Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25

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Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations FTSE China 25 Index December 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Common Total Debt Stock 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 mio USD) (M) Shares (M) (USD) (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 13057442 1839.49 1092 1092 201 210 210 98.25 103.99 103.99 14.41 14.41 13.62 13.62 19.02Euro Stoxx 50 Pr EUR 2474731 5545.263 4665 4665 786 791 791 183.46 302.79 302.79 23.87 15.69 14.46 14.46 21.33NIKKEI 225 JPY 2157365 170.335 213 213 21 23 23 4.64 6.44 6.44 0.30 0.23 0.21 0.21 0.13FTSE 100 INDEX GBP 2618156 11511.05 9491 9491 1601 1644 1644 625.52 816.40 816.40 24.19 21.63 18.53 18.53 26.84SWISS MARKET INDEX CHF 931048 10600.5 3951 3951 842 803 803 366.06 524.13 524.13 21.79 19.27 15.22 15.22 22.64S&P/TSX COMPOSITE INDEX CAD 1655498 16775.11 7795 7795 1922 1956 1956 810.88 854.69 854.69 15.27 15.27 14.49 14.49 25.36S&P/ASX 200 INDEX AUD 1258331 6166.504 2907 2907 651 692 692 268.88 342.14 342.14 18.20 15.32 14.30 14.30 24.11HANG SENG INDEX HKD 1641480 3136.011 1449 1449 346 360 360 252.13 246.52 246.52 1.45 1.55 1.49 1.49 3.09MSCI EM USD 7352399 1381.681 979 979 182 181 181 81.50 86.61 86.61 12.32 12.80 11.59 11.59 18.84CHINA MOBILE LTD HKD 229782 19525 20072 4 0 0 43 137.87 68128 70251 72458 76954 33187 33045 8177 8177 0.83 0.82 0.81 0.81 1.45 - 1.47 1.46 1.14 1.28 0.82 1.24 6.07 AA- 16.12.2010 WR 03.11.2005CHINA CONSTRUCTION BANK-H HKD 190691 311745 250011 156 0 1 357 #VALUE! 74262 84456 58557 63501 - - - - 0.09 0.10 0.10 0.10 0.83 0.83 0.81 0.78 3.61 2.70 - - - A 29.11.2011 - -IND & COMM BK OF CHINA-H HKD 222159 290550 349084 248 0 0 463 #VALUE! 90887 101853 68535 74802 - - - - 0.08 0.08 0.09 0.09 0.86 - 0.82 0.80 3.80 2.45 - - - A 28.08.2012 - -CNOOC LTD HKD 95513 54221 44659 5 0 0 13 68.94 31089 30276 30300 31773 15360 14708 6959 6959 0.20 0.18 0.19 0.19 1.23 - 1.18 1.18 4.37 4.46 2.77 2.43 6.27 AA- 16.12.2010 - -BANK OF CHINA LTD-H HKD 121950 417770 279136 247 0 4 404 #VALUE! 66339 74608 46439 50398 - - - - 0.06 0.06 0.06 0.06 0.73 - 0.73 0.72 3.88 2.35 - - - A 29.11.2011 - -AGRICULTURAL BANK OF CHINA-H HKD 136270 116795 324794 148 0 0 365 #VALUE! 70699 82115 54602 59150 - - - - 0.05 0.06 0.06 0.06 0.81 - 0.78 0.74 4.37 - - - - NR 11.07.2006 - -CHINA OVERSEAS LAND & INVEST HKD 24201 27737 8173 6 0 0 2 27.63 6269 6707 8624 10319 2454 2593 - - 0.24 0.26 0.25 0.29 1.46 1.45 1.55 1.33 1.24 5.78 2.23 5.87 4.99 BBB 25.03.2010 - -CHINA PETROLEUM & CHEMICAL-H HKD 85399 77687 86703 31 0 5 3 108.20 317901 332162 327439 340332 22059 20248 - - 0.11 0.08 0.09 0.11 1.31 - 1.24 1.00 4.04 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -CHINA PACIFIC INSURANCE GR-H HKD 26058 18176 8600 5 0 0 2 8.50 20057 20057 21665 24333 - - - - 0.12 0.13 0.09 0.15 2.71 2.90 3.64 2.27 1.31 4.41 - - - - - - -PETROCHINA CO LTD-H HKD 248515 93654 183021 41 0 10 8 253.57 258557 270739 265752 282358 41724 41852 - - 0.10 0.09 0.09 0.10 1.52 1.48 1.51 1.34 4.74 3.34 0.84 0.55 1.99 - - - -CHINA SHENHUA ENERGY CO-H HKD 71473 14332 19890 8 0 5 8 62.66 26864 29545 30193 32949 10873 11202 - - 0.30 0.32 0.31 0.33 1.32 1.32 1.37 1.30 4.14 3.44 2.16 2.55 4.89 - - - -CHINA LIFE INSURANCE CO-H HKD 80964 32188 28265 6 0 0 7 #VALUE! 47787 45395 47404 53489 - - - - 0.08 0.07 0.08 0.16 4.47 4.47 3.84 1.94 -0.51 2.64 - - - AA- 16.12.2010 - -PING AN INSURANCE GROUP CO-H HKD 51726 13787 7916 42 0 5 12 31.29 35 K 41 K 41 K 47 K - - - - 0.32 0.34 0.37 0.47 2.33 - 2.12 1.65 5.14 2.87 - - - - - - -BANK OF COMMUNICATIONS CO-H HKD 52324 38350 61886 122 0 0 152 #VALUE! 28225 32500 18903 20468 - - - - - 0.12 0.10 0.10 0.66 - 0.73 0.78 4.29 3.33 - - - A- 06.12.2011 WR 02.12.1999CHINA UNICOM HONG KONG LTD HKD 36731 27047 23565 14 0 0 2 42.59 26989 29607 32481 37242 8257 8782 2326 2326 0.02 0.03 0.04 0.06 5.69 - 4.25 2.59 2.85 4.80 0.78 1.85 3.83 - - - -CHINA MERCHANTS BANK-H HKD 35916 25750 21577 47 0 0 87 #VALUE! 18430 21266 14578 16145 - - - - 0.22 0.24 0.24 0.23 0.81 0.81 0.83 0.84 5.49 3.90 - - - BBB+ 06.12.2011 - -CHINA TELECOM CORP LTD-H HKD 44068 59616 80932 7 0 0 4 36.65 31618 33916 36092 40076 9723 9488 2058 2058 0.03 0.02 0.02 0.03 2.30 2.30 2.35 1.81 1.48 1.18 -0.05 -0.45 3.61 - - - -CHINA CITIC BANK CORP LTD-H HKD 26281 52756 46787 75 0 1 117 #VALUE! 15197 18106 11362 12338 - - - - 0.09 0.10 0.09 0.09 0.56 - 0.57 0.58 6.03 4.47 - - - - - - -CHINA MINSHENG BANKING-H HKD 28483 40765 26715 52 0 1 78 #VALUE! 17490 21720 12581 13937 - - - - 0.14 0.17 0.16 0.15 0.61 - 0.65 0.66 8.95 - - - - NR 11.07.2006 - -PICC PROPERTY & CASUALTY -H HKD 15767 15814 12256 2 0 0 2 13.12 17671 18818 23269 26135 - - - - 0.09 0.10 0.11 0.12 1.37 - 1.23 1.15 0.90 2.07 - - - - - - -ANHUI CONCH CEMENT CO LTD-H HKD 14912 13585 5299 3 0 0 1 14.32 6278 6050 5970 6933 2421 1928 - - 0.28 0.21 0.16 0.20 1.66 1.67 2.22 1.69 5.29 2.82 9.87 4.56 4.11 - - - -CHINA COAL ENERGY CO-H HKD 14138 20350 13259 4 0 2 4 15.22 11325 11703 11525 12800 2404 2247 - - 0.10 0.09 0.09 0.09 1.20 1.21 1.20 1.16 3.21 3.16 3.42 3.24 2.48 - - - -YANZHOU COAL MINING CO-H HKD 10698 21861 4918 5 0 0 2 12.95 6215 7298 6867 7402 2009 1749 - - 0.23 0.22 0.14 0.13 0.71 - 1.13 1.23 5.41 4.63 6.70 3.85 3.09 BBB- 27.04.2012 Baa3 27.04.2012ZIJIN MINING GROUP CO LTD-H HKD 11556 32825 21812 1 0 1 1 11.72 5081 5737 5755 6560 1385 1324 - - 0.03 0.03 0.03 0.04 1.44 1.36 1.34 1.15 5.12 3.34 3.13 3.27 2.98 - - - -ALUMINUM CORP OF CHINA LTD-H HKD 8742 20255 13524 10 0 1 2 19.00 18776 18942 17556 18473 1173 - 60 60 0.00 -0.05 -0.05 -0.02 - - #VALUE! #VALUE! 2.61 2.19 -0.81 -2.01 - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.09 2.09 1.91 1.74 2.09 1.30 1.30 1.25 1.19 1.30 9.40 9.40 8.80 8.55 9.40 8.74 8.74 8.18 7.57 8.74 13.62 13.62 12.31 11.07 13.62 2.24 2.24 2.43 2.62 2.24 1606.4 13.4%Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.72 0.72 0.71 0.69 0.72 5.30 5.30 5.07 4.69 5.30 7.01 7.01 6.74 6.37 7.01 11.11 11.11 10.24 9.27 11.11 4.12 4.12 4.51 4.85 4.12 2744.3 6.1%NIKKEI 225 1.15 1.15 1.09 1.02 1.15 0.54 0.54 0.50 0.51 0.54 6.95 6.95 6.23 5.90 6.95 7.56 7.56 6.83 6.42 7.56 17.75 17.75 14.62 11.65 17.75 2.17 2.17 2.18 2.50 2.17 9851.4 4.3%FTSE 100 INDEX 1.64 1.64 1.52 1.39 1.64 0.99 0.99 0.98 0.95 0.99 7.71 7.71 7.07 5.68 7.71 7.00 7.00 6.54 6.13 7.00 11.55 11.55 10.60 9.66 11.55 3.97 3.97 4.24 4.52 3.97 6377.5 8.6%SWISS MARKET INDEX 2.21 2.21 2.07 1.92 2.21 1.87 1.87 1.77 1.68 1.87 12.22 12.22 10.64 9.41 12.21 13.19 13.19 12.18 11.34 13.19 14.09 14.09 12.83 11.62 14.09 3.43 3.43 3.72 4.10 3.43 7306.0 6.9%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.64 8.64 7.65 7.07 8.64 8.58 8.58 7.41 6.79 8.58 14.38 14.38 12.56 11.38 14.38 3.05 3.05 3.22 3.29 3.05 14208.5 16.4%S&P/ASX 200 INDEX 1.70 1.70 1.61 1.52 1.70 1.62 1.62 1.51 1.43 1.62 10.01 10.01 9.08 6.78 10.01 8.91 8.91 7.88 7.24 8.91 13.72 13.72 12.25 11.19 13.72 4.78 4.78 5.14 5.54 4.78 4746.8 5.3%HANG SENG INDEX 1.42 1.42 1.31 1.21 1.42 1.96 1.96 1.82 1.68 1.96 7.58 7.58 7.06 6.71 7.58 8.71 8.71 7.90 7.25 8.71 11.53 11.53 10.58 9.66 11.53 3.36 3.36 3.60 3.92 3.36 23361.2 6.0%MSCI EM 1.53 1.53 1.38 1.26 1.53 1.03 1.03 0.95 0.89 1.03 7.24 7.24 6.54 5.22 7.24 7.65 7.65 6.84 6.26 7.65 11.59 11.59 10.16 9.18 11.59 2.85 2.85 3.02 3.38 2.85 1138.9 13.5%CHINA MOBILE LTD 2.21 1.99 1.81 1.65 1.50 2.73 2.55 2.40 2.25 2.12 6.26 6.29 6.17 5.82 5.44 4.24 4.22 4.13 3.96 3.91 11.45 11.37 11.30 10.99 10.05 3.77 3.84 3.88 4.08 4.46 88.98 0.4%CHINA CONSTRUCTION BANK-H 1.47 1.27 1.11 0.98 2.96 2.62 2.41 2.17 1.91 4.63 4.15 3.85 3.54 7.09 6.27 6.06 5.71 5.55 5.20 5.39 5.51 5.97 9.01 6.85 15.4%IND & COMM BK OF CHINA-H 1.53 1.32 1.15 1.00 2.94 2.60 2.39 2.17 1.95 4.89 4.33 4.04 3.69 7.11 6.38 6.17 5.76 5.92 5.12 5.28 5.47 5.90 7.62 5.84 11.6%CNOOC LTD 2.26 1.91 1.66 1.48 1.34 2.58 2.53 2.42 2.40 2.26 5.93 6.14 6.09 6.17 6.97 4.38 4.33 4.19 4.12 4.07 8.62 9.12 9.12 9.17 9.25 3.82 2.54 2.73 2.73 3.25 17.01 2.6%BANK OF CHINA LTD-H 1.01 0.90 0.82 0.74 0.63 2.31 2.11 1.94 1.77 1.52 3.86 3.65 3.37 3.05 2.53 6.10 5.65 5.61 5.26 4.61 5.82 6.01 6.01 6.39 7.04 3.68 12.5%AGRICULTURAL BANK OF CHINA-H 1.38 1.18 1.04 0.93 2.26 2.01 1.85 1.64 1.46 3.96 3.69 3.55 3.21 6.85 6.04 5.76 5.24 5.69 4.94 5.49 5.78 6.30 5.13 3.70 9.0%CHINA OVERSEAS LAND & INVEST 2.89 2.25 1.92 1.62 3.30 2.81 2.35 1.99 12.58 8.99 7.69 5.54 9.88 8.62 7.59 6.50 15.04 12.01 10.33 8.85 1.29 1.72 1.95 2.21 21.38 -6.8%CHINA PETROLEUM & CHEMICAL-H 1.21 1.11 1.02 0.92 0.83 0.22 0.21 0.20 0.20 0.18 3.99 3.97 3.45 3.40 2.58 4.79 5.11 4.41 4.10 3.72 7.62 9.60 7.79 7.36 7.48 3.38 3.53 4.07 4.35 3.94 8.65 5.2%CHINA PACIFIC INSURANCE GR-H 2.14 2.02 1.83 1.70 1.12 1.03 0.97 0.86 0.74 18.29 28.23 17.62 15.41 6.38 1.84 1.28 1.73 2.06 3.72 29.13 14.7%PETROCHINA CO LTD-H 1.51 1.43 1.33 1.23 1.08 0.82 0.75 0.71 0.70 0.67 5.05 5.01 4.56 4.46 3.92 5.91 5.78 5.25 4.85 4.51 11.10 11.68 10.40 9.44 8.78 4.00 3.80 4.27 4.58 5.12 11.19 7.8%CHINA SHENHUA ENERGY CO-H 2.20 1.96 1.74 1.58 1.49 2.18 1.90 1.74 1.62 1.49 7.60 7.49 6.61 6.25 5.78 5.64 5.32 5.02 5.34 11.11 10.59 10.09 9.63 10.05 3.28 3.59 3.81 4.03 3.53 35.37 11.4%CHINA LIFE INSURANCE CO-H 2.61 2.38 2.13 1.91 1.48 1.39 1.37 1.22 1.11 24.09 29.75 15.02 14.94 8.02 1.32 1.04 1.80 1.99 4.19 23.80 4.2%PING AN INSURANCE GROUP CO-H 2.82 2.37 2.04 1.80 2.28 1.48 1.00 0.89 0.76 18.72 16.45 12.80 11.16 8.55 1.00 0.95 1.24 1.39 1.93 70.87 20.8%BANK OF COMMUNICATIONS CO-H 1.05 0.90 0.81 0.73 2.55 2.22 2.05 1.84 1.57 3.41 3.51 3.68 3.41 5.70 5.63 6.02 5.72 5.43 3.77 3.68 3.90 4.21 8.33 5.90 3.9%CHINA UNICOM HONG KONG LTD 1.10 1.08 1.04 0.99 0.93 1.08 0.91 0.79 0.72 0.62 3.19 3.47 3.14 2.39 2.16 5.04 4.48 3.85 3.39 2.98 42.94 32.90 20.05 14.17 11.69 1.02 1.35 2.05 2.81 2.37 14.96 23.9%CHINA MERCHANTS BANK-H 1.57 1.32 1.16 1.00 0.92 2.35 1.98 1.79 1.61 1.38 7.29 6.47 6.55 6.07 6.57 3.05 3.73 3.83 4.27 4.57 15.57 4.9%CHINA TELECOM CORP LTD-H 1.12 1.03 0.98 0.93 0.87 1.12 0.98 0.88 0.80 0.73 3.69 3.94 3.05 2.87 2.55 3.66 3.76 2.90 2.65 2.58 15.55 18.23 14.01 11.08 9.69 2.24 2.06 2.33 2.83 3.54 4.96 17.5%CHINA CITIC BANK CORP LTD-H 0.88 0.75 0.67 0.60 2.17 1.86 1.71 1.53 1.36 2.90 2.75 2.61 2.36 4.80 4.44 4.47 4.25 4.34 4.76 5.51 5.51 5.85 3.42 4.59 14.7%CHINA MINSHENG BANKING-H 1.28 1.06 0.91 0.79 2.29 1.82 1.64 1.45 6.17 5.06 5.13 4.83 2.46 4.34 4.36 4.50 8.19 7.8%PICC PROPERTY & CASUALTY -H 2.70 2.17 1.79 1.51 0.61 0.54 0.48 0.43 10.71 9.54 8.94 8.19 2.55 3.10 3.41 3.98 11.49 15.3%ANHUI CONCH CEMENT CO LTD-H 2.45 2.23 1.95 1.71 1.63 1.89 2.01 1.73 1.56 1.54 8.07 10.01 9.64 8.42 9.42 5.84 9.38 7.43 6.62 7.04 9.20 17.17 13.10 11.59 13.25 1.98 1.06 1.28 1.40 1.16 25.87 0.3%CHINA COAL ENERGY CO-H 1.02 0.94 0.88 0.82 0.79 1.02 0.99 0.89 0.80 0.71 5.42 6.08 5.25 4.57 6.41 6.67 5.96 5.26 5.57 8.28 9.34 8.96 8.40 11.57 3.29 2.93 3.09 3.33 3.58 8.01 2.5%YANZHOU COAL MINING CO-H 1.10 1.01 0.95 0.87 0.70 1.57 1.25 1.16 1.02 1.21 4.11 5.28 5.74 5.21 6.58 9.71 9.07 7.90 6.23 5.30 8.73 9.57 8.16 8.14 5.53 3.90 3.04 3.43 3.25 10.31 -13.1%ZIJIN MINING GROUP CO LTD-H 2.03 1.89 1.63 1.43 1.26 2.06 1.61 1.42 1.39 1.87 8.36 7.64 6.00 6.36 8.42 8.75 7.38 7.22 8.72 8.76 10.36 8.92 8.86 9.64 3.03 2.75 3.07 3.11 3.59 3.69 18.4%ALUMINUM CORP OF CHINA LTD-H 0.68 0.76 0.81 0.82 0.79 0.41 0.40 0.38 0.37 0.35 6.27 10.91 9.14 8.21 14.00 39.08 19.47 15.42 10.16 60.26 88.38 0.34 0.00 0.00 0.26 0.00 3.21 -2.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 30.11.2012China 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: 09/yy 20 10.0 M 1052-Week High (14.08.2012) 92.60 0 .0 M52-Week Low (19.12.2011) 72.20 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12Daily Volume 19524550.00 Current Price (11/dd/yy) 88.6 Market Data 52-Week High % Change -4.32% Dividend Yield 3.86 52-Week Low % Change 22.71% Beta 0.64 % 52 Week Price Range High/Low 79.17% Equity Float 5212.81Shares Out 31.10.2012 20099.7 Short Int - Market Capitalization 1780835.75 1 Yr Total Return 24.22%Total Debt 30301.00 YTD Return 21.60%Preferred Stock 0.0 Adjusted BETA 0.645Minority Interest 1355.0 Analyst Recs 34Cash and Equivalents 332946.00 Consensus Rating 3.529Enterprise Value 1068520.66 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 13209160941 HK EQUITY YTD Change - Average Volume 30 Day 16476160941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17207610 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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 356959.0 411810.0 452103.0 485231.0 527999.0 516434.0 552742.0 561560.6 596404.6 152718.0 - TEV/Revenue 6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.94x 1.74x - - EBITDA 197093.0 219788.0 233788.0 241758.0 257202.0 0.0 0.0 253186.8 258725.6 63369.0 - TEV/EBITDA 12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.22x 4.13x - - Net Income 87062.0 112627.0 115166.0 119640.0 125870.0 124373.0 127197.0 126071.9 126882.2 33351.0 - P/E 29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.37x 11.30x - - 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 13.03% Short-Term Rating -Return on Common Equity 19.60% Credit RatiosReturn on Capital 18.76% EBITDA/Interest Exp. 455.22Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 235.02Margin Analysis Net Debt/EBITDA -1.42Gross Margin - Total Debt/EBITDA 0.12EBITDA Margin 47.0% ReferenceEBIT Margin 28.9% Total Debt/Equity 4.7%Net Income Margin 23.8% Total Debt/Capital 4.5%Structure Asset Turnover 0.56Current Ratio 1.40 Net Fixed Asset Turnover 1.15Quick Ratio 1.25 Accounts receivable turnover-days 6.98Debt to Assets 3.18% Inventory Days -Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -Accounts Receivable Turnover 52.44 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 |
  5. 5. 30.11.2012China 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 262749186 1.31 (1822221) 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 145309500 0.72 984000 28.11.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 107713312 0.54 2031500 12.11.2012 Investment AdvisorABERDEEN INVESTMENT Multiple Portfolios MF-AGG 77463671 0.39 269500 12.11.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53719500 0.27 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 50172025 0.25 (2772371) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 50066500 0.25 (10869500) 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 44569295 0.22 10223207 30.12.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 42078408 0.21 (6140000) 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41330302 0.21 (5000) 28.11.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 37191947 0.19 128500 28.11.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 31091011 0.15 (461213) 31.08.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26734255 0.13 9704000 30.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 23667500 0.12 (868000) 29.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 21005500 0.1 2119500 31.08.2012 Mutual Fund ManagerSCHRODER KOREA LTD Multiple Portfolios MF-AGG 17363500 0.09 (1224000) 30.06.2012 Mutual Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 16074500 0.08 (1865000) 28.09.2012 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 DateNomura DANNY CHU neutral 3 M 90 Not Provided 29.11.2012BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 23.11.2012Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.11.2012DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.11.2012BNP Paribas Equity Research ALEN LIN hold 3 M 85 12 month 07.11.2012Barclays ANAND RAMACHANDRAN overweight 5 U 110 Not Provided 06.11.2012SWS Research Co Ltd JIM TANG neutral 3 M 83 Not Provided 25.10.2012Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012Kim Eng Securities ANDY POON sell 1 M 74 12 month 24.10.2012UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 24.10.2012ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012Standard Chartered STEVEN LIU outperform 5 M 95 12 month 22.10.2012Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.10.2012Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.10.2012JPMorgan LUCY LIU neutral 3 M 92 12 month 22.10.2012Jefferies CYNTHIA JINHONG MENG hold 3 M 91 12 month 22.10.2012Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 22.10.2012HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012CIMB BERTRAM LAI neutral 3 M 80 12 month 22.10.2012Deutsche 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 25.09.2012EVA 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 17.08.2012Yuanta 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 |
  6. 6. 30.11.2012China 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 2500.0 Mbanks services include retail banking, international settlement, project 6finance, and credit card services. 2000.0 M 5 4 1500.0 M Valuation Analysis 3 1000.0 MLatest Fiscal Year: 12/2011 2LTM as of: 09/yy 500.0 M 152-Week High (02.03.2012) 6.62 0 .0 M52-Week Low (12.07.2012) 4.71 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12Daily Volume 311745286.00 Current Price (11/dd/yy) 5.94 Market Data 52-Week High % Change -10.27% Dividend Yield 4.96 52-Week Low % Change 26.11% Beta 1.08 % 52 Week Price Range High/Low 62.83% Equity Float 69156.38Shares Out 30.09.2012 240417.3 Short Int - Market Capitalization 1477872.25 1 Yr Total Return 19.26%Total Debt 1211152.00 YTD Return 15.73%Preferred Stock 0.0 Adjusted BETA 1.082Minority Interest 5520.0 Analyst Recs 37Cash and Equivalents 2765601.00 Consensus Rating 4.622Enterprise 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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 306520.0 388058.0 396529.0 449841.0 575537.0 542269.0 682750.0 453822.2 492136.4 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 69053.0 92599.0 106756.0 134844.0 169258.0 163357.0 188437.0 189774.6 195932.6 53000.0 - P/E 20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.27x 6.06x - - 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 1.45% Short-Term Rating A-1Return on Common Equity 22.88% Credit RatiosReturn on Capital 9.67% 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 6.08Quick 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 120.00 700000.0 100.00 600000.0 500000.0 80.00 400000.0 60.00 300000.0 40.00 200000.0 20.00 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 |
  7. 7. 30.11.2012China Construction Bank CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA CONSTRUCTION I 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 3119552319 1.3 143773661 30.09.2012 Investment AdvisorBEST INVESTMENT CORP n/a EXCH 2760000000 1.15 - 14.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1839409930 0.77 12303000 28.11.2012 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/aLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 789158995 0.33 18032000 31.10.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 735427195 0.31 (72878150) 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 718786226 0.3 (74739674) 29.02.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 700891267 0.29 68611800 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 533266130 0.22 - 28.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 494694756 0.21 34566000 28.11.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 469108610 0.2 (30282860) 30.09.2012 Investment AdvisorSHANDONG LUNENG GROU n/a Co File 374500000 0.16 - 31.12.2010 CorporationSTATE GRID INTL TECH n/a Co File 350000000 0.15 - 31.12.2010 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 29.11.2012Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 28.11.2012HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 26.11.2012BOCOM International Holdings LI SHANSHAN neutral 3 M 6 12 month 26.11.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 26.11.2012Mizuho Securities JIM ANTOS buy 5 U 7 12 month 23.11.2012Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 21.11.2012UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 20.11.2012Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN outperform 5 M 7 12 month 12.11.2012Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012JPMorgan JOSHUA KLACZEK overweight 5 M 7 12 month 07.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012Jefferies TAN MING buy 5 M 7 12 month 05.11.2012Nomura LUCY FENG neutral 3 M 5 Not Provided 05.11.2012Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012DBS Vickers ALEXANDER LEE buy 5 M 7 14 month 29.10.2012CIMB TREVOR KALCIC outperform 5 M 7 12 month 29.10.2012Kim Eng Securities IVAN LI buy 5 M 7 12 month 29.10.2012Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 6 Not Provided 29.10.2012China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 29.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012Deutsche Bank TRACY YU hold 3 M 6 12 month 26.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012Bank of China International SUN PENG 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 19.06.2012Phillip 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 26.03.2012Masterlink 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 |
  8. 8. 30.11.2012Industrial & 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: 09/yy 1 500.0 M52-Week High (29.02.2012) 5.72 0 .0 M52-Week Low (12.07.2012) 3.97 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12Daily Volume 290550375.00 Current Price (11/dd/yy) 5.23 Market Data 52-Week High % Change -8.57% Dividend Yield 4.83 52-Week Low % Change 31.74% Beta 1.29 % 52 Week Price Range High/Low 69.71% Equity Float 70942.72Shares Out 30.09.2012 86794.0 Short Int - Market Capitalization 1721754.63 1 Yr Total Return 28.06%Total Debt 1923778.00 YTD Return 19.73%Preferred Stock 0.0 Adjusted BETA 1.289Minority Interest 1081.0 Analyst Recs 37Cash and Equivalents 3589595.00 Consensus Rating 4.622Enterprise 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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 391906.0 469928.0 470638.0 544045.0 704382.0 659566.0 817441.0 531153.7 579723.4 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 81520.0 110841.0 128645.0 165156.0 208265.0 201780.0 230027.0 228496.5 237928.4 52616.0 - P/E 33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.38x 6.17x - - 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 1.39% Short-Term Rating A-1Return on Common Equity 23.68% Credit RatiosReturn on Capital 7.52% 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 5.91Quick 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 35.00 800000.0 30.00 700000.0 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 |
  9. 9. 30.11.2012Industrial & 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 GovernmentJP MORGAN CHASE & CO n/a EXCH 5920894436 6.82 - 12.11.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a EXCH 4575047470 5.27 - 30.05.2012 GovernmentBLACKROCK INC n/a EXCH 4409132622 5.08 152697026 12.11.2012 Investment AdvisorGOLDMAN 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 2871030288 3.31 87123380 30.09.2012 Investment AdvisorNOMURA HOLDINGS INC n/a Short (2319702900) -2.67 - 01.02.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1772140775 2.04 11545000 28.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1198146302 1.38 (21986906) 31.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 896374465 1.03 (53043489) 30.09.2012 Investment AdvisorNOMURA HOLDINGS INC n/a EXCH 857877144 0.99 - 01.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 592536010 0.68 (80109000) 30.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 542210582 0.62 (30176185) 30.06.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 482819400 0.56 - 30.09.2012 Investment AdvisorBLACKROCK INC n/a Short (462906413) -0.53 (148536026) 12.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 454293190 0.52 3548000 28.11.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 436028405 0.5 47954000 29.11.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 317956028 0.37 (9999327) 30.09.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 275223935 0.32 179000 31.08.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 6 12 month 29.11.2012Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 28.11.2012HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 26.11.2012BOCOM International Holdings LI SHANSHAN neutral 3 M 5 12 month 26.11.2012Mizuho Securities JIM ANTOS buy 5 U 6 12 month 23.11.2012Core Pacific TIMOTHY LI buy 5 M 6 Not Provided 21.11.2012Jefferies TAN MING buy 5 M 6 12 month 20.11.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012UOB Kay Hian EDMOND LAW buy 5 M 6 Not Provided 20.11.2012Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN outperform 5 M 6 12 month 12.11.2012JPMorgan JOSHUA KLACZEK overweight 5 M 6 12 month 07.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012Nomura LUCY FENG buy 5 M 5 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN outperform 5 M 6 Not Provided 01.11.2012Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012DBS Vickers ALEXANDER LEE buy 5 M 6 33 month 31.10.2012Kim Eng Securities IVAN LI buy 5 M 6 12 month 31.10.2012Daiwa Securities Co. Ltd. GRACE WU buy 5 M 6 Not Provided 31.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012CIMB TREVOR KALCIC outperform 5 M 6 12 month 30.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012Deutsche Bank TRACY YU buy 5 M 6 12 month 26.10.2012AMTD 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 11.10.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 10.09.2012Barclays MAY YAN overweight 5 M 5 Not Provided 06.09.2012Masterlink 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 buy 5 U 6 Not Provided 11.05.2012Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012Phillip 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 |

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