This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
MTR CORP            CSR CORP LTD-H          CHINA RAIL GR-H           CHINA HIGH-SPEED            CHINA RAIL CN-H         ...
Valuation Measures I/II                                                               Market Capitalization & Asset Liabil...
Valuation Measures II/II                                      Price to Book Ratio                  Price to Sales Ratio   ...
14.03.2012MTR CorpMTR Corporation Limited provides public transport services in Hong Kong. The                            ...
14.03.2012MTR CorpHoldings By:         All           Holder Name                        Portfolio Name                Sour...
14.03.2012CSR Corp LtdCSR Corp Ltd provides a wide range of rolling stock products and services. The                      ...
14.03.2012CSR Corp LtdHoldings By:         All            Holder Name                       Portfolio Name                ...
14.03.2012China Railway Group LtdChina Railway Group Ltd. offers transportation systems construction services.            ...
14.03.2012China Railway Group LtdHoldings By:         All            Holder Name                       Portfolio Name     ...
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
Fundamental Analysis and Analyst Recommendations - China Railway
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Fundamental Analysis and Analyst Recommendations - China Railway

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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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Transcript of "Fundamental Analysis and Analyst Recommendations - China Railway"

  1. 1. 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 |
  2. 2. 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 |
  3. 3. 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 |
  4. 4. 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 |
  5. 5. 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 |
  6. 6. 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 |
  7. 7. 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 |
  8. 8. 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 |
  9. 9. 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 |
  10. 10. 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 |

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