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Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
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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 MSCI EM 50 Index - MXEF50 Index October 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market 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 13319369 1851.307 1092 1092 202 212 212 98.94 105.02 105.02 14.56 14.56 13.71 13.71 19.13Euro Stoxx 50 Pr EUR 2389912 5545.264 4642 4642 764 790 790 154.55 307.12 307.12 27.85 14.77 14.02 14.01 21.02NIKKEI 225 JPY 2116769 167.1154 227 227 23 24 24 5.14 7.59 7.59 0.27 0.22 0.18 0.18 0.14FTSE 100 INDEX GBP 2593232 11355.09 9623 9623 1569 1647 1647 718.72 826.16 826.16 21.17 19.99 18.42 18.42 26.07SWISS MARKET INDEX CHF 911923 10685.77 3992 3992 814 796 796 389.66 525.43 525.43 20.16 19.85 14.95 14.95 22.48S&P/TSX COMPOSITE INDEX CAD 1668638 16877.13 7806 7806 1953 1983 1983 821.02 845.22 845.22 15.34 15.34 14.90 14.90 25.46S&P/ASX 200 INDEX AUD 1244677 6119.921 2877 2877 637 708 708 269.66 346.65 346.65 17.59 14.80 13.68 13.68 23.51HANG SENG INDEX HKD 1584425 3139.939 1449 1449 346 362 362 256.70 245.96 245.96 1.38 1.50 1.44 1.44 3.13MSCI EM USD 7310309 1379.294 965 965 182 182 182 79.49 87.18 87.18 12.52 12.92 11.42 11.42 18.97SAMSUNG ELECTR-GDR REG S USD 178085 36 4797 119 0 14630 #VALUE! 120815977 131592518 #VALUE! #VALUE! 18987465 21893496 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 7.63 16.73 -6.68 8.52 15.72 A 25.01.2006 A1 14.07.2005TAIWAN SEMICONDUCTOR-SP ADR USD 79252 13757 48 0 0 89 #VALUE! 418245 438601 #VALUE! #VALUE! 241831 254952 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.77 13.24 1.52 4.61 57.82 A+ 20.04.2010 - -CHINA MOBILE LTD HKD 217060 21078 20072 4 0 0 43 128.70 68124 70246 72456 77053 33185 33043 8840 8840 0.83 0.82 0.80 0.81 1.38 - 1.40 1.38 1.14 1.28 0.82 1.24 6.29 AA- 16.12.2010 WR 03.11.2005CHINA CONSTRUCTION BANK-H HKD 182590 322939 250011 156 0 1 357 #VALUE! 74257 84450 57862 63007 - - - - 0.09 0.10 0.10 0.10 0.80 0.80 0.80 0.78 3.61 2.70 - - - A 29.11.2011 - -GAZPROM OAO-SPON ADR USD 117125 13540 1540 0 297 525 #VALUE! 4637090 4545221 4708414 4948964 1970093 1783269 457803 457803 - - 103.08 102.46 - - 2.96 2.98 28.91 16.79 40.73 15.57 42.49 BBB 29.11.2006 Baa1 03.04.2009AMERICA MOVIL-ADR SERIES L USD 99406 4054 381 0 10 59 #VALUE! 665302 733604 746540 783292 248773 259750 65745 65745 - - 24.58 27.32 - - 13.62 12.25 9.45 22.29 2.21 23.67 37.39 A- 22.03.2010 A2 26.03.2010PETROLEO BRASILEIRO-SPON ADR USD 148665 7236 156 2 58 #VALUE! 244176 262088 283172 295086 61582 56472 16947 16947 - - 4.47 5.47 - - 10.17 8.30 15.26 11.56 3.82 2.90 25.22 BBB 17.11.2011 - -IND & COMM BK OF CHINA-H HKD 214731 294400 349084 248 0 0 463 #VALUE! 90881 101847 68179 74432 - - - - 0.08 0.08 0.08 0.09 0.81 - 0.80 0.76 3.80 2.45 - - - A 28.08.2012 - -CNOOC LTD HKD 91820 37823 44659 5 0 0 13 66.42 31087 30274 30070 31266 15359 14707 6959 6959 0.20 0.18 0.19 0.19 1.19 - 1.14 1.14 4.36 4.46 2.77 2.43 6.37 AA- 16.12.2010 - -VALE SA-SP PREF ADR USD 97211 5545 49 0 3 8 #VALUE! 103195 98143 94656 103328 57579 48392 9068 9068 - - 4.52 5.35 - - 7.98 6.74 24.00 57.41 24.55 25.11 55.80 A- 23.11.2011 Baa2 29.08.2008ITAU UNIBANCO HLDNG-PREF ADR USD 66919 9865 331 0 1 137 #VALUE! 129875 136108 82519 91287 - - - - - - 3.27 3.78 - - 9.10 7.89 22.04 32.61 - - - BBB 30.04.2008 (P)Baa1 20.06.2011TENCENT HOLDINGS LTD HKD 62085 1400 1822 2 0 0 3 47.77 3677 4592 5585 7206 1723 2008 619 619 0.71 0.78 0.93 1.18 4.47 - 3.76 2.96 5.81 8.44 3.70 7.80 6.05 BBB+ 14.11.2011 Baa1 14.11.2011LUKOIL OAO-SPON ADR USD 53500 1273 9 0 0 3 #VALUE! 134 K 137 K 130 K 130 K 17628 16139 18342 18342 - - 13.98 13.58 - - 4.50 4.63 55.27 24.87 9.83 7.90 13.19 BBB- 12.11.2010 - -HYUNDAI MOTOR CO KRW 45261 584 209 4 0 0 9 37.44 38633 38633 40855 41821 5638 5638 - - - 15.77 33.51 34.73 0.01 - 0.01 0.01 0.01 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010COMPANHIA DE BEBIDAS-PRF ADR USD 114628 1996 4 0 0 9 #VALUE! 27127 28814 31471 34614 13164 - 3467 3467 - - 3.33 3.66 - - 24.85 22.62 7.50 8.72 13.58 15.49 48.53 A 05.07.2012 A3 27.04.2010MTN GROUP LTD ZAr 33712 3278 1848 4 0 0 5 34.57 14006 15142 15638 16604 6017 6567 6819 6819 1.21 1.30 1.42 1.58 1.58 1.59 1.45 1.30 0.72 1.73 1.19 2.14 4.94 - - - -BANK OF CHINA LTD-H HKD 118641 316596 279136 247 0 4 404 #VALUE! 66335 74603 46915 51178 - - - - 0.06 0.06 0.06 0.06 0.69 - 0.70 0.70 3.88 2.35 - - - A 29.11.2011 - -BANCO BRADESCO-ADR USD 54293 6940 27 0 94 #VALUE! 98695 159025 69298 77454 - - - - - - 3.21 3.47 - - 9.84 9.11 26.44 19.15 - - - BBB 30.04.2008 Baa1 20.06.2011HON HAI PRECISION-GDR REG S USD 35241 101 155 0 0 75 #VALUE! 2773311 3105477 #VALUE! #VALUE! 41133 50360 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 19.89 24.17 -8.71 2.71 1.48 A- 09.11.2007 - -PETROCHINA CO LTD-H HKD 258392 102772 183021 41 0 10 8 264.86 258540 270722 267239 286183 41722 41850 - - 0.10 0.09 0.10 0.11 1.57 1.54 1.48 1.34 4.74 3.34 0.84 0.55 2.08 - - - -SBERBANK-SPONSORED ADR USD #VALUE! 9 1349 4 3 762 #VALUE! 1058036 1196188 856001 947006 - - - - - - 91.18 95.26 - - 4.01 3.84 7.84 23.67 - - - - - A3 24.02.2009NASPERS LTD-N SHS ZAr 25889 580 412 2 0 0 1 26.83 4537 4537 5406 6179 825 825 823 823 1.31 1.49 2.19 2.66 4.84 5.51 3.28 2.71 2.22 1.84 1.75 0.91 2.09 - - - -SASOL LTD ZAr 28469 1159 664 2 0 0 2 29.16 19471 19471 20187 20444 4304 - - - 4.40 4.86 5.02 5.00 1.04 1.15 1.01 1.01 2.18 1.05 - 1.36 3.02 - - - -CHINA LIFE INSURANCE CO-H HKD 83661 17821 28265 6 0 0 7 #VALUE! 47784 45392 47597 52618 - - - - 0.08 0.07 0.11 0.15 4.60 4.60 2.89 2.15 -0.51 2.64 - - - AA- 16.12.2010 - -POSCO-ADR USD 27900 119 11641 0 0 2187 #VALUE! 39171703 39171703 #VALUE! #VALUE! 6100453 6100453 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 20.22 15.57 -18.68 2.28 15.57 A- 31.10.2011 A3 *- 25.07.2012INFOSYS LTD-SP ADR USD 25594 2270 574 0 0 0 208 1127.70 337340 337340 389029 421229 107490 107490 27929 27929 145.82 145.83 159.25 167.19 16.15 16.16 14.79 14.09 22.66 19.71 19.77 18.94 31.86 BBB+ 07.05.2010 - -FOMENTO ECONOMICO MEX-SP ADR USD 33195 424 30 0 58 28 #VALUE! 203044 220972 234228 264876 33445 33690 9808 9808 - - 43.94 52.37 - - 27.00 22.66 19.65 12.68 19.31 6.27 16.47 - - - -HYUNDAI MOBIS KRW 26376 139 96 2 0 0 2 25.35 14348 14348 21757 24004 2093 2093 - - 16.47 16.49 33.23 37.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 BBB+ 20.03.2012 - -ICICI BANK LTD-SPON ADR USD 22991 980 1769 14 412 #VALUE! 666620 666620 218285 259993 - - - - - - 142.75 172.19 - - 14.81 12.28 8.28 11.32 - - - NR 27.10.2003 Baa2 25.05.2006CHINA PETROLEUM & CHEMICAL-H HKD 85239 57159 86703 31 0 5 3 111.50 317881 332141 326599 342847 22058 20247 - - 0.11 0.08 0.09 0.11 1.25 - 1.19 0.94 4.04 3.11 -0.52 1.20 0.90 A+ 16.12.2010 - -KIA MOTORS CORPORATION KRW 24530 1496 404 3 0 0 2 24.23 25056 25056 27175 28534 2346 2346 - - 4.15 4.09 9.71 10.57 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008STANDARD BANK GROUP LTD ZAr 19355 2140 1589 16 1 1 19 #VALUE! 12393 13154 7649 8471 - - - - 0.95 1.05 1.09 1.24 1.32 1.38 1.27 1.12 0.22 1.18 - - - - - - -SHINHAN FINANCIAL GROUP-ADR USD 16014 28 7039 274 0 2220 #VALUE! 2124112 2124112 #VALUE! #VALUE! 2051750 2051750 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 103.58 12.35 112.50 1.01 96.59 - - - -PING AN INSURANCE GROUP CO-H HKD 56680 7556 7916 42 0 5 12 31.57 35182 41221 38020 43784 - - - - 0.32 0.34 0.41 0.48 2.45 - 2.01 1.71 5.14 2.87 - - - - - - -CHINA SHENHUA ENERGY CO-H HKD 73310 8504 19890 8 0 5 8 64.80 26862 29543 30234 33058 10872 11202 - - 0.30 0.32 0.30 0.33 1.31 1.31 1.40 1.29 4.14 3.44 2.16 2.55 5.22 - - - -LG CHEM LTD KRW 18944 244 66 1 0 0 1 19.91 17892 18483 #VALUE! #VALUE! 2796 2353 - - 25.46 19.33 23.73 29.64 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.03 0.01 A- 24.11.2010 - -ANGLOGOLD ASHANTI LTD ZAr 13333 407 383 2 0 0 1 14.86 5498 6175 6761 8253 2349 2674 717 717 2.72 3.77 3.57 5.00 1.05 1.26 1.11 0.79 2.67 2.17 12.68 3.42 4.91 BBB- 09.04.2010 - -KB FINANCIAL GROUP INC-ADR USD 13236 84 180 0 #VALUE! #VALUE! #VALUE! 26999 26999 #VALUE! #VALUE! -19210 -19210 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! -79.46 - - - -71.15 - - - -MEDIATEK INC TWD 14646 9935 1140 0 0 0 1 13.61 1841 1876 #VALUE! #VALUE! 227 195 - - 0.42 0.39 0.44 0.64 0.94 - 0.84 0.58 -0.86 -0.08 -2.25 -0.80 0.42 - - - -CHUNGHWA TELECOM LTD-ADR USD 24335 171 0 0 0 64 #VALUE! 192462 191292 #VALUE! #VALUE! 83155 79916 - - - - 52.06 54.40 - - 17.60 16.84 3.25 -0.13 -6.99 -3.28 43.21 AA 30.12.2010 - -GRUPO TELEVISA SA-SPON ADR USD 13526 2209 57 0 7 22 #VALUE! 62582 66397 67983 73650 24252 26056 7128 7128 - - 12.49 14.95 - - 24.25 20.25 8.17 - 9.43 8.10 38.75 BBB+ 02.10.2007 Baa1 02.05.2007BRF - BRASIL FOODS SA-ADR USD 15923 1624 8 0 0 3 #VALUE! 25706 26571 27845 30341 2878 2412 492 492 - - 0.98 1.85 - - 37.80 20.09 13.34 41.54 24.04 52.90 11.20 BBB- 04.04.2012 Baa3 31.05.2012NOVATEK OAO-SPONS GDR REG S USD 36679 180 95 0 1 24 #VALUE! 176064 190145 217832 275608 88917 91324 22409 22409 - - 234.71 298.31 - - 15.89 12.50 50.45 - 58.22 31.24 50.50 BBB- 19.11.2010 - -FORMOSA PLASTICS CORP TWD 16740 6815 6121 2 0 0 2 16.83 6414 5996 6115 6596 1123 712 181 181 - 0.07 0.12 0.17 1.27 - 0.80 0.54 -0.12 -0.01 -0.37 0.39 0.60 BBB+ 30.12.2010 - -URALKALI-SPON GDR-REG S USD 23788 986 3 0 0 1 #VALUE! 3496 4465 4247 5012 2068 2809 - - - - 2.80 3.57 - - 14.48 11.36 105.72 55.16 158.40 45.69 59.16 BBB- 18.06.2012 - -SK HYNIX INC KRW 14325 3902 596 5 0 0 1 17.15 9202 8769 9000 10372 2120 1189 - - 0.25 -1.73 -0.44 1.15 - - #VALUE! 0.02 -0.01 0.01 -0.05 -0.01 0.02 BB- 14.02.2012 Ba3 15.02.2012CHINA STEEL CORP TWD 13575 7880 14972 3 0 0 0 16.66 8218 7894 7424 7669 1050 632 174 174 0.05 0.01 0.02 0.04 2.68 - 1.55 0.87 0.02 0.30 -1.35 -0.29 0.44 - - - -HYUNDAI HEAVY INDUSTRIES KRW 16131 239 61 4 0 0 1 20.12 22597 22597 27010 29201 2815 2815 498 498 24.98 28.68 26.69 25.54 0.01 0.01 0.01 0.01 0.01 0.01 -0.02 0.02 0.01 - - - -GOLD FIELDS LTD ZAr 9042 793 724 2 0 0 1 10.53 4812 5274 5313 6407 2424 2681 - - 1.17 1.33 1.29 1.95 1.07 1.00 1.10 0.73 3.75 2.15 9.80 3.97 5.79 BBB- 19.03.2009 - -IMPALA PLATINUM HOLDINGS LTD ZAr 10974 921 607 0 0 0 0 11.36 3171 3171 3640 4334 1329 - - - 0.79 0.79 0.71 0.97 2.54 2.52 2.80 2.07 -1.92 0.28 - 1.06 4.01 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.13 2.13 1.94 1.78 2.13 1.32 1.32 1.27 1.21 1.32 9.37 9.37 8.53 8.18 9.37 8.73 8.73 8.12 7.55 8.73 13.71 13.71 12.35 11.07 13.71 2.19 2.19 2.38 2.56 2.19 1589.7 10.4%Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.71 0.71 0.69 0.67 0.71 5.17 5.17 4.87 4.53 5.17 7.02 7.02 6.67 6.35 7.02 10.74 10.74 9.78 8.88 10.74 4.26 4.26 4.72 5.08 4.26 2711.6 7.3%NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.20 6.20 5.69 5.45 6.20 6.88 6.88 6.29 5.94 6.88 14.52 14.52 12.80 10.48 14.52 2.32 2.32 2.34 2.75 2.32 9887.1 13.6%FTSE 100 INDEX 1.63 1.63 1.51 1.40 1.63 0.98 0.98 0.95 0.94 0.98 7.51 7.51 6.86 6.33 7.51 6.89 6.89 6.34 5.98 6.89 11.43 11.43 10.35 9.53 11.43 4.03 4.03 4.29 4.58 4.03 6360.3 8.6%SWISS MARKET INDEX 2.15 2.15 2.00 1.85 2.15 1.82 1.82 1.72 1.63 1.82 11.85 11.85 10.24 9.18 11.85 13.43 13.43 12.35 11.49 13.43 13.86 13.86 12.41 11.30 13.86 3.47 3.47 3.83 4.16 3.47 7089.0 5.0%S&P/TSX COMPOSITE INDEX 1.72 1.72 1.59 1.46 1.72 1.59 1.59 1.48 1.42 1.59 8.71 8.71 7.79 7.12 8.71 8.51 8.51 7.41 6.95 8.51 14.69 14.69 12.78 11.62 14.69 2.98 2.98 3.12 3.31 2.98 14140.3 15.6%S&P/ASX 200 INDEX 1.68 1.68 1.59 1.50 1.68 1.60 1.60 1.49 1.41 1.60 9.77 9.77 8.91 8.28 9.77 8.64 8.64 7.66 7.11 8.64 13.32 13.32 11.91 10.97 13.32 4.86 4.86 5.22 5.62 4.86 4684.7 4.3%HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.89 1.89 1.74 1.61 1.89 7.01 7.01 6.50 6.18 7.01 8.67 8.67 7.89 7.26 8.67 11.12 11.12 10.30 9.30 11.12 3.48 3.48 3.72 4.07 3.48 22628.3 6.7%MSCI EM 1.51 1.51 1.36 1.23 1.51 1.03 1.03 0.95 0.89 1.03 7.08 7.08 6.38 5.73 7.08 7.58 7.58 6.78 6.20 7.58 11.42 11.42 9.91 8.96 11.42 2.89 2.89 3.10 3.43 2.89 1131.7 13.7%SAMSUNG ELECTR-GDR REG S 940.00 55.5%TAIWAN SEMICONDUCTOR-SP ADR 17.53 15.07 -1.4%CHINA MOBILE LTD 2.10 1.89 1.71 1.57 1.43 2.59 2.42 2.28 2.13 2.01 5.95 5.79 5.58 5.25 5.03 3.96 3.95 3.85 3.70 3.63 10.88 10.86 10.72 10.37 9.66 3.97 4.02 4.09 4.32 4.66 86.49 3.3%CHINA CONSTRUCTION BANK-H 1.42 1.23 1.08 0.95 2.86 2.55 2.34 2.10 1.92 4.46 3.99 3.73 3.38 6.82 6.19 6.04 5.48 4.99 5.40 5.42 5.53 6.23 10.02 6.44 13.4%GAZPROM OAO-SPON ADR 0.46 0.42 0.38 0.35 0.31 0.81 0.77 0.73 0.73 0.69 2.72 2.24 2.63 2.31 2.07 3.08 2.96 2.98 3.28 3.06 4.68 5.08 5.31 5.30 6.06 13.98 41.3%AMERICA MOVIL-ADR SERIES L 3.67 4.12 3.43 2.94 1.94 1.70 1.62 1.55 1.45 7.03 6.52 5.75 5.45 14.00 13.62 12.25 11.46 12.10 1.13 1.17 1.76 2.20 2.70 29.26 11.8%PETROLEO BRASILEIRO-SPON ADR 0.91 0.87 0.83 0.81 1.23 1.07 1.02 1.12 1.09 5.01 4.19 4.15 7.63 10.17 8.30 7.91 10.55 3.09 3.60 3.31 3.22 29.65 32.8%IND & COMM BK OF CHINA-H 1.44 1.24 1.09 0.95 2.86 2.55 2.33 2.11 1.90 4.59 4.02 3.72 3.37 6.67 6.16 5.90 5.40 4.87 5.45 5.55 5.78 6.29 9.13 5.48 12.4%CNOOC LTD 2.18 1.86 1.62 1.44 1.30 2.49 2.47 2.37 2.38 2.18 5.73 5.97 5.87 5.86 6.75 4.22 4.21 4.10 4.09 3.92 8.34 8.85 8.86 8.93 8.44 3.95 2.72 2.90 2.87 3.57 17.27 8.4%VALE SA-SP PREF ADR 1.42 1.06 0.95 0.86 1.96 2.09 1.91 1.78 1.76 5.97 5.50 6.23 4.82 7.98 6.74 6.50 7.08 7.64 6.82 5.04 5.47 3.80 22.05 24.4%ITAU UNIBANCO HLDNG-PREF ADR 1.92 1.62 1.41 1.26 1.82 1.65 1.49 1.32 1.15 9.11 9.10 7.89 6.44 2.98 3.48 4.00 5.17 19.23 31.4%TENCENT HOLDINGS LTD 12.48 9.38 6.83 5.09 3.77 13.77 8.98 6.96 5.58 4.35 31.59 23.98 20.24 16.87 10.65 27.83 20.18 16.01 13.08 11.02 36.96 29.13 22.94 18.49 16.09 0.29 0.36 0.50 0.65 0.66 266.29 2.4%LUKOIL OAO-SPON ADR 0.72 0.66 0.61 0.61 0.40 0.41 0.41 0.43 0.42 3.21 3.14 3.14 2.98 4.39 4.50 4.63 4.74 3.52 4.03 4.27 4.63 4.74 7.11 80.24 27.6%HYUNDAI MOTOR CO 1.74 1.52 1.25 1.04 1.24 1.11 1.08 1.01 9.22 6.58 5.96 5.99 5.61 7.99 6.13 5.92 5.55 0.75 0.82 0.85 0.90 0.85 314477.41 38.2%COMPANHIA DE BEBIDAS-PRF ADR 9.39 9.08 8.70 8.27 7.41 6.73 6.20 5.37 24.61 20.64 19.19 29.20 24.85 22.62 21.10 3.31 3.88 3.83 40.25 -1.1%MTN GROUP LTD 3.56 3.00 2.80 2.60 2.42 2.16 2.03 1.89 1.66 8.11 7.02 6.51 5.90 5.60 5.08 4.82 4.51 3.89 14.31 12.65 11.35 10.51 9.62 4.53 5.61 6.51 7.11 10.40 16990.77 9.2%BANK OF CHINA LTD-H 0.96 0.87 0.79 0.71 0.59 2.26 2.04 1.87 1.70 1.51 3.65 3.45 3.18 2.89 2.39 5.76 5.41 5.41 4.99 4.21 6.17 6.29 6.25 6.81 7.66 3.47 12.9%BANCO BRADESCO-ADR 2.23 1.69 1.48 1.33 1.81 1.59 1.43 1.26 10.84 9.84 9.11 7.78 3.21 3.47 3.78 4.47 18.88 21.6%HON HAI PRECISION-GDR REG SPETROCHINA CO LTD-H 1.56 1.47 1.36 1.26 1.12 0.86 0.78 0.73 0.71 0.67 5.24 5.03 4.61 4.46 4.06 6.17 5.86 5.34 4.99 4.39 11.52 11.45 10.36 9.55 8.01 3.86 3.91 4.31 4.57 5.63 11.25 5.1%SBERBANK-SPONSORED ADR 28.89 2.19 1.85 0.97 0.83 6.39 4.01 3.84 3.45 2.39 0.90 2.06 1.88 1.97NASPERS LTD-N SHS 4.56 3.98 3.59 3.13 5.75 4.79 4.19 3.68 3.54 31.77 26.33 20.90 12.05 32.51 32.62 28.11 23.19 30.85 28.57 23.59 18.82 0.61 0.72 0.86 1.06 56613.00 3.7%SASOL LTD 1.82 1.62 1.46 1.33 1.45 1.41 1.39 1.32 1.28 6.04 5.65 5.38 5.95 5.03 5.12 5.09 4.96 4.60 8.22 8.78 8.81 8.55 12.18 4.40 4.72 5.18 5.53 4.87 40019.23 4.3%CHINA LIFE INSURANCE CO-H 2.69 2.42 2.17 1.94 1.52 1.45 1.42 1.29 1.16 24.82 22.41 16.66 13.81 8.26 1.28 1.43 1.88 2.14 4.07 23.29 -0.4%POSCO-ADRINFOSYS LTD-SP ADR 3.84 3.69 3.37 3.08 3.76 3.48 3.21 3.07 13.79 12.76 12.44 12.49 10.11 10.03 9.30 8.86 15.35 14.79 14.09 13.43 1.66 2.47 2.60 3.15 45.24 1.5%FOMENTO ECONOMICO MEX-SP ADR 3.53 2.88 2.69 2.63 2.14 1.81 1.60 1.43 1.35 14.66 16.71 18.58 26.39 27.00 22.66 19.82 1.26 1.47 1.55 1.64 97.46 5.1%HYUNDAI MOBIS 2.20 1.75 1.44 1.31 1.83 1.21 1.10 0.85 10.89 10.51 8.41 7.63 6.28 9.00 8.15 7.32 7.40 0.53 0.60 0.63 0.67 0.58 391225.81 30.4%ICICI BANK LTD-SPON ADR 6.79 5.57 4.67 4.00 18.53 14.81 12.28 1.74 2.13 2.57 44.00 10.0%CHINA PETROLEUM & CHEMICAL-H 1.16 1.07 0.98 0.89 0.79 0.23 0.21 0.20 0.20 0.18 3.81 3.82 3.27 3.21 2.47 4.94 5.22 4.48 4.19 3.85 7.29 9.19 7.31 6.93 7.13 3.53 3.59 4.24 4.59 4.24 8.15 4.2%KIA MOTORS CORPORATION 2.09 1.58 1.24 1.01 1.01 0.90 0.86 0.82 8.74 9.61 9.29 8.93 8.93 7.91 6.23 5.73 5.33 0.89 0.99 1.07 1.10 1.16 99570.97 48.6%STANDARD BANK GROUP LTD 1.66 1.51 1.39 1.27 2.75 2.53 2.28 2.05 7.15 9.19 8.08 6.86 12.35 11.08 9.71 8.51 7.91 3.76 4.33 4.81 5.47 11446.42 9.1%SHINHAN FINANCIAL GROUP-ADR 97.00 187.2%PING AN INSURANCE GROUP CO-H 2.97 2.46 2.04 1.90 2.39 1.63 1.20 1.05 0.90 0.96 19.70 15.59 13.22 11.52 8.90 0.95 1.04 1.25 1.44 1.85 71.02 15.8%CHINA SHENHUA ENERGY CO-H 2.20 1.97 1.75 1.57 1.49 2.25 1.96 1.79 1.68 1.55 7.58 7.61 6.56 6.47 5.97 5.80 5.44 5.17 5.37 11.07 10.84 10.02 9.61 10.06 3.29 3.53 3.88 4.04 3.68 34.36 9.3%LG CHEM LTD 2.16 0.96 9.11 5.81 9.74 12.05 9.65 8.75 1.35 1.31 1.36 1.42 1.33 384448.28 21.5%ANGLOGOLD ASHANTI LTD 2.91 2.36 1.76 1.47 2.38 1.97 1.62 1.53 1.90 6.63 5.78 4.84 4.62 6.12 5.64 5.01 3.76 3.48 5.06 10.56 9.68 6.91 6.89 7.78 1.02 1.37 1.68 1.81 1.33 37058.57 23.2%KB FINANCIAL GROUP INC-ADR 51.00 48.9%MEDIATEK INC 3.51 20.70 25.31 24.44 17.03 14.67 5.17 4.40 3.02 3.67 4.60 3.23 350.77 10.5%CHUNGHWA TELECOM LTD-ADR 15.75 17.60 16.84 27.33 -12.9%GRUPO TELEVISA SA-SPON ADR 4.48 3.01 2.68 2.43 2.88 2.54 2.35 2.18 2.07 20.01 38.14 33.61 58.65 64.24 23.12 24.25 20.26 20.19 11.83 0.96 0.34 0.74 0.96 0.72 25.06 5.8%BRF - BRASIL FOODS SA-ADR 2.20 2.11 2.11 1.20 1.16 1.07 0.94 0.88 11.49 10.71 11.44 17.33 37.80 20.09 13.03 11.43 0.28 0.78 1.45 2.02 18.40 0.8%NOVATEK OAO-SPONS GDR REG S 5.78 3.93 3.16 2.62 2.06 6.41 5.20 4.11 3.44 2.90 17.42 13.31 10.82 9.42 7.48 18.29 15.89 12.50 10.67 8.48 1.39 1.83 2.16 2.54 3.95 148.95 23.3%FORMOSA PLASTICS CORP 1.89 2.12 1.97 1.87 1.73 2.56 2.74 2.54 2.43 9.73 12.14 11.66 11.36 12.73 19.34 15.14 14.56 12.95 23.49 15.83 14.00 6.91 3.46 4.30 5.40 78.37 -2.0%URALKALI-SPON GDR-REG S 2.52 2.98 2.64 2.38 2.14 6.52 5.60 4.75 4.52 3.95 16.01 11.70 9.54 8.95 8.60 15.60 14.48 11.36 10.67 9.50 2.93 3.52 4.50 4.93 5.65 44.92 10.9%SK HYNIX INC 1.55 1.62 1.49 1.30 1.46 1.59 1.38 1.18 4.25 5.39 6.03 3.98 3.04 17.66 17.95 10.03 0.46 0.13 0.24 0.35 29000.00 26.9%CHINA STEEL CORP 1.39 1.38 1.34 1.32 1.46 1.66 1.83 1.77 1.74 1.59 11.11 11.93 11.29 10.18 14.85 20.60 15.87 14.57 14.68 19.82 45.22 25.32 20.17 17.11 4.80 2.13 2.93 3.94 4.85 23.46 -9.8%HYUNDAI HEAVY INDUSTRIES 1.04 0.97 0.88 0.76 0.71 0.60 0.55 0.45 7.73 6.34 6.01 4.61 5.83 7.70 7.43 5.74 5.15 7.95 8.31 6.55 2.90 1.79 1.84 1.80 1.70 314961.53 34.0%GOLD FIELDS LTD 1.64 1.51 1.27 1.18 1.90 1.70 1.41 1.43 1.71 5.66 5.41 4.42 5.90 6.12 4.86 4.28 3.22 3.53 5.78 10.07 9.58 6.35 6.88 15.47 2.61 3.10 4.31 3.92 3.06 13038.07 20.9%IMPALA PLATINUM HOLDINGS LTD 1.84 1.72 1.60 1.49 1.31 3.42 3.02 2.53 2.18 1.70 16.61 14.67 13.02 11.01 8.29 14.44 13.69 10.38 7.76 5.54 22.56 24.36 17.91 11.31 7.48 1.62 1.38 2.61 4.55 8.35 14257.14 -5.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 16.10.2012Samsung Electronics Co LtdSamsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volumeindustrial electronic equipment and products such as semiconductors, personal 700 .3 Mcomputers, peripherals, monitors, televisions, and home appliances including air 600conditioners and microwave ovens. The Company also produces Internet access .2 Mnetwork systems and telecommunications equipment including mobile phones. 500 400 .2 M Valuation Analysis 300 .1 MLatest Fiscal Year: 12/2011 200LTM as of: 06/yy .1 M 10052-Week High (05.10.2012) 630.00 0 .0 M52-Week Low (18.10.2011) 380.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 35663.00 Current Price (10/dd/yy) 604.5 Market Data 52-Week High % Change -4.05% Dividend Yield - 52-Week Low % Change 59.08% Beta 1.09 % 52 Week Price Range High/Low 84.60% Equity Float -Shares Out 30.09.2012 294.6 Short Int - Market Capitalization 178084.89 1 Yr Total Return 55.34%Total Debt 4796865.00 YTD Return 31.27%Preferred Stock 119467.0 Adjusted BETA 1.086Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 14630145.00 Consensus Rating 3.667Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 91594SMSN LI EQUITY YTD Change - Average Volume 30 Day 68965SMSN LI EQUITY YTD % CHANGE - Average Volume 3 Month 59524 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 63175968.0 72952991.0 89772834.0 112249475.0 120815977.0 ######### ######### - - - - TEV/Revenue 0.99x 0.70x 1.05x 1.02x 1.06x 3.63x 4.11x - - - - EBITDA 12999646.0 11753254.0 14207387.0 20345636.0 18987465.0 ######### ######### - - - - TEV/EBITDA 4.82x 4.32x 6.61x 5.60x 6.75x 5.18x 6.88x - - - - Net Income 7425016.0 5525904.0 6208140.0 13236461.0 10029152.0 ######### ######### - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 18987465.00 Long-Term Rating Date 25.01.2006EBIT 9679775.00 Long-Term Rating AOperating Margin 8.01% Long-Term Outlook POSPretax Margin 9.51% Short-Term Rating Date 25.01.2006Return on Assets 8.93% Short-Term Rating A-1Return on Common Equity 11.76% Credit RatiosReturn on Capital 11.50% EBITDA/Interest Exp. 75.22Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 23.73Margin Analysis Net Debt/EBITDA -0.52Gross Margin 25.2% Total Debt/EBITDA 0.25EBITDA Margin 15.7% ReferenceEBIT Margin 8.0% Total Debt/Equity 5.4%Net Income Margin 8.3% Total Debt/Capital 5.1%Structure Asset Turnover 1.08Current Ratio 1.46 Net Fixed Asset Turnover 2.96Quick Ratio 1.11 Accounts receivable turnover-days 43.19Debt to Assets 4.08% Inventory Days 20.60Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 26.05Accounts Receivable Turnover 8.45 Cash Conversion Cycle 37.74Inventory Turnover 17.72Price/ Cash Flow Sales/Revenue/Turnover 1.20 140000000.0 120000000.0 1.00 100000000.0 0.80 80000000.0 0.60 60000000.0 0.40 40000000.0 20000000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. 16.10.2012Samsung Electronics Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 5409994 1.84 76650 30.06.2012 Investment AdvisorSPRUCEGROVE INVESTME SPRUCEGROVE INVESTME 13F 711813 0.24 (65557) 30.06.2012 Investment AdvisorUNIVERSAL INVEST CON Multiple Portfolios MF-AGG 168000 0.06 - 28.09.2012 Investment AdvisorCARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 155869 0.05 - 29.06.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 105969 0.04 (16300) 30.09.2011 Mutual Fund ManagerDELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 92488 0.03 511 29.06.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 86926 0.03 3521 30.06.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 82850 0.03 (92130) 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 81497 0.03 (7038) 31.08.2012 Investment AdvisorODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 78436 0.03 (2644) 31.08.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 75105 0.03 - 29.06.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 71600 0.02 (20100) 30.06.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 49595 0.02 (7724) 30.03.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 46900 0.02 1300 31.12.2011 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 38412 0.01 (2925) 30.06.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 37870 0.01 - 31.08.2012 Investment AdvisorPOLARIS CAPITAL MANA POLARIS CAPITAL MANA 13F 37652 0.01 - 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 34444 0.01 (1421) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34170 0.01 - 12.10.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 29109 0.01 (100) 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 955 12 month 16.10.2012Jyske Bank ROBERT JAKOBSEN sell 1 M 325 Not Provided 28.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 16.10.2012Taiwan Semiconductor Manufacturing Co LtdTaiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits Price/Volumebased on its proprietary designs. The Company offers a comprehensive set of 18 35.0 Mintegrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, 16 30.0 Mvolatile and non-volatile memory and BiCMOS chips. Taiwan Semiconductor is an 14affiliate of Philips Electronics N.V. 25.0 M 12 10 20.0 M Valuation Analysis 8 15.0 MLatest Fiscal Year: 12/2011 6 10.0 M 4LTM as of: 06/yy 5.0 M 252-Week High (05.10.2012) 16.31 0 .0 M52-Week Low (20.10.2011) 11.64 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 13756826.00 Current Price (10/dd/yy) 15.29 Market Data 52-Week High % Change -6.25% Dividend Yield - 52-Week Low % Change 31.36% Beta 1.02 % 52 Week Price Range High/Low 78.16% Equity Float -Shares Out 30.06.2012 5183.2 Short Int 21.77 Market Capitalization 79251.81 1 Yr Total Return 28.84%Total Debt 48426.53 YTD Return 22.75%Preferred Stock 0.0 Adjusted BETA 1.020Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 88580.79 Consensus Rating 2.750Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10626979TSM US EQUITY YTD Change - Average Volume 30 Day 11880975TSM US EQUITY YTD % CHANGE - Average Volume 3 Month 12421711 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 313647.6 321767.1 285742.9 406963.3 418245.5 426546.8 438601.0 - - - - TEV/Revenue 4.76x 3.13x 5.41x 4.32x 4.60x 16.14x 18.09x - - - - EBITDA 185072.6 180859.8 168850.2 238212.6 241831.2 250111.8 254951.6 - - - - TEV/EBITDA 8.07x 5.56x 9.16x 7.37x 7.96x 7.23x 8.06x - - - - Net Income 109177.1 99933.2 89217.8 161605.0 134201.3 159888.1 137260.0 - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 241831.19 Long-Term Rating Date 20.04.2010EBIT 138905.76 Long-Term Rating A+Operating Margin 33.21% Long-Term Outlook STABLEPretax Margin 34.60% Short-Term Rating Date -Return on Assets 18.35% Short-Term Rating -Return on Common Equity 22.30% Credit RatiosReturn on Capital 20.91% EBITDA/Interest Exp. 542.36Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 87.63Margin Analysis Net Debt/EBITDA -0.17Gross Margin 44.4% Total Debt/EBITDA 0.20EBITDA Margin 57.8% ReferenceEBIT Margin 33.2% Total Debt/Equity 7.7%Net Income Margin 32.1% Total Debt/Capital 7.1%Structure Asset Turnover 0.57Current Ratio 1.45 Net Fixed Asset Turnover 1.02Quick Ratio 0.94 Accounts receivable turnover-days 12.63Debt to Assets 6.36% Inventory Days 38.04Tot Debt to Common Equity 7.69% Accounts Payable Turnover Day 15.94Accounts Receivable Turnover 28.90 Cash Conversion Cycle 34.73Inventory Turnover 9.60Price/ Cash Flow Sales/Revenue/Turnover 1.20 450000.0 400000.0 1.00 350000.0 0.80 300000.0 250000.0 0.60 200000.0 150000.0 0.40 100000.0 0.20 50000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 7. 16.10.2012Taiwan Semiconductor Manufacturing Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 75524649 1.46 (3838000) 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 69432502 1.34 4991966 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 67807123 1.31 (500000) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 65746762 1.27 58116167 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 65725842 1.27 416130 30.06.2012 Investment AdvisorNOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 51495325 0.99 49760715 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 48725236 0.94 4892963 30.06.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 45745375 0.88 (3483737) 30.06.2012 Investment AdvisorNORTHERN CROSS LLC NORTHERN CROSS LLC 13F 40810190 0.79 15033 30.06.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38036197 0.73 (416002) 30.06.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 35388173 0.68 1469989 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 32366695 0.62 (169093) 30.06.2012 Investment AdvisorCI INVESTMENTS INC CI INVESTMENTS INC 13F 30218522 0.58 (1625450) 30.06.2012 Hedge Fund ManagerBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28163795 0.54 (141100) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 18193267 0.35 (15562794) 30.06.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 14876854 0.29 1989920 30.06.2012 Investment AdvisorSANDERSON ASSET MANA SANDERSON ASSET MANA 13F 14251179 0.27 (161200) 30.06.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 12840171 0.25 3648620 30.06.2012 Hedge Fund ManagerFISHER INVESTMENTS I FISHER INVESTMENTS 13F 11700231 0.23 2660890 30.06.2012 Investment AdvisorMONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 10759297 0.21 (2164952) 30.06.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DatePacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 11.10.2012Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 17 12 month 10.10.2012Sanford C. Bernstein & Co MARK LI market perform 3 M 15 12 month 09.10.2012Jefferies ROBERT LEA underperform 1 D 12 12 month 07.08.2012HSBC STEVEN C PELAYO overweight 5 M 17 Not Provided 19.07.2012Goldman Sachs DONALD LU neutral/neutral 3 M 14 12 month 31.05.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 02.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 16.10.2012China Mobile LtdChina Mobile Limited, through its subsidiaries, provides cellular Price/Volumetelecommunications and related services in the Peoples Republic of China and 100 70.0 MHong Kong SAR. 90 60.0 M 80 70 50.0 M 60 40.0 M 50 Valuation Analysis 40 30.0 MLatest Fiscal Year: 12/2011 30 20.0 MLTM as of: 03/yy 20 10.0 M 1052-Week High (14.08.2012) 92.60 0 .0 M52-Week Low (19.12.2011) 72.20 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 21077927.00 Current Price (10/dd/yy) 83.7 Market Data 52-Week High % Change -9.61% Dividend Yield 4.06 52-Week Low % Change 15.93% Beta 0.64 % 52 Week Price Range High/Low 58.33% Equity Float 5212.77Shares Out 30.09.2012 20099.7 Short Int - Market Capitalization 1682343.88 1 Yr Total Return 15.64%Total Debt 30301.00 YTD Return 14.88%Preferred Stock 0.0 Adjusted BETA 0.642Minority Interest 1355.0 Analyst Recs 33Cash and Equivalents 332946.00 Consensus Rating 3.424Enterprise Value 997518.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 17087210941 HK EQUITY YTD Change - Average Volume 30 Day 17744940941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17679090 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 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 356959.0 411810.0 452103.0 485231.0 527999.0 494316.0 537272.0 561577.2 597207.5 141691.3 142930.0 TEV/Revenue 6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.81x 1.60x - - EBITDA 197093.0 219788.0 233788.0 241758.0 257202.0 0.0 0.0 252444.5 259235.2 68511.8 65976.5 TEV/EBITDA 12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 3.95x 3.85x - - Net Income 87062.0 112627.0 115166.0 119640.0 125870.0 121026.0 126806.0 125427.1 127035.0 35359.8 31142.5 P/E 29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 10.86x 10.72x - - Profitability S&P Issuer RatingsEBITDA 257202.00 Long-Term Rating Date 16.12.2010EBIT 159710.00 Long-Term Rating AA-Operating Margin 30.25% Long-Term Outlook STABLEPretax Margin 31.55% Short-Term Rating Date -Return on Assets 13.87% Short-Term Rating -Return on Common Equity 20.55% Credit RatiosReturn on Capital 19.56% EBITDA/Interest Exp. 455.22Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 235.02Margin Analysis Net Debt/EBITDA -1.18Gross Margin - Total Debt/EBITDA 0.12EBITDA Margin 48.7% ReferenceEBIT Margin 30.2% Total Debt/Equity 4.7%Net Income Margin 23.8% Total Debt/Capital 4.5%Structure Asset Turnover 0.58Current Ratio 1.40 Net Fixed Asset Turnover 1.14Quick Ratio 1.25 Accounts receivable turnover-days 5.81Debt to Assets 3.18% Inventory Days -Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -Accounts Receivable Turnover 62.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 600000.0 1.00 500000.0 0.80 400000.0 300000.0 0.60 200000.0 0.40 100000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 9. 16.10.2012China Mobile LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA MOBILE HK BVI n/a 20F 14885998621 74.06 - 31.03.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 264607960 1.32 4085964 30.09.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 175760183 0.87 4327000 28.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 123415000 0.61 210000 12.10.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53719500 0.27 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 52944396 0.26 (739697) 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 50427000 0.25 (9591500) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 44569290 0.22 10223214 30.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 42107908 0.21 (7269850) 31.08.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 39511302 0.2 (211000) 12.10.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36888947 0.18 1090500 12.10.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 31549430 0.16 3984663 31.07.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 24357000 0.12 759500 15.10.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 18886000 0.09 855500 31.07.2012 Mutual Fund ManagerSCHRODER KOREA LTD Multiple Portfolios MF-AGG 18587500 0.09 (3484000) 31.03.2012 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 17939500 0.09 - 31.08.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 17030255 0.08 1587500 30.06.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 15575207 0.08 - 30.06.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 15507000 0.08 - 30.06.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14868470 0.07 (81500) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 16.10.2012Barclays ANAND RAMACHANDRAN equalweight 3 M 83 Not Provided 16.10.2012Nomura DANNY CHU neutral 3 M 91 Not Provided 15.10.2012Standard Chartered STEVEN LIU outperform 5 M 95 12 month 12.10.2012BNP Paribas Equity Research ALEN LIN hold 3 M 85 12 month 12.10.2012Jefferies CYNTHIA JINHONG MENG hold 3 M 91 12 month 11.10.2012Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 10.10.2012DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 05.10.2012Haitong International Securities ALEX LEE hold 3 M 90 12 month 04.10.2012Deutsche Bank ALAN HELLAWELL hold 3 M 86 12 month 03.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 25.09.2012Kim Eng Securities ANDY POON sell 1 M 72 12 month 21.09.2012Guotai Junan RICKY LAI accumulate 4 M 90 Not Provided 12.09.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012Goldman Sachs DONALD LU Buy/Neutral 5 M 100 12 month 17.08.2012Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012Macquarie LISA SOH neutral 3 M 76 12 month 17.08.2012China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 17.08.2012SWS Research Co Ltd JIM TANG underperform 1 M 72 Not Provided 17.08.2012UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 17.08.2012ICBC International Securities KARY SEI hold 3 D 87 Not Provided 17.08.2012Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 16.08.2012JPMorgan LUCY LIU neutral 3 M 92 3 month 16.08.2012Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 16.08.2012HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 16.08.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012Mizuho Securities MARVIN LO underperform 1 D 74 12 month 16.08.2012Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012Ji Asia NEIL JUGGINS buy 5 U 96 12 month 11.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 16.10.2012China Construction Bank CorpChina Construction Bank Corporation provides a complete range of banking Price/Volumeservices and other financial services to individual and corporate customers. The 7 4500.0 Mbanks services include retail banking, international settlement, project 4000.0 M 6finance, and credit card services. 3500.0 M 5 3000.0 M 4 2500.0 M Valuation Analysis 3 2000.0 MLatest Fiscal Year: 12/2011 1500.0 M 2 1000.0 MLTM as of: 06/yy 1 500.0 M52-Week High (02.03.2012) 6.62 0 .0 M52-Week Low (12.07.2012) 4.71 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 322939006.00 Current Price (10/dd/yy) 5.68 Market Data 52-Week High % Change -14.20% Dividend Yield 5.15 52-Week Low % Change 20.59% Beta 1.11 % 52 Week Price Range High/Low 56.54% Equity Float 69156.38Shares Out 10.09.2012 240417.3 Short Int - Market Capitalization 1415184.13 1 Yr Total Return 16.70%Total Debt 1211152.00 YTD Return 10.67%Preferred Stock 0.0 Adjusted BETA 1.110Minority Interest 5520.0 Analyst Recs 40Cash and Equivalents 2765601.00 Consensus Rating 4.600Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########939 HK EQUITY YTD Change - Average Volume 30 Day #########939 HK EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 306520.0 388058.0 396529.0 449841.0 575537.0 507820.0 654862.0 448467.5 488340.9 114520.0 - TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 69053.0 92599.0 106756.0 134844.0 169258.0 156928.0 182716.0 186511.4 191714.7 51000.0 - P/E 20.61x 9.36x 12.77x 10.55x 6.47x 8.43x 5.90x 6.19x 6.04x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 54.90% Long-Term Outlook STABLEPretax Margin 55.07% Short-Term Rating Date 29.11.2011Return on Assets 1.47% Short-Term Rating A-1Return on Common Equity 22.45% Credit RatiosReturn on Capital 9.46% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 149.3%Net Income Margin 42.5% Total Debt/Capital 59.7%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 5.45Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.86% Inventory Days -Tot Debt to Common Equity 149.31% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 100.00 700000.0 90.00 600000.0 80.00 70.00 500000.0 60.00 400000.0 50.00 300000.0 40.00 30.00 200000.0 20.00 100000.0 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 02.07.2012 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. 16.10.2012China Construction Bank CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCENTRAL HUIJIN INVES n/a EXCH 142590494651 59.31 - 14.11.2011 GovernmentTEMASEK HOLDINGS PRI n/a EXCH 17878670050 7.44 - 04.05.2012 GovernmentBANK OF AMERICA CORP n/a EXCH 5942736979 2.47 - 17.11.2011 Investment AdvisorBAOSTEEL GROUP CORP n/a Co File 3210000000 1.34 - 31.12.2010 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 2996209024 1.25 360329270 30.09.2012 Investment AdvisorBEST INVESTMENT CORP n/a EXCH 2760000000 1.15 - 14.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1540250930 0.64 2666000 12.10.2012 Investment AdvisorSTATE GRID INTL DEVP n/a Co File 1315282730 0.55 - 31.12.2010 n/aCHINA YANGTZE POWER n/a Co File 1070000000 0.45 - 31.12.2010 GovernmentRECA INVESTMENT LTD n/a Co File 856000000 0.36 - 31.12.2010 n/aYINGDA INTL HOLDINGS n/a Co File 856000000 0.36 - 31.12.2010 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 808305345 0.34 (21223500) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 718786095 0.3 (74739516) 29.02.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 692820990 0.29 (181578000) 29.06.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 671621995 0.28 99887000 31.08.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 632279467 0.26 96278869 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 523882130 0.22 3717976 12.10.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 467843756 0.19 (28607714) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 436933756 0.18 894000 12.10.2012 Investment AdvisorSHANDONG LUNENG GROU n/a Co File 374500000 0.16 - 31.12.2010 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 16.10.2012Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 15.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012Jefferies TAN MING buy 5 M 6 12 month 11.10.2012Nomura LUCY FENG neutral 3 M 5 Not Provided 11.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 10.10.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 10.10.2012CIMB TREVOR KALCIC outperform 5 M 7 12 month 05.10.2012Keefe, Bruyette & Woods BILL STACEY market perform 3 M 6 12 month 01.10.2012DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 24.09.2012Credit Suisse SANJAY JAIN outperform 5 M 7 Not Provided 20.09.2012Standard Chartered LAWRENCE CHEN outperform 5 M 6 12 month 19.09.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 6 12 month 18.09.2012HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 16.09.2012Mizuho Securities JIM ANTOS neutral 3 M 5 12 month 14.09.2012Deutsche Bank TRACY YU hold 3 M 6 12 month 06.09.2012Kim Eng Securities IVAN LI buy 5 M 8 12 month 06.09.2012Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012Core Pacific LI TIMOTHY buy 5 M 6 Not Provided 05.09.2012Guotai Junan WILSON LI accumulate 4 D 7 Not Provided 29.08.2012Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012JPMorgan JOSHUA KLACZEK overweight 5 M 7 3 month 27.08.2012Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 27.08.2012Bank of China International SUN PENG buy 5 M 6 Not Provided 27.08.2012Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 6 Not Provided 27.08.2012China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 27.08.2012SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 27.08.2012UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 27.08.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 27.08.2012Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 13.08.2012Macquarie VICTOR WANG outperform 5 M 6 12 month 19.06.2012GuoSen Securities Co Ltd CHEN HUFEI buy 5 M #N/A N/A Not Provided 27.04.2012Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012RBS DESMOND CHEUNG buy 5 M 8 12 month 24.10.2011Masterlink Securities RAINY YUAN trading buy 5 N 9 6 month 24.11.2010ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010KGI Securities MICHELLE CHEN outperform 5 N 8 12 month 16.04.2010Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 16.10.2012Gazprom OAOGazprom OAO operates gas pipeline systems, produces and explores gas, and Price/Volumetransports high pressure gas in the Russian Federation and European countries. 16 120.0 MThe Company is also engaged in oil production, oil refining, gas storage, and 14electric and heat energy generation. 100.0 M 12 80.0 M 10 8 60.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 40.0 M 4LTM as of: 03/yy 20.0 M 252-Week High (05.03.2012) 13.64 0 .0 M52-Week Low (01.06.2012) 8.47 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 13539816.00 Current Price (10/dd/yy) 9.895 Market Data 52-Week High % Change -27.49% Dividend Yield - 52-Week Low % Change 16.89% Beta 1.26 % 52 Week Price Range High/Low 24.54% Equity Float -Shares Out 30.06.2012 11836.8 Short Int - Market Capitalization 117124.71 1 Yr Total Return -1.14%Total Debt 1540162.00 YTD Return -2.16%Preferred Stock 0.0 Adjusted BETA 1.256Minority Interest 297420.0 Analyst Recs 16Cash and Equivalents 525335.00 Consensus Rating 4.375Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22084820OGZD LI EQUITY YTD Change - Average Volume 30 Day 26244440OGZD LI EQUITY YTD % CHANGE - Average Volume 3 Month 23062670 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 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 2390467.0 3518960.0 2990971.0 3597054.0 4637090.0 ######### ######### ######### ######### ######### ######### TEV/Revenue 4.02x 1.10x 2.00x 1.60x 1.16x 5.61x 4.74x 1.07x 1.02x - - EBITDA 885355.0 1554286.0 1115242.0 1399892.0 1970093.0 ######### ######### ######### ######### 457803.0 - TEV/EBITDA 10.85x 2.48x 5.37x 4.10x 2.73x 4.20x 2.97x - - - - Net Income 658038.0 742928.0 779585.0 968557.0 1307018.0 ######### ######### ######### ######### 376950.5 291752.5 P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 2.96x 2.98x - - Profitability S&P Issuer RatingsEBITDA 1970093.00 Long-Term Rating Date 29.11.2006EBIT 1694909.00 Long-Term Rating BBBOperating Margin 36.55% Long-Term Outlook STABLEPretax Margin 36.23% Short-Term Rating Date 20.08.2010Return on Assets 12.98% Short-Term Rating A-2Return on Common Equity 19.06% Credit RatiosReturn on Capital 15.95% EBITDA/Interest Exp. 61.57Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 13.03Margin Analysis Net Debt/EBITDA 0.52Gross Margin - Total Debt/EBITDA 0.78EBITDA Margin 42.5% ReferenceEBIT Margin 36.6% Total Debt/Equity 20.6%Net Income Margin 28.2% Total Debt/Capital 16.6%Structure Asset Turnover 0.46Current Ratio 1.71 Net Fixed Asset Turnover 0.76Quick Ratio 0.81 Accounts receivable turnover-days 36.90Debt to Assets 14.13% Inventory Days -Tot Debt to Common Equity 20.64% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.89 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 5000000.0 4500000.0 1.00 4000000.0 3500000.0 0.80 3000000.0 2500000.0 0.60 2000000.0 1500000.0 0.40 1000000.0 0.20 500000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13. 16.10.2012Gazprom OAOHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 204256183 1.73 (929561) 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 65005800 0.55 2265780 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 61085000 0.52 - 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40418308 0.34 307100 12.10.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 38295733 0.32 - 28.09.2012 Mutual Fund ManagerCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36857000 0.31 2816800 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 33169190 0.28 (743093) 12.10.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 24657883 0.21 (1579802) 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 21900694 0.19 (202330) 31.08.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 16824220 0.14 (470000) 31.08.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 14257664 0.12 - 12.10.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 13500000 0.11 7500000 30.09.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 11855044 0.1 1213849 30.06.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 11043945 0.09 (4008960) 30.06.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 11023813 0.09 (703455) 31.03.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 10886848 0.09 (5630) 30.06.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10783661 0.09 (323701) 31.08.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 10768204 0.09 (468099) 29.06.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 10757851 0.09 427 31.08.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9914540 0.08 2694212 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRenaissance Capital BRADLEY WAY buy 5 M 13 12 month 12.10.2012Morgan Stanley PAVEL SOROKIN Equalwt/In-Line 3 M 12 12 month 09.10.2012Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 17 12 month 04.10.2012ING Wholesale Banking IGOR KURINNYY hold 3 M 11 12 month 26.09.2012Alfa-Bank MARIYA YEGIKYAN overweight 5 M 13 Not Provided 21.09.2012Goldman Sachs GEYDAR MAMEDOV Buy/Neutral 5 M 16 12 month 17.09.2012Societe Generale EVGENY SOLOVYOV buy 5 M 16 12 month 11.09.2012HSBC ILDAR KHAZIEV overweight 5 M 14 Not Provided 31.08.2012RMG Securities MIKHAIL LOSHININ buy 5 M 14 Not Provided 12.07.2012UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 14 Not Provided 02.07.2012Gazprombank IVAN KHROMUSHIN overweight 5 M 16 12 month 12.05.2012Aton LLC ELENA SAVCHIK buy 5 M 32 12 month 20.01.2012Otkritie Capital VADIM MITROSHIN buy 5 M 25 Not Provided 21.12.2011Barclays LYDIA RAINFORTH underweight 1 M 15 Not Provided 15.11.2011Wood & Company CHIRVANI ABDOULLAEV hold 3 N 14 12 month 22.06.2011CS Capital CHRISTOPHER PARKINSON buy 5 M #N/A N/A Not Provided 24.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 16.10.2012America Movil SAB de CVAmerica Movil SAB de C.V. provides wireless communications in 18 countries Price/Volumeacross Latin America, the Caribbean and the U.S. The company also offers 30 35.0 Mfixed-line phone, Internet and pay-TV services in most parts of the region. 25 30.0 M 25.0 M 20 20.0 M 15 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2011 10 10.0 MLTM as of: 06/yy 5 5.0 M52-Week High (07.05.2012) 28.47 0 .0 M52-Week Low (19.12.2011) 21.60 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 4054394.00 Current Price (10/dd/yy) 26.17 Market Data 52-Week High % Change -8.08% Dividend Yield - 52-Week Low % Change 21.16% Beta 1.09 % 52 Week Price Range High/Low 66.52% Equity Float -Shares Out 10.10.2012 2595.6 Short Int 8.80 Market Capitalization 99406.23 1 Yr Total Return 10.85%Total Debt 380618.80 YTD Return 16.43%Preferred Stock 0.0 Adjusted BETA 1.088Minority Interest 9999.5 Analyst Recs 21Cash and Equivalents 59124.00 Consensus Rating 3.952Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4417279AMX US EQUITY YTD Change - Average Volume 30 Day 5128935AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 4776151 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 311579.8 345654.9 561254.6 607855.7 665301.5 632882.8 733603.6 746539.7 783291.7 188495.5 200301.8 TEV/Revenue 3.86x 2.29x 2.28x 2.73x 2.33x 10.00x 8.53x 2.18x 2.03x 8.69x 8.20x EBITDA 126012.6 137313.5 228715.8 243392.7 248772.5 243760.3 259749.9 260897.1 273113.5 65744.7 69731.0 TEV/EBITDA 9.55x 5.78x 5.60x 6.82x 6.23x 6.09x 6.53x - - - - Net Income 58587.5 59485.5 92697.6 91123.1 82853.5 95899.9 81083.0 97444.3 105034.1 25970.8 23784.2 P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 13.62x 12.25x 14.68x 14.50x Profitability S&P Issuer RatingsEBITDA 248772.50 Long-Term Rating Date 22.03.2010EBIT 154775.47 Long-Term Rating A-Operating Margin 23.26% Long-Term Outlook STABLEPretax Margin 19.32% Short-Term Rating Date -Return on Assets 9.09% Short-Term Rating -Return on Common Equity 27.93% Credit RatiosReturn on Capital 15.57% EBITDA/Interest Exp. 11.97Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 6.18Margin Analysis Net Debt/EBITDA 1.29Gross Margin 42.1% Total Debt/EBITDA 1.53EBITDA Margin 37.4% ReferenceEBIT Margin 23.3% Total Debt/Equity 133.3%Net Income Margin 12.5% Total Debt/Capital 56.3%Structure Asset Turnover 0.73Current Ratio 0.91 Net Fixed Asset Turnover 1.52Quick Ratio 0.70 Accounts receivable turnover-days 59.84Debt to Assets 40.25% Inventory Days 28.55Tot Debt to Common Equity 133.25% Accounts Payable Turnover Day 150.63Accounts Receivable Turnover 6.10 Cash Conversion Cycle -62.24Inventory Turnover 12.78Price/ Cash Flow Sales/Revenue/Turnover 1.20 700000.0 600000.0 1.00 500000.0 0.80 400000.0 0.60 300000.0 0.40 200000.0 100000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 15. 16.10.2012America Movil SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 72019326 2.77 (17892800) 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 69854668 2.69 (24606700) 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 50939316 1.96 474200 30.06.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 29864226 1.15 257432 30.06.2012 Investment AdvisorNOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 21512060 0.83 21453980 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21508182 0.83 267884 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 20072352 0.77 (1386345) 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17435803 0.67 (2589640) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17284039 0.67 17120 30.06.2012 Investment AdvisorBRANDES INVESTMENT P BRANDES INVESTMENT P 13F 16083199 0.62 (1203345) 30.06.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 15597043 0.6 2097005 30.06.2012 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 13420115 0.52 4258192 30.06.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 12928223 0.5 388700 30.06.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 12710980 0.49 1690498 30.06.2012 Investment AdvisorFISHER INVESTMENTS I FISHER INVESTMENTS 13F 11725512 0.45 1031574 30.06.2012 Investment AdvisorWESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11723354 0.45 265505 30.06.2012 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 10509674 0.4 524200 30.06.2012 Investment AdvisorARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 10124939 0.39 10124939 30.06.2012 Hedge Fund ManagerACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10115685 0.39 10115685 30.06.2012 Hedge Fund ManagerGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 9837719 0.38 4070900 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateItau BBA Securities GREGORIO TOMASSI outperform 5 M 30 Not Provided 14.10.2012Actinver SA MARTIN LARA buy 5 M 29 12 month 12.10.2012HSBC RICHARD DINEEN overweight 5 U 32 Not Provided 05.10.2012Scotia Capital ANDRES COELLO sector underperform 1 M 25 12 month 05.10.2012BBVA ALEJANDRO GALLOSTRA outperform 5 M 30 Not Provided 01.10.2012JPMorgan ANDRE BAGGIO neutral 3 M 28 15 month 26.09.2012Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 31 Not Provided 20.09.2012Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 19.09.2012Macquarie KEVIN SMITHEN outperform 5 M 32 12 month 09.08.2012Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 25 12 month 30.07.2012Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 28 12 month 27.07.2012William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 27.07.2012Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 27 12 month 27.07.2012Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 27.07.2012Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 26.07.2012Barclays VERA ROSSI overweight 5 M 32 Not Provided 23.07.2012Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012Wells Fargo Securities, LLC JENNIFER M FRITZSCHE suspended coverage #N/A N/A M #N/A N/A Not Provided 30.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 31.10.2011Davenport & Co F DRAKE JOHNSTONE reduce 2 U #N/A N/A Not Provided 21.07.2011First Global Stockbroking RUPALI VERMA moderate outperform 4 M #N/A N/A Not Provided 29.10.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 16.10.2012Petroleo Brasileiro SAPetroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural Price/Volumegas. The Company refines, markets, and supplies oil products. Petrobras 35 30.0 Moperates oil tankers, distribution pipelines, marine, river and lake terminals, 30 25.0 Mthermal power plants, fertilizer plants, and petrochemical units. The Companyoperates in South America and elsewhere around the world. 25 20.0 M 20 15.0 M Valuation Analysis 15Latest Fiscal Year: 12/2011 10.0 M 10LTM as of: 06/yy 5 5.0 M52-Week High (08.02.2012) 30.20 0 .0 M52-Week Low (28.06.2012) 16.69 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 7236161.00 Current Price (10/dd/yy) 22.32 Market Data 52-Week High % Change -26.09% Dividend Yield - 52-Week Low % Change 33.73% Beta 1.22 % 52 Week Price Range High/Low 41.67% Equity Float -Shares Out 24.09.2012 2801.0 Short Int 16.75 Market Capitalization 148665.20 1 Yr Total Return -0.25%Total Debt 155554.69 YTD Return -2.75%Preferred Stock - Adjusted BETA 1.217Minority Interest 2384.7 Analyst Recs 10Cash and Equivalents 58302.82 Consensus Rating 4.200Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5355077PBR/A US EQUITY YTD Change - Average Volume 30 Day 7503190PBR/A US EQUITY YTD % CHANGE - Average Volume 3 Month 7833152 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 170718.9 217220.4 183481.6 211841.9 244176.1 223163.6 262088.2 283172.5 295085.9 63827.1 67771.7 TEV/Revenue 2.95x 0.98x 2.60x 2.07x 1.56x 7.82x 5.77x 1.60x 1.64x - - EBITDA 52508.7 57350.1 58032.9 59315.3 61582.3 61581.1 56472.1 66363.1 74245.2 16946.9 15752.9 TEV/EBITDA 9.58x 3.73x 8.22x 7.39x 6.17x 6.42x 6.50x - - - - Net Income 25564.5 38932.0 30964.7 35189.4 33313.1 41096.0 19253.7 29361.9 36244.3 8983.5 4234.2 P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 10.17x 8.30x 9.28x 8.95x Profitability S&P Issuer RatingsEBITDA 61582.35 Long-Term Rating Date 17.11.2011EBIT 43842.85 Long-Term Rating BBBOperating Margin 17.96% Long-Term Outlook STABLEPretax Margin 18.16% Short-Term Rating Date -Return on Assets 5.97% Short-Term Rating -Return on Common Equity 10.47% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 1.58Gross Margin 31.6% Total Debt/EBITDA 2.53EBITDA Margin 25.2% ReferenceEBIT Margin 18.0% Total Debt/Equity 47.2%Net Income Margin 13.6% Total Debt/Capital 31.9%Structure Asset Turnover 0.44Current Ratio 1.78 Net Fixed Asset Turnover 0.78Quick Ratio 1.02 Accounts receivable turnover-days 22.51Debt to Assets 25.96% Inventory Days 52.61Tot Debt to Common Equity 47.16% Accounts Payable Turnover Day 39.60Accounts Receivable Turnover 16.21 Cash Conversion Cycle 35.52Inventory Turnover 6.94Price/ Cash Flow Sales/Revenue/Turnover 1.20 300000.0 1.00 250000.0 0.80 200000.0 150000.0 0.60 100000.0 0.40 50000.0 0.20 0.0 0.00 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. 16.10.2012Petroleo Brasileiro SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 110460369 3.94 21409540 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 53890039 1.92 2528838 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 36781377 1.31 618175 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 33467136 1.19 2542249 30.06.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 30203497 1.08 2654965 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 25667412 0.92 (1709232) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 23306947 0.83 303718 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22215148 0.79 (7901232) 30.06.2012 Investment AdvisorDODGE & COX DODGE & COX 13F 17287100 0.62 2346300 30.06.2012 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 15441395 0.55 (3141319) 30.06.2012 Investment AdvisorBRANDES INVESTMENT P BRANDES INVESTMENT P 13F 12942568 0.46 2044790 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 11111941 0.4 (1138262) 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 10941709 0.39 (1440300) 30.06.2012 Investment AdvisorMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 10677940 0.38 4666370 30.06.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 10520416 0.38 - 28.09.2012 Mutual Fund ManagerBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 10079936 0.36 (7552959) 30.06.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 9951696 0.36 (1125400) 30.06.2012 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 8948714 0.32 (2463400) 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 8484636 0.3 (499967) 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 8418324 0.3 191000 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays PAUL Y CHENG equalweight 3 M 32 Not Provided 05.10.2012Espirito Santo Investment Bank Research OSWALDO ALCANTARA TELLES FILHO buy 5 M 32 12 month 01.10.2012Itau BBA Securities PAULA KOVARSKY market perform 3 M 29 Not Provided 30.09.2012Howard Weil Inc RICHARD ROBERTS JR market perform 3 M 32 12 month 06.08.2012JPMorgan CAIO M CARVALHAL neutral 3 M 23 15 month 06.08.2012Banco BTG Pactual SA GUSTAVO GATTASS buy 5 M 28 12 month 06.08.2012Goldman Sachs FELIPE MATTAR Buy/Neutral 5 M 27 6 month 18.07.2012Societe Generale JOHN HERRLIN buy 5 U 25 12 month 08.06.2012HSBC ANISA REDMAN overweight 5 M 46 Not Provided 02.06.2011Bradesco Corretora AURO ROZENBAUM buy 5 M 73 Not Provided 20.10.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 16.10.2012Industrial & Commercial Bank of China LtdIndustrial and Commercial Bank of China Ltd provides a broad range of personal Price/Volumeand corporate commercial banking services all over China. The Banks businesses 6 4500.0 Minclude deposit, loan, credit card, fund underwriting and trust, and foreign 4000.0 Mcurrency settlement and trading. 5 3500.0 M 4 3000.0 M 2500.0 M 3 Valuation Analysis 2000.0 MLatest Fiscal Year: 12/2011 2 1500.0 M 1000.0 MLTM as of: 06/yy 1 500.0 M52-Week High (29.02.2012) 5.72 0 .0 M52-Week Low (12.07.2012) 3.97 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 294399948.00 Current Price (10/dd/yy) 4.88 Market Data 52-Week High % Change -14.69% Dividend Yield 5.15 52-Week Low % Change 22.92% Beta 1.27 % 52 Week Price Range High/Low 55.43% Equity Float 70942.72Shares Out 30.06.2012 86794.0 Short Int - Market Capitalization 1664291.50 1 Yr Total Return 21.18%Total Debt 1923778.00 YTD Return 11.72%Preferred Stock 0.0 Adjusted BETA 1.271Minority Interest 1081.0 Analyst Recs 39Cash and Equivalents 3589595.00 Consensus Rating 4.615Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########1398 HK EQUITY YTD Change - Average Volume 30 Day #########1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 391906.0 469928.0 470638.0 544045.0 704382.0 616599.0 790946.0 528428.5 576896.3 133740.0 - TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 81520.0 110841.0 128645.0 165156.0 208265.0 190034.0 221944.0 227897.1 236728.3 61185.0 52616.0 P/E 33.88x 10.73x 13.95x 8.83x 7.07x 8.18x 6.20x 6.16x 5.90x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 09.12.2010EBIT - Long-Term Rating AOperating Margin 56.24% Long-Term Outlook STABLEPretax Margin 57.02% Short-Term Rating Date 09.12.2010Return on Assets 1.44% Short-Term Rating A-1Return on Common Equity 23.44% Credit RatiosReturn on Capital 8.43% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 201.1%Net Income Margin 43.6% Total Debt/Capital 66.8%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 5.30Quick Ratio - Accounts receivable turnover-days -Debt to Assets 12.43% Inventory Days -Tot Debt to Common Equity 201.08% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 40.00 800000.0 35.00 700000.0 30.00 600000.0 25.00 500000.0 20.00 400000.0 15.00 300000.0 10.00 200000.0 5.00 100000.0 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 02.07.2012 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. 16.10.2012Industrial & Commercial Bank of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a EXCH 11276281524 12.99 - 08.08.2012 Pension Fund (ERISA)JP MORGAN CHASE & CO n/a EXCH 5072177118 5.84 - 23.05.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a EXCH 4575047470 5.27 - 30.05.2012 GovernmentGOLDMAN SACHS GROUP n/a EXCH 4327315246 4.99 - 18.04.2012 Investment AdvisorCAPITAL RESEARCH GLO n/a EXCH 4266918759 4.92 - 12.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2791881875 3.22 147779000 30.09.2012 Investment AdvisorNOMURA HOLDINGS INC n/a Short (2319702900) -2.67 - 01.02.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1475819775 1.7 2536000 12.10.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1198146302 1.38 (21984997) 31.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 949417954 1.09 (370602040) 30.06.2012 Investment AdvisorNOMURA HOLDINGS INC n/a EXCH 857877144 0.99 - 01.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 590570010 0.68 (83208000) 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 572386767 0.66 30602689 31.12.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 540862000 0.62 (215017000) 29.06.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 482819400 0.56 - 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 428056190 0.49 502000 12.10.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 426582405 0.49 51321000 15.10.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 327270356 0.38 (2262331) 31.08.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 275044935 0.32 11176000 31.07.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 263249610 0.3 13171000 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 6 12 month 16.10.2012Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 15.10.2012Core Pacific LI TIMOTHY buy 5 M 6 12 month 12.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 12.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 6 12 month 11.10.2012Nomura LUCY FENG buy 5 M 5 Not Provided 11.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 10.10.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 5 12 month 09.10.2012Jefferies TAN MING buy 5 M 5 12 month 04.10.2012Keefe, Bruyette & Woods BILL STACEY outperform 5 M 6 12 month 01.10.2012CIMB TREVOR KALCIC outperform 5 N 6 12 month 25.09.2012DBS Vickers ALEXANDER LEE buy 5 M 6 12 month 24.09.2012Standard Chartered LAWRENCE CHEN outperform 5 M 5 12 month 19.09.2012HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 16.09.2012Mizuho Securities JIM ANTOS neutral 3 M 5 12 month 14.09.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 5 12 month 13.09.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 10.09.2012Deutsche Bank TRACY YU buy 5 M 5 12 month 06.09.2012Kim Eng Securities IVAN LI buy 5 M 6 12 month 06.09.2012Barclays MAY YAN overweight 5 M 5 Not Provided 06.09.2012Credit Suisse SANJAY JAIN outperform 5 M 5 Not Provided 04.09.2012Bank of China International SUN PENG hold 3 M 5 Not Provided 31.08.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 31.08.2012SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 31.08.2012UOB Kay Hian EDMOND LAW buy 5 M 5 Not Provided 31.08.2012Mirae Asset Securities NAN LI buy 5 M 6 12 month 31.08.2012JPMorgan JOSHUA KLACZEK overweight 5 M 6 3 month 30.08.2012Daiwa Securities Co. Ltd. GRACE WU buy 5 M 6 Not Provided 30.08.2012CCB International Securities Ltd SHENG NAN outperform 5 M 6 Not Provided 30.08.2012Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Macquarie VICTOR WANG outperform 5 M 7 12 month 19.06.2012Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 11.04.2012Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012RBS DESMOND CHEUNG buy 5 M 6 12 month 24.10.2011Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 16.10.2012CNOOC LtdCNOOC Limited, through its subsidiaries, explores, develops, produces, and sells Price/Volumecrude oil and natural gas. The Groups core operation areas are Bohai, Western 20 180.0 MSouth China Sea, Eastern South China Sea and East China Sea in offshore China. 18 160.0 MInternationally, the Group has oil and gas assets in Asia, Africa, North 16 140.0 MAmerica, South America and Oceania. 14 120.0 M 12 100.0 M 10 Valuation Analysis 80.0 M 8Latest Fiscal Year: 12/2011 6 60.0 M 4 40.0 MLTM as of: 01/yy 2 20.0 M52-Week High (20.02.2012) 18.20 0 .0 M52-Week Low (20.10.2011) 12.52 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 37822568.00 Current Price (10/dd/yy) 15.94 Market Data 52-Week High % Change -12.42% Dividend Yield 2.72 52-Week Low % Change 27.32% Beta 1.26 % 52 Week Price Range High/Low 57.39% Equity Float 15873.58Shares Out 30.06.2012 44646.3 Short Int - Market Capitalization 711662.13 1 Yr Total Return 23.69%Total Debt 37995.00 YTD Return 20.96%Preferred Stock 0.0 Adjusted BETA 1.264Minority Interest 0.0 Analyst Recs 35Cash and Equivalents 99197.00 Consensus Rating 3.514Enterprise Value 514760.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 43259720883 HK EQUITY YTD Change - Average Volume 30 Day 56059580883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 55018760 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 90723.8 125977.4 105195.1 180036.0 240944.0 - - 233060.9 242334.1 - - TEV/Revenue 5.75x 1.95x 4.24x 3.71x 1.79x - - 2.40x 2.26x - - EBITDA 49242.7 65262.9 56272.8 97993.0 119044.0 - - 122303.5 125445.9 - - TEV/EBITDA 10.59x 3.77x 7.93x 6.82x 3.62x - - 4.21x 4.10x - - Net Income 31258.3 44375.3 29485.6 54410.0 70255.0 - - 64509.1 64190.4 - - P/E 17.26x 6.44x 16.28x 12.81x 7.02x - - 8.85x 8.86x - - Profitability S&P Issuer RatingsEBITDA 119044.00 Long-Term Rating Date 16.12.2010EBIT 88523.00 Long-Term Rating AA-Operating Margin 36.74% Long-Term Outlook STABLEPretax Margin 38.42% Short-Term Rating Date -Return on Assets 20.00% Short-Term Rating -Return on Common Equity 29.36% Credit RatiosReturn on Capital 25.77% EBITDA/Interest Exp. 76.41Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 42.61Margin Analysis Net Debt/EBITDA -0.51Gross Margin - Total Debt/EBITDA 0.32EBITDA Margin 49.4% ReferenceEBIT Margin 36.7% Total Debt/Equity 14.5%Net Income Margin 29.2% Total Debt/Capital 12.6%Structure Asset Turnover 0.69Current Ratio 1.88 Net Fixed Asset Turnover 1.18Quick Ratio 1.71 Accounts receivable turnover-days 30.56Debt to Assets 9.89% Inventory Days -Tot Debt to Common Equity 14.45% Accounts Payable Turnover Day -Accounts Receivable Turnover 11.95 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 300000.0 1.00 250000.0 0.80 200000.0 150000.0 0.60 100000.0 0.40 50000.0 0.20 0.0 0.00 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. 16.10.2012CNOOC LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL OFFSH n/a 20F 28772727273 64.45 - 31.03.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 766813686 1.72 12825912 30.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 536787247 1.2 (8034400) 31.08.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 396581001 0.89 633000 12.10.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 306196683 0.69 11864213 31.07.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 273113880 0.61 (25381876) 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 248990200 0.56 9125000 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 157111003 0.35 (2211309) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 151519600 0.34 (1808000) 12.10.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 143893000 0.32 11498000 30.06.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 138905500 0.31 (4520000) 29.06.2012 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121732000 0.27 - 30.08.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 107771467 0.24 9576000 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 99157375 0.22 24815000 15.10.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 78800100 0.18 (15861000) 30.06.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 75586000 0.17 (4656000) 31.03.2012 Mutual Fund ManagerSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 67404957 0.15 (24685000) 31.03.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 66860000 0.15 (255000) 30.04.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63636436 0.14 (561000) 31.08.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 61557900 0.14 30153000 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse DAVID HEWITT outperform 5 M 19 Not Provided 15.10.2012Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 12.10.2012Nomura SONIA SONG neutral 3 D 18 Not Provided 09.10.2012Deutsche Bank DAVID HURD hold 3 M 17 12 month 02.10.2012Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 27.09.2012VTB Capital COLIN SMITH hold 3 N 17 12 month 27.09.2012Macquarie JAMES HUBBARD outperform 5 M 21 12 month 24.09.2012BOCOM International Holdings WU FEI neutral 3 M 18 12 month 24.09.2012Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 21.09.2012JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 3 month 18.09.2012Jefferies LABAN YU underperform 1 M 13 12 month 17.09.2012Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 03.09.2012SWS Research Co Ltd ALBERT MIAO underperform 1 M 13 Not Provided 23.08.2012Bank of China International LAWRENCE LAU hold 3 M 16 Not Provided 22.08.2012DBS Vickers WEE KEAT LEE hold 3 M 16 12 month 22.08.2012China International Capital Corp BIN GUAN accumulate 4 M 17 12 month 22.08.2012BNP Paribas Equity Research CHENG KHOO buy 5 M 18 12 month 22.08.2012UOB Kay Hian YAN SHI buy 5 M 18 Not Provided 22.08.2012ICBC International Securities ANNA YU hold 3 M 14 Not Provided 22.08.2012Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 20 12 month 21.08.2012HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 21.08.2012Mizuho Securities ANDREW S F CHAN buy 5 M 18 12 month 21.08.2012Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 21 Not Provided 21.08.2012Barclays SCOTT DARLING overweight 5 M 21 Not Provided 21.08.2012Goldman Sachs ARTHUR YAN not rated #N/A N/A M #N/A N/A Not Provided 02.08.2012JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 24.07.2012Guotai Junan GRACE LIU accumulate 4 M 18 Not Provided 26.06.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 11.05.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011RBS PETER HILTON hold 3 M 14 12 month 07.11.2011Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 16.10.2012Vale SAVale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, Price/Volumecopper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in 30 20.0 MBrazil, where it owns and operates railroads and maritime terminals. 18.0 M 25 16.0 M 20 14.0 M 12.0 M 15 10.0 M Valuation Analysis 8.0 MLatest Fiscal Year: 12/2009 10 6.0 MLTM as of: 06/yy 5 4.0 M 2.0 M52-Week High (03.02.2012) 25.73 0 .0 M52-Week Low (04.09.2012) 15.53 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 5545473.00 Current Price (10/dd/yy) 17.73 Market Data 52-Week High % Change -31.09% Dividend Yield - 52-Week Low % Change 14.17% Beta 1.24 % 52 Week Price Range High/Low 21.57% Equity Float -Shares Out 24.09.2012 2108.6 Short Int 12.87 Market Capitalization 97211.15 1 Yr Total Return -21.71%Total Debt 49121.00 YTD Return -11.75%Preferred Stock 0.0 Adjusted BETA 1.241Minority Interest 3144.0 Analyst Recs 10Cash and Equivalents 7573.00 Consensus Rating 4.400Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6288576VALE/P US EQUITY YTD Change - Average Volume 30 Day 8560203VALE/P US EQUITY YTD % CHANGE - Average Volume 3 Month 8028911 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 62738.0 68746.0 46557.0 83225.0 103195.0 98103.4 98143.3 94655.9 103328.1 22160.9 23069.7 TEV/Revenue 5.44x 1.84x 6.82x 3.87x 2.38x 12.42x 10.36x 2.63x 2.47x - - EBITDA 29927.1 33990.9 17533.5 46231.0 57579.0 59265.2 48391.8 41803.4 48224.9 9068.4 10990.6 TEV/EBITDA 11.40x 3.72x 18.11x 6.97x 4.27x 4.76x 5.26x - - - - Net Income 23009.6 24279.5 10683.1 30070.0 37814.0 42122.2 28281.0 24295.1 27285.8 4793.2 6106.3 P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 7.98x 6.74x 9.05x - Profitability S&P Issuer RatingsEBITDA 57579.00 Long-Term Rating Date 23.11.2011EBIT 50647.00 Long-Term Rating A-Operating Margin 49.08% Long-Term Outlook STABLEPretax Margin 45.03% Short-Term Rating Date -Return on Assets 16.57% Short-Term Rating -Return on Common Equity 29.58% Credit RatiosReturn on Capital 21.97% EBITDA/Interest Exp. 23.96Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 12.19Margin Analysis Net Debt/EBITDA 0.72Gross Margin 60.8% Total Debt/EBITDA 0.85EBITDA Margin 55.8% ReferenceEBIT Margin 49.1% Total Debt/Equity 34.2%Net Income Margin 36.6% Total Debt/Capital 25.1%Structure Asset Turnover 0.45Current Ratio 1.89 Net Fixed Asset Turnover 0.72Quick Ratio 1.07 Accounts receivable turnover-days 53.41Debt to Assets 20.32% Inventory Days 80.88Tot Debt to Common Equity 34.22% Accounts Payable Turnover Day 63.13Accounts Receivable Turnover 6.83 Cash Conversion Cycle 71.15Inventory Turnover 4.51Price/ Cash Flow Sales/Revenue/Turnover 1.20 120000.0 1.00 100000.0 0.80 80000.0 60000.0 0.60 40000.0 0.40 20000.0 0.20 0.0 0.00 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. 16.10.2012Vale SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 129021631 6.12 18983678 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 68568528 3.25 3230410 30.06.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 56889871 2.7 (468900) 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 37456644 1.78 730054 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 35362305 1.68 (1491523) 30.06.2012 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 32698676 1.55 (4623506) 30.06.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 25499865 1.21 (962087) 30.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 15283260 0.72 1442782 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 13184941 0.63 (12956641) 30.06.2012 Investment AdvisorMORGAN STANLEY INVES MORGAN STANLEY INVES 13F 13122855 0.62 (1121700) 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 12976410 0.62 (309170) 30.06.2012 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 12748018 0.6 (3621200) 30.06.2012 Investment AdvisorMONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 12430314 0.59 390800 30.06.2012 Hedge Fund ManagerFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 11982681 0.57 574200 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 11892978 0.56 834564 30.06.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 9472805 0.45 - 28.09.2012 Mutual Fund ManagerCOMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 9296765 0.44 (3390810) 30.06.2012 BankFRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 9168471 0.43 1058880 30.06.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 9088134 0.43 (10290) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 8060212 0.38 (1138113) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs MARCELO AGUIAR buy/attractive 5 M 23 12 month 15.10.2012Banco BTG Pactual SA EDMO CHAGAS buy 5 M 27 12 month 08.10.2012Espirito Santo Investment Bank Research CATARINA PEDROSA neutral 3 M 20 Not Provided 05.10.2012JPMorgan RODOLFO R DE ANGELE overweight 5 M 22 15 month 20.09.2012Itau BBA Securities MARCOS ASSUMPCAO outperform 5 M 24 Not Provided 17.09.2012HSBC JONATHAN BRANDT overweight 5 M 20 Not Provided 14.09.2012Banco Safra de Investimento LEONARDO ALVES outperform 5 M #N/A N/A Not Provided 10.09.2012Grupo Santander FELIPE REIS hold 3 M 21 Not Provided 15.08.2012RBC Capital Markets FRASER PHILLIPS sector perform 3 M #N/A N/A Not Provided 06.05.2011Credit Suisse TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 21.05.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 16.10.2012Itau Unibanco Holding SAItau Unibanco Holding SA attracts deposits and offer retail, commercial, Price/Volumecorporate, and private banking services. The Bank offers consumer loans, 25 45.0 Mfinancial management, insurance, pension plans, treasury services, mortgage 40.0 Mloans, lease financing, securities brokerage, and foreign exchange services. 20 35.0 M 30.0 M 15 25.0 M Valuation Analysis 20.0 M 10Latest Fiscal Year: 12/2011 15.0 M 5 10.0 MLTM as of: 06/yy 5.0 M52-Week High (02.03.2012) 22.00 0 .0 M52-Week Low (28.06.2012) 12.84 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 9864793.00 Current Price (10/dd/yy) 14.64 Market Data 52-Week High % Change -33.45% Dividend Yield - 52-Week Low % Change 14.02% Beta 1.38 % 52 Week Price Range High/Low 19.65% Equity Float -Shares Out 08.10.2012 2281.7 Short Int 28.66 Market Capitalization 66918.50 1 Yr Total Return -16.44%Total Debt 330718.00 YTD Return -19.25%Preferred Stock 0.0 Adjusted BETA 1.381Minority Interest 1395.0 Analyst Recs 12Cash and Equivalents 136542.00 Consensus Rating 4.333Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11168687ITUB US EQUITY YTD Change - Average Volume 30 Day 11564993ITUB US EQUITY YTD % CHANGE - Average Volume 3 Month 12535507 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 44044.5 62950.0 116402.0 106419.0 129875.0 114827.8 136108.0 82518.7 91286.9 21263.3 21903.9 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 8473.6 4849.0 14085.0 11708.0 13837.0 13252.8 13449.0 14686.3 16439.5 - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 9.10x 7.89x 8.86x 8.57x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 30.04.2008EBIT - Long-Term Rating BBBOperating Margin 24.72% Long-Term Outlook STABLEPretax Margin 24.57% Short-Term Rating Date 11.07.2012Return on Assets 1.79% Short-Term Rating A-2Return on Common Equity 19.74% Credit RatiosReturn on Capital 4.07% EBITDA/Interest Exp. -Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 447.3%Net Income Margin 18.6% Total Debt/Capital 81.4%Structure Asset Turnover 0.17Current Ratio - Net Fixed Asset Turnover 25.57Quick Ratio - Accounts receivable turnover-days -Debt to Assets 40.42% Inventory Days -Tot Debt to Common Equity 447.27% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 140000.0 120000.0 1.00 100000.0 0.80 80000.0 0.60 60000.0 0.40 40000.0 20000.0 0.20 0.0 0.00 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. 16.10.2012Itau Unibanco Holding SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 44268560 1.94 580484 30.06.2012 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 31613051 1.39 4031739 30.06.2012 Investment AdvisorNORTHERN CROSS LLC NORTHERN CROSS LLC 13F 30811749 1.35 4404717 30.06.2012 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 30550135 1.34 (3424839) 30.06.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28558859 1.25 505800 30.06.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 28520005 1.25 4400000 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 24144685 1.06 (4693489) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 21752726 0.95 21752726 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 18796564 0.82 (9086492) 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 18136427 0.79 (2050917) 30.06.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 17140082 0.75 1243381 30.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 17089945 0.75 4536244 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 17039525 0.75 (412935) 30.06.2012 Investment AdvisorWESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 14089340 0.62 323097 30.06.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 12416035 0.54 1955728 30.06.2012 Investment AdvisorUBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 11858010 0.52 1238562 30.06.2012 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 11731728 0.51 2021200 30.06.2012 Investment AdvisorARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 10315864 0.45 10315864 30.06.2012 Hedge Fund ManagerOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 10090596 0.44 6542336 30.06.2012 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 9413853 0.41 (2421600) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James FEDERICO REY-MARINO outperform 5 M 19 12 month 01.10.2012Goldman Sachs CARLOS G MACEDO Buy/Neutral 5 M 20 12 month 27.09.2012HSBC VICTOR GALLIANO overweight 5 M 18 Not Provided 14.09.2012Deutsche Bank MARIO PIERRY buy 5 M 23 12 month 17.08.2012Barclays FABIO ZAGATTI overweight 5 M 23 Not Provided 07.08.2012Morgan Stanley JORGE KURI Equalwt/No Rating 3 M 18 12 month 02.08.2012Banco BTG Pactual SA MARCELO BARROZO HENRIQUES neutral 3 M 14 12 month 24.07.2012JPMorgan SAUL MARTINEZ restricted #N/A N/A M #N/A N/A Not Provided 09.07.2012Grupo Santander BORIS MOLINA underperform 1 M 18 Not Provided 25.04.2012Bradesco Corretora CARLOS W FIRETTI outperform 5 M 23 Not Provided 04.01.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Espirito Santo Investment Bank Research GUSTAVO VITTORAZZE SCHRODEN buy 5 M 20 12 month 25.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 16.10.2012Tencent Holdings LtdTencent Holdings Limited provides Internet, mobile, and telecommunication Price/Volumevalue-added services in China. The Company has an instant messaging community 300 16.0 Min China. Tencent also provides online advertising services. 14.0 M 250 12.0 M 200 10.0 M 150 8.0 M Valuation Analysis 6.0 MLatest Fiscal Year: 12/2011 100 4.0 MLTM as of: 06/yy 50 2.0 M52-Week High (03.10.2012) 268.80 0 .0 M52-Week Low (29.11.2011) 139.80 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 1399569.00 Current Price (10/dd/yy) 260 Market Data 52-Week High % Change -3.27% Dividend Yield - 52-Week Low % Change 85.98% Beta 1.09 % 52 Week Price Range High/Low 92.09% Equity Float 959.98Shares Out 09.10.2012 1850.8 Short Int - Market Capitalization 481198.91 1 Yr Total Return 51.14%Total Debt 11732.77 YTD Return 67.12%Preferred Stock 0.0 Adjusted BETA 1.091Minority Interest 624.5 Analyst Recs 36Cash and Equivalents 26328.18 Consensus Rating 4.306Enterprise Value 370283.45 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1811827700 HK EQUITY YTD Change - Average Volume 30 Day 2665349700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3081383 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 3820.9 7154.5 12440.0 19646.0 28496.1 23828.3 35593.7 43288.9 55854.5 11401.3 12099.3 TEV/Revenue 24.95x 10.35x 20.68x 12.43x 7.61x 45.46x 30.30x 8.52x 6.37x - - EBITDA 1791.9 3539.9 6415.5 10382.4 13357.0 6319.4 15564.6 18352.8 23126.5 4798.5 4921.5 TEV/EBITDA 53.21x 20.91x 40.10x 23.52x 16.23x 0.00x 20.74x 20.18x 16.01x 17.69x 16.82x Net Income 1566.0 2784.6 5155.6 8053.6 10203.1 9573.5 11033.0 13276.5 16838.7 3537.1 3621.5 P/E 62.78x 28.37x 51.84x 32.31x 22.57x 33.37x 30.54x 29.13x 22.94x 25.18x 23.60x Profitability S&P Issuer RatingsEBITDA 13356.97 Long-Term Rating Date 14.11.2011EBIT 11417.56 Long-Term Rating BBB+Operating Margin 40.07% Long-Term Outlook STABLEPretax Margin 42.46% Short-Term Rating Date -Return on Assets 22.03% Short-Term Rating -Return on Common Equity 40.63% Credit RatiosReturn on Capital 30.27% EBITDA/Interest Exp. 184.14Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 128.28Margin Analysis Net Debt/EBITDA -1.09Gross Margin 65.2% Total Debt/EBITDA 0.88EBITDA Margin 46.9% ReferenceEBIT Margin 40.1% Total Debt/Equity 41.2%Net Income Margin 35.8% Total Debt/Capital 28.7%Structure Asset Turnover 0.62Current Ratio 1.68 Net Fixed Asset Turnover 5.60Quick Ratio 1.34 Accounts receivable turnover-days 23.93Debt to Assets 20.65% Inventory Days -Tot Debt to Common Equity 41.22% Accounts Payable Turnover Day 66.63Accounts Receivable Turnover 15.25 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 30000.0 1.00 25000.0 0.80 20000.0 15000.0 0.60 10000.0 0.40 5000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 16.10.2012Tencent Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMIH TC HOLDINGS LTD n/a EXCH 630240380 34.05 - 25.09.2012 OtherHUATENG MA n/a EXCH 189892880 10.26 - 10.07.2012 n/aJP MORGAN CHASE & CO n/a EXCH 87228804 4.71 - 28.05.2012 Investment AdvisorZHIDONG ZHANG n/a EXCH 66000000 3.57 - 18.09.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 57076300 3.08 (1230188) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 30830349 1.67 (3678278) 31.03.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 25857000 1.4 (629300) 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 23686000 1.28 95000 30.06.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 18707800 1.01 (1410200) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12584100 0.68 26800 12.10.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11766400 0.64 (598600) 30.08.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 9867070 0.53 7600 31.07.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 9684904 0.52 679909 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 9525300 0.51 (906500) 30.06.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 6705283 0.36 (2226200) 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5158295 0.28 137496 31.08.2012 Investment AdvisorCHI PING LAU n/a EXCH 4603600 0.25 (50000) 31.08.2012 n/aMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4371390 0.24 - 31.07.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4320630 0.23 (1276844) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3754933 0.2 8100 12.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCapital Securities Corp TEAM COVERAGE buy 5 M 276 Not Provided 16.10.2012Nomura JIN YOON reduce 2 M 146 Not Provided 11.10.2012Credit Suisse WALLACE CHEUNG outperform 5 M 300 Not Provided 09.10.2012BOCOM International Holdings CONNIE XINYU GU buy 5 M 260 12 month 09.10.2012Mizuho Securities MARVIN LO buy 5 M 321 12 month 08.10.2012Barclays ALICIA YAP overweight 5 M 292 Not Provided 04.10.2012China International Capital Corp YU JIN buy 5 M 275 12 month 27.09.2012Ji Asia JUSTIN WEISS neutral 3 U #N/A N/A Not Provided 27.09.2012Brean Murray Carret & Co FAWNE JIANG buy 5 M 253 12 month 25.09.2012First Shanghai Securities Ltd TSOI HO buy 5 M 300 12 month 20.09.2012Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 19.09.2012Morgan Stanley RICHARD W JI Overwt/Attractive 5 M 285 12 month 09.09.2012OSK (Asia) Securities BILLY LEUNG sell 1 M 210 12 month 07.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 20.08.2012Deutsche Bank ALAN HELLAWELL buy 5 M 270 12 month 17.08.2012HSBC CHI TSANG underweight 1 M 221 Not Provided 17.08.2012JPMorgan DICK WEI overweight 5 M 276 15 month 16.08.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012Macquarie JIONG SHAO underperform 1 M 180 12 month 16.08.2012Bank of China International THOMAS CHONG buy 5 M 258 Not Provided 16.08.2012Haitong International Securities ALEX LEE buy 5 M 265 12 month 16.08.2012DBS Vickers BILL HUANG hold 3 M 222 12 month 16.08.2012CIMB WENDY HUANG outperform 5 M 271 12 month 16.08.2012SWS Research Co Ltd JIM TANG outperform 5 M 260 Not Provided 16.08.2012Core Pacific KEVIN TAM buy 5 M 268 Not Provided 16.08.2012Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 270 12 month 15.08.2012Pacific Crest Securities EVAN S WILSON outperform 5 M 285 12 month 15.08.2012Piper Jaffray MARK A MAROSTICA overweight 5 M 263 12 month 15.08.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 250 Not Provided 15.08.2012Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 14.08.2012Daiwa Securities Co. Ltd. JOHN CHOI buy 5 N 275 Not Provided 10.08.2012Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 16.10.2012Lukoil OAOLUKOIL explores for, produces, refines, transports, and markets oil and gas, Price/Volumemainly from Western Siberia. The Company also manufactures petrochemicals, 70 10.0 Mfuels, and other petroleum products. LUKOIL operates refineries, and gasoline 9.0 M 60filling stations in Russia and the United States. The Company transports oil 8.0 Mthrough pipelines, and petroleum products with its fleet of ships. 50 7.0 M 40 6.0 M 5.0 M Valuation Analysis 30 4.0 MLatest Fiscal Year: 12/2011 20 3.0 MLTM as of: 06/yy 2.0 M 10 1.0 M52-Week High (17.09.2012) 66.60 0 .0 M52-Week Low (14.12.2011) 49.67 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 1272893.00 Current Price (10/dd/yy) 62.9 Market Data 52-Week High % Change -5.56% Dividend Yield - 52-Week Low % Change 26.64% Beta 1.05 % 52 Week Price Range High/Low 71.94% Equity Float -Shares Out 30.06.2012 850.6 Short Int - Market Capitalization 53500.43 1 Yr Total Return 19.31%Total Debt 9092.00 YTD Return 23.93%Preferred Stock 0.0 Adjusted BETA 1.048Minority Interest (172.0) Analyst Recs 13Cash and Equivalents 2910.00 Consensus Rating 4.538Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1842915LKOD LI EQUITY YTD Change - Average Volume 30 Day 2978087LKOD LI EQUITY YTD % CHANGE - Average Volume 3 Month 2627331 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 66858.0 86340.0 68025.0 86078.0 133650.0 110201.0 136770.0 129504.6 129852.5 - - TEV/Revenue 1.15x 0.41x 0.84x 0.62x 0.35x 2.06x 1.39x 0.46x 0.47x - - EBITDA 15366.0 17092.0 14096.0 16050.0 17628.0 18847.0 16139.0 18341.5 19045.4 - - TEV/EBITDA 4.99x 2.07x 4.05x 3.32x 2.67x 2.99x 2.90x - - - - Net Income 9511.0 9144.0 7011.0 9006.0 10357.0 11772.0 8396.0 10899.1 10901.7 - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 4.50x 4.63x - - Profitability S&P Issuer RatingsEBITDA 17628.00 Long-Term Rating Date 12.11.2010EBIT 13155.00 Long-Term Rating BBB-Operating Margin 9.84% Long-Term Outlook POSPretax Margin 9.82% Short-Term Rating Date -Return on Assets 11.82% Short-Term Rating -Return on Common Equity 16.33% Credit RatiosReturn on Capital 14.04% EBITDA/Interest Exp. 25.40Asset Turnover 1.53% (EBITDA-Capex)/Interest Exp. 13.51Margin Analysis Net Debt/EBITDA 0.35Gross Margin - Total Debt/EBITDA 0.52EBITDA Margin 13.2% ReferenceEBIT Margin 9.8% Total Debt/Equity 13.4%Net Income Margin 7.7% Total Debt/Capital 11.9%Structure Asset Turnover 1.53Current Ratio 2.12 Net Fixed Asset Turnover 2.40Quick Ratio 1.07 Accounts receivable turnover-days 23.40Debt to Assets 9.97% Inventory Days -Tot Debt to Common Equity 13.44% Accounts Payable Turnover Day -Accounts Receivable Turnover 15.60 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 160000.0 140000.0 1.00 120000.0 0.80 100000.0 80000.0 0.60 60000.0 0.40 40000.0 20000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 16.10.2012Lukoil OAOHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYAL BANK OF CANADA n/a RNS-MAJ 91131178 10.71 - 22.09.2010 BankABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 24332181 2.86 2666190 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 20364223 2.39 104896 30.06.2012 Investment AdvisorUNICREDIT BANK AG n/a RNS-MAJ 19752533 2.32 15446091 17.03.2011 BankBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5664485 0.67 15573 12.10.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5275006 0.62 (39900) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4086597 0.48 484122 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3388932 0.4 244051 31.08.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2993707 0.35 (719026) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2891221 0.34 17971 12.10.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2434326 0.29 - 12.10.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2260300 0.27 (31600) 30.06.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 2213900 0.26 (231000) 31.08.2012 Mutual Fund ManagerLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 2114853 0.25 (41700) 31.08.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1966267 0.23 25890 30.06.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1645980 0.19 118880 30.04.2012 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1499341 0.18 (10220) 31.08.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1465237 0.17 (31924) 31.08.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1444100 0.17 134099 31.12.2011 Mutual Fund ManagerSCHRODER KOREA LTD Multiple Portfolios MF-AGG 1416715 0.17 (46000) 31.03.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateRenaissance Capital BRADLEY WAY buy 5 M 88 12 month 12.10.2012Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 57 12 month 04.10.2012VTB Capital DMITRY LOUKASHOV buy 5 M 130 12 month 28.09.2012Societe Generale EVGENY SOLOVYOV buy 5 M 72 12 month 24.09.2012Alfa-Bank MARIYA YEGIKYAN overweight 5 N 69 Not Provided 03.09.2012HSBC ILDAR KHAZIEV overweight 5 M 75 Not Provided 29.08.2012Goldman Sachs GEYDAR MAMEDOV neutral/neutral 3 M 76 12 month 26.07.2012RMG Securities MIKHAIL LOSHININ buy 5 M 79 Not Provided 12.07.2012UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 81 Not Provided 07.06.2012Otkritie Capital VADIM MITROSHIN buy 5 M 69 Not Provided 20.12.2011Barclays LYDIA RAINFORTH equalweight 3 M 70 Not Provided 15.11.2011Wood & Company CHIRVANI ABDOULLAEV sell 1 N 58 12 month 22.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 16.10.2012Hyundai Motor CoHyundai Motor Company manufactures, sells, and exports passenger cars, trucks, Price/Volumeand commercial vehicles. The Company also sells various auto parts and operates 300000 5.0 Mauto repair service centers throughout South Korea. Hyundai Motor provides 4.5 Mfinancial services through its subsidiaries. 250000 4.0 M 200000 3.5 M 3.0 M 150000 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 12/2011 100000 1.5 MLTM as of: 06/yy 50000 1.0 M .5 M52-Week High (02.05.2012) 272500.00 0 .0 M52-Week Low (15.12.2011) 200500.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 584089.00 Current Price (10/dd/yy) 227500 Market Data 52-Week High % Change -16.51% Dividend Yield 0.77 52-Week Low % Change 13.47% Beta 1.16 % 52 Week Price Range High/Low 34.72% Equity Float 136.95Shares Out 30.09.2012 220.3 Short Int - Market Capitalization 50112900.00 1 Yr Total Return 7.94%Total Debt 3945391.00 YTD Return 6.81%Preferred Stock 331011.0 Adjusted BETA 1.159Minority Interest 0.0 Analyst Recs 50Cash and Equivalents 10087560.00 Consensus Rating 4.840Enterprise Value 41454867.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 551189005380 KS EQUITY YTD Change - Average Volume 30 Day 549482005380 KS EQUITY YTD % CHANGE - Average Volume 3 Month 595875 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 30489129.0 32189786.0 31859327.0 36761115.0 42774077.0 ######### ######### ######### ######### - - TEV/Revenue 0.42x 0.20x 0.64x 0.86x 0.91x 3.55x 3.57x 0.92x 0.83x - - EBITDA 2981391.0 3221449.0 3649386.0 4833935.0 6242388.0 ######### ######### ######### ######### - - TEV/EBITDA 4.25x 2.05x 5.60x 6.54x 6.21x 8.57x 5.73x 5.96x 5.99x - - Net Income 1682419.0 1447904.0 2961509.0 3476238.0 4740886.0 ######### ######### ######### ######### - - P/E 11.54x 7.42x 11.11x 13.55x 12.20x 13.71x 11.51x 6.13x 5.92x - - Profitability S&P Issuer RatingsEBITDA 6242388.00 Long-Term Rating Date 20.03.2012EBIT 4684413.00 Long-Term Rating BBB+Operating Margin 10.95% Long-Term Outlook STABLEPretax Margin 13.72% Short-Term Rating Date -Return on Assets 10.01% Short-Term Rating -Return on Common Equity 15.49% Credit RatiosReturn on Capital 14.50% EBITDA/Interest Exp. 21.78Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 16.80Margin Analysis Net Debt/EBITDA -0.98Gross Margin 25.3% Total Debt/EBITDA 0.63EBITDA Margin 14.6% ReferenceEBIT Margin 11.0% Total Debt/Equity 12.3%Net Income Margin 11.1% Total Debt/Capital 10.8%Structure Asset Turnover 0.90Current Ratio 1.45 Net Fixed Asset Turnover 3.50Quick Ratio 1.22 Accounts receivable turnover-days 34.39Debt to Assets 7.85% Inventory Days 19.83Tot Debt to Common Equity 12.26% Accounts Payable Turnover Day 41.89Accounts Receivable Turnover 10.61 Cash Conversion Cycle 12.34Inventory Turnover 18.40Price/ Cash Flow Sales/Revenue/Turnover 14.00 45000000.0 12.00 40000000.0 35000000.0 10.00 30000000.0 8.00 25000000.0 6.00 20000000.0 15000000.0 4.00 10000000.0 2.00 5000000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 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 |
  • 31. 16.10.2012Hyundai Motor CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI MOBIS n/a EXCH 45782023 20.78 - 20.03.2012 CorporationNATIONAL PENSION SER n/a Co File 14873261 6.75 - 31.12.2011 Investment AdvisorMIRAE ASSET GLOBAL I n/a EXCH 13054486 5.93 (2548444) 29.01.2010 Investment AdvisorCHUNG MONG-KOO n/a EXCH 11408874 5.18 - 20.03.2012 n/aHYUNDAI MOTOR CO n/a Co File 11006710 5 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 6694279 3.04 88258 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3011390 1.37 (358100) 30.06.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 2702100 1.23 (273300) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2660724 1.21 (228) 12.10.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2308262 1.05 (2498) 31.08.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2265216 1.03 (115782) 29.02.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 2040115 0.93 - 31.07.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1862051 0.85 (3519) 29.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1604082 0.73 101955 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1429500 0.65 (94050) 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1193706 0.54 246719 31.03.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1096014 0.5 161155 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1090881 0.5 35094 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 885913 0.4 (9699) 12.10.2012 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 760168 0.35 (14210) 31.03.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSK Securities Co Ltd KIM YONG-SOO buy 5 M 320000 6 month 16.10.2012Tong Yang Investment Bank AHN SANG JUN buy 5 M 300000 12 month 16.10.2012KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 370000 6 month 15.10.2012Hana Daetoo Securities SONG SUN-JAE buy 5 M 310000 12 month 15.10.2012Korea Investment & Securities SUH SUNGMOON buy 5 M 320000 12 month 11.10.2012LIG Investment Securities IN-WOO PARK buy 5 M 310000 12 month 11.10.2012HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 330000 6 month 10.10.2012Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 330000 12 month 10.10.2012Nomura ANGELA HONG buy 5 M 320000 Not Provided 10.10.2012Samsung Securities YOON PIL JOONG buy 5 M 298000 12 month 09.10.2012Macquarie MICHAEL SOHN outperform 5 M 320000 12 month 09.10.2012HI Investment Securities KOH TAE-BONG buy 5 M 350000 6 month 09.10.2012Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 310000 Not Provided 08.10.2012Standard Chartered DAVID KIM outperform 5 M 326000 12 month 06.10.2012Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 330000 12 month 05.10.2012KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330000 12 month 05.10.2012Barclays PAUL HWANG equalweight 3 M 270000 Not Provided 05.10.2012KTB Securities NAM KYEONG MOON buy 5 M 320000 12 month 04.10.2012BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280000 12 month 04.10.2012Kyobo Securities SONG SANG-HOON buy 5 M 320000 12 month 04.10.2012IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 320000 Not Provided 26.09.2012Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 313000 6 month 24.09.2012NH Investment & Securities LEE SANG-HYUN buy 5 M 330000 6 month 19.09.2012Eugene Investment & Securities Co., LtdPARK SANG-WON buy 5 M 320000 12 month 19.09.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012Daewoo Securities PARK YOUNG HO buy 5 M 324000 12 month 05.09.2012Mirae Asset Securities YOON-KI KIM buy 5 M 316000 12 month 04.09.2012Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 285000 12 month 27.08.2012E*Trade Securities Korea KANG SANG-MIN buy 5 M 330000 12 month 13.08.2012Hyundai Securities CHAE HEE-GUEN buy 5 M 328000 Not Provided 02.08.2012Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300000 6 month 01.08.2012Woori Investment & Securities CHO SOO-HONG buy 5 M 310000 Not Provided 30.07.2012Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 320000 12 month 27.07.2012Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 300000 6 month 27.07.2012Deutsche Bank SANJEEV RANA buy 5 M 325000 12 month 26.07.2012Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 316000 12 month 26.07.2012Credit Suisse HENRY KWON outperform 5 M 332500 Not Provided 26.07.2012JPMorgan PARK WAN SUN overweight 5 M 310000 9 month 26.07.2012Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 270000 6 month 22.06.2012Hanyang Securities KIM YEON-WOO buy 5 M 320000 6 month 15.05.2012First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 07.05.2012BS Securities Co Ltd CHOI DAE-SIK buy 5 N 310000 6 month 30.04.2012HSBC PAUL CHOI overweight 5 M 330000 Not Provided 26.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 16.10.2012Cia de Bebidas das AmericasCompanhia de Bebidas das Americas (AmBev) produces beer, soft drinks, teas, Price/Volumemineral water, and sports drinks. The Companys main brands are Antarctica, 50 7.0 MBrahma, and Skol. AmBev is the sole distributor of Pepsi products in Brazil. 45 6.0 M 40 35 5.0 M 30 4.0 M 25 Valuation Analysis 20 3.0 MLatest Fiscal Year: 12/2011 15 2.0 MLTM as of: 06/yy 10 1.0 M 552-Week High (20.04.2012) 44.61 0 .0 M52-Week Low (23.11.2011) 31.30 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 1996439.00 Current Price (10/dd/yy) 40.68 Market Data 52-Week High % Change -8.82% Dividend Yield - 52-Week Low % Change 29.97% Beta 0.79 % 52 Week Price Range High/Low 70.46% Equity Float -Shares Out 08.10.2012 1371.4 Short Int 7.16 Market Capitalization 114627.71 1 Yr Total Return 26.29%Total Debt 4114.59 YTD Return 15.58%Preferred Stock 0.0 Adjusted BETA 0.788Minority Interest 217.5 Analyst Recs 14Cash and Equivalents 8511.73 Consensus Rating 3.571Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1687022ABV US EQUITY YTD Change - Average Volume 30 Day 1913619ABV US EQUITY YTD % CHANGE - Average Volume 3 Month 1909324 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 19648.2 20713.2 23194.0 25233.3 27126.7 25807.2 28814.1 31471.5 34614.0 7442.3 9358.7 TEV/Revenue 4.42x 3.10x 4.39x 5.72x 7.58x 22.18x 29.61x 7.33x 6.64x 31.28x 24.83x EBITDA 7089.3 9117.2 10554.4 11590.2 13164.2 12084.7 9333.9 15097.6 16719.3 3467.1 4925.1 TEV/EBITDA 12.24x 7.04x 9.64x 12.46x 15.62x 13.13x 0.00x - - - - Net Income 2816.4 5119.1 5986.1 7561.4 8641.0 8322.2 8998.6 10235.4 11196.3 - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 24.85x 22.62x 24.56x 24.24x Profitability S&P Issuer RatingsEBITDA 13164.19 Long-Term Rating Date 05.07.2012EBIT 11709.44 Long-Term Rating AOperating Margin 43.17% Long-Term Outlook STABLEPretax Margin 41.44% Short-Term Rating Date -Return on Assets 19.46% Short-Term Rating -Return on Common Equity 34.58% Credit RatiosReturn on Capital 30.58% EBITDA/Interest Exp. 13.16Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 9.96Margin Analysis Net Debt/EBITDA -0.33Gross Margin 67.6% Total Debt/EBITDA 0.31EBITDA Margin 48.5% ReferenceEBIT Margin 43.2% Total Debt/Equity 16.1%Net Income Margin 31.9% Total Debt/Capital 13.7%Structure Asset Turnover 0.61Current Ratio 1.02 Net Fixed Asset Turnover 3.33Quick Ratio 0.71 Accounts receivable turnover-days 38.99Debt to Assets 8.92% Inventory Days 86.00Tot Debt to Common Equity 16.07% Accounts Payable Turnover Day 265.09Accounts Receivable Turnover 9.36 Cash Conversion Cycle -140.10Inventory Turnover 4.24Price/ Cash Flow Sales/Revenue/Turnover 1.20 30000.0 1.00 25000.0 0.80 20000.0 15000.0 0.60 10000.0 0.40 5000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 33. 16.10.2012Cia de Bebidas das AmericasHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 24778025 1.81 (877106) 30.06.2012 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 14488067 1.06 2946230 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13977241 1.02 283835 30.06.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 11793477 0.86 2164899 29.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 10573760 0.77 (2084910) 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 10573331 0.77 (244700) 30.06.2012 Investment AdvisorMORGAN STANLEY INVES MORGAN STANLEY INVES 13F 9334975 0.68 (177100) 30.06.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 8586523 0.63 1597000 30.06.2012 Hedge Fund ManagerSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 8585446 0.63 143790 30.06.2012 Investment AdvisorFISHER INVESTMENTS I FISHER INVESTMENTS 13F 8335598 0.61 5784345 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 8072809 0.59 (1784701) 30.06.2012 Investment AdvisorARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 7324030 0.53 756813 30.06.2012 Hedge Fund ManagerBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 6322571 0.46 6322571 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 6170254 0.45 593024 30.06.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5512500 0.4 1151700 30.06.2012 Hedge Fund ManagerMONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 5184200 0.38 195600 30.06.2012 Hedge Fund ManagerLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 4793348 0.35 (128700) 31.08.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 4400000 0.32 - 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 3912857 0.29 (117488) 30.06.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3840407 0.28 141852 29.06.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley LORE SERRA Equalwt/In-Line 3 M #N/A N/A Not Provided 10.10.2012HSBC LAUREN E TORRES neutral 3 M 42 Not Provided 10.10.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 43 Not Provided 10.10.2012Raymond James CHRIS THORNSBERRY market perform 3 M #N/A N/A Not Provided 04.10.2012Bradesco Corretora RICARDO BOIATI outperform 5 U 47 Not Provided 28.09.2012Deutsche Bank JOSE J YORDAN hold 3 M 38 12 month 21.08.2012Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 38 Not Provided 02.08.2012Credit Suisse GUSTAVO JOSEF WIGMAN neutral 3 M 36 Not Provided 31.07.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 33 12 month 31.07.2012JPMorgan ALAN ALANIS overweight 5 M 46 3 month 18.06.2012Grupo Santander LUIS MIRANDA hold 3 D 45 Not Provided 13.03.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 16.10.2012MTN Group LtdMTN Group Limited provides a wide range of communication services. The Price/VolumeCompanys services include cellular network access and business solutions. MTN 18000 35.0 MGroup is a multinational telecommunications group, operating in countries in 16000 30.0 MAfrica and the Middle East. 14000 25.0 M 12000 10000 20.0 M Valuation Analysis 8000 15.0 MLatest Fiscal Year: 12/2011 6000 10.0 M 4000LTM as of: 01/yy 5.0 M 200052-Week High (14.09.2012) 16389.00 0 .0 M52-Week Low (04.04.2012) 12700.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 3278137.00 Current Price (10/dd/yy) 15564 Market Data 52-Week High % Change -4.81% Dividend Yield 5.12 52-Week Low % Change 22.55% Beta 0.88 % 52 Week Price Range High/Low 84.36% Equity Float 1132.01Shares Out 30.08.2012 1885.0 Short Int - Market Capitalization 293377.09 1 Yr Total Return 25.27%Total Debt 34205.00 YTD Return 14.35%Preferred Stock 0.0 Adjusted BETA 0.876Minority Interest 3802.0 Analyst Recs 19Cash and Equivalents 45286.00 Consensus Rating 4.474Enterprise Value 300857.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7322605MTN SJ EQUITY YTD Change - Average Volume 30 Day 6508800MTN SJ EQUITY YTD % CHANGE - Average Volume 3 Month 6528916 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 73145.0 102526.0 111947.0 114684.0 121884.0 - - 136089.4 144490.5 - - TEV/Revenue 3.55x 2.16x 2.08x 2.22x 2.12x - - 2.14x 1.99x - - EBITDA 32136.0 45014.0 46195.0 47452.0 52360.0 - - 59338.8 62560.1 - - TEV/EBITDA 8.08x 4.92x 5.04x 5.37x 4.93x - - 5.08x 4.82x - - Net Income 10608.0 15315.0 14650.0 14300.0 20754.0 - - 23162.4 25404.1 - - P/E 21.90x 12.97x 14.68x 17.67x 13.45x - - 12.65x 11.35x - - Profitability S&P Issuer RatingsEBITDA 52360.00 Long-Term Rating Date -EBIT 36901.00 Long-Term Rating -Operating Margin 30.28% Long-Term Outlook -Pretax Margin 30.88% Short-Term Rating Date -Return on Assets 12.35% Short-Term Rating -Return on Common Equity 25.82% Credit RatiosReturn on Capital 23.67% EBITDA/Interest Exp. 7.92Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 5.79Margin Analysis Net Debt/EBITDA -0.21Gross Margin 66.9% Total Debt/EBITDA 0.65EBITDA Margin 43.0% ReferenceEBIT Margin 30.3% Total Debt/Equity 38.5%Net Income Margin 17.0% Total Debt/Capital 27.0%Structure Asset Turnover 0.73Current Ratio 1.22 Net Fixed Asset Turnover 1.81Quick Ratio 1.04 Accounts receivable turnover-days 31.52Debt to Assets 18.86% Inventory Days 19.08Tot Debt to Common Equity 38.48% Accounts Payable Turnover Day 48.33Accounts Receivable Turnover 11.58 Cash Conversion Cycle 2.28Inventory Turnover 19.13Price/ Cash Flow Sales/Revenue/Turnover 8.00 140000.0 7.00 120000.0 6.00 100000.0 5.00 80000.0 4.00 60000.0 3.00 40000.0 2.00 20000.0 1.00 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 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 35. 16.10.2012MTN Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOVERNMENT EMP PENSI #N/A N/A SJ-REG 245565229 13.03 - 28.09.2012 GovernmentSTATE STREET BANK & #N/A N/A SJ-REG 178009469 9.44 - 28.09.2012 Investment AdvisorMTN ZAKHELE LTD n/a SJ-REG 75857138 4.02 - 28.09.2012 n/aJP MORGAN CHASE BANK #N/A N/A SJ-REG 75657353 4.01 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 73032910 3.87 1792795 30.09.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 51525684 2.73 - 28.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 46540691 2.47 (190000) 30.06.2012 Investment AdvisorM1 LTD #N/A N/A SJ-REG 44046128 2.34 - 28.09.2012 CorporationM1 CITI PLEDGED CUST n/a SJ-REG 40700000 2.16 - 28.09.2012 n/aDODGE & COX Multiple Portfolios MF-AGG 40632400 2.16 137000 30.06.2012 Investment AdvisorNORTHERN TR AVFC GOV n/a SJ-REG 36929480 1.96 - 28.09.2012 n/aOLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 36626848 1.94 - 28.09.2012 Insurance CompanyUBS AG M1 LIMITED n/a SJ-REG 33000000 1.75 - 28.09.2012 n/aMLI GMF & S M1 LTD S n/a SJ-REG 32500000 1.72 - 28.09.2012 n/aGEPF CORONATION FM n/a SJ-REG 29039170 1.54 - 28.09.2012 n/aCSFB EUROPE LTD #N/A N/A SJ-REG 26010300 1.38 - 28.09.2012 UnclassifiedBANK OF NEW YORK #N/A N/A SJ-REG 25401377 1.35 - 28.09.2012 Investment AdvisorNORTHERN TRUST COMPA #N/A N/A SJ-REG 24630193 1.31 - 28.09.2012 UnclassifiedMOBILE TELEPHONE NET n/a SJ-REG 22337752 1.19 - 28.09.2012 n/aCORONATION ASSET MAN Multiple Portfolios MF-AGG 21897513 1.16 548790 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSBG Securities JONATHAN KENNEDY-GOOD buy 5 M 17000 12 month 15.10.2012JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 18500 15 month 12.10.2012Macquarie AADIL OMAR outperform 5 M 17000 12 month 10.10.2012Barclays JOHN-PAUL DAVIDS overweight 5 M 18000 Not Provided 10.10.2012BNP Paribas Cadiz Securities DAN LEECH buy 5 M 17500 12 month 10.10.2012Goldman Sachs ALEXANDER BALAKHNIN neutral/neutral 3 M 17100 12 month 04.10.2012Renaissance Capital JOHAN SNYMAN hold 3 M 17180 Not Provided 25.09.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012Avior Research DAVID LERCHE outperform 5 M 18400 Not Provided 05.09.2012HSBC HERVE DROUET overweight 5 M 17900 Not Provided 03.09.2012Morgan Stanley EDWARD C HILL-WOOD Equalwt/In-Line 3 M 14300 12 month 09.08.2012Credit Suisse RICHARD BARKER neutral 3 M 16000 Not Provided 31.07.2012Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 18.07.2012BPI KATE TURNER-SMITH buy 5 N 17500 Not Provided 05.07.2012Afrifocus Securities SAMEERA CASSIM buy 5 M #N/A N/A Not Provided 04.05.2012FM Capital Partners TEAM COVERAGE overweight 5 N 16900 Not Provided 15.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 16.10.2012Bank of China LtdBank of China Ltd provides a complete range of banking and other financial Price/Volumeservices to individual and corporation customers worldwide. The banks services 4 4500.0 Minclude retail banking, Great Wall credit card and debit card services, consumer 4000.0 M 4credit, foreign currency transaction, corporate banking, settlement and 3500.0 M 3clearing,investment banking, and fund management businesses. 3000.0 M 3 2500.0 M 2 Valuation Analysis 2000.0 M 2Latest Fiscal Year: 12/2011 1500.0 M 1 1000.0 MLTM as of: 06/yy 1 500.0 M52-Week High (06.02.2012) 3.45 0 .0 M52-Week Low (25.11.2011) 2.35 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 316596378.00 Current Price (10/dd/yy) 3.07 Market Data 52-Week High % Change -11.01% Dividend Yield 6.25 52-Week Low % Change 30.64% Beta 1.10 % 52 Week Price Range High/Low 66.36% Equity Float 72148.03Shares Out 30.06.2012 83622.3 Short Int - Market Capitalization 919539.38 1 Yr Total Return 22.20%Total Debt 1916969.00 YTD Return 14.51%Preferred Stock 0.0 Adjusted BETA 1.100Minority Interest 32732.0 Analyst Recs 39Cash and Equivalents 3128981.00 Consensus Rating 4.179Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########3988 HK EQUITY YTD Change - Average Volume 30 Day #########3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 305131.0 355641.0 337018.0 395271.0 514133.0 453050.0 578310.0 363623.1 396656.9 87066.7 90913.0 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 56248.0 64360.0 80819.0 104418.0 124182.0 118952.0 129270.0 129143.1 129618.4 34705.3 32712.0 P/E 16.08x 7.47x 11.62x 8.91x 5.27x 7.16x 5.22x 5.41x 5.41x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 49.70% Long-Term Outlook STABLEPretax Margin 51.24% Short-Term Rating Date 29.11.2011Return on Assets 1.11% Short-Term Rating A-1Return on Common Equity 18.16% Credit RatiosReturn on Capital 5.11% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 265.1%Net Income Margin 37.7% Total Debt/Capital 71.7%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 3.67Quick Ratio - Accounts receivable turnover-days -Debt to Assets 16.20% Inventory Days -Tot Debt to Common Equity 265.08% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 600.00 600000.0 500.00 500000.0 400.00 400000.0 300.00 300000.0 200.00 200000.0 100.00 100000.0 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 02.07.2012 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 |
  • 37. 16.10.2012Bank of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a EXCH 8357384041 9.99 - 08.02.2012 Pension Fund (ERISA)BLACKROCK INC n/a EXCH 4609897318 5.51 (55335432) 11.09.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a EXCH 3116864905 3.73 - 04.05.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 3087086800 3.69 251362000 30.09.2012 Investment AdvisorCAPITAL RESEARCH AND n/a EXCH 2784918000 3.33 - 18.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1654629000 1.98 3012000 12.10.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1480961400 1.77 (135216000) 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1362527600 1.63 - 30.06.2012 Investment AdvisorCAPITAL INTERNATIONA n/a EXCH 716654188 0.86 - 18.09.2012 Investment AdvisorBLACKROCK INC n/a Short (628237926) -0.75 100684116 11.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 623864399 0.75 64736294 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 541984791 0.65 (34202000) 12.10.2012 Investment AdvisorCAPITAL GUARDIAN TRU n/a EXCH 370545906 0.44 - 18.09.2012 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 360050000 0.43 210000000 31.12.2011 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 358995100 0.43 14137000 31.07.2012 Mutual Fund ManagerFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 346255500 0.41 - 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 316401657 0.38 (297045682) 29.02.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 291096100 0.35 15249000 30.06.2012 Investment AdvisorCAPITAL INTERNATIONA n/a EXCH 253480390 0.3 - 18.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 239696686 0.29 (9832700) 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 4 12 month 16.10.2012Religare Capital Markets SOPHIE JIANG buy 5 M 3 12 month 15.10.2012ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 12.10.2012Nomura LUCY FENG buy 5 M 3 Not Provided 11.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 10.10.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 3 12 month 10.10.2012Jefferies TAN MING buy 5 M 3 12 month 04.10.2012Keefe, Bruyette & Woods BILL STACEY market perform 3 M 3 12 month 01.10.2012RBS DESMOND CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 25.09.2012CIMB TREVOR KALCIC neutral 3 N 3 12 month 25.09.2012DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 24.09.2012Phillip Securities CHEN XINGYU accumulate 4 D 3 12 month 20.09.2012Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 19.09.2012HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 16.09.2012Mizuho Securities JIM ANTOS underperform 1 M 3 12 month 14.09.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 13.09.2012Deutsche Bank TRACY YU buy 5 M 3 12 month 06.09.2012Kim Eng Securities IVAN LI buy 5 M 4 12 month 06.09.2012Barclays MAY YAN overweight 5 U 4 Not Provided 06.09.2012Core Pacific LI TIMOTHY hold 3 M 3 Not Provided 05.09.2012Credit Suisse SANJAY JAIN neutral 3 M 3 Not Provided 04.09.2012Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 27.08.2012Bank of China International JINHUA YIN buy 5 M 4 Not Provided 24.08.2012Daiwa Securities Co. Ltd. GRACE WU outperform 5 U 3 Not Provided 24.08.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 24.08.2012UOB Kay Hian EDMOND LAW hold 3 M 3 Not Provided 24.08.2012JPMorgan JOSHUA KLACZEK neutral 3 M 4 3 month 23.08.2012CCB International Securities Ltd SHENG NAN outperform 5 U 4 Not Provided 23.08.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 13.08.2012Masterlink Securities RAINY YUAN hold 3 M 3 Not Provided 11.07.2012Goldman Sachs NING MA neutral/neutral 3 D 4 12 month 05.07.2012Mirae Asset Securities NAN LI buy 5 M 4 12 month 03.07.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Macquarie VICTOR WANG outperform 5 M 4 12 month 19.06.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012SWS Research Co Ltd ROBERT HU neutral 3 D 4 Not Provided 27.10.2011KGI Securities MICHELLE CHEN neutral 3 M 4 12 month 25.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 16.10.2012Banco Bradesco SABanco Bradesco S.A. attracts deposits and offers commercial banking services. Price/VolumeThe Bank offers business loans, personal credit, mortgages, lease financing, 20 30.0 Mmutual funds, securities brokerage, and Internet banking services. Bradesco 18operates in Brazil and Argentina, the United States, the Cayman Islands, and the 16 25.0 MUnited Kingdom. Bradesco offers credit cards, insurance, and pension funds. 14 20.0 M 12 10 15.0 M Valuation Analysis 8Latest Fiscal Year: 12/2011 6 10.0 MLTM as of: 06/yy 4 5.0 M 252-Week High (27.10.2011) 19.11 0 .0 M52-Week Low (18.05.2012) 13.17 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 6940139.00 Current Price (10/dd/yy) 15.53 Market Data 52-Week High % Change -18.73% Dividend Yield - 52-Week Low % Change 17.92% Beta 1.27 % 52 Week Price Range High/Low 39.73% Equity Float -Shares Out 08.10.2012 1912.4 Short Int 16.29 Market Capitalization 54292.96 1 Yr Total Return -4.69%Total Debt 26910.09 YTD Return -5.56%Preferred Stock - Adjusted BETA 1.274Minority Interest 243.0 Analyst Recs 12Cash and Equivalents 93777.58 Consensus Rating 4.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7445732BBD US EQUITY YTD Change - Average Volume 30 Day 8096823BBD US EQUITY YTD % CHANGE - Average Volume 3 Month 8629012 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 70328.9 76701.0 87438.0 78055.6 98694.6 134728.3 159024.7 69298.3 77453.7 16203.0 19272.4 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 8009.7 7018.0 9216.0 9939.6 10958.1 11001.1 11166.3 12124.3 13341.9 2896.5 - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 9.84x 9.11x 9.88x 9.77x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 30.04.2008EBIT - Long-Term Rating BBBOperating Margin 26.96% Long-Term Outlook STABLEPretax Margin 28.27% Short-Term Rating Date 11.07.2012Return on Assets 1.65% Short-Term Rating A-2Return on Common Equity 19.89% Credit RatiosReturn on Capital 12.21% EBITDA/Interest Exp. -Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 45.5%Net Income Margin 21.1% Total Debt/Capital 31.2%Structure Asset Turnover 0.15Current Ratio - Net Fixed Asset Turnover 24.87Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.73% Inventory Days -Tot Debt to Common Equity 45.50% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 120000.0 1.00 100000.0 0.80 80000.0 60000.0 0.60 40000.0 0.40 20000.0 0.20 0.0 0.00 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 |
  • 39. 16.10.2012Banco Bradesco SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 163518324 8.55 12819900 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 34714489 1.82 455465 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28116671 1.47 243224 30.06.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 23766822 1.24 3289127 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 21198899 1.11 1566965 30.06.2012 Investment AdvisorFISHER INVESTMENTS I FISHER INVESTMENTS 13F 20056552 1.05 539957 30.06.2012 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 18161869 0.95 (3619041) 30.06.2012 Investment AdvisorTRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 13717411 0.72 1448441 30.06.2012 Hedge Fund ManagerWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 12007415 0.63 1418900 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 10124909 0.53 (1557360) 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8909000 0.47 8909000 30.06.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 8793112 0.46 - 30.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8734162 0.46 1104011 30.06.2012 Investment AdvisorMORGAN STANLEY INVES MORGAN STANLEY INVES 13F 8144885 0.43 (213900) 30.06.2012 Investment AdvisorCAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 7830234 0.41 673424 30.06.2012 Investment AdvisorUBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 7727344 0.4 226567 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 7372377 0.39 2575318 30.06.2012 Investment AdvisorHENDERSON GROUP PLC HENDERSON GROUP PLC 13F 7260432 0.38 (614199) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 6922041 0.36 (911990) 30.06.2012 Investment AdvisorFINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 6905222 0.36 3380222 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James FEDERICO REY-MARINO outperform 5 M 18 12 month 01.10.2012Goldman Sachs CARLOS G MACEDO neutral/neutral 3 M 17 12 month 27.09.2012Morgan Stanley JORGE KURI Equalwt/No Rating 3 M 18 12 month 26.09.2012HSBC VICTOR GALLIANO neutral 3 M 17 Not Provided 14.09.2012Deutsche Bank MARIO PIERRY buy 5 M 21 12 month 17.08.2012Barclays FABIO ZAGATTI equalweight 3 M 20 Not Provided 07.08.2012Itau BBA Securities REGINA SANCHEZ outperform 5 M 26 Not Provided 24.07.2012JPMorgan SAUL MARTINEZ overweight 5 M 19 15 month 23.07.2012Banco BTG Pactual SA MARCELO BARROZO HENRIQUES neutral 3 M 14 12 month 23.07.2012Espirito Santo Investment Bank Research GUSTAVO VITTORAZZE SCHRODEN buy 5 M 19 12 month 23.07.2012Grupo Santander BORIS MOLINA buy 5 M 20 Not Provided 25.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 16.10.2012Hon Hai Precision Industry Co LtdHon Hai Precision Industry Co., Ltd. provides electronic manufacturing services Price/Volumefor computers, communications, and consumer electronic products. The Companys 8 12.0 Mbusiness operations include desktop and notebook PC assembly, connector 7production, cable assembly, PCB assembly, handset manufacturing, networking 10.0 M 6equipment, and other consumer electronic devices manufacturing. 8.0 M 5 4 6.0 M Valuation Analysis 3Latest Fiscal Year: 12/2011 4.0 M 2LTM as of: 06/yy 2.0 M 152-Week High (30.03.2012) 7.14 0 .0 M52-Week Low (20.10.2011) 4.30 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 100529.00 Current Price (10/dd/yy) 5.955 Market Data 52-Week High % Change -16.55% Dividend Yield - 52-Week Low % Change 38.43% Beta 1.11 % 52 Week Price Range High/Low 55.68% Equity Float -Shares Out 10.08.2012 5917.9 Short Int - Market Capitalization 35241.29 1 Yr Total Return 38.88%Total Debt 155043.07 YTD Return 21.21%Preferred Stock 0.0 Adjusted BETA 1.107Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 74742.04 Consensus Rating -Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 454821HHPD LI EQUITY YTD Change - Average Volume 30 Day 490224HHPD LI EQUITY YTD % CHANGE - Average Volume 3 Month 566635 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 1235581.2 1473026.3 1420573.1 2313129.1 2773311.4 ######### ######### - - - - TEV/Revenue 1.07x 0.34x 0.93x 0.51x 0.35x 1.74x 1.34x - - - - EBITDA 43131.8 37195.4 35084.6 45056.3 41132.9 38459.7 50359.6 - - - - TEV/EBITDA 30.75x 13.43x 37.56x 26.12x 23.49x 27.42x 20.34x - - - - Net Income 77689.5 55133.2 75685.1 77154.6 81591.0 69800.3 81740.3 - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 41132.91 Long-Term Rating Date 09.11.2007EBIT 31500.29 Long-Term Rating A-Operating Margin 1.14% Long-Term Outlook STABLEPretax Margin 3.31% Short-Term Rating Date -Return on Assets 6.02% Short-Term Rating -Return on Common Equity 15.42% Credit RatiosReturn on Capital 12.63% EBITDA/Interest Exp. 22.51Asset Turnover 2.05% (EBITDA-Capex)/Interest Exp. 10.72Margin Analysis Net Debt/EBITDA 1.95Gross Margin 3.9% Total Debt/EBITDA 3.77EBITDA Margin 1.5% ReferenceEBIT Margin 1.1% Total Debt/Equity 26.8%Net Income Margin 2.9% Total Debt/Capital 21.2%Structure Asset Turnover 2.05Current Ratio 1.11 Net Fixed Asset Turnover 88.44Quick Ratio 0.60 Accounts receivable turnover-days 48.43Debt to Assets 10.15% Inventory Days 16.00Tot Debt to Common Equity 26.83% Accounts Payable Turnover Day 55.73Accounts Receivable Turnover 7.54 Cash Conversion Cycle 8.70Inventory Turnover 22.81Price/ Cash Flow Sales/Revenue/Turnover 1.20 3000000.0 1.00 2500000.0 0.80 2000000.0 1500000.0 0.60 1000000.0 0.40 500000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 41. 16.10.2012Hon Hai Precision Industry Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2466778 0.04 1 29.06.2012 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 2267825 0.04 28567 31.08.2012 Investment AdvisorFISHER INVESTMENTS I FISHER INVESTMENTS 13F 2134385 0.04 2134385 30.06.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 2119700 0.04 - 31.08.2012 Mutual Fund ManagerLANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 1533159 0.03 (653473) 30.06.2012 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 1461922 0.02 - 30.06.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1302699 0.02 (82007) 31.12.2011 Mutual Fund ManagerLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1150401 0.02 - 30.09.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1014532 0.02 - 30.06.2012 Investment AdvisorSEDCO CAPITAL GLOBAL Multiple Portfolios MF-AGG 1006844 0.02 - 31.08.2012 Mutual Fund ManagerALLIANZ OF AMERICA Multiple Portfolios MF-AGG 889934 0.02 (65833) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 785010 0.01 657030 30.03.2012 Investment AdvisorBNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 772264 0.01 (387480) 31.05.2012 Mutual Fund ManagerFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 723593 0.01 - 31.05.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 682698 0.01 11825 30.06.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 610751 0.01 - 31.07.2012 Investment AdvisorSMITH BARNEY FUND MA Multiple Portfolios MF-AGG 539575 0.01 (36325) 29.06.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 527952 0.01 - 31.08.2012 Investment AdvisorUBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 524955 0.01 - 02.10.2012 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 457667 0.01 92985 31.05.2012 Mutual Fund Manager 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 |
  • 42. 16.10.2012PetroChina Co LtdPetroChina Company Limited explores, develops, and produces crude oil and Price/Volumenatural gas. The Company also refines, transports, and distributes crude oil 14 250.0 Mand petroleum products, produces and sells chemicals, and transmits, markets 12and sells natural gas. 200.0 M 10 8 150.0 M Valuation Analysis 6 100.0 MLatest Fiscal Year: 12/2011 4LTM as of: 06/yy 50.0 M 252-Week High (08.02.2012) 11.92 0 .0 M52-Week Low (19.12.2011) 8.85 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 102771872.00 Current Price (10/dd/yy) 10.7 Market Data 52-Week High % Change -10.23% Dividend Yield 3.67 52-Week Low % Change 20.90% Beta 1.00 % 52 Week Price Range High/Low 52.44% Equity Float -Shares Out 30.06.2012 21098.9 Short Int - Market Capitalization 2002693.75 1 Yr Total Return 19.42%Total Debt 318002.00 YTD Return 15.22%Preferred Stock 0.0 Adjusted BETA 1.001Minority Interest 79801.0 Analyst Recs 36Cash and Equivalents 61590.00 Consensus Rating 3.722Enterprise Value 2052821.07 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 62580300857 HK EQUITY YTD Change - Average Volume 30 Day 63892930857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 66374260 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 836353.0 1072604.0 1019275.0 1465415.0 2003843.0 ######### ######### ######### ######### 541663.0 586495.0 TEV/Revenue 6.35x 1.78x 2.57x 1.54x 0.88x 5.01x 3.89x 1.00x 0.94x - - EBITDA 269727.0 256680.0 237168.0 303643.0 323368.0 167207.0 243216.0 350034.0 384126.7 - - TEV/EBITDA 19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 5.86x 5.34x - - Net Income 146750.0 114453.0 103387.0 139992.0 132961.0 140667.0 129012.0 138146.1 151938.1 29283.0 - P/E 15.86x 9.49x 14.65x 11.33x 10.74x 12.30x 11.62x 11.45x 10.36x - - Profitability S&P Issuer RatingsEBITDA 323368.00 Long-Term Rating Date -EBIT 185295.00 Long-Term Rating -Operating Margin 9.25% Long-Term Outlook -Pretax Margin 9.19% Short-Term Rating Date -Return on Assets 7.44% Short-Term Rating -Return on Common Equity 13.70% Credit RatiosReturn on Capital 11.50% EBITDA/Interest Exp. 27.94Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 4.79Margin Analysis Net Debt/EBITDA 0.79Gross Margin - Total Debt/EBITDA 0.98EBITDA Margin 16.1% ReferenceEBIT Margin 9.2% Total Debt/Equity 31.7%Net Income Margin 6.6% Total Debt/Capital 22.7%Structure Asset Turnover 1.12Current Ratio 0.68 Net Fixed Asset Turnover 1.49Quick Ratio 0.23 Accounts receivable turnover-days 10.70Debt to Assets 16.58% Inventory Days -Tot Debt to Common Equity 31.71% Accounts Payable Turnover Day -Accounts Receivable Turnover 34.12 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 2500000.0 9.00 8.00 2000000.0 7.00 6.00 1500000.0 5.00 4.00 1000000.0 3.00 2.00 500000.0 1.00 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 02.07.2012 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 |
  • 43. 16.10.2012PetroChina Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHK AGENT CO LTD n/a Co File 20809855498 98.63 - 31.12.2011 n/aABERDEEN ASSET MANAG n/a EXCH 1711231963 8.11 - 08.08.2012 Investment AdvisorFRANKLIN RESOURCES I n/a Co File 1270171357 6.02 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 1236572386 5.86 - 08.10.2012 Investment AdvisorBLACKROCK INC n/a EXCH 1177565718 5.58 54894896 13.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 882744136 4.18 16610075 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 423700000 2.01 720000 12.10.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350420000 1.66 - 30.06.2012 Investment AdvisorCHINA NATIONAL PETRO n/a 20F 291518000 1.38 - 31.03.2012 GovernmentBLACKROCK INC n/a Short (202404340) -0.96 (53778896) 13.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 185522740 0.88 (2561341) 31.12.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 140542355 0.67 26589155 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 127102965 0.6 202000 12.10.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 90866000 0.43 3594000 31.07.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79168272 0.38 896000 30.06.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 74010000 0.35 9270000 31.12.2011 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 67291243 0.32 (15002000) 31.03.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 64988243 0.31 22852243 31.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 64278000 0.3 (22000) 12.10.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 63680335 0.3 5048000 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012Jefferies LABAN YU buy 5 M 16 12 month 15.10.2012Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 12.10.2012Nomura SONIA SONG neutral 3 M 10 Not Provided 09.10.2012Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 03.10.2012Deutsche Bank DAVID HURD hold 3 M 11 12 month 02.10.2012VTB Capital COLIN SMITH sell 1 N 9 12 month 27.09.2012Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 21.09.2012BNP Paribas Equity Research CHENG KHOO hold 3 M 10 Not Provided 11.09.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 10.09.2012Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 25.08.2012Bank of China International LAWRENCE LAU buy 5 M 13 Not Provided 24.08.2012DBS Vickers WEE KEAT LEE hold 3 M 10 12 month 24.08.2012Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 24.08.2012China International Capital Corp BIN GUAN accumulate 4 M 10 12 month 24.08.2012Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 24.08.2012BOCOM International Holdings WU FEI long-term buy 5 M 13 Not Provided 24.08.2012ICBC International Securities ANNA YU hold 3 M 9 Not Provided 24.08.2012Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 23.08.2012JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 9 3 month 23.08.2012HSBC THOMAS C HILBOLDT neutral 3 M 11 Not Provided 23.08.2012Macquarie JAMES HUBBARD outperform 5 M 12 12 month 23.08.2012Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 11 Not Provided 23.08.2012Barclays SCOTT DARLING overweight 5 M 13 Not Provided 23.08.2012Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012Goldman Sachs ARTHUR YAN neutral/neutral 3 M 10 12 month 02.08.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012Ji Asia SAMUEL THAWLEY buy 5 M 14 12 month 02.05.2012Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.04.2012GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011RBS PETER HILTON hold 3 M 10 12 month 01.11.2011SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011Masterlink Securities LI XIN buy 5 M 11 6 month 30.08.2011Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 16.10.2012Sberbank of RussiaSberbank of Russia attracts deposits and offers commercial banking services. The Price/VolumeBank offers time deposits,corporate banking, securities brokerage,credit, 14 .9 Mforeign exchange services and sponsors credit cards. .8 M 12 .7 M 10 .6 M 8 .5 M Valuation Analysis 6 .4 MLatest Fiscal Year: 12/2011 .3 M 4 .2 MLTM as of: 06/yy 2 .1 M52-Week High (14.09.2012) 12.85 0 .0 M52-Week Low (01.06.2012) 9.63 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 9196.00 Current Price (10/dd/yy) 11.85 Market Data 52-Week High % Change -7.78% Dividend Yield - 52-Week Low % Change 23.12% Beta - % 52 Week Price Range High/Low 68.99% Equity Float -Shares Out #N/A N/A - Short Int - Market Capitalization - 1 Yr Total Return -Total Debt 1348630.00 YTD Return -Preferred Stock 4405.0 Adjusted BETA -Minority Interest 3496.0 Analyst Recs 0Cash and Equivalents 761867.00 Consensus Rating -Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 39472SBER S1 EQUITY YTD Change - Average Volume 30 Day 117801SBER S1 EQUITY YTD % CHANGE - Average Volume 3 Month 62044 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 531495.0 704252.0 987562.0 981117.0 1058036.0 ######### ######### 856001.4 947006.1 - - TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 106489.0 97746.0 24396.0 182131.0 316195.0 294394.0 315343.0 330452.6 345158.9 - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 4.01x 3.84x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 53.36% Long-Term Outlook -Pretax Margin 51.49% Short-Term Rating Date -Return on Assets 3.25% Short-Term Rating -Return on Common Equity 28.15% Credit RatiosReturn on Capital 14.09% EBITDA/Interest Exp. -Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 107.0%Net Income Margin 41.1% Total Debt/Capital 51.5%Structure Asset Turnover 0.11Current Ratio - Net Fixed Asset Turnover 3.29Quick Ratio - Accounts receivable turnover-days -Debt to Assets 12.45% Inventory Days -Tot Debt to Common Equity 107.03% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 1200000.0 1.00 1000000.0 0.80 800000.0 600000.0 0.60 400000.0 0.40 200000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 45. 16.10.2012Sberbank of RussiaHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 49865875 0 9205000 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 24930479 0 8418240 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24518344 0 1101885 12.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18384382 0 1050652 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 11901387 0 9692644 30.06.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10700807 0 - 12.10.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 8925000 0 (990000) 31.08.2012 Mutual Fund ManagerNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7778801 0 21953 31.08.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 7491500 0 - 30.06.2012 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6693682 0 6571290 30.06.2012 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 6343456 0 207257 30.06.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6239488 0 306800 30.06.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5098671 0 - 30.04.2012 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3644700 0 778400 30.06.2012 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 3370692 0 218213 30.06.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 3367300 0 605300 30.06.2012 Investment AdvisorALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 2699585 0 258004 31.08.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 2690600 0 - 30.03.2012 Investment AdvisorTHAMES RIVER CAPITAL Multiple Portfolios MF-AGG 2475475 0 (455000) 29.02.2012 Investment AdvisorKLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 2394000 0 200000 30.06.2012 Hedge Fund Manager 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 |
  • 46. 16.10.2012Naspers LtdNaspers Limited is a holding company for a group of companies which operate in Price/Volumethe electronic and print media industries. The Group provides television 60000 10.0 Msubscription and internet services and publishes newspapers, magazines and 9.0 Mbooks. 50000 8.0 M 40000 7.0 M 6.0 M 30000 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 03/2012 20000 3.0 MLTM as of: 01/yy 10000 2.0 M 1.0 M52-Week High (16.10.2012) 54795.00 0 .0 M52-Week Low (12.12.2011) 33450.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 580076.00 Current Price (10/dd/yy) 54578 Market Data 52-Week High % Change -0.37% Dividend Yield 0.00 52-Week Low % Change 63.16% Beta 0.96 % 52 Week Price Range High/Low 97.59% Equity Float 293.63Shares Out 30.07.2012 412.1 Short Int - Market Capitalization 225293.02 1 Yr Total Return 52.65%Total Debt 15991.00 YTD Return 55.57%Preferred Stock 0.0 Adjusted BETA 0.963Minority Interest 2061.0 Analyst Recs 12Cash and Equivalents 9825.00 Consensus Rating 4.167Enterprise Value 233520.02 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1047495NPN SJ EQUITY YTD Change - Average Volume 30 Day 1133374NPN SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1103271 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 01/yy 01/yy 03/13 Y 03/14 Y - - Total Revenue 20518.4 26690.1 27998.0 33085.0 39487.0 - - 47041.9 53776.3 - - TEV/Revenue 2.92x 2.41x 4.47x 4.41x 4.71x - - 4.94x 4.32x - - EBITDA 5021.0 6027.7 6132.0 6227.0 7178.0 - - 7159.7 8311.1 - - TEV/EBITDA 11.95x 10.68x 20.39x 23.45x 25.91x - - 32.62x 28.11x - - Net Income 3418.1 5760.8 3257.0 5260.0 2894.0 - - 6960.1 9059.5 - - P/E 13.10x 19.35x 35.80x 32.36x 33.23x - - 28.57x 23.59x - - Profitability S&P Issuer RatingsEBITDA 7178.00 Long-Term Rating Date -EBIT 4868.00 Long-Term Rating -Operating Margin 12.33% Long-Term Outlook -Pretax Margin 14.03% Short-Term Rating Date -Return on Assets 3.83% Short-Term Rating -Return on Common Equity 6.56% Credit RatiosReturn on Capital 6.89% EBITDA/Interest Exp. 5.65Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 4.20Margin Analysis Net Debt/EBITDA 0.86Gross Margin 47.2% Total Debt/EBITDA 2.23EBITDA Margin 18.2% ReferenceEBIT Margin 12.3% Total Debt/Equity 33.7%Net Income Margin 7.3% Total Debt/Capital 24.4%Structure Asset Turnover 0.52Current Ratio 1.39 Net Fixed Asset Turnover 4.80Quick Ratio 0.95 Accounts receivable turnover-days 28.85Debt to Assets 19.67% Inventory Days 17.27Tot Debt to Common Equity 33.65% Accounts Payable Turnover Day 40.94Accounts Receivable Turnover 12.69 Cash Conversion Cycle 5.18Inventory Turnover 21.19Price/ Cash Flow Sales/Revenue/Turnover 40.00 45000.0 35.00 40000.0 30.00 35000.0 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 47. 16.10.2012Naspers LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET BANK & #N/A N/A SJ-REG 70549708 17.12 - 28.09.2012 Investment AdvisorGOVERNMENT EMP PENSI #N/A N/A SJ-REG 41081517 9.97 - 28.09.2012 GovernmentDODGE & COX Multiple Portfolios MF-AGG 27732495 6.73 (450000) 30.06.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 26326985 6.39 - 28.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 20829000 5.05 700000 30.06.2012 Investment AdvisorNASPERS SHARE TRUST n/a SJ-REG 17054178 4.14 - 28.09.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 16165125 3.92 403467 30.09.2012 Investment AdvisorDEUTSCHE SECURITIES #N/A N/A SJ-REG 14063255 3.41 - 28.09.2012 UnclassifiedNORTHERN TR AVFC GOV n/a SJ-REG 9414766 2.28 - 28.09.2012 n/aJP MORGAN CHASE BANK #N/A N/A SJ-REG 8294589 2.01 - 28.09.2012 Investment AdvisorBANK OF NEW YORK #N/A N/A SJ-REG 6409123 1.56 - 28.09.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 6270000 1.52 - 30.06.2012 Investment AdvisorNORTHERN TRUST COMPA #N/A N/A SJ-REG 5509966 1.34 - 28.09.2012 UnclassifiedOLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 5367772 1.3 - 28.09.2012 Insurance CompanyGSCO EQUITY CLIENTS n/a SJ-REG 5314245 1.29 - 28.09.2012 n/aGEPF CORONATION FM n/a SJ-REG 5257199 1.28 - 28.09.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4980029 1.21 327 12.10.2012 Investment AdvisorMELLON BANK NA #N/A N/A SJ-REG 4494521 1.09 - 28.09.2012 Investment AdvisorCORONATION ASSET MAN Multiple Portfolios MF-AGG 4455745 1.08 (201080) 30.06.2012 Investment AdvisorROYAL BANK OF CANADA #N/A N/A SJ-REG 3842636 0.93 - 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies DAVID REYNOLDS hold 3 U 50600 12 month 12.10.2012Avior Research KEVIN MATTISON neutral 3 M 60091 Not Provided 11.10.2012SBG Securities JENNIFER HENRY buy 5 M 59000 12 month 10.10.2012Morgan Stanley EDWARD C HILL-WOOD Overwt/In-Line 5 M 58500 12 month 06.10.2012JPMorgan ZIYAD JOOSUB overweight 5 M 62511 9 month 03.10.2012BPI KATE TURNER-SMITH hold 3 N 52000 Not Provided 13.08.2012Renaissance Capital DAVID FERGUSON buy 5 M 57500 Not Provided 25.07.2012Credit Suisse RICHARD BARKER outperform 5 M 50000 Not Provided 06.07.2012Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 54500 12 month 29.06.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 31.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 16.10.2012Sasol LtdSasol is an integrated oil and gas company with substantial chemical interests, Price/Volumewith production facilities located in South Africa, Europe, North America and 45000 6.0 MAsia. The Company operates commercial scale facilities to produce fuels and 40000chemicals from coal in South Africa, and is developing ventures internationally 5.0 M 35000to convert natural gas into clean diesel fuel. 30000 4.0 M 25000 3.0 M Valuation Analysis 20000Latest Fiscal Year: 06/2012 15000 2.0 M 10000LTM as of: 01/yy 1.0 M 500052-Week High (20.01.2012) 41150.00 0 .0 M52-Week Low (12.07.2012) 33321.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 1158754.00 Current Price (10/dd/yy) 38365 Market Data 52-Week High % Change -6.77% Dividend Yield 4.56 52-Week Low % Change 15.14% Beta 1.12 % 52 Week Price Range High/Low 58.87% Equity Float 404.27Shares Out 12.10.2012 645.8 Short Int - Market Capitalization 247744.33 1 Yr Total Return 14.98%Total Debt 16122.00 YTD Return 4.24%Preferred Stock 0.0 Adjusted BETA 1.118Minority Interest 3080.0 Analyst Recs 17Cash and Equivalents 13172.00 Consensus Rating 3.353Enterprise Value 253774.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1282376SOL SJ EQUITY YTD Change - Average Volume 30 Day 2306029SOL SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1944447 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 06/11 Q2 09/11 Q3 Total Revenue 129943.0 137836.0 122256.0 142436.0 169446.0 - - 175677.1 177910.4 - - TEV/Revenue 2.52x 1.31x 1.53x 1.71x 1.38x - - 1.44x 1.43x - - EBITDA 39053.0 31194.0 31748.0 37453.0 0.0 - - 49564.3 49829.2 - - TEV/EBITDA 8.40x 5.81x 5.88x 6.49x 0.00x - - 5.12x 5.09x - - Net Income 22417.0 13648.0 15941.0 19794.0 23583.0 - - 26643.2 26187.6 - - P/E 12.10x 10.62x 10.34x 10.52x 8.10x - - 8.78x 8.81x - - Profitability S&P Issuer RatingsEBITDA 37453.00 Long-Term Rating Date 01.08.2005EBIT 36758.00 Long-Term Rating -Operating Margin 21.69% Long-Term Outlook NEGPretax Margin 21.25% Short-Term Rating Date 19.02.2003Return on Assets 12.36% Short-Term Rating A-2Return on Common Equity 20.25% Credit RatiosReturn on Capital 18.91% EBITDA/Interest Exp. 20.14Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 9.03Margin Analysis Net Debt/EBITDA 0.04Gross Margin 34.5% Total Debt/EBITDA 0.44EBITDA Margin 26.3% ReferenceEBIT Margin 21.7% Total Debt/Equity 12.9%Net Income Margin 13.9% Total Debt/Capital 11.2%Structure Asset Turnover 0.89Current Ratio 2.12 Net Fixed Asset Turnover 1.42Quick Ratio 1.28 Accounts receivable turnover-days 53.43Debt to Assets 7.91% Inventory Days 64.57Tot Debt to Common Equity 12.87% Accounts Payable Turnover Day 41.27Accounts Receivable Turnover 6.85 Cash Conversion Cycle 77.25Inventory Turnover 5.67Price/ Cash Flow Sales/Revenue/Turnover 12.00 180000.0 160000.0 10.00 140000.0 8.00 120000.0 100000.0 6.00 80000.0 4.00 60000.0 40000.0 2.00 20000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 49. 16.10.2012Sasol LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOVERNMENT EMP PENSI #N/A N/A SJ-REG 64541875 9.99 - 28.09.2012 GovernmentKONOIL PTY LIMITED n/a SJ-REG 53266887 8.25 - 28.09.2012 n/aSTATE STREET BANK & #N/A N/A SJ-REG 33927139 5.25 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 23385396 3.62 489573 30.09.2012 Investment AdvisorSASOL INZALO EMPL SC n/a SJ-REG 23339310 3.61 - 28.09.2012 n/aALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 19030504 2.95 1287970 29.06.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 12379170 1.92 - 28.09.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 12360431 1.91 - 28.09.2012 Investment AdvisorOLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 11373702 1.76 - 28.09.2012 Insurance CompanyNORTHERN TR AVFC GOV n/a SJ-REG 10677541 1.65 - 28.09.2012 n/aSASOL INZALO FOUNDAT n/a SJ-REG 9461882 1.47 - 28.09.2012 n/aSASOL INVESTMENT COM n/a SJ-REG 8809886 1.36 - 28.09.2012 n/aBANK OF NEW YORK #N/A N/A SJ-REG 8486936 1.31 - 28.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 7267005 1.13 (174) 12.10.2012 Investment AdvisorSANLAM LIFE INSURANC #N/A N/A SJ-REG 7148937 1.11 - 28.09.2012 Insurance CompanyCITIBANK LONDON #N/A N/A SJ-REG 6788792 1.05 - 28.09.2012 BankMELLON BANK NA #N/A N/A SJ-REG 6253494 0.97 - 28.09.2012 Investment AdvisorCORONATION ASSET MAN Multiple Portfolios MF-AGG 6127682 0.95 124672 30.06.2012 Investment AdvisorINVESTEC FUND GROUP Multiple Portfolios MF-AGG 5901740 0.91 (97644) 31.07.2012 Investment AdvisorOLD MUTUAL ASSET MAN Multiple Portfolios MF-AGG 5664362 0.88 264067 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateInvestec CAMPBELL PARRY hold 3 M 43400 12 month 15.10.2012BNP Paribas Cadiz Securities NIC DINHAM buy 5 M 44000 12 month 15.10.2012Morgan Stanley LEIGH BREGMAN Underwt/In-Line 1 M 37000 12 month 11.10.2012HSBC SRIHARSHA PAPPU underweight 1 D 37500 Not Provided 02.10.2012Goldman Sachs GEYDAR MAMEDOV neutral/neutral 3 M 45550 12 month 18.09.2012Renaissance Capital GERHARD ENGELBRECHT hold 3 D 41000 Not Provided 17.09.2012Avior Research DAVID LERCHE neutral 3 M 42900 Not Provided 17.09.2012Nedgroup Securities MOHAMED KHARVA sell 1 M 37000 12 month 14.09.2012Barclays CAROLINE LEARMONTH equalweight 3 M 37500 Not Provided 10.09.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 10.09.2012Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 33900 Not Provided 07.09.2012JPMorgan ALEX COMER overweight 5 M 41400 9 month 23.07.2012Deutsche Bank JARRETT GELDENHUYS buy 5 M 45000 12 month 03.07.2012Afrifocus Securities JUI KULKARNI buy 5 U #N/A N/A Not Provided 26.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 16.10.2012China Life Insurance Co LtdChina Life Insurance Co., Limited offers a wide range of life, accident, and Price/Volumehealth insurance products and services. 30 180.0 M 160.0 M 25 140.0 M 20 120.0 M 100.0 M 15 Valuation Analysis 80.0 MLatest Fiscal Year: 12/2011 10 60.0 M 40.0 MLTM as of: 06/yy 5 20.0 M52-Week High (23.02.2012) 24.70 0 .0 M52-Week Low (04.06.2012) 17.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 17821228.00 Current Price (10/dd/yy) 23.4 Market Data 52-Week High % Change -5.26% Dividend Yield 1.22 52-Week Low % Change 37.65% Beta 1.16 % 52 Week Price Range High/Low 81.17% Equity Float 7441.18Shares Out 31.07.2012 7441.2 Short Int - Market Capitalization 648420.19 1 Yr Total Return 16.79%Total Debt 42990.00 YTD Return 23.79%Preferred Stock 0.0 Adjusted BETA 1.161Minority Interest 1858.0 Analyst Recs 34Cash and Equivalents 55985.00 Consensus Rating 3.324Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 275042202628 HK EQUITY YTD Change - Average Volume 30 Day 298937002628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 30549120 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 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 191372.0 299478.0 339262.0 385446.0 370352.0 393192.0 390669.0 368903.6 407820.3 - - TEV/Revenue 7.65x 1.74x 2.68x 1.61x 1.16x 2.89x 0.25x 1.40x 1.25x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 38879.0 19137.0 32881.0 33626.0 18331.0 31383.0 18381.0 23349.2 31922.8 - - P/E 27.36x 30.50x 29.11x 22.62x 23.96x 22.15x 0.00x 22.41x 16.66x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AA-Operating Margin 5.18% Long-Term Outlook STABLEPretax Margin 5.54% Short-Term Rating Date -Return on Assets 1.22% Short-Term Rating -Return on Common Equity 9.16% Credit RatiosReturn on Capital 8.20% EBITDA/Interest Exp. -Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 22.4%Net Income Margin 4.9% Total Debt/Capital 18.2%Structure Asset Turnover 0.25Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.71% Inventory Days -Tot Debt to Common Equity 22.45% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 450000.0 400000.0 1.00 350000.0 0.80 300000.0 250000.0 0.60 200000.0 150000.0 0.40 100000.0 0.20 50000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 51. 16.10.2012China Life Insurance Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 304736211 4.1 4846893 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 160575000 2.16 275000 12.10.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 150281500 2.02 - 29.06.2012 Investment AdvisorBLACKROCK INC n/a Short (78915350) -1.06 - 16.08.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 65430075 0.88 (894460) 31.12.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 55270000 0.74 (9975000) 30.06.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 53587693 0.72 (29748217) 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 49994058 0.67 74000 12.10.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 34090000 0.46 - 30.06.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 31894053 0.43 (70098775) 29.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 31653000 0.43 (15178900) 30.06.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25317342 0.34 4239000 31.03.2012 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21845000 0.29 9795000 31.05.2012 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 21751000 0.29 (9381000) 31.08.2012 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 21000000 0.28 8000000 31.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 20558680 0.28 (5886320) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 15615296 0.21 (137986) 31.08.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 15359000 0.21 (1449000) 29.06.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15120000 0.2 1400000 30.06.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 15002000 0.2 4429000 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies BARON NIE hold 3 M 23 12 month 15.10.2012Credit Suisse ARJAN VAN VEEN neutral 3 M 23 Not Provided 10.10.2012China International Capital Corp TANG SHENGBO buy 5 M 26 12 month 10.10.2012Keefe, Bruyette & Woods STANLEY TSAI underperform 1 M 22 12 month 27.09.2012Deutsche Bank ESTHER CHWEI buy 5 M 27 12 month 14.09.2012BOCOM International Holdings LI WENBING buy 5 M 26 12 month 14.09.2012JPMorgan CHAN BAO LING neutral 3 M 21 3 month 03.09.2012DBS Vickers PING CHENG hold 3 M 22 12 month 30.08.2012Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 29.08.2012Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 29.08.2012Bank of China International SUN PENG hold 3 M 22 Not Provided 29.08.2012Kim Eng Securities IVAN LI buy 5 U 24 12 month 29.08.2012Mizuho Securities THOMAS J MONACO underperform 1 M 12 12 month 29.08.2012Nomura DAVID CHUNG buy 5 M 34 Not Provided 29.08.2012SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.08.2012Guotai Junan FELIX LUO accumulate 4 M 26 Not Provided 29.08.2012UOB Kay Hian EDMOND LAW hold 3 M 21 Not Provided 29.08.2012Core Pacific OLIVE XIA hold 3 M 23 12 month 29.08.2012Barclays MARK KELLOCK equalweight 3 U 27 Not Provided 29.08.2012HSBC JAMES GARNER neutral 3 M 24 Not Provided 28.08.2012CCB International Securities Ltd KENNETH YUE neutral 3 M 21 Not Provided 28.08.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 15.08.2012Goldman Sachs NING MA neutral/neutral 3 M 24 12 month 10.08.2012ICBC International Securities PIUS CHENG hold 3 M 21 Not Provided 06.07.2012Standard Chartered PETER OBRIEN in-line 3 M 17 12 month 27.06.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 27.03.2012Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 02.01.2012Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011RBS YANAN WANG buy 5 M 36 12 month 01.08.2011Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 16.10.2012POSCOPOSCO manufactures various types of steel products. The Company produces hot Price/Volumerolled steel, cold rolled steel, stainless steel, and other forms of steel. The 100 .8 Mproducts are mainly used for automobile, construction, and shipbuilding 90 .7 Mindustries. 80 .6 M 70 60 .5 M 50 .4 M Valuation Analysis 40 .3 MLatest Fiscal Year: 12/2011 30 .2 MLTM as of: 06/yy 20 10 .1 M52-Week High (02.03.2012) 95.27 0 .0 M52-Week Low (01.06.2012) 74.05 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 119454.00 Current Price (10/dd/yy) 80 Market Data 52-Week High % Change -16.03% Dividend Yield - 52-Week Low % Change 8.04% Beta 1.13 % 52 Week Price Range High/Low 28.04% Equity Float -Shares Out 30.09.2012 348.7 Short Int 0.46 Market Capitalization 27899.79 1 Yr Total Return -0.33%Total Debt 11641328.00 YTD Return -2.00%Preferred Stock 0.0 Adjusted BETA 1.134Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 2187300.00 Consensus Rating 3.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 188240PKX US EQUITY YTD Change - Average Volume 30 Day 178027PKX US EQUITY YTD % CHANGE - Average Volume 3 Month 187966 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 22206685.0 30642410.0 26953944.9 32582037.0 39171703.0 ######### ######### - - - - TEV/Revenue 1.92x 1.00x 1.74x 1.34x 0.99x 4.95x 3.95x - - - - EBITDA 6028563.1 8448098.8 5207546.3 7501397.7 6100453.2 ######### ######### - - - - TEV/EBITDA 7.06x 3.61x 9.02x 5.83x 6.36x 6.83x 6.95x - - - - Net Income 3679431.4 4446933.0 3172263.5 3784361.1 3188844.8 ######### ######### - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 6100453.23 Long-Term Rating Date 31.10.2011EBIT 4330380.23 Long-Term Rating A-Operating Margin 11.05% Long-Term Outlook NEGPretax Margin 10.38% Short-Term Rating Date -Return on Assets 6.26% Short-Term Rating -Return on Common Equity 8.66% Credit RatiosReturn on Capital 7.43% EBITDA/Interest Exp. 14.51Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 6.61Margin Analysis Net Debt/EBITDA 1.55Gross Margin 15.6% Total Debt/EBITDA 1.91EBITDA Margin 15.6% ReferenceEBIT Margin 11.1% Total Debt/Equity 31.0%Net Income Margin 8.1% Total Debt/Capital 23.6%Structure Asset Turnover 0.77Current Ratio 2.78 Net Fixed Asset Turnover 1.89Quick Ratio 1.28 Accounts receivable turnover-days 36.19Debt to Assets 22.08% Inventory Days 72.52Tot Debt to Common Equity 30.96% Accounts Payable Turnover Day 14.43Accounts Receivable Turnover 10.08 Cash Conversion Cycle 94.28Inventory Turnover 5.03Price/ Cash Flow Sales/Revenue/Turnover 1.20 45000000.0 40000000.0 1.00 35000000.0 0.80 30000000.0 25000000.0 0.60 20000000.0 15000000.0 0.40 10000000.0 0.20 5000000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 53. 16.10.2012POSCOHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNIPPON STEEL & SUMIT n/a MOF-JP 4394712 1.26 - 01.10.2012 CorporationNIPPON STEEL & SUMIT n/a MOF-JP 4394712 1.26 - 01.10.2012 CorporationVANGUARD GROUP INC VANGUARD GROUP INC 13F 4235647 1.21 46434 30.06.2012 Investment AdvisorTHIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3883880 1.11 (141207) 30.06.2012 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3116962 0.89 38647 30.06.2012 Investment AdvisorSPRUCEGROVE INVESTME SPRUCEGROVE INVESTME 13F 1812408 0.52 212900 30.06.2012 Investment AdvisorGEICO INDEMNITY COMP GEICO INDEMNITY COMP Sch-D 1326574 0.38 - 30.06.2012 Insurance CompanyNATIONAL INDEMNITY C NATIONAL INDEMNITY C Sch-D 1087900 0.31 - 30.06.2012 Insurance CompanyBANK OF AMERICA CORP BANK OF AMERICA 13F 1043981 0.3 1008072 30.06.2012 Investment AdvisorBRANDES INVESTMENT P BRANDES INVESTMENT P 13F 895570 0.26 (13929) 30.06.2012 Investment AdvisorNFJ INVESTMENT GROUP NFJ INVESTMENT GROUP 13F 859641 0.25 36820 30.06.2012 Investment AdvisorPRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 631521 0.18 148322 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 582014 0.17 52276 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 428081 0.12 62540 30.06.2012 Investment AdvisorDUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 409294 0.12 55840 30.06.2012 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 400339 0.11 (198) 30.06.2012 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 387750 0.11 65363 30.06.2012 Investment AdvisorMAWER INVESTMENT MAN MAWER INVESTMENT MAN 13F 371339 0.11 6495 30.06.2012 Investment AdvisorPHILADELPHIA INTERNA PHILADELPHIA INTERNA 13F 360428 0.1 (38098) 30.06.2012 Investment AdvisorMANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 357090 0.1 12776 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs SEUNG SHIN neutral/neutral 3 D 80 12 month 21.06.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 16.10.2012Infosys LtdInfosys Limited provides IT consulting and software services, including Price/Volumee-business, program management and supply chain solutions. The Groups services 70 12.0 Minclude application development, product co-development, and system 60 10.0 Mimplementation and system engineering. Infosys targets businesses specializingin the insurance, banking, telecommunication and manufacturing sectors. 50 8.0 M 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 03/2012 4.0 M 20LTM as of: 09/yy 10 2.0 M52-Week High (27.10.2011) 61.22 0 .0 M52-Week Low (24.07.2012) 37.93 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 2270257.00 Current Price (10/dd/yy) 44.57 Market Data 52-Week High % Change -27.20% Dividend Yield 1.57 52-Week Low % Change 17.51% Beta 1.15 % 52 Week Price Range High/Low 28.51% Equity Float -Shares Out 01.10.2012 574.2 Short Int 21.84 Market Capitalization 25593.54 1 Yr Total Return -19.82%Total Debt 0.00 YTD Return -11.53%Preferred Stock 0.0 Adjusted BETA 1.147Minority Interest 0.0 Analyst Recs 18Cash and Equivalents 208420.00 Consensus Rating 3.222Enterprise Value 1127696.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3733641INFY US EQUITY YTD Change - Average Volume 30 Day 2252394INFY US EQUITY YTD % CHANGE - Average Volume 3 Month 1894721 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 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 Total Revenue 166920.0 216930.0 227420.0 275010.0 337340.0 299400.0 376240.0 389028.6 421229.3 98781.4 101433.4 TEV/Revenue 4.52x 3.05x 5.97x 6.16x 4.26x 21.00x 14.02x 2.84x 2.49x 11.23x 10.77x EBITDA 52590.0 72190.0 79110.0 89750.0 107490.0 96010.0 94470.0 112421.7 121195.7 27928.6 28920.3 TEV/EBITDA 14.34x 9.16x 17.17x 18.87x 13.37x 13.16x 0.00x 10.03x 9.30x 9.79x 9.59x Net Income 46590.0 59880.0 62660.0 68350.0 83320.0 72260.0 93460.0 90360.9 96057.3 22242.3 23035.8 P/E 17.66x 12.66x 23.82x 27.09x 19.66x 20.03x 15.50x 14.79x 14.09x 14.73x 14.50x Profitability S&P Issuer RatingsEBITDA 107490.00 Long-Term Rating Date 07.05.2010EBIT 98210.00 Long-Term Rating BBB+Operating Margin 29.11% Long-Term Outlook NEGPretax Margin 34.68% Short-Term Rating Date -Return on Assets 23.83% Short-Term Rating -Return on Common Equity 29.08% Credit RatiosReturn on Capital 29.08% EBITDA/Interest Exp. -Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.94Gross Margin 44.1% Total Debt/EBITDA 0.00EBITDA Margin 31.9% ReferenceEBIT Margin 29.1% Total Debt/Equity 0.0%Net Income Margin 24.7% Total Debt/Capital 0.0%Structure Asset Turnover 0.96Current Ratio 4.38 Net Fixed Asset Turnover 7.07Quick Ratio 3.87 Accounts receivable turnover-days 57.15Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 0.65Accounts Receivable Turnover 6.40 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 400000.0 30.00 350000.0 300000.0 25.00 250000.0 20.00 200000.0 15.00 150000.0 10.00 100000.0 5.00 50000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 55. 16.10.2012Infosys LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 8961621 1.56 (174043) 30.06.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 7928338 1.38 58684 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 4348973 0.76 45149 30.06.2012 Investment AdvisorUBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 4257884 0.74 732300 30.06.2012 Investment AdvisorTRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 3562070 0.62 190131 30.06.2012 Hedge Fund ManagerINVESCO LTD INVESCO LTD 13F 3205445 0.56 546969 30.06.2012 Investment AdvisorCOMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 2857115 0.5 541895 30.06.2012 BankWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2816880 0.49 887600 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 2400154 0.42 (54036) 30.06.2012 Investment AdvisorHSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 2323501 0.4 (62385) 30.06.2012 Investment AdvisorABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 2141064 0.37 95800 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 1818108 0.32 (29900) 31.08.2012 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 1766511 0.31 351330 30.06.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1630513 0.28 389261 30.06.2012 Pension Fund (ERISA)WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1539100 0.27 453500 30.06.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 1382622 0.24 (515123) 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1366684 0.24 (222009) 30.06.2012 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 1228080 0.21 66200 30.06.2012 Investment AdvisorPOLARIS CAPITAL MANA POLARIS CAPITAL MANA 13F 1181339 0.21 60300 30.06.2012 Investment AdvisorPARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1070531 0.19 214633 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets KEITH F BACHMAN market perform 3 M 43 Not Provided 15.10.2012Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 46 12 month 15.10.2012Robert W. Baird & Co DAVID J KONING neutral 3 M 44 12 month 15.10.2012Wells Fargo Securities, LLC EDWARD S CASO JR market perform 3 M #N/A N/A Not Provided 15.10.2012Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 15.10.2012Societe Generale RICHARD NGUYEN sell 1 M 38 12 month 12.10.2012Goldman Sachs RISHI JHUNJHUNWALA neutral/neutral 3 M 48 12 month 12.10.2012Needham & Co MAYANK TANDON hold 3 M #N/A N/A Not Provided 12.10.2012Pacific Crest Securities JESSE HULSING sector perform 3 M #N/A N/A Not Provided 12.10.2012Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 40 12 month 12.10.2012William Blair & Co BHAVAN SURI market perform 3 M #N/A N/A Not Provided 12.10.2012Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 12.10.2012Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 50 12 month 12.10.2012Stifel Nicolaus DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 11.10.2012BOE Securities BINDAL PARIKH TOTLANI hold 3 M 54 12 month 27.01.2012Jefferies JASON KUPFERBERG hold 3 M 64 12 month 04.01.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 14.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 16.10.2012Fomento Economico Mexicano SAB de CVFomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through Price/Volumeits subsidiaries produces, distributes and markets non-alcoholic beverages 100 1.4 Mthroughout Latin America as part of the Coca-Cola system. The Company owns and 90 1.2 Moperates convenience stores in Mexico and Colombia and holds a stake in 80Heineken. 70 1.0 M 60 .8 M 50 Valuation Analysis 40 .6 MLatest Fiscal Year: 12/2011 30 .4 MLTM as of: 06/yy 20 .2 M 1052-Week High (08.10.2012) 95.64 0 .0 M52-Week Low (25.11.2011) 61.61 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 423907.00 Current Price (10/dd/yy) 92.77 Market Data 52-Week High % Change -3.00% Dividend Yield - 52-Week Low % Change 50.58% Beta 0.90 % 52 Week Price Range High/Low 91.57% Equity Float -Shares Out 10.10.2012 216.1 Short Int 0.60 Market Capitalization 33195.20 1 Yr Total Return 36.68%Total Debt 29604.00 YTD Return 34.22%Preferred Stock 0.0 Adjusted BETA 0.897Minority Interest 57534.0 Analyst Recs 12Cash and Equivalents 27658.00 Consensus Rating 4.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 298597FMX US EQUITY YTD Change - Average Volume 30 Day 530020FMX US EQUITY YTD % CHANGE - Average Volume 3 Month 525247 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 147556.1 168021.7 158503.0 169702.0 203044.0 179120.9 220972.1 234227.6 264875.5 60943.9 62999.6 TEV/Revenue 1.38x 1.25x 1.71x 1.66x 2.00x 6.36x 7.54x 2.04x 1.77x 7.82x 7.51x EBITDA 27250.9 29819.0 26319.0 28031.0 33445.0 29206.1 33690.1 37202.9 42782.3 9808.4 12013.7 TEV/EBITDA 7.48x 7.07x 10.32x 10.06x 12.16x 10.69x 14.19x - - - - Net Income 8510.4 6707.6 9908.0 40251.0 15133.0 14045.3 15832.0 17783.9 20931.0 4823.6 4907.8 P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 27.00x 22.66x 22.86x 21.73x Profitability S&P Issuer RatingsEBITDA 33445.00 Long-Term Rating Date -EBIT 26904.00 Long-Term Rating -Operating Margin 13.25% Long-Term Outlook -Pretax Margin 13.97% Short-Term Rating Date -Return on Assets 6.07% Short-Term Rating -Return on Common Equity 12.06% Credit RatiosReturn on Capital 11.43% EBITDA/Interest Exp. 11.40Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 7.78Margin Analysis Net Debt/EBITDA 0.06Gross Margin 41.9% Total Debt/EBITDA 0.89EBITDA Margin 16.5% ReferenceEBIT Margin 13.3% Total Debt/Equity 22.2%Net Income Margin 7.5% Total Debt/Capital 13.4%Structure Asset Turnover 0.81Current Ratio 1.53 Net Fixed Asset Turnover 4.35Quick Ratio 0.93 Accounts receivable turnover-days 14.27Debt to Assets 10.78% Inventory Days 39.95Tot Debt to Common Equity 22.16% Accounts Payable Turnover Day 75.55Accounts Receivable Turnover 25.58 Cash Conversion Cycle -21.33Inventory Turnover 9.14Price/ Cash Flow Sales/Revenue/Turnover 1.20 250000.0 1.00 200000.0 0.80 150000.0 0.60 100000.0 0.40 50000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 57. 16.10.2012Fomento Economico Mexicano SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCASCADE INVESTMENT L n/a 13D 27887349 12.9 1000000 25.03.2011 Investment AdvisorABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 27493416 12.72 (1657303) 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7418519 3.43 (1014720) 30.06.2012 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 4961289 2.3 613554 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4207015 1.95 45877 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 3843838 1.78 (71239) 30.06.2012 Investment AdvisorMORGAN STANLEY INVES MORGAN STANLEY INVES 13F 3629908 1.68 5108 30.06.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 2933618 1.36 (318695) 30.06.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 2362247 1.09 (572163) 30.06.2012 Investment AdvisorMAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 1974449 0.91 775234 30.06.2012 Hedge Fund ManagerCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1447256 0.67 (79077) 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 1415190 0.65 321201 30.06.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1400120 0.65 138325 29.06.2012 UnclassifiedAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1256735 0.58 (11513) 30.06.2012 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1239174 0.57 (24343) 30.06.2012 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 1214642 0.56 235988 30.06.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 995112 0.46 52676 29.06.2012 Investment AdvisorPIONEER INVESTMENT M PIONEER INVESTMENT M 13F 989648 0.46 (110378) 30.06.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 975976 0.45 319098 30.06.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 951570 0.44 (125037) 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateItau BBA Securities RENATO SALOMONE market perform 3 N 104 Not Provided 07.10.2012Deutsche Bank JOSE J YORDAN hold 3 M 97 12 month 26.09.2012Grupo Santander LUIS MIRANDA hold 3 M 103 Not Provided 25.09.2012JPMorgan ALAN ALANIS overweight 5 M 102 15 month 13.09.2012Morgan Stanley LORE SERRA Overwt/In-Line 5 U 93 12 month 16.08.2012HSBC LAUREN E TORRES overweight 5 M 103 Not Provided 30.07.2012Banco BTG Pactual SA RAFAEL SHIN buy 5 M 94 12 month 30.07.2012Scotia Capital RODRIGO ECHAGARAY sector perform 3 M 83 12 month 30.07.2012Banorte-IXE MARISOL HUERTA MONDRAGON hold 3 M 98 Not Provided 27.07.2012Barclays GABRIEL VAZ DE LIMA overweight 5 M 106 Not Provided 27.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 16.10.2012Hyundai MobisHyundai Mobis manufactures and markets automotive parts and equipment, such as Price/Volumeautomotive service components, modules, and systems. The Company also contracts 400000 2.5 Menvironmental projects, including sewage treatment plant and industrial waste 350000water treatment plant construction. 2.0 M 300000 250000 1.5 M 200000 Valuation Analysis 1.0 M 150000Latest Fiscal Year: 12/2011 100000LTM as of: 06/yy .5 M 5000052-Week High (28.10.2011) 364000.00 0 .0 M52-Week Low (28.02.2012) 261500.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 139117.00 Current Price (10/dd/yy) 300000 Market Data 52-Week High % Change -17.58% Dividend Yield 0.58 52-Week Low % Change 14.72% Beta 1.07 % 52 Week Price Range High/Low 34.63% Equity Float 60.96Shares Out 30.09.2012 97.3 Short Int - Market Capitalization 29203158.00 1 Yr Total Return -10.71%Total Debt 1810896.00 YTD Return 2.74%Preferred Stock 127.0 Adjusted BETA 1.073Minority Interest 0.0 Analyst Recs 46Cash and Equivalents 2396260.00 Consensus Rating 4.913Enterprise Value 28063752.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 161675012330 KS EQUITY YTD Change - Average Volume 30 Day 195755012330 KS EQUITY YTD % CHANGE - Average Volume 3 Month 238172 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 8490912.0 9373390.0 10633020.0 13695717.0 15886201.0 ######### ######### ######### ######### - - TEV/Revenue 0.85x 0.49x 1.50x 1.92x 1.72x 7.91x 6.70x 1.10x 0.95x - - EBITDA 926546.0 1325678.0 1652601.0 2160724.0 2316807.0 ######### ######### ######### ######### - - TEV/EBITDA 7.78x 3.45x 9.62x 12.15x 11.79x 16.31x 10.49x 8.41x 7.63x - - Net Income 776675.0 1089995.0 1615220.0 1628807.0 1742742.0 ######### ######### ######### ######### - - P/E 9.64x 4.96x 9.60x 16.66x 15.99x 21.27x 13.16x 8.15x 7.32x - - Profitability S&P Issuer RatingsEBITDA 2316807.00 Long-Term Rating Date 20.03.2012EBIT 2139542.00 Long-Term Rating BBB+Operating Margin 13.47% Long-Term Outlook STABLEPretax Margin 14.42% Short-Term Rating Date -Return on Assets 11.30% Short-Term Rating -Return on Common Equity 16.60% Credit RatiosReturn on Capital 14.63% EBITDA/Interest Exp. 59.08Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 51.18Margin Analysis Net Debt/EBITDA -0.25Gross Margin 19.9% Total Debt/EBITDA 0.78EBITDA Margin 14.6% ReferenceEBIT Margin 13.5% Total Debt/Equity 16.1%Net Income Margin 11.0% Total Debt/Capital 13.8%Structure Asset Turnover 1.03Current Ratio 1.62 Net Fixed Asset Turnover 9.00Quick Ratio 1.42 Accounts receivable turnover-days 82.42Debt to Assets 10.96% Inventory Days 21.55Tot Debt to Common Equity 16.06% Accounts Payable Turnover Day 54.16Accounts Receivable Turnover 4.43 Cash Conversion Cycle 49.82Inventory Turnover 16.94Price/ Cash Flow Sales/Revenue/Turnover 25.00 18000000.0 16000000.0 20.00 14000000.0 12000000.0 15.00 10000000.0 8000000.0 10.00 6000000.0 4000000.0 5.00 2000000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 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 |
  • 59. 16.10.2012Hyundai MobisHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKIA MOTORS CORP n/a EXCH 16427074 16.88 - 24.08.2012 CorporationALLIANCEBERNSTEIN LP n/a Co File 6903539 7.09 - 31.12.2011 Investment AdvisorCHUNG MONG-KOO n/a EXCH 6778966 6.96 - 24.08.2012 n/aCAPITAL GROUP COMPAN n/a EXCH 6116500 6.28 251299 02.10.2012 Investment AdvisorNATIONAL PENSION SER n/a Co File 5837749 6 - 31.12.2011 Investment AdvisorHYUNDAI STEEL CO n/a EXCH 5504846 5.66 - 24.08.2012 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 4410264 4.53 557300 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3178680 3.27 42285 30.06.2012 Investment AdvisorHYUNDAI MOBIS n/a EXCH 1806615 1.86 - 27.04.2012 CorporationBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1158053 1.19 (96) 12.10.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 1064443 1.09 49195 31.08.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 877813 0.9 (221334) 29.02.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 752239 0.77 (17370) 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 588650 0.6 44035 15.10.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 531590 0.55 (78) 29.06.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 446653 0.46 443853 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 427050 0.44 36778 30.06.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 422822 0.43 150694 31.03.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 406508 0.42 (425532) 31.03.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 344245 0.35 (26894) 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateTong Yang Investment Bank AHN SANG JUN buy 5 M 384000 12 month 16.10.2012KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 440000 6 month 15.10.2012Standard Chartered DAVID KIM outperform 5 M 386000 12 month 11.10.2012Korea Investment & Securities SUH SUNGMOON buy 5 M 400000 12 month 11.10.2012LIG Investment Securities IN-WOO PARK buy 5 M 400000 12 month 11.10.2012HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 400000 6 month 10.10.2012Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 400000 12 month 10.10.2012Nomura ANGELA HONG neutral 3 M 340000 Not Provided 10.10.2012Macquarie MICHAEL SOHN outperform 5 M 400000 12 month 09.10.2012KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 460000 12 month 05.10.2012KTB Securities NAM KYEONG MOON buy 5 M 370000 12 month 30.09.2012Kyobo Securities DONG-HA KIM buy 5 M 470000 12 month 24.09.2012Barclays PAUL HWANG overweight 5 M 349000 Not Provided 30.08.2012Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 380000 12 month 27.08.2012Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 360000 12 month 27.08.2012Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 D 310000 Not Provided 27.08.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 27.08.2012Samsung Securities YOON PIL JOONG buy 5 M 370000 12 month 24.08.2012Credit Suisse HENRY KWON outperform 5 M 456000 Not Provided 14.08.2012Deutsche Bank SANJEEV RANA buy 5 M 400000 12 month 30.07.2012Daewoo Securities PARK YOUNG HO buy 5 M 378000 12 month 30.07.2012NH Investment & Securities LEE SANG-HYUN buy 5 M 380000 6 month 30.07.2012Hyundai Securities CHAE HEE-GUEN buy 5 M 380000 Not Provided 30.07.2012Eugene Investment & Securities Co., LtdPARK SANG-WON buy 5 M 439000 12 month 30.07.2012Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 365000 12 month 30.07.2012SK Securities Co Ltd KIM YONG-SOO buy 5 M 380000 6 month 30.07.2012Woori Investment & Securities CHO SOO-HONG buy 5 M 410000 12 month 30.07.2012HI Investment Securities KOH TAE-BONG buy 5 M 400000 6 month 30.07.2012E*Trade Securities Korea KANG SANG-MIN buy 5 M 360000 12 month 30.07.2012IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 400000 Not Provided 30.07.2012Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 355000 6 month 30.07.2012JPMorgan PARK WAN SUN overweight 5 M 390000 9 month 29.07.2012Hana Daetoo Securities SONG SUN-JAE buy 5 M 360000 12 month 29.07.2012Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 414000 12 month 27.07.2012BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 410000 12 month 27.07.2012Mirae Asset Securities YOON-KI KIM buy 5 M 470000 12 month 17.07.2012Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393000 6 month 25.06.2012BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370000 6 month 02.05.2012HSBC PAUL CHOI overweight 5 M 370000 Not Provided 01.05.2012Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 370000 6 month 16.03.2012DBS Vickers JAY KIM buy 5 M 370000 12 month 30.01.2012Hanyang Securities KIM YEON-WOO buy 5 M 450000 6 month 31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 16.10.2012ICICI Bank LtdICICI Bank Limited operates a network of banks located throughout India. The Price/VolumeGroup specializes in retail and corporate banking, in addition to Forex and 45 6.0 Mtreasury operations. ICICI Bank also provides a wide variety of investment 40banking, insurance and financial services to its clients. 5.0 M 35 30 4.0 M 25 3.0 M Valuation Analysis 20Latest Fiscal Year: 03/2012 15 2.0 M 10LTM as of: 06/yy 1.0 M 552-Week High (04.10.2012) 42.49 0 .0 M52-Week Low (19.12.2011) 24.14 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 979925.00 Current Price (10/dd/yy) 40 Market Data 52-Week High % Change -5.86% Dividend Yield - 52-Week Low % Change 65.70% Beta 1.32 % 52 Week Price Range High/Low 86.43% Equity Float -Shares Out 16.10.2012 574.8 Short Int 4.18 Market Capitalization 22990.99 1 Yr Total Return 11.14%Total Debt 1769324.15 YTD Return 54.42%Preferred Stock - Adjusted BETA 1.316Minority Interest 14277.2 Analyst Recs 2Cash and Equivalents 411717.50 Consensus Rating 3.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1138133IBN US EQUITY YTD Change - Average Volume 30 Day 1787449IBN US EQUITY YTD % CHANGE - Average Volume 3 Month 1554927 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 06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 Total Revenue 599917.4 641516.2 595176.1 615647.1 666619.9 181789.9 193005.3 218285.2 259993.3 - - TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 33982.3 35769.5 46702.9 60932.7 76429.4 66690.4 84183.7 79373.8 95259.7 - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 14.81x 12.28x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 30.01.2007EBIT - Long-Term Rating NROperating Margin 25.67% Long-Term Outlook NEGPretax Margin 25.66% Short-Term Rating Date 30.01.2007Return on Assets 1.34% Short-Term Rating A-3Return on Common Equity 13.11% Credit RatiosReturn on Capital 3.58% EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 288.7%Net Income Margin 18.4% Total Debt/Capital 73.8%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover 12.21Quick Ratio - Accounts receivable turnover-days -Debt to Assets 29.28% Inventory Days -Tot Debt to Common Equity 288.74% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 700000.0 600000.0 1.00 500000.0 0.80 400000.0 0.60 300000.0 0.40 200000.0 100000.0 0.20 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 61. 16.10.2012ICICI Bank LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 15166335 2.64 3026185 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 7521991 1.31 42891 30.06.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 7415399 1.29 1585610 30.06.2012 Investment AdvisorGLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 7190150 1.25 2898771 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 6310000 1.1 (958600) 30.06.2012 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 5649826 0.98 349656 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4965000 0.86 (690000) 30.06.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 4570486 0.8 371833 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 4465002 0.78 (330) 30.06.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 4289751 0.75 2634444 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4246164 0.74 (27173) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4220378 0.73 1358225 30.06.2012 Investment AdvisorPRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 3856699 0.67 1635202 30.06.2012 Investment AdvisorHSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 3739510 0.65 493460 30.06.2012 Investment AdvisorCAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 3376316 0.59 30913 30.06.2012 Investment AdvisorCAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 3351184 0.58 4000 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2562296 0.45 489844 30.06.2012 Investment AdvisorABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 2437084 0.42 - 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 2377906 0.41 (35667) 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2009506 0.35 828815 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 16.10.2012China Petroleum & Chemical CorpChina Petroleum and Chemical Corporation (Sinopec) refines, produces and trades Price/Volumepetroleum and petrochemical products such as gasoline, diesel, jet fuel, 12 250.0 Mkerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, andchemical fertilizers. Also, The company explores for and produces crude oil and 10 200.0 Mnatural gas in China. 8 150.0 M 6 Valuation Analysis 100.0 MLatest Fiscal Year: 12/2011 4LTM as of: 06/yy 2 50.0 M52-Week High (02.02.2012) 9.67 0 .0 M52-Week Low (11.07.2012) 6.38 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 57158556.00 Current Price (10/dd/yy) 7.82 Market Data 52-Week High % Change -19.13% Dividend Yield 4.75 52-Week Low % Change 22.57% Beta 0.82 % 52 Week Price Range High/Low 45.90% Equity Float 15550.58Shares Out 30.06.2012 16780.5 Short Int - Market Capitalization 660652.13 1 Yr Total Return 13.96%Total Debt 240555.00 YTD Return 0.71%Preferred Stock 0.0 Adjusted BETA 0.818Minority Interest 35016.0 Analyst Recs 36Cash and Equivalents 25197.00 Consensus Rating 4.000Enterprise Value 864228.21 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 96313680386 HK EQUITY YTD Change - Average Volume 30 Day 75847180386 HK EQUITY YTD % CHANGE - Average Volume 3 Month 69314720 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 1170539.0 1387077.0 1212168.0 1876758.0 2463767.0 ######### ######### ######### ######### 694626.0 783948.0 TEV/Revenue 1.73x 0.59x 1.09x 0.48x 0.35x 1.56x 1.35x 0.32x 0.32x - - EBITDA 127499.0 29228.0 151545.0 178098.0 170962.0 0.0 0.0 165473.3 192759.1 - - TEV/EBITDA 15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.22x 4.48x - - Net Income 56515.0 28445.0 62677.0 71782.0 73225.0 75523.0 55155.0 59332.8 75075.6 19009.5 23647.0 P/E 16.90x 12.59x 8.42x 7.62x 7.84x 7.47x 8.86x 9.19x 7.31x - - Profitability S&P Issuer RatingsEBITDA 170962.00 Long-Term Rating Date 16.12.2010EBIT 107146.00 Long-Term Rating A+Operating Margin 4.35% Long-Term Outlook STABLEPretax Margin 4.24% Short-Term Rating Date -Return on Assets 6.84% Short-Term Rating -Return on Common Equity 16.42% Credit RatiosReturn on Capital 12.01% EBITDA/Interest Exp. 18.19Asset Turnover 2.30% (EBITDA-Capex)/Interest Exp. 4.17Margin Analysis Net Debt/EBITDA 1.26Gross Margin - Total Debt/EBITDA 1.41EBITDA Margin 6.9% ReferenceEBIT Margin 4.3% Total Debt/Equity 50.9%Net Income Margin 3.0% Total Debt/Capital 32.2%Structure Asset Turnover 2.30Current Ratio 0.77 Net Fixed Asset Turnover 3.64Quick Ratio 0.25 Accounts receivable turnover-days 10.79Debt to Assets 21.02% Inventory Days -Tot Debt to Common Equity 50.93% Accounts Payable Turnover Day -Accounts Receivable Turnover 33.81 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 3000000.0 8.00 2500000.0 7.00 6.00 2000000.0 5.00 1500000.0 4.00 3.00 1000000.0 2.00 500000.0 1.00 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 02.07.2012 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 |
  • 63. 16.10.2012China Petroleum & Chemical CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 1436412609 8.56 - 18.09.2012 Investment AdvisorBLACKROCK INC n/a EXCH 1159575167 6.91 - 28.09.2012 Investment AdvisorFRANKLIN RESOURCES I n/a EXCH 1006669203 6 - 26.01.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 803053154 4.79 - 27.08.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 753187194 4.49 37213851 30.09.2012 Investment AdvisorCH PETROLEUM SHENGJU n/a EXCH 425500000 2.54 - 09.01.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 419158002 2.5 682000 12.10.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 241822937 1.44 86590802 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 227956000 1.36 48556000 30.06.2012 Investment AdvisorBLACKROCK INC n/a Short (186321802) -1.11 - 28.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 147551551 0.88 (1940552) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 141609528 0.84 164000 12.10.2012 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 108482200 0.65 103986000 30.09.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 94112000 0.56 (13892000) 29.06.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 91792998 0.55 (8354000) 31.08.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 90120000 0.54 (22168000) 31.08.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 79068342 0.47 138000 31.03.2012 Investment AdvisorCARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 78231071 0.47 1300000 31.08.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 74700000 0.45 (6564000) 31.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 63849400 0.38 558000 12.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse DAVID HEWITT outperform 5 M 8 Not Provided 15.10.2012Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 12.10.2012Jefferies LABAN YU buy 5 M 8 12 month 09.10.2012Nomura SONIA SONG reduce 2 M 7 Not Provided 09.10.2012Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 U 9 12 month 05.10.2012ICBC International Securities ANNA YU buy 5 M 8 Not Provided 05.10.2012Deutsche Bank DAVID HURD buy 5 U 9 12 month 02.10.2012Mirae Asset Securities GORDON KWAN buy 5 M 8 12 month 28.09.2012VTB Capital COLIN SMITH hold 3 N 8 12 month 27.09.2012UOB Kay Hian YAN SHI buy 5 M 9 Not Provided 12.09.2012BNP Paribas Equity Research CHENG KHOO buy 5 M 9 12 month 11.09.2012SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 11.09.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 06.09.2012Bank of China International LAWRENCE LAU buy 5 U 8 Not Provided 28.08.2012BOCOM International Holdings WU FEI buy 5 M 8 12 month 28.08.2012JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 9 3 month 27.08.2012HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 27.08.2012Capital Securities Corp TEAM COVERAGE hold 3 D 11 Not Provided 27.08.2012Macquarie JAMES HUBBARD neutral 3 M 7 12 month 27.08.2012DBS Vickers WEE KEAT LEE hold 3 M 8 12 month 27.08.2012Mizuho Securities ANDREW S F CHAN neutral 3 M 7 12 month 27.08.2012Daiwa Securities Co. Ltd. ADRIAN LOH hold 3 M 7 Not Provided 27.08.2012Barclays SCOTT DARLING equalweight 3 M 10 Not Provided 27.08.2012Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 26.08.2012Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 8 12 month 25.08.2012Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 02.08.2012Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012Masterlink Securities LI XIN hold 3 M 10 6 month 30.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.02.2012Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011RBS PETER HILTON buy 5 M 9 12 month 01.11.2011China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 30.10.2009Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 16.10.2012Kia Motors CorpKia Motors Corporation manufactures, sells, and exports passenger cars, Price/Volumemini-buses, trucks, and commercial vehicles. The Company also produces various 90000 6.0 Mauto parts. 80000 5.0 M 70000 60000 4.0 M 50000 3.0 M Valuation Analysis 40000Latest Fiscal Year: 12/2011 30000 2.0 M 20000LTM as of: 06/yy 1.0 M 1000052-Week High (02.05.2012) 84800.00 0 .0 M52-Week Low (19.12.2011) 64000.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 1495757.00 Current Price (10/dd/yy) 67000 Market Data 52-Week High % Change -20.99% Dividend Yield 0.90 52-Week Low % Change 4.69% Beta 0.97 % 52 Week Price Range High/Low 10.10% Equity Float 230.71Shares Out 30.09.2012 405.4 Short Int - Market Capitalization 27159344.00 1 Yr Total Return -3.83%Total Debt 3701693.00 YTD Return 0.45%Preferred Stock 0.0 Adjusted BETA 0.965Minority Interest 0.0 Analyst Recs 46Cash and Equivalents 2646377.00 Consensus Rating 4.870Enterprise Value 26828085.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1294519000270 KS EQUITY YTD Change - Average Volume 30 Day 1658591000270 KS EQUITY YTD % CHANGE - Average Volume 3 Month 1445343 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 15948542.0 16382231.0 18415739.0 23222969.0 27742277.0 ######### ######### ######### ######### ######### ######### TEV/Revenue 0.43x 0.43x 0.57x 0.95x 1.01x 3.68x 4.07x 0.90x 0.83x - - EBITDA 620992.0 1023733.0 1827909.0 2402792.0 2597837.0 ######### ######### ######### ######### - - TEV/EBITDA 11.09x 6.85x 5.70x 9.21x 10.77x 11.43x 11.08x 9.29x 8.93x - - Net Income 13563.0 113784.0 1450260.0 1420636.0 1804842.0 ######### ######### ######### ######### - - P/E 258.97x 19.97x 5.08x 13.96x 14.72x 14.82x 13.84x 6.23x 5.73x - - Profitability S&P Issuer RatingsEBITDA 2597837.00 Long-Term Rating Date 20.03.2012EBIT 1911157.00 Long-Term Rating BBB+Operating Margin 6.89% Long-Term Outlook STABLEPretax Margin 8.51% Short-Term Rating Date -Return on Assets 8.09% Short-Term Rating -Return on Common Equity 14.92% Credit RatiosReturn on Capital 11.82% EBITDA/Interest Exp. 17.61Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.69Margin Analysis Net Debt/EBITDA 0.41Gross Margin 21.0% Total Debt/EBITDA 1.42EBITDA Margin 9.4% ReferenceEBIT Margin 6.9% Total Debt/Equity 28.4%Net Income Margin 6.5% Total Debt/Capital 22.1%Structure Asset Turnover 1.24Current Ratio 0.90 Net Fixed Asset Turnover 4.22Quick Ratio 0.71 Accounts receivable turnover-days 32.71Debt to Assets 15.83% Inventory Days 17.83Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 52.83Accounts Receivable Turnover 11.16 Cash Conversion Cycle -2.30Inventory Turnover 20.47Price/ Cash Flow Sales/Revenue/Turnover 12.00 30000000.0 10.00 25000000.0 8.00 20000000.0 6.00 15000000.0 4.00 10000000.0 2.00 5000000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 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 |
  • 65. 16.10.2012Kia Motors CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI MOTOR CO n/a EXCH 137318251 33.88 - 27.04.2012 CorporationNATIONAL PENSION SER n/a EXCH 28154313 6.95 4133953 02.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11089791 2.74 694622 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 10246417 2.53 (1066570) 30.06.2012 Investment AdvisorEUI SUN CHUNG n/a EXCH 7061331 1.74 - 27.04.2012 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 4501349 1.11 (229249) 29.02.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4278990 1.06 (348) 12.10.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3374214 0.83 11359 29.06.2012 Investment AdvisorKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2039412 0.5 136229 29.06.2012 Mutual Fund ManagerUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1958044 0.48 311196 31.03.2012 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1924201 0.47 (30321) 31.08.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1908871 0.47 460754 31.03.2012 Mutual Fund ManagerMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1882949 0.46 316520 31.03.2012 Investment AdvisorEMPLOYEE STOCK OWNER n/a Co File 1554703 0.38 (102440) 30.09.2011 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1468000 0.36 (42700) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1394469 0.34 1817 12.10.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 903006 0.22 (147991) 31.03.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 852202 0.21 196978 31.03.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 786102 0.19 (597543) 31.03.2012 Mutual Fund ManagerKYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 773899 0.19 3803 31.03.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSK Securities Co Ltd KIM YONG-SOO buy 5 M 105000 6 month 16.10.2012Tong Yang Investment Bank AHN SANG JUN buy 5 M 113000 12 month 16.10.2012KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 107000 6 month 15.10.2012Korea Investment & Securities SUH SUNGMOON buy 5 M 105000 12 month 11.10.2012HI Investment Securities KOH TAE-BONG buy 5 M 110000 6 month 11.10.2012LIG Investment Securities IN-WOO PARK buy 5 M 100000 12 month 11.10.2012HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 100000 6 month 10.10.2012Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 115000 12 month 10.10.2012Nomura ANGELA HONG buy 5 M 100000 Not Provided 10.10.2012Macquarie MICHAEL SOHN outperform 5 M 86000 12 month 09.10.2012IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 100000 Not Provided 09.10.2012Standard Chartered DAVID KIM outperform 5 M 99000 12 month 06.10.2012KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 110000 12 month 05.10.2012Barclays PAUL HWANG overweight 5 M 87000 Not Provided 05.10.2012KTB Securities NAM KYEONG MOON buy 5 M 110000 12 month 04.10.2012BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 100000 12 month 04.10.2012Kyobo Securities SONG SANG-HOON buy 5 M 96000 12 month 04.10.2012Hanyang Securities KIM YEON-WOO buy 5 M 110000 6 month 27.09.2012Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 110000 12 month 27.09.2012Hana Daetoo Securities SONG SUN-JAE buy 5 M 97000 12 month 26.09.2012Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 99000 6 month 24.09.2012NH Investment & Securities LEE SANG-HYUN buy 5 M 120000 6 month 19.09.2012Eugene Investment & Securities Co., LtdPARK SANG-WON buy 5 M 103000 12 month 19.09.2012Daiwa Securities Co. Ltd. CHUNG SUNG-YOP outperform 5 D 84000 Not Provided 19.09.2012Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 100000 12 month 17.09.2012Hyundai Securities CHAE HEE-GUEN buy 5 M 96000 Not Provided 17.09.2012Woori Investment & Securities CHO SOO-HONG buy 5 M 105000 12 month 17.09.2012Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 107000 6 month 17.09.2012Mirae Asset Securities YOON-KI KIM buy 5 M 110000 12 month 04.09.2012Goldman Sachs SEUNG SHIN neutral/neutral 3 M 76000 12 month 27.08.2012Daewoo Securities PARK YOUNG HO buy 5 M 99000 12 month 30.07.2012E*Trade Securities Korea KANG SANG-MIN buy 5 M 120000 12 month 30.07.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 30.07.2012JPMorgan PARK WAN SUN overweight 5 M 100000 9 month 29.07.2012Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 113000 12 month 27.07.2012Samsung Securities YOON PIL JOONG buy 5 M 92700 12 month 27.07.2012Credit Suisse HENRY KWON neutral 3 M 70000 Not Provided 27.07.2012Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 80000 6 month 22.06.2012First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 10.05.2012HSBC PAUL CHOI overweight 5 M 95000 Not Provided 16.04.2012Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012DBS Vickers JAY KIM buy 5 M 88000 12 month 30.01.2012Deutsche Bank SANJEEV RANA buy 5 M 105000 12 month 29.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 66. 16.10.2012Standard Bank Group Ltd/South AfricaStandard Bank Group Limited is the holding company for a group of companies Price/Volumeoffering financial services. The Group provides services in personal, corporate, 14000 14.0 Mmerchant and commercial banking, including insurance broking, mutual fund 12000 12.0 Mmanagement, property fund management, as well as other services. Standard Bankis also the holding company of Liberty Life Group Limited. 10000 10.0 M 8000 8.0 M Valuation Analysis 6000 6.0 MLatest Fiscal Year: 12/2011 4000 4.0 MLTM as of: 01/yy 2000 2.0 M52-Week High (03.08.2012) 12000.00 0 .0 M52-Week Low (23.11.2011) 9185.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 2140154.00 Current Price (10/dd/yy) 10492 Market Data 52-Week High % Change -12.50% Dividend Yield 4.73 52-Week Low % Change 14.23% Beta 0.79 % 52 Week Price Range High/Low 47.60% Equity Float 832.51Shares Out 15.10.2012 1605.3 Short Int - Market Capitalization 168432.70 1 Yr Total Return 12.45%Total Debt 140450.00 YTD Return 11.14%Preferred Stock 5503.0 Adjusted BETA 0.791Minority Interest 12988.0 Analyst Recs 18Cash and Equivalents 163062.00 Consensus Rating 2.556Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2555747SBK SJ EQUITY YTD Change - Average Volume 30 Day 4128085SBK SJ EQUITY YTD % CHANGE - Average Volume 3 Month 3500023 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 102996.0 145080.0 159993.0 105806.0 107845.0 - - 66563.5 73714.7 - - TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x - - - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 - - - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x - - - - - - Net Income 14101.0 14461.0 11585.0 11161.0 13571.0 - - 14919.6 16937.4 - - P/E 9.68x 8.28x 13.23x 14.63x 11.13x - - 11.08x 9.71x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 28.60% Long-Term Outlook -Pretax Margin 28.97% Short-Term Rating Date -Return on Assets 0.96% Short-Term Rating -Return on Common Equity 14.21% Credit RatiosReturn on Capital 6.69% EBITDA/Interest Exp. -Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 141.8%Net Income Margin 17.7% Total Debt/Capital 54.4%Structure Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover 7.23Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.41% Inventory Days -Tot Debt to Common Equity 141.81% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 180000.0 30.00 160000.0 140000.0 25.00 120000.0 20.00 100000.0 15.00 80000.0 60000.0 10.00 40000.0 5.00 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 02.07.2012 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 |
  • 67. 16.10.2012Standard Bank Group Ltd/South AfricaHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINDUSTRIAL & COMM BA #N/A N/A SJ-REG 320369791 19.96 - 28.09.2012 BankGOVERNMENT EMP PENSI #N/A N/A SJ-REG 182240873 11.35 - 28.09.2012 GovernmentSTATE STREET BANK & #N/A N/A SJ-REG 142616083 8.88 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 50449610 3.14 809515 30.09.2012 Investment AdvisorTUTUWA STRATEGIC HOL n/a SJ-REG 35752909 2.23 - 28.09.2012 n/aTUTUWA STAFF HOLDING n/a SJ-REG 34540805 2.15 - 28.09.2012 n/aOLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 29298581 1.83 - 28.09.2012 Insurance CompanyALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 27205522 1.69 (45300) 29.06.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 25379417 1.58 (15649200) 30.06.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 23406468 1.46 - 28.09.2012 Investment AdvisorGEPF SIM PTY LTD FIN n/a SJ-REG 22289909 1.39 - 28.09.2012 n/aCITIBANK NEW YORK #N/A N/A SJ-REG 20851361 1.3 - 28.09.2012 UnclassifiedCORONATION ASSET MAN Multiple Portfolios MF-AGG 20554409 1.28 (1886076) 30.06.2012 Investment AdvisorNORTHERN TR AVFC GOV n/a SJ-REG 18326693 1.14 - 28.09.2012 n/aTUTUWA COMMUNITY PTY n/a SJ-REG 17876454 1.11 - 28.09.2012 n/aMELLON BANK NA #N/A N/A SJ-REG 17524805 1.09 - 28.09.2012 Investment AdvisorCITIBANK LONDON #N/A N/A SJ-REG 16394394 1.02 - 28.09.2012 BankBANK OF NEW YORK #N/A N/A SJ-REG 16147532 1.01 - 28.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15299057 0.95 1696 12.10.2012 Investment AdvisorSANLAM LIFE INSURANC #N/A N/A SJ-REG 11735083 0.73 - 28.09.2012 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie CHARLES RUSSELL neutral 3 U 10800 12 month 05.10.2012Avior Research FAIZAL MOOLLA outperform 5 M 13007 Not Provided 26.09.2012Goldman Sachs WALEED MOHSIN Sell/Neutral 1 D 9900 12 month 09.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012SBG Securities VOYT KRZYCHYLKIEWICZ hold 3 M 12000 12 month 04.09.2012HSBC JAN ROST neutral 3 M 12000 Not Provided 28.08.2012Credit Suisse MERVIN NAIDOO underperform 1 M 12300 Not Provided 27.08.2012Renaissance Capital ILAN STERMER sell 1 M 10950 12 month 21.08.2012Nedgroup Securities DAVID S DANILOWITZ sell 1 M 10390 12 month 17.08.2012Morgan Stanley GREG SAFFY Equalwt/In-Line 3 M 11500 12 month 16.08.2012JPMorgan NANA FRANCOIS underweight 1 M 11980 6 month 17.07.2012Legae Securities PETER MUSHANGWE hold 3 M 12560 Not Provided 09.07.2012Deutsche Bank STEFAN SWANEPOEL buy 5 M 12500 12 month 04.07.2012Barclays RICHARD LADBROOK underweight 1 N 11569 Not Provided 12.04.2012Imara ADDMORE T CHAKURIRA hold 3 M 9033 Not Provided 23.02.2012ING Wholesale Banking ANDRZEJ NOWACZEK not rated #N/A N/A M #N/A N/A Not Provided 13.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 68. 16.10.2012Shinhan Financial Group Co LtdShinhan Financial Group Co., Ltd., a holding company, provides a full range of Price/Volumeconsumer and commercial banking-related financial services. The companys main 45 .5 Mbusinesses include banking, securities brokerage, trust banking, and assets 40 .4 Mmanagement to individuals, businesses, and other financial institutions. 35 .4 M 30 .3 M 25 .3 M Valuation Analysis 20 .2 MLatest Fiscal Year: 12/2011 15 .2 M 10 .1 MLTM as of: 06/yy 5 .1 M52-Week High (27.10.2011) 42.49 0 .0 M52-Week Low (23.07.2012) 29.14 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 27628.00 Current Price (10/dd/yy) 33.77 Market Data 52-Week High % Change -20.52% Dividend Yield - 52-Week Low % Change 15.91% Beta 1.22 % 52 Week Price Range High/Low 34.71% Equity Float -Shares Out 30.09.2012 474.2 Short Int 0.27 Market Capitalization 16013.72 1 Yr Total Return -13.68%Total Debt 7039393.00 YTD Return -0.98%Preferred Stock 274055.0 Adjusted BETA 1.223Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 2220166.00 Consensus Rating 5.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 50606SHG US EQUITY YTD Change - Average Volume 30 Day 56587SHG US EQUITY YTD % CHANGE - Average Volume 3 Month 64083 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 2749443.0 2455904.0 1785561.0 1043389.0 2124112.0 ######### ######### - - - - TEV/Revenue 10.49x 8.07x 15.01x 29.98x 11.27x 82.48x 61.10x - - - - EBITDA 2702984.0 2409574.0 1718698.0 965508.0 2051750.0 ######### ######### - - - - TEV/EBITDA 10.67x 8.22x 15.60x 32.40x 11.67x 22.31x 0.00x - - - - Net Income 2396377.0 2020398.0 1306292.0 617625.0 1672908.0 991948.0 ######### - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 2051750.00 Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 95.86% Long-Term Outlook -Pretax Margin 79.09% Short-Term Rating Date -Return on Assets 5.72% Short-Term Rating -Return on Common Equity 7.04% Credit RatiosReturn on Capital 6.22% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 2.35Gross Margin - Total Debt/EBITDA 3.43EBITDA Margin 96.6% ReferenceEBIT Margin - Total Debt/Equity 36.7%Net Income Margin 78.8% Total Debt/Capital 26.6%Structure Asset Turnover 0.07Current Ratio - Net Fixed Asset Turnover 1409.50Quick Ratio - Accounts receivable turnover-days -Debt to Assets 22.82% Inventory Days -Tot Debt to Common Equity 36.75% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 3000000.0 1.00 2500000.0 0.80 2000000.0 1500000.0 0.60 1000000.0 0.40 500000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 69. 16.10.2012Shinhan Financial Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 5876132 1.24 182304 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3633000 0.77 (2508) 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 1291330 0.27 (7924) 30.06.2012 Investment AdvisorNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 587200 0.12 (45408) 30.06.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 524396 0.11 15102 30.06.2012 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 509614 0.11 - 30.04.2011 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 383140 0.08 (53842) 30.06.2012 Investment AdvisorMANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 369442 0.08 1832 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 343450 0.07 99088 30.06.2012 Investment AdvisorTEACHERS RETIREMENT TEACHERS RETIREMENT 13F 234000 0.05 40000 30.06.2012 Pension Fund (ERISA)DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 227896 0.05 - 31.07.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 200438 0.04 (17828) 30.06.2012 Investment AdvisorTODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 198782 0.04 2176 30.06.2012 Investment AdvisorNASDAQ GLOBAL FUNDS Multiple Portfolios MF-AGG 191392 0.04 - 15.10.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 182006 0.04 (17486) 30.06.2012 Investment AdvisorHSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 170034 0.04 61782 30.06.2012 Investment AdvisorBNP PARIBAS INV PART BNP PARIBAS INVESTME 13F 156422 0.03 40318 30.06.2012 Investment AdvisorBRANDES INVESTMENT P BRANDES INVESTMENT P 13F 129168 0.03 10610 30.06.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 127800 0.03 - 30.06.2012 Investment AdvisorBARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 127800 0.03 - 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 70. 16.10.2012Ping An Insurance Group Co of China LtdPing An Insurance (Group) Company of China Limited provides a variety of Price/Volumeinsurance service in China. The Company writes property, casualty, and life 80 40.0 Minsurance. Ping An Insurance also offers financial services. 70 35.0 M 60 30.0 M 50 25.0 M 40 20.0 M Valuation Analysis 30 15.0 MLatest Fiscal Year: 12/2011 20 10.0 MLTM as of: 06/yy 10 5.0 M52-Week High (23.02.2012) 68.60 0 .0 M52-Week Low (09.01.2012) 46.80 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 7555743.00 Current Price (10/dd/yy) 61.35 Market Data 52-Week High % Change -10.57% Dividend Yield 0.81 52-Week Low % Change 31.09% Beta 1.40 % 52 Week Price Range High/Low 64.45% Equity Float 1819.53Shares Out 30.06.2012 3129.7 Short Int - Market Capitalization 439302.38 1 Yr Total Return 16.04%Total Debt 322062.00 YTD Return 20.80%Preferred Stock 0.0 Adjusted BETA 1.399Minority Interest 40475.0 Analyst Recs 34Cash and Equivalents 94582.00 Consensus Rating 4.088Enterprise Value 244712.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 106677402318 HK EQUITY YTD Change - Average Volume 30 Day 113764302318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10413000 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 139137.0 87666.0 152961.0 195052.0 272683.0 227433.0 306171.0 294676.5 339352.1 - - TEV/Revenue 5.10x 3.19x 3.24x 3.37x 2.19x 10.51x 7.29x 1.86x 1.62x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 18688.0 1418.0 13883.0 17311.0 19475.0 20457.0 20677.0 24711.4 29449.0 - - P/E 30.00x 173.82x 31.68x 32.03x 16.61x 24.90x 19.34x 15.59x 13.22x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 19.28% Long-Term Outlook -Pretax Margin 11.01% Short-Term Rating Date -Return on Assets 1.13% Short-Term Rating -Return on Common Equity 16.04% Credit RatiosReturn on Capital 10.56% EBITDA/Interest Exp. -Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 246.1%Net Income Margin 7.1% Total Debt/Capital 65.3%Structure Asset Turnover 0.16Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 14.09% Inventory Days -Tot Debt to Common Equity 246.10% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 300000.0 18.00 250000.0 16.00 14.00 200000.0 12.00 10.00 150000.0 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 02.07.2012 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 |
  • 71. 16.10.2012Ping An Insurance Group Co of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHSBC HOLDINGS PLC n/a Co File 1233926425 39.43 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 239178327 7.64 - 11.09.2012 Investment AdvisorJINJUN CO LTD n/a EXCH 76000000 2.43 (120000000) 24.08.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 73084040 2.34 1148105 30.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 63730000 2.04 (10925000) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 47133500 1.51 72000 12.10.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 30429632 0.97 (12902542) 29.02.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 29958000 0.96 (6018000) 30.06.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 26300500 0.84 553000 29.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 17838659 0.57 2561926 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 17564800 0.56 2640500 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 16688355 0.53 8685194 31.03.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12391527 0.4 (5500) 12.10.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 9744202 0.31 2097000 31.03.2012 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8821000 0.28 - 31.08.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8771500 0.28 (1458000) 30.06.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8451000 0.27 2403000 30.04.2012 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 8279400 0.26 227000 29.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6077449 0.19 (3387500) 30.06.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 5970500 0.19 4500 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012Credit Suisse ARJAN VAN VEEN outperform 5 M 73 Not Provided 15.10.2012Jefferies BARON NIE hold 3 M 64 12 month 15.10.2012Guotai Junan FELIX LUO accumulate 4 M 68 Not Provided 28.09.2012Keefe, Bruyette & Woods STANLEY TSAI outperform 5 M 83 12 month 27.09.2012Mizuho Securities THOMAS J MONACO buy 5 M 68 12 month 25.09.2012Deutsche Bank ESTHER CHWEI hold 3 M 65 12 month 14.09.2012BOCOM International Holdings LI WENBING buy 5 M 75 12 month 07.09.2012Nomura DAVID CHUNG buy 5 M 97 Not Provided 05.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012JPMorgan CHAN BAO LING overweight 5 M 65 3 month 03.09.2012Core Pacific OLIVE XIA buy 5 M 71 12 month 27.08.2012Morgan Stanley BEN LIN Overwt/In-Line 5 M 77 12 month 24.08.2012HSBC JAMES GARNER neutral 3 M 71 Not Provided 24.08.2012Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 24.08.2012Bank of China International SUN PENG hold 3 M 66 Not Provided 24.08.2012Kim Eng Securities IVAN LI buy 5 M 75 Not Provided 24.08.2012SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 24.08.2012UOB Kay Hian EDMOND LAW buy 5 M 79 Not Provided 24.08.2012CCB International Securities Ltd KENNETH YUE neutral 3 M 63 Not Provided 24.08.2012Barclays MARK KELLOCK overweight 5 M 80 Not Provided 24.08.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 16.08.2012ICBC International Securities PIUS CHENG hold 3 M 63 Not Provided 06.07.2012Standard Chartered PETER OBRIEN outperform 5 M 67 12 month 27.06.2012DBS Vickers PING CHENG buy 5 M 73 12 month 25.06.2012Goldman Sachs NING MA Buy/Neutral 5 M 78 12 month 29.05.2012Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011RBS DESMOND CHEUNG hold 3 M 84 12 month 01.08.2011China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 72. 16.10.2012China Shenhua Energy Co LtdChina Shenhua Energy Company Limited is an integrated coal-based energy company Price/Volumefocusing on the coal and power businesses in China. The Company also owns and 40 50.0 Moperates an integrated coal transportation network consisting of dedicated rail 45.0 M 35lines and port facilities. 40.0 M 30 35.0 M 25 30.0 M 20 25.0 M Valuation Analysis 20.0 M 15Latest Fiscal Year: 12/2011 15.0 M 10LTM as of: 03/yy 10.0 M 5 5.0 M52-Week High (28.10.2011) 38.00 0 .0 M52-Week Low (07.06.2012) 24.15 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 8504096.00 Current Price (10/dd/yy) 31.45 Market Data 52-Week High % Change -17.24% Dividend Yield 3.54 52-Week Low % Change 30.23% Beta 1.08 % 52 Week Price Range High/Low 51.26% Equity Float 3388.20Shares Out 30.06.2012 3398.6 Short Int - Market Capitalization 568192.94 1 Yr Total Return 0.50%Total Debt 60466.00 YTD Return -2.93%Preferred Stock 0.0 Adjusted BETA 1.083Minority Interest 38492.0 Analyst Recs 41Cash and Equivalents 64945.00 Consensus Rating 4.439Enterprise Value 502272.95 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 132269101088 HK EQUITY YTD Change - Average Volume 30 Day 154620901088 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14414870 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 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 80275.0 104416.0 117526.0 157662.0 208197.0 165161.0 215786.0 234328.4 256222.1 59011.0 69563.0 TEV/Revenue 15.67x 3.62x 6.12x 3.31x 2.62x 13.57x 7.76x 2.11x 1.87x - - EBITDA 41526.0 50621.0 58355.0 72181.0 84268.0 0.0 0.0 86656.6 92297.1 - - TEV/EBITDA 30.29x 7.47x 12.32x 7.22x 6.46x 0.00x 0.00x 5.80x 5.44x - - Net Income 20497.0 25959.0 30276.0 38834.0 45677.0 39094.0 45538.0 46728.6 50554.3 11645.0 14463.0 P/E 39.42x 11.07x 21.98x 14.16x 11.91x 15.70x 11.61x 10.84x 10.02x - - Profitability S&P Issuer RatingsEBITDA 84268.00 Long-Term Rating Date -EBIT 68697.00 Long-Term Rating -Operating Margin 33.00% Long-Term Outlook -Pretax Margin 31.92% Short-Term Rating Date -Return on Assets 11.81% Short-Term Rating -Return on Common Equity 21.20% Credit RatiosReturn on Capital 17.46% EBITDA/Interest Exp. 24.19Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 11.28Margin Analysis Net Debt/EBITDA -0.05Gross Margin 38.5% Total Debt/EBITDA 0.72EBITDA Margin 40.5% ReferenceEBIT Margin 33.0% Total Debt/Equity 26.8%Net Income Margin 21.9% Total Debt/Capital 18.6%Structure Asset Turnover 0.54Current Ratio 1.23 Net Fixed Asset Turnover 0.84Quick Ratio 0.89 Accounts receivable turnover-days 21.73Debt to Assets 15.08% Inventory Days 34.48Tot Debt to Common Equity 26.78% Accounts Payable Turnover Day 61.14Accounts Receivable Turnover 16.80 Cash Conversion Cycle -4.93Inventory Turnover 10.59Price/ 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 02.07.2012 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 |
  • 73. 16.10.2012China Shenhua Energy Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 335134924 9.86 - 18.09.2012 Investment AdvisorBLACKROCK INC #N/A N/A EXCH 239324689 7.04 - 09.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 156726661 4.61 2084877 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 88607500 2.61 135500 12.10.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 58851500 1.73 - 30.08.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57186700 1.68 7307500 31.08.2012 Investment AdvisorBLACKROCK INC n/a Short (35055589) -1.03 - 09.10.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 29883642 0.88 (498171) 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 28961500 0.85 5950000 29.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 28475414 0.84 205440 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 27424683 0.81 (41000) 12.10.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 24245000 0.71 830500 31.08.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 24236025 0.71 4404000 29.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20782953 0.61 12285962 31.08.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 19201036 0.56 5858500 15.10.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 17395130 0.51 (1028500) 31.03.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15777345 0.46 126845 31.03.2012 Mutual Fund ManagerUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 15360500 0.45 866500 29.06.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 13919500 0.41 1992000 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 13262845 0.39 6914635 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura IVAN LEE neutral 3 M 30 Not Provided 16.10.2012BOCOM International Holdings HE WEI neutral 3 M 31 Not Provided 16.10.2012Barclays EPHREM RAVI overweight 5 M 39 Not Provided 16.10.2012CIMB JEANNETTE SIM outperform 5 M 38 12 month 15.10.2012Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 11.10.2012SinoPac ROBERT WEI buy 5 M 34 12 month 08.10.2012Core Pacific KENNY CHEUNG buy 5 M 40 12 month 03.10.2012Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 38 12 month 24.09.2012Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 21.09.2012Jefferies LABAN YU underperform 1 D 24 12 month 19.09.2012Macquarie MATTY ZHAO outperform 5 M 36 12 month 18.09.2012Yuanta Securities Investment Consulting JOHNNY WONG buy 5 M 37 Not Provided 17.09.2012Credit Suisse TRINA CHEN outperform 5 M 38 Not Provided 12.09.2012Standard Chartered CHEN YAN outperform 5 M 40 12 month 08.09.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012UOB Kay Hian HELEN LAU buy 5 M 36 Not Provided 04.09.2012Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 03.09.2012Bank of China International LAWRENCE LAU hold 3 M 30 Not Provided 28.08.2012Mizuho Securities KELVIN NG neutral 3 M 28 12 month 28.08.2012HSBC SIMON FRANCIS overweight 5 M 34 Not Provided 27.08.2012Capital Securities Corp TEAM COVERAGE buy 5 M 34 Not Provided 27.08.2012DBS Vickers JUNE NG buy 5 M 36 12 month 27.08.2012Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 26.08.2012JPMorgan DANIEL KANG overweight 5 M 35 9 month 26.08.2012China International Capital Corp CAI HONGYU buy 5 M 36 12 month 24.08.2012BNP Paribas Equity Research JAMES CLARKE buy 5 M 40 12 month 24.08.2012KGI Securities FLANNERY HUEI-CHEN neutral 3 M 36 12 month 13.08.2012ICBC International Securities ANNA YU buy 5 M 33 Not Provided 16.07.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 16.07.2012Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 35 Not Provided 05.07.2012Deutsche Bank JAMES KAN buy 5 M 31 12 month 14.06.2012Mirae Asset Securities SHIRLEY ZHAO buy 5 M 42 12 month 12.06.2012Guotai Junan LEO WU accumulate 4 M 34 Not Provided 31.05.2012GuoSen Securities Co Ltd DAVID LAM buy 5 M 38 12 month 14.05.2012Masterlink Securities LI XIN buy 5 M 38 6 month 11.05.2012Ji Asia SAMUEL THAWLEY buy 5 U 39 12 month 26.04.2012SWS Research Co Ltd HUANG ZHE neutral 3 M 35 Not Provided 13.04.2012Cinda Securities Ltd CASTOR PANG buy 5 N 35 Not Provided 07.07.2010Celestial Securities Limited HENRY LI buy 5 N 45 12 month 17.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 74. 16.10.2012LG Chem LtdLG Chem Ltd. is a chemical manufacturer. The Companys products include Price/Volumepetrochemicals, plastic resins, and engineering plastics. LG Chem also produces 500000 3.5 Mindustrial and electronic materials. 450000 3.0 M 400000 350000 2.5 M 300000 2.0 M 250000 Valuation Analysis 200000 1.5 MLatest Fiscal Year: 12/2011 150000 1.0 MLTM as of: 06/yy 100000 .5 M 5000052-Week High (09.02.2012) 434000.00 0 .0 M52-Week Low (04.06.2012) 261500.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 243509.00 Current Price (10/dd/yy) 316500 Market Data 52-Week High % Change -27.07% Dividend Yield - 52-Week Low % Change 21.03% Beta 1.35 % 52 Week Price Range High/Low 30.43% Equity Float 39.16Shares Out 30.09.2012 66.3 Short Int - Market Capitalization 20974804.00 1 Yr Total Return -6.16%Total Debt 1483109.00 YTD Return -0.31%Preferred Stock 38144.0 Adjusted BETA 1.352Minority Interest 0.0 Analyst Recs 45Cash and Equivalents 1123147.00 Consensus Rating 4.778Enterprise Value 22043773.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 276144051910 KS EQUITY YTD Change - Average Volume 30 Day 249065051910 KS EQUITY YTD % CHANGE - Average Volume 3 Month 298659 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 8899578.0 12645000.0 13694516.0 16850454.0 19809874.0 ######### ######### - - - - TEV/Revenue 0.84x 0.49x 1.17x 1.54x 1.08x 6.14x 4.31x - - - - EBITDA 1086841.0 1728420.0 2390188.0 3019236.0 3095214.0 ######### ######### - - - - TEV/EBITDA 6.91x 3.61x 6.71x 8.60x 6.89x 0.00x 7.80x - - - - Net Income 686205.0 1002585.0 1384472.0 1970993.0 2028321.0 ######### ######### - - - - P/E 10.68x 6.26x 12.28x 14.59x 11.51x 17.21x 13.64x 12.05x 9.65x - - Profitability S&P Issuer RatingsEBITDA 3095214.00 Long-Term Rating Date 24.11.2010EBIT 2520387.00 Long-Term Rating A-Operating Margin 12.72% Long-Term Outlook STABLEPretax Margin 13.07% Short-Term Rating Date -Return on Assets 16.60% Short-Term Rating -Return on Common Equity 24.33% Credit RatiosReturn on Capital 21.24% EBITDA/Interest Exp. 71.00Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 27.93Margin Analysis Net Debt/EBITDA 0.12Gross Margin 18.3% Total Debt/EBITDA 0.48EBITDA Margin 15.6% ReferenceEBIT Margin 12.7% Total Debt/Equity 16.4%Net Income Margin 10.2% Total Debt/Capital 14.0%Structure Asset Turnover 1.62Current Ratio 1.59 Net Fixed Asset Turnover 3.67Quick Ratio 0.99 Accounts receivable turnover-days 44.75Debt to Assets 11.05% Inventory Days 42.29Tot Debt to Common Equity 16.36% Accounts Payable Turnover Day 24.36Accounts Receivable Turnover 8.16 Cash Conversion Cycle 62.68Inventory Turnover 8.63Price/ Cash Flow Sales/Revenue/Turnover 80.00 25000000.0 70.00 20000000.0 60.00 50.00 15000000.0 40.00 10000000.0 30.00 20.00 5000000.0 10.00 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 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 |
  • 75. 16.10.2012LG Chem LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLG CORP n/a Co File 22219326 33.53 - 31.12.2011 Holding CompanyNATIONAL PENSION SER n/a Co File 4508785 6.8 - 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1895519 2.86 25525 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 783494 1.18 (60) 12.10.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 628841 0.95 (1199) 29.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 598889 0.9 (130067) 31.03.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 436910 0.66 (175000) 30.06.2012 Investment AdvisorLG CHEM LTD n/a EXCH 359784 0.54 - 21.05.2012 CorporationSCHRODER INVESTMENT Multiple Portfolios MF-AGG 358561 0.54 2776 30.06.2012 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 317270 0.48 12692 31.03.2012 Mutual Fund ManagerKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 281861 0.43 (74821) 29.06.2012 Mutual Fund ManagerMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 277442 0.42 (264898) 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 261028 0.39 6592 12.10.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 257879 0.39 (201083) 31.03.2012 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 242481 0.37 (68980) 15.10.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 231469 0.35 (65033) 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 194183 0.29 69564 31.08.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 143192 0.22 (1782) 31.03.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 132667 0.2 (223643) 30.04.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 116939 0.18 (30734) 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHanwha Securities Co., Ltd LEE DA-SOL buy 5 M 400000 6 month 16.10.2012KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 370000 12 month 16.10.2012Standard Chartered DANIEL DO YEON LEE in-line 3 M 360000 12 month 12.10.2012Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 360000 12 month 12.10.2012Woori Investment & Securities KIM SUN-WOO buy 5 M 350000 12 month 12.10.2012Deutsche Bank SHAWN PARK buy 5 M 370000 12 month 11.10.2012Kyobo Securities YOUNG-JOO SON buy 5 M 367000 6 month 10.10.2012Barclays KAY CHUNG overweight 5 M 421000 Not Provided 10.10.2012NH Investment & Securities CHOI JI-HWAN buy 5 M 380000 6 month 09.10.2012Hyundai Securities BAEK YOUNG-CHAN buy 5 M 400000 12 month 08.10.2012SK Securities Co Ltd SOHN JI-WOO buy 5 M 410000 6 month 08.10.2012Tong Yang Investment Bank HWANG KYU-WON buy 5 M 440000 12 month 08.10.2012E*Trade Securities Korea WON YONG-JIN buy 5 M 440000 12 month 05.10.2012Dongbu Securities Co Ltd KIM TAE-HEE buy 5 M 420000 12 month 04.10.2012HSBC BRIAN SOHN overweight 5 M 410000 Not Provided 02.10.2012Nomura CINDY PARK buy 5 M 410000 Not Provided 02.10.2012KTB Securities YOO YOUNG KOOK buy 5 M 360000 12 month 30.09.2012Samsung Securities SEUNGWOO KIM buy 5 M 360000 12 month 26.09.2012JPMorgan SAMUEL SW LEE neutral 3 M 350000 15 month 26.09.2012BNP Paribas Equity Research POR YONG LIANG buy 5 M 380000 12 month 25.09.2012LIG Investment Securities PARK YOUNG-HOON buy 5 M 395000 12 month 25.09.2012KIWOOM Securities Co Ltd HONG JEONG-MO buy 5 M 410000 6 month 19.09.2012Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 400000 12 month 17.09.2012Korea Investment & Securities PARK KIYONG buy 5 M 370000 12 month 14.09.2012HI Investment Securities LEE HEE-CHEOL buy 5 M 400000 6 month 11.09.2012Mirae Asset Securities YOUNG BAE KWON hold 3 M 335000 12 month 30.08.2012Credit Suisse CHO A-HYUNG outperform 5 M 465000 Not Provided 21.08.2012Shinhan Investment Corp YI EUNG-JU buy 5 M 385000 12 month 20.08.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.08.2012Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 390000 6 month 20.07.2012Daewoo Securities PARK YEON-JU buy 5 M 340000 12 month 19.07.2012Macquarie BRANDON I LEE outperform 5 M 400000 12 month 19.07.2012IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 350000 12 month 19.07.2012Morgan Stanley HARRISON H HWANG Overwt/Attractive 5 M 410000 12 month 18.07.2012Goldman Sachs ROSA KIM neutral/cautious 3 M 340000 12 month 18.07.2012Daiwa Securities Co. Ltd. JIHYE CHOI buy 5 M 380000 Not Provided 18.07.2012Meritz Securities Co., Ltd HWANG YOU SIK buy 5 M 400000 6 month 02.07.2012YuHwa Securities Ltd PARK GUN-TAE buy 5 M 350000 6 month 02.07.2012BS Securities Co Ltd #N/A N/A buy 5 N 300000 Not Provided 11.06.2012Hana Daetoo Securities LEE JEONG HEON buy 5 M 360000 12 month 08.06.2012Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 400000 12 month 07.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 76. 16.10.2012AngloGold Ashanti LtdAngloGold Ashanti Limited is a holding company for a group of companies which Price/Volumeexplore for and mine gold internationally. The Group has operations in the Vaal 45000 6.0 MRiver and West Witwatersrand areas of South Africa as well as Namibia, Mali, 40000Brazil, Argentina, Australia, Tanzania and the United States. 5.0 M 35000 30000 4.0 M 25000 3.0 M Valuation Analysis 20000Latest Fiscal Year: 12/2011 15000 2.0 M 10000LTM as of: 06/yy 1.0 M 500052-Week High (01.12.2011) 39182.00 0 .0 M52-Week Low (19.07.2012) 25199.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 406779.00 Current Price (10/dd/yy) 30087 Market Data 52-Week High % Change -23.23% Dividend Yield 1.88 52-Week Low % Change 19.40% Beta 0.75 % 52 Week Price Range High/Low 33.26% Equity Float 341.55Shares Out 12.10.2012 383.1 Short Int - Market Capitalization 116025.97 1 Yr Total Return -6.95%Total Debt 20006.00 YTD Return -11.21%Preferred Stock 0.0 Adjusted BETA 0.746Minority Interest 1106.0 Analyst Recs 16Cash and Equivalents 8944.00 Consensus Rating 4.000Enterprise Value 129311.58 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 973845ANG SJ EQUITY YTD Change - Average Volume 30 Day 1397363ANG SJ EQUITY YTD % CHANGE - Average Volume 3 Month 1326205 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 21101.0 29774.0 30745.0 38833.0 47849.0 41620.1 53625.3 58833.4 71817.5 14784.0 15719.0 TEV/Revenue 4.37x 3.48x 3.88x 3.60x 3.00x 12.73x 9.82x 2.28x 1.77x 8.91x 8.48x EBITDA 718.0 3311.0 (2435.0) 9720.0 20443.0 15015.0 23135.2 25792.5 34354.9 6238.0 7492.0 TEV/EBITDA 128.52x 31.32x 0.00x 14.37x 7.03x 8.12x 4.93x 5.01x 3.76x 4.28x 3.95x Net Income (4269.0) (16105.0) (2762.0) 637.0 11282.0 5729.0 13128.1 12768.8 17845.9 2765.0 3448.0 P/E 0.00x 0.00x 0.00x 126.22x 12.38x 18.36x 8.08x 9.68x 6.91x 8.27x 7.28x Profitability S&P Issuer RatingsEBITDA 20443.00 Long-Term Rating Date 09.04.2010EBIT 14844.00 Long-Term Rating BBB-Operating Margin 31.02% Long-Term Outlook STABLEPretax Margin 35.45% Short-Term Rating Date -Return on Assets 15.09% Short-Term Rating -Return on Common Equity 33.86% Credit RatiosReturn on Capital 23.69% EBITDA/Interest Exp. 14.43Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 7.20Margin Analysis Net Debt/EBITDA 0.54Gross Margin 39.9% Total Debt/EBITDA 0.98EBITDA Margin 42.7% ReferenceEBIT Margin 31.0% Total Debt/Equity 49.5%Net Income Margin 23.6% Total Debt/Capital 32.5%Structure Asset Turnover 0.64Current Ratio 2.76 Net Fixed Asset Turnover 1.03Quick Ratio 1.56 Accounts receivable turnover-days 12.08Debt to Assets 23.03% Inventory Days 91.42Tot Debt to Common Equity 49.48% Accounts Payable Turnover Day 50.41Accounts Receivable Turnover 30.22 Cash Conversion Cycle 53.09Inventory Turnover 3.99Price/ Cash Flow Sales/Revenue/Turnover 60.00 60000.0 50.00 50000.0 40.00 40000.0 30.00 30000.0 20.00 20000.0 10.00 10000.0 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 02.07.2012 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 |
  • 77. 16.10.2012AngloGold Ashanti LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET BANK & #N/A N/A SJ-REG 26704937 6.97 - 28.09.2012 Investment AdvisorGOVERNMENT EMP PENSI #N/A N/A SJ-REG 17379658 4.54 - 28.09.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 15773875 4.12 387175 30.09.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 9755459 2.55 - 28.09.2012 Investment AdvisorNORTHERN TR AVFC GOV n/a SJ-REG 8778827 2.29 - 28.09.2012 n/aALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8385132 2.19 (13900) 29.06.2012 Investment AdvisorJP MORGAN CHASE BANK #N/A N/A SJ-REG 5725346 1.49 - 28.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4690071 1.22 64 12.10.2012 Investment AdvisorNEDCOR BANK MGMT CO Multiple Portfolios MF-AGG 4141000 1.08 132492 30.06.2012 Investment AdvisorOLD MUTUAL LIFE ASSU #N/A N/A SJ-REG 3896976 1.02 - 28.09.2012 Insurance CompanyLIBERTY LIFE ASSURAN #N/A N/A SJ-REG 3663915 0.96 - 28.09.2012 Insurance CompanyCITIBANK LONDON #N/A N/A SJ-REG 3231423 0.84 - 28.09.2012 BankCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 2800000 0.73 - 30.06.2011 Investment AdvisorOLD MUTUAL ASSET MAN Multiple Portfolios MF-AGG 2563472 0.67 (204094) 31.03.2012 Investment AdvisorBANK OF NEW YORK #N/A N/A SJ-REG 2529443 0.66 - 28.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2518074 0.66 134128 30.06.2012 Investment AdvisorINVESTEC FUND GROUP Multiple Portfolios MF-AGG 2387232 0.62 30356 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2227945 0.58 2100 12.10.2012 Investment AdvisorMELLON BANK NA #N/A N/A SJ-REG 2223414 0.58 - 28.09.2012 Investment AdvisorHSBC BANK PLC #N/A N/A SJ-REG 2195571 0.57 - 28.09.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs EUGENE KING neutral/attractive 3 M 39000 12 month 15.10.2012Credit Suisse SAMANTHA HARTARD outperform 5 M 38900 Not Provided 12.10.2012Imara PERCY TAKUNDA buy 5 M #N/A N/A Not Provided 12.10.2012HSBC PATRICK CHIDLEY overweight 5 M 48300 Not Provided 09.10.2012Renaissance Capital DERRYN MAADE buy 5 M 34420 Not Provided 08.10.2012CIBC World Markets ARNOLD VAN GRAAN sector outperform 5 M 50000 Not Provided 05.10.2012Morgan Stanley CHRISTOPHER NICHOLSON Overwt/Attractive 5 M 35000 12 month 03.10.2012Deutsche Bank ANNA MULHOLLAND hold 3 M 34000 12 month 02.10.2012SBG Securities DAVID R DAVIS buy 5 M 37800 12 month 02.10.2012Barclays ANDREW BYRNE overweight 5 N 34000 Not Provided 17.09.2012JPMorgan ALLAN COOKE underweight 1 M 27700 12 month 06.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 33500 Not Provided 07.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 78. 16.10.2012KB Financial Group IncKB Financial Group Inc. (the "Company"), in accordance with Financial Holding Price/VolumeCompanies Act, was established on September 29, 2008, through stock transfer 45 .5 Mwith the former shareholders of its subsidiaries including Kookmin Bank in 40 .5 Morder to provide management services and financing to associated companies. 35 .4 MThe headquarters are located at Seoul, Korea 30 .4 M .3 M 25 .3 M Valuation Analysis 20 .2 MLatest Fiscal Year: 12/2011 15 .2 M 10 .1 MLTM as of: 06/yy 5 .1 M52-Week High (27.10.2011) 41.62 0 .0 M52-Week Low (23.07.2012) 28.36 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 84292.00 Current Price (10/dd/yy) 34.26 Market Data 52-Week High % Change -17.68% Dividend Yield - 52-Week Low % Change 20.80% Beta 1.25 % 52 Week Price Range High/Low 44.49% Equity Float -Shares Out 30.09.2012 386.4 Short Int 0.25 Market Capitalization 13236.41 1 Yr Total Return -9.51%Total Debt 179988.00 YTD Return 9.32%Preferred Stock 0.0 Adjusted BETA 1.253Minority Interest - Analyst Recs 2Cash and Equivalents - Consensus Rating 4.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 119218KB US EQUITY YTD Change - Average Volume 30 Day 127231KB US EQUITY YTD % CHANGE - Average Volume 3 Month 139368 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 0.0 635268.0 696562.0 131459.0 26999.0 31682.0 703368.0 - - - - TEV/Revenue 0.00x 20.05x 34.26x 0.00x 0.00x 1974.48x 22.95x - - - - EBITDA 0.0 616576.0 599907.0 95109.0 (19210.0) (12623.0) 659641.0 - - - - TEV/EBITDA 0.00x 20.66x 39.78x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 0.0 611927.0 539818.0 41575.0 (63678.0) (62983.0) 635162.0 - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -19210.00 Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin -241.58% Short-Term Rating Date -Return on Assets -0.34% Short-Term Rating -Return on Common Equity -0.36% Credit RatiosReturn on Capital -0.35% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -9.37EBITDA Margin -71.2% ReferenceEBIT Margin - Total Debt/Equity 1.0%Net Income Margin -235.9% Total Debt/Capital 1.0%Structure Asset Turnover 0.00Current Ratio - Net Fixed Asset Turnover 28.91Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.97% Inventory Days -Tot Debt to Common Equity 1.02% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 800000.0 700000.0 1.00 600000.0 0.80 500000.0 400000.0 0.60 300000.0 0.40 200000.0 100000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 79. 16.10.2012KB Financial Group IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5672448 1.47 72819 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 5121275 1.33 123080 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 5000338 1.29 162138 30.06.2012 Investment AdvisorDELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 2624756 0.68 (344398) 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 2503259 0.65 66770 30.06.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1544924 0.4 (19400) 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 1426359 0.37 1470 30.06.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1194141 0.31 - 30.06.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1002132 0.26 (81428) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 968195 0.25 30074 30.06.2012 Investment AdvisorTRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 881952 0.23 61353 30.06.2012 Hedge Fund ManagerFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 710197 0.18 1500 30.06.2012 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 593117 0.15 - 31.08.2012 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 578968 0.15 - 30.04.2011 Investment AdvisorNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 575791 0.15 (47228) 30.06.2012 Investment AdvisorNORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 408689 0.11 8059 30.06.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 365680 0.09 31560 31.08.2012 Investment AdvisorNEW YORK STATE COMMO NEW YORK STATE COMMO 13F 350471 0.09 (8830) 30.06.2012 Pension Fund (ERISA)LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 337381 0.09 97245 30.06.2012 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 333596 0.09 3600 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 80. 16.10.2012MediaTek IncMediaTek Inc. is a fabless semiconductor company for wireless communications Price/Volumeand digital multimedia solutions. The company provides SOC system solutions for 400 35.0 Mwireless communications, high-definition TV, optical storage, DVD and Blu-ray 350 30.0 Mproducts. 300 25.0 M 250 20.0 M 200 Valuation Analysis 15.0 M 150Latest Fiscal Year: 12/2011 10.0 M 100LTM as of: 06/yy 5.0 M 5052-Week High (24.10.2011) 345.00 0 .0 M52-Week Low (30.04.2012) 235.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 9934997.00 Current Price (10/dd/yy) 317.5 Market Data 52-Week High % Change -7.97% Dividend Yield - 52-Week Low % Change 35.11% Beta 1.09 % 52 Week Price Range High/Low 72.73% Equity Float 1193.64Shares Out 04.10.2012 1349.4 Short Int 46.73 Market Capitalization 428422.53 1 Yr Total Return -2.16%Total Debt 0.00 YTD Return 18.64%Preferred Stock 0.0 Adjusted BETA 1.087Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 30158.31 Consensus Rating 4.042Enterprise Value 398002.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 106654502454 TT EQUITY YTD Change - Average Volume 30 Day 115230802454 TT EQUITY YTD % CHANGE - Average Volume 3 Month 12149650 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 74778.6 68015.5 77310.8 71988.4 53842.4 57529.1 54862.4 - - - - TEV/Revenue 5.21x 2.89x 7.04x 5.70x 5.31x 25.42x 21.94x - - - - EBITDA 33203.4 19806.1 23857.8 19364.5 6633.9 10676.3 5696.0 - - - - TEV/EBITDA 11.72x 9.91x 22.81x 21.20x 43.13x 27.47x 49.29x - - - - Net Income 33592.7 19190.0 36705.6 30961.4 13623.1 17433.2 12844.9 15552.0 24935.9 4699.7 4857.8 P/E 12.92x 12.24x 16.35x 14.68x 22.47x 19.51x 23.74x 24.44x 17.03x 20.38x 18.62x Profitability S&P Issuer RatingsEBITDA 6633.87 Long-Term Rating Date -EBIT 4927.54 Long-Term Rating -Operating Margin 9.15% Long-Term Outlook -Pretax Margin 25.92% Short-Term Rating Date -Return on Assets 9.99% Short-Term Rating -Return on Common Equity 11.95% Credit RatiosReturn on Capital 11.95% EBITDA/Interest Exp. 1466.37Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 1365.92Margin Analysis Net Debt/EBITDA -4.55Gross Margin 41.0% Total Debt/EBITDA 0.00EBITDA Margin 12.3% ReferenceEBIT Margin 9.2% Total Debt/Equity 0.0%Net Income Margin 25.3% Total Debt/Capital 0.0%Structure Asset Turnover 0.39Current Ratio 2.05 Net Fixed Asset Turnover 8.13Quick Ratio 1.61 Accounts receivable turnover-days 24.67Debt to Assets 0.00% Inventory Days 73.07Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 75.85Accounts Receivable Turnover 14.80 Cash Conversion Cycle 21.88Inventory Turnover 5.00Price/ Cash Flow Sales/Revenue/Turnover 140.00 90000.0 120.00 80000.0 70000.0 100.00 60000.0 80.00 50000.0 60.00 40000.0 30000.0 40.00 20000.0 20.00 10000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 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 |
  • 81. 16.10.2012MediaTek IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 54321904 4.03 (11309319) 30.06.2012 Investment AdvisorLI TSUI-HSIN n/a Co File 48674145 3.61 - 16.07.2011 n/aMING-CHIEH TSAI n/a EXCH 41006187 3.04 133025 31.08.2012 n/aCAPITAL WORLD GROWTH n/a Co File 40600426 3.01 - 16.07.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 39467951 2.92 (535000) 30.09.2012 Investment AdvisorCAPITAL INC FOUNDA F n/a Co File 31425774 2.33 - 16.07.2011 n/aJYH-JER CHO n/a EXCH 30325222 2.25 43775 31.08.2012 n/aUS GROWTH FUND n/a Co File 22709996 1.68 - 16.07.2011 n/aLIU TING-JEN n/a Co File 21011763 1.56 - 16.07.2011 n/aREICHARDT FUND n/a Co File 20276421 1.5 - 16.07.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19507920 1.45 - 12.10.2012 Investment AdvisorEURO PACIFIC GROWTH n/a Co File 15402625 1.14 - 16.07.2011 n/aVANGUARD EMS INDEX F n/a Co File 15159975 1.12 - 16.07.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 14044133 1.04 40000 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 12829109 0.95 (273000) 31.08.2012 Investment AdvisorPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 10925000 0.81 (1033000) 30.06.2012 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 9297721 0.69 4770720 31.08.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8130000 0.6 6331000 30.06.2012 Investment AdvisorHSIANG FA INVESTMENT n/a EXCH 7794085 0.58 - 31.08.2012 n/aCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 5802062 0.43 (2407000) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie JEFFREY SU underperform 1 M 245 12 month 15.10.2012Barclays ANDREW LU overweight 5 M 395 Not Provided 15.10.2012RBS JACK LU buy 5 M 380 12 month 11.10.2012Morgan Stanley BILL LU Overwt/In-Line 5 M 400 12 month 11.10.2012Nomura AARON JENG buy 5 M 385 Not Provided 11.10.2012Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 09.10.2012HSBC YOLANDA WANG overweight 5 M 382 Not Provided 08.10.2012Credit Suisse RANDY ABRAMS restricted #N/A N/A M #N/A N/A Not Provided 05.10.2012JPMorgan ALVIN KWOCK not rated #N/A N/A M #N/A N/A Not Provided 05.10.2012Capital Securities Corp TEAM COVERAGE buy 5 M 409 Not Provided 05.10.2012KGI Securities MICHAEL LIU outperform 5 M 380 12 month 05.10.2012Fubon Securities WILLIAM WANG add 4 M 330 6 month 01.10.2012Daiwa Securities Co. Ltd. ERIC CHEN buy 5 M 400 Not Provided 01.10.2012BNP Paribas Equity Research LAURA CHEN buy 5 M 370 12 month 27.09.2012Jih Sun Securities WENWEN WANG neutral 3 D #N/A N/A Not Provided