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Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25
 

Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25

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    Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25 Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25 Presentation Transcript

    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 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 |
    • 30.11.2012CNOOC 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 (05.06.2012) 13.18 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 54221378.00 Current Price (11/dd/yy) 16.58 Market Data 52-Week High % Change -8.90% Dividend Yield 2.63 52-Week Low % Change 25.80% Beta 1.27 % 52 Week Price Range High/Low 63.74% Equity Float 15873.58Shares Out 30.09.2012 44646.3 Short Int - Market Capitalization 740235.75 1 Yr Total Return 21.87%Total Debt 37995.00 YTD Return 25.82%Preferred Stock 0.0 Adjusted BETA 1.266Minority Interest 0.0 Analyst Recs 32Cash and Equivalents 99197.00 Consensus Rating 3.500Enterprise Value 534277.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 33451190883 HK EQUITY YTD Change - Average Volume 30 Day 39854260883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 47519720 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 - - 234830.8 246240.6 - - TEV/Revenue 5.75x 1.95x 4.24x 3.71x 1.79x - - 2.53x 2.35x - - EBITDA 49242.7 65262.9 56272.8 97993.0 119044.0 - - 123366.4 127456.9 - - TEV/EBITDA 10.59x 3.77x 7.93x 6.82x 3.62x - - 4.33x 4.19x - - Net Income 31258.3 44375.3 29485.6 54410.0 70255.0 - - 65044.8 64565.6 - - P/E 17.26x 6.44x 16.28x 12.81x 7.02x - - 9.12x 9.12x - - 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 16.17% Short-Term Rating -Return on Common Equity 23.71% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 76.41Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 42.61Margin Analysis Net Debt/EBITDA -0.53Gross Margin - Total Debt/EBITDA 0.48EBITDA Margin 48.6% ReferenceEBIT Margin 35.1% Total Debt/Equity 14.5%Net Income Margin 29.2% Total Debt/Capital 12.6%Structure Asset Turnover 0.60Current Ratio 1.88 Net Fixed Asset Turnover 1.08Quick Ratio 1.71 Accounts receivable turnover-days 31.60Debt to Assets 9.89% Inventory Days -Tot Debt to Common Equity 14.45% Accounts Payable Turnover Day -Accounts Receivable Turnover 11.58 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 |
    • 30.11.2012CNOOC 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 816323080 1.83 49735712 30.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 536760247 1.2 (8336400) 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 472268001 1.06 3127000 28.11.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 305551683 0.68 (645000) 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 272169432 0.61 (25381939) 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 251565200 0.56 7532000 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 158720600 0.36 1208000 28.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 148751902 0.33 (8359101) 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 146926000 0.33 3033000 30.09.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 146642500 0.33 (7543000) 31.08.2012 BankOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121732000 0.27 - 30.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 98236375 0.22 (6638000) 29.11.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 86321000 0.19 5809000 31.10.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 74378000 0.17 (1208000) 30.06.2012 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 63401000 0.14 (97000) 31.07.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63344436 0.14 (292000) 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 62022957 0.14 (5382000) 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 59871467 0.13 (47900000) 30.09.2012 Investment AdvisorJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 59774000 0.13 (4949000) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 28.11.2012Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 27.11.2012Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 23.11.2012Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 20.11.2012SWS Research Co Ltd ALBERT MIAO underperform 1 M 13 Not Provided 20.11.2012Jefferies LABAN YU underperform 1 M 13 12 month 16.11.2012Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 15.11.2012Macquarie JAMES HUBBARD outperform 5 M 21 12 month 08.11.2012Nomura SONIA SONG neutral 3 M 18 Not Provided 06.11.2012VTB Capital COLIN SMITH hold 3 M 17 12 month 26.10.2012DBS Vickers WEE KEAT LEE hold 3 M 16 12 month 25.10.2012China International Capital Corp BIN GUAN accumulate 4 M 18 12 month 25.10.2012BNP Paribas Equity Research CHENG KHOO buy 5 M 19 12 month 25.10.2012UOB Kay Hian YAN SHI buy 5 M 18 Not Provided 25.10.2012ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.10.2012Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 21 12 month 24.10.2012JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 Not Provided 24.10.2012Bank of China International LAWRENCE LAU hold 3 M 15 Not Provided 24.10.2012Deutsche Bank DAVID HURD hold 3 M 17 12 month 02.10.2012BOCOM International Holdings WU FEI neutral 3 M 18 12 month 24.09.2012HSBC 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 26.06.2012Ji 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 22.11.2011Industrial 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 |
    • 30.11.2012Bank 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 3credit, foreign currency transaction, corporate banking, settlement and 3500.0 Mclearing,investment banking, and fund management businesses. 3 3000.0 M 2 2500.0 M Valuation Analysis 2 2000.0 MLatest Fiscal Year: 12/2011 1500.0 M 1 1000.0 MLTM as of: 09/yy 1 500.0 M52-Week High (06.02.2012) 3.45 0 .0 M52-Week Low (30.11.2011) 2.40 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 417770335.00 Current Price (11/dd/yy) 3.27 Market Data 52-Week High % Change -5.22% Dividend Yield 5.90 52-Week Low % Change 36.25% Beta 1.09 % 52 Week Price Range High/Low 80.00% Equity Float 72148.03Shares Out 30.09.2012 83622.3 Short Int - Market Capitalization 945126.81 1 Yr Total Return 44.74%Total Debt 1916969.00 YTD Return 21.97%Preferred Stock 0.0 Adjusted BETA 1.086Minority Interest 32732.0 Analyst Recs 39Cash and Equivalents 3128981.00 Consensus Rating 4.282Enterprise 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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 305131.0 355641.0 337018.0 395271.0 514133.0 481959.0 600914.0 359908.0 390591.3 90913.0 - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 56248.0 64360.0 80819.0 104418.0 124182.0 121518.0 134244.0 131630.8 132607.2 32712.0 - P/E 16.08x 7.47x 11.62x 8.91x 5.27x 4.52x 5.07x 5.65x 5.61x - - 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 1.06% Short-Term Rating A-1Return on Common Equity 18.13% Credit RatiosReturn on Capital 4.46% 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 265.1%Net Income Margin 37.7% Total Debt/Capital 71.7%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 4.06Quick 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 500.00 600000.0 450.00 500000.0 400.00 350.00 400000.0 300.00 250.00 300000.0 200.00 200000.0 150.00 100.00 100000.0 50.00 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 |
    • 30.11.2012Bank 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 GovernmentBLACKROCK INC n/a EXCH 5022832827 6.01 47112704 11.10.2012 Investment AdvisorJP MORGAN CHASE & CO #N/A N/A EXCH 4118377221 4.92 - 20.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3193916966 3.82 121758000 30.09.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a EXCH 3116864905 3.73 - 04.05.2012 GovernmentCAPITAL RESEARCH AND n/a EXCH 2784918000 3.33 - 18.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2012547000 2.41 13344000 28.11.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1536517400 1.84 55556000 30.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1248400600 1.49 (114127000) 30.09.2012 Investment AdvisorBLACKROCK INC n/a Short (885931036) -1.06 (24507704) 11.10.2012 Investment AdvisorCAPITAL INTERNATIONA n/a EXCH 716654188 0.86 - 18.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 592048548 0.71 (31815851) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 564016791 0.67 (3950000) 28.11.2012 Investment AdvisorBANK OF TOKYO-MITSUB n/a Co File 520357200 0.62 - 31.12.2011 BankPICTET & CIE Multiple Portfolios MF-AGG 371107100 0.44 12112000 31.08.2012 Mutual Fund ManagerCAPITAL 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 AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 345990500 0.41 (265000) 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 316401657 0.38 (297046677) 29.02.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 312566100 0.37 21470000 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 4 12 month 29.11.2012Religare Capital Markets SOPHIE JIANG buy 5 M 4 12 month 28.11.2012HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 26.11.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 26.11.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 26.11.2012Mizuho Securities JIM ANTOS neutral 3 U 4 12 month 23.11.2012UOB Kay Hian EDMOND LAW hold 3 M 3 Not Provided 20.11.2012Credit Suisse SANJAY JAIN neutral 3 M 3 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 12.11.2012ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 08.11.2012JPMorgan JOSHUA KLACZEK neutral 3 M 4 12 month 07.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012Jefferies TAN MING buy 5 M 4 12 month 05.11.2012Nomura LUCY FENG buy 5 M 3 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 01.11.2012Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 29.10.2012Deutsche Bank TRACY YU buy 5 M 4 12 month 26.10.2012Bank of China International JINHUA YIN buy 5 M 4 Not Provided 26.10.2012DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 26.10.2012Kim Eng Securities IVAN LI buy 5 M 4 12 month 26.10.2012Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 26.10.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 26.10.2012Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 26.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 3 Not Provided 26.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 25.10.2012CIMB TREVOR KALCIC neutral 3 M 3 12 month 25.10.2012Barclays MAY YAN overweight 5 U 4 Not Provided 06.09.2012Masterlink 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 27.04.2012KGI 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 |
    • 30.11.2012Agricultural Bank of China LtdAgricultural Bank of China Limited provides a full range of commercial banking Price/Volumeservices. The Banks services includes RMB and foreign currency deposit, loan, 4 500.0 Minternational and domestic settlement, bill discount, currency trading, bank 450.0 M 4guarantee, and treasury bill underwriting. 400.0 M 3 350.0 M 3 300.0 M 2 250.0 M Valuation Analysis 200.0 M 2Latest Fiscal Year: 12/2011 150.0 M 1LTM as of: 09/yy 100.0 M 1 50.0 M52-Week High (06.02.2012) 3.98 0 .0 M52-Week Low (06.09.2012) 2.72 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 116794962.00 Current Price (11/dd/yy) 3.4 Market Data 52-Week High % Change -14.57% Dividend Yield - 52-Week Low % Change 25.00% Beta 1.26 % 52 Week Price Range High/Low 51.59% Equity Float 30738.82Shares Out 30.09.2012 30738.8 Short Int - Market Capitalization 1056106.13 1 Yr Total Return 14.97%Total Debt 1144165.00 YTD Return 7.40%Preferred Stock 0.0 Adjusted BETA 1.262Minority Interest 187.0 Analyst Recs 37Cash and Equivalents 2831639.00 Consensus Rating 3.892Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 898302701288 HK EQUITY YTD Change - Average Volume 30 Day #########1288 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 266015.0 335717.0 339235.0 409295.0 547924.0 509442.0 636398.0 423171.8 458415.6 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 43787.0 51474.0 64992.0 94873.0 121927.0 125484.0 141253.0 146768.7 152845.7 - - P/E - - - 10.02x 7.13x 5.45x 5.64x 6.04x 5.76x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating NROperating Margin 41.31% Long-Term Outlook -Pretax Margin 41.39% Short-Term Rating Date -Return on Assets 1.15% Short-Term Rating -Return on Common Equity 20.97% Credit RatiosReturn on Capital 7.87% 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 176.1%Net Income Margin 31.9% Total Debt/Capital 63.8%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 5.17Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.80% Inventory Days -Tot Debt to Common Equity 176.13% Accounts Payable Turnover Day -Accounts Receivable Turnover - 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 1998 1999 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 |
    • 30.11.2012Agricultural Bank of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQATAR HOLDINGS LLC n/a Co File 6816775000 22.18 - 31.12.2011 GovernmentCAPITAL RESEARCH AND n/a EXCH 3803379000 12.37 - 14.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2600661000 8.46 115678000 30.09.2012 Investment AdvisorCITIGROUP INCORPORAT n/a EXCH 2169822167 7.06 - 31.10.2012 Investment AdvisorBLACKROCK INC n/a EXCH 1878971694 6.11 38663792 12.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 1529993730 4.98 - 25.09.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1333875000 4.34 47970000 30.09.2012 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 1153222513 3.75 - 11.10.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (1024915664) -3.33 - 11.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 931834000 3.03 5212000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 912934493 2.97 37259220 30.09.2012 Investment AdvisorCITIGROUP INCORPORAT n/a Short (237456553) -0.77 - 31.10.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (230682906) -0.75 - 25.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 226785000 0.74 12156000 28.11.2012 Investment AdvisorBLACKROCK INC n/a Short (210695217) -0.69 (34542792) 12.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 184647171 0.6 69553186 29.02.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 136355000 0.44 8457000 31.08.2012 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 71103000 0.23 - 29.06.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 67187000 0.22 (24861000) 30.06.2012 Investment AdvisorJP MORGAN INVESTMENT Multiple Portfolios MF-AGG 59500000 0.19 - 31.12.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 29.11.2012Religare Capital Markets SOPHIE JIANG sell 1 M 2 12 month 28.11.2012HSBC TODD DUNIVANT underweight 1 M 3 Not Provided 26.11.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 26.11.2012Mizuho Securities JIM ANTOS underperform 1 M 3 12 month 23.11.2012CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 4 12 month 22.11.2012UOB Kay Hian EDMOND LAW buy 5 M 4 Not Provided 20.11.2012Credit Suisse SANJAY JAIN underperform 1 M 3 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 12.11.2012ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 08.11.2012JPMorgan JOSHUA KLACZEK neutral 3 M 4 12 month 07.11.2012Phillip Securities CHEN XINGYU accumulate 4 D 4 12 month 07.11.2012Jefferies TAN MING buy 5 M 4 12 month 05.11.2012Nomura LUCY FENG buy 5 M 4 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 01.11.2012Core Pacific TIMOTHY LI hold 3 M 4 12 month 31.10.2012Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 29.10.2012CIMB TREVOR KALCIC outperform 5 M 4 12 month 29.10.2012China International Capital Corp MAO JUNHUA buy 5 M 5 12 month 29.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 3 Not Provided 29.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 29.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 28.10.2012Deutsche Bank TRACY YU hold 3 M 4 12 month 26.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 5 12 month 11.10.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012Barclays MAY YAN equalweight 3 D 3 Not Provided 06.09.2012Bank of China International JINHUA YIN buy 5 M 4 Not Provided 30.08.2012Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 29.08.2012Mirae Asset Securities NAN LI hold 3 M 3 12 month 29.08.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Macquarie VICTOR WANG outperform 5 M 5 12 month 19.06.2012Masterlink Securities RAINY YUAN hold 3 D 4 6 month 28.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Overseas Land & Investment LtdChina Overseas Land & Investment Limited, through its subsidiaries, develops and Price/Volumeinvests in properties, constructs buildings, invests in treasury securities, and 25 120.0 Minfrastructure projects. The Company also provides civil engineering,foundation engineering, and real estate agency and management services. 20 100.0 M 80.0 M 15 60.0 M Valuation Analysis 10Latest Fiscal Year: 12/2011 40.0 MLTM as of: 09/yy 5 20.0 M52-Week High (30.11.2012) 23.30 0 .0 M52-Week Low (09.01.2012) 12.07 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 27736555.00 Current Price (11/dd/yy) 22.95 Market Data 52-Week High % Change -1.50% Dividend Yield 1.53 52-Week Low % Change 90.20% Beta 1.42 % 52 Week Price Range High/Low 94.14% Equity Float 3799.81Shares Out 30.06.2012 8172.5 Short Int - Market Capitalization 187559.31 1 Yr Total Return 81.90%Total Debt 43678.95 YTD Return 80.77%Preferred Stock 0.0 Adjusted BETA 1.421Minority Interest 273.0 Analyst Recs 37Cash and Equivalents 17841.48 Consensus Rating 4.297Enterprise Value 214163.98 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 26849190688 HK EQUITY YTD Change - Average Volume 30 Day 20133510688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 22844860 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 16632.6 18892.4 37321.6 44313.0 48583.0 0.0 16850.0 66838.5 79975.8 - - TEV/Revenue 8.01x 5.45x 3.60x 3.03x 2.72x #DIV/0! 0.00x 3.18x 2.63x - - EBITDA 6778.4 6867.9 10532.8 16214.3 19021.7 0.0 0.0 24851.2 28212.9 - - TEV/EBITDA 19.64x 14.98x 12.76x 8.29x 6.95x 0.00x 0.00x 8.62x 7.59x - - Net Income 4179.6 5048.6 7468.9 12373.2 15025.4 0.0 0.0 15582.1 18163.2 - - P/E 28.33x 16.64x 17.90x 9.52x 7.05x 0.00x 0.00x 12.01x 10.33x - - Profitability S&P Issuer RatingsEBITDA 19021.74 Long-Term Rating Date 25.03.2010EBIT 18978.15 Long-Term Rating BBBOperating Margin 39.06% Long-Term Outlook STABLEPretax Margin 48.92% Short-Term Rating Date -Return on Assets 9.33% Short-Term Rating -Return on Common Equity 23.79% Credit RatiosReturn on Capital 14.40% EBITDA/Interest Exp. 13.21Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 13.09Margin Analysis Net Debt/EBITDA 1.31Gross Margin 44.9% Total Debt/EBITDA 2.63EBITDA Margin 38.7% ReferenceEBIT Margin 38.6% Total Debt/Equity 62.1%Net Income Margin 30.9% Total Debt/Capital 38.2%Structure Asset Turnover 0.29Current Ratio 1.88 Net Fixed Asset Turnover 2.84Quick Ratio 0.28 Accounts receivable turnover-days 16.63Debt to Assets 24.82% Inventory Days 1228.62Tot Debt to Common Equity 62.12% Accounts Payable Turnover Day 78.70Accounts Receivable Turnover 22.01 Cash Conversion Cycle 1130.07Inventory Turnover 0.30Price/ Cash Flow Sales/Revenue/Turnover 80.00 60000.0 70.00 50000.0 60.00 40000.0 50.00 40.00 30000.0 30.00 20000.0 20.00 10000.0 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 |
    • 30.11.2012China Overseas Land & Investment LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA OVERSEAS HOLDI n/a EXCH 3837380380 46.95 - 30.06.2012 GovernmentSILVER LOT DEVELOPME n/a EXCH 509136928 6.23 - 30.06.2012 OtherJP MORGAN CHASE & CO n/a EXCH 482172848 5.9 - 26.07.2012 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 301486252 3.69 - 17.05.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 212781969 2.6 (21482000) 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 185085868 2.26 3880266 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 155510560 1.9 928000 28.11.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (155321624) -1.9 - 17.05.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 112470704 1.38 83856289 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 80881356 0.99 9732000 30.09.2012 Investment AdvisorEUROPEAN INVESTORS I n/a Research 67723950 0.83 3950840 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 52905652 0.65 - 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 44243760 0.54 (1160000) 28.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 37497698 0.46 4037391 28.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 37460040 0.46 (3708000) 30.06.2012 Mutual Fund ManagerJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 34402000 0.42 (35552000) 30.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 34035376 0.42 (1895426) 30.06.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 26850260 0.33 (842000) 31.10.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26020000 0.32 8470000 30.09.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 24111010 0.3 7185650 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan LUCIA KWONG overweight 5 M 24 6 month 30.11.2012Jefferies CHRISTIE JU buy 5 M 26 12 month 28.11.2012CIMB JOHNSON HU outperform 5 M 25 12 month 28.11.2012Standard Chartered RAYMOND CHENG in-line 3 M 18 12 month 27.11.2012CCB International Securities Ltd EDISON BIAN outperform 5 M 25 Not Provided 26.11.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 26.11.2012Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 18 12 month 20.11.2012DBS Vickers CAROL WU buy 5 M 23 12 month 19.11.2012KGI Securities ALICE JI outperform 5 M 24 12 month 16.11.2012Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 24 Not Provided 13.11.2012Credit Suisse JINSONG DU neutral 3 M 15 Not Provided 08.11.2012Deutsche Bank TONY TSANG buy 5 M 26 12 month 25.10.2012SWS Research Co Ltd KRIS LI neutral 3 M 16 Not Provided 25.10.2012Guotai Junan DONALD YU buy 5 M 22 Not Provided 25.10.2012UOB Kay Hian SYLVIA WONG buy 5 M 21 Not Provided 25.10.2012Goldman Sachs WANG YI neutral/attractive 3 M 19 12 month 22.10.2012Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 18 12 month 21.10.2012Mirae Asset Securities STEPHANIE LAU hold 3 D 22 12 month 19.10.2012Barclays WENDY LUO equalweight 3 M 19 Not Provided 19.10.2012HSBC MICHELLE KWOK overweight 5 M 24 Not Provided 17.10.2012Bank of China International CHRISTINA NGAI hold 3 M 16 Not Provided 09.10.2012Kim Eng Securities IVAN CHEUNG hold 3 M 20 12 month 27.09.2012Ji Asia WU GONGLIANG neutral 3 M 18 Not Provided 25.09.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 20 Not Provided 11.09.2012First Shanghai Securities Ltd MICHAEL KE buy 5 M 21 12 month 17.08.2012Macquarie DAVID NG neutral 3 D 19 12 month 13.08.2012Mizuho Securities ALAN JIN buy 5 M 21 12 month 13.08.2012China International Capital Corp ERIC YU ZHANG buy 5 M 21 12 month 13.08.2012Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 19 6 month 13.08.2012Nomura ALVIN WONG buy 5 M 21 Not Provided 13.08.2012Capital Securities Corp LANTIS LI strong buy 5 U 25 12 month 27.06.2012Everbright Securities Co., Ltd TIMOTHY YEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012GuoSen Securities Co Ltd HUI CAO buy 5 M 18 12 month 26.04.2012Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Petroleum & Chemical CorpChina Petroleum and Chemical Corporation (Sinopec) refines, produces and trades Price/Volumepetroleum and petrochemical products such as gasoline, diesel, jet fuel, 10 250.0 Mkerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and 9chemical fertilizers. Also, The company explores for and produces crude oil and 8 200.0 Mnatural gas in China. 7 6 150.0 M 5 Valuation Analysis 4 100.0 MLatest Fiscal Year: 12/2011 3LTM as of: 09/yy 2 50.0 M 152-Week High (02.02.2012) 9.67 0 .0 M52-Week Low (11.07.2012) 6.38 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 77686611.00 Current Price (11/dd/yy) 8.22 Market Data 52-Week High % Change -14.99% Dividend Yield 4.54 52-Week Low % Change 28.84% Beta 0.85 % 52 Week Price Range High/Low 52.89% Equity Float 15550.58Shares Out 30.09.2012 16780.5 Short Int - Market Capitalization 661852.94 1 Yr Total Return 9.61%Total Debt 240555.00 YTD Return 5.86%Preferred Stock 0.0 Adjusted BETA 0.849Minority Interest 35016.0 Analyst Recs 34Cash and Equivalents 25197.00 Consensus Rating 3.912Enterprise Value 838596.24 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 61111600386 HK EQUITY YTD Change - Average Volume 30 Day 74316190386 HK EQUITY YTD % CHANGE - Average Volume 3 Month 74647010 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 1170539.0 1387077.0 1212168.0 1876758.0 2463767.0 ######### ######### ######### ######### 768384.0 - TEV/Revenue 1.73x 0.59x 1.09x 0.48x 0.35x 1.46x 1.34x 0.32x 0.32x - - EBITDA 127499.0 29228.0 151545.0 178098.0 170962.0 0.0 0.0 164236.1 190028.2 - - TEV/EBITDA 15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.11x 4.41x - - Net Income 56515.0 28445.0 62677.0 71782.0 73225.0 75623.0 53683.0 60066.3 73649.9 20984.0 - P/E 16.90x 12.59x 8.42x 7.62x 7.84x 7.22x 9.49x 9.60x 7.79x - - 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 5.00% Short-Term Rating -Return on Common Equity 12.12% Credit RatiosReturn on Capital 8.66% EBITDA/Interest Exp. 18.19Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 4.17Margin Analysis Net Debt/EBITDA 1.87Gross Margin - Total Debt/EBITDA 1.96EBITDA Margin 6.1% ReferenceEBIT Margin 3.5% Total Debt/Equity 50.9%Net Income Margin 3.0% Total Debt/Capital 32.2%Structure Asset Turnover 2.27Current Ratio 0.77 Net Fixed Asset Turnover 3.74Quick Ratio 0.25 Accounts receivable turnover-days 13.52Debt to Assets 21.02% Inventory Days -Tot Debt to Common Equity 50.93% Accounts Payable Turnover Day -Accounts Receivable Turnover 27.06 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 8.00 3000000.0 7.00 2500000.0 6.00 2000000.0 5.00 4.00 1500000.0 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 |
    • 30.11.2012China Petroleum & Chemical CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC #N/A N/A EXCH 1354687685 8.07 18292877 22.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 1328959445 7.92 - 22.10.2012 Investment AdvisorFRANKLIN RESOURCES I n/a EXCH 1006669203 6 - 26.01.2012 Investment AdvisorCITIGROUP INCORPORAT #N/A N/A EXCH 835771505 4.98 - 22.11.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 803053154 4.79 - 27.08.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 720334946 4.29 (32471749) 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 504666002 3.01 3154000 28.11.2012 Investment AdvisorCH PETROLEUM SHENGJU n/a EXCH 425500000 2.54 - 09.01.2012 n/aBLACKROCK INC n/a Short (246083055) -1.47 (6407308) 22.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 241822937 1.44 86590596 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 224822000 1.34 39640000 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 148485528 0.88 288000 28.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 139771423 0.83 (7780128) 30.06.2012 Investment AdvisorCITIGROUP INCORPORAT n/a Short (100073316) -0.6 - 22.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 88338998 0.53 (3454000) 28.09.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 85942000 0.51 (8170000) 31.07.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 79108000 0.47 (11012000) 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 78426342 0.47 (642000) 30.06.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 74412000 0.44 (288000) 30.06.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 65775400 0.39 30000 28.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura SONIA SONG buy 5 M 10 Not Provided 28.11.2012Mirae Asset Securities GORDON KWAN buy 5 M 10 12 month 27.11.2012Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 23.11.2012ICBC International Securities ANNA YU buy 5 M 10 Not Provided 23.11.2012Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 20.11.2012BNP Paribas Equity Research CHENG KHOO buy 5 M 9 12 month 19.11.2012Jefferies LABAN YU hold 3 M 8 12 month 16.11.2012Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 8 12 month 15.11.2012Macquarie JAMES HUBBARD underperform 1 M 7 12 month 08.11.2012Credit Suisse DAVID HEWITT neutral 3 D 8 Not Provided 02.11.2012Deutsche Bank DAVID HURD buy 5 M 9 12 month 30.10.2012Bank of China International LAWRENCE LAU buy 5 M 9 Not Provided 30.10.2012Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 7 Not Provided 30.10.2012SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 30.10.2012BOCOM International Holdings WU FEI buy 5 M 9 12 month 30.10.2012Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 29.10.2012JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 12 month 29.10.2012HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 29.10.2012Capital Securities Corp TEAM COVERAGE buy 5 U 11 Not Provided 29.10.2012DBS Vickers WEE KEAT LEE hold 3 M 8 26 month 29.10.2012UOB Kay Hian YAN SHI buy 5 M 9 Not Provided 29.10.2012Barclays SCOTT DARLING equalweight 3 M 10 Not Provided 29.10.2012VTB Capital COLIN SMITH hold 3 M 8 12 month 29.10.2012Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 06.09.2012Mizuho Securities ANDREW S F CHAN neutral 3 M 7 12 month 27.08.2012Guotai 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 22.11.2011China 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 |
    • 30.11.2012China Pacific Insurance Group Co LtdChina Pacific Insurance (Group) Company, Ltd. is an integrated insurance Price/Volumeservices provider. The Company offers life and property insurance products 30 300.0 Mthrough its subsidiaries. 25 250.0 M 20 200.0 M 15 150.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 10 100.0 MLTM as of: 09/yy 5 50.0 M52-Week High (27.02.2012) 28.60 0 .0 M52-Week Low (15.12.2011) 20.20 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 18175540.00 Current Price (11/dd/yy) 25.4 Market Data 52-Week High % Change -11.19% Dividend Yield 1.72 52-Week Low % Change 25.74% Beta 1.25 % 52 Week Price Range High/Low 55.36% Equity Float 1855.18Shares Out 15.11.2012 2775.3 Short Int - Market Capitalization 201949.77 1 Yr Total Return 20.33%Total Debt 40105.00 YTD Return 17.07%Preferred Stock 0.0 Adjusted BETA 1.250Minority Interest 1259.0 Analyst Recs 34Cash and Equivalents 14903.00 Consensus Rating 4.235Enterprise Value 65863.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 107816302601 HK EQUITY YTD Change - Average Volume 30 Day 100908302601 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12968970 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 63947.0 76135.0 104175.0 141127.0 155446.0 161504.0 168932.0 167906.1 188579.9 79321.0 - TEV/Revenue 5.81x 1.02x 1.92x 1.45x 1.21x 2.85x 2.03x 1.04x 0.93x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 11238.0 2569.0 7356.0 8557.0 8313.0 10670.0 4430.0 6613.9 10144.7 2171.0 - P/E 27.17x 33.70x 26.97x 22.90x 19.80x 14.90x 39.27x 28.23x 17.62x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 6.49% Long-Term Outlook -Pretax Margin 6.69% Short-Term Rating Date -Return on Assets 1.59% Short-Term Rating -Return on Common Equity 10.58% Credit RatiosReturn on Capital 8.64% EBITDA/Interest Exp. -Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 52.2%Net Income Margin 5.3% Total Debt/Capital 33.9%Structure Asset Turnover 0.30Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 7.03% Inventory Days -Tot Debt to Common Equity 52.22% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 180000.0 160000.0 5.00 140000.0 4.00 120000.0 100000.0 3.00 80000.0 2.00 60000.0 40000.0 1.00 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 |
    • 30.11.2012China Pacific Insurance Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 314970427 11.35 - 14.11.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 293830400 10.59 - 15.11.2012 GovernmentNORGES BANK n/a EXCH 231734200 8.35 - 14.11.2012 GovernmentAZ EURO INVESTMENTS n/a EXCH 191940303 6.92 - 14.11.2012 n/aBLACKROCK INC #N/A N/A EXCH 185970532 6.7 - 21.11.2012 Investment AdvisorBERKOWITZ BRUCE n/a EXCH 114665400 4.13 - 29.11.2011 n/aCARLYLE HOLDINGS MAU n/a EXCH 113323498 4.08 - 25.07.2012 OtherMORGAN STANLEY n/a EXCH 109980513 3.96 - 20.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 107176600 3.86 552200 28.11.2012 Investment AdvisorPARALLEL INVESTORS H n/a EXCH 90384102 3.26 (221440000) 25.07.2012 Holding CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 80176250 2.89 8159848 30.09.2012 Investment AdvisorABU DHABI INVEST AUT n/a Research 76187483 2.75 55160000 14.11.2012 GovernmentSCHRODER INVESTMENT Multiple Portfolios MF-AGG 48143200 1.73 21907400 30.09.2012 Investment AdvisorALLIANZ FINANCE II L n/a EXCH 41517800 1.5 - 14.11.2012 OtherUBS AG n/a EXCH 33175993 1.2 - 11.09.2012 Investment AdvisorBLACKROCK INC n/a Short (26952973) -0.97 - 21.11.2012 Investment AdvisorUBS AG n/a Short (25319688) -0.91 - 11.09.2012 Investment AdvisorCITIGROUP INCORPORAT n/a EXCH 23486806 0.85 - 19.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 22961400 0.83 (270000) 28.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 21183288 0.76 9477245 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 27.11.2012Nomura DAVID CHUNG buy 5 U 32 Not Provided 27.11.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 26.11.2012Core Pacific OLIVE XIA buy 5 M 28 Not Provided 22.11.2012Phillip Securities CHEN XINGYU buy 5 M 28 Not Provided 16.11.2012BOCOM International Holdings LI WENBING buy 5 M 31 12 month 15.11.2012Goldman Sachs MANCY SUN neutral/neutral 3 D 29 12 month 13.11.2012Capital Securities Corp TEAM COVERAGE buy 5 M 28 Not Provided 13.11.2012Standard Chartered JENNIFER LAW outperform 5 M 38 12 month 12.11.2012Barclays MARK KELLOCK equalweight 3 D 29 Not Provided 09.11.2012Macquarie SCOTT G RUSSELL outperform 5 M 33 12 month 02.11.2012Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 29 12 month 31.10.2012Guotai Junan FELIX LUO accumulate 4 M 31 Not Provided 30.10.2012Morgan Stanley BEN LIN Equalwt/In-Line 3 M 28 12 month 29.10.2012Jefferies BARON NIE buy 5 M 29 12 month 29.10.2012DBS Vickers PING CHENG fully valued 2 M 22 16 month 29.10.2012Kim Eng Securities IVAN LI buy 5 M 27 12 month 29.10.2012Mizuho Securities THOMAS J MONACO underperform 1 M 19 12 month 29.10.2012China International Capital Corp TANG SHENGBO buy 5 M 25 12 month 29.10.2012SWS Research Co Ltd ROBERT HU outperform 5 M 26 Not Provided 29.10.2012UOB Kay Hian EDMOND LAW buy 5 M 30 Not Provided 29.10.2012CCB International Securities Ltd KENNETH YUE outperform 5 M 30 Not Provided 29.10.2012HSBC JAMES GARNER overweight 5 M 35 Not Provided 18.10.2012Deutsche Bank ESTHER CHWEI buy 5 M 29 12 month 14.09.2012JPMorgan CHAN BAO LING neutral 3 M 26 Not Provided 03.09.2012Bank of China International SUN PENG hold 3 M 25 Not Provided 20.08.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 29 12 month 18.07.2012ICBC International Securities PIUS CHENG buy 5 M 30 Not Provided 06.07.2012Masterlink Securities LI YAN buy 5 M 28 Not Provided 07.06.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 08.12.2011Mirae Asset Securities IVAN CHEUNG buy 5 M 32 12 month 18.10.2011RBS YANAN WANG buy 5 M 40 12 month 01.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012PetroChina 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: 09/yy 50.0 M 252-Week High (08.02.2012) 11.92 0 .0 M52-Week Low (19.12.2011) 8.85 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 93654406.00 Current Price (11/dd/yy) 10.38 Market Data 52-Week High % Change -12.92% Dividend Yield 3.80 52-Week Low % Change 17.29% Beta 0.99 % 52 Week Price Range High/Low 43.97% Equity Float 20807.38Shares Out 30.09.2012 21098.9 Short Int - Market Capitalization 1926016.50 1 Yr Total Return 13.06%Total Debt 318002.00 YTD Return 11.78%Preferred Stock 0.0 Adjusted BETA 0.989Minority Interest 79801.0 Analyst Recs 33Cash and Equivalents 61590.00 Consensus Rating 3.455Enterprise Value 1965154.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 65918090857 HK EQUITY YTD Change - Average Volume 30 Day 70221780857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 66945020 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 836353.0 1072604.0 1019275.0 1465415.0 2003843.0 ######### ######### ######### ######### 557466.0 - TEV/Revenue 6.35x 1.78x 2.57x 1.54x 0.88x 4.84x 3.83x 0.97x 0.92x - - EBITDA 269727.0 256680.0 237168.0 303643.0 323368.0 167207.0 243216.0 339917.4 374608.2 - - TEV/EBITDA 19.70x 7.45x 11.04x 7.43x 5.48x 0.00x 0.00x 5.78x 5.25x - - Net Income 146750.0 114453.0 103387.0 139992.0 132961.0 143399.0 116511.0 129697.0 145262.9 - - P/E 15.86x 9.49x 14.65x 11.33x 10.74x 10.18x 12.84x 11.68x 10.40x - - 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 6.68% Short-Term Rating -Return on Common Equity 12.80% Credit RatiosReturn on Capital 10.29% EBITDA/Interest Exp. 27.94Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 4.79Margin Analysis Net Debt/EBITDA 1.07Gross Margin - Total Debt/EBITDA 1.34EBITDA Margin 15.5% ReferenceEBIT Margin 8.5% Total Debt/Equity 31.7%Net Income Margin 6.6% Total Debt/Capital 22.7%Structure Asset Turnover 1.09Current Ratio 0.68 Net Fixed Asset Turnover 1.54Quick Ratio 0.23 Accounts receivable turnover-days 12.81Debt to Assets 16.58% Inventory Days -Tot Debt to Common Equity 31.71% Accounts Payable Turnover Day -Accounts Receivable Turnover 28.58 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 2500000.0 8.00 7.00 2000000.0 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 |
    • 30.11.2012PetroChina Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG n/a EXCH 1711231963 8.11 - 08.08.2012 Investment AdvisorJP MORGAN CHASE & CO #N/A N/A EXCH 1446702135 6.86 - 20.11.2012 Investment AdvisorBLACKROCK INC n/a EXCH 1310910969 6.21 - 08.11.2012 Investment AdvisorFRANKLIN RESOURCES I n/a Co File 1270171357 6.02 - 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 901847493 4.27 20782075 30.09.2012 Investment AdvisorABERDEEN INVESTMENT Multiple Portfolios MF-AGG 596056105 2.83 32226000 12.11.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 499060000 2.37 3402000 28.11.2012 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 (236236099) -1.12 - 09.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 175742108 0.83 (9780632) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 140542355 0.67 26588915 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 132110965 0.63 (1460000) 28.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 91022000 0.43 156000 31.08.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79168272 0.38 896000 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 70310594 0.33 5322351 30.06.2012 Mutual Fund ManagerMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66938000 0.32 - 30.06.2012 UnclassifiedSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 66885243 0.32 (406000) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 65110000 0.31 - 28.11.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 63906335 0.3 1222000 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LABAN YU buy 5 M 16 12 month 27.11.2012Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 27.11.2012Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 23.11.2012Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 20.11.2012BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 19.11.2012Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 15.11.2012Nomura SONIA SONG neutral 3 M 12 Not Provided 14.11.2012Macquarie JAMES HUBBARD outperform 5 M 12 12 month 08.11.2012Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012Deutsche Bank DAVID HURD hold 3 M 11 12 month 01.11.2012ICBC International Securities ANNA YU hold 3 M 10 Not Provided 01.11.2012HSBC THOMAS C HILBOLDT underweight 1 D 10 Not Provided 31.10.2012Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012Bank of China International LAWRENCE LAU buy 5 M 13 Not Provided 31.10.2012DBS Vickers WEE KEAT LEE hold 3 M 9 35 month 31.10.2012Mizuho Securities ANDREW S F CHAN underperform 1 D 9 12 month 31.10.2012China International Capital Corp BIN GUAN hold 3 D 10 12 month 31.10.2012UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 31.10.2012BOCOM International Holdings WU FEI long-term buy 5 M 13 12 month 31.10.2012VTB Capital COLIN SMITH sell 1 M 9 12 month 31.10.2012Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 30.10.2012JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 12 month 30.10.2012Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 17.10.2012Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 10.09.2012Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012Daiwa 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 14.08.2012Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011SWS 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 |
    • 30.11.2012China 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: 09/yy 10.0 M 5 5.0 M52-Week High (17.02.2012) 36.45 0 .0 M52-Week Low (07.06.2012) 24.15 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 14332434.00 Current Price (11/dd/yy) 31.75 Market Data 52-Week High % Change -12.89% Dividend Yield 3.53 52-Week Low % Change 31.47% Beta 1.12 % 52 Week Price Range High/Low 58.94% Equity Float 3388.20Shares Out 30.09.2012 3398.6 Short Int - Market Capitalization 553924.94 1 Yr Total Return 1.14%Total Debt 60466.00 YTD Return -2.01%Preferred Stock 0.0 Adjusted BETA 1.123Minority Interest 38492.0 Analyst Recs 41Cash and Equivalents 64945.00 Consensus Rating 4.390Enterprise Value 485592.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 125446401088 HK EQUITY YTD Change - Average Volume 30 Day 138486801088 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14619030 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 80275.0 104416.0 117526.0 157662.0 208197.0 180178.0 219383.0 234002.1 255360.1 - - TEV/Revenue 15.67x 3.62x 6.12x 3.31x 2.62x 13.30x 7.21x 2.05x 1.82x - - EBITDA 41526.0 50621.0 58355.0 72181.0 84268.0 0.0 0.0 86134.7 91319.1 - - TEV/EBITDA 30.29x 7.47x 12.32x 7.22x 6.46x 0.00x 0.00x 5.64x 5.32x - - Net Income 20497.0 25959.0 30276.0 38834.0 45677.0 40580.0 45511.0 47391.9 50137.2 - - P/E 39.42x 11.07x 21.98x 14.16x 11.91x 15.11x 0.00x 10.59x 10.09x - - 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 12.40% Short-Term Rating -Return on Common Equity 22.73% Credit RatiosReturn on Capital 19.01% EBITDA/Interest Exp. 24.19Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 11.28Margin Analysis Net Debt/EBITDA 0.03Gross Margin 38.5% Total Debt/EBITDA 0.64EBITDA Margin 37.9% ReferenceEBIT Margin 30.5% Total Debt/Equity 26.8%Net Income Margin 21.9% Total Debt/Capital 18.6%Structure Asset Turnover 0.57Current Ratio 1.23 Net Fixed Asset Turnover 0.88Quick Ratio 0.89 Accounts receivable turnover-days 25.15Debt to Assets 15.08% Inventory Days 35.89Tot Debt to Common Equity 26.78% Accounts Payable Turnover Day 56.44Accounts Receivable Turnover 14.55 Cash Conversion Cycle -4.93Inventory Turnover 10.20Price/ Cash Flow Sales/Revenue/Turnover 16.00 250000.0 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 |
    • 30.11.2012China 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 N/A EXCH 356469743 10.49 - 20.11.2012 Investment AdvisorBLACKROCK INC #N/A N/A EXCH 259964114 7.65 296019 21.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 160452854 4.72 3747877 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 107618000 3.17 663000 28.11.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57352200 1.69 7519000 30.09.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 42080000 1.24 (16771500) 30.09.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 28961500 0.85 5950000 29.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 28890183 0.85 53500 28.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 28475414 0.84 205423 29.02.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 28308370 0.83 (1575272) 30.06.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 25114025 0.74 878000 31.07.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 24906500 0.73 661500 30.09.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 19443550 0.57 (773262) 30.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 19070036 0.56 5738000 29.11.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15359845 0.45 (417500) 30.06.2012 Mutual Fund ManagerUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 15310500 0.45 (50000) 31.07.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 15241804 0.45 4668500 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 13188130 0.39 (4207000) 30.06.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12945000 0.38 (974500) 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 12334746 0.36 (750922) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMirae Asset Securities SHIRLEY ZHAO buy 5 M 36 12 month 27.11.2012China International Capital Corp CAI HONGYU buy 5 M 35 12 month 26.11.2012Nomura MATTHEW CROSS neutral 3 M 30 Not Provided 26.11.2012SinoPac ROBERT WEI neutral 3 D 34 12 month 26.11.2012Standard Chartered CHEN YAN outperform 5 M 40 12 month 20.11.2012Jefferies LABAN YU underperform 1 M 25 12 month 20.11.2012Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 20.11.2012Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 38 Not Provided 19.11.2012BOCOM International Holdings HE WEI neutral 3 M 35 12 month 19.11.2012Barclays EPHREM RAVI overweight 5 M 39 Not Provided 16.11.2012JPMorgan DANIEL KANG overweight 5 M 35 6 month 14.11.2012Deutsche Bank JAMES KAN buy 5 M 37 12 month 06.11.2012Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 05.11.2012Capital Securities Corp TEAM COVERAGE buy 5 M 34 Not Provided 30.10.2012Credit Suisse TRINA CHEN outperform 5 M 38 Not Provided 29.10.2012Yuanta Securities Investment Consulting JOHNNY WONG buy 5 M 37 Not Provided 29.10.2012Bank of China International LAWRENCE LAU hold 3 M 32 Not Provided 29.10.2012DBS Vickers JUNE NG buy 5 M 38 23 month 29.10.2012Mizuho Securities KELVIN NG neutral 3 M 31 12 month 29.10.2012Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 29.10.2012Core Pacific KENNY CHEUNG buy 5 M 44 Not Provided 29.10.2012Ji Asia SAMUEL THAWLEY neutral 3 D #N/A N/A Not Provided 29.10.2012Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 28.10.2012HSBC SIMON FRANCIS overweight 5 M 37 Not Provided 28.10.2012CIMB JEANNETTE SIM outperform 5 M 38 12 month 28.10.2012BNP Paribas Equity Research JAMES CLARKE buy 5 M 40 12 month 26.10.2012Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 38 12 month 24.09.2012Macquarie MATTY ZHAO outperform 5 M 36 12 month 18.09.2012EVA 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 04.09.2012KGI 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 16.07.2012Guotai 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 11.05.2012SWS 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 |
    • 30.11.2012China 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: 09/yy 5 20.0 M52-Week High (23.02.2012) 24.70 0 .0 M52-Week Low (04.06.2012) 17.00 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 32188466.00 Current Price (11/dd/yy) 22.85 Market Data 52-Week High % Change -7.49% Dividend Yield 1.25 52-Week Low % Change 34.41% Beta 1.20 % 52 Week Price Range High/Low 73.38% Equity Float 7441.18Shares Out 30.09.2012 7441.2 Short Int - Market Capitalization 627482.94 1 Yr Total Return 20.50%Total Debt 42990.00 YTD Return 20.88%Preferred Stock 0.0 Adjusted BETA 1.198Minority Interest 1858.0 Analyst Recs 31Cash and Equivalents 55985.00 Consensus Rating 3.419Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 238317702628 HK EQUITY YTD Change - Average Volume 30 Day 300643002628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 30755040 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 191372.0 299478.0 339262.0 385446.0 370352.0 395553.0 395204.0 367384.9 414547.9 - - TEV/Revenue 7.65x 1.74x 2.68x 1.61x 1.16x 2.06x 0.00x 1.35x 1.18x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 38879.0 19137.0 32881.0 33626.0 18331.0 28556.0 11181.0 15623.1 29660.5 - - P/E 27.36x 30.50x 29.11x 22.62x 23.96x 21.87x 0.00x 29.75x 15.02x - - 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 0.90% Short-Term Rating -Return on Common Equity 7.31% Credit RatiosReturn on Capital 5.91% EBITDA/Interest Exp. -Asset Turnover 0.21% (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 0.21Current 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 |
    • 30.11.2012China 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 315121285 4.23 10370893 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 191089000 2.57 1281000 28.11.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 150281500 2.02 - 28.09.2012 Investment AdvisorBLACKROCK INC n/a Short (78915350) -1.06 - 16.08.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 61981243 0.83 (3448832) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 52899058 0.71 400000 28.11.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 52870000 0.71 (2400000) 30.09.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 34090000 0.46 - 30.06.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 32482000 0.44 (14349000) 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 31894060 0.43 (70098784) 29.02.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 28274342 0.38 2957000 30.06.2012 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 - 31.07.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21744000 0.29 6742000 30.06.2012 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 16742526 0.22 1127230 28.09.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15572000 0.21 452000 31.07.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 15359000 0.21 (1449000) 29.06.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 13992332 0.19 66000 29.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse ARJAN VAN VEEN neutral 3 M 23 Not Provided 28.11.2012Nomura DAVID CHUNG buy 5 M 27 Not Provided 27.11.2012Core Pacific OLIVE XIA hold 3 M 25 Not Provided 22.11.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 16.11.2012BOCOM International Holdings LI WENBING buy 5 M 26 12 month 16.11.2012Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 15.11.2012Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012Barclays MARK KELLOCK overweight 5 U 30 Not Provided 09.11.2012Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012Bank of China International SUN PENG buy 5 M 25 Not Provided 30.10.2012Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012DBS Vickers PING CHENG hold 3 M 23 15 month 29.10.2012Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012Mizuho Securities THOMAS J MONACO underperform 1 M 12 12 month 29.10.2012China International Capital Corp TANG SHENGBO buy 5 M 22 12 month 29.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012UOB Kay Hian EDMOND LAW hold 3 M 21 Not Provided 29.10.2012CCB International Securities Ltd KENNETH YUE neutral 3 M 24 Not Provided 28.10.2012Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012JPMorgan CHAN BAO LING neutral 3 M 22 12 month 26.10.2012HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012Deutsche Bank ESTHER CHWEI buy 5 M 27 12 month 14.09.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012ICBC International Securities PIUS CHENG hold 3 M 21 Not Provided 06.07.2012AMTD 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 18.10.2011Sun 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 |
    • 30.11.2012Ping 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: 09/yy 10 5.0 M52-Week High (23.02.2012) 68.60 0 .0 M52-Week Low (09.01.2012) 46.80 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 13787195.00 Current Price (11/dd/yy) 58.65 Market Data 52-Week High % Change -14.50% Dividend Yield 0.85 52-Week Low % Change 25.32% Beta 1.43 % 52 Week Price Range High/Low 50.92% Equity Float 1819.53Shares Out 31.10.2012 3129.7 Short Int - Market Capitalization 400884.59 1 Yr Total Return 15.60%Total Debt 322062.00 YTD Return 15.48%Preferred Stock 0.0 Adjusted BETA 1.430Minority Interest 40475.0 Analyst Recs 31Cash and Equivalents 94582.00 Consensus Rating 4.065Enterprise Value 242463.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 104945002318 HK EQUITY YTD Change - Average Volume 30 Day 109234202318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 11242650 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 139137.0 87666.0 152961.0 195052.0 272683.0 244495.0 313844.0 321032.1 362420.1 - - TEV/Revenue 5.10x 3.19x 3.24x 3.37x 2.19x 9.11x 6.55x 1.60x 1.43x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 18688.0 1418.0 13883.0 17311.0 19475.0 19074.0 21041.0 22269.9 28765.7 - - P/E 30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 16.45x 12.80x - - 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 1.05% Short-Term Rating -Return on Common Equity 14.71% Credit RatiosReturn on Capital 9.85% 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 |
    • 30.11.2012Ping 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 243194832 7.77 - 26.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 79442338 2.54 6517105 30.09.2012 Investment AdvisorJINJUN CO LTD n/a EXCH 76000000 2.43 (120000000) 24.08.2011 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 62128000 1.99 (1602000) 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 57803500 1.85 348500 28.11.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 33530000 1.07 3572000 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 30429639 0.97 (12902549) 29.02.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 26300500 0.84 553000 29.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 18097300 0.58 532500 30.09.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16944635 0.54 (894024) 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 16581389 0.53 (106966) 30.06.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13182027 0.42 30500 28.11.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 10656202 0.34 912000 30.06.2012 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8742500 0.28 (78500) 31.07.2012 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 8487900 0.27 208500 31.07.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8438000 0.27 2040500 31.07.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8016500 0.26 (2213000) 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7514449 0.24 1437000 30.09.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 6135000 0.2 164500 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DAVID CHUNG neutral 3 D 67 Not Provided 27.11.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 26.11.2012Core Pacific OLIVE XIA buy 5 M 71 12 month 22.11.2012BOCOM International Holdings LI WENBING buy 5 M 75 Not Provided 20.11.2012Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 19.11.2012Credit Suisse ARJAN VAN VEEN outperform 5 M 73 Not Provided 15.11.2012Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 13.11.2012Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 13.11.2012Barclays MARK KELLOCK overweight 5 M 83 Not Provided 09.11.2012Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 02.11.2012Jefferies BARON NIE hold 3 M 63 12 month 31.10.2012DBS Vickers PING CHENG buy 5 M 73 38 month 31.10.2012Mizuho Securities THOMAS J MONACO buy 5 M 68 12 month 31.10.2012Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012UOB Kay Hian EDMOND LAW buy 5 M 78 Not Provided 31.10.2012JPMorgan CHAN BAO LING overweight 5 M 70 12 month 30.10.2012CCB International Securities Ltd KENNETH YUE outperform 5 U 72 Not Provided 30.10.2012HSBC JAMES GARNER neutral 3 M 74 Not Provided 18.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012Deutsche Bank ESTHER CHWEI hold 3 M 65 12 month 14.09.2012Bank of China International SUN PENG hold 3 M 66 Not Provided 24.08.2012SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 24.08.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012ICBC International Securities PIUS CHENG hold 3 M 63 Not Provided 06.07.2012Phillip 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 18.10.2011China 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 |
    • 30.11.2012Bank of Communications Co LtdBank of Communications Co. Ltd. provides a full range of commercial banking Price/Volumeservices including RMB and foreign currency deposit, loan, international and 7 120.0 Mdomestic settlement, discount, currency trading, letter of credit, bank 6 100.0 Mguarantee, and other related services. 5 80.0 M 4 60.0 M Valuation Analysis 3Latest Fiscal Year: 12/2011 40.0 M 2LTM as of: 09/yy 1 20.0 M52-Week High (20.02.2012) 6.55 0 .0 M52-Week Low (16.07.2012) 4.75 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 38350058.00 Current Price (11/dd/yy) 5.68 Market Data 52-Week High % Change -13.28% Dividend Yield 2.19 52-Week Low % Change 19.58% Beta 1.18 % 52 Week Price Range High/Low 45.56% Equity Float 10041.70Shares Out 30.09.2012 35011.9 Short Int - Market Capitalization 405517.72 1 Yr Total Return 19.67%Total Debt 949230.00 YTD Return 7.11%Preferred Stock 0.0 Adjusted BETA 1.183Minority Interest 986.0 Analyst Recs 38Cash and Equivalents 1181145.00 Consensus Rating 3.053Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 233693803328 HK EQUITY YTD Change - Average Volume 30 Day 291010603328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32215960 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 99579.0 129757.0 132775.0 164124.0 218749.0 205404.0 262090.0 146497.0 158630.0 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 20274.0 28524.0 30118.0 39042.0 50735.0 47921.0 56832.0 56172.1 55529.2 13142.0 - P/E 24.24x 8.49x 13.01x 9.09x 5.37x 5.02x 4.71x 5.63x 6.02x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 06.12.2011EBIT - Long-Term Rating A-Operating Margin 49.99% Long-Term Outlook STABLEPretax Margin 50.16% Short-Term Rating Date 28.11.2012Return on Assets 1.17% Short-Term Rating A-2Return on Common Equity 20.32% Credit RatiosReturn on Capital 4.37% 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 349.2%Net Income Margin 38.9% Total Debt/Capital 77.7%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 6.81Quick Ratio - Accounts receivable turnover-days -Debt to Assets 20.59% Inventory Days -Tot Debt to Common Equity 349.24% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 600.00 250000.0 500.00 200000.0 400.00 150000.0 300.00 100000.0 200.00 50000.0 100.00 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 |
    • 30.11.2012Bank of Communications Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHSBC HOLDINGS PLC n/a EXCH 14147386095 40.41 - 15.03.2012 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 7027777778 20.07 916666667 31.12.2010 GovernmentCHINA MINISTRY OF FI n/a Co File 3795000000 10.84 - 31.12.2010 GovernmentBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 411208600 1.17 2231000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 308010788 0.88 4705921 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 86603703 0.25 289000 28.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 60755830 0.17 (3382084) 30.06.2012 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 31600000 0.09 14000000 31.12.2011 Investment AdvisorMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21636000 0.06 - 30.06.2012 UnclassifiedINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 15726000 0.04 15726000 31.05.2012 Mutual Fund ManagerHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14876400 0.04 (4943000) 30.06.2012 Investment AdvisorSEB FONDFORVALTNING Multiple Portfolios MF-AGG 14858044 0.04 (756128) 28.09.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12341076 0.04 - 31.08.2012 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 11893058 0.03 - 30.04.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 11473028 0.03 63000 28.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7582713 0.02 - 31.01.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6899194 0.02 4928983 30.09.2012 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 6863000 0.02 (309000) 28.09.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6554300 0.02 2998000 30.06.2012 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5989142 0.02 - 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateReligare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 28.11.2012HSBC TODD DUNIVANT neutral 3 M 6 Not Provided 26.11.2012Mizuho Securities JIM ANTOS underperform 1 M 6 12 month 23.11.2012Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 6 12 month 20.11.2012UOB Kay Hian EDMOND LAW sell 1 M 5 Not Provided 20.11.2012Credit Suisse SANJAY JAIN underperform 1 M 6 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN underperform 1 M 5 12 month 12.11.2012ICBC International Securities IVAN LIN hold 3 M 6 Not Provided 08.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012Jefferies JACLYN WANG hold 3 M 6 12 month 05.11.2012Nomura LUCY FENG neutral 3 M 5 Not Provided 05.11.2012Bank of China International JINHUA YIN hold 3 M 5 Not Provided 01.11.2012CCB International Securities Ltd SHENG NAN neutral 3 M 6 Not Provided 01.11.2012JPMorgan JOSHUA KLACZEK neutral 3 D 6 Not Provided 31.10.2012DBS Vickers ALEXANDER LEE hold 3 D 6 31 month 31.10.2012Kim Eng Securities IVAN LI hold 3 M 6 12 month 31.10.2012Morgan Stanley RICHARD XU Underwt/In-Line 1 M 4 12 month 30.10.2012Macquarie VICTOR WANG neutral 3 D 6 12 month 30.10.2012CIMB TREVOR KALCIC neutral 3 M 5 12 month 30.10.2012Daiwa Securities Co. Ltd. GRACE WU hold 3 M 5 Not Provided 30.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 9 Not Provided 29.10.2012Deutsche Bank TRACY YU hold 3 M 6 12 month 26.10.2012Goldman Sachs NING MA Sell/Neutral 1 M 6 12 month 11.10.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 02.10.2012Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012Core Pacific TIMOTHY LI hold 3 M 5 Not Provided 05.09.2012China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 31.08.2012Mirae Asset Securities NAN LI hold 3 M 6 12 month 03.07.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Masterlink Securities RAINY YUAN hold 3 M 6 Not Provided 13.06.2012Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 10.05.2012BOCOM International Holdings LI SHANSHAN buy 5 M #N/A N/A Not Provided 03.05.2012Guotai Junan WILSON LI accumulate 4 M 6 Not Provided 09.04.2012Capital Securities Corp XIE JIYONG buy 5 M 7 Not Provided 03.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Unicom Hong Kong LtdChina Unicom (Hong Kong) Limited, through its subsidiaries, provides Price/Volumetelecommunications services in the Peoples Republic of China. The Companys 18 140.0 Mservices include cellular, paging, long distance, data, and Internet services. 16 120.0 M 14 100.0 M 12 10 80.0 M Valuation Analysis 8 60.0 MLatest Fiscal Year: 12/2011 6 40.0 M 4LTM as of: 09/yy 20.0 M 252-Week High (08.12.2011) 16.98 0 .0 M52-Week Low (18.07.2012) 9.45 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 27046772.00 Current Price (11/dd/yy) 12.08 Market Data 52-Week High % Change -28.86% Dividend Yield 1.03 52-Week Low % Change 27.83% Beta 0.82 % 52 Week Price Range High/Low 34.13% Equity Float 4576.91Shares Out 06.11.2012 23565.1 Short Int - Market Capitalization 284665.81 1 Yr Total Return -24.02%Total Debt 107108.00 YTD Return -25.23%Preferred Stock 0.0 Adjusted BETA 0.819Minority Interest 0.0 Analyst Recs 36Cash and Equivalents 15410.00 Consensus Rating 3.889Enterprise Value 330064.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 20689860762 HK EQUITY YTD Change - Average Volume 30 Day 29367010762 HK EQUITY YTD % CHANGE - Average Volume 3 Month 25883260 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 150687.0 159792.0 153945.0 171370.0 209167.0 201685.0 238426.0 251732.8 288630.5 65792.5 65752.0 TEV/Revenue 1.87x 1.34x 1.81x 1.73x 1.93x 6.95x 5.75x 1.32x 1.19x - - EBITDA 77739.0 70301.0 59317.0 60349.0 63996.0 48995.0 55157.0 73739.6 85807.0 18028.0 20064.0 TEV/EBITDA 3.62x 3.05x 4.69x 4.91x 6.31x 0.00x 0.00x 4.48x 3.85x 4.03x 3.88x Net Income 21437.0 35398.0 9556.0 3701.0 4227.0 4265.0 5417.0 6983.7 11499.2 1403.5 2476.0 P/E 19.25x 24.82x 22.63x 58.92x 73.63x 73.99x 45.73x 32.90x 20.05x 21.33x 19.03x Profitability S&P Issuer RatingsEBITDA 63996.00 Long-Term Rating Date -EBIT 5975.00 Long-Term Rating -Operating Margin 2.86% Long-Term Outlook -Pretax Margin 2.68% Short-Term Rating Date -Return on Assets 1.10% Short-Term Rating -Return on Common Equity 2.43% Credit RatiosReturn on Capital 2.30% EBITDA/Interest Exp. 18.36Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -3.98Margin Analysis Net Debt/EBITDA 1.38Gross Margin - Total Debt/EBITDA 1.65EBITDA Margin 29.7% ReferenceEBIT Margin 3.6% Total Debt/Equity 52.0%Net Income Margin 2.0% Total Debt/Capital 34.2%Structure Asset Turnover 0.50Current Ratio 0.18 Net Fixed Asset Turnover 0.60Quick Ratio 0.13 Accounts receivable turnover-days 19.19Debt to Assets 23.48% Inventory Days -Tot Debt to Common Equity 52.02% Accounts Payable Turnover Day -Accounts Receivable Turnover 19.07 Cash Conversion Cycle -Inventory Turnover -Price/ 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 |
    • 30.11.2012China Unicom Hong Kong LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA UNICOM BVI LTD n/a 13D 9725000020 41.27 - 30.07.2012 GovernmentCHINA NETCOM GROUP C n/a 13D 8082130236 34.3 - 30.07.2012 GovernmentTELEFONICA INTERNACI n/a 13D 1180601587 5.01 - 30.07.2012 CorporationBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 210630028 0.89 1214000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 204525504 0.87 4877000 30.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 177568000 0.75 14892000 30.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 128259944 0.54 2006000 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 110208009 0.47 48456409 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 66039376 0.28 698000 28.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 39256216 0.17 (2184353) 30.06.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 38779790 0.16 17031540 31.10.2012 Mutual Fund ManagerWADDELL & REED FINAN Multiple Portfolios MF-AGG 30232000 0.13 (5334000) 30.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 24000000 0.1 24000000 30.09.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 22990461 0.1 - 28.09.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19793990 0.08 - 31.12.2010 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 19222000 0.08 66000 31.07.2012 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 18662100 0.08 896000 31.08.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 17064000 0.07 (16000) 30.06.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 16308000 0.07 - 30.06.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 15594000 0.07 (78000) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DANNY CHU buy 5 M 18 Not Provided 29.11.2012Credit Suisse COLIN MCCALLUM outperform 5 M 18 Not Provided 26.11.2012Bank of China International MICHAEL MENG buy 5 M 17 Not Provided 22.11.2012Kim Eng Securities ANDY POON hold 3 M 13 12 month 22.11.2012Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 18 12 month 21.11.2012Jefferies CYNTHIA JINHONG MENG buy 5 M 16 12 month 21.11.2012Haitong International Securities ALEX LEE buy 5 M 16 12 month 21.11.2012CIMB BERTRAM LAI outperform 5 M 16 12 month 21.11.2012BNP Paribas Equity Research ALEN LIN buy 5 M 15 12 month 21.11.2012DBS Vickers TAM TSZ-WANG buy 5 M 15 12 month 20.11.2012Core Pacific KEVIN TAM Positive 4 M #N/A N/A Not Provided 20.11.2012BOCOM International Holdings LI ZHIWU neutral 3 M 11 Not Provided 20.11.2012Standard Chartered STEVEN LIU in-line 3 U 12 12 month 16.11.2012Pacific Crest Securities STEVE CLEMENT outperform 5 M 15 12 month 13.11.2012Barclays ANAND RAMACHANDRAN equalweight 3 M 13 Not Provided 07.11.2012Capital Securities Corp HU JIAMING hold 3 M #N/A N/A Not Provided 29.10.2012China International Capital Corp CHEN HAOFEI buy 5 M 16 12 month 26.10.2012SWS Research Co Ltd JIM TANG buy 5 M 16 Not Provided 26.10.2012UOB Kay Hian VICTOR YIP hold 3 M 12 Not Provided 26.10.2012ICBC International Securities KARY SEI hold 3 M 13 Not Provided 26.10.2012JPMorgan LUCY LIU overweight 5 M 16 12 month 25.10.2012Guotai Junan RICKY LAI accumulate 4 U 15 Not Provided 28.09.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 07.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012First Shanghai Securities Ltd TSOI HO buy 5 M 15 12 month 30.08.2012Deutsche Bank ALAN HELLAWELL buy 5 M 19 12 month 28.08.2012Macquarie LISA SOH underperform 1 M 12 12 month 24.08.2012Mizuho Securities MARVIN LO neutral 3 U 15 12 month 24.08.2012HSBC TUCKER GRINNAN underweight 1 D 10 Not Provided 23.08.2012Religare Capital Markets RUMIT DUGAR buy 5 M 15 12 month 23.08.2012Goldman Sachs DONALD LU neutral/neutral 3 M 14 12 month 15.08.2012Ji Asia NEIL JUGGINS sell 1 D 8 12 month 26.06.2012Everbright Securities Co., Ltd MICHAEL LI not rated #N/A N/A M #N/A N/A Not Provided 22.05.2012Citic Securities Co., Ltd JUNTAO GONG buy 5 N 21 6 month 09.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 18 Not Provided 06.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Merchants Bank Co LtdChina Merchants Bank Co., Ltd. provides a wide range of commercial banking Price/Volumeservices including deposit, loan, bill discount, government bonds underwriting 20 100.0 Mand trading, interbank lending, letter of credit, bank guarantee, and other 18 90.0 Mrelated services. 16 80.0 M 14 70.0 M 12 60.0 M 10 50.0 M Valuation Analysis 8 40.0 MLatest Fiscal Year: 12/2011 6 30.0 MLTM as of: 09/yy 4 20.0 M 2 10.0 M52-Week High (06.02.2012) 18.30 0 .0 M52-Week Low (06.09.2012) 12.02 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 25750323.00 Current Price (11/dd/yy) 14.84 Market Data 52-Week High % Change -18.91% Dividend Yield 3.52 52-Week Low % Change 23.46% Beta 1.42 % 52 Week Price Range High/Low 41.72% Equity Float 3910.48Shares Out 30.09.2012 3910.5 Short Int - Market Capitalization 278352.41 1 Yr Total Return 10.66%Total Debt 366138.00 YTD Return -2.17%Preferred Stock 0.0 Adjusted BETA 1.417Minority Interest 13.0 Analyst Recs 38Cash and Equivalents 676706.00 Consensus Rating 3.395Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 164773703968 HK EQUITY YTD Change - Average Volume 30 Day 162201903968 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19757800 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 59531.0 82401.0 78480.0 100188.0 142837.0 57192.0 169237.0 112978.5 125125.3 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 15243.0 21077.0 18235.0 25769.0 36129.0 16192.0 44578.0 41660.3 43424.3 9617.0 12102.0 P/E 38.11x 8.50x 19.00x 10.41x 7.11x 0.00x 0.00x 6.47x 6.55x 6.93x 6.62x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 06.12.2011EBIT - Long-Term Rating BBB+Operating Margin 48.07% Long-Term Outlook STABLEPretax Margin 48.13% Short-Term Rating Date 15.04.2010Return on Assets 1.37% Short-Term Rating A-2Return on Common Equity 25.04% Credit RatiosReturn on Capital 6.33% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 221.9%Net Income Margin 36.9% Total Debt/Capital 68.9%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 8.82Quick Ratio - Accounts receivable turnover-days -Debt to Assets 13.10% Inventory Days -Tot Debt to Common Equity 221.91% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 250.00 160000.0 140000.0 200.00 120000.0 100000.0 150.00 80000.0 100.00 60000.0 40000.0 50.00 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 |
    • 30.11.2012China Merchants Bank Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES I n/a EXCH 429972565 11 179500 14.09.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 393342304 10.06 - 05.07.2012 Investment AdvisorBLACKROCK INC n/a EXCH 297222639 7.6 - 08.11.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 168470005 4.31 960000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 166483718 4.26 (33945463) 30.09.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 161970732 4.14 - 30.09.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 100972266 2.58 418000 31.08.2012 BankDEUTSCHE BANK AG n/a EXCH 94671177 2.42 - 24.02.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 86630397 2.22 11695843 29.02.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (64631275) -1.65 - 24.02.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 48138932 1.23 378500 30.06.2012 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 47160464 1.21 - 29.06.2012 Investment AdvisorBLACKROCK INC n/a Short (32297667) -0.83 - 08.11.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 27876081 0.71 162562 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 25858369 0.66 111000 28.11.2012 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 23236500 0.59 15196500 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 20867750 0.53 (3417739) 30.09.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 14845700 0.38 2916000 30.06.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 13113000 0.34 (3300000) 28.09.2012 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 10990979 0.28 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateReligare Capital Markets SOPHIE JIANG sell 1 M 10 12 month 28.11.2012HSBC ERIC MAK overweight 5 M 17 Not Provided 26.11.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 17 12 month 26.11.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 26.11.2012Mizuho Securities JIM ANTOS underperform 1 M 13 12 month 23.11.2012CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 16 12 month 22.11.2012Jefferies TAN MING buy 5 M 18 12 month 20.11.2012Sanford C. Bernstein & Co MICHAEL WERNER underperform 1 M 13 12 month 20.11.2012UOB Kay Hian EDMOND LAW sell 1 M 14 Not Provided 20.11.2012Credit Suisse SANJAY JAIN neutral 3 M 17 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN outperform 5 M 16 12 month 12.11.2012Capital Securities Corp TEAM COVERAGE buy 5 M 17 Not Provided 12.11.2012ICBC International Securities IVAN LIN hold 3 M 15 Not Provided 08.11.2012JPMorgan JOSHUA KLACZEK underweight 1 M 14 12 month 07.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 17 12 month 07.11.2012Nomura LUCY FENG buy 5 M 17 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN neutral 3 M 16 Not Provided 01.11.2012Core Pacific TIMOTHY LI hold 3 M 14 12 month 31.10.2012Bank of China International SUN PENG hold 3 M 15 Not Provided 30.10.2012DBS Vickers ALEXANDER LEE hold 3 D 16 27 month 30.10.2012Kim Eng Securities IVAN LI sell 1 D 13 12 month 30.10.2012Mirae Asset Securities NAN LI hold 3 M 17 12 month 30.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 17 12 month 29.10.2012CIMB TREVOR KALCIC neutral 3 M 14 12 month 29.10.2012Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 17 Not Provided 29.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 19 Not Provided 29.10.2012Deutsche Bank TRACY YU hold 3 M 14 12 month 26.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 21 12 month 11.10.2012Barclays MAY YAN underweight 1 D 15 Not Provided 06.09.2012Masterlink Securities RAINY YUAN buy 5 M 16 6 month 23.08.2012Guotai Junan WILSON LI accumulate 4 M 17 Not Provided 20.08.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 15 Not Provided 20.08.2012Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012Macquarie VICTOR WANG outperform 5 M 21 12 month 19.06.2012Phillip Securities CHEN XINGYU buy 5 M 18 Not Provided 11.06.2012China International Capital Corp MAO JUNHUA buy 5 U 27 12 month 19.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Telecom Corp LtdChina Telecom Corporation Limited, through its subsidiaries, provides wireline Price/Volumetelephone, data, and Internet, as well as leased line services in China. 6 350.0 M 5 300.0 M 250.0 M 4 200.0 M 3 Valuation Analysis 150.0 MLatest Fiscal Year: 12/2011 2 100.0 MLTM as of: 09/yy 1 50.0 M52-Week High (14.09.2012) 4.92 0 .0 M52-Week Low (05.06.2012) 3.23 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 59616000.00 Current Price (11/dd/yy) 4.22 Market Data 52-Week High % Change -14.23% Dividend Yield - 52-Week Low % Change 30.65% Beta 0.70 % 52 Week Price Range High/Low 56.80% Equity Float 12970.22Shares Out 30.06.2012 13877.4 Short Int - Market Capitalization 341534.59 1 Yr Total Return -5.91%Total Debt 52103.00 YTD Return -2.07%Preferred Stock 0.0 Adjusted BETA 0.701Minority Interest 788.0 Analyst Recs 35Cash and Equivalents 29176.00 Consensus Rating 3.829Enterprise Value 284038.56 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 51056640728 HK EQUITY YTD Change - Average Volume 30 Day 65644360728 HK EQUITY YTD % CHANGE - Average Volume 3 Month 69579820 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 180882.0 186529.0 209370.0 219864.0 245041.0 239059.0 272667.0 279716.6 310596.0 70827.0 65557.0 TEV/Revenue 3.07x 1.62x 1.44x 1.48x 1.28x 2.90x 0.85x 1.22x 1.16x - - EBITDA 90348.0 83192.0 75654.0 75667.0 75353.0 58829.0 55929.0 75520.2 98076.0 15953.0 - TEV/EBITDA 6.14x 3.64x 4.00x 4.30x 4.17x 0.00x 0.00x 3.76x 2.90x - - Net Income 24195.0 884.0 14422.0 15347.0 16502.0 17025.0 15207.0 15028.0 19472.0 2141.5 4322.0 P/E 19.34x 254.52x 15.85x 18.16x 17.93x 19.37x 19.37x 18.23x 14.01x - - Profitability S&P Issuer RatingsEBITDA 75353.00 Long-Term Rating Date -EBIT 24129.00 Long-Term Rating -Operating Margin 9.85% Long-Term Outlook -Pretax Margin 8.98% Short-Term Rating Date -Return on Assets 3.69% Short-Term Rating -Return on Common Equity 6.27% Credit RatiosReturn on Capital 5.79% EBITDA/Interest Exp. 24.93Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 8.86Margin Analysis Net Debt/EBITDA 0.12Gross Margin - Total Debt/EBITDA 0.64EBITDA Margin 28.0% ReferenceEBIT Margin 8.8% Total Debt/Equity 20.3%Net Income Margin 6.7% Total Debt/Capital 16.9%Structure Asset Turnover 0.63Current Ratio 0.47 Net Fixed Asset Turnover 0.87Quick Ratio 0.37 Accounts receivable turnover-days 30.00Debt to Assets 12.43% Inventory Days -Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -Accounts Receivable Turnover 12.20 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 300000.0 5.00 250000.0 4.00 200000.0 3.00 150000.0 2.00 100000.0 1.00 50000.0 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 |
    • 30.11.2012China Telecom Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 1356998999 9.78 - 16.11.2012 Investment AdvisorBLACKROCK INC n/a EXCH 1191417323 8.59 - 09.11.2012 Investment AdvisorRFS HOLDINGS BV n/a Short (1180327134) -8.51 - 30.06.2011 GovernmentRFS HOLDINGS BV n/a 20F 907191530 6.54 - 23.04.2012 GovernmentCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 842058000 6.07 (5334000) 31.08.2012 BankCAPITAL RESEARCH AND n/a EXCH 690412000 4.98 - 21.06.2011 Investment AdvisorFRANKLIN RESOURCES I n/a EXCH 680257811 4.9 (17201530) 13.09.2011 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 641749000 4.62 (6275000) 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 641460984 4.62 62199334 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 570220000 4.11 3214000 28.11.2012 Investment AdvisorBLACKROCK INC n/a Short (140956088) -1.02 - 09.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 138856982 1 (3004000) 28.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 91075236 0.66 41893814 30.12.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 87140000 0.63 15052000 30.09.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 58948000 0.42 (2468000) 31.07.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 55046366 0.4 (20036000) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 54556393 0.39 (8649751) 30.09.2012 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 48458000 0.35 - 28.09.2012 Mutual Fund ManagerMASON STREET ADVISOR Multiple Portfolios MF-AGG 45846000 0.33 1408000 30.06.2012 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 43828000 0.32 (5000000) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DANNY CHU neutral 3 M 5 Not Provided 29.11.2012Haitong International Securities ALEX LEE hold 3 M 4 12 month 21.11.2012DBS Vickers TAM TSZ-WANG buy 5 M 6 12 month 21.11.2012SWS Research Co Ltd JIM TANG underperform 1 M 4 Not Provided 21.11.2012BOCOM International Holdings LI ZHIWU neutral 3 M 4 Not Provided 21.11.2012Ji Asia NEIL JUGGINS buy 5 U 5 12 month 21.11.2012Credit Suisse COLIN MCCALLUM outperform 5 U 5 Not Provided 15.11.2012Pacific Crest Securities STEVE CLEMENT outperform 5 M 5 12 month 13.11.2012BNP Paribas Equity Research ALEN LIN hold 3 M 5 12 month 07.11.2012Barclays ANAND RAMACHANDRAN equalweight 3 D 5 Not Provided 06.11.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.11.2012Kim Eng Securities ANDY POON hold 3 M 5 12 month 30.10.2012UOB Kay Hian VICTOR YIP hold 3 M 5 Not Provided 30.10.2012ICBC International Securities KARY SEI hold 3 M 5 Not Provided 30.10.2012Standard Chartered STEVEN LIU outperform 5 M 6 12 month 29.10.2012Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 5 12 month 29.10.2012JPMorgan LUCY LIU overweight 5 M 5 12 month 29.10.2012Jefferies CYNTHIA JINHONG MENG buy 5 M 6 12 month 29.10.2012CIMB BERTRAM LAI neutral 3 M 5 12 month 29.10.2012Mizuho Securities MARVIN LO buy 5 M 5 12 month 29.10.2012Guotai Junan RICKY LAI accumulate 4 U 5 Not Provided 15.10.2012Deutsche Bank ALAN HELLAWELL buy 5 M 6 12 month 26.09.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2012First Shanghai Securities Ltd TSOI HO hold 3 M 5 12 month 30.08.2012Goldman Sachs DONALD LU neutral/neutral 3 M 5 12 month 29.08.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 23.08.2012Macquarie LISA SOH outperform 5 M 4 12 month 23.08.2012Bank of China International MICHAEL MENG buy 5 M 6 Not Provided 23.08.2012HSBC TUCKER GRINNAN neutral 3 M 5 Not Provided 22.08.2012Religare Capital Markets RUMIT DUGAR hold 3 M 4 12 month 22.08.2012China International Capital Corp CHEN HAOFEI buy 5 M 6 12 month 06.08.2012Citic Securities Co., Ltd JUNTAO GONG buy 5 N 5 6 month 24.07.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 23.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Citic Bank Corp LtdChina CITIC Bank Corporation Limited provides a full range of commercial banking Price/Volumeservices including RMB and foreign currency deposit, loan, international and 6 700.0 Mdomestic settlement, currency trading, bank guarantee, and export credit. 5 600.0 M 500.0 M 4 400.0 M 3 Valuation Analysis 300.0 MLatest Fiscal Year: 12/2011 2 200.0 MLTM as of: 09/yy 1 100.0 M52-Week High (14.03.2012) 5.15 0 .0 M52-Week Low (05.09.2012) 3.50 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 52756188.00 Current Price (11/dd/yy) 4 Market Data 52-Week High % Change -22.33% Dividend Yield 4.51 52-Week Low % Change 14.29% Beta 1.26 % 52 Week Price Range High/Low 27.27% Equity Float 7962.20Shares Out 30.09.2012 14882.2 Short Int - Market Capitalization 203679.42 1 Yr Total Return 4.66%Total Debt 583758.00 YTD Return -4.20%Preferred Stock 0.0 Adjusted BETA 1.262Minority Interest 4285.0 Analyst Recs 38Cash and Equivalents 905696.00 Consensus Rating 3.789Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22706050998 HK EQUITY YTD Change - Average Volume 30 Day 57296960998 HK EQUITY YTD % CHANGE - Average Volume 3 Month 51313810 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 43564.0 66493.0 61458.0 80283.0 117780.0 107181.0 148634.0 88059.9 95617.4 25908.0 - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 8322.0 13296.0 14320.0 21509.0 30819.0 28542.0 33819.0 33687.2 33250.1 7840.0 - P/E 19.89x 5.83x 15.78x 7.77x 4.99x 3.84x 4.26x 4.44x 4.47x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 54.42% Long-Term Outlook -Pretax Margin 54.53% Short-Term Rating Date -Return on Assets 1.36% Short-Term Rating -Return on Common Equity 21.78% Credit RatiosReturn on Capital 6.85% 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 334.5%Net Income Margin 40.4% Total Debt/Capital 76.6%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 13.21Quick Ratio - Accounts receivable turnover-days -Debt to Assets 21.11% Inventory Days -Tot Debt to Common Equity 334.54% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 140000.0 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 |
    • 30.11.2012China Citic Bank Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANCO BILBAO VIZCAYA n/a EXCH 6916390144 46.47 - 11.07.2011 BankLEHMAN BROTHERS ASIA n/a Co File 2198463000 14.77 - 31.12.2010 Investment AdvisorBLACKROCK INC n/a EXCH 756591569 5.08 - 26.10.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 417702200 2.81 2167000 28.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 325402538 2.19 - 24.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 318508338 2.14 8890469 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 114786554 0.77 (506000) 28.11.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 95024522 0.64 94528690 29.02.2012 Investment AdvisorBLACKROCK INC n/a Short (62401924) -0.42 - 26.10.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 45286500 0.3 - 28.11.2012 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 40752000 0.27 40472000 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 31267681 0.21 - 30.09.2012 Investment AdvisorSEB FONDFORVALTNING Multiple Portfolios MF-AGG 31137386 0.21 2113635 28.09.2012 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 26129200 0.18 (10579000) 31.07.2012 Investment AdvisorCHARLES SCHWAB INVES Multiple Portfolios MF-AGG 22576800 0.15 (385000) 29.11.2012 Investment AdvisorKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19912000 0.13 1367000 30.06.2012 Mutual Fund ManagerGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 18980000 0.13 (7755000) 30.09.2012 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 18846000 0.13 719000 29.06.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (15762973) -0.11 - 24.10.2012 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 13269000 0.09 599000 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateReligare Capital Markets SOPHIE JIANG sell 1 M 3 12 month 28.11.2012BOCOM International Holdings LI SHANSHAN long-term buy 5 M 5 12 month 28.11.2012HSBC ERIC MAK overweight 5 M 6 Not Provided 26.11.2012Mizuho Securities JIM ANTOS neutral 3 U 4 12 month 23.11.2012CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 5 12 month 22.11.2012Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 20.11.2012Credit Suisse SANJAY JAIN neutral 3 M 5 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN in-line 3 M 4 12 month 12.11.2012ICBC International Securities IVAN LIN hold 3 M 5 Not Provided 08.11.2012JPMorgan JOSHUA KLACZEK neutral 3 M 5 12 month 07.11.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 4 12 month 07.11.2012Jefferies TAN MING buy 5 M 5 12 month 05.11.2012Nomura LUCY FENG neutral 3 M 4 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN neutral 3 M 5 Not Provided 01.11.2012Core Pacific TIMOTHY LI hold 3 M 4 12 month 31.10.2012Bank of China International JINHUA YIN buy 5 M 4 Not Provided 30.10.2012DBS Vickers ALEXANDER LEE buy 5 M 4 26 month 30.10.2012Kim Eng Securities IVAN LI buy 5 M 5 12 month 30.10.2012Daiwa Securities Co. Ltd. GRACE WU hold 3 M 4 Not Provided 30.10.2012SWS Research Co Ltd ROBERT HU outperform 5 M 6 Not Provided 30.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 29.10.2012CIMB TREVOR KALCIC neutral 3 M 3 12 month 29.10.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 29.10.2012Deutsche Bank TRACY YU hold 3 M 4 12 month 26.10.2012Goldman Sachs NING MA neutral/neutral 3 M 5 12 month 11.10.2012Barclays MAY YAN equalweight 3 M 4 Not Provided 06.09.2012Guotai Junan WILSON LI buy 5 M 6 Not Provided 31.08.2012Mirae Asset Securities NAN LI hold 3 M 4 12 month 31.08.2012Masterlink Securities RAINY YUAN hold 3 M 5 Not Provided 05.07.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Macquarie VICTOR WANG outperform 5 M 5 12 month 19.06.2012Phillip Securities CHEN XINGYU buy 5 M 5 Not Provided 19.06.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 21.05.2012Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 05.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Minsheng Banking Corp LtdChina Minsheng Banking Corp., Ltd. operates in commercial banking businesses. Price/VolumeThe Bank provides deposit, loan, settlement, discount, financial bond issuance, 8 250.0 Mgovernment bond underwriting and trading, letter of credit, bank guarantee, and 7other related financial services. 200.0 M 6 5 150.0 M 4 Valuation Analysis 100.0 M 3Latest Fiscal Year: 12/2011 2LTM as of: 09/yy 50.0 M 152-Week High (02.05.2012) 8.23 0 .0 M52-Week Low (05.09.2012) 5.35 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 40764594.00 Current Price (11/dd/yy) 7.6 Market Data 52-Week High % Change -7.65% Dividend Yield - 52-Week Low % Change 42.06% Beta 1.08 % 52 Week Price Range High/Low 74.31% Equity Float 5115.18Shares Out 30.09.2012 5778.0 Short Int - Market Capitalization 220748.44 1 Yr Total Return 33.09%Total Debt 405150.00 YTD Return 22.02%Preferred Stock 0.0 Adjusted BETA 1.085Minority Interest 4513.0 Analyst Recs 36Cash and Equivalents 602886.00 Consensus Rating 3.917Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 234691201988 HK EQUITY YTD Change - Average Volume 30 Day 356809201988 HK EQUITY YTD % CHANGE - Average Volume 3 Month 43765460 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 43036.0 61198.0 63580.0 80034.0 135546.0 121193.0 168332.0 97504.5 108016.1 - - TEV/Revenue - - - - - 0.00x 0.00x 1.75x 1.60x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 6335.0 7885.0 12104.0 17581.0 27920.0 25960.0 35344.0 33487.5 33891.3 - - P/E 41.17x 9.69x 12.56x 7.61x 5.61x 5.69x 4.35x 5.06x 5.13x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating NROperating Margin 45.23% Long-Term Outlook -Pretax Margin 44.74% Short-Term Rating Date -Return on Assets 1.43% Short-Term Rating -Return on Common Equity 25.53% Credit RatiosReturn on Capital 5.07% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 312.6%Net Income Margin 33.6% Total Debt/Capital 75.1%Structure Asset Turnover 0.07Current Ratio - Net Fixed Asset Turnover 18.96Quick Ratio - Accounts receivable turnover-days -Debt to Assets 18.18% Inventory Days -Tot Debt to Common Equity 312.62% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 160000.0 14.00 140000.0 12.00 120000.0 10.00 100000.0 8.00 80000.0 6.00 60000.0 4.00 40000.0 2.00 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 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 |
    • 30.11.2012China Minsheng Banking Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC #N/A N/A EXCH 524401352 9.08 9012770 22.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 501004317 8.67 - 08.11.2012 Investment AdvisorCITIGROUP INCORPORAT #N/A N/A EXCH 452895866 7.84 4823625 22.11.2012 Investment AdvisorWADDELL & REED FINAN n/a EXCH 406493740 7.04 - 25.07.2012 Investment AdvisorCITIGROUP INCORPORAT n/a Short (388822183) -6.73 (22000000) 22.11.2012 Investment AdvisorMORGAN STANLEY n/a Short (340613751) -5.9 - 23.11.2012 Investment AdvisorYUZHU SHI n/a EXCH 336279500 5.82 5000000 06.09.2012 n/aUBS AG #N/A N/A EXCH 287300660 4.97 - 23.11.2012 Investment AdvisorGOLDMAN SACHS GROUP n/a Short (267744413) -4.63 - 26.10.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 257540618 4.46 - 23.11.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 250245800 4.33 1348500 28.11.2012 Investment AdvisorFOSUN INTERNATIONAL n/a EXCH 248947500 4.31 8071000 05.09.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 221063808 3.83 7773717 30.09.2012 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 190412589 3.3 - 05.11.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (165871847) -2.87 - 05.11.2012 Investment AdvisorBLACKROCK INC n/a Short (105435424) -1.82 (7671770) 22.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 79228500 1.37 (6092500) 28.09.2012 Investment AdvisorTOPPER LINK LTD n/a EXCH 74355000 1.29 - 05.09.2012 OtherPRUDENTIAL INSURANCE PRUDENTIAL INSURANCE Sch-D 68000000 1.18 68000000 30.06.2012 Insurance CompanyBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 39962420 0.69 6428500 28.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateReligare Capital Markets SOPHIE JIANG buy 5 N 9 12 month 28.11.2012Core Pacific TIMOTHY LI hold 3 M 8 12 month 27.11.2012HSBC ERIC MAK underweight 1 M 7 Not Provided 26.11.2012BOCOM International Holdings YANG QINGLI buy 5 M 9 12 month 26.11.2012Mizuho Securities JIM ANTOS buy 5 U 9 12 month 23.11.2012CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 9 12 month 22.11.2012UOB Kay Hian EDMOND LAW buy 5 M 8 Not Provided 21.11.2012Jefferies TAN MING buy 5 M 9 12 month 20.11.2012Credit Suisse DAISY WU underperform 1 M 7 Not Provided 16.11.2012Standard Chartered LAWRENCE CHEN in-line 3 M 7 12 month 12.11.2012ICBC International Securities IVAN LIN hold 3 M 8 Not Provided 08.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 8 12 month 07.11.2012Nomura LUCY FENG buy 5 M 8 Not Provided 05.11.2012CCB International Securities Ltd SHENG NAN outperform 5 M 9 Not Provided 01.11.2012JPMorgan JOSHUA KLACZEK underweight 1 D 7 Not Provided 31.10.2012Capital Securities Corp XIE JIYONG buy 5 M 9 12 month 31.10.2012Bank of China International SUN PENG hold 3 M 8 Not Provided 31.10.2012DBS Vickers ALEXANDER LEE hold 3 M 7 36 month 31.10.2012Daiwa Securities Co. Ltd. GRACE WU hold 3 M 7 Not Provided 31.10.2012SWS Research Co Ltd ROBERT HU buy 5 M 9 Not Provided 31.10.2012Guotai Junan WILSON LI buy 5 M 8 Not Provided 31.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 7 12 month 30.10.2012CIMB TREVOR KALCIC outperform 5 M 8 12 month 30.10.2012Deutsche Bank TRACY YU hold 3 M 7 12 month 26.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 9 12 month 11.10.2012Macquarie VICTOR WANG outperform 5 M 11 12 month 13.09.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012China International Capital Corp MAO JUNHUA buy 5 M 9 12 month 06.09.2012Mirae Asset Securities NAN LI buy 5 M 9 12 month 06.09.2012Barclays MAY YAN equalweight 3 D 7 Not Provided 06.09.2012Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012Masterlink Securities RAINY YUAN buy 5 M 9 6 month 06.04.2012Phillip Securities CHEN XINGYU accumulate 4 D 9 Not Provided 08.02.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 7 Not Provided 01.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012PICC Property & Casualty Co LtdPICC Property and Casualty Company Limited provides a broad range of property Price/Volumeand casualty insurance products for a wide variety of customers throughout 12 160.0 MChina. 140.0 M 10 120.0 M 8 100.0 M 6 80.0 M Valuation Analysis 60.0 MLatest Fiscal Year: 12/2011 4 40.0 MLTM as of: 01/yy 2 20.0 M52-Week High (09.02.2012) 11.50 0 .0 M52-Week Low (25.05.2012) 7.81 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 15814213.00 Current Price (11/dd/yy) 9.97 Market Data 52-Week High % Change -13.30% Dividend Yield 2.62 52-Week Low % Change 27.66% Beta 1.18 % 52 Week Price Range High/Low 55.01% Equity Float 3801.58Shares Out 30.06.2012 3801.6 Short Int - Market Capitalization 122192.13 1 Yr Total Return 7.62%Total Debt 19299.00 YTD Return -2.38%Preferred Stock 0.0 Adjusted BETA 1.185Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 15064.00 Consensus Rating 3.625Enterprise Value 101682.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 165724102328 HK EQUITY YTD Change - Average Volume 30 Day 140656702328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14885500 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 75610.0 83596.0 98218.0 128040.0 136955.0 - - 180335.4 202548.4 - - TEV/Revenue 1.17x 0.18x 0.45x 0.76x 0.79x - - 0.61x 0.54x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 2991.0 109.0 1783.0 5288.0 8027.0 - - 10249.8 11052.6 - - P/E 38.96x 368.13x 38.52x 21.12x 12.47x - - 9.54x 8.94x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 8.25% Long-Term Outlook -Pretax Margin 7.51% Short-Term Rating Date -Return on Assets 3.36% Short-Term Rating -Return on Common Equity 24.96% Credit RatiosReturn on Capital 18.56% EBITDA/Interest Exp. -Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 54.9%Net Income Margin 5.9% Total Debt/Capital 35.4%Structure Asset Turnover 0.53Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 7.26% Inventory Days -Tot Debt to Common Equity 54.89% Accounts Payable Turnover Day -Accounts Receivable Turnover - 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 |
    • 30.11.2012PICC Property & Casualty Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHARTIS PROP CAS CO CHARTIS PROP CAS CO Sch-D 618804318 16.28 56254938 30.06.2012 Insurance CompanyCHARTIS PROP CAS CO n/a Co File 562549380 14.8 - 31.12.2011 Insurance CompanyCOMMERCE & INDUSTRY COMMERCE AND INDUSTR Sch-D 364002540 9.58 33091140 30.06.2012 Insurance CompanyCOMMERCE & INDUSTRY n/a Co File 330911400 8.7 - 31.12.2011 Insurance CompanyBLACKROCK INC n/a EXCH 257447261 6.77 - 25.10.2012 Investment AdvisorLEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 230534942 6.06 20957722 30.06.2012 Insurance CompanyLEXINGTON INSURANCE n/a Co File 209577220 5.51 - 31.12.2011 Insurance CompanyJP MORGAN CHASE & CO n/a EXCH 183038499 4.81 - 07.09.2012 Investment AdvisorOWL CREEK ASSET MANA n/a EXCH 153967500 4.05 (7330000) 11.04.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 147847400 3.89 786000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 115942924 3.05 3735628 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 44934800 1.18 - 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 40837600 1.07 8407400 30.06.2012 Mutual Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 36878000 0.97 19956000 29.06.2012 Hedge Fund ManagerBLACKROCK INC n/a Short (33477720) -0.88 - 25.10.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 28358000 0.75 188000 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 26956521 0.71 25900469 31.10.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 25890237 0.68 100000 28.11.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17922000 0.47 3008000 31.10.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 15679724 0.41 3925143 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCore Pacific OLIVE XIA hold 3 M #N/A N/A Not Provided 22.11.2012JPMorgan CHAN BAO LING restricted #N/A N/A M #N/A N/A Not Provided 15.11.2012Goldman Sachs NING MA Rating Suspended #N/A N/A M #N/A N/A Not Provided 14.11.2012BOCOM International Holdings LI WENBING long-term buy 5 M 10 12 month 14.11.2012Nomura DAVID CHUNG neutral 3 M 11 Not Provided 09.11.2012Barclays MARK KELLOCK overweight 5 M 15 Not Provided 09.11.2012Standard Chartered JENNIFER LAW underperform 1 M 10 12 month 06.11.2012Macquarie SCOTT G RUSSELL outperform 5 M 14 12 month 02.11.2012Jefferies BARON NIE hold 3 M 10 12 month 15.10.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 10.09.2012Credit Suisse ARJAN VAN VEEN restricted #N/A N/A M #N/A N/A Not Provided 27.08.2012DBS Vickers PING CHENG hold 3 M 10 12 month 23.08.2012Guotai Junan FELIX LUO accumulate 4 U 11 Not Provided 23.08.2012Mizuho Securities THOMAS J MONACO underperform 1 M 7 12 month 22.08.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 11 12 month 21.08.2012SWS Research Co Ltd ROBERT HU outperform 5 M 11 Not Provided 21.08.2012GuoSen Securities Co Ltd MICHAEL NG buy 5 N 12 12 month 01.06.2012Masterlink Securities TEAM COVERAGE hold 3 N 9 Not Provided 25.05.2012Morgan Stanley BEN LIN Overwt/In-Line 5 M 16 12 month 17.05.2012Bank of China International JINHUA YIN hold 3 M 10 Not Provided 29.03.2012China International Capital Corp TANG SHENGBO buy 5 M 12 12 month 29.03.2012UOB Kay Hian EDMOND LAW sell 1 M 9 Not Provided 29.03.2012CCB International Securities Ltd KENNETH YUE outperform 5 M 11 Not Provided 29.03.2012ICBC International Securities PIUS CHENG hold 3 D 11 Not Provided 29.03.2012HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 28.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 12 Not Provided 16.12.2011Mirae Asset Securities IVAN CHEUNG buy 5 M 14 12 month 30.11.2011Phillip Securities CHEN XINGYU buy 5 M 12 12 month 19.10.2011RBS YANAN WANG sell 1 M 9 12 month 01.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012Anhui Conch Cement Co LtdAnhui Conch Cement Company Limited produces and sells ordinary portland cement, Price/Volumeportland cement, portland blast furnace slag cement, compound cement, and 30 50.0 Mcommercial clinker. 45.0 M 25 40.0 M 20 35.0 M 30.0 M 15 25.0 M Valuation Analysis 20.0 MLatest Fiscal Year: 12/2011 10 15.0 MLTM as of: 09/yy 5 10.0 M 5.0 M52-Week High (09.02.2012) 28.55 0 .0 M52-Week Low (31.08.2012) 19.10 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 13585003.00 Current Price (11/dd/yy) 25.8 Market Data 52-Week High % Change -9.63% Dividend Yield 1.69 52-Week Low % Change 35.08% Beta 1.42 % 52 Week Price Range High/Low 62.43% Equity Float 1183.03Shares Out 30.09.2012 1299.6 Short Int - Market Capitalization 115571.30 1 Yr Total Return 9.99%Total Debt 22594.93 YTD Return 14.04%Preferred Stock 0.0 Adjusted BETA 1.421Minority Interest 1992.0 Analyst Recs 35Cash and Equivalents 8044.71 Consensus Rating 3.514Enterprise Value 110963.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10102960914 HK EQUITY YTD Change - Average Volume 30 Day 13979840914 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14825240 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 18776.1 24228.3 24998.0 34508.3 48653.8 46862.1 45681.3 46267.8 53731.7 13404.5 - TEV/Revenue 6.40x 2.18x 10.56x 3.42x 2.13x 12.12x 10.17x 2.37x 2.01x - - EBITDA 5245.0 5396.1 6530.7 10630.0 18761.2 0.0 0.0 11828.9 14930.4 - - TEV/EBITDA 22.91x 9.77x 40.43x 11.12x 5.51x 0.00x 0.00x 9.38x 7.43x - - Net Income 2480.1 2607.2 3505.9 6159.6 11586.4 12067.4 6469.7 6390.5 8324.5 2063.7 - P/E 37.56x 20.26x 22.19x 17.76x 8.54x 7.76x 16.07x 17.17x 13.10x - - Profitability S&P Issuer RatingsEBITDA 18761.24 Long-Term Rating Date -EBIT 16190.19 Long-Term Rating -Operating Margin 33.28% Long-Term Outlook -Pretax Margin 32.27% Short-Term Rating Date -Return on Assets 10.71% Short-Term Rating -Return on Common Equity 20.07% Credit RatiosReturn on Capital 14.10% EBITDA/Interest Exp. 17.74Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 10.31Margin Analysis Net Debt/EBITDA 1.13Gross Margin 39.4% Total Debt/EBITDA 1.52EBITDA Margin 31.9% ReferenceEBIT Margin 25.7% Total Debt/Equity 50.8%Net Income Margin 23.8% Total Debt/Capital 32.7%Structure Asset Turnover 0.59Current Ratio 1.54 Net Fixed Asset Turnover 0.93Quick Ratio 1.12 Accounts receivable turnover-days 53.00Debt to Assets 26.90% Inventory Days 50.00Tot Debt to Common Equity 50.82% Accounts Payable Turnover Day 51.49Accounts Receivable Turnover 6.91 Cash Conversion Cycle 54.99Inventory Turnover 7.32Price/ Cash Flow Sales/Revenue/Turnover 1.20 60000.0 1.00 50000.0 0.80 40000.0 30000.0 0.60 20000.0 0.40 10000.0 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 |
    • 30.11.2012Anhui Conch Cement Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 197574064 15.2 - 12.11.2012 Investment AdvisorGENESIS ASSET MANAGE n/a EXCH 130188638 10.02 - 03.07.2012 Investment AdvisorTAIWAN CEMENT CORP n/a Co File 116568000 8.97 - 31.12.2011 CorporationBLACKROCK INC #N/A N/A EXCH 103692109 7.98 - 22.11.2012 Investment AdvisorDEUTSCHE BANK AG #N/A N/A EXCH 87635783 6.74 - 21.11.2012 Investment AdvisorMORGAN STANLEY n/a EXCH 82949048 6.38 - 23.03.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (71765098) -5.52 (265721) 21.11.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 55989500 4.31 316000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 53401876 4.11 1337500 30.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 37067671 2.85 (4000) 31.07.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 33990200 2.62 914000 30.09.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 20207000 1.55 20112000 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 16713572 1.29 (11711719) 29.02.2012 Investment AdvisorMORGAN STANLEY n/a Short (15210675) -1.17 60625013 23.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 14433000 1.11 (16173000) 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13576050 1.04 38000 28.11.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 11383206 0.88 10572000 30.06.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 10773500 0.83 (6432000) 30.09.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 10315500 0.79 2750000 28.09.2012 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 10173000 0.78 (393000) 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PO WEI underperform 1 M 18 12 month 28.11.2012Citic Securities Co., Ltd TIMOTHY LEE hold 3 M 27 6 month 27.11.2012Sun Hung Kai Securities STUWART CHEN buy 5 N 30 12 month 26.11.2012BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 33 12 month 26.11.2012Religare Capital Markets TRACY HUANG hold 3 M 20 12 month 23.11.2012Nomura YANG LUO reduce 2 M 18 Not Provided 21.11.2012Barclays ADA DAI equalweight 3 N 26 Not Provided 21.11.2012KGI Securities XIAOQING YAN neutral 3 M 29 12 month 15.11.2012SinoPac YU ZHOU neutral 3 M 22 12 month 13.11.2012Daiwa Securities Co. Ltd. FELIX LAM hold 3 M 26 Not Provided 09.11.2012Deutsche Bank JOHNSON WAN hold 3 M 25 12 month 05.11.2012Standard Chartered BEN HARTWRIGHT outperform 5 M 30 12 month 30.10.2012Morgan Stanley JOHN LAM Overwt/Attractive 5 M 30 12 month 25.10.2012Bank of China International MICHELLE LEUNG buy 5 M 29 Not Provided 25.10.2012DBS Vickers ADDISON DAI fully valued 2 M 17 12 month 25.10.2012China International Capital Corp LUO WEI buy 5 M 31 12 month 25.10.2012SWS Research Co Ltd YE RONG neutral 3 M 22 Not Provided 25.10.2012Credit Suisse TRINA CHEN underperform 1 M 17 Not Provided 24.10.2012JPMorgan NICK LAI overweight 5 M 30 12 month 24.10.2012Capital Securities Corp ZHU JIXIANG buy 5 M 28 Not Provided 24.10.2012CIMB KEVIN YOU neutral 3 M 26 12 month 24.10.2012GuoSen Securities Co Ltd ETHANE CHENG buy 5 N #N/A N/A Not Provided 22.10.2012ICBC International Securities DUNCAN CHAN hold 3 M 20 Not Provided 10.10.2012HSBC ELAINE LAM neutral 3 D 26 Not Provided 02.10.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.10.2012Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 30 12 month 24.09.2012Hua Tai Securities Co., Ltd PAN LILI buy 5 M #N/A N/A Not Provided 12.09.2012Macquarie ANDREW DALE underperform 1 M 18 12 month 17.08.2012UOB Kay Hian MARK PO buy 5 M 27 Not Provided 16.08.2012Mizuho Securities KELVIN NG underperform 1 M 15 12 month 15.08.2012Guotai Junan RAY ZHAO neutral 3 D 22 Not Provided 14.05.2012Masterlink Securities DAI KAI-YU hold 3 D 25 6 month 04.11.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 26.10.2011Celestial Securities Limited TEAM COVERAGE buy 5 N 20 12 month 01.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012China Coal Energy Co LtdChina Coal Energy Company Ltd mines and markets thermal coal and coking coal. Price/VolumeThe Company also manufactures coal mining equipment and offers coal mine design 12 90.0 Mservices. 80.0 M 10 70.0 M 8 60.0 M 50.0 M 6 Valuation Analysis 40.0 MLatest Fiscal Year: 12/2011 4 30.0 M 20.0 MLTM as of: 09/yy 2 10.0 M52-Week High (17.02.2012) 10.48 0 .0 M52-Week Low (28.06.2012) 6.08 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 20350212.00 Current Price (11/dd/yy) 7.82 Market Data 52-Week High % Change -25.38% Dividend Yield - 52-Week Low % Change 28.62% Beta 1.38 % 52 Week Price Range High/Low 37.50% Equity Float 3805.98Shares Out 30.09.2012 4106.7 Short Int - Market Capitalization 109573.54 1 Yr Total Return -7.42%Total Debt 29794.88 YTD Return -3.33%Preferred Stock 0.0 Adjusted BETA 1.375Minority Interest 14219.7 Analyst Recs 41Cash and Equivalents 32173.57 Consensus Rating 3.707Enterprise Value 117920.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 188368201898 HK EQUITY YTD Change - Average Volume 30 Day 300599201898 HK EQUITY YTD % CHANGE - Average Volume 3 Month 31585580 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 35640.5 51753.1 53187.0 70302.6 87773.1 84617.7 85834.0 89323.7 99204.4 44950.0 - TEV/Revenue 7.62x 1.20x 3.06x 1.98x 1.39x 5.22x 4.64x 1.38x 1.36x 2.58x - EBITDA 8634.7 12819.2 12138.8 14723.9 18629.1 0.0 0.0 17673.0 19801.1 - - TEV/EBITDA 31.46x 4.85x 13.40x 9.46x 6.56x 0.00x 0.00x 6.67x 5.96x - - Net Income 6019.8 7131.0 7409.3 7466.4 9801.5 8481.6 8703.8 8684.6 9154.7 2705.5 - P/E 44.94x 10.06x 22.39x 18.38x 9.19x 9.12x 8.68x 9.34x 8.96x - - Profitability S&P Issuer RatingsEBITDA 18629.14 Long-Term Rating Date -EBIT 13960.50 Long-Term Rating -Operating Margin 15.91% Long-Term Outlook -Pretax Margin 16.00% Short-Term Rating Date -Return on Assets 6.12% Short-Term Rating -Return on Common Equity 11.17% Credit RatiosReturn on Capital 8.84% EBITDA/Interest Exp. 16.86Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. -1.16Margin Analysis Net Debt/EBITDA 0.39Gross Margin 20.9% Total Debt/EBITDA 1.97EBITDA Margin 19.2% ReferenceEBIT Margin 13.9% Total Debt/Equity 36.4%Net Income Margin 11.2% Total Debt/Capital 23.7%Structure Asset Turnover 0.62Current Ratio 1.95 Net Fixed Asset Turnover 1.53Quick Ratio 1.39 Accounts receivable turnover-days 39.20Debt to Assets 18.63% Inventory Days 38.91Tot Debt to Common Equity 36.45% Accounts Payable Turnover Day 54.00Accounts Receivable Turnover 9.34 Cash Conversion Cycle 18.03Inventory Turnover 9.41Price/ Cash Flow Sales/Revenue/Turnover 20.00 100000.0 18.00 90000.0 16.00 80000.0 14.00 70000.0 12.00 60000.0 10.00 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 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 |
    • 30.11.2012China Coal Energy Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC #N/A N/A EXCH 415198441 10.11 - 22.11.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 300683390 7.32 - 11.10.2012 GovernmentCITIGROUP INCORPORAT n/a EXCH 228728485 5.57 - 15.10.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 194964073 4.75 - 23.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 176652842 4.3 5334559 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 173836000 4.23 985000 28.11.2012 Investment AdvisorDAVIS SELECTED ADVIS n/a EXCH 122514560 2.98 - 06.07.2012 Investment AdvisorBLACKROCK INC n/a Short (103689063) -2.52 - 22.11.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 69352820 1.69 (1567000) 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 36910801 0.9 122000 28.11.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 32495776 0.79 (1809090) 30.06.2012 Investment AdvisorMORGAN STANLEY n/a Short (31994100) -0.78 - 23.11.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22023000 0.54 - 28.11.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17182000 0.42 (932000) 31.10.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 17000000 0.41 - 31.07.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 15490000 0.38 (7378000) 31.08.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 15383855 0.37 - 16.10.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 15057272 0.37 (8196000) 29.11.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 13143847 0.32 - 28.11.2012 Investment AdvisorMASON STREET ADVISOR Multiple Portfolios MF-AGG 10446740 0.25 321000 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCIMB JEANNETTE SIM outperform 5 M 9 12 month 27.11.2012China International Capital Corp CAI HONGYU hold 3 M 8 12 month 26.11.2012Nomura MATTHEW CROSS reduce 2 M 5 Not Provided 26.11.2012SinoPac ROBERT WEI neutral 3 M 8 12 month 26.11.2012Standard Chartered CHEN YAN outperform 5 U 9 12 month 20.11.2012Jefferies LABAN YU underperform 1 M 4 12 month 20.11.2012Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 4 12 month 20.11.2012Daiwa Securities Co. Ltd. DAVE DAI buy 5 U 9 Not Provided 19.11.2012UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 19.11.2012Barclays EPHREM RAVI overweight 5 M 10 Not Provided 16.11.2012JPMorgan DANIEL KANG neutral 3 M 8 6 month 14.11.2012BOCOM International Holdings HE WEI long-term buy 5 M 9 12 month 13.11.2012Macquarie MATTY ZHAO outperform 5 M 8 12 month 05.11.2012Capital Securities Corp XU YING buy 5 M 8 Not Provided 31.10.2012HSBC SIMON FRANCIS neutral 3 M 8 Not Provided 28.10.2012BNP Paribas Equity Research JAMES CLARKE buy 5 M 9 12 month 25.10.2012Guotai Junan LEO WU neutral 3 M 8 Not Provided 25.10.2012Mirae Asset Securities SHIRLEY ZHAO hold 3 M 7 12 month 25.10.2012Core Pacific KENNY CHEUNG buy 5 M 9 Not Provided 25.10.2012Credit Suisse TRINA CHEN outperform 5 M 9 Not Provided 24.10.2012Yuanta Securities Investment Consulting JOHNNY WONG buy 5 M 9 Not Provided 24.10.2012DBS Vickers JUNE NG buy 5 M 9 12 month 24.10.2012Mizuho Securities KELVIN NG buy 5 U 9 12 month 24.10.2012Religare Capital Markets TRACY HUANG buy 5 M 9 12 month 24.10.2012Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 7 12 month 23.10.2012Deutsche Bank JAMES KAN hold 3 M 7 12 month 19.10.2012Goldman Sachs JULIAN ZHU neutral/neutral 3 D 8 12 month 24.09.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 8 Not Provided 17.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012Masterlink Securities LI XIN hold 3 M 8 5 month 27.08.2012Bank of China International LAWRENCE LAU sell 1 M 6 Not Provided 23.08.2012Ji Asia SAMUEL THAWLEY buy 5 M 8 12 month 27.07.2012ICBC International Securities ANNA YU buy 5 M 8 Not Provided 17.07.2012SWS Research Co Ltd HUANG ZHE neutral 3 M 12 Not Provided 13.04.2012GuoSen Securities Co Ltd DAVID LAM buy 5 M 11 12 month 05.04.2012Citic Securities Co., Ltd WALLACE CHENG buy 5 M 11 6 month 12.03.2012KGI Securities YANG TAO neutral 3 M 11 12 month 21.12.2011Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 N #N/A N/A Not Provided 17.08.2011Cinda Securities Ltd CASTOR PANG neutral 3 N 10 Not Provided 07.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012Yanzhou Coal Mining Co LtdYanzhou Coal Mining Company Limited operates underground mining and coal Price/Volumepreparation and operation businesses. Its products are sold in domestic and 20 100.0 Minternational markets. The Company also provides railway transportation 18 90.0 Mservices. 16 80.0 M 14 70.0 M 12 60.0 M 10 50.0 M Valuation Analysis 8 40.0 MLatest Fiscal Year: 12/2011 6 30.0 MLTM as of: 09/yy 4 20.0 M 2 10.0 M52-Week High (09.02.2012) 20.15 0 .0 M52-Week Low (05.09.2012) 9.92 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 21861063.00 Current Price (11/dd/yy) 11.86 Market Data 52-Week High % Change -41.14% Dividend Yield - 52-Week Low % Change 19.56% Beta 1.30 % 52 Week Price Range High/Low 18.57% Equity Float 1958.40Shares Out 30.09.2012 1958.4 Short Int - Market Capitalization 82910.38 1 Yr Total Return -27.90%Total Debt 37047.43 YTD Return -24.42%Preferred Stock 0.0 Adjusted BETA 1.302Minority Interest 666.2 Analyst Recs 37Cash and Equivalents 18096.65 Consensus Rating 2.432Enterprise Value 100362.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 266425501171 HK EQUITY YTD Change - Average Volume 30 Day 331988901171 HK EQUITY YTD % CHANGE - Average Volume 3 Month 29084380 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 16297.7 25956.7 20677.1 33944.3 48168.1 42654.6 57659.4 53221.4 57362.5 - - TEV/Revenue 5.38x 0.97x 5.26x 3.33x 2.33x 10.64x 5.64x 1.71x 1.64x - - EBITDA 5812.9 10119.3 7221.7 10248.0 15570.2 0.0 0.0 10331.6 11064.9 - - TEV/EBITDA 15.09x 2.50x 15.06x 11.02x 7.21x 0.00x 0.00x 9.71x 9.07x - - Net Income 3218.8 6324.0 4117.3 9281.4 8622.8 8802.8 7319.9 5451.3 4938.1 - - P/E 22.25x 3.90x 17.99x 10.65x 7.67x 7.84x 6.44x 8.73x 9.57x - - Profitability S&P Issuer RatingsEBITDA 15570.16 Long-Term Rating Date 27.04.2012EBIT 12634.42 Long-Term Rating BBB-Operating Margin 26.23% Long-Term Outlook STABLEPretax Margin 25.12% Short-Term Rating Date -Return on Assets 8.16% Short-Term Rating -Return on Common Equity 20.56% Credit RatiosReturn on Capital 11.64% EBITDA/Interest Exp. 20.99Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 6.21Margin Analysis Net Debt/EBITDA 1.68Gross Margin 39.9% Total Debt/EBITDA 3.33EBITDA Margin 24.0% ReferenceEBIT Margin 18.2% Total Debt/Equity 87.8%Net Income Margin 17.9% Total Debt/Capital 46.4%Structure Asset Turnover 0.54Current Ratio 0.96 Net Fixed Asset Turnover 1.64Quick Ratio 0.73 Accounts receivable turnover-days 24.97Debt to Assets 38.00% Inventory Days 14.62Tot Debt to Common Equity 87.79% Accounts Payable Turnover Day 18.80Accounts Receivable Turnover 14.66 Cash Conversion Cycle 65.13Inventory Turnover 25.04Price/ Cash Flow Sales/Revenue/Turnover 25.00 60000.0 50000.0 20.00 40000.0 15.00 30000.0 10.00 20000.0 5.00 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 |
    • 30.11.2012Yanzhou Coal Mining Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES I n/a EXCH 274090032 14 - 19.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 174510229 8.91 - 13.11.2012 Investment AdvisorBLACKROCK INC n/a EXCH 149510991 7.63 - 19.11.2012 Investment AdvisorBNP PARIBAS INVESTME n/a Co File 117641207 6.01 - 30.06.2012 Investment AdvisorMORGAN STANLEY n/a EXCH 89929097 4.59 - 18.01.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 86185802 4.4 480000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 85049025 4.34 4025293 30.09.2012 Investment AdvisorDEUTSCHE BANK AG #N/A N/A EXCH 75786733 3.87 - 20.11.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (73575821) -3.76 - 20.11.2012 Investment AdvisorMORGAN STANLEY n/a Short (26909944) -1.37 - 18.01.2012 Investment AdvisorBLACKROCK INC n/a Short (21387590) -1.09 - 20.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16342000 0.83 58000 28.11.2012 Investment AdvisorRBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 15755000 0.8 1054400 31.08.2012 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 13608000 0.69 13608000 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 13099408 0.67 - 30.06.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10504500 0.54 - 28.11.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8320000 0.42 - 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 7284000 0.37 (802000) 30.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7236000 0.37 - 28.11.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 6490782 0.33 20000 28.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateChina International Capital Corp CAI HONGYU reduce 2 M 13 12 month 26.11.2012Nomura MATTHEW CROSS reduce 2 M 9 Not Provided 26.11.2012SinoPac ROBERT WEI neutral 3 M 12 12 month 26.11.2012Standard Chartered CHEN YAN in-line 3 M 12 12 month 20.11.2012Jefferies LABAN YU underperform 1 M 6 12 month 20.11.2012Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 6 12 month 20.11.2012Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 11 Not Provided 19.11.2012BOCOM International Holdings HE WEI neutral 3 M 9 12 month 19.11.2012Macquarie MATTY ZHAO underperform 1 M 7 12 month 16.11.2012Barclays EPHREM RAVI equalweight 3 M 15 Not Provided 16.11.2012JPMorgan DANIEL KANG underweight 1 M 9 6 month 14.11.2012Deutsche Bank JAMES KAN sell 1 M 9 12 month 06.11.2012Guotai Junan LEO WU neutral 3 D 11 Not Provided 31.10.2012UOB Kay Hian HELEN LAU hold 3 M 12 Not Provided 31.10.2012Bank of China International LAWRENCE LAU sell 1 M 8 Not Provided 30.10.2012Mizuho Securities KELVIN NG underperform 1 M 9 12 month 30.10.2012Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 29.10.2012HSBC SIMON FRANCIS underweight 1 D 9 Not Provided 29.10.2012Yuanta Securities Investment Consulting JOHNNY WONG hold 3 M 16 Not Provided 29.10.2012DBS Vickers JUNE NG hold 3 D 14 21 month 29.10.2012Religare Capital Markets TRACY HUANG buy 5 M 12 12 month 29.10.2012Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 28.10.2012CIMB JEANNETTE SIM underperform 1 M 8 12 month 28.10.2012BNP Paribas Equity Research JAMES CLARKE buy 5 M 17 12 month 27.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 22.10.2012Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 10 12 month 24.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012Ji Asia SAMUEL THAWLEY buy 5 M 16 12 month 28.08.2012ICBC International Securities ANNA YU hold 3 M 12 Not Provided 06.07.2012Mirae Asset Securities SHIRLEY ZHAO reduce 2 N 13 12 month 07.05.2012Capital Securities Corp XU YING buy 5 M 21 Not Provided 24.04.2012SWS Research Co Ltd HUANG ZHE outperform 5 M 22 Not Provided 12.04.2012KGI Securities YANG TAO neutral 3 M 18 12 month 21.12.2011Masterlink Securities LI XIN buy 5 M 24 6 month 26.10.2011Citic Securities Co., Ltd TEAM COVERAGE buy 5 M 26 6 month 04.10.2011GuoSen Securities Co Ltd DAVID LAM buy 5 N #N/A N/A Not Provided 20.09.2011Cinda Securities Ltd CASTOR PANG buy 5 M 19 Not Provided 07.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012Zijin Mining Group Co LtdZijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, Price/Volumeproduces, refines, and sells gold and other mineral resources in China. 4 250.0 M 4 200.0 M 3 3 150.0 M 2 Valuation Analysis 100.0 M 2Latest Fiscal Year: 12/2011 1LTM as of: 09/yy 50.0 M 152-Week High (06.02.2012) 3.90 0 .0 M52-Week Low (25.07.2012) 2.23 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 32825117.00 Current Price (11/dd/yy) 3.12 Market Data 52-Week High % Change -20.00% Dividend Yield - 52-Week Low % Change 39.91% Beta 1.40 % 52 Week Price Range High/Low 50.90% Equity Float 6008.16Shares Out 30.09.2012 6008.2 Short Int - Market Capitalization 89558.54 1 Yr Total Return 0.39%Total Debt 9368.33 YTD Return 11.74%Preferred Stock 0.0 Adjusted BETA 1.405Minority Interest 5124.1 Analyst Recs 23Cash and Equivalents 5584.78 Consensus Rating 4.522Enterprise Value 90829.83 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 329347202899 HK EQUITY YTD Change - Average Volume 30 Day 386920602899 HK EQUITY YTD % CHANGE - Average Volume 3 Month 46588400 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 14871.3 16744.7 20215.1 28186.6 39381.9 36034.4 45456.1 44604.8 50840.6 12337.0 - TEV/Revenue 10.40x 4.10x 6.50x 4.18x 2.12x 8.47x 5.94x 1.80x 1.56x - - EBITDA 5295.4 5615.7 6038.3 8635.6 10731.6 0.0 0.0 10377.5 12299.4 - - TEV/EBITDA 29.21x 12.23x 21.75x 13.64x 7.78x 0.00x 0.00x 8.75x 7.38x - - Net Income 2552.0 3005.3 3552.3 4827.9 5712.6 5504.2 4807.3 5353.1 6150.3 1461.0 - P/E 59.58x 19.71x 27.22x 18.41x 9.11x 6.99x 11.49x 10.36x 8.92x - - Profitability S&P Issuer RatingsEBITDA 10731.57 Long-Term Rating Date -EBIT 9437.38 Long-Term Rating -Operating Margin 23.96% Long-Term Outlook -Pretax Margin 23.55% Short-Term Rating Date -Return on Assets 9.33% Short-Term Rating -Return on Common Equity 20.45% Credit RatiosReturn on Capital 14.81% EBITDA/Interest Exp. 17.03Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 5.17Margin Analysis Net Debt/EBITDA 1.05Gross Margin 30.1% Total Debt/EBITDA 1.78EBITDA Margin 23.1% ReferenceEBIT Margin 19.8% Total Debt/Equity 37.5%Net Income Margin 14.5% Total Debt/Capital 23.7%Structure Asset Turnover 0.84Current Ratio 1.10 Net Fixed Asset Turnover 2.48Quick Ratio 0.41 Accounts receivable turnover-days 11.39Debt to Assets 17.91% Inventory Days 68.85Tot Debt to Common Equity 37.46% Accounts Payable Turnover Day 27.44Accounts Receivable Turnover 32.13 Cash Conversion Cycle 55.19Inventory Turnover 5.32Price/ Cash Flow Sales/Revenue/Turnover 18.00 45000.0 16.00 40000.0 14.00 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 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 |
    • 30.11.2012Zijin Mining Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC #N/A N/A EXCH 605742757 10.08 - 21.11.2012 Investment AdvisorMORGAN STANLEY n/a Short (536828544) -8.93 - 23.11.2012 Investment AdvisorMORGAN STANLEY #N/A N/A EXCH 322951203 5.38 - 23.11.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 296449523 4.93 - 31.01.2012 Investment AdvisorHSBC GLOBAL ASSET MA n/a EXCH 295631868 4.92 - 19.11.2012 Investment AdvisorUBS AG n/a EXCH 292003355 4.86 - 24.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 264493000 4.4 1508000 28.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 249298104 4.15 7490880 30.09.2012 Investment AdvisorUBS AG n/a Short (198765793) -3.31 - 24.09.2012 Investment AdvisorRBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 112376000 1.87 7454000 31.08.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 100660772 1.68 63452689 31.10.2011 Investment AdvisorBLACKROCK INC n/a Short (95318578) -1.59 (2205134) 21.11.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 91428200 1.52 186000 28.11.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 56237000 0.94 (13556000) 30.09.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (46844438) -0.78 - 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 44848000 0.75 - 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43713000 0.73 (52000) 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 36160250 0.6 (310000) 30.06.2012 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 30206000 0.5 - 28.09.2012 Mutual Fund ManagerLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 25446000 0.42 - 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateBOCOM International Holdings BENJAMIN PEI long-term buy 5 M 3 12 month 28.11.2012China International Capital Corp CAI HONGYU accumulate 4 M 4 12 month 26.11.2012Nomura MATTHEW CROSS buy 5 M 4 Not Provided 16.11.2012Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 4 12 month 12.11.2012Guotai Junan KEVIN GUO buy 5 M 4 Not Provided 01.11.2012Credit Suisse TRINA CHEN outperform 5 M 3 Not Provided 29.10.2012Bank of China International ROBIN TSUI buy 5 M 4 Not Provided 29.10.2012BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 4 12 month 29.10.2012SWS Research Co Ltd DIMI DU buy 5 M 4 Not Provided 29.10.2012HSBC THOMAS J ZHU overweight 5 M 4 Not Provided 28.10.2012CCB International Securities Ltd KIN CHUNG LI outperform 5 M 3 Not Provided 28.10.2012Morgan Stanley RACHEL L ZHANG Overwt/Attractive 5 M 5 12 month 26.10.2012Standard Chartered CHEN YAN outperform 5 U 4 12 month 06.10.2012Deutsche Bank LAURA ZHAI buy 5 M 4 12 month 04.10.2012Macquarie MATTY ZHAO neutral 3 M 3 12 month 18.09.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 27.08.2012Masterlink Securities SARAH WANG buy 5 M 3 6 month 15.08.2012UOB Kay Hian HELEN LAU hold 3 M 3 Not Provided 13.08.2012ICBC International Securities DUNCAN CHAN buy 5 M 4 Not Provided 18.06.2012GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 4 12 month 16.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 30.11.2012Aluminum Corp of China LtdAluminum Corporation of China Limited, also known as Chalco, is a producer of Price/Volumealumina and primary aluminum in China. The Company refines bauxite into 5 90.0 Malumina and smelts aluminato to produce primary aluminum. 5 80.0 M 4 70.0 M 4 60.0 M 3 50.0 M 3 Valuation Analysis 40.0 M 2Latest Fiscal Year: 12/2011 2 30.0 M 1 20.0 MLTM as of: 09/yy 1 10.0 M52-Week High (10.02.2012) 4.45 0 .0 M52-Week Low (05.09.2012) 2.86 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 20254676.00 Current Price (11/dd/yy) 3.3 Market Data 52-Week High % Change -25.84% Dividend Yield - 52-Week Low % Change 15.38% Beta 1.42 % 52 Week Price Range High/Low 24.53% Equity Float 3943.97Shares Out 30.09.2012 3944.0 Short Int - Market Capitalization 67748.34 1 Yr Total Return -6.78%Total Debt 74375.05 YTD Return -2.37%Preferred Stock 0.0 Adjusted BETA 1.415Minority Interest 6301.3 Analyst Recs 25Cash and Equivalents 11644.74 Consensus Rating 1.520Enterprise Value 147243.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 114539602600 HK EQUITY YTD Change - Average Volume 30 Day 161046002600 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16517510 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 85198.8 76728.1 70268.0 120994.8 145514.9 139688.6 146799.6 136064.4 143165.4 22249.0 - TEV/Revenue 5.41x 1.58x 3.29x 1.56x 0.97x 3.83x 2.36x 1.06x 1.04x - - EBITDA 20795.0 7607.8 3024.7 9697.0 9088.5 0.0 0.0 3768.2 7564.3 468.0 - TEV/EBITDA 22.16x 15.90x 76.49x 19.48x 15.55x 0.00x 0.00x 39.08x 19.47x - - Net Income 10753.0 19.5 (4642.9) 778.0 238.0 1332.8 (5065.1) (4980.1) (2301.8) (1409.0) - P/E 17.93x 2566.61x - 100.18x 137.08x 28.82x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 9088.54 Long-Term Rating Date 12.09.2012EBIT 3228.38 Long-Term Rating -Operating Margin 2.22% Long-Term Outlook NEGPretax Margin 0.56% Short-Term Rating Date -Return on Assets -3.03% Short-Term Rating -Return on Common Equity -10.11% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.17Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 0.06Margin Analysis Net Debt/EBITDA -Gross Margin 5.1% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 143.4%Net Income Margin 0.2% Total Debt/Capital 56.1%Structure Asset Turnover 0.88Current Ratio 0.80 Net Fixed Asset Turnover 1.57Quick Ratio 0.28 Accounts receivable turnover-days 17.29Debt to Assets 47.33% Inventory Days -Tot Debt to Common Equity 143.43% Accounts Payable Turnover Day -Accounts Receivable Turnover 21.17 Cash Conversion Cycle 57.72Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 180.00 160000.0 160.00 140000.0 140.00 120000.0 120.00 100000.0 100.00 80000.0 80.00 60000.0 60.00 40000.0 40.00 20000.0 20.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 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 |
    • 30.11.2012Aluminum Corp of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES I n/a EXCH 1028826800 26.09 - 12.10.2012 Investment AdvisorBLACKROCK INC n/a EXCH 278110317 7.05 - 22.10.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 186643700 4.73 - 16.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 171271486 4.34 - 18.09.2012 Investment AdvisorMORGAN STANLEY n/a Short (169930860) -4.31 - 09.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 167831582 4.26 6186899 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 162546000 4.12 864000 28.11.2012 Investment AdvisorCREDIT SUISSE n/a EXCH 161136834 4.09 - 28.07.2011 Investment AdvisorMORGAN STANLEY n/a EXCH 156702435 3.97 - 09.01.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (144751160) -3.67 - 18.09.2012 Investment AdvisorCREDIT SUISSE n/a Short (130059394) -3.3 - 28.07.2011 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 77176800 1.96 - 31.03.2011 Investment AdvisorBLACKROCK INC n/a Short (57489066) -1.46 - 22.10.2012 Investment AdvisorJP MORGAN CHASE & CO n/a Short (44124781) -1.12 - 16.12.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 33421293 0.85 (1258718) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 32416300 0.82 120000 28.11.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 16332000 0.41 15956000 30.09.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 14508000 0.37 14508000 30.09.2011 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8964515 0.23 (627641) 28.09.2012 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 8486304 0.22 52000 28.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBOCOM International Holdings BENJAMIN PEI neutral 3 M 4 12 month 28.11.2012China International Capital Corp CAI HONGYU hold 3 M 3 12 month 26.11.2012Sanford C. Bernstein & Co VANESSA LAU underperform 1 M 3 12 month 20.11.2012Barclays EPHREM RAVI underweight 1 M 3 Not Provided 16.11.2012ICBC International Securities DUNCAN CHAN sell 1 M 3 Not Provided 16.11.2012SWS Research Co Ltd DIMI DU buy 5 N 12 Not Provided 02.11.2012Nomura MATTHEW CROSS neutral 3 M 4 Not Provided 01.11.2012Bank of China International ROBIN TSUI sell 1 D 3 Not Provided 31.10.2012Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 3 12 month 30.10.2012JPMorgan DANIEL KANG underweight 1 M 3 6 month 30.10.2012BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 3 12 month 29.10.2012HSBC SIMON FRANCIS underweight 1 M 3 Not Provided 28.10.2012Deutsche Bank LAURA ZHAI sell 1 M 2 12 month 10.10.2012Macquarie ANDREW DALE underperform 1 M 2 12 month 25.09.2012Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 3 12 month 24.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 10.09.2012Credit Suisse TRINA CHEN underperform 1 M 2 Not Provided 29.08.2012Mizuho Securities KELVIN NG underperform 1 M 3 12 month 29.08.2012Standard Chartered CHEN YAN underperform 1 M 3 12 month 20.08.2012Daiwa Securities Co. Ltd. ALEXANDER LATZER underperform 1 M 3 Not Provided 25.04.2012First Global Stockbroking ADITYA WELEKAR underperform 1 N #N/A N/A Not Provided 24.12.2011Masterlink Securities SARAH WANG buy 5 U 8 Not Provided 22.06.2011UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 15.03.2011Guotai Junan KEVIN GUO sell 1 N 6 Not Provided 04.03.2011China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |