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Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

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Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

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  • 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 DAXglobal® China Urbanization 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. 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 20.23DATANG INTL POWER GEN CO-H HKD 9716.01 10110 12310 19.89 0.00 0.98 0.44 28.68 7820 8384 8945 10195 2125 2273 - - 0.03 0.03 0.02 0.03 1.40 - 2.25 1.30 3.42 3.33 2.10 2.28 3.50 - - - -HUANENG POWER INTL INC-H HKD 11329.46 22914 14055 18.29 0.00 1.11 1.23 30.05 13426 15365 16710 18779 2496 2639 - - 0.04 0.03 0.02 0.04 2.57 - 4.21 1.53 4.61 3.49 0.50 0.97 2.40 NR 14.04.2010 - -GUANGDONG INVESTMENT LTD HKD 4225.49 13530 6231 0.51 0.00 0.36 0.49 4.46 819 861 888 962 570 604 284 284 0.04 0.06 0.06 0.06 1.45 - 1.55 1.45 0.95 0.50 1.15 0.81 8.98 - - - -CHINA RESOURCES POWER HOLDIN HKD 9399.83 4414 4720 9.80 0.00 1.04 0.88 20.90 6261 7275 7822 9345 1525 1944 800 800 0.13 0.14 0.13 0.18 1.88 - 1.90 1.41 5.96 6.77 1.44 5.72 3.14 BBB 19.04.2011 Baa3 14.09.2010GUANGZHOU R&F PROPERTIES - H HKD 4186.29 9389 3222 3.59 0.00 0.03 0.73 6.16 3176 3698 3564 3970 1032 1400 - - 0.13 0.23 0.18 0.18 0.60 0.71 0.76 0.75 4.57 7.76 10.05 5.99 4.19 - - - -FRANSHION PROPERTIES HKD 2337.90 5012 9161 2.35 0.00 0.46 1.45 5.04 818 527 1016 1865 321 223 - - 0.02 0.03 0.02 0.03 1.01 - 1.42 1.05 0.06 - 3.70 5.31 5.05 BB+ 29.11.2011 (P)Ba1 01.04.2011CHINA RESOURCES LAND LTD HKD 10378.75 35018 5826 7.83 0.00 0.78 1.98 17.00 4613 4613 5632 6975 1555 1533 - - 0.19 0.19 0.15 0.17 1.21 - 1.53 1.32 5.04 8.14 4.57 8.45 4.34 BBB 03.05.2011 Baa2 03.05.2011CHINA OVERSEAS LAND & INVEST HKD 16684.20 48001 8173 5.84 0.00 0.41 4.07 19.85 5711 6270 7329 8667 2090 2357 - - 0.18 0.22 0.20 0.22 1.18 - 1.34 1.21 2.41 6.18 6.95 7.42 4.72 BBB 25.03.2010 - -SINOTRANS SHIPPING LTD HKD 1029.02 1998 3992 0.00 0.00 0.00 0.13 0.03 36 36 35 40 18 18 16 16 0.00 0.00 0.00 0.00 1.46 1.20 1.38 1.15 0.14 1.24 - -0.90 6.56 - - - -CHINA COSCO HOLDINGS-H HKD 8477.07 13049 10216 7.94 0.00 1.86 6.00 11.74 12429 11973 10787 11548 1363 - - - 0.08 0.01 -0.07 -0.03 8.36 8.78 - - 5.27 3.75 - 0.70 1.41 - - - -COSCO PACIFIC LTD HKD 4012.28 9691 2712 0.20 0.00 0.02 0.07 0.75 58 65 77 87 28 36 - - 0.01 0.02 0.02 0.02 1.25 - 1.30 1.31 3.58 1.84 2.94 -0.43 6.34 - - - -CHINA MERCHANTS HLDGS INTL HKD 8547.02 5029 2458 2.87 0.00 1.33 0.87 11.78 749 1032 997 1013 409 511 - - 0.29 0.41 0.27 0.23 1.09 - 1.64 1.91 7.99 3.92 7.13 4.24 7.04 BBB 17.02.2005 - -CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 63 K 59501 62 K 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 - - - -SINO-OCEAN LAND HOLDINGS HKD 3035.35 3312 5617 3.76 0.00 0.26 1.83 5.29 1768 2174 2415 3129 426 540 - - 0.06 0.05 0.05 0.06 1.03 - 1.09 0.92 7.15 - 7.47 6.87 3.10 - - - -CHINA COMMUNICATIONS CONST-H HKD 16358.09 14810 14825 10.48 0.00 1.41 5.01 22.41 35151 37570 40380 45713 2371 2622 - - 0.08 0.10 0.10 0.11 1.01 1.06 1.05 0.97 2.60 3.12 1.82 3.59 0.87 - - - -CITIC PACIFIC LTD HKD 6424.98 5826 3649 10.79 0.00 0.75 3.17 15.65 12899 12899 13639 16155 903 1090 1437 1437 - 0.33 0.22 0.27 0.70 - 1.02 0.84 5.38 2.65 - 2.70 1.28 BB+ 18.07.2011 Ba1 06.04.2011WEICHAI POWER CO LTD-H HKD 9138.66 2915 1666 0.89 0.00 0.63 1.13 7.82 8076 8552 7810 8424 1379 1401 - - 0.52 0.54 0.46 0.50 0.98 1.00 1.16 1.08 10.02 11.63 11.72 10.08 2.20 - - - -SINOTRUK HONG KONG LTD HKD 1893.09 1131 2761 1.83 0.00 0.21 1.49 2.64 5111 5071 4900 5315 439 428 - - 0.07 0.08 0.06 0.07 0.95 0.94 1.14 1.10 5.43 - 11.45 6.64 1.11 - - - -DONGFENG MOTOR GRP CO LTD-H HKD 15879.69 12441 8616 2.57 0.00 0.50 5.50 10.96 15775 16013 16979 19036 2305 2172 - - 0.17 0.15 0.16 0.18 1.26 0.79 1.19 1.08 4.30 3.09 8.09 4.66 1.88 - - - -DENWAY MOTORS LTD HKD - 0 7519 0.01 0.00 0.01 0.94 - 82 82 94 99 -43 -50 - - 0.03 0.03 0.04 0.04 - - #VALUE! #VALUE! -1.56 -0.91 -42.15 - -6.72 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. 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%DATANG INTL POWER GEN CO-H 0.92 0.82 0.78 0.72 0.61 1.03 0.89 0.78 0.70 0.68 2.25 2.33 2.16 1.74 1.66 13.97 12.95 10.11 8.89 7.68 13.42 17.44 10.08 8.16 6.08 3.40 2.38 3.53 4.50 6.31 3.02 8.7%HUANENG POWER INTL INC-H 1.00 1.04 0.97 0.93 0.82 0.73 0.55 0.49 0.46 0.42 3.75 4.47 3.13 2.88 2.68 12.06 11.52 8.87 8.20 7.02 12.61 32.69 11.89 10.63 7.54 3.95 2.01 4.44 5.25 7.57 5.45 13.3%GUANGDONG INVESTMENT LTD 1.76 1.57 1.44 1.30 1.27 5.21 4.76 4.39 4.01 3.45 9.48 8.09 8.58 6.83 6.66 7.91 7.17 6.61 6.15 6.02 14.57 12.06 11.29 10.50 10.31 2.36 3.12 3.31 3.67 3.80 5.53 5.1%CHINA RESOURCES POWER HOLDIN 1.73 1.55 1.40 1.27 1.14 1.59 1.20 1.01 0.87 0.83 6.79 5.29 4.91 4.23 3.59 13.08 11.54 8.65 7.50 6.94 14.17 14.76 10.95 9.29 8.50 2.25 2.15 3.01 3.39 3.80 17.99 17.1%GUANGZHOU R&F PROPERTIES - H 1.40 1.18 1.04 0.93 1.14 0.96 0.86 0.75 7.49 5.64 4.94 4.39 7.12 5.15 5.21 5.08 7.67 5.93 5.80 5.36 4.59 6.32 6.40 6.52 8.20 -18.6%FRANSHION PROPERTIES 0.91 0.74 0.69 0.62 2.50 2.30 1.25 0.93 14.56 5.40 2.41 12.14 10.23 6.50 5.72 14.35 11.00 8.11 6.69 1.57 1.82 2.27 2.88 2.36 19.3%CHINA RESOURCES LAND LTD 1.45 1.26 1.14 0.99 2.47 1.84 1.49 1.26 12.52 7.49 10.34 11.92 10.50 9.08 8.04 12.70 11.86 10.24 8.41 2.36 2.41 2.73 2.87 16.65 20.5%CHINA OVERSEAS LAND & INVEST 2.60 1.99 1.71 1.48 2.88 2.28 1.92 1.56 25.02 8.68 5.40 5.11 10.17 7.11 6.62 5.67 14.89 10.40 9.35 7.95 1.55 1.88 2.09 2.40 17.45 10.2%SINOTRANS SHIPPING LTD 0.46 0.45 0.43 0.43 0.40 3.89 3.76 3.31 2.71 2.28 6.44 7.81 6.61 5.48 3.68 1.53 1.61 1.34 1.12 0.80 10.74 10.74 8.89 7.36 5.15 3.49 3.49 3.88 3.88 7.76 2.47 23.4%CHINA COSCO HOLDINGS-H 0.87 1.06 1.16 1.11 0.58 0.64 0.60 0.53 4.22 30.14 6.38 6.96 52.07 13.22 6.22 22.61 3.27 0.19 0.14 0.96 4.16 -18.5%COSCO PACIFIC LTD 1.17 1.12 1.06 0.98 0.95 8.67 6.70 5.97 5.45 5.10 13.21 10.64 9.86 8.55 8.70 20.80 18.34 13.59 11.77 13.34 11.21 10.06 10.20 8.97 9.25 3.85 4.19 3.92 4.53 2.70 13.14 14.4%CHINA MERCHANTS HLDGS INTL 1.82 1.55 1.47 1.40 0.92 14.79 8.58 8.44 7.69 7.23 17.53 12.58 14.79 13.06 25.77 27.43 18.54 17.70 15.97 21.01 15.46 12.72 14.80 13.32 11.58 2.77 3.75 2.91 3.30 3.53 28.53 6.5%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%SINO-OCEAN LAND HOLDINGS 0.67 0.59 0.56 0.53 1.40 1.03 0.79 0.61 8.36 4.08 2.40 10.76 8.21 6.72 6.18 9.35 8.44 7.14 6.41 3.01 3.27 3.80 4.24 3.74 -10.1%CHINA COMMUNICATIONS CONST-H 1.51 1.33 1.17 1.03 0.38 0.33 0.29 0.27 8.94 4.54 4.80 9.12 7.45 6.45 5.72 10.79 8.11 7.52 6.94 2.22 2.91 3.22 3.44 8.56 12.3%CITIC PACIFIC LTD 0.65 0.59 0.55 0.57 0.57 0.47 0.40 0.34 5.25 6.29 4.40 4.07 11.03 10.90 7.63 6.68 5.71 7.88 6.50 5.55 3.39 3.11 3.40 3.54 15.43 13.0%WEICHAI POWER CO LTD-H 3.12 2.21 1.77 1.51 1.25 0.97 0.95 0.88 0.81 0.72 8.36 8.65 7.30 6.09 5.71 6.08 6.56 6.08 5.38 6.32 8.50 8.99 8.39 7.85 8.47 1.26 1.22 1.39 1.66 1.24 41.80 5.7%SINOTRUK HONG KONG LTD 0.66 0.63 0.59 0.57 0.52 0.31 0.32 0.29 0.28 0.24 13.03 4.96 4.22 4.34 4.38 6.24 6.61 6.26 5.68 5.32 8.36 8.87 8.52 8.23 6.20 1.68 2.77 2.90 3.20 4.61 5.04 -5.3%DONGFENG MOTOR GRP CO LTD-H 2.71 2.15 1.75 1.44 0.82 0.76 0.68 0.61 9.22 6.45 5.36 4.80 4.70 4.76 4.20 3.78 8.92 9.23 8.37 7.53 1.41 1.49 1.64 1.78 16.51 15.4%DENWAY MOTORS LTD 35.38 33.23 31.72 35.23 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 13.03.2012Datang International Power Generation Co LtdDatang International Power Generation Company Limited develops and operates Price/Volumepower plants, sells electricity, repairs and maintains power equipment, and 4 160.0 Mprovides power-related technical services. 3 140.0 M 120.0 M 3 100.0 M 2 80.0 M Valuation Analysis 2 60.0 MLatest Fiscal Year: 12/2010 1 40.0 MLTM as of: 12/yy 1 20.0 M52-Week High (09.05.2011) 3.12 0 .0 M52-Week Low (04.10.2011) 1.80 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 10109913.00 Current Price (3/dd/yy) 2.78 Market Data 52-Week High % Change -10.90% Dividend Yield 3.09 52-Week Low % Change 54.44% Beta 0.84 % 52 Week Price Range High/Low 71.21% Equity Float 2835.00Shares Out 19.09.2011 3315.7 Short Int - Market Capitalization 75386.51 1 Yr Total Return 2.19%Total Debt 154317.59 YTD Return 8.17%Preferred Stock 0.0 Adjusted BETA 0.841Minority Interest 7582.8 Analyst Recs 27Cash and Equivalents 3442.98 Consensus Rating 3.259Enterprise Value 222535.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12890340991 HK EQUITY YTD Change - Average Volume 30 Day 19651040991 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15787110 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 12/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q4 Total Revenue 24899 32763 36900 47943 60672 0 2515 69406 79105 - - TEV/Revenue 4.33x 8.24x 4.90x 4.76x 3.64x #DIV/0! 0.00x 3.20x 2.94x - - EBITDA 10159.6 12873.1 9069.3 14183.6 16490.8 0.0 0.0 17186.3 22002.6 - - TEV/EBITDA 10.61x 20.97x 19.94x 16.09x 13.40x 0.00x 0.00x 12.95x 10.11x - - Net Income 2777.8 3564.4 749.4 1536.6 2569.7 0 620 1662 2983 - - P/E 30.10x 21.01x 56.42x 22.69x 11.02x 0.00x 0.00x 17.44x 10.08x - - Profitability S&P Issuer RatingsEBITDA 16490.79 Long-Term Rating Date 25.02.2009EBIT 9109.11 Long-Term Rating -Operating Margin 15.01% Long-Term Outlook -Pretax Margin 7.75% Short-Term Rating Date -Return on Assets 1.29% Short-Term Rating -Return on Common Equity 9.02% Credit RatiosReturn on Capital 4.53% EBITDA/Interest Exp. 2.21Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -0.83Margin Analysis Net Debt/EBITDA 9.15Gross Margin - Total Debt/EBITDA 9.36EBITDA Margin 27.2% ReferenceEBIT Margin 15.0% Total Debt/Equity 500.2%Net Income Margin 4.2% Total Debt/Capital 80.1%Structure Asset Turnover 0.31Current Ratio 0.37 Net Fixed Asset Turnover 0.36Quick Ratio 0.21 Accounts receivable turnover-days 44.50Debt to Assets 72.48% Inventory Days -Tot Debt to Common Equity 500.22% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.20 Cash Conversion Cycle -Inventory Turnover -Price/ 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 |
  • 5. 13.03.2012Datang International Power Generation Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA DATANG OVERSEA n/a EXCH 480680000 14.5 - 06.05.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 165748812 5 - 27.02.2012 Investment AdvisorEDMOND DE ROTHSCHILD n/a EXCH 162722000 4.91 (3278000) 06.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 122916847 3.71 (155399542) 15.10.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 108303091 3.27 (2030000) 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (76074768) -2.29 - 27.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57588640 1.74 - 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41422000 1.25 (84000) 08.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34322000 1.04 28000 08.03.2012 Investment AdvisorBLACKROCK INC n/a Short (12082445) -0.36 (24458) 15.10.2010 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11998862 0.36 - 31.01.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 10358000 0.31 (1834000) 31.12.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 9000000 0.27 - 31.03.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8344000 0.25 - 09.03.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 7452000 0.22 - 09.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5000000 0.15 - 26.01.2012 Mutual Fund ManagerSTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4584000 0.14 - 25.11.2011 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4188000 0.13 - 09.03.2012 Investment AdvisorKOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 3908000 0.12 - 08.08.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3436000 0.1 (2668000) 30.09.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 3 12 month 07.03.2012DBS Vickers JUNE NG hold 3 M 3 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 3 12 month 05.03.2012Yuanta Securities Investment Consulting MIN LI hold 3 N 3 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG buy 5 M 4 12 month 29.02.2012CLSA Asia Pacific Markets ALEX WU sell 1 D 3 Not Provided 24.02.2012JPMorgan ELAINE WU underweight 1 D 2 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 4 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 D 3 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 3 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 M 3 12 month 18.02.2012Nomura IVAN LEE neutral 3 M 3 Not Provided 17.02.2012Bank of China International PETER YAO buy 5 M 3 Not Provided 16.02.2012Mirae Asset Securities RICKY NG hold 3 M 3 12 month 15.02.2012Credit Suisse EDWIN PANG neutral 3 M 3 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 3 12 month 18.01.2012Citi PIERRE LAU buy 5 M 3 Not Provided 13.01.2012Macquarie SERENA LI neutral 3 M 2 12 month 19.12.2011Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 3 Not Provided 02.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Masterlink Securities LI YAN hold 3 D 3 6 month 10.11.2011SWS Research Co Ltd HUANG ZHE neutral 3 M 2 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG hold 3 M 2 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 2 12 month 27.10.2011Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 29.08.2011Macquarie CAROL CAO neutral 3 M 4 12 month 11.11.2009Kim Eng Securities EDWARD FUNG hold 3 D 5 12 month 18.08.2009SinoPac WENDY HUANG outperform 5 M 5 Not Provided 27.10.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 13.03.2012Huaneng Power International IncHuaneng Power International, Inc. develops, constructs, owns and operates Price/Volumecoal-fired power plants throughout China. 6 70.0 M 5 60.0 M 50.0 M 4 40.0 M 3 Valuation Analysis 30.0 MLatest Fiscal Year: 12/2010 2 20.0 MLTM as of: 03/yy 1 10.0 M52-Week High (17.02.2012) 5.15 0 .0 M52-Week Low (04.10.2011) 3.01 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 22914153.00 Current Price (3/dd/yy) 4.81 Market Data 52-Week High % Change -6.60% Dividend Yield 5.10 52-Week Low % Change 59.80% Beta 0.65 % 52 Week Price Range High/Low 84.58% Equity Float 3035.18Shares Out 06.02.2012 3555.4 Short Int - Market Capitalization 87905.31 1 Yr Total Return 16.33%Total Debt 141916.03 YTD Return 16.46%Preferred Stock 0.0 Adjusted BETA 0.653Minority Interest 8636.3 Analyst Recs 29Cash and Equivalents 9547.91 Consensus Rating 4.103Enterprise Value 233156.85 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 16660150902 HK EQUITY YTD Change - Average Volume 30 Day 22729440902 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19192830 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 03/yy 03/yy 12/11 Y 12/12 Y 12/10 Q4 03/11 Q1 Total Revenue 44153.3 49628.1 67728.7 76711.0 104170.5 0.0 24338.6 129649.2 145706.1 - - TEV/Revenue 3.05x 4.33x 2.75x 2.33x 1.97x #DIV/0! 0.00x 1.73x 1.56x - - EBITDA 15398.9 14929.8 6911.4 18639.8 19363.9 0.0 0.0 20230.6 26281.3 - - TEV/EBITDA 8.76x 14.40x 26.99x 9.59x 10.60x 0.00x 0.00x 11.52x 8.87x - - Net Income 6071.2 6161.1 (3937.7) 4929.5 3348.0 0.0 952.8 1671.2 4616.6 - - P/E 13.95x 15.06x - 9.43x 12.44x 0.00x 0.00x 32.69x 11.89x - - Profitability S&P Issuer RatingsEBITDA 19363.92 Long-Term Rating Date 14.04.2010EBIT 8698.29 Long-Term Rating NROperating Margin 8.35% Long-Term Outlook -Pretax Margin 4.00% Short-Term Rating Date -Return on Assets 1.57% Short-Term Rating -Return on Common Equity 6.98% Credit RatiosReturn on Capital 3.92% EBITDA/Interest Exp. 3.18Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. -0.22Margin Analysis Net Debt/EBITDA 6.84Gross Margin - Total Debt/EBITDA 7.33EBITDA Margin 18.6% ReferenceEBIT Margin 8.4% Total Debt/Equity 263.8%Net Income Margin 3.2% Total Debt/Capital 69.5%Structure Asset Turnover 0.49Current Ratio 0.38 Net Fixed Asset Turnover 0.69Quick Ratio 0.24 Accounts receivable turnover-days 36.71Debt to Assets 62.26% Inventory Days -Tot Debt to Common Equity 263.84% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.94 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 120000.0 1.00 100000.0 0.80 80000.0 60000.0 0.60 40000.0 0.40 20000.0 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 |
  • 7. 13.03.2012Huaneng Power International IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA HUA NENG GROUP n/a 20F 520000000 14.63 - 31.03.2011 CorporationBLACKROCK INC n/a EXCH 210175924 5.91 - 22.02.2012 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 149421551 4.2 - 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 118216429 3.32 114000 31.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 59376100 1.67 16279600 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 47782000 1.34 24000 08.03.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 25404000 0.71 1658000 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 20571500 0.58 (60000) 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20328000 0.57 14000 31.01.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14980000 0.42 2964000 30.12.2011 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13422000 0.38 - 31.10.2011 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 10204900 0.29 372000 31.01.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 10153800 0.29 - 30.11.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 10022472 0.28 - 12.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 9546000 0.27 (8186000) 20.01.2011 Hedge Fund ManagerBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9493136 0.27 2094432 31.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9416700 0.26 (88000) 30.09.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 9344000 0.26 - 30.09.2011 Mutual Fund ManagerBLACKROCK INC n/a Short (9070556) -0.26 - 22.02.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 8358000 0.24 (6396000) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCapital Securities Corp LAI SHENSHENG buy 5 M 7 Not Provided 13.03.2012Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 6 12 month 07.03.2012DBS Vickers JUNE NG buy 5 U 6 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 6 12 month 05.03.2012Yuanta Securities Investment Consulting MIN LI buy 5 N 6 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG hold 3 M 5 12 month 29.02.2012HSBC GIUSEPPE JACOBELLI neutral 3 N 6 Not Provided 27.02.2012Nomura IVAN LEE buy 5 M 6 12 month 24.02.2012JPMorgan BORIS KAN neutral 3 M 5 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 6 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 M 5 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 6 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 D 6 12 month 18.02.2012Bank of China International PETER YAO buy 5 U 6 Not Provided 16.02.2012Mirae Asset Securities RICKY NG buy 5 M 6 12 month 15.02.2012Credit Suisse EDWIN PANG outperform 5 M 6 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 U 5 12 month 18.01.2012Citi PIERRE LAU buy 5 M 5 Not Provided 11.01.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011KGI Securities CHEN JUDITH outperform 5 U 5 12 month 23.12.2011Macquarie SERENA LI underperform 1 N 3 12 month 19.12.2011CLSA Asia Pacific Markets ALEX WU sell 1 M 4 Not Provided 15.12.2011Daiwa Securities Capital Markets Co. DAVE DAI outperform 5 M 5 Not Provided 02.12.2011SWS Research Co Ltd HUANG ZHE neutral 3 D 3 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 4 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 4 12 month 27.10.2011Masterlink Securities LI YAN buy 5 M 4 6 month 12.08.2011Citic Securities Co., Ltd KYLIE KWOK not rated #N/A N/A M #N/A N/A Not Provided 09.05.2011Kim Eng Securities EDWARD FUNG buy 5 M 5 12 month 02.12.2010Celestial Securities Limited TEAM COVERAGE hold 3 M 6 12 month 15.04.2010Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 13.03.2012Guangdong Investment LtdGuangdong Investment Limited, through its subsidiaries, operates water supply, Price/Volumepower and electricity, and infrastructure businesses. The Company also invests 6 35.0 Min and develops real estate properties, operates department stores, and provides 5 30.0 Mfinancial services. 25.0 M 4 20.0 M 3 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2010 2 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (16.11.2011) 5.38 0 .0 M52-Week Low (17.03.2011) 3.66 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 13530000.00 Current Price (3/dd/yy) 5.26 Market Data 52-Week High % Change -2.23% Dividend Yield 3.23 52-Week Low % Change 43.72% Beta 0.63 % 52 Week Price Range High/Low 90.70% Equity Float 2437.23Shares Out 25.07.2011 6233.0 Short Int - Market Capitalization 32785.57 1 Yr Total Return 37.99%Total Debt 3942.25 YTD Return 11.68%Preferred Stock 0.0 Adjusted BETA 0.626Minority Interest 2791.9 Analyst Recs 19Cash and Equivalents 3840.65 Consensus Rating 4.632Enterprise Value 34613.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10802470270 HK EQUITY YTD Change - Average Volume 30 Day 10250480270 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9596817 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 6056.3 6689.1 5913.2 5915.8 6351.7 - - 6888.2 7465.8 - - TEV/Revenue 5.36x 5.41x 4.31x 5.51x 4.38x - - 5.10x 4.50x - - EBITDA 3523.0 3663.7 4367.7 4062.7 4425.2 - - 4830.8 5234.8 - - TEV/EBITDA 9.21x 9.87x 5.84x 8.02x 6.29x - - 7.17x 6.61x - - Net Income 1506.9 1697.0 1876.7 2044.3 2420.2 - - 2680.4 2903.2 - - P/E 14.04x 15.99x 10.18x 13.71x 10.27x - - 12.06x 11.29x - - Profitability S&P Issuer RatingsEBITDA 4425.22 Long-Term Rating Date -EBIT 3440.33 Long-Term Rating -Operating Margin 54.16% Long-Term Outlook -Pretax Margin 59.20% Short-Term Rating Date -Return on Assets 7.72% Short-Term Rating -Return on Common Equity 13.39% Credit RatiosReturn on Capital 11.12% EBITDA/Interest Exp. 111.76Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 90.89Margin Analysis Net Debt/EBITDA 0.02Gross Margin 66.0% Total Debt/EBITDA 0.89EBITDA Margin 69.7% ReferenceEBIT Margin 54.2% Total Debt/Equity 20.6%Net Income Margin 38.1% Total Debt/Capital 15.3%Structure Asset Turnover 0.20Current Ratio 1.21 Net Fixed Asset Turnover 0.74Quick Ratio 1.07 Accounts receivable turnover-days 12.64Debt to Assets 12.35% Inventory Days 9.22Tot Debt to Common Equity 20.62% Accounts Payable Turnover Day 59.37Accounts Receivable Turnover 28.88 Cash Conversion Cycle -37.51Inventory Turnover 39.57Price/ Cash Flow Sales/Revenue/Turnover 1.20 8000.0 7000.0 1.00 6000.0 0.80 5000.0 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 |
  • 9. 13.03.2012Guangdong Investment LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGDH LTD n/a EXCH 3193574957 51.24 - 21.07.2011 GovernmentGUANGDONG TRUST n/a EXCH 527548742 8.46 - 21.07.2011 n/aPICTET & CIE Multiple Portfolios MF-AGG 111465069 1.79 (9044650) 30.12.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 92760677 1.49 372000 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 76514000 1.23 290000 30.12.2011 Investment AdvisorJULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 67587727 1.08 25122 31.07.2011 Mutual Fund ManagerGD ASSETS MGMT CUSTO n/a EXCH 46708176 0.75 - 21.07.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 37262110 0.6 22000 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 34904000 0.56 (5842000) 31.01.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 33411025 0.54 - 18.11.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26972000 0.43 - 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 24311480 0.39 (1438000) 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 22000000 0.35 2000000 31.10.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 19624000 0.31 (46000) 08.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 14618000 0.23 (7222000) 20.01.2011 Hedge Fund ManagerSAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 13114000 0.21 - 16.09.2011 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 12383727 0.2 (582514) 30.12.2011 Mutual Fund ManagerLEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 11221501 0.18 308000 30.12.2011 Investment AdvisorCREDIT SUISSE GROUP Multiple Portfolios MF-AGG 10228000 0.16 (234000) 31.10.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 9099700 0.15 (52000) 31.01.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaitong International Securities CHO FOOK TAT buy 5 M 6 12 month 08.03.2012Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 21.02.2012Nomura IVAN LEE neutral 3 M 5 Not Provided 20.02.2012Yuanta Securities Investment Consulting MIN LI buy 5 N 6 Not Provided 15.02.2012Daiwa Securities Capital Markets Co. JACKIE JIANG outperform 5 N 5 Not Provided 15.02.2012Bank of China International PETER YAO buy 5 U 5 Not Provided 13.02.2012China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 5 12 month 13.02.2012Standard Chartered LI EVAN in-line 3 M 5 12 month 09.02.2012JPMorgan ELAINE WU overweight 5 M 6 3 month 09.02.2012Piper Jaffray CHI MAN WONG overweight 5 M 6 12 month 09.02.2012Jefferies RONG LI buy 5 M 6 12 month 03.02.2012Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 5 12 month 02.02.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 5 Not Provided 06.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 20.10.2011Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 6 12 month 14.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 13.03.2012China Resources Power Holdings Co LtdChina Resources Power Holdings Company Limited is a power generation company. Price/VolumeThe Company invests, develops, owns, and operates coal-fired power plants in 18 35.0 MChina. 16 30.0 M 14 25.0 M 12 10 20.0 M Valuation Analysis 8 15.0 MLatest Fiscal Year: 12/2010 6 10.0 M 4LTM as of: 01/yy 5.0 M 252-Week High (09.05.2011) 16.20 0 .0 M52-Week Low (22.09.2011) 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 4413624.00 Current Price (3/dd/yy) 15.36 Market Data 52-Week High % Change -5.19% Dividend Yield 2.15 52-Week Low % Change 41.96% Beta 0.49 % 52 Week Price Range High/Low 79.18% Equity Float 1706.35Shares Out 29.02.2012 4748.3 Short Int - Market Capitalization 72933.26 1 Yr Total Return 19.11%Total Debt 76004.07 YTD Return 2.54%Preferred Stock 0.0 Adjusted BETA 0.487Minority Interest 8095.9 Analyst Recs 30Cash and Equivalents 6805.25 Consensus Rating 4.567Enterprise Value 162141.17 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7847379836 HK EQUITY YTD Change - Average Volume 30 Day 6391311836 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5682516 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 9740.4 16830.5 26771.7 33213.7 48578.3 - - 60693.6 72507.7 - - TEV/Revenue 6.23x 7.88x 3.68x 3.93x 2.96x - - 2.57x 2.23x - - EBITDA 3368.7 5877.7 6270.2 10643.8 11828.9 - - 14047.1 18753.4 - - TEV/EBITDA 18.01x 22.56x 15.69x 12.26x 12.15x - - 11.54x 8.65x - - Net Income 2364.9 3220.6 1717.4 5317.4 4903.7 - - 4896.8 6739.0 - - P/E 18.94x 32.85x 36.08x 12.97x 13.41x - - 14.76x 10.95x - - Profitability S&P Issuer RatingsEBITDA 11828.92 Long-Term Rating Date 19.04.2011EBIT 7554.27 Long-Term Rating BBBOperating Margin 15.55% Long-Term Outlook NEGPretax Margin 13.42% Short-Term Rating Date -Return on Assets 3.74% Short-Term Rating -Return on Common Equity 12.30% Credit RatiosReturn on Capital 7.00% EBITDA/Interest Exp. 3.89Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -1.32Margin Analysis Net Debt/EBITDA 5.85Gross Margin - Total Debt/EBITDA 6.43EBITDA Margin 24.4% ReferenceEBIT Margin 15.6% Total Debt/Equity 180.3%Net Income Margin 10.1% Total Debt/Capital 60.2%Structure Asset Turnover 0.37Current Ratio 0.66 Net Fixed Asset Turnover 0.61Quick Ratio 0.37 Accounts receivable turnover-days 44.90Debt to Assets 53.15% Inventory Days -Tot Debt to Common Equity 180.26% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.13 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 60000.0 18.00 50000.0 16.00 14.00 40000.0 12.00 10.00 30000.0 8.00 20000.0 6.00 4.00 10000.0 2.00 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 |
  • 11. 13.03.2012China Resources Power Holdings Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINETEX INTERNATIONA n/a EXCH 3024999999 63.71 - 01.04.2011 GovernmentFIRST STATE INVESTME Multiple Portfolios MF-AGG 134123700 2.82 - 31.10.2011 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 109531800 2.31 - 31.10.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 61105415 1.29 74000 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 36702000 0.77 (5440000) 31.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 30185000 0.64 8294000 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 25868399 0.54 14000 08.03.2012 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 24944000 0.53 - 06.10.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 20521200 0.43 8268000 31.12.2011 Investment AdvisorFIRST STATE INVEST I n/a EXCH 16936000 0.36 - 15.02.2012 n/aSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16892486 0.36 253073 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14697400 0.31 (6000) 08.03.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 11937800 0.25 3736000 30.09.2011 Mutual Fund ManagerCOLONIAL FIRST STATE n/a EXCH 6680000 0.14 - 15.02.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 6313000 0.13 (498000) 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 6202340 0.13 1650000 30.06.2011 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 6009800 0.13 - 31.10.2011 Mutual Fund ManagerPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 5826000 0.12 - 31.12.2010 Investment AdvisorSHUAI TING WANG n/a Co File 5260920 0.11 - 31.12.2010 n/aSTATE STREET CORP Multiple Portfolios MF-AGG 4943600 0.1 - 12.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 17 12 month 07.03.2012DBS Vickers JUNE NG buy 5 M 17 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 20 12 month 05.03.2012Yuanta Securities Investment Consulting MIN LI buy 5 N 18 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG buy 5 M 17 12 month 29.02.2012HSBC GIUSEPPE JACOBELLI overweight 5 N 18 Not Provided 27.02.2012JPMorgan BORIS KAN overweight 5 M 19 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 19 Not Provided 21.02.2012Jefferies JOSEPH FONG buy 5 M 19 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 M 18 Not Provided 19.02.2012Standard Chartered LI EVAN outperform 5 M 18 12 month 18.02.2012Nomura IVAN LEE buy 5 M 18 Not Provided 17.02.2012Bank of China International PETER YAO hold 3 D 16 Not Provided 16.02.2012Mirae Asset Securities RICKY NG buy 5 M 20 12 month 15.02.2012Credit Suisse EDWIN PANG outperform 5 M 18 Not Provided 13.02.2012GuoSen Securities Co Ltd VIVIAN FU buy 5 N 18 12 month 09.02.2012Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 18 12 month 18.01.2012Citi PIERRE LAU buy 5 M 18 Not Provided 18.01.2012KGI Securities CHEN JUDITH neutral 3 M 15 12 month 23.12.2011Macquarie SERENA LI outperform 5 M 17 12 month 19.12.2011Daiwa Securities Capital Markets Co. DAVE DAI buy 5 M 18 Not Provided 02.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011CLSA Asia Pacific Markets ALEX WU buy 5 M 19 Not Provided 03.11.2011Masterlink Securities TEAM COVERAGE buy 5 M 18 6 month 13.10.2011China International Capital Corp STEPHEN YU ZHANG hold 3 M 15 12 month 23.08.2011Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 M 19 12 month 22.08.2011SWS Research Co Ltd HUANG ZHE neutral 3 M 14 Not Provided 05.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 16 Not Provided 09.06.2011Kim Eng Securities EDWARD FUNG hold 3 M 18 12 month 10.12.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 13.03.2012Guangzhou R&F Properties Co LtdGuangzhou R&F Properties Company Limited, through its subsidiaries, develops, Price/Volumesells, and leases property in Guangzhou and Beijing, China. The Company also 14 40.0 Mprovides property management and agency services. 12 35.0 M 10 30.0 M 25.0 M 8 20.0 M Valuation Analysis 6 15.0 MLatest Fiscal Year: 12/2010 4 10.0 MLTM as of: 01/yy 2 5.0 M52-Week High (04.04.2011) 12.00 0 .0 M52-Week Low (26.09.2011) 5.48 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 9388910.00 Current Price (3/dd/yy) 10.08 Market Data 52-Week High % Change -16.00% Dividend Yield 7.30 52-Week Low % Change 83.94% Beta 1.53 % 52 Week Price Range High/Low 69.94% Equity Float 972.42Shares Out 30.06.2011 1015.3 Short Int - Market Capitalization 32481.46 1 Yr Total Return 6.89%Total Debt 27854.02 YTD Return 64.17%Preferred Stock 0.0 Adjusted BETA 1.533Minority Interest 211.5 Analyst Recs 33Cash and Equivalents 5653.72 Consensus Rating 3.303Enterprise Value 47799.81 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 88674332777 HK EQUITY YTD Change - Average Volume 30 Day 116219702777 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8877556 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 10186.8 14771.9 15360.2 18196.5 24641.8 - - 27654.0 30802.5 - - TEV/Revenue 6.00x 6.94x 2.81x 3.12x 2.14x - - 1.70x 1.54x - - EBITDA 3274.4 5164.9 4140.7 4501.1 8010.2 - - 9286.6 9182.8 - - TEV/EBITDA 18.66x 19.84x 10.43x 12.60x 6.59x - - 5.15x 5.21x - - Net Income 2135.0 5302.8 3119.5 2899.5 4350.6 - - 4454.9 4561.5 - - P/E 24.43x 15.81x 7.78x 13.41x 6.98x - - 5.93x 5.80x - - Profitability S&P Issuer RatingsEBITDA 8010.17 Long-Term Rating Date -EBIT 7749.93 Long-Term Rating -Operating Margin 31.45% Long-Term Outlook -Pretax Margin 32.75% Short-Term Rating Date -Return on Assets 6.05% Short-Term Rating -Return on Common Equity 23.71% Credit RatiosReturn on Capital 11.15% EBITDA/Interest Exp. 4.99Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 4.20Margin Analysis Net Debt/EBITDA 2.77Gross Margin 37.7% Total Debt/EBITDA 3.48EBITDA Margin 32.5% ReferenceEBIT Margin 31.5% Total Debt/Equity 140.8%Net Income Margin 17.7% Total Debt/Capital 58.2%Structure Asset Turnover 0.34Current Ratio 1.50 Net Fixed Asset Turnover 1.55Quick Ratio 0.20 Accounts receivable turnover-days 16.65Debt to Assets 35.98% Inventory Days 825.58Tot Debt to Common Equity 140.76% Accounts Payable Turnover Day -Accounts Receivable Turnover 21.92 Cash Conversion Cycle -Inventory Turnover 0.44Price/ Cash Flow Sales/Revenue/Turnover 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 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 |
  • 13. 13.03.2012Guangzhou R&F Properties Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORGAN STANLEY #N/A N/A EXCH 83070210 8.18 (210091) 07.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (70145300) -6.91 (16000) 07.03.2012 Investment AdvisorCITIGROUP INCORPORAT n/a EXCH 59872805 5.9 - 05.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 57216924 5.64 - 13.02.2012 Investment AdvisorBLACKROCK INC n/a EXCH 55650453 5.48 - 02.03.2012 Investment AdvisorPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 54111600 5.33 7251200 06.10.2011 Investment AdvisorLEHMAN BROTHERS HOLD n/a Co File 51049240 5.03 - 31.12.2010 CorporationCREDIT SUISSE n/a EXCH 47474952 4.68 (2179600) 03.05.2011 Investment AdvisorCITIGROUP INCORPORAT n/a Short (45225268) -4.45 - 05.03.2012 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 44775600 4.41 (9000000) 22.03.2011 Investment AdvisorHENDERSON GLOBAL INV n/a EXCH 41315600 4.07 - 04.05.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 35810478 3.53 (30391) 31.12.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 34861800 3.43 (2235000) 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 33864294 3.34 - 09.02.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (32944609) -3.24 - 09.02.2012 Investment AdvisorUBS AG n/a EXCH 32460575 3.2 - 05.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (22766257) -2.24 - 13.02.2012 Investment AdvisorFUSION CAPITAL LTD n/a EXCH 20000000 1.97 1669200 04.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18922800 1.86 5600 08.03.2012 Investment AdvisorSZELIM LI n/a EXCH 15000000 1.48 - 04.10.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs WANG YI neutral/attractive 3 M 12 12 month 07.03.2012Credit Suisse JINSONG DU outperform 5 U 12 Not Provided 05.03.2012JPMorgan LUCIA KWONG overweight 5 M 12 Not Provided 05.03.2012BNP Paribas Equity Research FRANK CHEN hold 3 D 9 12 month 01.03.2012Nomura ALVIN WONG neutral 3 M 6 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG in-line 3 M 10 12 month 23.02.2012Mizuho Securities ALAN JIN underperform 1 M 7 12 month 22.02.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 12 12 month 21.02.2012UOB Kay Hian SYLVIA WONG hold 3 M 12 Not Provided 20.02.2012BOCOM International Holdings TONI HO CHI CHUNG sell 1 M 5 12 month 17.02.2012Citi OSCAR CHOI sell 1 M 7 Not Provided 09.02.2012Jefferies JACK GONG hold 3 M 7 12 month 02.02.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 31.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 7 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 10 12 month 05.01.2012CLSA Asia Pacific Markets NICOLE WONG underperform 1 M 7 Not Provided 04.01.2012HSBC DEREK KWONG overweight 5 M 7 Not Provided 03.01.2012CIMB JOHNSON HU neutral 3 U 6 12 month 22.12.2011CCB International Securities Ltd ROSE ZHANG underperform 1 M 4 Not Provided 22.12.2011SWS Research Co Ltd KRIS LI underperform 1 M 6 Not Provided 08.12.2011China International Capital Corp PETER HONGWEI BAI hold 3 M 7 12 month 02.12.2011Morgan Stanley ANGUS CHAN Overwt/Attractive 5 M 17 12 month 23.11.2011Religare Capital Markets KAREN KWAN buy 5 M 11 12 month 22.11.2011Bank of China International CHRISTINA NGAI sell 1 M 6 Not Provided 24.10.2011Daiwa Securities Capital Markets Co. DANNY BAO buy 5 M 10 Not Provided 20.10.2011Kim Eng Securities IVAN CHEUNG buy 5 U 12 12 month 24.08.2011Haitong International Securities HUGO HOU hold 3 M 11 12 month 21.07.2011RBS FAN TSO buy 5 M 16 12 month 07.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 12 Not Provided 07.07.2011Deutsche Bank TONY TSANG buy 5 U 17 12 month 06.06.2011Citic Securities Co., Ltd GARRICK CHENG sell 1 M 10 6 month 25.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 13.03.2012Franshion Properties China LtdFranshion Properties China Limited invests in and develops real estate projects Price/Volumein the Peoples Republic of China. 3 50.0 M 45.0 M 3 40.0 M 2 35.0 M 30.0 M 2 25.0 M Valuation Analysis 20.0 MLatest Fiscal Year: 12/2010 1 15.0 MLTM as of: 01/yy 1 10.0 M 5.0 M52-Week High (28.04.2011) 2.53 0 .0 M52-Week Low (26.09.2011) 1.09 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 5012000.00 Current Price (3/dd/yy) 1.98 Market Data 52-Week High % Change -21.74% Dividend Yield 1.26 52-Week Low % Change 81.65% Beta 1.03 % 52 Week Price Range High/Low 59.72% Equity Float 2852.95Shares Out 30.06.2011 9161.5 Short Int - Market Capitalization 18139.75 1 Yr Total Return -6.83%Total Debt 18235.24 YTD Return 32.00%Preferred Stock 0.0 Adjusted BETA 1.031Minority Interest 3594.7 Analyst Recs 17Cash and Equivalents 11229.51 Consensus Rating 4.412Enterprise Value 39078.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4021716817 HK EQUITY YTD Change - Average Volume 30 Day 7972656817 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7997359 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 700.8 2813.0 3913.5 6320.9 6348.0 - - 7881.2 14470.8 - - TEV/Revenue - 9.28x 4.95x 6.27x 5.05x - - 3.95x 2.21x - - EBITDA 191.7 1100.9 1541.1 1933.4 2488.0 - - 3819.4 6016.2 - - TEV/EBITDA - 23.70x 12.58x 20.49x 12.88x - - 10.23x 6.50x - - Net Income 207.3 2520.3 900.9 1174.4 1713.6 - - 1706.3 2394.7 - - P/E - 6.10x 14.23x 19.99x 12.51x - - 11.00x 8.11x - - Profitability S&P Issuer RatingsEBITDA 2487.97 Long-Term Rating Date 29.11.2011EBIT 2221.07 Long-Term Rating BB+Operating Margin 34.99% Long-Term Outlook STABLEPretax Margin 48.26% Short-Term Rating Date -Return on Assets 3.75% Short-Term Rating -Return on Common Equity 8.67% Credit RatiosReturn on Capital 6.43% EBITDA/Interest Exp. 2.67Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. 2.53Margin Analysis Net Debt/EBITDA 2.82Gross Margin 52.0% Total Debt/EBITDA 7.33EBITDA Margin 39.2% ReferenceEBIT Margin 35.0% Total Debt/Equity 78.9%Net Income Margin 27.0% Total Debt/Capital 40.6%Structure Asset Turnover 0.14Current Ratio 1.44 Net Fixed Asset Turnover 0.20Quick Ratio 1.04 Accounts receivable turnover-days 9.40Debt to Assets 35.51% Inventory Days 312.51Tot Debt to Common Equity 78.86% Accounts Payable Turnover Day 134.48Accounts Receivable Turnover 38.84 Cash Conversion Cycle 187.44Inventory Turnover 1.17Price/ 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 |
  • 15. 13.03.2012Franshion Properties China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOCHEM HONG KONG G n/a Co File 5759881259 62.87 - 31.12.2010 GovernmentEARN MAX ENTERPRISES n/a Co File 548254417 5.98 - 31.12.2010 n/aJP MORGAN CHASE & CO n/a EXCH 407567829 4.45 - 06.01.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 250617560 2.74 (69810000) 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 160440000 1.75 (14564000) 30.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 134386920 1.47 (771946) 31.12.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 43792000 0.48 - 31.10.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 40814000 0.45 (24540000) 30.09.2011 Mutual Fund ManagerPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 40412000 0.44 - 31.12.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 37660000 0.41 (8498000) 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31794000 0.35 42000 08.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 31444000 0.34 - 08.03.2012 Investment AdvisorALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 28362760 0.31 3525000 31.10.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 16021032 0.17 2800 31.10.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13680550 0.15 (9426000) 31.12.2011 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 12734000 0.14 (1016000) 31.03.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10075892 0.11 - 30.11.2011 Investment AdvisorSEB FONDFORVALTNING Multiple Portfolios MF-AGG 9762960 0.11 (4878000) 30.09.2011 Mutual Fund ManagerDANSKE INVEST A/S Multiple Portfolios MF-AGG 9122000 0.1 4504000 31.01.2012 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7694976 0.08 - 31.08.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank TONY TSANG buy 5 M 4 12 month 13.03.2012Goldman Sachs WANG YI neutral/attractive 3 M 2 12 month 07.03.2012DBS Vickers CAROL WU buy 5 M 2 12 month 07.03.2012JPMorgan LUCIA KWONG overweight 5 M 2 12 month 05.03.2012Standard Chartered ANDY SO in-line 3 M 2 12 month 23.02.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 23.02.2012Jefferies LEO SUN buy 5 M 3 12 month 22.02.2012Mizuho Securities ALAN JIN buy 5 M 2 12 month 22.02.2012ICBC International Securities PHILIP TSE buy 5 M 2 Not Provided 20.02.2012Citi OSCAR CHOI buy 5 M 3 Not Provided 15.02.2012Core Pacific WILSON HO buy 5 M 2 12 month 07.02.2012Macquarie JEFFREY GAO outperform 5 M 2 12 month 12.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 2 12 month 11.01.2012HSBC MICHELLE KWOK overweight 5 M 2 Not Provided 03.01.2012China International Capital Corp PETER HONGWEI BAI buy 5 U 3 12 month 02.12.2011RBS FAN TSO buy 5 M 3 12 month 26.05.2011Haitong International Securities HUGO HOU buy 5 M 3 12 month 16.05.2011Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 U 3 6 month 08.02.2011Capital Securities Corp LANTIS LI buy 5 N 3 Not Provided 14.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 13.03.2012China Resources Land LtdChina Resources Land Limited, through its subsidiaries, develops and invests in Price/Volumeproperties. The Company also provides corporate financing and electrical 18 70.0 Mengineering services. 16 60.0 M 14 50.0 M 12 10 40.0 M Valuation Analysis 8 30.0 MLatest Fiscal Year: 12/2011 6 20.0 M 4LTM as of: 01/yy 10.0 M 252-Week High (06.04.2011) 15.92 0 .0 M52-Week Low (03.10.2011) 7.28 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 35018445.00 Current Price (3/dd/yy) 13.82 Market Data 52-Week High % Change -13.19% Dividend Yield 1.89 52-Week Low % Change 89.84% Beta 1.42 % 52 Week Price Range High/Low 76.39% Equity Float 1856.03Shares Out 29.02.2012 5827.0 Short Int - Market Capitalization 80528.70 1 Yr Total Return 12.50%Total Debt 60725.36 YTD Return 10.74%Preferred Stock 0.0 Adjusted BETA 1.419Minority Interest 6046.1 Analyst Recs 33Cash and Equivalents 15368.28 Consensus Rating 4.515Enterprise Value 131931.91 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 188880301109 HK EQUITY YTD Change - Average Volume 30 Day 153899301109 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13447310 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 5681.1 9365.8 16650.2 25729.2 35794.8 - - 43698.1 54118.9 - - TEV/Revenue 14.45x 6.52x 5.86x 4.11x 3.47x - - 3.01x 2.37x - - EBITDA 1732.8 2554.7 4888.1 8905.8 12065.4 - - 12570.2 14525.1 - - TEV/EBITDA 47.37x 23.89x 19.95x 11.88x 10.29x - - 10.50x 9.08x - - Net Income 1431.1 1994.0 4303.8 6026.5 8070.0 - - 6621.5 7690.1 - - P/E 43.32x 20.70x 20.02x 11.85x 8.45x - - 11.86x 10.24x - - Profitability S&P Issuer RatingsEBITDA 12065.44 Long-Term Rating Date 03.05.2011EBIT 11739.72 Long-Term Rating BBBOperating Margin 32.80% Long-Term Outlook STABLEPretax Margin 40.15% Short-Term Rating Date -Return on Assets 5.27% Short-Term Rating -Return on Common Equity 14.42% Credit RatiosReturn on Capital 8.07% EBITDA/Interest Exp. 17.27Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 6.53Margin Analysis Net Debt/EBITDA 3.76Gross Margin 39.6% Total Debt/EBITDA 5.03EBITDA Margin 33.7% ReferenceEBIT Margin 32.8% Total Debt/Equity 100.7%Net Income Margin 22.5% Total Debt/Capital 47.8%Structure Asset Turnover 0.23Current Ratio 1.92 Net Fixed Asset Turnover 1.18Quick Ratio 0.24 Accounts receivable turnover-days 12.48Debt to Assets 33.63% Inventory Days 1364.82Tot Debt to Common Equity 100.68% Accounts Payable Turnover Day 45.21Accounts Receivable Turnover 29.25 Cash Conversion Cycle 1332.09Inventory Turnover 0.27Price/ Cash Flow Sales/Revenue/Turnover 25.00 40000.0 35000.0 20.00 30000.0 25000.0 15.00 20000.0 10.00 15000.0 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 |
  • 17. 13.03.2012China Resources Land LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCRH LAND LTD n/a EXCH 3959623882 67.95 - 11.10.2011 GovernmentJP MORGAN CHASE & CO n/a EXCH 286822306 4.92 - 24.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 76140331 1.31 3636606 31.12.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 58790989 1.01 43027875 31.10.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 56928000 0.98 - 30.12.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 39164000 0.67 - 31.10.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 35098000 0.6 22000 08.03.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 26798900 0.46 (3472000) 31.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23572700 0.4 (1122000) 30.06.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16855888 0.29 (948461) 30.06.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (16452706) -0.28 - 24.11.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 15007800 0.26 3494000 31.12.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14569265 0.25 3204000 30.09.2011 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 14016000 0.24 (42000) 30.11.2011 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 13498000 0.23 (3368000) 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12997570 0.22 2000 08.03.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 9764000 0.17 (682000) 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9699538 0.17 1099538 31.10.2011 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 8120500 0.14 7898000 09.03.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 8010016 0.14 2716150 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse JINSONG DU outperform 5 M 17 Not Provided 13.03.2012Deutsche Bank TONY TSANG buy 5 M 22 12 month 12.03.2012JPMorgan LUCIA KWONG neutral 3 M 16 12 month 12.03.2012Citi OSCAR CHOI buy 5 M 18 Not Provided 12.03.2012Macquarie DAVID NG outperform 5 M 16 12 month 12.03.2012DBS Vickers CAROL WU buy 5 M 17 12 month 12.03.2012CIMB JOHNSON HU outperform 5 M 18 12 month 12.03.2012Kim Eng Securities IVAN CHEUNG buy 5 M 17 12 month 12.03.2012China International Capital Corp ERIC YU ZHANG buy 5 M 19 12 month 12.03.2012BNP Paribas Equity Research FRANK CHEN hold 3 M 16 12 month 12.03.2012SWS Research Co Ltd KRIS LI outperform 5 D 17 Not Provided 12.03.2012UOB Kay Hian SYLVIA WONG hold 3 M 16 Not Provided 12.03.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 16 12 month 12.03.2012Religare Capital Markets KAREN KWAN buy 5 M 16 12 month 12.03.2012CMB International Capital Corp Ltd SAMSON MAN buy 5 M 17 12 month 12.03.2012CCB International Securities Ltd ROSE ZHANG outperform 5 M 16 Not Provided 12.03.2012BOCOM International Holdings TONI HO CHI CHUNG long-term buy 5 M 17 12 month 12.03.2012Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 D 14 12 month 11.03.2012Goldman Sachs WANG YI buy/attractive 5 M 20 12 month 11.03.2012HSBC MICHELLE KWOK overweight 5 M 18 Not Provided 11.03.2012Nomura ALVIN WONG buy 5 M 16 Not Provided 11.03.2012Standard Chartered RAYMOND CHENG outperform 5 M 19 12 month 10.03.2012Jefferies CHRISTIE JU buy 5 M 18 12 month 09.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 10.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012GuoSen Securities Co Ltd HUI CAO buy 5 M 15 12 month 11.01.2012CLSA Asia Pacific Markets NICOLE WONG buy 5 M 15 Not Provided 04.01.2012Daiwa Securities Capital Markets Co. DANNY BAO hold 3 D 12 Not Provided 19.12.2011Bank of China International CHRISTINA NGAI buy 5 M 15 Not Provided 24.10.2011Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 18.10.2011Citic Securities Co., Ltd GARRICK CHENG buy 5 M 17 6 month 22.08.2011RBS FAN TSO buy 5 M 18 12 month 06.06.2011Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 13.03.2012China Overseas Land & Investment LtdChina Overseas Land & Investment Limited, through its subsidiaries, develops and Price/Volumeinvests in properties, constructs buildings, invests in treasury securities, and 20 120.0 Minfrastructure projects. The Company also provides civil engineering, 18foundation engineering, and real estate agency and management services. 16 100.0 M 14 80.0 M 12 10 60.0 M Valuation Analysis 8Latest Fiscal Year: 12/2010 6 40.0 MLTM as of: 01/yy 4 20.0 M 252-Week High (01.08.2011) 17.86 0 .0 M52-Week Low (03.10.2011) 9.99 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 48001116.00 Current Price (3/dd/yy) 15.84 Market Data 52-Week High % Change -11.31% Dividend Yield 1.89 52-Week Low % Change 58.56% Beta 1.32 % 52 Week Price Range High/Low 69.50% Equity Float 3794.29Shares Out 31.08.2011 8172.5 Short Int - Market Capitalization 129452.70 1 Yr Total Return 20.41%Total Debt 45329.90 YTD Return 22.03%Preferred Stock 0.0 Adjusted BETA 1.316Minority Interest 3207.3 Analyst Recs 36Cash and Equivalents 31573.98 Consensus Rating 4.278Enterprise Value 154037.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22743820688 HK EQUITY YTD Change - Average Volume 30 Day 27288220688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26641140 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 10910.2 16632.6 18892.4 37321.6 44313.0 - - 56868.7 67250.6 - - TEV/Revenue 7.18x 8.01x 5.45x 3.60x 3.03x - - 2.70x 2.21x - - EBITDA 2919.1 6778.4 6867.9 10532.8 16214.3 - - 21652.0 23275.0 - - TEV/EBITDA 26.82x 19.64x 14.98x 12.76x 8.29x - - 7.11x 6.62x - - Net Income 2370.8 4179.6 5048.6 7468.9 12373.2 - - 12385.4 14009.3 - - P/E 29.41x 28.33x 16.64x 17.90x 9.52x - - 10.40x 9.35x - - Profitability S&P Issuer RatingsEBITDA 16214.26 Long-Term Rating Date 25.03.2010EBIT 16160.02 Long-Term Rating BBBOperating Margin 36.47% Long-Term Outlook STABLEPretax Margin 46.41% Short-Term Rating Date -Return on Assets 8.95% Short-Term Rating -Return on Common Equity 25.56% Credit RatiosReturn on Capital 15.26% EBITDA/Interest Exp. 13.92Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 13.78Margin Analysis Net Debt/EBITDA 0.85Gross Margin 42.0% Total Debt/EBITDA 2.80EBITDA Margin 36.6% ReferenceEBIT Margin 36.5% Total Debt/Equity 82.8%Net Income Margin 27.9% Total Debt/Capital 43.9%Structure Asset Turnover 0.32Current Ratio 2.05 Net Fixed Asset Turnover 3.95Quick Ratio 0.56 Accounts receivable turnover-days 14.46Debt to Assets 27.94% Inventory Days 957.53Tot Debt to Common Equity 82.82% Accounts Payable Turnover Day 54.74Accounts Receivable Turnover 25.24 Cash Conversion Cycle 917.25Inventory Turnover 0.38Price/ Cash Flow Sales/Revenue/Turnover 1.20 50000.0 45000.0 1.00 40000.0 35000.0 0.80 30000.0 25000.0 0.60 20000.0 15000.0 0.40 10000.0 0.20 5000.0 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 |
  • 19. 13.03.2012China Overseas Land & Investment LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA OVERSEAS HOLDI n/a EXCH 3837380380 46.95 - 31.12.2011 GovernmentSILVER LOT DEVELOPME n/a EXCH 505276928 6.18 - 31.12.2011 n/aJP MORGAN CHASE & CO n/a EXCH 379327162 4.64 - 20.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 355640452 4.35 - 03.11.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 233369969 2.86 - 30.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (169866271) -2.08 - 03.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 160615313 1.97 488550 31.12.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 137956000 1.69 (128525000) 30.09.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 102335861 1.25 67801042 30.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 68669080 0.84 51006000 31.12.2011 Investment AdvisorEUROPEAN INVESTORS I n/a Research 67569354 0.83 2231960 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 58635040 0.72 34000 08.03.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 43445652 0.53 2328000 30.09.2011 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 37990180 0.46 4723760 09.03.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 36529626 0.45 430058 30.06.2011 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 28280260 0.35 194900 31.01.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 22167560 0.27 (1542000) 31.12.2011 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 21460000 0.26 - 31.12.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 21170000 0.26 6180000 30.09.2011 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 21045760 0.26 (32000) 08.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateYuanta Securities Investment Consulting ZHAO ZHENYI buy 5 M 19 Not Provided 12.03.2012Goldman Sachs WANG YI neutral/attractive 3 M 19 12 month 07.03.2012DBS Vickers CAROL WU buy 5 M 20 12 month 07.03.2012JPMorgan LUCIA KWONG overweight 5 M 18 12 month 05.03.2012BNP Paribas Equity Research FRANK CHEN buy 5 M 18 12 month 01.03.2012Nomura ALVIN WONG buy 5 M 17 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG in-line 3 D 17 12 month 23.02.2012Mizuho Securities ALAN JIN buy 5 M 20 12 month 22.02.2012Mirae Asset Securities STEPHANIE LAU buy 5 M 19 12 month 21.02.2012UOB Kay Hian SYLVIA WONG buy 5 M 19 Not Provided 20.02.2012Guotai Junan DONALD YU buy 5 M 19 Not Provided 16.02.2012Jefferies CHRISTIE JU buy 5 M 19 12 month 14.02.2012Credit Suisse JINSONG DU underperform 1 M 11 Not Provided 02.02.2012Citi OSCAR CHOI buy 5 M 18 Not Provided 31.01.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.01.2012Ji Asia WU GONGLIANG sell 1 N 12 12 month 13.01.2012GuoSen Securities Co Ltd HUI CAO buy 5 M 17 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 15 12 month 05.01.2012CLSA Asia Pacific Markets NICOLE WONG buy 5 M 17 Not Provided 04.01.2012HSBC MICHELLE KWOK overweight 5 M 21 Not Provided 03.01.2012KGI Securities ALICE JI outperform 5 M 17 12 month 28.12.2011CCB International Securities Ltd ROSE ZHANG neutral 3 M 15 Not Provided 22.12.2011SWS Research Co Ltd KRIS LI outperform 5 M 15 Not Provided 09.12.2011China International Capital Corp PETER HONGWEI BAI buy 5 M 21 12 month 02.12.2011Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 16 12 month 23.11.2011CIMB JOHNSON HU outperform 5 M 19 12 month 10.11.2011Bank of China International CHRISTINA NGAI hold 3 M 11 Not Provided 24.10.2011Daiwa Securities Capital Markets Co. DANNY BAO buy 5 M 16 Not Provided 20.10.2011Kim Eng Securities IVAN CHEUNG hold 3 D 18 12 month 10.08.2011Deutsche Bank TONY TSANG buy 5 M 23 12 month 09.08.2011RBS FAN TSO buy 5 M 19 12 month 08.07.2011Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011Citic Securities Co., Ltd GARRICK CHENG buy 5 U 17 6 month 18.03.2011Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011Capital Securities Corp LANTIS LI buy 5 M 16 Not Provided 20.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 13.03.2012Sinotrans Shipping LtdSinotrans Shipping Limited provides full service shipping services. The Price/VolumeCompanys services include chartering, ship sales and purchases, ship financing, 3 12.0 Mship repair, and crew recruitment. Sinotrans Shipping mainly operates dry-bulkships. 3 10.0 M 2 8.0 M 2 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 1 4.0 MLTM as of: 01/yy 1 2.0 M52-Week High (14.03.2011) 2.70 0 .0 M52-Week Low (04.10.2011) 1.53 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 1998000.00 Current Price (3/dd/yy) 2 Market Data 52-Week High % Change -25.93% Dividend Yield 4.00 52-Week Low % Change 30.72% Beta 1.02 % 52 Week Price Range High/Low 40.17% Equity Float 1273.58Shares Out 30.06.2011 3992.1 Short Int - Market Capitalization 7984.20 1 Yr Total Return -23.43%Total Debt 0.00 YTD Return 5.82%Preferred Stock 0.0 Adjusted BETA 1.016Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1000.02 Consensus Rating 4.267Enterprise Value 203.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2187508368 HK EQUITY YTD Change - Average Volume 30 Day 2058983368 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1445327 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 302.2 456.0 229.1 278.5 281.4 - - 273.4 311.1 - - TEV/Revenue 7.37x - 4.80x 1.83x - - - 0.73x 0.39x - - EBITDA 157.7 236.8 117.2 141.7 - - - 126.6 152.3 - - TEV/EBITDA 14.12x - 9.39x 3.60x - - - 1.61x 1.34x - - Net Income 140.9 347.1 106.4 127.5 91.7 - - 92.2 113.1 - - P/E 16.47x 2.92x 17.20x 11.86x 10.58x - - 10.74x 8.89x - - Profitability S&P Issuer RatingsEBITDA 141.72 Long-Term Rating Date -EBIT 98.48 Long-Term Rating -Operating Margin 35.36% Long-Term Outlook -Pretax Margin 46.07% Short-Term Rating Date -Return on Assets 6.02% Short-Term Rating -Return on Common Equity 6.13% Credit RatiosReturn on Capital 6.13% EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -7.06Gross Margin 41.3% Total Debt/EBITDA 0.00EBITDA Margin 50.9% ReferenceEBIT Margin 0.0% Total Debt/Equity 0.0%Net Income Margin 32.6% Total Debt/Capital 0.0%Structure Asset Turnover 0.13Current Ratio 27.66 Net Fixed Asset Turnover 0.30Quick Ratio 26.67 Accounts receivable turnover-days 14.64Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 27.19Accounts Receivable Turnover 24.93 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 500.0 450.0 1.00 400.0 350.0 0.80 300.0 250.0 0.60 200.0 150.0 0.40 100.0 0.20 50.0 0.0 0.00 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 |
  • 21. 13.03.2012Sinotrans Shipping LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATL FOREIGN T n/a Co File 2718520000 68.1 - 31.12.2009 Holding CompanyFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 30550762 0.77 - 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 18296000 0.46 - 30.06.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 14886500 0.37 - 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5544030 0.14 (473000) 31.12.2011 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4689500 0.12 - 31.01.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 4526000 0.11 - 12.03.2012 Investment AdvisorDEGROOF GESTION INST Multiple Portfolios MF-AGG 4088000 0.1 - 31.03.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3703825 0.09 - 30.11.2011 Investment AdvisorDBS ASSET MANAGEMENT Multiple Portfolios MF-AGG 3274000 0.08 - 31.12.2010 Mutual Fund ManagerPCA INVESTMENT TRUST Multiple Portfolios MF-AGG 3271000 0.08 866500 30.09.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2652073 0.07 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2579000 0.06 - 30.04.2011 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 2114500 0.05 - 31.01.2012 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1634500 0.04 - 09.03.2012 Investment AdvisorGUANTAI JUNAN ASSET Multiple Portfolios MF-AGG 1005000 0.03 - 26.04.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1000000 0.03 - 30.11.2011 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 774400 0.02 774400 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 704000 0.02 - 08.03.2012 Investment AdvisorNOMURA INTERNATIONAL Multiple Portfolios MF-AGG 321000 0.01 - 30.06.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley ANDY MENG Overwt/In-Line 5 M 3 12 month 12.03.2012CCB International Securities Ltd WINNIE GUO neutral 3 M 2 Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012SWS Research Co Ltd LEO FAN outperform 5 M 3 Not Provided 24.02.2012Nomura CECILIA CHAN neutral 3 M 2 Not Provided 20.02.2012HSBC SHISHIR SINGH overweight 5 M 3 Not Provided 17.01.2012Guotai Junan JASON SONG accumulate 4 M 2 Not Provided 09.01.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 U 2 Not Provided 09.01.2012KGI Securities TE-JEN HSU not rated #N/A N/A M #N/A N/A Not Provided 12.12.2011AM Capital Ltd ERIC TOMTER hold 3 N #N/A N/A Not Provided 14.11.2011Barclays Capital JON WINDHAM equalwt/neutral 3 M 2 Not Provided 11.10.2011Macquarie JANET B LEWIS outperform 5 M 3 12 month 29.08.2011OSK (Asia) Securities EVA LAU buy 5 M 3 12 month 29.08.2011ICBC International Securities MOSES MA hold 3 M 2 Not Provided 29.08.2011Citic Securities Co., Ltd SIMON YEUNG buy 5 M 3 6 month 26.08.2011Goldman Sachs THOMAS KIM Buy/Neutral 5 U 3 12 month 25.08.2011Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 08.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 13.03.2012China COSCO Holdings Co LtdChina COSCO Holdings Company Ltd. offers marine freight transportation Price/Volumeservices. The Company offers container shipping, dry bulk shipping, logistics 9 120.0 Mservices, freight forwarding, and terminal and container leasing services 8internationally. China COSCO operates container ships and terminals, and 100.0 M 7manufactures shipping containers. 6 80.0 M 5 60.0 M Valuation Analysis 4Latest Fiscal Year: 12/2010 3 40.0 M 2LTM as of: 01/yy 20.0 M 152-Week High (14.03.2011) 8.37 0 .0 M52-Week Low (04.10.2011) 2.80 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 13049385.00 Current Price (3/dd/yy) 5.1 Market Data 52-Week High % Change -39.07% Dividend Yield 2.16 52-Week Low % Change 82.14% Beta 1.35 % 52 Week Price Range High/Low 40.22% Equity Float 2580.58Shares Out 30.06.2011 2580.6 Short Int - Market Capitalization 65773.56 1 Yr Total Return -37.45%Total Debt 61628.42 YTD Return 33.51%Preferred Stock 0.0 Adjusted BETA 1.346Minority Interest 14467.3 Analyst Recs 32Cash and Equivalents 46550.91 Consensus Rating 2.188Enterprise Value 91057.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 253333801919 HK EQUITY YTD Change - Average Volume 30 Day 340407501919 HK EQUITY YTD % CHANGE - Average Volume 3 Month 28876300 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 78856.3 112232.8 131838.9 68462.5 96438.5 - - 83693.8 89601.8 - - TEV/Revenue 0.36x 3.30x 0.56x 2.26x 1.24x - - 1.14x 1.16x - - EBITDA 12451.2 23894.6 21072.8 (4620.0) 10577.7 - - (2094.7) 1748.6 - - TEV/EBITDA 2.28x 15.51x 3.53x - 11.28x - - - 52.07x - - Net Income 8292.4 19481.9 11606.1 (7467.8) 6858.5 - - (6177.8) (2302.9) - - P/E 4.88x 9.24x 4.18x - 10.41x - - - - - - Profitability S&P Issuer RatingsEBITDA 10577.67 Long-Term Rating Date -EBIT 7125.29 Long-Term Rating -Operating Margin 7.39% Long-Term Outlook -Pretax Margin 9.62% Short-Term Rating Date -Return on Assets 4.77% Short-Term Rating -Return on Common Equity 15.50% Credit RatiosReturn on Capital 7.80% EBITDA/Interest Exp. 7.68Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 1.51Margin Analysis Net Debt/EBITDA 1.43Gross Margin 12.8% Total Debt/EBITDA 5.83EBITDA Margin 11.0% ReferenceEBIT Margin 7.4% Total Debt/Equity 132.5%Net Income Margin 7.1% Total Debt/Capital 50.3%Structure Asset Turnover 0.67Current Ratio 2.13 Net Fixed Asset Turnover 1.44Quick Ratio 1.85 Accounts receivable turnover-days 20.86Debt to Assets 41.21% Inventory Days 8.47Tot Debt to Common Equity 132.51% Accounts Payable Turnover Day 29.48Accounts Receivable Turnover 17.50 Cash Conversion Cycle -0.15Inventory Turnover 43.11Price/ Cash Flow Sales/Revenue/Turnover 1.20 140000.0 120000.0 1.00 100000.0 0.80 80000.0 0.60 60000.0 0.40 40000.0 20000.0 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 |
  • 23. 13.03.2012China COSCO Holdings Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 128951624 5 - 13.06.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 128603615 4.98 - 19.11.2010 Investment AdvisorCREDIT SUISSE n/a Short (124864748) -4.84 - 27.02.2012 Investment AdvisorUBS AG n/a EXCH 123157397 4.77 - 21.12.2011 Investment AdvisorCREDIT SUISSE n/a EXCH 113548236 4.4 - 27.02.2012 Investment AdvisorMORGAN STANLEY n/a EXCH 104118863 4.03 (28992773) 20.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 101151924 3.92 (100180034) 16.12.2011 Investment AdvisorUBS AG n/a Short (97552686) -3.78 - 21.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 93568065 3.63 505000 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (86437764) -3.35 - 19.11.2010 Investment AdvisorMORGAN STANLEY n/a Short (71360977) -2.77 - 20.12.2011 Investment AdvisorBLACKROCK INC n/a Short (38608244) -1.5 3428534 16.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 33102500 1.28 23000 08.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 11900475 0.46 (34500) 08.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (9395071) -0.36 - 13.06.2011 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 6500000 0.25 - 31.12.2010 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 6481193 0.25 - 12.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5931500 0.23 (96000) 26.01.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4347500 0.17 - 30.11.2011 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 4138500 0.16 - 21.04.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura ANDREW LEE neutral 3 M 6 Not Provided 12.03.2012BOCOM International Holdings GEOFFREY CHENG sell 1 M 3 12 month 07.03.2012Morgan Stanley EDWARD XU Equalwt/In-Line 3 D 5 12 month 06.03.2012RBS OSBERT TANG sell 1 D 4 12 month 28.02.2012Jefferies JOHNSON LEUNG hold 3 M 4 12 month 24.02.2012Deutsche Bank JOE LIEW hold 3 U 6 12 month 23.02.2012Bank of China International MATTHEW XU sell 1 M 3 Not Provided 20.02.2012Religare Capital Markets PETER WILLIAMSON buy 5 U 6 12 month 16.02.2012CCB International Securities Ltd WINNIE GUO neutral 3 D 5 Not Provided 13.02.2012Guotai Junan JASON SONG reduce 2 D 4 Not Provided 10.02.2012China International Capital Corp YANG XIN hold 3 M 4 12 month 06.02.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 5 Not Provided 20.01.2012HSBC SHISHIR SINGH underweight 1 M 3 Not Provided 17.01.2012SinoPac JACK XU sell 1 M 3 12 month 17.01.2012Fearnley Fonds RIKARD VABO sell 1 M 3 Not Provided 11.01.2012DNB Markets ERIK BERGOO hold 3 N 4 Not Provided 22.12.2011KGI Securities ZHANG ZHARLEN neutral 3 M 4 12 month 12.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Standard Chartered CLAIRE TENG underperform 1 M 3 12 month 29.11.2011ICBC International Securities MOSES MA hold 3 M 5 Not Provided 09.11.2011Barclays Capital JON WINDHAM underwt/neutral 1 M 3 Not Provided 08.11.2011BNP Paribas Equity Research SARAH LIU reduce 2 M 3 12 month 07.11.2011Credit Suisse SAM LEE underperform 1 M 3 Not Provided 03.11.2011JPMorgan CORRINE PNG overweight 5 M 9 9 month 02.11.2011Masterlink Securities SARAH WANG hold 3 M 4 6 month 02.11.2011Capital Securities Corp TEAM COVERAGE neutral 3 D 10 12 month 28.10.2011UOB Kay Hian LAWRENCE LI sell 1 M 3 Not Provided 28.10.2011SWS Research Co Ltd LEO FAN underperform 1 D 4 Not Provided 14.10.2011Goldman Sachs THOMAS KIM neutral/neutral 3 M 3 12 month 10.10.2011Macquarie JANET B LEWIS underperform 1 M 3 12 month 15.09.2011Mirae Asset Securities RYU JE-HYUN JAY hold 3 M 9 12 month 08.11.2010Bohai Securities Co Ltd YANLI QI buy 5 N #N/A N/A Not Provided 03.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 13.03.2012COSCO Pacific LtdCOSCO Pacific Limited, through its subsidiaries, provides shipping container Price/Volumeleasing services worldwide. The Company also operates container terminals and 18 45.0 Mprovides container handling, storage, transportation and management services, 16 40.0 Mas well as depot handling and stevedoring services. 14 35.0 M 12 30.0 M 10 25.0 M Valuation Analysis 8 20.0 MLatest Fiscal Year: 12/2010 6 15.0 M 4 10.0 MLTM as of: 09/yy 2 5.0 M52-Week High (27.04.2011) 17.16 0 .0 M52-Week Low (23.09.2011) 7.52 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 9690730.00 Current Price (3/dd/yy) 11.48 Market Data 52-Week High % Change -33.10% Dividend Yield 4.04 52-Week Low % Change 52.66% Beta 1.41 % 52 Week Price Range High/Low 41.29% Equity Float 1549.53Shares Out 19.09.2011 2711.8 Short Int - Market Capitalization 31131.27 1 Yr Total Return -23.95%Total Debt 1558.76 YTD Return 26.57%Preferred Stock 0.0 Adjusted BETA 1.406Minority Interest 145.7 Analyst Recs 25Cash and Equivalents 524.27 Consensus Rating 4.480Enterprise Value 5802.79 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 67365621199 HK EQUITY YTD Change - Average Volume 30 Day 71192791199 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6438817 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 297.5 298.9 338.0 349.4 446.5 437.1 555.1 598.8 671.6 164.5 - TEV/Revenue 18.74x 21.95x 10.23x 12.00x 13.22x 41.60x 35.00x 9.89x 9.04x - - EBITDA 227.9 177.6 228.6 178.8 219.5 0.0 0.0 316.5 427.0 - - TEV/EBITDA 24.46x 36.96x 15.12x 23.44x 26.89x 0.00x 0.00x 18.34x 13.59x - - Net Income 291.1 427.8 274.7 172.5 361.3 318.0 402.9 392.6 388.4 80.0 - P/E 17.86x 13.97x 9.18x 19.64x 16.06x 18.36x 7.51x 10.06x 10.20x - - Profitability S&P Issuer RatingsEBITDA 219.54 Long-Term Rating Date -EBIT 106.26 Long-Term Rating -Operating Margin 23.80% Long-Term Outlook -Pretax Margin 66.55% Short-Term Rating Date -Return on Assets 7.31% Short-Term Rating -Return on Common Equity 11.86% Credit RatiosReturn on Capital 8.22% EBITDA/Interest Exp. 6.13Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -4.35Margin Analysis Net Debt/EBITDA 4.71Gross Margin 37.3% Total Debt/EBITDA 7.10EBITDA Margin 49.2% ReferenceEBIT Margin 23.8% Total Debt/Equity 46.6%Net Income Margin 80.9% Total Debt/Capital 30.9%Structure Asset Turnover 0.09Current Ratio 2.31 Net Fixed Asset Turnover 0.21Quick Ratio 1.73 Accounts receivable turnover-days 59.94Debt to Assets 29.68% Inventory Days 15.25Tot Debt to Common Equity 46.56% Accounts Payable Turnover Day 55.44Accounts Receivable Turnover 6.09 Cash Conversion Cycle 19.75Inventory Turnover 23.94Price/ Cash Flow Sales/Revenue/Turnover 1.20 500.0 450.0 1.00 400.0 350.0 0.80 300.0 250.0 0.60 200.0 150.0 0.40 100.0 0.20 50.0 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 |
  • 25. 13.03.2012COSCO Pacific LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA COSCO HOLDINGS n/a EXCH 1158303338 42.71 - 12.05.2010 GovernmentJP MORGAN CHASE & CO n/a EXCH 271656048 10.02 1632000 07.12.2011 Investment AdvisorUBS AG n/a EXCH 108395401 4 - 10.05.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 59065720 2.18 86566 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 36023257 1.33 (374000) 31.12.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 32541770 1.2 32541770 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 24982000 0.92 18000 08.03.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 21130000 0.78 1130000 31.01.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 19050000 0.7 940000 31.01.2012 Mutual Fund ManagerSTATE STREET GLOBAL Multiple Portfolios MF-AGG 14546221 0.54 167446 30.06.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 13182000 0.49 (292000) 30.09.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11324000 0.42 - 30.09.2011 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 9880000 0.36 364000 31.05.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 9507813 0.35 (57722679) 30.12.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 9395511 0.35 - 12.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8637552 0.32 (12000) 08.03.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8130000 0.3 - 31.12.2010 Mutual Fund ManagerFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7883633 0.29 2489289 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 7654000 0.28 7578000 31.01.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7242000 0.27 (500000) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOSK (Asia) Securities STENNING HO buy 5 N 14 12 month 13.03.2012Nomura JIM WONG buy 5 M 15 Not Provided 09.03.2012Jefferies BOYONG LIU buy 5 M 15 12 month 06.03.2012Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 15 12 month 27.02.2012Morgan Stanley EDWARD XU Overwt/In-Line 5 M 15 12 month 22.02.2012RBS OSBERT TANG buy 5 M 14 12 month 15.02.2012Deutsche Bank MICHAEL LEE buy 5 M 14 12 month 13.02.2012China International Capital Corp YANG XIN hold 3 M 8 12 month 06.02.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 12 Not Provided 20.01.2012JPMorgan KAREN LI overweight 5 M 14 9 month 19.01.2012DBS Vickers KEN HE buy 5 M 13 12 month 17.01.2012Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 11 6 month 17.01.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 11 Not Provided 17.01.2012HSBC PARASH JAIN overweight 5 M 13 Not Provided 13.01.2012UOB Kay Hian LAWRENCE LI buy 5 M 14 Not Provided 05.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Citi VIVIAN WEI TAO buy 5 N 11 Not Provided 29.11.2011Religare Capital Markets PETER WILLIAMSON buy 5 M 13 12 month 22.11.2011Guotai Junan JASON SONG accumulate 4 M 14 Not Provided 28.10.2011Standard Chartered CLAIRE TENG in-line 3 M 11 12 month 26.10.2011Credit Suisse INGRID WEI outperform 5 M 15 Not Provided 26.10.2011Barclays Capital JON WINDHAM overwt/neutral 5 M 14 Not Provided 11.10.2011Haitong International Securities CHO FOOK TAT buy 5 M 18 12 month 24.06.2011China Merchants Securities YU HUANGYAN outperform 5 M 8 Not Provided 23.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 13.03.2012China Merchants Holdings International Co LtdChina Merchants Holdings International Company Limited, through its Price/Volumesubsidiaries and associated companies, operates container and cargo terminals, 40 18.0 Mport transportation, and airport cargo handling. The Company also manufactures 16.0 M 35containers, paint, and trailers as well as operates toll road, shipping, 14.0 M 30property, and dealing securities businesses. 12.0 M 25 10.0 M 20 Valuation Analysis 8.0 M 15Latest Fiscal Year: 12/2010 6.0 M 10 4.0 MLTM as of: 01/yy 5 2.0 M52-Week High (21.04.2011) 37.60 0 .0 M52-Week Low (04.10.2011) 19.00 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 5028605.00 Current Price (3/dd/yy) 26.8 Market Data 52-Week High % Change -28.72% Dividend Yield 4.03 52-Week Low % Change 41.05% Beta 1.18 % 52 Week Price Range High/Low 40.59% Equity Float 1135.33Shares Out 29.02.2012 2474.5 Short Int - Market Capitalization 66316.36 1 Yr Total Return -15.61%Total Debt 22244.00 YTD Return 18.85%Preferred Stock 0.0 Adjusted BETA 1.176Minority Interest 10329.0 Analyst Recs 22Cash and Equivalents 6734.00 Consensus Rating 3.591Enterprise Value 91437.36 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4922859144 HK EQUITY YTD Change - Average Volume 30 Day 4636408144 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4182919 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 3961.0 3345.0 4135.0 3588.0 5811.0 - - 7732.0 7857.9 - - TEV/Revenue 21.43x 37.81x 11.94x 20.81x 17.43x - - 11.73x 11.61x - - EBITDA 1014.0 1870.0 2445.0 2044.0 3174.0 - - 4931.0 5167.2 - - TEV/EBITDA 83.73x 67.64x 20.19x 36.53x 31.92x - - 18.54x 17.70x - - Net Income 2540.0 3545.0 3706.0 3238.0 5876.0 - - 4953.8 4394.7 - - P/E 31.23x 35.77x 10.20x 22.36x 12.84x - - 12.72x 14.80x - - Profitability S&P Issuer RatingsEBITDA 3174.00 Long-Term Rating Date 17.02.2005EBIT 2156.00 Long-Term Rating BBBOperating Margin 37.10% Long-Term Outlook STABLEPretax Margin 124.56% Short-Term Rating Date -Return on Assets 8.98% Short-Term Rating -Return on Common Equity 16.19% Credit RatiosReturn on Capital 12.13% EBITDA/Interest Exp. 3.85Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 2.55Margin Analysis Net Debt/EBITDA 4.89Gross Margin 47.9% Total Debt/EBITDA 7.01EBITDA Margin 54.6% ReferenceEBIT Margin 37.1% Total Debt/Equity 57.0%Net Income Margin 101.1% Total Debt/Capital 31.1%Structure Asset Turnover 0.09Current Ratio 1.21 Net Fixed Asset Turnover 0.24Quick Ratio 0.69 Accounts receivable turnover-days 47.93Debt to Assets 28.39% Inventory Days 147.21Tot Debt to Common Equity 56.97% Accounts Payable Turnover Day 17.08Accounts Receivable Turnover 7.62 Cash Conversion Cycle 178.05Inventory Turnover 2.48Price/ 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 |
  • 27. 13.03.2012China Merchants Holdings International Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA MERCHANTS UNIO n/a Co File 1332525504 53.85 - 31.12.2010 GovernmentDAVIS SELECTED ADVIS n/a Co File 145910554 5.9 - 31.12.2010 Investment AdvisorFIRST STATE INVESTME n/a EXCH 59171667 2.39 - 16.01.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 48515365 1.96 - 31.10.2011 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 48162047 1.95 - 31.10.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 41060210 1.66 134341 31.12.2011 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 28567800 1.15 262000 31.01.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 21560000 0.87 2086000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19646000 0.79 12000 08.03.2012 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 17410943 0.7 1320000 31.10.2011 Investment AdvisorBEST WINNER INVESTME n/a Co File 17121762 0.69 - 31.12.2010 n/aPRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 16695100 0.67 2205967 06.10.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 14689347 0.59 181798 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 12522581 0.51 (812000) 30.12.2011 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 10872032 0.44 121791 31.12.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 10362181 0.42 4308117 30.12.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 9890541 0.4 190839 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8087010 0.33 (12000) 08.03.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 7788000 0.31 224000 31.12.2011 Investment AdvisorFIRST STATE INVEST I n/a EXCH 7357729 0.3 - 16.01.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura JIM WONG buy 5 M 32 Not Provided 09.03.2012RBS OSBERT TANG hold 3 M 26 12 month 28.02.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 30 12 month 27.02.2012Jefferies CHRISTIE JU buy 5 M 38 12 month 24.02.2012Morgan Stanley EDWARD XU Overwt/In-Line 5 M 33 12 month 22.02.2012Deutsche Bank MICHAEL LEE buy 5 M 32 12 month 13.02.2012China International Capital Corp YANG XIN reduce 2 D 19 12 month 06.02.2012JPMorgan KAREN LI underweight 1 M 20 Not Provided 27.01.2012CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 31 Not Provided 20.01.2012Guotai Junan JASON SONG neutral 3 M 23 Not Provided 19.01.2012HSBC PARASH JAIN neutral 3 D 27 Not Provided 13.01.2012Standard Chartered CLAIRE TENG in-line 3 M 24 12 month 12.12.2011DBS Vickers KEN HE buy 5 M 28 12 month 08.12.2011UOB Kay Hian LAWRENCE LI buy 5 M 30 Not Provided 05.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Citi VIVIAN WEI TAO sell 1 N 18 Not Provided 29.11.2011Barclays Capital JON WINDHAM overwt/neutral 5 U 26 Not Provided 11.10.2011Credit Suisse INGRID WEI outperform 5 M 28 Not Provided 23.09.2011Citic Securities Co., Ltd SIMON YEUNG hold 3 D 26 6 month 31.08.2011BNP Paribas Equity Research SARAH LIU hold 3 M 26 12 month 21.06.2011SWS Research Co Ltd LEO FAN outperform 5 M 33 Not Provided 25.06.2010China Merchants Securities YU HUANGYAN buy 5 M 17 Not Provided 23.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 13.03.2012China 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 |
  • 29. 13.03.2012China 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 |
  • 30. 13.03.2012Sino-Ocean Land Holdings LtdSino-Ocean Land Holdings Ltd. operates as a real estate holding company. The Price/VolumeCompany develops residential, office, and commercial real estate in the 6 70.0 Mnorthern Peoples Republic of China. 5 60.0 M 50.0 M 4 40.0 M 3 Valuation Analysis 30.0 MLatest Fiscal Year: 12/2010 2 20.0 MLTM as of: 01/yy 1 10.0 M52-Week High (07.04.2011) 5.02 0 .0 M52-Week Low (04.10.2011) 2.19 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 3311519.00 Current Price (3/dd/yy) 4.16 Market Data 52-Week High % Change -17.13% Dividend Yield 3.19 52-Week Low % Change 89.95% Beta 1.27 % 52 Week Price Range High/Low 67.49% Equity Float 3975.87Shares Out 08.03.2012 5661.4 Short Int - Market Capitalization 23551.31 1 Yr Total Return -6.67%Total Debt 29196.28 YTD Return 15.56%Preferred Stock 0.0 Adjusted BETA 1.266Minority Interest 2055.1 Analyst Recs 31Cash and Equivalents 14231.68 Consensus Rating 2.871Enterprise Value 41077.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 53037243377 HK EQUITY YTD Change - Average Volume 30 Day 77090353377 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6450922 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 3708.4 5750.0 6487.4 8823.7 13720.7 - - 18740.0 24274.5 - - TEV/Revenue - 7.71x 3.33x 4.58x 3.01x - - 2.30x 1.72x - - EBITDA 847.3 1531.3 2199.0 2090.0 3301.9 - - 5006.1 6110.2 - - TEV/EBITDA - 28.94x 9.83x 19.32x 12.50x - - 8.21x 6.72x - - Net Income 570.4 1721.5 1387.9 1582.1 2444.1 - - 2310.0 2718.9 - - P/E - 17.65x 9.94x 18.76x 9.97x - - 8.44x 7.14x - - Profitability S&P Issuer RatingsEBITDA 3301.85 Long-Term Rating Date -EBIT 3269.90 Long-Term Rating -Operating Margin 23.83% Long-Term Outlook -Pretax Margin 28.08% Short-Term Rating Date -Return on Assets 3.16% Short-Term Rating -Return on Common Equity 8.98% Credit RatiosReturn on Capital 4.85% EBITDA/Interest Exp. 2.22Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 2.18Margin Analysis Net Debt/EBITDA 4.53Gross Margin 30.1% Total Debt/EBITDA 8.84EBITDA Margin 24.1% ReferenceEBIT Margin 23.8% Total Debt/Equity 94.0%Net Income Margin 17.8% Total Debt/Capital 46.8%Structure Asset Turnover 0.18Current Ratio 2.17 Net Fixed Asset Turnover 2.87Quick Ratio 0.37 Accounts receivable turnover-days 6.84Debt to Assets 31.49% Inventory Days 1398.21Tot Debt to Common Equity 93.97% Accounts Payable Turnover Day 37.98Accounts Receivable Turnover 53.33 Cash Conversion Cycle 1367.07Inventory Turnover 0.26Price/ 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 |
  • 31. 13.03.2012Sino-Ocean Land Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA LIFE INSURANCE n/a Co File 1357186120 23.97 - 31.12.2010 GovernmentSPRING GLORY INVESTM n/a EXCH 662425500 11.7 - 20.10.2011 n/aCRYSTAL WILL HOLDING n/a EXCH 287150000 5.07 - 23.08.2011 Holding CompanyUBS AG n/a EXCH 279091613 4.93 (21654174) 11.08.2010 Investment AdvisorNAN FUNG FINANCE LTD n/a EXCH 214500000 3.79 - 20.10.2011 OtherSINOCHEM CORP n/a EXCH 171114880 3.02 (423186120) 12.01.2010 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 128856009 2.28 200836 31.12.2011 Investment AdvisorMING LI n/a EXCH 125878375 2.22 - 12.01.2012 n/aGAVAST ESTATES LTD n/a EXCH 121992000 2.15 6405000 20.10.2011 n/aKEY SKY GROUP LTD n/a EXCH 102355189 1.81 - 12.01.2012 n/aUBS AG n/a Short (64026700) -1.13 (8551200) 11.08.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 63399000 1.12 20000 08.03.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 33330500 0.59 1959500 31.10.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 24419669 0.43 - 31.10.2011 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 17052000 0.3 1595500 31.10.2011 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 14697000 0.26 14697000 30.09.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 12109000 0.21 - 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 11149000 0.2 - 30.11.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 10976445 0.19 (28500) 08.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8773436 0.15 - 30.11.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs WANG YI buy/attractive 5 M 6 12 month 07.03.2012DBS Vickers CAROL WU hold 3 D 4 12 month 07.03.2012Religare Capital Markets QIAN LUO sell 1 N 4 Not Provided 06.03.2012JPMorgan LUCIA KWONG underweight 1 M 4 12 month 05.03.2012BNP Paribas Equity Research FRANK CHEN reduce 2 D 4 12 month 01.03.2012Nomura ALVIN WONG neutral 3 M 3 Not Provided 27.02.2012Standard Chartered RAYMOND CHENG underperform 1 D 4 12 month 23.02.2012Mirae Asset Securities STEPHANIE LAU hold 3 M 5 12 month 21.02.2012UOB Kay Hian SYLVIA WONG hold 3 U 5 Not Provided 20.02.2012BOCOM International Holdings TONI HO CHI CHUNG neutral 3 M 3 12 month 17.02.2012ICBC International Securities KEN LUO hold 3 M 4 Not Provided 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012Jefferies LEO SUN hold 3 M 4 12 month 12.01.2012GuoSen Securities Co Ltd HUI CAO neutral 3 M 3 12 month 11.01.2012Macquarie DAVID NG outperform 5 M 3 12 month 05.01.2012CCB International Securities Ltd ROSE ZHANG underperform 1 D 2 Not Provided 22.12.2011Credit Suisse JINSONG DU neutral 3 M 4 Not Provided 06.12.2011China International Capital Corp PETER HONGWEI BAI accumulate 4 M 4 12 month 02.12.2011Morgan Stanley ANGUS CHAN Equalwt/Attractive 3 M 6 12 month 23.11.2011SWS Research Co Ltd KRIS LI neutral 3 D 3 Not Provided 14.11.2011CIMB JOHNSON HU neutral 3 M 4 12 month 10.11.2011Citi MARCO SZE neutral 3 D 4 Not Provided 31.10.2011Bank of China International CHRISTINA NGAI hold 3 M 3 Not Provided 24.10.2011Kim Eng Securities IVAN CHEUNG hold 3 M 4 12 month 23.08.2011Haitong International Securities HUGO HOU buy 5 M 5 12 month 12.07.2011Deutsche Bank JASON CHING hold 3 N 5 12 month 08.07.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 4 Not Provided 15.06.2011RBS FAN TSO buy 5 M 6 12 month 09.06.2011Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 7 6 month 20.08.2010Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 23.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 13.03.2012China Communications Construction Co LtdChina Communications Construction Company Ltd. is a transportation Price/Volumeinfrastructure group. The Company is involved in infrastructure construction, 9 250.0 Minfrastructure design, dredging, and port machinery manufacturing. China 8Communications has operations worldwide. 7 200.0 M 6 150.0 M 5 Valuation Analysis 4 100.0 MLatest Fiscal Year: 12/2010 3 2 50.0 MLTM as of: 01/yy 152-Week High (27.02.2012) 8.00 0 .0 M52-Week Low (04.10.2011) 4.20 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 14809612.00 Current Price (3/dd/yy) 7.62 Market Data 52-Week High % Change -4.75% Dividend Yield 2.57 52-Week Low % Change 81.43% Beta 1.29 % 52 Week Price Range High/Low 90.26% Equity Float 4427.50Shares Out 09.03.2012 4427.5 Short Int - Market Capitalization 126922.39 1 Yr Total Return 11.58%Total Debt 81329.00 YTD Return 25.54%Preferred Stock 0.0 Adjusted BETA 1.294Minority Interest 10938.0 Analyst Recs 14Cash and Equivalents 38893.00 Consensus Rating 4.357Enterprise Value 173917.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 198258601800 HK EQUITY YTD Change - Average Volume 30 Day 230677801800 HK EQUITY YTD % CHANGE - Average Volume 3 Month 18961970 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 06/10 Q2 09/10 Q3 Total Revenue 114881.0 150601.0 178889.0 226920.0 272734.0 - - 313311.8 354684.0 - - TEV/Revenue 1.04x 2.02x 0.94x 0.64x 0.51x - - 0.56x 0.48x - - EBITDA 8215.0 11650.0 15713.0 16122.0 18398.0 - - 23356.8 26982.4 - - TEV/EBITDA 14.51x 26.12x 10.65x 9.02x 7.55x - - 7.45x 6.45x - - Net Income 3199.0 6032.0 6075.0 7200.0 9863.0 - - 11537.7 13156.2 - - P/E 26.61x 46.67x 20.54x 13.35x 8.60x - - 8.11x 7.52x - - Profitability S&P Issuer RatingsEBITDA 18398.00 Long-Term Rating Date -EBIT 12947.00 Long-Term Rating -Operating Margin 4.75% Long-Term Outlook -Pretax Margin 4.57% Short-Term Rating Date -Return on Assets 3.45% Short-Term Rating -Return on Common Equity 17.19% Credit RatiosReturn on Capital 8.04% EBITDA/Interest Exp. 6.06Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 2.94Margin Analysis Net Debt/EBITDA 2.31Gross Margin 8.6% Total Debt/EBITDA 4.42EBITDA Margin 6.7% ReferenceEBIT Margin 4.7% Total Debt/Equity 135.2%Net Income Margin 3.6% Total Debt/Capital 53.4%Structure Asset Turnover 0.95Current Ratio 1.00 Net Fixed Asset Turnover 5.02Quick Ratio 0.45 Accounts receivable turnover-days 56.63Debt to Assets 26.42% Inventory Days 91.97Tot Debt to Common Equity 135.23% Accounts Payable Turnover Day 98.96Accounts Receivable Turnover 6.45 Cash Conversion Cycle 49.63Inventory Turnover 3.97Price/ Cash Flow Sales/Revenue/Turnover 1.20 300000.0 1.00 250000.0 0.80 200000.0 150000.0 0.60 100000.0 0.40 50000.0 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 |
  • 33. 13.03.2012China Communications Construction Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMERRILL LYNCH FAR EA n/a Short (528912000) -11.95 - 30.06.2011 Investment AdvisorMERRILL LYNCH FAR EA n/a Co File 525000000 11.86 - 30.06.2011 Investment AdvisorBLACKROCK INC n/a EXCH 241689606 5.46 4051883 01.03.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 224389126 5.07 - 14.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 162307260 3.67 513000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 58388000 1.32 39000 08.03.2012 Investment AdvisorBLACKROCK INC n/a Short (46565890) -1.05 (4065883) 01.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43838000 0.99 1341000 31.01.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 35887606 0.81 (24000) 08.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 33264000 0.75 2124000 17.06.2011 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 31734000 0.72 8135000 31.12.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 30000000 0.68 - 31.01.2012 Mutual Fund ManagerJP MORGAN CHASE & CO n/a Short (22930145) -0.52 - 14.09.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17288000 0.39 (547000) 09.03.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 16203671 0.37 1907000 31.01.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 15640000 0.35 301000 31.01.2012 Investment AdvisorGARTMORE GROUP LTD Multiple Portfolios MF-AGG 12993000 0.29 12993000 31.01.2012 Investment AdvisorINSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 10695850 0.24 514500 31.01.2012 Investment AdvisorBANK OF AMERICA GLOB Multiple Portfolios MF-AGG 10604000 0.24 747000 31.01.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 10000000 0.23 - 30.11.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012Deutsche Bank PHYLLIS WANG buy 5 M 9 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 8 12 month 23.02.2012Jefferies JULIAN BU hold 3 N 7 12 month 17.02.2012DBS Vickers RACHEL MIU buy 5 M 8 12 month 17.02.2012JPMorgan KAREN LI overweight 5 M 11 9 month 14.02.2012Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 10 12 month 09.02.2012HSBC ANDERSON CHOW overweight 5 M 10 Not Provided 01.02.2012Credit Suisse INGRID WEI neutral 3 M 7 Not Provided 31.01.2012Daiwa Securities Capital Markets Co. EDWIN LEE buy 5 U 8 Not Provided 28.11.2011UOB Kay Hian MARK PO buy 5 M 9 Not Provided 01.11.2011Citi ZHEN NI neutral 3 M 5 Not Provided 08.10.2011China International Capital Corp WU HUIMIN accumulate 4 M 8 12 month 31.08.2011Guotai Junan GARY WONG buy 5 M 8 Not Provided 03.01.2011CCB International Securities Ltd ELIZA LIU neutral 3 M 7 Not Provided 10.12.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 13.03.2012Citic Pacific LtdCitic Pacific Limited manufactures special steel used in bearings, gears, Price/Volumesprings, and high-pressurized piping steel. The Company also has operation in 30 35.0 Miron ore mining which supplies the raw material in making of special steel and 25 30.0 Mproperty development in mainland China. 25.0 M 20 20.0 M 15 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2011 10 10.0 MLTM as of: 06/yy 5 5.0 M52-Week High (13.04.2011) 24.60 0 .0 M52-Week Low (04.10.2011) 10.26 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 5826046.00 Current Price (3/dd/yy) 13.66 Market Data 52-Week High % Change -44.47% Dividend Yield 3.29 52-Week Low % Change 33.14% Beta 1.22 % 52 Week Price Range High/Low 23.43% Equity Float 1252.84Shares Out 30.06.2011 3649.4 Short Int - Market Capitalization 49851.41 1 Yr Total Return -33.11%Total Debt 83683.00 YTD Return -2.43%Preferred Stock 0.0 Adjusted BETA 1.218Minority Interest 5853.0 Analyst Recs 12Cash and Equivalents 24558.00 Consensus Rating 3.167Enterprise Value 121446.41 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7459238267 HK EQUITY YTD Change - Average Volume 30 Day 7216856267 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5268660 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 06/yy 06/yy 12/12 Y 12/13 Y 09/04 Q3 12/04 Q4 Total Revenue 38534.0 46420.0 46409.0 70614.0 100086.0 0.0 0.0 105823.7 125348.1 - - TEV/Revenue 3.16x 1.63x 2.70x 1.96x - #DIV/0! #DIV/0! 1.27x 1.10x - - EBITDA 4749.0 5223.0 5205.0 7008.0 - 0.0 0.0 11146.7 15922.3 - - TEV/EBITDA 25.66x 14.46x 24.08x 19.79x - 0.00x 0.00x 10.90x 7.63x - - Net Income 10843.0 (12687.0) 5950.0 8915.0 9233.0 0.0 0.0 6439.6 8129.2 - - P/E 8.87x - 12.82x 8.28x 5.53x 0.00x 0.00x 7.88x 6.50x - - Profitability S&P Issuer RatingsEBITDA 7008.00 Long-Term Rating Date 18.07.2011EBIT 5378.00 Long-Term Rating BB+Operating Margin 7.62% Long-Term Outlook NEGPretax Margin 17.51% Short-Term Rating Date 22.06.2006Return on Assets 5.11% Short-Term Rating NRReturn on Common Equity 13.87% Credit RatiosReturn on Capital 7.49% EBITDA/Interest Exp. 2.26Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -4.50Margin Analysis Net Debt/EBITDA 8.44Gross Margin 15.5% Total Debt/EBITDA 11.94EBITDA Margin 9.9% ReferenceEBIT Margin 0.0% Total Debt/Equity 122.6%Net Income Margin 9.2% Total Debt/Capital 53.0%Structure Asset Turnover 0.41Current Ratio 1.26 Net Fixed Asset Turnover 0.94Quick Ratio 0.69 Accounts receivable turnover-days 27.49Debt to Assets 43.37% Inventory Days 79.98Tot Debt to Common Equity 122.55% Accounts Payable Turnover Day 50.22Accounts Receivable Turnover 13.28 Cash Conversion Cycle 57.25Inventory Turnover 4.56Price/ Cash Flow Sales/Revenue/Turnover 300.00 120000.0 250.00 100000.0 200.00 80000.0 150.00 60000.0 100.00 40000.0 50.00 20000.0 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 |
  • 35. 13.03.2012Citic Pacific LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFULL CHANCE INVESTME n/a EXCH 450416694 12.34 - 27.12.2011 n/aNEWEASE INVESTMENS n/a EXCH 450416694 12.34 - 27.12.2011 n/aSKYPROFIT HOLDINGS L n/a EXCH 450416694 12.34 - 27.12.2011 n/aHONPVILLE CORP n/a EXCH 310988221 8.52 - 27.12.2011 n/aCHI KIN YUNG n/a EXCH 281928000 7.73 - 15.11.2011 n/aJETWAY CORP n/a EXCH 122336918 3.35 - 27.12.2011 n/aWESTMINSTER INVESTME n/a EXCH 101960000 2.79 - 27.12.2011 n/aHAINSWORTH LTD n/a EXCH 93136000 2.55 - 27.12.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 46460995 1.27 164000 31.12.2011 Investment AdvisorAFFLUENCE LTD n/a EXCH 43266000 1.19 - 27.12.2011 n/aCORDIA CORP n/a EXCH 32258064 0.88 - 27.12.2011 n/aWINTON CORP n/a EXCH 30718000 0.84 - 27.12.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 20179000 0.55 10000 08.03.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 15758000 0.43 13000 09.03.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 11415740 0.31 132577 30.06.2011 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 10831000 0.3 5179000 31.05.2011 Mutual Fund ManagerSOUTHPOINT ENTERPRIS n/a EXCH 10000000 0.27 - 27.12.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 9724740 0.27 1748740 31.12.2011 Investment AdvisorDESMARAIS ANDRE n/a Co File 8145000 0.22 - 31.12.2010 n/aUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 6974000 0.19 - 30.11.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered JEREMY GRAY underperform 1 D 13 12 month 02.03.2012Haitong International Securities CHO FOOK TAT buy 5 M 17 12 month 02.03.2012CLSA Asia Pacific Markets PAUL KALOGIROU underperform 1 M 15 Not Provided 02.03.2012Morgan Stanley COREY CHAN Overwt/In-Line 5 M 17 12 month 01.03.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 16 12 month 01.03.2012JPMorgan BENJAMIN LO neutral 3 M 13 9 month 01.03.2012Jefferies CHRISTIE JU buy 5 M 19 12 month 01.03.2012Citi ANIL DASWANI sell 1 M 11 Not Provided 01.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 13.02.2012Deutsche Bank MICHAEL LEE hold 3 M 14 12 month 17.01.2012Guotai Junan SIMON JIANG neutral 3 M 9 Not Provided 12.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 13.03.2012Weichai Power Co LtdWeichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The Price/VolumeCompanys products are used in heavy-duty vehicles, wheel-loaders, bulldozers, 60 14.0 Mand road-rollers. 50 12.0 M 10.0 M 40 8.0 M 30 Valuation Analysis 6.0 MLatest Fiscal Year: 12/2010 20 4.0 MLTM as of: 09/yy 10 2.0 M52-Week High (21.04.2011) 56.65 0 .0 M52-Week Low (04.10.2011) 30.60 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 2914530.00 Current Price (3/dd/yy) 39.55 Market Data 52-Week High % Change -30.19% Dividend Yield 1.33 52-Week Low % Change 29.25% Beta 1.42 % 52 Week Price Range High/Low 33.97% Equity Float 404.39Shares Out 31.07.2011 404.8 Short Int - Market Capitalization 70906.88 1 Yr Total Return -19.33%Total Debt 6926.86 YTD Return 3.53%Preferred Stock 0.0 Adjusted BETA 1.422Minority Interest 4855.2 Analyst Recs 25Cash and Equivalents 8747.62 Consensus Rating 3.240Enterprise Value 60638.05 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 59103372338 HK EQUITY YTD Change - Average Volume 30 Day 33714622338 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3309188 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 12/10 Q4 03/11 Q1 Total Revenue 6633.7 28786.2 32567.2 35260.9 62665.5 0.0 10535.3 60598.6 65365.7 - - TEV/Revenue 1.27x 1.62x 0.67x 1.68x 1.36x #DIV/0! 4.91x 0.85x 0.74x - - EBITDA 1165.7 4256.7 3874.3 5603.3 10697.6 0.0 0.0 9246.1 9981.3 - - TEV/EBITDA 7.22x 10.96x 5.65x 10.59x 7.99x 0.00x 0.00x 6.56x 6.08x - - Net Income 702.7 2014.9 1929.0 3406.9 6780.9 0.0 1079.6 5911.4 6351.5 - - P/E 12.93x 19.57x 5.54x 13.50x 9.97x 0.00x 0.00x 8.99x 8.39x - - Profitability S&P Issuer RatingsEBITDA 10697.55 Long-Term Rating Date -EBIT 9337.59 Long-Term Rating -Operating Margin 14.90% Long-Term Outlook -Pretax Margin 14.99% Short-Term Rating Date -Return on Assets 15.26% Short-Term Rating -Return on Common Equity 44.80% Credit RatiosReturn on Capital 30.72% EBITDA/Interest Exp. 54.03Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 36.58Margin Analysis Net Debt/EBITDA -0.17Gross Margin 21.5% Total Debt/EBITDA 0.65EBITDA Margin 17.1% ReferenceEBIT Margin 14.9% Total Debt/Equity 37.4%Net Income Margin 10.8% Total Debt/Capital 22.9%Structure Asset Turnover 1.41Current Ratio 1.39 Net Fixed Asset Turnover 6.73Quick Ratio 0.92 Accounts receivable turnover-days 79.27Debt to Assets 13.20% Inventory Days 54.16Tot Debt to Common Equity 37.41% Accounts Payable Turnover Day 75.17Accounts Receivable Turnover 4.60 Cash Conversion Cycle 58.26Inventory Turnover 6.74Price/ 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 |
  • 37. 13.03.2012Weichai Power Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLAZARD ASSET MANAGEM n/a Co File 62425757 15.42 - 30.06.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 37965741 9.38 - 15.02.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a Co File 32372600 8 - 31.12.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 31766839 7.85 - 02.03.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (29164427) -7.2 - 15.02.2012 Investment AdvisorSCHRODER INVESTMENT n/a EXCH 24293000 6 - 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 22805574 5.63 (1345000) 31.12.2011 Investment AdvisorFIDELITY INTERNATION n/a EXCH 20062000 4.96 (3794000) 13.07.2010 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 20058880 4.96 6012000 31.12.2011 Investment AdvisorLONE PINE CAPITAL LL n/a EXCH 19488814 4.81 - 01.11.2011 Hedge Fund ManagerCREDIT SUISSE n/a EXCH 18555663 4.58 - 03.11.2011 Investment AdvisorMORGAN STANLEY n/a Short (16537932) -4.09 (82490) 07.03.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 15041373 3.72 - 07.03.2012 Investment AdvisorCREDIT SUISSE n/a Short (9719195) -2.4 - 03.11.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 7831400 1.93 - 30.11.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6340998 1.57 3857003 31.01.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (5759000) -1.42 - 02.03.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 5234749 1.29 232300 30.09.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 4710000 1.16 (175000) 30.09.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4306000 1.06 149000 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012JPMorgan FRANK MIN LI neutral 3 D 48 9 month 29.02.2012Goldman Sachs YIPENG YANG neutral/neutral 3 M 47 12 month 24.02.2012Masterlink Securities STANLEY YAN hold 3 M 46 Not Provided 24.02.2012Piper Jaffray ALEXANDER E POTTER overweight 5 U 55 12 month 20.02.2012Yuanta Securities Investment Consulting JOHNNY WONG hold 3 M 49 Not Provided 17.02.2012Barclays Capital VICTORIA LI underwt/negative 1 M 30 Not Provided 09.02.2012CLSA Asia Pacific Markets ALEXIOUS LEE sell 1 M 30 Not Provided 15.01.2012Morgan Stanley KATE ZHU Underwt/In-Line 1 M 42 12 month 08.01.2012Credit Suisse HUNG BIN TOH neutral 3 M 43 Not Provided 05.12.2011Deutsche Bank VINCENT HA hold 3 M 38 12 month 01.12.2011Standard Chartered REBECCA TANG in-line 3 M 36 12 month 02.11.2011SinoPac VIVIEN CHAN neutral 3 M 44 12 month 01.11.2011Bank of China International ERIC HU buy 5 M 50 Not Provided 31.10.2011CIMB CHEAM TZE SHEN neutral 3 D 46 12 month 31.10.2011Citi GERWIN HO sell 1 M 30 Not Provided 05.10.2011BOCOM International Holdings GEORGE YIN long-term buy 5 M 45 12 month 12.09.2011Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 50 12 month 31.08.2011Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 30.08.2011China International Capital Corp ZHENG DONG buy 5 M 45 12 month 30.08.2011SWS Research Co Ltd TITUS WU outperform 5 U 43 Not Provided 30.08.2011KGI Securities ZHANG GUO outperform 5 N 49 12 month 15.08.2011Everbright Securities Co., Ltd WEI YAO neutral 3 D 52 6 month 27.05.2011Citic Securities Co., Ltd TEAM COVERAGE buy 5 N 34 6 month 16.07.2010Phillip Securities JING ZHANG buy 5 N 37 12 month 11.11.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 13.03.2012Sinotruk Hong Kong LtdSinotruk Hong Kong Ltd is a heavy truck manufacturer in China. The company Price/Volumespecializes in the research, development and manufacturing of heavy trucks and 8 35.0 Mrelated key parts and components, including cabins, engines and axles. 7 30.0 M 6 25.0 M 5 20.0 M 4 Valuation Analysis 15.0 M 3Latest Fiscal Year: 12/2010 10.0 M 2LTM as of: 01/yy 5.0 M 152-Week High (14.03.2011) 7.33 0 .0 M52-Week Low (06.10.2011) 3.79 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 1131000.00 Current Price (3/dd/yy) 5.32 Market Data 52-Week High % Change -27.42% Dividend Yield 3.49 52-Week Low % Change 40.37% Beta 1.06 % 52 Week Price Range High/Low 44.35% Equity Float 1352.89Shares Out 30.06.2011 2761.0 Short Int - Market Capitalization 14688.49 1 Yr Total Return -24.44%Total Debt 14207.17 YTD Return 22.58%Preferred Stock 0.0 Adjusted BETA 1.065Minority Interest 1632.7 Analyst Recs 18Cash and Equivalents 11562.56 Consensus Rating 3.111Enterprise Value 20501.81 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 36157663808 HK EQUITY YTD Change - Average Volume 30 Day 41457123808 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2615033 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 12767.5 21297.4 26000.2 27900.8 39656.2 - - 38020.1 41239.2 - - TEV/Revenue - 1.03x 0.48x 0.70x 0.58x - - 0.43x 0.38x - - EBITDA 1602.9 2228.5 1804.2 1803.7 3406.8 - - 3099.3 3275.0 - - TEV/EBITDA - 9.88x 6.89x 10.81x 6.76x - - 6.61x 6.26x - - Net Income 638.5 1109.2 880.8 836.8 1480.7 - - 1331.9 1440.6 - - P/E - 15.97x 11.79x 21.02x 12.58x - - 8.87x 8.52x - - Profitability S&P Issuer RatingsEBITDA 3406.81 Long-Term Rating Date -EBIT 2552.85 Long-Term Rating -Operating Margin 6.44% Long-Term Outlook -Pretax Margin 5.18% Short-Term Rating Date -Return on Assets 3.17% Short-Term Rating -Return on Common Equity 8.46% Credit RatiosReturn on Capital 6.94% EBITDA/Interest Exp. 7.47Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 4.33Margin Analysis Net Debt/EBITDA 0.78Gross Margin 16.0% Total Debt/EBITDA 4.17EBITDA Margin 8.6% ReferenceEBIT Margin 6.4% Total Debt/Equity 78.4%Net Income Margin 3.7% Total Debt/Capital 41.8%Structure Asset Turnover 0.85Current Ratio 1.36 Net Fixed Asset Turnover 4.04Quick Ratio 0.74 Accounts receivable turnover-days 78.47Debt to Assets 26.35% Inventory Days 105.03Tot Debt to Common Equity 78.37% Accounts Payable Turnover Day 97.09Accounts Receivable Turnover 4.65 Cash Conversion Cycle 86.42Inventory Turnover 3.48Price/ Cash Flow Sales/Revenue/Turnover 1.20 45000.0 40000.0 1.00 35000.0 0.80 30000.0 25000.0 0.60 20000.0 15000.0 0.40 10000.0 0.20 5000.0 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 |
  • 39. 13.03.2012Sinotruk Hong Kong LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOTRUK BI LTD n/a Co File 1408106603 51 - 31.12.2010 GovernmentMAN FINANCE & HOLDIN n/a Co File 690248336 25 - 31.12.2010 OtherFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 41296438 1.5 4152057 31.01.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 35612000 1.29 96000 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6552500 0.24 (2775500) 30.06.2011 Investment AdvisorMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 5874500 0.21 (46000) 30.12.2011 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2592500 0.09 2592500 30.11.2011 Investment AdvisorDEGROOF GESTION INST Multiple Portfolios MF-AGG 2388000 0.09 - 31.03.2011 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2370000 0.09 370000 31.03.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1780000 0.06 - 30.11.2011 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 1675000 0.06 1675000 31.12.2011 Investment AdvisorMASON STREET ADVISOR Multiple Portfolios MF-AGG 1632500 0.06 197000 30.09.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1502000 0.05 - 09.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1480000 0.05 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1286555 0.05 - 30.04.2011 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1256874 0.05 346 31.10.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 950804 0.03 (34000) 31.12.2011 Investment AdvisorCLARIDEN SICAV Multiple Portfolios MF-AGG 914800 0.03 - 31.10.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 790500 0.03 - 30.11.2011 Investment AdvisorCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 777000 0.03 - 09.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan FRANK MIN LI neutral 3 M 6 9 month 29.02.2012Goldman Sachs YIPENG YANG neutral/neutral 3 M 5 12 month 24.02.2012Yuanta Securities Investment Consulting JOHNNY WONG hold 3 M 5 Not Provided 17.02.2012SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 16.02.2012CLSA Asia Pacific Markets ALEXIOUS LEE outperform 5 M 7 Not Provided 15.02.2012Barclays Capital VICTORIA LI underwt/negative 1 M 3 Not Provided 09.02.2012Morgan Stanley KATE ZHU Underwt/In-Line 1 M 5 12 month 08.01.2012Credit Suisse HUNG BIN TOH outperform 5 U 5 Not Provided 05.12.2011Deutsche Bank VINCENT HA buy 5 U 5 12 month 01.12.2011EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 30.11.2011Citi GERWIN HO sell 1 M 4 Not Provided 06.10.2011KGI Securities ZHANG GUO outperform 5 U 6 12 month 13.09.2011Guotai Junan HARRY CHEN neutral 3 M 6 Not Provided 05.09.2011China International Capital Corp ZHENG DONG buy 5 M 8 12 month 30.08.2011SinoPac VIVIEN CHAN neutral 3 M 6 12 month 29.08.2011Capital Securities Corp TEAM COVERAGE hold 3 M 11 Not Provided 28.03.2011Phillip Securities JING ZHANG hold 3 N 10 12 month 04.09.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 13.03.2012Dongfeng Motor Group Co LtdDongfeng Motor Group Company Limited, through joint ventures, designs, Price/Volumemanufactures, and markets diesel engines, light trucks, automobiles, castings, 18 80.0 Mand related spare parts. 16 70.0 M 14 60.0 M 12 50.0 M 10 40.0 M Valuation Analysis 8 30.0 MLatest Fiscal Year: 12/2010 6 4 20.0 MLTM as of: 06/yy 2 10.0 M52-Week High (06.07.2011) 16.26 0 .0 M52-Week Low (04.10.2011) 8.81 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 12440538.00 Current Price (3/dd/yy) 14.3 Market Data 52-Week High % Change -12.05% Dividend Yield 1.54 52-Week Low % Change 62.32% Beta 1.29 % 52 Week Price Range High/Low 71.28% Equity Float 2855.73Shares Out 30.06.2011 2855.7 Short Int - Market Capitalization 123210.52 1 Yr Total Return 7.63%Total Debt 19927.00 YTD Return 7.36%Preferred Stock 0.0 Adjusted BETA 1.291Minority Interest 3842.0 Analyst Recs 35Cash and Equivalents 42704.00 Consensus Rating 4.171Enterprise Value 85032.54 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 17494560489 HK EQUITY YTD Change - Average Volume 30 Day 18270850489 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17161380 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 06/yy 06/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q4 Total Revenue 48264.0 59318.0 70569.0 91758.0 122395.0 0.0 61853.0 131739.7 147701.1 - - TEV/Revenue 0.82x 0.85x 0.35x 0.84x 0.65x #DIV/0! 0.00x 0.52x 0.42x - - EBITDA 4905.0 5828.0 7105.0 10992.0 17888.0 0.0 0.0 17865.3 20227.5 - - TEV/EBITDA 8.11x 8.67x 3.43x 6.97x 4.41x 0.00x 0.00x 4.76x 4.20x - - Net Income 2081.0 3770.0 3955.0 6250.0 10981.0 0.0 6529.0 11043.2 12138.8 - - P/E 15.66x 11.76x 4.80x 13.57x 8.91x 0.00x 0.00x 9.23x 8.37x - - Profitability S&P Issuer RatingsEBITDA 17888.00 Long-Term Rating Date -EBIT 13903.00 Long-Term Rating -Operating Margin 11.36% Long-Term Outlook -Pretax Margin 11.91% Short-Term Rating Date -Return on Assets 11.19% Short-Term Rating -Return on Common Equity 33.90% Credit RatiosReturn on Capital 21.22% EBITDA/Interest Exp. 70.43Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 53.70Margin Analysis Net Debt/EBITDA -1.27Gross Margin 21.5% Total Debt/EBITDA 1.11EBITDA Margin 14.6% ReferenceEBIT Margin 11.4% Total Debt/Equity 53.1%Net Income Margin 9.0% Total Debt/Capital 32.5%Structure Asset Turnover 1.25Current Ratio 1.31 Net Fixed Asset Turnover 6.24Quick Ratio 0.97 Accounts receivable turnover-days 45.10Debt to Assets 18.01% Inventory Days 43.09Tot Debt to Common Equity 53.15% Accounts Payable Turnover Day 76.17Accounts Receivable Turnover 8.09 Cash Conversion Cycle 12.03Inventory Turnover 8.47Price/ Cash Flow Sales/Revenue/Turnover 4.50 140000.0 4.00 120000.0 3.50 100000.0 3.00 2.50 80000.0 2.00 60000.0 1.50 40000.0 1.00 20000.0 0.50 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 |
  • 41. 13.03.2012Dongfeng Motor Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 228798716 8.01 - 28.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 170424430 5.97 1317759 24.02.2012 Investment AdvisorUBS AG n/a EXCH 155939491 5.46 - 03.02.2012 Investment AdvisorT ROWE PRICE ASSOCIA n/a EXCH 141726151 4.96 - 17.05.2011 Investment AdvisorEDINBURGH PARTNERS L n/a EXCH 141430000 4.95 - 10.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 105190083 3.68 (3754000) 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 69296000 2.43 62698000 31.12.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 64174000 2.25 - 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 61124000 2.14 (418000) 30.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 49876408 1.75 158000 31.12.2011 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 49016000 1.72 3258000 31.10.2011 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 46804149 1.64 2428149 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 40746000 1.43 37022000 30.09.2011 Mutual Fund ManagerMORGAN STANLEY n/a Short (40151813) -1.41 - 17.06.2010 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 38310000 1.34 (30000) 31.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34064000 1.19 24000 08.03.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 28822000 1.01 - 31.12.2011 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26909000 0.94 4701000 30.09.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 26907965 0.94 1954000 30.09.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 24738000 0.87 - 31.10.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateDBS Vickers RACHEL MIU hold 3 M 15 12 month 07.03.2012JPMorgan FRANK MIN LI underweight 1 M 13 9 month 29.02.2012Piper Jaffray ALEXANDER E POTTER overweight 5 M 16 12 month 28.02.2012Goldman Sachs YIPENG YANG Buy/Neutral 5 U 18 12 month 24.02.2012Macquarie JANET B LEWIS outperform 5 M 18 12 month 21.02.2012ICBC International Securities ALICE LEUNG hold 3 M 16 Not Provided 21.02.2012UOB Kay Hian KEN LEE buy 5 U 18 12 month 09.02.2012SinoPac VIVIEN CHAN neutral 3 D 17 12 month 09.02.2012Credit Suisse HUNG BIN TOH outperform 5 M 17 Not Provided 07.02.2012Religare Capital Markets STANLEY CHAN buy 5 M 16 Not Provided 06.02.2012KGI Securities WEI SHEN outperform 5 M 15 12 month 30.01.2012BNP Paribas Equity Research JACK YEUNG buy 5 M 16 12 month 11.01.2012Morgan Stanley KATE ZHU Equalwt/In-Line 3 U 16 12 month 08.01.2012Core Pacific OLIVE XIA buy 5 M 15 Not Provided 09.12.2011Deutsche Bank VINCENT HA buy 5 M 17 12 month 01.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Yuanta Securities Investment Consulting CHARLENE GU hold 3 M 13 Not Provided 25.11.2011Mizuho Securities OLE HUI neutral 3 N 12 12 month 11.11.2011Standard Chartered REBECCA TANG in-line 3 D 14 12 month 02.11.2011Daiwa Securities Capital Markets Co. JEFF CHUNG buy 5 N 17 Not Provided 02.11.2011CIMB CHEAM TZE SHEN outperform 5 M 18 12 month 28.10.2011China International Capital Corp ZHENG DONG buy 5 M 16 12 month 27.10.2011BOCOM International Holdings GEORGE YIN long-term buy 5 M 14 12 month 14.10.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 13 Not Provided 21.09.2011Capital Securities Corp TEAM COVERAGE buy 5 M 16 Not Provided 05.09.2011First Global Stockbroking MITUL SHAH moderate outperform 4 M #N/A N/A Not Provided 02.09.2011Guotai Junan HARRY CHEN accumulate 4 M 15 Not Provided 01.09.2011SWS Research Co Ltd TITUS WU outperform 5 U 15 Not Provided 31.08.2011CCB International Securities Ltd RONNIE HO neutral 3 M 14 Not Provided 31.08.2011Citi GERWIN HO buy 5 M 18 Not Provided 08.08.2011Everbright Securities Co., Ltd WEI YAO accumulate 4 N 17 6 month 18.07.2011CLSA Asia Pacific Markets SCOTT LAPRISE outperform 5 M 15 Not Provided 01.04.2011Bank of China International ERIC HU buy 5 M 16 Not Provided 31.03.2011Ji Asia STEPHEN USHER buy 5 N 17 12 month 16.02.2011Phillip Securities JING ZHANG buy 5 N 10 12 month 07.10.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 13.03.2012Denway Motors LtdDenway Motors Limited, through its subsidiaries, manufactures, assembles, and Price/Volumetrades motor vehicles, automotive equipment, and parts. The Company also 1 .0 Mmanufactures and trades audio equipment. 1 .0 M 1 .0 M 1 .0 M Valuation AnalysisLatest Fiscal Year: 12/2009 0 .0 MLTM as of: 01/yy 0 .0 M52-Week High (#N/A Field Not Applicable) - 0 .0 M52-Week Low (#N/A Field Not Applicable) -Daily Volume 0.00 Current Price (3/dd/yy) - Market Data 52-Week High % Change - Dividend Yield 2.07 52-Week Low % Change - Beta - % 52 Week Price Range High/Low - Equity Float -Shares Out 30.06.2010 7518.7 Short Int - Market Capitalization - 1 Yr Total Return -Total Debt 75.75 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 68.2 Analyst Recs 0Cash and Equivalents 7277.43 Consensus Rating -Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day -203 HK EQUITY YTD Change - Average Volume 30 Day -203 HK EQUITY YTD % CHANGE - Average Volume 3 Month - Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2005 31.12.2006 31.12.2007 31.12.2008 31.12.2009 01/yy 01/yy 12/10 Y 12/11 Y - - Total Revenue 895.8 828.8 862.6 725.5 637.5 - - 730.7 765.7 - - TEV/Revenue 21.06x 26.15x 36.56x 16.25x 40.11x - - - - - - EBITDA (4.5) 4.0 (14.5) (77.8) (332.2) - - 38.1 49.2 - - TEV/EBITDA - 5450.40x - - - - - - - - - Net Income 2007.2 2320.6 2170.4 2094.3 1914.5 - - 2273.0 2450.3 - - P/E 9.83x 10.43x 16.22x 7.61x 17.06x - - - - - - Profitability S&P Issuer RatingsEBITDA -332.21 Long-Term Rating Date -EBIT -341.00 Long-Term Rating -Operating Margin -53.49% Long-Term Outlook -Pretax Margin 304.41% Short-Term Rating Date -Return on Assets 14.03% Short-Term Rating -Return on Common Equity 14.27% Credit RatiosReturn on Capital 14.18% EBITDA/Interest Exp. -355.68Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -359.21Margin Analysis Net Debt/EBITDA -Gross Margin 8.8% Total Debt/EBITDA -0.23EBITDA Margin -52.1% ReferenceEBIT Margin -53.5% Total Debt/Equity 0.5%Net Income Margin 300.3% Total Debt/Capital 0.5%Structure Asset Turnover 0.05Current Ratio 67.70 Net Fixed Asset Turnover 5.97Quick Ratio 52.14 Accounts receivable turnover-days 27.13Debt to Assets 0.52% Inventory Days 41.93Tot Debt to Common Equity 0.53% Accounts Payable Turnover Day 20.55Accounts Receivable Turnover 13.45 Cash Conversion Cycle 48.51Inventory Turnover 8.70Price/ Cash Flow Sales/Revenue/Turnover 1.20 1800.0 1600.0 1.00 1400.0 0.80 1200.0 1000.0 0.60 800.0 600.0 0.40 400.0 0.20 200.0 0.0 0.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 13.03.2012Denway Motors LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGUANGZHOU AUTO GROUP n/a Research 7518698730 100 - 26.08.2010 CorporationPLATINUM INVESTMENT n/a Co File 382427082 5.09 - 31.12.2009 Hedge Fund ManagerJP MORGAN CHASE & CO n/a EXCH 367543800 4.89 (9352000) 28.08.2009 Investment AdvisorDOI SHU CHEUNG n/a Co File 3000000 0.04 - 31.12.2009 n/aYIMING YAO n/a EXCH - 0 (1132000) 25.08.2010 n/aCHINA LOUNGE INVESTM n/a EXCH - 0 (2849544904) 25.08.2010 n/aNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG - 0 (4000) 10.05.2010 Investment AdvisorUBS GLOBAL ASSET MGM Multiple Portfolios MF-AGG - 0 (1000417) 06.12.2010 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG - 0 (17240000) 20.01.2011 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateDBS Vickers RACHEL MIU hold 3 M 4 12 month 08.06.2010Bank of China International ERIC HU hold 3 M 4 Not Provided 17.03.2010Phillip Securities JING ZHANG hold 3 M 5 12 month 23.11.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |