43Margin Analysis Net Debt/EBITDA -1.41Gross Margin 6.1% Total Debt/EBITDA 2.94EBITDA Margin 3.1% ReferenceEBIT Margin 1.4% Total Debt/Equity 72.3%Net Income Margin 0.9% Total Debt/Capital 41.6%Structure Asset Turnover 1.44Current Ratio 1.11 Net Fixed Asset Turnover 11.74Quick Ratio 0.42 Accounts receivable turnover-days 34.96Debt to Assets 11.86% Inventory Days 87.49Tot Debt to Common Equity 72.34% Accounts Payable Turnover Day 95.82Accounts Receivable Turnover 10.44 Cash Conversion Cycle 26.62Inventory Turnover 4.17Price/ Cash Flow Sales/Revenue/Turnover 1.20 500000.0 450000.0 1.00 400000.0 350000.0 0.80 300000.0 250000.0 0.60 200000.0 150000.0 0.40 100000.0 0.20 50000.0 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Railway Construction Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a Co File 188754500 9.09 - 30.06.2010 Pension Fund (ERISA)BAILLIE GIFFORD AND n/a EXCH 105064500 5.06 - 29.08.2011 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 103151016 4.97 - 21.12.2011 Investment AdvisorHSBC GLOBAL ASSET MA n/a EXCH 102659382 4.94 - 06.03.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a EXCH 102088800 4.92 - 08.06.2011 Investment AdvisorBLACKROCK INC n/a EXCH 101780665 4.9 (6267645) 30.08.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 71342748 3.44 (269500) 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 32823000 1.58 (35995000) 31.12.2011 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 27343500 1.32 (2763500) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 23794500 1.15 17500 08.03.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22597000 1.09 (1661500) 09.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18817000 0.91 - 31.12.2011 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 18778500 0.9 - 14.01.2011 Mutual Fund ManagerLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 15952500 0.77 - 31.01.2012 Mutual Fund ManagerPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 11395000 0.55 5388500 31.01.2012 Investment AdvisorBLACKROCK INC n/a Short (7667369) -0.37 5595145 30.08.2011 Investment AdvisorRCM ASIA PACIFIC LIM Multiple Portfolios MF-AGG 6582600 0.32 - 31.10.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6351500 0.31 (1078000) 31.12.2011 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4762000 0.23 1500000 30.09.2011 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 4540260 0.22 847 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered BEN HARTWRIGHT in-line 3 M 6 12 month 12.03.2012Jefferies JULIAN BU underperform 1 M 5 12 month 12.03.2012Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 7 12 month 07.03.2012Deutsche Bank PHYLLIS WANG hold 3 D 6 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 6 12 month 23.02.2012JPMorgan KAREN LI overweight 5 U 7 12 month 14.02.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 12.01.2012EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012HSBC ANDERSON CHOW underweight 1 M 4 Not Provided 30.12.2011Masterlink Securities JAMES CHUNG hold 3 M 5 Not Provided 27.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 5 Not Provided 22.12.2011Guotai Junan GARY WONG accumulate 4 M 6 Not Provided 11.11.2011Citi ZHEN NI sell 1 D 3 Not Provided 03.11.2011Credit Suisse INGRID WEI outperform 5 U 6 Not Provided 02.11.2011DBS Vickers RACHEL MIU hold 3 M 6 12 month 31.10.2011Bank of China International LI PAN hold 3 M 5 Not Provided 31.08.2011China International Capital Corp WU HUIMIN hold 3 M 9 12 month 29.04.2011CCB International Securities Ltd ELIZA LIU neutral 3 D 10 Not Provided 10.12.2010UOB Kay Hian MARK PO buy 5 M 12 Not Provided 06.09.2010Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012Guangshen Railway Co LtdGuangshen Railway Company Limited provides railroad passenger, freight Price/Volumetransportation, railway facilities, and technical services. The Company also 4 50.0 Msells food, beverages and merchandise on aboard and in train stations. 45.0 M 4 40.0 M 3 35.0 M 3 30.0 M 2 25.0 M Valuation Analysis 20.0 M 2Latest Fiscal Year: 12/2010 15.0 M 1LTM as of: 09/yy 10.0 M 1 5.0 M52-Week High (06.05.2011) 3.40 0 .0 M52-Week Low (04.10.2011) 2.16 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 1931370.00 Current Price (3/dd/yy) 3.03 Market Data 52-Week High % Change -10.88% Dividend Yield 3.64 52-Week Low % Change 40.28% Beta 0.86 % 52 Week Price Range High/Low 67.74% Equity Float 1431.30Shares Out 30.06.2011 1431.3 Short Int - Market Capitalization 28529.68 1 Yr Total Return 3.90%Total Debt 3471.99 YTD Return 10.18%Preferred Stock 0.0 Adjusted BETA 0.858Minority Interest 54.6 Analyst Recs 12Cash and Equivalents 3267.56 Consensus Rating 4.333Enterprise Value 22420.29 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1781333525 HK EQUITY YTD Change - Average Volume 30 Day 2327567525 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2604815 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 3594.5 10508.5 11688.7 12385.8 13484.4 0.0 3932.9 14464.9 14977.2 - - TEV/Revenue 12.30x 5.83x 2.31x 2.65x 1.74x #DIV/0! 0.00x 1.57x 1.43x - - EBITDA 1263.0 2772.9 2934.5 3256.3 3593.4 0.0 0.0 3914.0 3912.8 - - TEV/EBITDA 34.99x 22.09x 9.19x 10.09x 6.53x 0.00x 0.00x 5.73x 5.73x - - Net Income 771.5 1431.4 1224.1 1342.5 1486.1 0.0 576.3 1790.8 1742.8 - - P/E 31.28x 26.48x 14.82x 14.69x 12.35x 0.00x 0.00x 9.84x 10.51x - - Profitability S&P Issuer RatingsEBITDA 3593.43 Long-Term Rating Date -EBIT 2154.32 Long-Term Rating -Operating Margin 15.98% Long-Term Outlook -Pretax Margin 14.28% Short-Term Rating Date -Return on Assets 4.95% Short-Term Rating -Return on Common Equity 6.27% Credit RatiosReturn on Capital 5.93% EBITDA/Interest Exp. 21.43Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 14.52Margin Analysis Net Debt/EBITDA 0.06Gross Margin - Total Debt/EBITDA 0.97EBITDA Margin 26.6% ReferenceEBIT Margin 16.0% Total Debt/Equity 14.4%Net Income Margin 11.0% Total Debt/Capital 12.5%Structure Asset Turnover 0.45Current Ratio 1.60 Net Fixed Asset Turnover 0.52Quick Ratio 1.47 Accounts receivable turnover-days 14.56Debt to Assets 11.34% Inventory Days -Tot Debt to Common Equity 14.37% Accounts Payable Turnover Day -Accounts Receivable Turnover 25.06 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 16000.0 14000.0 1.00 12000.0 0.80 10000.0 8000.0 0.60 6000.0 0.40 4000.0 2000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012Guangshen Railway Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL n/a EXCH 89237571 6.23 - 13.07.2011 Investment AdvisorFIDELITY INTERNATION n/a EXCH 86646000 6.05 - 03.02.2012 Investment AdvisorBLACKROCK INC n/a EXCH 86441890 6.04 - 20.01.2012 Investment AdvisorHILLHOUSE CAPITAL MA n/a EXCH 86286000 6.03 - 17.08.2011 Investment AdvisorGAOLING FUND LP n/a EXCH 86026000 6.01 - 22.08.2011 Private EquityJP MORGAN CHASE & CO n/a EXCH 70788349 4.95 - 01.06.2010 Investment AdvisorCREDIT SUISSE n/a Short (38882139) -2.72 - 20.01.2012 Investment AdvisorCREDIT SUISSE n/a EXCH 32832405 2.29 - 20.01.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 19356000 1.35 - 14.01.2011 Mutual Fund ManagerDEUTSCHE BANK AG n/a EXCH 15506959 1.08 - 30.08.2011 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 12498000 0.87 5598000 20.01.2011 Hedge Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 11243800 0.79 (152300) 30.11.2011 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11000000 0.77 - 31.01.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7120000 0.5 - 30.09.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6600000 0.46 6600000 30.06.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5204000 0.36 (500000) 30.12.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5000000 0.35 - 30.12.2011 Mutual Fund ManagerBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4262000 0.3 (1080000) 31.12.2011 Investment AdvisorCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4056000 0.28 - 09.03.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 4016000 0.28 - 09.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBOCOM International Holdings GEOFFREY CHENG buy 5 M 3 12 month 13.02.2012Morgan Stanley EDWARD XU Overwt/Attractive 5 M 4 12 month 02.02.2012CLSA Asia Pacific Markets KUAN-YU OH sell 1 M 2 Not Provided 09.01.2012China International Capital Corp YANG XIN buy 5 M 4 12 month 27.12.2011SWS Research Co Ltd LEO FAN outperform 5 M 4 Not Provided 23.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011Goldman Sachs RONALD KEUNG Buy/Neutral 5 M 4 12 month 25.10.2011Citi ZHEN NI neutral 3 M 3 Not Provided 25.10.2011Bank of China International DU JIANPING buy 5 M 4 Not Provided 22.08.2011Citic Securities Co., Ltd SIMON YEUNG buy 5 N 4 6 month 08.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012Zhuzhou CSR Times Electric Co LtdZhuzhou CSR Times Electric Co., Ltd. provides and integrates train-borne Price/Volumeelectrical systems for the PRC Railway industry. The Company also develops, 35 35.0 Mmanufactures, and sells train power converters, auxiliary power supply 30 30.0 Mequipment and control systems for trains for urban rail systems 25 25.0 M 20 20.0 M Valuation Analysis 15 15.0 MLatest Fiscal Year: 12/2010 10 10.0 MLTM as of: 09/yy 5 5.0 M52-Week High (26.04.2011) 33.55 0 .0 M52-Week Low (23.09.2011) 10.82 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 6087900.00 Current Price (3/dd/yy) 21.8 Market Data 52-Week High % Change -35.02% Dividend Yield 1.72 52-Week Low % Change 101.48% Beta 1.53 % 52 Week Price Range High/Low 44.13% Equity Float 456.11Shares Out 30.06.2011 456.1 Short Int - Market Capitalization 23636.77 1 Yr Total Return -18.89%Total Debt 697.38 YTD Return 28.08%Preferred Stock 0.0 Adjusted BETA 1.529Minority Interest 96.8 Analyst Recs 21Cash and Equivalents 1569.48 Consensus Rating 4.619Enterprise Value 19952.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 63335883898 HK EQUITY YTD Change - Average Volume 30 Day 50476413898 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3606515 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 1255.9 1541.8 2119.3 3325.6 5831.3 4398.4 7169.4 7272.6 8325.4 1749.0 - TEV/Revenue 7.89x 6.62x 2.43x 4.34x 4.68x 5.28x 12.55x 2.59x 2.23x - - EBITDA 325.3 371.4 452.8 685.0 1266.7 0.0 0.0 1534.8 1721.4 - - TEV/EBITDA 30.46x 27.48x 11.40x 21.06x 21.56x 0.00x 0.00x 13.00x 11.59x - - Net Income 296.8 347.4 422.3 530.9 852.1 668.3 1181.3 1221.3 1364.1 28.9 - P/E 24.54x 33.62x 14.11x 28.57x 32.78x 0.00x 9.81x 15.77x 14.11x - - Profitability S&P Issuer RatingsEBITDA 1266.70 Long-Term Rating Date -EBIT 1128.58 Long-Term Rating -Operating Margin 19.35% Long-Term Outlook -Pretax Margin 17.01% Short-Term Rating Date -Return on Assets 13.73% Short-Term Rating -Return on Common Equity 20.82% Credit RatiosReturn on Capital 18.44% EBITDA/Interest Exp. 110.49Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 90.44Margin Analysis Net Debt/EBITDA -0.69Gross Margin 36.9% Total Debt/EBITDA 0.55EBITDA Margin 21.7% ReferenceEBIT Margin 19.4% Total Debt/Equity 15.8%Net Income Margin 14.6% Total Debt/Capital 13.4%Structure Asset Turnover 0.94Current Ratio 2.18 Net Fixed Asset Turnover 4.03Quick Ratio 1.38 Accounts receivable turnover-days 97.84Debt to Assets 9.94% Inventory Days 122.99Tot Debt to Common Equity 15.83% Accounts Payable Turnover Day 72.11Accounts Receivable Turnover 3.73 Cash Conversion Cycle 148.71Inventory Turnover 2.97Price/ Cash Flow Sales/Revenue/Turnover 1.20 7000.0 6000.0 1.00 5000.0 0.80 4000.0 0.60 3000.0 0.40 2000.0 1000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012Zhuzhou CSR Times Electric Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 45120224 9.89 - 13.02.2012 Investment AdvisorFIDELITY INTERNATION n/a EXCH 36603000 8.03 - 29.02.2012 Investment AdvisorBLACKROCK INC #N/A N/A EXCH 30235472 6.63 780307 06.03.2012 Investment AdvisorALLIANZ SE n/a Co File 27207700 5.97 - 31.12.2010 Insurance CompanyMORGAN STANLEY #N/A N/A EXCH 24472313 5.37 1114943 07.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (24420473) -5.35 (1218465) 07.03.2012 Investment AdvisorFORTIS INVESTMENT MA n/a Co File 23544000 5.16 - 31.12.2010 Mutual Fund ManagerBNP PARIBAS ASSET MG n/a EXCH 22688000 4.97 (205000) 12.04.2010 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 22186000 4.86 - 08.02.2012 Investment AdvisorARTIO GLOBAL MANAGEM n/a EXCH 22138000 4.85 - 25.11.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 21909138 4.8 - 01.03.2012 Investment AdvisorHAMON INVESTMENT GRO n/a EXCH 21800000 4.78 - 05.11.2010 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 21622630 4.74 - 06.02.2012 Investment AdvisorJO HAMBRO CAPITAL MA n/a EXCH 18778121 4.12 - 19.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (16749357) -3.67 - 01.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16577939 3.63 149000 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15162000 3.32 (740000) 30.09.2011 Mutual Fund ManagerALLIANZ GLOBAL INVES n/a EXCH 10578000 2.32 - 14.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8333000 1.83 5490000 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8096000 1.78 395000 08.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered BEN HARTWRIGHT outperform 5 M 23 12 month 12.03.2012Jefferies JULIAN BU hold 3 M 16 12 month 12.03.2012Macquarie SAIYI HE outperform 5 N 25 12 month 28.02.2012Piper Jaffray ANDREW LEUNG overweight 5 M 22 12 month 27.02.2012Haitong International Securities ZHANG WEN XIAN buy 5 M 24 12 month 20.02.2012Citi PAUL GONG neutral 3 M 18 Not Provided 09.02.2012SinoPac VIVIAN LIU buy 5 M 23 12 month 20.01.2012BNP Paribas Equity Research TINA LI buy 5 M 28 12 month 19.01.2012HSBC ANDERSON CHOW overweight 5 M 25 Not Provided 30.12.2011SWS Research Co Ltd TITUS WU outperform 5 D 20 Not Provided 28.12.2011Mizuho Securities OLE HUI buy 5 M 21 12 month 20.12.2011Morgan Stanley KEVIN LUO Overwt/In-Line 5 M 25 12 month 07.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011UOB Kay Hian MARK PO buy 5 M 19 Not Provided 24.10.2011Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 N #N/A N/A Not Provided 20.10.2011Deutsche Bank EUGENE YEOH buy 5 N 22 12 month 25.08.2011First Shanghai Securities Ltd XIAOXIA CHEN hold 3 D 22 12 month 09.08.2011Yuanta Securities Investment Consulting MIN LI buy 5 M 29 Not Provided 08.08.2011Daiwa Securities Capital Markets Co. EDWIN LEE outperform 5 M 27 Not Provided 04.08.2011DBS Vickers RACHEL MIU not rated #N/A N/A N #N/A N/A Not Provided 07.01.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Zhongwang Holdings LtdChina zhongwang Holdings limited is principally engaged in the production of Price/Volumehigh precision, large-section and industrial aluminium extrusion products. The 5 45.0 MCompanys products are widely used in the transportation sector (including 4 40.0 Mrailway passenger and cargo carriages, metropolitan rails, automobiles, heavy 4 35.0 Mtrucks, vessels, aviation and aerospace, as well as machinery equipment. 3 30.0 M 3 25.0 M Valuation Analysis 2 20.0 MLatest Fiscal Year: 12/2010 2 15.0 M 1 10.0 MLTM as of: 09/yy 1 5.0 M52-Week High (21.04.2011) 4.19 0 .0 M52-Week Low (04.10.2011) 2.45 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 2491200.00 Current Price (3/dd/yy) 3.36 Market Data 52-Week High % Change -19.81% Dividend Yield 6.94 52-Week Low % Change 37.14% Beta 0.86 % 52 Week Price Range High/Low 51.72% Equity Float 5406.31Shares Out 30.06.2011 5406.3 Short Int - Market Capitalization 18165.19 1 Yr Total Return -7.48%Total Debt 8162.65 YTD Return 26.32%Preferred Stock 0.0 Adjusted BETA 0.857Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 17263.37 Consensus Rating 3.000Enterprise Value 6960.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 20106271333 HK EQUITY YTD Change - Average Volume 30 Day 19237521333 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2059479 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 6075.2 7521.3 11264.4 13852.7 10521.9 12113.1 8542.1 9571.8 12349.8 - - TEV/Revenue - - - 1.75x 1.02x 1.43x 2.14x 0.65x 0.48x - - EBITDA 1198.4 1699.6 3207.1 5332.8 4400.6 0.0 0.0 2143.0 2724.0 - - TEV/EBITDA - - - 4.55x 2.44x 0.00x 0.00x 3.25x 2.56x - - Net Income 551.4 852.2 1910.4 3528.8 2595.9 3329.2 702.7 987.0 1492.0 - - P/E - - - 7.63x 7.65x 0.00x 17.04x 14.73x 10.30x - - Profitability S&P Issuer RatingsEBITDA 4400.59 Long-Term Rating Date -EBIT 4008.53 Long-Term Rating -Operating Margin 38.10% Long-Term Outlook -Pretax Margin 33.05% Short-Term Rating Date -Return on Assets 10.58% Short-Term Rating -Return on Common Equity 17.45% Credit RatiosReturn on Capital 12.42% EBITDA/Interest Exp. 12.14Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 8.08Margin Analysis Net Debt/EBITDA -2.07Gross Margin 40.6% Total Debt/EBITDA 1.85EBITDA Margin 41.8% ReferenceEBIT Margin 38.1% Total Debt/Equity 52.4%Net Income Margin 24.7% Total Debt/Capital 34.4%Structure Asset Turnover 0.43Current Ratio 4.74 Net Fixed Asset Turnover 2.15Quick Ratio 4.41 Accounts receivable turnover-days 53.56Debt to Assets 33.13% Inventory Days 52.61Tot Debt to Common Equity 52.41% Accounts Payable Turnover Day 13.88Accounts Receivable Turnover 6.82 Cash Conversion Cycle 92.29Inventory Turnover 6.94Price/ Cash Flow Sales/Revenue/Turnover 8.00 16000.0 7.00 14000.0 6.00 12000.0 5.00 10000.0 4.00 8000.0 3.00 6000.0 2.00 4000.0 1.00 2000.0 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 14.03.2012China Zhongwang Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 58015302 1.07 (484800) 31.12.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 33837600 0.63 - 31.12.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6120000 0.11 (311600) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4487015 0.08 - 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3997200 0.07 22000 08.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3419579 0.06 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3017400 0.06 - 30.04.2011 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2892400 0.05 - 31.12.2011 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2672000 0.05 - 31.12.2011 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2500000 0.05 350000 30.09.2011 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1772000 0.03 - 09.03.2012 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 1442800 0.03 - 30.09.2011 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1283600 0.02 (2000) 08.03.2012 Investment AdvisorSANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 1077999 0.02 - 30.06.2011 Mutual Fund ManagerEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1005200 0.02 - 31.12.2011 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 958800 0.02 958800 30.11.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 842000 0.02 - 30.12.2011 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 801682 0.01 - 31.01.2012 Investment AdvisorBLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 783900 0.01 - 08.03.2012 Investment AdvisorCB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 700000 0.01 - 31.01.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.02.2012BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 09.02.2012AM Capital Ltd ERIC TOMTER hold 3 M 4 Not Provided 14.11.2011SWS Research Co Ltd ZHENG DI neutral 3 M 3 Not Provided 19.10.2011HSBC SARAH MAK neutral 3 M 4 Not Provided 11.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |