This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
Valuation Measures I/II                                                       Market Capitalization & Asset Liability data...
Valuation Measures II/II                                      Price to Book Ratio                  Price to Sales Ratio   ...
04.07.2012Yoma Strategic Holdings LtdYoma Strategic Holdings Ltd. develops real estate, sells private residential         ...
04.07.2012Yoma Strategic Holdings LtdHoldings By:      All           Holder Name         Portfolio Name                Sou...
04.07.2012PTT Exploration & Production PCLPTT Exploration and Production Public Company Limited explores for crude oil and...
04.07.2012PTT Exploration & Production PCLHoldings By:         All            Holder Name                       Portfolio ...
04.07.2012Italian-Thai Development PCLItalian-Thai Development Public Company Limited involves in construction,           ...
04.07.2012Italian-Thai Development PCLHoldings By:          All           Holder Name                 Portfolio Name      ...
04.07.2012Interra Resources LtdInterra Resources Limiteds principal activities are mainly the exploration and             ...
04.07.2012Interra Resources LtdHoldings By:     All          Holder Name         Portfolio Name                Source     ...
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia




Rationale

* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.

* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.

* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries

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Transcript of "Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket"

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations EM Frontier - Myanmar Basket July 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. 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 USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 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 12800943 1877.403 1092 1092 200 211 211 99.20 104.54 104.54 13.85 13.85 13.14 13.14 19.04Euro Stoxx 50 Pr EUR 2156738 9729.848 4477 4477 707 751 751 151.47 301.80 301.80 24.04 15.08 12.07 12.07 19.64NIKKEI 225 JPY 2217151 179.3134 227 227 23 25 25 5.22 8.26 8.26 0.27 - 0.17 0.17 0.14FTSE 100 INDEX GBP 2450223 13040.23 9401 9401 1622 1704 1704 799.46 864.65 864.65 17.40 16.61 16.09 16.09 26.25SWISS MARKET INDEX CHF 816313 10776.38 3902 3902 815 772 772 392.33 518.56 518.56 17.24 16.87 13.04 13.04 22.37S&P/TSX COMPOSITE INDEX CAD 1559768 17690.61 7337 7337 2015 2068 2068 844.57 879.37 879.37 13.67 13.67 13.13 13.13 26.27S&P/ASX 200 INDEX AUD 1153264 7678.68 3000 3000 642 758 758 300.29 343.26 343.26 14.66 13.81 12.83 12.83 24.09HANG SENG INDEX HKD 1473121 2248.501 1484 1484 348 374 374 266.08 249.51 249.51 1.23 1.34 1.31 1.31 3.21MSCI EM USD 7000588 1253.836 960 960 179 187 187 84.61 93.05 93.05 11.31 11.45 10.28 10.28 19.45YOMA STRATEGIC HLDGS LTD SGD 277.88 29334 647 0.00 0.00 0.00 0.02 0.26 31 31 - #VALUE! 6 6 - - 0.01 0.01 - - 31.46 31.46 - - 197.35 - - - 15.06 - - - -PTT EXPLOR & PROD PUBLIC CO THB 18725.69 2988 3320 3.90 0.00 0.00 1.36 20.84 5391 5725 6304 7573 3841 4094 1113 1113 0.43 0.50 0.53 0.64 0.36 0.36 0.34 0.28 0.65 0.62 0.66 0.42 2.26 BBB+ 17.02.2011 Baa1 28.03.2011ITALIAN-THAI DEVELOPMENT PCL THB 418.44 7997 4194 0.77 0.00 0.03 0.07 1.27 1406 1405 1575 1781 72 77 - - - -0.01 0.00 0.00 - - - - 0.72 0.07 0.94 0.35 0.16 - - - -INTERRA RESOURCES LTD SGD 88.77 10025 295 - - - 0.01 0.06 20 22 - - 11 16 - - 0.02 0.03 - - 7.00 7.00 - - 53.08 26.73 150.09 24.69 45.62 - - - -EZION HOLDINGS LTD SGD 632.91 5383 831 0.12 0.00 0.00 0.05 0.56 85 92 135 258 48 44 10 10 0.05 0.05 0.07 0.11 8.54 9.35 6.53 4.42 -2.92 - 37.17 139.22 44.48 - - - -THAI AIRWAYS INTERNATIONAL THB 1449.63 6030 2183 4.52 0.00 0.01 0.54 3.92 6069 6164 6683 7082 589 575 130 130 - 0.05 0.06 0.09 0.40 - 0.34 0.24 0.18 0.11 -1.25 0.07 0.31 - - - -THAI UNION FROZEN PROD PUB THB 2807.90 7559 1016 1.26 0.00 0.08 0.03 4.11 3135 3218 3599 4012 294 319 97 97 0.15 0.18 0.16 0.19 0.43 0.44 0.47 0.41 1.21 0.50 3.02 0.65 0.30 - - - -CHAROEN POKPHAND FOODS PUB THB 8734.49 185034 6656 2.21 0.00 0.09 0.77 12.54 6549 7430 10543 12347 618 646 218 218 - 0.12 0.10 0.10 0.31 - 0.38 0.35 0.29 0.70 0.49 0.84 0.30 - - - -AMATA CORP PUBLIC CO LTD THB 552.66 11275 1067 0.23 0.00 0.02 0.05 0.76 119 130 163 202 46 50 16 16 - 0.03 0.04 0.05 0.55 - 0.43 0.33 0.67 0.29 0.69 0.03 1.22 - - - -BANGKOK BANK PUBLIC CO LTD THB 11524.63 1533 1909 6.83 0.00 0.03 13.16 - 3281 3432 2810 3118 - - - - - 0.48 0.55 0.64 0.40 - 0.35 0.30 0.21 0.15 - - - BBB+ 01.11.2006 - -KASIKORNBANK PCL THB 12434.00 6110 2393 4.36 0.00 0.39 7.76 - 4922 5194 3350 3670 - - - - - 0.36 0.44 0.53 0.46 - 0.37 0.31 0.90 0.62 - - - BBB+ 06.12.2011 - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 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 2.04 2.04 1.85 1.69 2.04 1.26 1.26 1.20 1.15 1.26 8.96 8.96 8.09 7.42 8.96 8.90 8.90 8.22 7.65 8.90 13.14 13.14 11.70 10.50 13.14 2.19 2.19 2.44 2.65 2.19 1554.3 13.1%Euro Stoxx 50 Pr 1.02 1.02 0.97 0.91 1.02 0.65 0.65 0.63 0.61 0.65 4.62 4.62 4.34 4.02 4.62 12.96 12.96 12.25 11.69 12.96 9.60 9.60 8.55 7.84 9.60 5.09 5.09 5.45 5.83 5.09 2679.2 16.2%NIKKEI 225 1.10 1.10 1.02 0.95 1.10 0.50 0.50 0.48 0.48 0.50 6.17 6.17 5.76 5.48 6.17 7.15 7.15 6.58 6.25 7.15 13.80 13.80 12.55 10.36 13.80 2.29 2.29 2.34 2.67 2.29 10305.8 13.2%FTSE 100 INDEX 1.50 1.50 1.38 1.27 1.50 0.95 0.95 0.92 0.91 0.95 6.68 6.68 6.17 5.73 6.68 7.65 7.65 7.15 6.87 7.65 10.28 10.28 9.36 8.73 10.28 4.21 4.21 4.53 4.87 4.21 6465.2 13.8%SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.66 1.66 1.57 1.49 1.66 10.64 10.64 9.21 8.33 10.64 13.95 13.95 12.86 11.99 13.95 12.47 12.47 11.06 10.13 12.47 3.85 3.85 4.27 4.63 3.85 6782.1 9.8%S&P/TSX COMPOSITE INDEX 1.65 1.65 1.50 1.37 1.65 1.59 1.59 1.47 1.43 1.59 8.67 8.67 7.23 6.56 8.67 8.55 8.55 7.41 6.94 8.55 13.30 13.30 11.55 10.56 13.30 3.08 3.08 3.22 3.41 3.08 14283.7 20.5%S&P/ASX 200 INDEX 1.54 1.54 1.45 1.43 1.54 1.43 1.43 1.34 1.28 1.43 8.67 8.67 7.89 7.47 8.67 10.13 10.13 9.12 8.68 10.13 12.49 12.49 11.02 9.82 12.49 5.27 5.27 5.68 5.98 5.27 4752.4 13.9%HANG SENG INDEX 1.29 1.29 1.18 1.09 1.29 1.71 1.71 1.57 1.45 1.71 6.20 6.20 5.59 5.40 6.20 6.00 6.00 5.47 5.08 6.00 10.19 10.19 9.21 8.34 10.19 3.85 3.85 4.18 4.62 3.85 22973.3 16.6%MSCI EM 1.46 1.46 1.31 1.19 1.46 1.00 1.00 0.92 0.86 1.00 6.78 6.78 5.82 5.49 6.78 6.71 6.71 6.05 5.60 6.71 10.28 10.28 9.15 8.35 10.28 3.12 3.12 3.41 3.74 3.12 1137.2 18.9%YOMA STRATEGIC HLDGS LTDPTT EXPLOR & PROD PUBLIC CO 2.96 2.47 2.10 1.80 1.74 3.55 2.97 2.47 2.45 2.50 7.77 6.13 5.27 5.36 5.17 5.61 4.68 3.92 3.90 4.16 13.59 10.55 8.86 8.92 9.36 2.88 3.65 4.35 4.33 8.55 190.99 7.6%ITALIAN-THAI DEVELOPMENT PCL 1.53 1.73 1.87 3.57 0.31 0.27 0.24 0.22 22.43 9.81 15.01 11.07 9.25 14.85 0.00 0.00 0.38 1.27 4.02 28.1%INTERRA RESOURCES LTD 1.77 3.19 42.92 15.02EZION HOLDINGS LTD 2.00 1.55 1.23 0.97 5.43 3.69 1.94 1.81 31.63 8.17 8.35 8.45 9.65 11.85 8.03 4.09 3.58 47.26 10.04 8.26 5.59 4.67 0.27 0.13 0.13 0.27 1.29 37.8%THAI AIRWAYS INTERNATIONAL 0.64 0.67 0.62 0.57 0.24 0.22 0.20 0.19 2.78 1.68 1.63 1.64 5.81 3.89 3.44 3.26 10.61 7.46 5.10 0.00 3.06 3.59 4.54 27.94 33.7%THAI UNION FROZEN PROD PUB 3.12 2.30 2.07 1.91 0.91 0.78 0.70 0.63 21.21 15.75 11.42 11.00 13.88 11.65 10.23 9.09 17.30 14.92 12.98 11.55 1.59 2.64 3.42 4.33 78.24 1.6%CHAROEN POKPHAND FOODS PUB 3.72 2.88 2.52 2.14 1.31 0.83 0.71 0.62 13.48 15.12 10.41 8.59 17.36 12.13 10.61 9.64 15.72 11.86 11.05 9.54 3.45 4.20 4.55 5.33 45.62 28.5%AMATA CORP PUBLIC CO LTD 2.67 2.35 2.02 1.99 5.18 3.40 2.74 2.57 3.17 20.00 7.28 7.79 17.64 11.55 9.48 9.36 23.87 13.67 10.26 9.49 1.72 3.03 3.99 4.40 20.31 24.6%BANGKOK BANK PUBLIC CO LTD 1.48 1.37 1.26 1.15 4.35 4.10 3.70 3.39 7.80 10.89 9.05 7.83 12.91 11.02 9.50 8.58 3.03 3.59 4.08 4.62 210.76 10.9%KASIKORNBANK PCL 2.52 2.15 1.83 1.60 4.04 3.71 3.39 2.97 8.19 11.28 9.00 7.56 14.90 11.79 9.74 8.52 1.98 2.20 2.64 3.08 183.52 12.2% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 04.07.2012Yoma Strategic Holdings LtdYoma Strategic Holdings Ltd. develops real estate, sells private residential Price/Volumeproperties, and designs, constructs and project manages real estate 1 120.0 Mdevelopments in Myanmar and the Peoples Republic of China. 1 100.0 M 0 80.0 M 0 60.0 M Valuation AnalysisLatest Fiscal Year: 03/2012 0 40.0 MLTM as of: 12/yy 0 20.0 M52-Week High (12.04.2012) 0.52 0 .0 M52-Week Low (11.08.2011) 0.05 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 29334000.00 Current Price (7/dd/yy) 0.37 Market Data 52-Week High % Change -28.57% Dividend Yield - 52-Week Low % Change 608.73% Beta 0.89 % 52 Week Price Range High/Low 68.23% Equity Float 447.98Shares Out 03.07.2012 949.8 Short Int - Market Capitalization 351.41 1 Yr Total Return 553.38%Total Debt 0.00 YTD Return 112.73%Preferred Stock 0.0 Adjusted BETA 0.894Minority Interest (0.2) Analyst Recs 0Cash and Equivalents 20.08 Consensus Rating -Enterprise Value 331.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 25834000YOMA SP EQUITY YTD Change - Average Volume 30 Day 18451270YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 22643990 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2 Total Revenue 11 15 5 11 39 8 31 - - - - TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x - - - - EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 - - - - TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x - - - - Net Income 18.3 1.5 0.5 2.8 6.0 1 8 - - - - P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x - - - - Profitability S&P Issuer RatingsEBITDA 7.47 Long-Term Rating Date -EBIT 6.81 Long-Term Rating -Operating Margin 17.35% Long-Term Outlook -Pretax Margin 15.90% Short-Term Rating Date -Return on Assets 4.21% Short-Term Rating -Return on Common Equity 4.54% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 9.41Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 9.03Margin Analysis Net Debt/EBITDA -2.69Gross Margin 29.8% Total Debt/EBITDA 0.00EBITDA Margin 19.0% ReferenceEBIT Margin 17.4% Total Debt/Equity 0.0%Net Income Margin 15.4% Total Debt/Capital 0.0%Structure Asset Turnover 0.27Current Ratio 3.51 Net Fixed Asset Turnover 0.58Quick Ratio 2.10 Accounts receivable turnover-days 41.40Debt to Assets 0.00% Inventory Days 87.87Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 65.37Accounts Receivable Turnover 8.84 Cash Conversion Cycle 63.90Inventory Turnover 4.17Price/ Cash Flow Sales/Revenue/Turnover 400.00 18.0 350.00 16.0 300.00 14.0 12.0 250.00 10.0 200.00 8.0 150.00 6.0 100.00 4.0 50.00 2.0 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 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 |
  5. 5. 04.07.2012Yoma Strategic Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePUN SERGE n/a Co File 263935517 50.02 - 17.06.2011 n/aNOBLE GRAND INVESTME n/a EXCH 26000000 4.93 (16935950) 06.01.2010 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 04.07.2012PTT Exploration & Production PCLPTT Exploration and Production Public Company Limited explores for crude oil and Price/Volumenatural gas, develops fields for production, and produces oil and natural gas. 250 16.0 MThe Company is a subsidiary of the Petroleum Authority of Thailand. 14.0 M 200 12.0 M 150 10.0 M 8.0 M Valuation Analysis 100 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 12/yy 50 2.0 M52-Week High (02.03.2012) 187.00 0 .0 M52-Week Low (03.10.2011) 130.50 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 2987700.00 Current Price (7/dd/yy) 177.5 Market Data 52-Week High % Change -5.08% Dividend Yield - 52-Week Low % Change 36.02% Beta 1.02 % 52 Week Price Range High/Low 82.30% Equity Float 1040.44Shares Out 13.06.2012 3320.0 Short Int - Market Capitalization 589297.44 1 Yr Total Return 2.63%Total Debt 122745.22 YTD Return 7.01%Preferred Stock 0.0 Adjusted BETA 1.024Minority Interest 0.0 Analyst Recs 34Cash and Equivalents 42799.90 Consensus Rating 3.912Enterprise Value 655976.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3886520PTTEP TB EQUITY YTD Change - Average Volume 30 Day 3783197PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 3447358 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 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 95047.4 138946.9 119962.0 140655.7 169645.8 140655.7 169645.8 198389.9 238331.8 48230.5 49832.0 TEV/Revenue 5.63x 2.38x 4.16x 4.09x 3.77x 14.94x 14.70x 3.35x 2.72x - - EBITDA 67971.5 98153.8 72289.0 100172.8 120864.3 100172.8 120864.3 140080.6 167474.3 35022.5 34275.0 TEV/EBITDA 7.87x 3.38x 6.91x 5.75x 5.29x 5.75x 5.29x 4.68x 3.92x - - Net Income 28455.4 41674.8 22153.6 43773.8 44748.1 43773.8 44748.1 55426.3 65870.1 13436.3 11811.0 P/E 18.96x 8.48x 21.97x 12.72x 12.50x 12.72x 12.50x 10.55x 8.86x - - Profitability S&P Issuer RatingsEBITDA 120864.31 Long-Term Rating Date 17.02.2011EBIT 82037.25 Long-Term Rating BBB+Operating Margin 48.36% Long-Term Outlook NEGPretax Margin 47.04% Short-Term Rating Date -Return on Assets 11.62% Short-Term Rating -Return on Common Equity 24.65% Credit RatiosReturn on Capital 16.63% EBITDA/Interest Exp. 32.05Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 14.21Margin Analysis Net Debt/EBITDA 0.66Gross Margin 88.4% Total Debt/EBITDA 1.02EBITDA Margin 71.2% ReferenceEBIT Margin 48.4% Total Debt/Equity 61.4%Net Income Margin 26.4% Total Debt/Capital 38.0%Structure Asset Turnover 0.44Current Ratio 0.87 Net Fixed Asset Turnover 0.68Quick Ratio 0.63 Accounts receivable turnover-days 34.26Debt to Assets 27.41% Inventory Days 156.87Tot Debt to Common Equity 61.37% Accounts Payable Turnover Day 37.68Accounts Receivable Turnover 10.65 Cash Conversion Cycle 153.45Inventory Turnover 2.33Price/ Cash Flow Sales/Revenue/Turnover 14.00 180000.0 12.00 160000.0 140000.0 10.00 120000.0 8.00 100000.0 6.00 80000.0 60000.0 4.00 40000.0 2.00 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 |
  7. 7. 04.07.2012PTT Exploration & Production PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePTT PCL n/a EXCH 2167500700 65.29 - 16.08.2011 GovernmentSTATE STREET BANK AN n/a EXCH 70150493 2.11 - 16.08.2011 BankBNP PARIBAS SEC SERV n/a EXCH 69183045 2.08 - 16.08.2011 Investment AdvisorTHAI NVDR CO LTD n/a EXCH 66918614 2.02 - 16.08.2011 CorporationABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48623245 1.46 (1724000) 29.02.2012 Investment AdvisorSTATE STREET BANK EU n/a EXCH 42840022 1.29 - 16.08.2011 n/aBNP PARIBAS SEC SERV n/a EXCH 38780300 1.17 - 16.08.2011 Investment AdvisorSOCIAL SECURITY OFFI n/a EXCH 31938700 0.96 - 16.08.2011 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 24262641 0.73 398300 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 20491800 0.62 - 16.08.2011 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 16895400 0.51 - 16.08.2011 GovernmentTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8679600 0.26 (587700) 29.02.2012 UnclassifiedLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3700950 0.11 - 31.01.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 2787810 0.08 - 31.01.2012 UnclassifiedINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2526271 0.08 6400 31.12.2011 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 1677600 0.05 - 31.12.2011 Investment AdvisorTHRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837100 0.03 237000 31.10.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800000 0.02 - 26.01.2012 Mutual Fund ManagerAIG INVESTMENT CORP Multiple Portfolios MF-AGG 800000 0.02 - 31.12.2010 Investment AdvisorKWANGSUKSTITH CHITRA n/a Co File 382000 0.01 - 01.01.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateAsia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011RBS AVIN SONY hold 3 M 180 12 month 19.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 04.07.2012Italian-Thai Development PCLItalian-Thai Development Public Company Limited involves in construction, Price/Volumeproject management, and engineering and design of large-scale civil works and 5 700.0 Minfrastructure projects in Thailand and Southeast Asia. The Companys projects 5 600.0 Minclude industrial plants, building, pipelines, transportation, airport work, 4dams, tunnels, steel structures and telecommunications. 4 500.0 M 3 400.0 M 3 Valuation Analysis 2 300.0 MLatest Fiscal Year: 12/2011 2 200.0 MLTM as of: 12/yy 1 100.0 M 152-Week High (05.07.2011) 4.90 0 .0 M52-Week Low (04.10.2011) 2.98 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 7997300.00 Current Price (7/dd/yy) 3.14 Market Data 52-Week High % Change -35.92% Dividend Yield - 52-Week Low % Change 5.37% Beta 1.32 % 52 Week Price Range High/Low 11.46% Equity Float 2165.80Shares Out 13.06.2012 4193.7 Short Int - Market Capitalization 13168.15 1 Yr Total Return -31.74%Total Debt 24202.05 YTD Return -13.26%Preferred Stock 0.0 Adjusted BETA 1.316Minority Interest 827.0 Analyst Recs 16Cash and Equivalents 2173.27 Consensus Rating 2.438Enterprise Value 39862.35 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 16471300ITD TB EQUITY YTD Change - Average Volume 30 Day 11126040ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month 15279020 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 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 45622.5 42854.5 40296.8 36076.3 44247.3 36073.4 44247.3 49550.6 56034.4 - - TEV/Revenue 1.05x 0.68x 0.84x 1.13x 0.86x 4.21x 3.48x 0.74x 0.66x - - EBITDA 3906.4 816.6 1859.8 1748.1 2266.7 1722.8 2266.7 3600.9 4307.8 - - TEV/EBITDA 12.23x 35.93x 18.12x 23.40x 16.78x 23.74x 16.78x 11.07x 9.25x - - Net Income 1010.7 (2655.9) (1820.9) 297.9 (1698.5) 263.8 (1698.5) (405.2) (31.9) (157.0) - P/E 34.38x - - 66.29x - 68.73x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 2266.72 Long-Term Rating Date -EBIT 442.13 Long-Term Rating -Operating Margin 1.00% Long-Term Outlook -Pretax Margin -3.21% Short-Term Rating Date -Return on Assets -3.29% Short-Term Rating -Return on Common Equity -17.95% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.04Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 0.09Margin Analysis Net Debt/EBITDA 9.72Gross Margin 7.1% Total Debt/EBITDA 10.68EBITDA Margin 5.1% ReferenceEBIT Margin 1.0% Total Debt/Equity 300.4%Net Income Margin -3.8% Total Debt/Capital 73.2%Structure Asset Turnover 0.86Current Ratio 1.23 Net Fixed Asset Turnover 3.25Quick Ratio 0.50 Accounts receivable turnover-days 82.52Debt to Assets 46.18% Inventory Days 34.66Tot Debt to Common Equity 300.44% Accounts Payable Turnover Day 68.67Accounts Receivable Turnover 4.42 Cash Conversion Cycle 48.50Inventory Turnover 10.53Price/ Cash Flow Sales/Revenue/Turnover 35.00 50000.0 45000.0 30.00 40000.0 25.00 35000.0 30000.0 20.00 25000.0 15.00 20000.0 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 04.07.2012Italian-Thai Development PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKARNASUTA PREMCHAI n/a EXCH 820484470 19.56 - 11.04.2011 n/aCHARANACHITTA NIJAPO n/a EXCH 464593640 11.08 - 11.04.2011 n/aSTATE STREET BANK AN n/a EXCH 193803532 4.62 - 11.04.2011 BankTHAI NVDR CO LTD n/a EXCH 107152509 2.56 - 11.04.2011 CorporationVINICHBUTR DIREK n/a EXCH 54000000 1.29 - 11.04.2011 n/aJURANGKOOL THAVEECHA n/a EXCH 45500000 1.08 - 11.04.2011 n/aROENGPITHYA CHAYAPOR n/a EXCH 44088000 1.05 - 11.04.2011 n/aTFB FOR MFC-THAI FUN n/a EXCH 43955900 1.05 - 11.04.2011 n/aKARNASUTA PIYACHAI n/a EXCH 41591750 0.99 - 11.04.2011 n/aCPK INTERNATIONAL CO n/a EXCH 34680000 0.83 - 11.04.2011 n/aKARNASUTA CHAMAIMAS n/a EXCH 34112150 0.81 - 11.04.2011 n/aCHARANACHITTA JITRAP n/a EXCH 33400000 0.8 - 11.04.2011 n/aCHARANACHITTA WALAIT n/a EXCH 33400000 0.8 - 11.04.2011 n/aKARNASUTA PEETI n/a EXCH 33274790 0.79 - 11.04.2011 n/aNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32065500 0.76 (12791300) 31.12.2011 Investment AdvisorKARNASUTA PRATCHAYA n/a EXCH 32064000 0.76 - 11.04.2011 n/aGOVT OF SINGAPORE IN n/a EXCH 28824400 0.69 - 11.04.2011 GovernmentPANSAICHUE PRAVIT n/a EXCH 28369400 0.68 - 11.04.2011 n/aSAKULCHAIWANICH CHAI n/a EXCH 25350000 0.6 - 11.04.2011 n/aPANRATTANAMONGKOL VI n/a EXCH 24000000 0.57 - 11.04.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateSCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 04.07.2012Interra Resources LtdInterra Resources Limiteds principal activities are mainly the exploration and Price/Volumeextraction of petroleum in Myanmar. The company owns the rights to operate two 0 90.0 Moil fields in Myanmar. 80.0 M 0 0 70.0 M 60.0 M 0 50.0 M 0 Valuation Analysis 40.0 M 0Latest Fiscal Year: 12/2011 30.0 M 0 20.0 MLTM as of: 12/yy 0 10.0 M52-Week High (12.04.2012) 0.52 0 .0 M52-Week Low (25.11.2011) 0.09 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 10025000.00 Current Price (7/dd/yy) 0.38 Market Data 52-Week High % Change -26.92% Dividend Yield - 52-Week Low % Change 331.82% Beta 1.35 % 52 Week Price Range High/Low 68.75% Equity Float 203.57Shares Out 03.07.2012 295.4 Short Int - Market Capitalization 112.26 1 Yr Total Return 175.36%Total Debt - YTD Return 291.75%Preferred Stock - Adjusted BETA 1.355Minority Interest - Analyst Recs 0Cash and Equivalents 13.68 Consensus Rating -Enterprise Value 75.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 20451800ITRR SP EQUITY YTD Change - Average Volume 30 Day 14325600ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 15730060 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 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 15.2 17.5 12.6 14.9 24.8 14.9 24.8 - - - - TEV/Revenue 2.21x 0.15x 1.75x 0.67x - 3.10x 1.28x - - - - EBITDA 4.3 4.7 3.2 4.9 - 9.4 6.3 - - - - TEV/EBITDA 7.87x 0.57x 6.87x 2.01x - 0.99x 0.00x - - - - Net Income 2.3 1.7 1.5 1.7 8.9 1.7 8.9 - - - - P/E 22.10x 10.02x 24.76x 16.38x 2.41x 16.43x 2.48x - - - - Profitability S&P Issuer RatingsEBITDA 14.32 Long-Term Rating Date -EBIT 10.88 Long-Term Rating -Operating Margin 43.84% Long-Term Outlook -Pretax Margin 43.84% Short-Term Rating Date -Return on Assets 15.84% Short-Term Rating -Return on Common Equity 20.70% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin 41.7% Total Debt/EBITDA -EBITDA Margin 57.7% ReferenceEBIT Margin 43.8% Total Debt/Equity 0.0%Net Income Margin 35.8% Total Debt/Capital -Structure Asset Turnover 0.44Current Ratio 1.71 Net Fixed Asset Turnover 0.96Quick Ratio 1.45 Accounts receivable turnover-days 93.64Debt to Assets 0.00% Inventory Days 60.41Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 100.67Accounts Receivable Turnover 3.90 Cash Conversion Cycle 53.38Inventory Turnover 6.04Price/ Cash Flow Sales/Revenue/Turnover 18.00 30.0 16.00 25.0 14.00 12.00 20.0 10.00 15.0 8.00 6.00 10.0 4.00 5.0 2.00 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 |
  11. 11. 04.07.2012Interra Resources LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFLEUR ENTERPRISES LT n/a EXCH 51349000 17.38 12961000 22.07.2011 OtherADRC LTD n/a Co File 38426214 13.01 - 23.03.2010 CorporationSUMODIKORO SUBIANTO n/a EXCH 35000000 11.85 5000000 22.07.2011 n/aBUCKLER ALLAN CHARLE n/a EXCH 3945600 1.34 - 06.02.2012 n/aSARATOGA EQUITY PART n/a EXCH 1560000 0.53 - 22.07.2011 n/aTARGETT LUKE CHRISTO n/a Co File 40000 0.01 - 19.06.2009 n/aADM GALLEUS FUND I L n/a EXCH - 0 (17961000) 22.07.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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