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   ...
12.11.2012Yoma Strategic Holdings LtdYoma Strategic Holdings Ltd. develops real estate, sells private residential         ...
12.11.2012Yoma Strategic Holdings LtdHoldings By:      All           Holder Name         Portfolio Name                Sou...
12.11.2012PTT Exploration & Production PCLPTT Exploration and Production Public Company Limited explores for crude oil and...
12.11.2012PTT Exploration & Production PCLHoldings By:         All            Holder Name                       Portfolio ...
12.11.2012Italian-Thai Development PCLItalian-Thai Development Public Company Limited involves in construction,           ...
12.11.2012Italian-Thai Development PCLHoldings By:          All           Holder Name                 Portfolio Name      ...
12.11.2012Interra Resources LtdInterra Resources Limiteds principal activities are mainly the exploration and             ...
12.11.2012Interra Resources LtdHoldings By:     All          Holder Name         Portfolio Name                Source     ...
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar
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Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar

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Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar

  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 November 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 12742852 1803.013 1091 1091 201 211 211 99.14 104.00 104.00 13.90 13.90 13.25 13.25 19.04Euro Stoxx 50 Pr EUR 2331094 5359.472 4559 4559 753 768 768 135.32 297.52 297.52 29.55 14.55 13.44 13.44 20.44NIKKEI 225 JPY 2071061 473.3133 225 225 29 46 46 4.81 6.92 6.92 0.29 0.22 0.20 0.20 0.14FTSE 100 INDEX GBP 2539454 11216.11 9351 9351 1565 1629 1629 674.10 814.44 814.44 21.55 19.24 17.83 17.83 26.09SWISS MARKET INDEX CHF 893722 10231.37 3899 3899 829 792 792 367.55 515.04 515.04 20.27 18.00 14.47 14.47 22.59S&P/TSX COMPOSITE INDEX CAD 1642777 16530.66 7739 7739 1893 1926 1926 804.44 844.99 844.99 15.16 15.16 14.43 14.43 25.07S&P/ASX 200 INDEX AUD 1250323 6140.684 2910 2910 654 699 699 268.70 346.23 346.23 18.00 15.10 13.97 13.97 24.17HANG SENG INDEX HKD 1599174 3082.558 1448 1448 345 360 360 251.85 246.17 246.17 1.42 1.51 1.45 1.45 3.09MSCI EM USD 7255536 1370.921 977 977 181 181 181 79.79 87.43 87.43 12.42 12.69 11.33 11.33 18.68YOMA STRATEGIC HLDGS LTD SGD 429.63 7191 647 0.00 0.00 0.00 0.02 0.43 32 42 48 77 7 5 20 20 0.01 0.00 0.01 0.01 106.50 106.50 44.56 26.21 204.03 84.50 - - 10.34 - - - -PTT EXPLOR & PROD PUBLIC CO THB 17830.15 1938 3320 4.01 0.00 0.00 1.40 22.79 5539 6595 6565 7754 3946 4791 1232 1232 0.44 0.58 0.54 0.59 0.30 0.29 0.32 0.30 0.67 0.77 0.67 0.43 2.37 BBB+ 17.02.2011 Baa1 28.03.2011ITALIAN-THAI DEVELOPMENT PCL THB 564.09 44443 4194 0.79 0.00 0.03 0.07 1.46 1445 1432 1586 1815 74 80 35 35 - -0.01 0.00 0.00 - - 1.46 0.93 0.74 -0.01 0.97 0.36 0.18 - - - -INTERRA RESOURCES LTD SGD 137.66 5846 377 0.00 0.00 0.00 0.01 0.09 20 25 26 26 4 16 - - 0.00 0.02 0.01 0.01 9.36 9.42 28.22 28.22 54.87 17.18 -0.65 4.82 53.54 - - - -EZION HOLDINGS LTD SGD 1041.51 13740 831 0.13 0.00 0.00 0.05 1.11 87 109 135 291 49 56 69 69 0.05 0.07 0.06 0.11 11.59 14.62 13.69 7.46 -3.02 - 38.43 143.93 41.64 - - - -THAI AIRWAYS INTERNATIONAL THB 1553.52 14075 2183 4.65 0.00 0.01 0.56 5.51 6236 6434 6819 7141 605 695 257 257 - -0.01 0.06 0.08 - - 0.36 0.31 0.19 0.06 -1.28 0.07 0.35 - - - -THAI UNION FROZEN PROD PUB THB 2697.58 1199 1016 1.30 0.00 0.09 0.03 3.82 3221 3473 3636 4027 303 336 143 143 0.16 0.17 0.17 0.20 0.44 0.44 0.46 0.39 1.24 0.56 3.10 0.67 0.32 - - - -CHAROEN POKPHAND FOODS PUB THB 9100.42 38464 6656 2.27 0.00 0.10 0.79 13.57 6729 10305 10959 12696 635 586 159 159 - 0.10 0.07 0.09 0.39 - 0.53 0.44 0.29 0.81 0.50 0.86 0.19 - - - -AMATA CORP PUBLIC CO LTD THB 532.98 2323 1067 0.24 0.00 0.02 0.05 0.75 122 163 168 216 47 54 16 16 - 0.04 0.04 0.05 0.43 - 0.43 0.31 0.69 0.37 0.71 0.03 1.22 - - - -BANGKOK BANK PUBLIC CO LTD THB 11124.01 4503 1909 7.02 0.00 0.03 9.90 - 3763 4135 2854 3143 - - - - - 0.52 0.56 0.65 0.36 - 0.34 0.29 0.62 0.19 - - - BBB+ 01.11.2006 - -KASIKORNBANK PCL THB 14259.55 6300 2393 4.48 0.00 0.40 7.97 - 5057 5765 3430 3853 - - - - - 0.42 0.48 0.57 0.47 - 0.40 0.34 0.93 0.74 - - - BBB+ 06.12.2011 (P)A3 13.09.2012 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 2.03 2.03 1.86 1.70 2.03 1.26 1.26 1.21 1.17 1.26 9.05 9.05 8.56 8.30 9.05 8.56 8.56 8.00 7.45 8.56 13.25 13.25 11.98 10.71 13.25 2.30 2.30 2.49 2.69 2.30 1601.1 16.2%Euro Stoxx 50 Pr 1.10 1.10 1.05 0.99 1.10 0.69 0.69 0.68 0.66 0.69 5.06 5.06 4.82 4.47 5.06 6.98 6.98 6.69 6.33 6.98 10.57 10.57 9.71 8.81 10.57 4.31 4.31 4.76 5.12 4.31 2735.1 10.6%NIKKEI 225 1.06 1.06 1.00 0.93 1.06 0.48 0.48 0.45 0.46 0.48 6.32 6.32 5.73 5.45 6.32 10.36 10.36 6.14 5.36 10.36 15.78 15.78 13.25 10.65 15.78 2.37 2.37 2.39 2.73 2.37 9784.9 12.8%FTSE 100 INDEX 1.60 1.60 1.48 1.38 1.60 0.98 0.98 0.96 0.93 0.98 7.45 7.45 6.81 5.51 7.45 6.89 6.89 6.41 6.00 6.89 11.24 11.24 10.29 9.40 11.24 4.10 4.10 4.33 4.63 4.10 6350.8 10.1%SWISS MARKET INDEX 2.14 2.14 2.00 1.86 2.14 1.81 1.81 1.72 1.63 1.81 11.84 11.84 10.33 9.12 11.84 12.92 12.92 11.92 11.09 12.92 13.72 13.72 12.40 11.23 13.72 3.53 3.53 3.82 4.21 3.53 7259.5 8.4%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.53 8.53 7.62 7.08 8.53 8.58 8.58 7.42 6.82 8.58 14.44 14.44 12.52 11.34 14.44 3.05 3.05 3.22 3.28 3.05 14249.1 16.8%S&P/ASX 200 INDEX 1.68 1.68 1.59 1.50 1.68 1.59 1.59 1.49 1.41 1.59 9.83 9.83 8.92 6.68 9.83 8.78 8.78 7.73 7.15 8.78 13.39 13.39 11.98 11.00 13.39 4.88 4.88 5.23 5.62 4.88 4732.3 6.4%HANG SENG INDEX 1.39 1.39 1.28 1.17 1.39 1.91 1.91 1.77 1.64 1.91 7.16 7.16 6.61 6.30 7.16 8.57 8.57 7.78 7.14 8.57 11.23 11.23 10.35 9.40 11.23 3.46 3.46 3.70 4.03 3.46 23191.6 8.2%MSCI EM 1.51 1.51 1.36 1.24 1.51 1.01 1.01 0.94 0.88 1.01 7.14 7.14 6.47 5.15 7.14 7.59 7.59 6.78 6.20 7.59 11.33 11.33 9.93 9.01 11.33 2.89 2.89 3.07 3.42 2.89 1138.9 14.9%YOMA STRATEGIC HLDGS LTD 1.98 1.88 8.95 5.58 30.28 10.90 22.04 10.58 54.50 32.06 0.00 0.00 0.58 6.4%PTT EXPLOR & PROD PUBLIC CO 2.74 2.20 1.86 1.60 1.63 3.29 2.72 2.30 2.21 2.08 7.20 5.68 5.49 5.29 4.81 5.97 4.85 4.19 4.02 4.02 12.59 9.95 9.17 9.00 9.24 3.10 3.77 4.22 4.30 6.60 182.02 10.7%ITALIAN-THAI DEVELOPMENT PCL 2.01 2.20 2.11 1.92 0.40 0.36 0.31 0.28 15.85 9.69 9.58 16.89 11.23 10.13 9.69 44.78 28.61 19.81 0.00 0.10 0.51 0.78 4.09 -0.7%INTERRA RESOURCES LTD 2.39 1.94 1.83 4.95 4.38 4.30 62.13 20.71 19.42 19.42 34.52 34.52EZION HOLDINGS LTD 3.33 2.32 1.85 1.46 8.98 6.30 2.92 2.38 13.58 10.36 13.00 8.43 22.98 16.21 7.25 5.67 16.74 16.74 9.12 6.50 0.16 0.16 0.25 0.49 1.86 24.3%THAI AIRWAYS INTERNATIONAL 0.67 0.70 0.66 0.61 0.25 0.23 0.22 0.20 2.90 1.91 1.84 1.75 7.94 5.67 5.07 4.57 11.10 9.38 6.61 0.00 2.15 2.47 3.00 25.85 18.6%THAI UNION FROZEN PROD PUB 2.92 2.22 2.03 1.85 0.85 0.74 0.67 0.61 19.83 12.84 11.11 9.91 12.54 10.61 9.47 8.56 16.18 14.20 12.04 10.92 1.70 3.13 3.94 4.62 86.27 19.8%CHAROEN POKPHAND FOODS PUB 3.77 2.75 2.48 2.20 1.33 0.83 0.72 0.64 13.67 20.59 11.77 10.02 18.29 16.60 12.32 11.01 15.94 16.29 13.56 11.60 3.40 3.38 3.72 4.28 38.82 7.8%AMATA CORP PUBLIC CO LTD 2.50 2.24 1.91 1.74 4.87 3.16 2.47 2.39 18.77 5.51 6.58 16.88 11.19 8.83 8.39 22.40 13.24 9.59 8.98 1.84 3.18 4.51 4.68 19.82 29.5%BANGKOK BANK PUBLIC CO LTD 1.39 1.29 1.18 1.08 4.09 3.90 3.54 3.23 7.33 20.45 16.92 14.49 12.13 10.34 8.99 8.03 3.22 3.82 4.35 4.82 225.43 26.3%KASIKORNBANK PCL 2.81 2.38 2.01 1.73 4.51 4.16 3.70 3.31 9.14 12.53 10.52 8.74 16.63 12.37 10.36 9.14 1.77 1.92 2.33 2.61 217.28 19.1% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 12.11.2012Yoma 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 (04.10.2012) 0.59 0 .0 M52-Week Low (14.11.2011) 0.07 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 7191000.00 Current Price (11/dd/yy) 0.545 Market Data 52-Week High % Change -6.84% Dividend Yield - 52-Week Low % Change 686.03% Beta 0.94 % 52 Week Price Range High/Low 92.24% Equity Float 441.56Shares Out 12.11.2012 964.3 Short Int - Market Capitalization 525.52 1 Yr Total Return 683.36%Total Debt 0.00 YTD Return 213.34%Preferred Stock 0.0 Adjusted BETA 0.945Minority Interest (0.2) Analyst Recs 2Cash and Equivalents 20.08 Consensus Rating 4.000Enterprise Value 528.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11280200YOMA SP EQUITY YTD Change - Average Volume 30 Day 23750230YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 22991410 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 12/12 Q3 03/13 Q4 Total Revenue 11 15 5 11 39 8 31 59 94 - - TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x 7.95x 4.18x - - EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 24.0 50.0 - - TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x 22.04x 10.58x - - Net Income 18.3 1.5 0.5 2.8 6.0 1 8 8 17 - - P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x 54.50x 32.06x - - Profitability S&P Issuer RatingsEBITDA 8.24 Long-Term Rating Date -EBIT 7.58 Long-Term Rating -Operating Margin 19.33% Long-Term Outlook -Pretax Margin 15.90% Short-Term Rating Date -Return on Assets 0.61% Short-Term Rating -Return on Common Equity 0.73% Credit RatiosReturn on Capital 0.93% EBITDA/Interest Exp. 10.38Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 10.00Margin Analysis Net Debt/EBITDA -5.49Gross Margin 29.8% Total Debt/EBITDA 0.00EBITDA Margin 12.6% ReferenceEBIT Margin 11.3% Total Debt/Equity 0.0%Net Income Margin 15.4% Total Debt/Capital 0.0%Structure Asset Turnover 0.23Current Ratio 3.51 Net Fixed Asset Turnover 0.41Quick Ratio 1.99 Accounts receivable turnover-days 54.00Debt to Assets 0.00% Inventory Days 101.85Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 115.91Accounts Receivable Turnover 6.78 Cash Conversion Cycle 118.55Inventory Turnover 3.59Price/ 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. 12.11.2012Yoma 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. 12.11.2012PTT 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 (03.08.2012) 147.50 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 1938000.00 Current Price (11/dd/yy) 164.5 Market Data 52-Week High % Change -12.03% Dividend Yield - 52-Week Low % Change 11.53% Beta 1.02 % 52 Week Price Range High/Low 43.04% Equity Float 1044.00Shares Out 30.09.2012 3320.0 Short Int - Market Capitalization 546137.63 1 Yr Total Return 6.04%Total Debt 122745.22 YTD Return 1.00%Preferred Stock 0.0 Adjusted BETA 1.023Minority Interest 0.0 Analyst Recs 38Cash and Equivalents 42799.90 Consensus Rating 4.079Enterprise Value 698005.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5071860PTTEP TB EQUITY YTD Change - Average Volume 30 Day 3471223PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 3804472 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 12/12 Q4 03/13 Q1 Total Revenue 95047.4 138946.9 119962.0 140655.7 169645.8 140655.7 169645.8 201079.0 237491.7 54748.7 58598.0 TEV/Revenue 5.63x 2.38x 4.16x 4.09x 3.77x 14.94x 14.70x 3.14x 2.50x - - EBITDA 67971.5 98153.8 72289.0 100172.8 120864.3 100172.8 120864.3 144024.0 166583.1 37735.0 39843.0 TEV/EBITDA 7.87x 3.38x 6.91x 5.75x 5.29x 5.75x 5.29x 4.85x 4.19x - - Net Income 28455.4 41674.8 22153.6 43773.8 44748.1 43773.8 44748.1 57283.3 65637.7 14137.2 14354.0 P/E 18.96x 8.48x 21.97x 12.72x 12.50x 12.72x 12.50x 9.95x 9.17x 9.58x 9.37x 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 12.39% Short-Term Rating -Return on Common Equity 28.87% Credit RatiosReturn on Capital 17.61% EBITDA/Interest Exp. 32.05Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 14.21Margin Analysis Net Debt/EBITDA 1.03Gross Margin 77.2% Total Debt/EBITDA 1.18EBITDA Margin 72.6% ReferenceEBIT Margin 51.2% Total Debt/Equity 61.4%Net Income Margin 26.4% Total Debt/Capital 38.0%Structure Asset Turnover 0.43Current Ratio 0.87 Net Fixed Asset Turnover 0.68Quick Ratio 0.63 Accounts receivable turnover-days 41.79Debt to Assets 27.41% Inventory Days 88.96Tot Debt to Common Equity 61.37% Accounts Payable Turnover Day 22.07Accounts Receivable Turnover 8.76 Cash Conversion Cycle 94.15Inventory Turnover 4.11Price/ 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. 12.11.2012PTT 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. 12.11.2012Italian-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 (08.11.2012) 4.18 0 .0 M52-Week Low (09.07.2012) 3.04 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 44443200.00 Current Price (11/dd/yy) 4.12 Market Data 52-Week High % Change -1.44% Dividend Yield - 52-Week Low % Change 35.53% Beta 1.26 % 52 Week Price Range High/Low 94.74% Equity Float 2165.80Shares Out 14.08.2012 4193.7 Short Int - Market Capitalization 17277.95 1 Yr Total Return 6.74%Total Debt 24202.05 YTD Return 13.81%Preferred Stock 0.0 Adjusted BETA 1.261Minority Interest 827.0 Analyst Recs 17Cash and Equivalents 2173.27 Consensus Rating 2.941Enterprise Value 44872.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 83001880ITD TB EQUITY YTD Change - Average Volume 30 Day 75527720ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month 50386900 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 09/12 Q3 12/12 Q4 Total Revenue 45622.5 42854.5 40296.8 36076.3 44247.3 36073.4 44247.3 48594.4 55587.2 11000.0 - TEV/Revenue 1.05x 0.68x 0.84x 1.13x 0.86x 4.21x 3.48x 0.83x 0.72x - - EBITDA 3906.4 816.6 1859.8 1748.1 2266.7 1722.8 2266.7 3996.5 4430.8 1086.0 - TEV/EBITDA 12.23x 35.93x 18.12x 23.40x 16.78x 23.74x 16.78x 11.23x 10.13x - - Net Income 1010.7 (2655.9) (1820.9) 297.9 (1698.5) 263.8 (1698.5) 437.4 597.4 70.5 (121.0) P/E 34.38x - - 66.29x - 68.73x 0.00x 44.78x 28.61x - - 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 -2.50% Short-Term Rating -Return on Common Equity -15.77% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.04Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 0.09Margin Analysis Net Debt/EBITDA 10.97Gross Margin 7.1% Total Debt/EBITDA 11.73EBITDA Margin 5.6% ReferenceEBIT Margin 1.7% Total Debt/Equity 300.4%Net Income Margin -3.8% Total Debt/Capital 73.2%Structure Asset Turnover 0.81Current Ratio 1.23 Net Fixed Asset Turnover 3.38Quick Ratio 0.50 Accounts receivable turnover-days 79.61Debt to Assets 46.18% Inventory Days 36.28Tot Debt to Common Equity 300.44% Accounts Payable Turnover Day 74.15Accounts Receivable Turnover 4.60 Cash Conversion Cycle 48.50Inventory Turnover 10.09Price/ 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. 12.11.2012Italian-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. 12.11.2012Interra 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 (04.10.2012) 0.46 0 .0 M52-Week Low (25.11.2011) 0.07 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 5846000.00 Current Price (11/dd/yy) 0.38 Market Data 52-Week High % Change -16.48% Dividend Yield - 52-Week Low % Change 450.57% Beta 1.46 % 52 Week Price Range High/Low 80.57% Equity Float 305.35Shares Out 12.11.2012 443.1 Short Int - Market Capitalization 168.39 1 Yr Total Return 340.45%Total Debt 0.00 YTD Return 399.48%Preferred Stock 0.0 Adjusted BETA 1.464Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 11.54 Consensus Rating -Enterprise Value 111.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7208200ITRR SP EQUITY YTD Change - Average Volume 30 Day 14357370ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 13783380 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 12/12 Q4 03/13 Q1 Total Revenue 15.2 17.5 12.6 14.9 24.8 14.9 24.8 31.4 32.0 - - 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 4.1 4.2 - - P/E 22.10x 10.02x 24.76x 16.38x 2.41x 16.43x 2.48x 34.52x 34.52x - - Profitability S&P Issuer RatingsEBITDA 4.90 Long-Term Rating Date -EBIT 1.46 Long-Term Rating -Operating Margin 5.89% Long-Term Outlook -Pretax Margin 43.84% Short-Term Rating Date -Return on Assets 13.35% Short-Term Rating -Return on Common Equity 20.87% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.33Gross Margin 41.7% Total Debt/EBITDA 0.00EBITDA Margin 65.5% ReferenceEBIT Margin 51.1% Total Debt/Equity 0.0%Net Income Margin 35.8% Total Debt/Capital 0.0%Structure Asset Turnover 0.41Current Ratio 1.71 Net Fixed Asset Turnover 24.07Quick Ratio 1.25 Accounts receivable turnover-days 55.43Debt to Assets 0.00% Inventory Days 92.60Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 72.87Accounts Receivable Turnover 6.60 Cash Conversion Cycle 90.49Inventory Turnover 3.95Price/ 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. 12.11.2012Interra 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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