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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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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 EM Frontier - Myanmar Basket March 2013 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 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 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78Euro Stoxx 50 Pr EUR 2602005 5605.569 4685 4685 762 793 793 230.64 310.29 310.29 19.45 16.13 14.45 14.45 19.81NIKKEI 225 JPY 2507084 186.1428 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12FTSE 100 INDEX GBP 2730303 11797.17 9674 9674 1463 1681 1681 535.09 823.76 823.76 27.50 - 17.86 17.86 22.81SWISS MARKET INDEX CHF 1053111 11139.95 4120 4120 850 844 844 409.45 554.34 554.34 21.35 19.01 15.77 15.77 22.15S&P/TSX COMPOSITE INDEX CAD 1686271 17092.28 7862 7862 1836 2073 2073 792.50 884.78 884.78 15.44 15.44 13.83 13.83 24.20S&P/ASX 200 INDEX AUD 1412009 6836.838 2860 2860 599 696 696 250.43 340.48 340.48 21.58 17.19 15.87 15.87 22.04HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05YOMA STRATEGIC HLDGS LTD SGD 717.18 7583 647 0.00 0.00 0.00 0.02 0.64 31 43 42 54 7 7 13 13 0.01 0.00 0.01 0.01 113.46 115.57 88.54 77.48 199.59 81.88 - - 12.81 - - - -PTT EXPLOR & PROD PUBLIC CO THB 20555.25 3156 3970 3.91 0.00 0.00 2.38 22.09 7192 7192 7975 8644 5182 5182 1326 1326 0.63 0.57 0.55 0.58 0.31 0.29 0.32 0.30 0.86 0.52 0.90 0.60 2.44 BBB+ 17.02.2011 Baa1 28.03.2011ITALIAN-THAI DEVELOPMENT PCL THB 1383.70 98715 4194 1.00 0.00 0.03 0.08 2.33 1567 1567 1903 2159 133 133 167 167 - 0.00 0.01 0.01 10.41 - 2.10 1.58 0.16 0.06 2.49 0.00 0.29 - - - -INTERRA RESOURCES LTD SGD 147.88 6280 443 0.00 0.00 0.00 0.02 0.10 24 24 31 34 8 8 - - 0.01 0.01 0.01 0.01 29.83 30.42 24.13 16.59 17.99 11.01 82.58 14.82 25.95 - - - -EZION HOLDINGS LTD SGD 1486.36 5822 910 0.45 0.01 0.00 0.11 1.54 127 127 288 410 59 64 - - 0.06 0.08 0.11 0.16 12.99 16.02 9.31 6.28 38.67 - 18.47 140.80 40.36 - - - -THAI AIRWAYS INTERNATIONAL THB 2086.74 61487 2183 5.37 0.00 0.03 0.74 6.75 7077 7077 7450 7917 936 936 - - - 0.10 0.07 0.10 0.34 - 0.44 0.33 0.32 0.01 1.43 0.01 0.45 - - - -THAI UNION FROZEN PROD PUB THB 2524.32 1659 1148 1.18 0.00 0.11 0.05 3.77 3611 3611 4043 4480 322 322 114 114 0.15 0.15 0.18 0.21 0.50 0.52 0.40 0.35 0.28 0.41 0.05 0.78 0.30 - - - -CHAROEN POKPHAND FOODS PUB THB 9171.00 47554 7310 4.94 0.00 0.55 0.41 14.25 12087 12087 13701 15207 523 523 247 247 - 0.09 0.07 0.09 0.44 - 0.56 0.45 2.48 0.82 -0.69 0.83 0.15 - - - -AMATA CORP PUBLIC CO LTD THB 965.90 2892 1067 0.24 0.00 0.08 0.07 1.22 180 180 247 303 65 - 29 29 - 0.05 0.06 0.07 0.67 - 0.55 0.44 1.41 0.34 1.09 0.09 - - - - -BANGKOK BANK PUBLIC CO LTD THB 14986.52 3750 1909 8.30 0.00 0.00 13.58 - 4403 4403 3239 3552 - - - - - 0.59 0.68 0.76 0.45 - 0.39 0.35 0.44 0.26 - - - BBB+ 01.11.2006 - -KASIKORNBANK PCL THB 17736.85 5609 2393 9.40 0.00 0.54 9.65 - 6229 6229 4173 4685 - - - - - 0.50 0.61 0.70 0.50 - 0.41 0.36 0.64 0.69 - - - 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. 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 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.74 0.74 0.72 0.70 0.74 5.39 5.39 5.01 4.79 5.39 7.07 7.07 6.69 6.33 7.07 11.16 11.17 10.01 9.15 11.17 4.30 4.30 4.63 4.92 4.30 2898.3 8.3%NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%SWISS MARKET INDEX 2.39 2.39 2.22 2.04 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.88 12.22 13.21 13.21 12.21 11.40 13.21 14.87 14.87 13.33 12.12 14.87 3.30 3.30 3.66 4.14 3.30 8025.9 3.2%S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%YOMA STRATEGIC HLDGS LTD 2.63 2.58 2.35 17.10 13.33 9.54 96.88 36.90 22.79 50.40 32.25 18.75 110.71 96.88 32.29 5.16 10.58 10.84 0.75 -2.6%PTT EXPLOR & PROD PUBLIC CO 1.92 1.66 1.47 1.34 2.95 2.58 2.38 2.37 5.68 4.86 4.85 4.58 4.41 3.96 3.64 3.68 3.61 9.51 9.40 8.86 9.56 3.85 4.00 4.25 3.88 180.54 18.0%ITALIAN-THAI DEVELOPMENT PCL 5.06 4.67 4.42 5.54 0.85 0.73 0.64 0.66 20.74 24.38 16.45 13.89 13.13 14.18 513.16 62.10 46.65 0.04 0.21 0.32 0.41 7.10 -27.2%INTERRA RESOURCES LTD 2.07 1.95 1.75 4.71 3.87 3.46 22.13 15.80 14.43 36.88 30.17 20.74EZION HOLDINGS LTD 2.88 2.23 1.76 1.27 9.12 4.13 2.90 2.45 25.79 8.46 8.50 14.33 23.40 10.21 6.70 5.43 20.91 11.64 7.86 6.27 0.19 0.06 0.06 0.06 2.41 24.6%THAI AIRWAYS INTERNATIONAL 0.91 0.85 0.79 0.29 0.28 0.26 0.25 2.42 2.05 1.96 6.81 6.09 5.48 5.48 14.51 12.93 9.66 7.68 1.49 2.13 2.58 2.58 28.40 0.5%THAI UNION FROZEN PROD PUB 2.00 1.83 1.68 1.54 0.68 0.62 0.56 0.51 10.86 9.48 9.40 9.70 11.02 9.63 8.42 7.22 6.95 13.79 11.92 10.25 8.36 3.30 4.07 4.77 5.85 80.53 23.9%CHAROEN POKPHAND FOODS PUB 2.65 2.33 2.13 1.77 0.77 0.67 0.60 0.53 0.44 20.31 13.18 10.86 17.59 20.24 13.70 11.58 9.82 32.96 16.56 13.27 9.80 2.95 3.20 3.99 5.61 38.05 8.7%AMATA CORP PUBLIC CO LTD 3.95 3.03 2.55 2.18 5.40 3.91 3.18 2.67 15.31 12.80 9.21 8.80 17.13 12.36 10.10 9.01 23.24 16.15 13.02 12.16 1.74 2.58 3.37 3.36 28.30 5.8%BANGKOK BANK PUBLIC CO LTD 1.66 1.50 1.37 1.24 1.15 5.03 4.63 4.22 3.83 27.41 23.39 19.65 8.87 13.48 11.63 10.34 9.38 2.92 3.30 3.71 4.17 4.74 244.03 5.2%KASIKORNBANK PCL 2.83 2.37 2.01 1.75 5.03 4.25 3.79 3.48 15.04 11.95 10.23 9.22 14.89 12.22 10.63 9.33 1.56 1.83 2.18 2.65 234.84 7.2% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 18.03.2013Yoma 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 (30.01.2013) 0.93 0 .0 M52-Week Low (21.05.2012) 0.29 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 7583000.00 Current Price (3/dd/yy) 0.775 Market Data 52-Week High % Change -16.22% Dividend Yield - 52-Week Low % Change 171.45% Beta 0.97 % 52 Week Price Range High/Low 81.24% Equity Float 634.41Shares Out 18.03.2013 1157.1 Short Int - Market Capitalization 896.77 1 Yr Total Return 108.26%Total Debt 0.00 YTD Return 9.15%Preferred Stock 0.0 Adjusted BETA 0.970Minority Interest (0.2) Analyst Recs 3Cash and Equivalents 20.08 Consensus Rating 1.667Enterprise Value 806.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 14168800YOMA SP EQUITY YTD Change - Average Volume 30 Day 17231070YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 19241900 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 03/13 Q4 06/13 Q1 Total Revenue 11 15 5 11 39 8 31 52 67 - - TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x 14.27x 12.57x - - EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 16.0 25.0 - - TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x 50.40x 32.25x - - Net Income 18.3 1.5 0.5 2.8 6.0 1 8 9 10 - - P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x 110.71x 96.88x - - 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 1.30% Short-Term Rating -Return on Common Equity 1.53% Credit RatiosReturn on Capital 1.54% EBITDA/Interest Exp. 10.38Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 10.00Margin Analysis Net Debt/EBITDA -14.85Gross Margin 29.8% Total Debt/EBITDA 0.00EBITDA Margin 16.0% ReferenceEBIT Margin 14.7% Total Debt/Equity 0.0%Net Income Margin 15.4% Total Debt/Capital 0.0%Structure Asset Turnover 0.19Current Ratio 3.51 Net Fixed Asset Turnover 0.44Quick Ratio 1.99 Accounts receivable turnover-days 84.09Debt to Assets 0.00% Inventory Days 179.76Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 154.47Accounts Receivable Turnover 4.35 Cash Conversion Cycle 118.55Inventory Turnover 2.04Price/ 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. 18.03.2013Yoma 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. 18.03.2013PTT 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: 12/2012 4.0 MLTM as of: 12/yy 50 2.0 M52-Week High (03.04.2012) 175.93 0 .0 M52-Week Low (03.08.2012) 143.76 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 3155500.00 Current Price (3/dd/yy) 153 Market Data 52-Week High % Change -13.03% Dividend Yield - 52-Week Low % Change 6.43% Beta 0.99 % 52 Week Price Range High/Low 27.17% Equity Float 1694.00Shares Out 13.02.2013 3970.0 Short Int - Market Capitalization 607407.75 1 Yr Total Return -6.40%Total Debt 115571.87 YTD Return -4.96%Preferred Stock 0.0 Adjusted BETA 0.989Minority Interest 0.0 Analyst Recs 35Cash and Equivalents 70205.14 Consensus Rating 4.057Enterprise Value 652774.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5311380PTTEP TB EQUITY YTD Change - Average Volume 30 Day 5602944PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 6239745 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 138946.9 119962.0 140655.7 169645.8 212536.7 140655.7 169645.8 235662.5 255424.3 56996.0 60336.3 TEV/Revenue 2.38x 4.16x 4.09x 3.77x 3.28x 14.94x 14.70x 2.78x 2.53x - - EBITDA 98153.8 72289.0 100172.8 120864.3 153116.8 100172.8 120864.3 164643.3 179145.5 39190.0 43625.0 TEV/EBITDA 3.38x 6.91x 5.75x 5.29x 4.55x 5.75x 5.29x 3.96x 3.64x - - Net Income 41674.8 22153.6 43773.8 44748.1 57316.0 43773.8 44748.1 63647.1 67230.1 5988.8 13316.7 P/E 8.48x 21.97x 12.72x 12.50x 9.60x 12.72x 12.50x 9.40x 8.86x 9.15x 9.11x Profitability S&P Issuer RatingsEBITDA 153116.82 Long-Term Rating Date 17.02.2011EBIT 106999.06 Long-Term Rating BBB+Operating Margin 50.34% Long-Term Outlook NEGPretax Margin 46.79% Short-Term Rating Date -Return on Assets 10.92% Short-Term Rating -Return on Common Equity 21.71% Credit RatiosReturn on Capital 15.83% EBITDA/Interest Exp. 26.34Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 11.34Margin Analysis Net Debt/EBITDA 0.30Gross Margin 78.2% Total Debt/EBITDA 0.75EBITDA Margin 72.0% ReferenceEBIT Margin 50.3% Total Debt/Equity 35.2%Net Income Margin 27.0% Total Debt/Capital 26.0%Structure Asset Turnover 0.41Current Ratio 1.70 Net Fixed Asset Turnover 0.67Quick Ratio 1.40 Accounts receivable turnover-days 44.76Debt to Assets 19.21% Inventory Days 75.18Tot Debt to Common Equity 35.22% Accounts Payable Turnover Day 22.55Accounts Receivable Turnover 8.18 Cash Conversion Cycle 97.39Inventory Turnover 4.87Price/ 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. 18.03.2013PTT 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. 18.03.2013Italian-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: 12/2012 2 200.0 MLTM as of: 12/yy 1 100.0 M 152-Week High (18.03.2013) 9.85 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 98715000.00 Current Price (3/dd/yy) 9.75 Market Data 52-Week High % Change -1.02% Dividend Yield - 52-Week Low % Change 220.72% Beta 1.36 % 52 Week Price Range High/Low 100.00% Equity Float 2165.80Shares Out 13.02.2013 4193.7 Short Int - Market Capitalization 40888.36 1 Yr Total Return 144.97%Total Debt 29446.46 YTD Return 132.14%Preferred Stock 0.0 Adjusted BETA 1.361Minority Interest 778.6 Analyst Recs 15Cash and Equivalents 2401.71 Consensus Rating 3.667Enterprise Value 68711.67 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 91452620ITD TB EQUITY YTD Change - Average Volume 30 Day #########ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 42854.5 40296.8 36076.3 44247.3 46290.9 36073.4 44247.3 56223.7 63796.1 - - TEV/Revenue 0.68x 0.84x 1.13x 0.86x 0.98x 4.21x 3.48x 1.28x 1.10x - - EBITDA 816.6 1859.8 1748.1 2266.7 3935.3 1722.8 2266.7 4948.3 5234.0 - - TEV/EBITDA 35.93x 18.12x 23.40x 16.78x 11.55x 23.74x 16.78x 13.89x 13.13x - - Net Income (2655.9) (1820.9) 297.9 (1698.5) 126.2 263.8 (1698.5) 683.8 933.2 - - P/E - - 66.29x - 140.00x 68.73x 0.00x 62.10x 46.65x - - Profitability S&P Issuer RatingsEBITDA 3935.28 Long-Term Rating Date -EBIT 2149.46 Long-Term Rating -Operating Margin 4.64% Long-Term Outlook -Pretax Margin 0.69% Short-Term Rating Date -Return on Assets 0.23% Short-Term Rating -Return on Common Equity 1.50% Credit RatiosReturn on Capital 2.07% EBITDA/Interest Exp. 1.72Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 0.64Margin Analysis Net Debt/EBITDA 6.87Gross Margin 11.1% Total Debt/EBITDA 7.48EBITDA Margin 8.5% ReferenceEBIT Margin 4.6% Total Debt/Equity 337.0%Net Income Margin 0.3% Total Debt/Capital 75.6%Structure Asset Turnover 0.83Current Ratio 1.06 Net Fixed Asset Turnover 3.14Quick Ratio 0.37 Accounts receivable turnover-days 78.27Debt to Assets 50.32% Inventory Days 39.37Tot Debt to Common Equity 337.03% Accounts Payable Turnover Day 82.05Accounts Receivable Turnover 4.68 Cash Conversion Cycle 35.59Inventory Turnover 9.30Price/ 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. 18.03.2013Italian-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. 18.03.2013Interra 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: 12/2012 30.0 M 0 20.0 MLTM as of: 12/yy 0 10.0 M52-Week High (01.02.2013) 0.60 0 .0 M52-Week Low (18.05.2012) 0.22 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 6280000.00 Current Price (3/dd/yy) 0.415 Market Data 52-Week High % Change -30.25% Dividend Yield - 52-Week Low % Change 92.41% Beta 1.47 % 52 Week Price Range High/Low 55.18% Equity Float 307.27Shares Out 18.03.2013 445.6 Short Int - Market Capitalization 184.90 1 Yr Total Return 60.34%Total Debt 0.00 YTD Return 2.47%Preferred Stock 0.0 Adjusted BETA 1.465Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 18.99 Consensus Rating -Enterprise Value 121.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7042800ITRR SP EQUITY YTD Change - Average Volume 30 Day 14319330ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 17933900 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 17.5 12.6 14.9 24.8 30.4 14.9 24.8 38.2 42.8 - - TEV/Revenue 0.15x 1.75x 0.67x 0.43x - 3.10x 1.28x - - - - EBITDA 4.7 3.2 4.9 4.9 10.0 9.4 6.3 - - - - TEV/EBITDA 0.57x 6.87x 2.01x 2.16x - 0.99x 0.00x - - - - Net Income 1.7 1.5 1.7 8.9 3.0 1.7 8.9 5.0 7.0 - - P/E 10.02x 24.76x 16.38x 2.40x 43.51x 16.43x 2.48x 30.17x 20.74x - - Profitability S&P Issuer RatingsEBITDA 9.97 Long-Term Rating Date -EBIT 5.30 Long-Term Rating -Operating Margin 17.42% Long-Term Outlook -Pretax Margin 17.56% Short-Term Rating Date -Return on Assets 3.94% Short-Term Rating -Return on Common Equity 5.08% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.33Gross Margin 34.4% Total Debt/EBITDA 0.00EBITDA Margin 32.5% ReferenceEBIT Margin 17.1% Total Debt/Equity 0.0%Net Income Margin 10.0% Total Debt/Capital 0.0%Structure Asset Turnover 0.39Current Ratio 2.06 Net Fixed Asset Turnover 0.71Quick Ratio 1.56 Accounts receivable turnover-days 72.43Debt to Assets 0.00% Inventory Days 90.52Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 67.21Accounts Receivable Turnover 5.05 Cash Conversion Cycle 95.74Inventory Turnover 4.04Price/ 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. 18.03.2013Interra 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 |
  • 12. 18.03.2013Ezion Holdings LtdEzion Holdings Limited offers provision of offshore marine logistics and support Price/Volumeservices, and provides development, ownership, and chartering of strategic 1 180.0 Moffshore assets. 160.0 M 1 140.0 M 1 120.0 M 100.0 M 1 Valuation Analysis 80.0 MLatest Fiscal Year: 12/2012 0 60.0 M 40.0 MLTM as of: 12/yy 0 20.0 M52-Week High (06.03.2013) 2.08 0 .0 M52-Week Low (04.06.2012) 0.71 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 5822000.00 Current Price (3/dd/yy) 1.935 Market Data 52-Week High % Change -6.97% Dividend Yield - 52-Week Low % Change 172.54% Beta 1.37 % 52 Week Price Range High/Low 90.51% Equity Float 810.05Shares Out 18.03.2013 960.5 Short Int - Market Capitalization 1858.55 1 Yr Total Return 115.25%Total Debt 564.50 YTD Return 14.50%Preferred Stock 11.1 Adjusted BETA 1.367Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 133.50 Consensus Rating 4.667Enterprise Value 1928.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3292000EZI SP EQUITY YTD Change - Average Volume 30 Day 8964967EZI SP EQUITY YTD % CHANGE - Average Volume 3 Month 9515197 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 22.0 50.7 111.1 107.0 158.7 97.5 102.3 360.3 512.6 - - TEV/Revenue 3.57x 7.43x 3.88x 4.89x 10.72x 18.21x 16.01x 6.30x 4.61x - - EBITDA 9.2 19.3 40.9 60.2 74.1 24.7 49.0 188.9 288.0 - - TEV/EBITDA 8.51x 19.51x 10.54x 8.69x 22.97x 17.64x 9.35x 10.21x 6.70x - - Net Income 5.7 11.8 38.1 58.1 78.8 33.7 53.2 127.0 189.2 - - P/E 15.20x 30.56x 9.75x 6.25x 14.50x 11.08x 6.83x 11.64x 7.86x - - Profitability S&P Issuer RatingsEBITDA 74.06 Long-Term Rating Date -EBIT 57.47 Long-Term Rating -Operating Margin 36.22% Long-Term Outlook -Pretax Margin 52.16% Short-Term Rating Date -Return on Assets 9.45% Short-Term Rating -Return on Common Equity 19.47% Credit RatiosReturn on Capital 11.18% EBITDA/Interest Exp. 9.52Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -75.75Margin Analysis Net Debt/EBITDA 5.38Gross Margin 44.6% Total Debt/EBITDA 7.05EBITDA Margin 50.5% ReferenceEBIT Margin 36.4% Total Debt/Equity 104.2%Net Income Margin 49.7% Total Debt/Capital 50.5%Structure Asset Turnover 0.19Current Ratio 1.72 Net Fixed Asset Turnover 0.30Quick Ratio 1.21 Accounts receivable turnover-days 103.36Debt to Assets 47.12% Inventory Days 1.86Tot Debt to Common Equity 104.21% Accounts Payable Turnover Day 145.59Accounts Receivable Turnover 3.54 Cash Conversion Cycle -93.93Inventory Turnover 196.50Price/ Cash Flow Sales/Revenue/Turnover 70.00 120.0 60.00 100.0 50.00 80.0 40.00 60.0 30.00 40.0 20.00 20.0 10.00 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 |
  • 13. 18.03.2013Ezion Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTHIAM KENG CHEW n/a EXCH 171020000 20.57 110000000 07.03.2012 n/aFRANKLIN RESOURCES I n/a EXCH 55899000 6.72 12801000 23.02.2012 Investment AdvisorHAVENPORT ASSET MANA n/a EXCH 50625000 6.09 2701000 06.02.2012 n/aEZRA HOLDINGS LTD n/a EXCH 40000000 4.81 (60000000) 29.02.2012 CorporationLEGG MASON INC n/a EXCH 34838000 4.19 (3818000) 08.02.2011 Investment AdvisorLEGG MASON INTERNATI Multiple Portfolios MF-AGG 27949000 3.36 - 31.03.2011 Mutual Fund ManagerNYLECT HOLDINGS PTE n/a EXCH 26072000 3.14 (10000000) 08.06.2009 n/aAPG ALGEMENE PENSIOE n/a EXCH 16818000 2.02 (30000000) 05.07.2010 Pension Fund (ERISA)UNIQUE COUNSEL LTD n/a EXCH 11780000 1.42 - 18.12.2008 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 10000000 1.2 - 31.10.2011 Investment AdvisorICON ADVISERS INC Multiple Portfolios MF-AGG 6241000 0.75 - 31.12.2011 Investment AdvisorECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 6000000 0.72 - 31.12.2011 Mutual Fund ManagerLEOK PENG SIM n/a Research 4000000 0.48 - 12.02.2009 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 2424000 0.29 - 31.10.2011 Mutual Fund ManagerLION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2127000 0.26 - 31.12.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 2101330 0.25 177000 31.12.2011 Investment AdvisorCARRET ASSET MANAGEM CARRET ASSET MANAGEM 13F 2044000 0.25 (55000) 31.12.2011 Investment AdvisorTHEAN EE LIM n/a Co File 1200000 0.14 - 21.01.2011 n/aEZION HOLDINGS LTD n/a Co File 570000 0.07 - 14.03.2011 CorporationTAN KENG SIN n/a EXCH 500000 0.06 - 06.02.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateDMG & Partners Securities JASON SAW buy 5 M 1 12 month 12.03.2012OCBC Investment Research LOW PEI HAN buy 5 M 1 12 month 08.03.2012UOB Kay Hian NANCY WEI buy 5 M 1 Not Provided 08.03.2012CLSA Asia Pacific Markets CAROLINE MAES buy 5 M 2 Not Provided 08.03.2012CIMB ZHIBIN YEO outperform 5 M 1 12 month 07.03.2012DBS Vickers JEREMY THIA buy 5 M 1 12 month 06.03.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.03.2012Standard Chartered LEONG WAI MUN outperform 5 M 1 12 month 05.03.2012Kim Eng Securities ROHAN SUPPIAH buy 5 M 1 12 month 23.02.2012DNB Markets KAY LIM buy 5 M 1 Not Provided 23.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 18.03.2013Thai Airways International PCLThai Airways International Public Company Limited is Thailands national Price/Volumeairline providing air transportation, freight and mail services on domestic 45 60.0 Mand international routes including Asia, Europe, North America, Africa and 40South West Pacific. The Company is a state enterprise which is controlled by 50.0 M 35the government and partly owned by the public. 30 40.0 M 25 30.0 M Valuation Analysis 20Latest Fiscal Year: 12/2012 15 20.0 M 10LTM as of: 12/yy 10.0 M 552-Week High (18.03.2013) 28.50 0 .0 M52-Week Low (25.07.2012) 19.50 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 61486800.00 Current Price (3/dd/yy) 28.25 Market Data 52-Week High % Change -0.88% Dividend Yield - 52-Week Low % Change 44.87% Beta 1.15 % 52 Week Price Range High/Low 81.82% Equity Float 941.26Shares Out 13.02.2013 2182.8 Short Int - Market Capitalization 61663.31 1 Yr Total Return 12.91%Total Debt 158685.38 YTD Return 30.29%Preferred Stock 0.0 Adjusted BETA 1.147Minority Interest 898.5 Analyst Recs 25Cash and Equivalents 21758.11 Consensus Rating 3.760Enterprise Value 199489.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10890680THAI TB EQUITY YTD Change - Average Volume 30 Day 16616110THAI TB EQUITY YTD % CHANGE - Average Volume 3 Month 11828890 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 200118.0 161602.7 180588.7 190997.2 209122.5 180588.7 190997.2 220143.7 233955.4 56673.0 50305.0 TEV/Revenue 0.76x 1.07x 1.19x 0.89x 0.89x 4.28x 3.72x 0.97x 0.89x - - EBITDA 9301.8 30214.0 32314.0 19446.3 27650.0 30571.3 18543.3 32744.3 36419.1 - - TEV/EBITDA 16.33x 5.73x 6.66x 8.70x 6.73x 7.04x 9.12x 6.09x 5.48x - - Net Income (21379.5) 7343.6 14743.6 (10197.0) 6229.0 14743.6 (10197.0) 4806.7 6641.8 3582.0 (887.0) P/E - 4.31x 6.08x - 7.75x 5.65x 77.52x 12.93x 9.66x 10.46x - Profitability S&P Issuer RatingsEBITDA 27649.98 Long-Term Rating Date -EBIT 7115.15 Long-Term Rating -Operating Margin 3.40% Long-Term Outlook -Pretax Margin 3.40% Short-Term Rating Date -Return on Assets 2.16% Short-Term Rating -Return on Common Equity 9.47% Credit RatiosReturn on Capital 5.47% EBITDA/Interest Exp. 4.74Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 1.59Margin Analysis Net Debt/EBITDA 4.95Gross Margin 51.5% Total Debt/EBITDA 5.74EBITDA Margin 13.2% ReferenceEBIT Margin 3.4% Total Debt/Equity 230.2%Net Income Margin 3.0% Total Debt/Capital 69.4%Structure Asset Turnover 0.72Current Ratio 0.87 Net Fixed Asset Turnover 0.99Quick Ratio 0.45 Accounts receivable turnover-days 27.91Debt to Assets 52.18% Inventory Days 27.93Tot Debt to Common Equity 230.25% Accounts Payable Turnover Day 21.59Accounts Receivable Turnover 13.11 Cash Conversion Cycle 34.26Inventory Turnover 13.10Price/ Cash Flow Sales/Revenue/Turnover 12.00 250000.0 10.00 200000.0 8.00 150000.0 6.00 100000.0 4.00 50000.0 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 |
  • 15. 18.03.2013Thai Airways International PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINANCE MINISTRY n/a EXCH 1113931061 51.03 - 16.03.2011 GovernmentVAYUPAK FUND I n/a EXCH 330075164 15.12 - 16.03.2011 Investment AdvisorTHAI NVDR CO LTD n/a EXCH 99706482 4.57 - 16.03.2011 CorporationGOVT SAVINGS BANK FU n/a EXCH 52114826 2.39 - 16.03.2011 UnclassifiedSTATE STREET BANK AN n/a EXCH 44160124 2.02 - 16.03.2011 BankBANK OF NEW YORK MEL n/a EXCH 29056370 1.33 - 16.03.2011 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 17259518 0.79 8375100 31.12.2011 Investment AdvisorSOMERS LTD n/a EXCH 13284504 0.61 - 16.03.2011 OtherTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 5559563 0.25 (381500) 29.02.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 3655557 0.17 (10943000) 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 516100 0.02 516100 30.06.2011 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 460630 0.02 180 31.10.2011 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 324900 0.01 - 30.11.2011 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 302300 0.01 302300 30.11.2011 Investment AdvisorMESIROW FIN INV MGMT MESIROW FIN INV MGMT 13F 201612 0.01 201612 31.12.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 101443 0 101443 30.09.2011 Investment AdvisorMIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 80069 0 - 30.11.2011 Investment AdvisorNORTHWESTERN MUTUAL NORTHWESTERN MUTUAL Sch-D 68900 0 30700 30.09.2011 Insurance CompanyING INVESTMENT MANAG Multiple Portfolios MF-AGG 38200 0 (800) 31.12.2011 Investment AdvisorWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 37858 0 143 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKasikorn Securities SOMKIJ ORANCHATCHAWAN outperform 5 M 30 Not Provided 19.03.2012HSBC MARK CARMERON ROSS WEBB overweight 5 N 32 Not Provided 12.03.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.03.2012Kim Eng Securities JAROONPAN WATTANAWONG speculative buy 4 M 32 Not Provided 09.03.2012Phillip Securities SIAM TIYANONT buy 5 M 34 Not Provided 08.03.2012Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 U 35 Not Provided 08.03.2012Capital Nomura Securities RAENOO BHANDASUKDI buy 5 M #N/A N/A Not Provided 05.03.2012CIMB MONCHAI JATURANPINYO neutral 3 M 23 12 month 05.03.2012UOB Kay Hian K AJITH sell 1 D 23 Not Provided 28.02.2012Asia Plus Securities KAWEE MANITSUPAWONG hold 3 M 26 12 month 27.02.2012Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 31 Not Provided 27.02.2012KGI Securities PHATIPAK NAVAWATANA neutral 3 M 30 Not Provided 27.02.2012DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 32 12 month 27.02.2012OSK (Asia) Securities AHMAD MAGHFUR USMAN sell 1 M 21 12 month 27.02.2012SCB Securities Co. Ltd. SIRIMA DISSARA buy 5 M 29 Not Provided 27.02.2012Finansia Syrus Securities PCL AMNART NGOSAWANG buy 5 M 31 Not Provided 27.02.2012Macquarie DAVID GAMBRILL neutral 3 D 27 12 month 14.02.2012Morgan Stanley SOPHIE LOH Equalwt/In-Line 3 M 18 12 month 02.02.2012Country Group Securities PCL VARAYU WATTANASIRI buy 5 U 27 12 month 25.01.2012Thanachart Securities PCL SAKSID PHADTHANANARAK sell 1 M 18 12 month 20.01.2012Standard Chartered TAN WEI LING underperform 1 M 16 12 month 05.01.2012KT Zmico Securities TERAPATR MATHANUKRAW buy 5 M 31 12 month 25.11.2011Goldman Sachs HINO LAM neutral/neutral 3 M 21 12 month 13.11.2011Citi RIGAN WONG neutral 3 M 19 Not Provided 27.10.2011KTB Securities Thailand Co Ltd PHONTEP WONGNAK buy 5 U 34 Not Provided 15.08.2011Deutsche Bank MONCHAI MOKARANURAKSA buy 5 M 45 12 month 18.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 18.03.2013Thai Union Frozen Products PCLThai Union Frozen Products Public Company Limited produces and exports frozen Price/Volumeand canned seafood products including frozen tuna loin, shrimp and cephalopod. 80 16.0 MThe Company also produces canned pet foods from by products of its seafood 70 14.0 Mprocess. Additionally, the Company produces fish snack and canned tuna which 60 12.0 Mare marketed locally. 50 10.0 M 40 8.0 M Valuation Analysis 30 6.0 MLatest Fiscal Year: 12/2012 20 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (14.05.2012) 78.00 0 .0 M52-Week Low (14.03.2013) 63.50 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 1658800.00 Current Price (3/dd/yy) 65 Market Data 52-Week High % Change -16.67% Dividend Yield - 52-Week Low % Change 2.36% Beta 0.67 % 52 Week Price Range High/Low 8.62% Equity Float 506.94Shares Out 13.02.2013 1147.6 Short Int - Market Capitalization 74593.60 1 Yr Total Return -0.34%Total Debt 35008.44 YTD Return -8.31%Preferred Stock 0.0 Adjusted BETA 0.671Minority Interest 3128.2 Analyst Recs 27Cash and Equivalents 1400.04 Consensus Rating 4.481Enterprise Value 111330.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6599760TUF TB EQUITY YTD Change - Average Volume 30 Day 4049897TUF TB EQUITY YTD % CHANGE - Average Volume 3 Month 3941836 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 69048.1 68994.5 71507.4 98670.4 106697.6 71507.4 98670.4 119470.3 132371.4 28952.0 28361.0 TEV/Revenue 0.50x 0.58x 1.24x 0.99x 1.12x 3.56x 3.62x 0.89x 0.79x - - EBITDA 3910.5 5242.8 4754.2 9378.1 9519.2 4649.3 9266.9 11555.4 13226.6 3360.0 3292.0 TEV/EBITDA 8.91x 7.69x 18.70x 10.39x 12.54x 19.12x 10.52x 9.63x 8.42x - - Net Income 2200.5 3343.8 2873.7 5117.2 4693.7 2873.7 5074.5 6291.9 7383.1 1282.0 1630.0 P/E 7.69x 7.98x 16.41x 10.93x 16.40x 16.48x 11.04x 11.92x 10.25x - - Profitability S&P Issuer RatingsEBITDA 9519.21 Long-Term Rating Date -EBIT 6869.19 Long-Term Rating -Operating Margin 6.44% Long-Term Outlook -Pretax Margin 5.24% Short-Term Rating Date -Return on Assets 5.27% Short-Term Rating -Return on Common Equity 15.22% Credit RatiosReturn on Capital 10.90% EBITDA/Interest Exp. 4.09Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 2.53Margin Analysis Net Debt/EBITDA 3.53Gross Margin 15.3% Total Debt/EBITDA 3.68EBITDA Margin 8.9% ReferenceEBIT Margin 6.4% Total Debt/Equity 94.1%Net Income Margin 4.4% Total Debt/Capital 46.5%Structure Asset Turnover 1.20Current Ratio 1.36 Net Fixed Asset Turnover 6.28Quick Ratio 0.37 Accounts receivable turnover-days 39.13Debt to Assets 36.94% Inventory Days 120.47Tot Debt to Common Equity 94.07% Accounts Payable Turnover Day 29.11Accounts Receivable Turnover 9.35 Cash Conversion Cycle 130.50Inventory Turnover 3.04Price/ Cash Flow Sales/Revenue/Turnover 140.00 120000.0 120.00 100000.0 100.00 80000.0 80.00 60000.0 60.00 40000.0 40.00 20000.0 20.00 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 |
  • 17. 18.03.2013Thai Union Frozen Products PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHANSIRI KRAISORN n/a EXCH 85872509 8.98 - 25.03.2011 n/aMITSUBISHI CORP n/a Co File 72446900 7.58 - 31.03.2011 CorporationCHANSIRI THIRAPHONG n/a EXCH 55416482 5.79 - 25.03.2011 n/aNIRUTTINANON CHENG n/a EXCH 47123265 4.93 - 25.03.2011 n/aCHANSIRI BUSAKORN n/a EXCH 36409507 3.81 - 25.03.2011 n/aTHAI NVDR CO LTD n/a EXCH 31598015 3.3 - 25.03.2011 CorporationMERRILL LYNCH INTERN n/a EXCH 31340000 3.28 - 25.03.2011 BankSOCIAL SECURITY OFFI n/a EXCH 27226619 2.85 - 25.03.2011 UnclassifiedCHANSIRI DISPHOL n/a EXCH 24778142 2.59 - 25.03.2011 n/aCHANSIRI PORNAPA n/a EXCH 22574760 2.36 - 25.03.2011 n/aHAGOROMO FOODS CORP n/a Co File 18900000 1.98 - 31.03.2011 CorporationTIN KING CHAN n/a EXCH 18553327 1.94 - 25.03.2011 n/aCHOY YUEN CHU n/a EXCH 18316664 1.92 - 25.03.2011 n/aAMERICAN INTERNATION n/a EXCH 15000142 1.57 - 25.03.2011 Insurance CompanyNIRUTTINANON CHINTAN n/a EXCH 14000007 1.46 - 25.03.2011 n/aBOONMECHOTE RITTIRON n/a EXCH 13100000 1.37 - 25.03.2011 n/aSTATE STREET BANK AN n/a EXCH 12958436 1.36 - 25.03.2011 BankBOONMECHOTE PRASERT n/a EXCH 12053000 1.26 - 25.03.2011 n/aBANK OF NEW YORK MEL n/a EXCH 10787800 1.13 - 25.03.2011 Investment AdvisorSOMERS LTD n/a EXCH 10344715 1.08 - 25.03.2011 Other Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank CHALINEE CONGMUANG buy 5 M 73 12 month 09.03.2012Kim Eng Securities SUTTATIP PEERASUB buy 5 M 80 Not Provided 09.03.2012Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 82 12 month 09.03.2012Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 80 12 month 08.03.2012DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 81 12 month 08.03.2012CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 86 12 month 08.03.2012Phillip Securities NAREE APISAWAITTKAN buy 5 U 80 Not Provided 08.03.2012Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 75 Not Provided 08.03.2012UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 74 Not Provided 08.03.2012IV Global RATTANA LEENUTAPHONG buy 5 M 76 Not Provided 08.03.2012Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 75 Not Provided 08.03.2012Kasikorn Securities JITIMA RATANATAM buy 5 M 80 Not Provided 08.03.2012Credit Suisse KARIM SALAMATIAN outperform 5 M 85 Not Provided 07.03.2012Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 81 12 month 06.03.2012Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012Macquarie BUNLUNG WAIYANONT neutral 3 M 60 12 month 22.02.2012Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 77 12 month 10.02.2012AIRA SECURITIES NUTTAPON KUMNOUNPHON buy 5 M 81 Not Provided 09.02.2012KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 88 Not Provided 08.02.2012Thanachart Securities PCL AUNGKANA TUNGWIKROMKRAI buy 5 M 80 12 month 31.01.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD long-term buy 5 M 64 12 month 25.01.2012JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 53 9 month 23.01.2012BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 65 12 month 16.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 18.03.2013Charoen Pokphand Foods PCLCharoen Pokphand Foods Public Company Limited produces a wide range of food Price/Volumeproducts. The Companys products include chicken, pork, shrimp, fish, eggs. 40 100.0 Mand duck. 90.0 M 35 80.0 M 30 70.0 M 25 60.0 M 20 50.0 M Valuation Analysis 40.0 M 15Latest Fiscal Year: 12/2012 30.0 M 10LTM as of: 12/yy 20.0 M 5 10.0 M52-Week High (09.05.2012) 42.25 0 .0 M52-Week Low (25.07.2012) 31.00 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 47553800.00 Current Price (3/dd/yy) 35 Market Data 52-Week High % Change -17.16% Dividend Yield - 52-Week Low % Change 12.90% Beta 0.95 % 52 Week Price Range High/Low 31.11% Equity Float 3320.89Shares Out 13.02.2013 7742.9 Short Int - Market Capitalization 271002.97 1 Yr Total Return -3.53%Total Debt 145982.86 YTD Return 3.70%Preferred Stock 0.0 Adjusted BETA 0.947Minority Interest 16259.0 Analyst Recs 31Cash and Equivalents 12258.40 Consensus Rating 4.161Enterprise Value 420986.41 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 42198900CPF TB EQUITY YTD Change - Average Volume 30 Day 27999250CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 26930990 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 156237.6 165063.0 189048.5 206099.5 357175.2 189048.5 206099.5 404853.4 449377.8 102295.5 101292.5 TEV/Revenue 0.42x 0.70x 1.09x 1.36x 1.11x 3.94x 4.69x 0.97x 0.90x - - EBITDA 8067.5 16147.8 16863.9 19442.1 15453.8 16863.9 19442.1 30719.0 36366.9 7293.0 7145.0 TEV/EBITDA 8.20x 7.17x 12.24x 14.44x 25.67x 12.24x 13.77x 13.70x 11.58x - - Net Income 3128.4 10190.2 13562.6 16116.9 18789.9 13562.6 15837.0 15961.3 19826.1 3651.0 4436.5 P/E 7.23x 7.50x 12.11x 13.64x 13.03x 12.11x 13.87x 16.56x 13.27x 14.14x 13.04x Profitability S&P Issuer RatingsEBITDA 15453.78 Long-Term Rating Date -EBIT 8077.37 Long-Term Rating -Operating Margin 2.26% Long-Term Outlook -Pretax Margin 6.63% Short-Term Rating Date -Return on Assets 7.98% Short-Term Rating -Return on Common Equity 22.28% Credit RatiosReturn on Capital 13.23% EBITDA/Interest Exp. 2.42Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. -0.70Margin Analysis Net Debt/EBITDA 8.64Gross Margin 11.6% Total Debt/EBITDA 9.45EBITDA Margin 4.3% ReferenceEBIT Margin 2.3% Total Debt/Equity 139.7%Net Income Margin 5.3% Total Debt/Capital 54.7%Structure Asset Turnover 1.52Current Ratio 1.15 Net Fixed Asset Turnover 4.86Quick Ratio 0.37 Accounts receivable turnover-days 19.97Debt to Assets 47.01% Inventory Days 40.31Tot Debt to Common Equity 139.67% Accounts Payable Turnover Day 17.26Accounts Receivable Turnover 18.33 Cash Conversion Cycle 43.01Inventory Turnover 9.08Price/ Cash Flow Sales/Revenue/Turnover 18.00 250000.0 16.00 14.00 200000.0 12.00 150000.0 10.00 8.00 100000.0 6.00 4.00 50000.0 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 |
  • 19. 18.03.2013Charoen Pokphand Foods PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHAROEN POKPHAND GRO n/a EXCH 3246891295 41.93 - 25.08.2011 Holding CompanyTHAI NVDR CO LTD n/a EXCH 391234737 5.05 - 25.08.2011 CorporationUBS AG/LONDON n/a EXCH 288490080 3.73 - 25.08.2011 Investment AdvisorBANGKOK AGRO-INDL PR n/a EXCH 145684000 1.88 - 25.08.2011 OtherJIRAPUMMIN WALAIPORN n/a EXCH 128100000 1.65 - 25.08.2011 n/aSTATE STREET BANK AN n/a EXCH 109275580 1.41 - 25.08.2011 BankTIEANWORN PRIN n/a EXCH 95400000 1.23 - 25.08.2011 n/aSOCIAL SECURITY OFFI n/a EXCH 90827900 1.17 - 25.08.2011 UnclassifiedBANGKOK PRODUCES PCL n/a EXCH 82885000 1.07 - 25.08.2011 CorporationBANGKOK FOOD PRODUCT n/a EXCH 69110720 0.89 - 25.08.2011 OtherSTATE STREET BANK EU n/a EXCH 67736744 0.87 - 25.08.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 64889500 0.84 2599400 31.12.2011 Investment AdvisorUBS AG/HONG KONG n/a EXCH 57250000 0.74 - 25.08.2011 BankUOB-KAY HIAN PTE LTD n/a EXCH 50295200 0.65 - 25.08.2011 CorporationSOMERS LTD n/a EXCH 37823300 0.49 - 25.08.2011 OtherTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19153800 0.25 (1313700) 29.02.2012 UnclassifiedPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 18784400 0.24 402600 31.01.2012 Investment AdvisorKANCHANADUL VEERAVAT n/a Co File 16915170 0.22 - 31.12.2009 n/aARUNANONDCHAI SUNTHO n/a Co File 14748299 0.19 - 31.12.2009 n/aWATCHARANANAN ARUNEE n/a Co File 7639999 0.1 - 31.12.2009 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley DIVYA GANGAHAR KOTHIYAL Underwt/In-Line 1 N 34 12 month 19.03.2012Phillip Securities NAREE APISAWAITTKAN accumulate 4 U 39 Not Provided 15.03.2012CLSA Asia Pacific Markets PATTAWAN PHANUSSOPAKUL buy 5 M 42 Not Provided 12.03.2012Kim Eng Securities SUTTATIP PEERASUB buy 5 M 39 Not Provided 09.03.2012Bualuang Securities PRASIT SUJIRAVORAKUL trading buy 5 M 38 3 month 09.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 48 12 month 02.03.2012Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 45 Not Provided 02.03.2012Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 37 Not Provided 27.02.2012Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 24.02.2012Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 47 12 month 23.02.2012Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 48 Not Provided 23.02.2012DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 42 12 month 23.02.2012SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 M 45 Not Provided 23.02.2012IV Global RATTANA LEENUTAPHONG buy 5 M 42 Not Provided 23.02.2012Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 U 42 Not Provided 23.02.2012Kasikorn Securities JITIMA RATANATAM buy 5 M 42 Not Provided 23.02.2012Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012Macquarie BUNLUNG WAIYANONT outperform 5 M 43 12 month 22.02.2012Deutsche Bank CHALINEE CONGMUANG buy 5 M 41 12 month 09.02.2012KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 37 Not Provided 02.02.2012UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 40 Not Provided 01.02.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 37 12 month 25.01.2012JPMorgan MARIA BRENDA SANCHEZ LAPIZ overweight 5 M 39 9 month 17.01.2012KT Zmico Securities POLASIT TANPOONKIAT buy 5 M 40 12 month 28.12.2011AIRA SECURITIES NATTAPON KUMNUALPHON buy on weakness 5 N 38 Not Provided 29.11.2011Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 28.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 18.03.2013Amata Corp PCLAmata Corporation Public Company Limited develops industrial estates primarily Price/Volumeserved for manufacturing plants and factories. The Company acquires land and 20 60.0 Mdevelops essential infrastructure and facilities ready for industrialized 18operations. Ameta also has overseas investments in Vietnam. 16 50.0 M 14 40.0 M 12 10 30.0 M Valuation Analysis 8Latest Fiscal Year: 12/2012 6 20.0 MLTM as of: 12/yy 4 10.0 M 252-Week High (13.03.2013) 28.00 0 .0 M52-Week Low (24.05.2012) 14.40 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 2891800.00 Current Price (3/dd/yy) 26.75 Market Data 52-Week High % Change -4.46% Dividend Yield - 52-Week Low % Change 85.76% Beta 1.40 % 52 Week Price Range High/Low 94.49% Equity Float 549.66Shares Out 13.02.2013 1067.0 Short Int - Market Capitalization 28542.25 1 Yr Total Return 62.16%Total Debt 7082.33 YTD Return 65.12%Preferred Stock 0.0 Adjusted BETA 1.402Minority Interest 2339.7 Analyst Recs 20Cash and Equivalents 2032.53 Consensus Rating 4.450Enterprise Value 35931.75 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8316200AMATA TB EQUITY YTD Change - Average Volume 30 Day 12533330AMATA TB EQUITY YTD % CHANGE - Average Volume 3 Month 12443250 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 3858.8 2035.1 3096.3 3747.9 5307.6 3096.3 3747.9 7293.5 8965.5 2204.0 2204.0 TEV/Revenue 2.52x 6.57x 6.54x 5.62x 4.65x 23.08x 20.74x 4.94x 3.95x - - EBITDA 1804.8 494.5 1183.2 1441.7 1907.6 1183.2 1441.7 2908.2 3555.9 860.0 860.0 TEV/EBITDA 5.39x 27.04x 17.10x 14.61x 12.94x 17.10x 13.77x 12.36x 10.10x - - Net Income 1192.3 372.3 695.9 900.5 1444.5 695.9 932.2 1767.4 2189.5 448.0 498.0 P/E 3.64x 21.00x 22.15x 15.00x 12.00x 22.15x 14.48x 16.15x 13.02x - - Profitability S&P Issuer RatingsEBITDA 1907.59 Long-Term Rating Date -EBIT 1797.10 Long-Term Rating -Operating Margin 33.86% Long-Term Outlook -Pretax Margin 42.58% Short-Term Rating Date -Return on Assets 6.48% Short-Term Rating -Return on Common Equity 17.25% Credit RatiosReturn on Capital 11.48% EBITDA/Interest Exp. 4.81Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. 3.82Margin Analysis Net Debt/EBITDA -Gross Margin 50.9% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 33.9% Total Debt/Equity 80.0%Net Income Margin 27.2% Total Debt/Capital 38.8%Structure Asset Turnover 0.24Current Ratio 1.42 Net Fixed Asset Turnover 5.91Quick Ratio 0.35 Accounts receivable turnover-days 7.79Debt to Assets 29.70% Inventory Days 815.26Tot Debt to Common Equity 79.99% Accounts Payable Turnover Day 21.07Accounts Receivable Turnover 46.97 Cash Conversion Cycle 801.99Inventory Turnover 0.45Price/ Cash Flow Sales/Revenue/Turnover 16.00 5000.0 14.00 4500.0 4000.0 12.00 3500.0 10.00 3000.0 8.00 2500.0 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 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 |
  • 21. 18.03.2013Amata Corp PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKROMADIT VIKROM n/a EXCH 263710000 24.72 - 06.05.2011 n/aKROMADIT VITOON n/a EXCH 62069270 5.82 - 06.05.2011 n/aTHAI NVDR CO LTD n/a EXCH 59421450 5.57 - 06.05.2011 CorporationITOCHU MANAGEMENT TH n/a EXCH 50000000 4.69 - 06.05.2011 CorporationSTATE STREET BANK AN n/a EXCH 45867254 4.3 - 06.05.2011 BankYODMANI CHAVALIT n/a EXCH 38061170 3.57 - 06.05.2011 n/aSTATE STREET BANK EU n/a EXCH 21498500 2.01 - 06.05.2011 n/aAMERICAN INTERNATION n/a EXCH 16500000 1.55 - 06.05.2011 Insurance CompanyBANGKOK INSURANCE PC n/a EXCH 13025600 1.22 - 06.05.2011 Insurance CompanySOMERS LTD n/a EXCH 11530900 1.08 - 06.05.2011 OtherCACEIS n/a EXCH 9436600 0.88 - 06.05.2011 Investment AdvisorKOOHRATTANAPISAL SOR n/a EXCH 9250000 0.87 - 06.05.2011 n/aSIHANATKATHAKUL MONT n/a EXCH 8584300 0.8 - 06.05.2011 n/aEGAT EMPLOYEE RETIRE n/a EXCH 7229600 0.68 - 06.05.2011 n/aBOONPRASERT ARICH n/a EXCH 6628020 0.62 - 06.05.2011 n/aKOOHRATTANAPISAL SOO n/a EXCH 6520000 0.61 - 06.05.2011 n/aSRICHAROENLAMSAM SIR n/a EXCH 6350000 0.6 - 06.05.2011 n/aPANUPONG CHALIYA n/a EXCH 6275000 0.59 - 06.05.2011 n/aSIHANATKATHAKUL ANUC n/a EXCH 5534000 0.52 - 06.05.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 2928170 0.27 345300 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKasikorn Securities SORAPONG JAKTEERUGKUL buy 5 M 22 Not Provided 19.03.2012DBS Vickers CHANPEN SIRITHANARATTANAKUL buy 5 M 20 12 month 16.03.2012Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT buy 5 M 21 Not Provided 14.03.2012Kim Eng Securities TERMPORN TANTIVIVAT buy 5 M 21 Not Provided 09.03.2012Capital Nomura Securities PIYACHAT RATANASUVAN buy 5 M #N/A N/A Not Provided 24.02.2012Asia Plus Securities THERDSAK THAVEETEERATHAM buy 5 M 24 12 month 22.02.2012Phillip Securities DANAI TUNYAPISITCHAI trading buy 5 M 18 Not Provided 22.02.2012Finansia Syrus Securities PCL WORARAT POWPAKA buy 5 M 22 Not Provided 22.02.2012AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 23 Not Provided 22.02.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD speculative buy 4 M 17 Not Provided 21.02.2012CIMB WATTAIPUN EKATAKSIN outperform 5 M 25 12 month 21.02.2012Bualuang Securities CHAIYATORN SRICHAROEN buy 5 U 20 12 month 21.02.2012KGI Securities TAREETIP WONGSAENGPAIBOON outperform 5 M 18 Not Provided 20.02.2012Macquarie PATTI TOMAITRICHITR outperform 5 M 21 12 month 20.02.2012Thanachart Securities PCL PHANNARAI TIYAPITTAYARUT buy 5 M 25 12 month 14.02.2012Krungsri Securities CHATREE SRISMAICHAROEN trading 2 M 17 12 month 10.02.2012EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012SCB Securities Co. Ltd. YUPHARET LIKITSANSUK buy 5 M 23 Not Provided 27.01.2012Citi SUCHART TECHAPOSAI buy 5 M 19 Not Provided 19.01.2012Deutsche Bank NATHAVUT SHIVARUCHIWONG buy 5 M 18 12 month 06.01.2012UOB Kay Hian WANIDA GEISLER sell 1 M 9 Not Provided 15.12.2011RBS DAVID BELLER buy 5 M 21 12 month 09.11.2011KTB Securities Thailand Co Ltd NARONGSAK SONPUAK long-term buy 5 M 20 Not Provided 10.01.2011Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 20 Not Provided 28.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 18.03.2013Bangkok Bank PCLBangkok Bank Public Company Limited provides various banking and financial Price/Volumeservices including commercial, consumer, credit card, and mortgage lending, 200 35.0 Minternational trade financing, investment banking, and securities services. 180 30.0 M 160 140 25.0 M 120 20.0 M 100 Valuation Analysis 80 15.0 MLatest Fiscal Year: 12/2012 60 10.0 MLTM as of: 12/yy 40 5.0 M 2052-Week High (14.03.2013) 233.00 0 .0 M52-Week Low (05.06.2012) 169.50 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 3749900.00 Current Price (3/dd/yy) 232 Market Data 52-Week High % Change -0.43% Dividend Yield - 52-Week Low % Change 36.87% Beta 1.09 % 52 Week Price Range High/Low 100.00% Equity Float 1224.00Shares Out 13.02.2013 1908.8 Short Int - Market Capitalization 442851.56 1 Yr Total Return 29.01%Total Debt 245179.15 YTD Return 18.67%Preferred Stock 0.0 Adjusted BETA 1.093Minority Interest 70.8 Analyst Recs 34Cash and Equivalents 401419.83 Consensus Rating 4.324Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3495960BBL TB EQUITY YTD Change - Average Volume 30 Day 4110530BBL TB EQUITY YTD % CHANGE - Average Volume 3 Month 4531707 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 100765.2 90690.6 96966.4 115269.8 130118.8 96506.3 108228.1 95699.0 104954.3 23150.7 23874.0 TEV/Revenue - - - - - 4.35x 8.05x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 20243.0 20562.0 24593.4 27337.6 33021.5 24458.0 27337.6 38100.5 42750.7 9040.0 9272.5 P/E 6.51x 10.77x 11.41x 10.72x 11.30x 11.48x 10.71x 11.63x 10.34x 11.77x 11.10x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.11.2006EBIT - Long-Term Rating BBB+Operating Margin 42.53% Long-Term Outlook STABLEPretax Margin 44.87% Short-Term Rating Date 01.11.2006Return on Assets 1.46% Short-Term Rating A-2Return on Common Equity 12.77% Credit RatiosReturn on Capital 6.76% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 89.6%Net Income Margin 36.8% Total Debt/Capital 47.3%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 3.78Quick Ratio - Accounts receivable turnover-days -Debt to Assets 10.14% Inventory Days -Tot Debt to Common Equity 89.63% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 120000.0 50.00 100000.0 40.00 80000.0 30.00 60000.0 20.00 40000.0 10.00 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 |
  • 23. 18.03.2013Bangkok Bank PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTHAI NVDR CO LTD n/a EXCH 464434206 24.33 - 12.09.2011 CorporationSTATE STREET BANK AN n/a EXCH 97219656 5.09 - 12.09.2011 BankTHAILAND SECURITIES n/a EXCH 78378582 4.11 - 12.09.2011 Investment AdvisorSTATE STREET BANK EU n/a EXCH 38158772 2 - 12.09.2011 n/aBANK OF NEW YORK MEL n/a EXCH 38064646 1.99 - 12.09.2011 Investment AdvisorMORGAN STANLEY & CO n/a EXCH 37846675 1.98 - 12.09.2011 Investment AdvisorBANGKOK INSURANCE PC n/a EXCH 35412030 1.86 - 12.09.2011 Insurance CompanyABU DHABI INVESTMENT n/a EXCH 34684100 1.82 - 12.09.2011 Investment AdvisorUOB-KAY HIAN PTE LTD n/a EXCH 32931250 1.73 - 12.09.2011 CorporationSOCIAL SECURITY OFFI n/a EXCH 29918800 1.57 - 12.09.2011 UnclassifiedGOVT OF SINGAPORE IN n/a EXCH 25489300 1.34 - 12.09.2011 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 18108238 0.95 359600 31.12.2011 Investment AdvisorHSBC BANK PLC n/a EXCH 15094859 0.79 - 12.09.2011 BankSOPHONPANICH CHATRI n/a EXCH 13562778 0.71 - 12.09.2011 n/aGOVT SAVINGS BANK FU n/a EXCH 13332200 0.7 - 12.09.2011 UnclassifiedSAWAIPRAPAS & SON CO n/a EXCH 11409700 0.6 - 12.09.2011 n/aRBC DEXIA INVESTOR S n/a EXCH 10511281 0.55 - 12.09.2011 Investment AdvisorCHATRIEN HOLDING LTD n/a EXCH 10483110 0.55 - 12.09.2011 OtherSELANGOR HOLDINGS IN n/a EXCH 10002847 0.52 - 12.09.2011 n/aT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6026300 0.32 357100 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKT Zmico Securities CHALIE KUEYEN buy 5 M 210 12 month 16.03.2012Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 196 12 month 16.03.2012BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 190 12 month 14.03.2012KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 220 Not Provided 13.03.2012Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 190 Not Provided 12.03.2012CLSA Asia Pacific Markets JAMES MOSS buy 5 M 210 Not Provided 12.03.2012Kim Eng Securities WORAPHON WIROONSRI hold 3 M 164 Not Provided 09.03.2012DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 208 12 month 08.03.2012Goldman Sachs MELISSA KUANG Buy/Neutral 5 U 220 12 month 28.02.2012Nomura ANAND PATHMAKANTHAN buy 5 M 210 Not Provided 27.02.2012Standard Chartered KRISHNA GUHA in-line 3 M 166 12 month 24.02.2012Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 196 Not Provided 24.02.2012Asia Plus Securities USANEE LIURUT buy 5 M 221 12 month 23.02.2012HSBC XIUSHI CAI overweight 5 M 193 Not Provided 23.02.2012Phillip Securities SASIKORN CHAROENSUWAN trading buy 5 M 201 Not Provided 23.02.2012SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 194 Not Provided 23.02.2012UOB Kay Hian THANANCHAI JITTANOON buy 5 M 222 Not Provided 23.02.2012Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 202 Not Provided 23.02.2012Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 175 Not Provided 23.02.2012KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT hold 3 D 180 Not Provided 23.02.2012AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 189 Not Provided 23.02.2012Deutsche Bank PEACH PATHARAVANAKUL buy 5 M 195 12 month 22.02.2012Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 200 12 month 21.02.2012IV Global SIRIANONT SRIKUREJA buy 5 M 197 Not Provided 14.02.2012OSK (Asia) Securities KEITH WEE buy 5 M 172 12 month 13.02.2012JPMorgan ANNE JIRAJARIYAVECH neutral 3 M 190 9 month 07.02.2012Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 177 12 month 06.02.2012RBS MARCIN SPIEWAK buy 5 M 190 12 month 01.02.2012Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 211 Not Provided 30.01.2012Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 184 12 month 25.01.2012CIMB MONCHAI JATURANPINYO neutral 3 M 162 12 month 23.01.2012Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI outperform 5 M 183 Not Provided 20.01.2012Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M 189 Not Provided 11.01.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 18.03.2013Kasikornbank PCLKasikornbank Public Company Limited provides commercial banking services Price/Volumeincluding personal and commercial banking, international trade, as well as 180 40.0 Minvestment banking services, to its customers throughout Thailand. The Bank 160 35.0 Mhas foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen, 140 30.0 Mand representative offices in Shanghai, Beijing, and Kunmin. 120 25.0 M 100 20.0 M Valuation Analysis 80 15.0 MLatest Fiscal Year: 12/2012 60 40 10.0 MLTM as of: 12/yy 20 5.0 M52-Week High (04.03.2013) 223.00 0 .0 M52-Week Low (23.05.2012) 142.00 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 5608700.00 Current Price (3/dd/yy) 219 Market Data 52-Week High % Change -1.79% Dividend Yield - 52-Week Low % Change 54.23% Beta 1.00 % 52 Week Price Range High/Low 91.36% Equity Float 1639.62Shares Out 13.02.2013 2393.3 Short Int - Market Capitalization 524123.97 1 Yr Total Return 41.75%Total Debt 277745.63 YTD Return 13.18%Preferred Stock 0.0 Adjusted BETA 1.004Minority Interest 15875.7 Analyst Recs 33Cash and Equivalents 285105.77 Consensus Rating 4.697Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4110900KBANK TB EQUITY YTD Change - Average Volume 30 Day 4751614KBANK TB EQUITY YTD % CHANGE - Average Volume 3 Month 4961666 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 82740.9 83687.3 120574.4 154892.9 184075.6 120106.7 154874.8 123303.2 138441.4 28850.5 29932.0 TEV/Revenue - - - - - 8.95x 7.16x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 15333.3 14732.4 20046.7 24225.6 35259.8 20598.5 24225.6 42970.1 49255.3 10776.5 10673.0 P/E 7.02x 13.80x 14.98x 12.06x 13.14x 14.58x 12.06x 12.22x 10.63x 11.94x 11.50x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 06.12.2011EBIT - Long-Term Rating BBB+Operating Margin 32.32% Long-Term Outlook STABLEPretax Margin 32.33% Short-Term Rating Date 28.09.2005Return on Assets 1.86% Short-Term Rating A-2Return on Common Equity 20.76% Credit RatiosReturn on Capital 9.67% EBITDA/Interest Exp. -Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 150.2%Net Income Margin 23.3% Total Debt/Capital 58.0%Structure Asset Turnover 0.10Current Ratio - Net Fixed Asset Turnover 4.65Quick Ratio - Accounts receivable turnover-days -Debt to Assets 13.37% Inventory Days -Tot Debt to Common Equity 150.18% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 80.00 180000.0 70.00 160000.0 60.00 140000.0 120000.0 50.00 100000.0 40.00 80000.0 30.00 60000.0 20.00 40000.0 10.00 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 |
  • 25. 18.03.2013Kasikornbank PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTHAI NVDR CO LTD n/a EXCH 596569130 24.93 - 09.09.2011 CorporationSTATE STREET BANK AN n/a EXCH 246931467 10.32 - 09.09.2011 BankSTATE STREET BANK EU n/a EXCH 113429867 4.74 - 09.09.2011 n/aBANK OF NEW YORK MEL n/a EXCH 55485809 2.32 - 09.09.2011 Investment AdvisorTHAILAND SECURITIES n/a EXCH 36917854 1.54 - 09.09.2011 Investment AdvisorSOCIAL SECURITY OFFI n/a EXCH 29492850 1.23 - 09.09.2011 UnclassifiedGOVT OF SINGAPORE IN n/a EXCH 23356100 0.98 - 09.09.2011 GovernmentT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 22600400 0.94 5692100 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21159108 0.88 898200 31.12.2011 Investment AdvisorCREDIT SUISSE FIRST n/a EXCH 12670578 0.53 - 09.09.2011 Investment AdvisorTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6095700 0.25 (418000) 29.02.2012 UnclassifiedLAMSAM BANTHOON n/a Co File 4580000 0.19 - 31.12.2009 n/aLAMSAM BANYONG n/a Co File 3364420 0.14 - 31.12.2009 n/aPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 3006800 0.13 (1029600) 31.01.2012 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2987000 0.12 (508500) 31.01.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 2618300 0.11 33700 31.12.2011 Investment AdvisorWILLIAM BLAIR & COMP Multiple Portfolios MF-AGG 1647100 0.07 (1519200) 31.12.2011 Investment AdvisorPACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 1536600 0.06 1523100 31.01.2012 Insurance CompanyDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1189000 0.05 - 31.07.2011 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 813900 0.03 (67000) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKT Zmico Securities CHALIE KUEYEN buy 5 M 167 12 month 16.03.2012Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 157 12 month 16.03.2012BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 155 12 month 14.03.2012Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 164 Not Provided 12.03.2012Kim Eng Securities WORAPHON WIROONSRI hold 3 M 135 Not Provided 09.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.03.2012DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 167 12 month 29.02.2012Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 178 12 month 28.02.2012Standard Chartered KRISHNA GUHA outperform 5 M 156 12 month 24.02.2012Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 143 Not Provided 24.02.2012HSBC XIUSHI CAI overweight 5 M 178 Not Provided 23.02.2012Asia Plus Securities USANEE LIURUT buy 5 M 159 12 month 22.02.2012Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 150 Not Provided 22.02.2012CLSA Asia Pacific Markets TIM TAYLOR outperform 5 M 149 Not Provided 22.02.2012Deutsche Bank PEACH PATHARAVANAKUL buy 5 U 165 12 month 21.02.2012KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 176 Not Provided 21.02.2012Nomura ANAND PATHMAKANTHAN neutral 3 M 157 Not Provided 21.02.2012Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 165 12 month 21.02.2012SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 157 Not Provided 14.02.2012IV Global SIRIANONT SRIKUREJA buy 5 M 171 Not Provided 14.02.2012CIMB MONCHAI JATURANPINYO outperform 5 M 161 12 month 13.02.2012OSK (Asia) Securities KEITH WEE buy 5 M 177 12 month 13.02.2012JPMorgan ANNE JIRAJARIYAVECH overweight 5 M 170 9 month 07.02.2012Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 166 12 month 06.02.2012RBS MARCIN SPIEWAK buy 5 M 163 12 month 01.02.2012AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 140 Not Provided 01.02.2012Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 155 Not Provided 30.01.2012Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 141 12 month 25.01.2012Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M #N/A N/A Not Provided 11.01.2012Phillip Securities SASIKORN CHAROENSUWAN overweight 5 D 164 Not Provided 11.01.2012Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI buy 5 U 165 Not Provided 05.12.2011UOB Kay Hian THANANCHAI JITTANOON buy 5 M 169 Not Provided 30.11.2011KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT buy 5 M 137 Not Provided 01.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |