0
This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
Valuation Measures I/II                                                          Market Capitalization & Asset Liability d...
Valuation Measures II/II                                        Price to Book Ratio                     Price to Sales Rat...
21.02.2013ACE LtdACE Limited is the holding company for the ACE Group of Companies, a property                            ...
21.02.2013ACE LtdHoldings By:          All            Holder Name                   Portfolio Name              Source    ...
21.02.2013Aflac IncAflac, Inc. is a general business holding company. The Company, through its                            ...
21.02.2013Aflac IncHoldings By:          All           Holder Name                  Portfolio Name              Source    ...
21.02.2013AIA Group LtdAIA Group Ltd. offers insurance and financial services. The Company writes                         ...
21.02.2013AIA Group LtdHoldings By:         All           Holder Name                    Portfolio Name               Sour...
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
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Transcript of "Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans"

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Insurance Titans February 2013 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Common Total Debt Stock Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency mio USD) (M) Shares (M) (USD) (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89ACE LTD USD 29257 371 340 5 0 0 1 33.71 17936 17936 18451 19348 - - - - 7.65 7.66 7.80 8.03 11.22 11.22 11.03 10.71 6.55 7.15 - - - - - WR 01.04.2007AFLAC INC USD 23305 975 468 4 0 0 2 24.72 25364 25364 24982 26558 - - - - 6.60 6.60 6.40 6.85 7.55 7.55 7.79 7.27 14.40 9.73 - - - A- 21.04.2009 A3 22.09.2011AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -ALLIANZ SE-REG EUR 63044 1544 452 38 0 3 14 87.92 142075 129243 140639 143796 - - - - 15.25 15.25 16.16 16.88 12.11 12.02 11.42 10.94 29.06 4.91 - - - AA 27.01.2012 Aa3 03.05.2004ALLSTATE CORP USD 22158 1191 479 6 #VALUE! 0 1 27.41 33315 33315 33548 34173 - - - - 4.36 4.34 4.65 5.11 10.69 10.69 9.98 9.08 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009AMERICAN INTERNATIONAL GROUP USD 55465 2475 1897 75 0 9 1 128.51 64237 70623 56264 58434 - - - - 0.57 4.54 3.85 3.41 8.28 8.28 9.77 11.01 -17.14 397.89 - - - A- 02.03.2009 Baa1 12.01.2011ASSICURAZIONI GENERALI EUR 26048 6708 1541 29 0 4 34 32.17 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 21.81 - 16.13 12.57 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012AVIVA PLC GBp 15966 5904 2906 13 2 2 35 #VALUE! 54408 56389 60307 59807 - - - - 0.55 -0.34 0.68 0.71 - 15.16 12.21 11.73 -44.61 31.28 - - - A- 15.08.2012 A1 19.05.2009AXA SA EUR 42236 5987 2374 22 8 3 41 35.35 158129 158129 133235 136186 - - - - 2.41 2.28 2.62 2.79 10.36 9.52 9.02 8.45 27.28 81.83 - - - A- 18.12.2012 A2 19.03.2003BERKSHIRE HATHAWAY INC-CL B USD 249036 2668 #VALUE! 60 0 4 162 129.56 143688 155698 #VALUE! #VALUE! 22008 27148 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 5.51 7.27 -12.61 1.91 17.44 AA+ 04.02.2010 Aa2 04.02.2010CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -CHUBB CORP USD 21811 259 262 4 0 0 0 25.33 13546 13502 13459 13888 - - - - 5.23 5.21 6.63 6.89 15.99 15.99 12.57 12.09 - -1.01 - - - A+ 15.12.2008 A2 08.03.2004ING GROEP NV-CVA EUR 32115 15653 3801 277 0 1 24 287.25 54 K 56 K 61 K 62 K - - - - 0.98 1.00 1.32 1.46 11.18 10.44 8.50 7.68 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012LEGAL & GENERAL GROUP PLC GBp 14104 5654 5872 5 0 0 22 #VALUE! 28025 30506 12127 12777 - - - - 0.16 0.11 0.21 0.23 33.51 21.79 17.05 16.13 -80.09 - - - - A 09.02.2010 A3 18.05.2010LOEWS CORP USD 17059 368 396 9 0 4 0 30.78 14552 14552 13288 14489 - - - - 2.36 2.42 3.37 4.04 17.91 17.91 12.88 10.74 3.01 8.06 - - - A+ 17.11.2011 A2 28.06.2012MANULIFE FINANCIAL CORP CAD 27299 4399 1828 27 2 0 13 44.33 28359 28359 40519 42560 - - - - 0.95 0.93 1.27 1.48 15.72 15.72 11.52 9.94 -41.59 18.13 - - - A- 13.12.2010 - -MARSH & MCLENNAN COS USD 19669 695 545 3 #VALUE! 0 2 20.29 11924 11924 12489 13123 1970 2150 683 683 2.15 2.11 2.40 2.67 17.10 17.10 15.02 13.50 3.45 1.11 - 3.70 18.17 BBB 12.10.2012 Baa2 03.03.2005METLIFE INC USD 39181 1848 1092 27 2 1 16 52.60 68150 68150 69972 72114 - - - - 5.28 5.27 5.29 5.65 6.81 6.81 6.78 6.35 -3.01 15.20 - - - A- 06.08.2010 A3 16.12.2009MUENCHENER RUECKVER AG-REG EUR 31982 454 178 7 0 0 3 36.75 81330 88314 77832 82400 - - - - 5.26 24.02 21.22 21.70 9.91 9.48 11.22 10.97 - 12.27 - - - AA- 22.12.2006 - -PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -PROGRESSIVE CORP USD 14692 1018 605 2 0 0 0 16.56 16789 16789 17441 18544 - - - - 1.16 1.16 1.48 1.60 20.95 20.95 16.41 15.19 8.35 3.61 - - - A+ 06.02.1995 A1 24.04.2003PRUDENTIAL FINANCIAL INC USD 26119 642 470 33 0 1 14 47.80 84815 84815 52809 54926 - - - - 6.27 6.12 7.79 8.69 9.16 9.16 7.20 6.45 72.93 66.96 - - - A 17.02.2009 Baa2 18.03.2009PRUDENTIAL PLC GBp 37541 1688 2548 12 #VALUE! 0 11 37.07 55854 59339 76189 88583 - - - - 0.98 0.95 1.05 1.17 23.54 18.54 21.31 19.16 -35.77 - - - - A+ 17.08.2010 A2 20.12.2002QBE INSURANCE GROUP LTD AUD 16173 5545 1112 5 0 0 1 19.42 16595 17219 18045 18493 - - - - 0.63 0.73 0.95 1.17 19.64 - 14.95 12.18 35.20 10.94 - - - A 09.07.2009 A3 *- 14.11.2012SAMPO OYJ-A SHS EUR 20893 462 560 3 0 0 1 22.69 8566 8567 7529 7548 - - - - 3.35 4.11 3.19 3.38 12.12 14.86 15.60 14.75 26.82 12.61 - - - NR 02.01.2002 Baa2 26.03.2009SUN LIFE FINANCIAL INC CAD 17050 1776 600 5 2 0 7 17.40 17265 18364 21427 22213 - - - - 2.45 2.54 2.52 2.68 11.02 11.02 11.11 10.44 -11.26 -1.18 - - - A 24.02.2012 - -SWISS RE AG CHF 30287 2334 371 22 0 0 12 42.37 35859 35859 34543 37162 - - - - 11.98 13.10 8.76 9.03 7.25 7.77 10.85 10.52 20.72 0.92 - - - - - - -TOKIO MARINE HOLDINGS INC JPY 22938 3082 767 15 0 0 4 20.90 36114 34580 36640 37303 - - - - - -0.15 1.57 1.80 - - 0.20 0.18 0.07 0.02 - - - - - - -TRAVELERS COS INC/THE USD 30278 514 377 6 0 0 0 36.30 25740 25740 25916 26494 - - - - 6.21 6.21 7.22 7.56 12.90 12.90 11.10 10.60 1.16 0.20 - - - A 28.07.2011 A2 06.06.2008ZURICH INSURANCE GROUP AG CHF 40692 311 147 14 0 3 10 49.98 76282 76282 65460 67834 - - - - 28.68 28.65 31.24 32.97 11.14 11.14 10.22 9.68 35.70 12.80 - - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%ACE LTD 1.08 0.99 0.94 0.86 1.67 1.59 1.51 1.38 11.47 11.03 10.71 9.96 2.24 2.23 2.40 2.28 91.93 6.9%AFLAC INC 1.59 1.38 1.22 1.05 0.91 0.93 0.88 0.82 7.56 7.79 7.27 6.63 2.68 2.88 3.13 3.39 58.59 17.6%AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%ALLIANZ SE-REG 0.91 0.86 0.81 0.77 0.72 0.46 0.45 0.44 0.43 0.42 9.19 8.55 8.19 8.33 7.52 4.44 4.74 4.96 5.09 5.32 114.28 10.4%ALLSTATE CORP 1.10 1.01 0.92 0.82 0.67 0.66 0.65 0.63 12.57 9.98 9.08 8.41 1.89 2.12 2.20 2.33 47.95 3.3%AMERICAN INTERNATIONAL GROUP 0.82 0.57 0.54 0.51 0.46 1.18 0.99 0.95 0.92 47.02 9.77 11.01 9.43 8.01 0.00 0.00 0.17 0.52 40.63 8.2%ASSICURAZIONI GENERALI 1.23 0.97 0.90 0.84 0.76 0.27 0.26 0.26 0.25 0.26 17.07 12.08 9.41 8.55 7.65 2.39 2.59 3.42 4.01 5.11 13.46 7.4%AVIVA PLC 0.81 0.93 0.91 0.86 0.93 0.33 0.26 0.27 0.22 6.60 7.98 7.67 7.18 6.26 7.57 7.17 7.17 7.23 7.59 414.58 17.0%AXA SA 0.66 0.64 0.60 0.54 0.31 0.32 0.31 0.29 7.26 6.76 6.33 6.37 5.51 5.87 6.26 6.71 15.85 19.7%BERKSHIRE HATHAWAY INC-CL B 23.04 103.00 2.8%CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%CHUBB CORP 1.41 1.30 1.22 1.16 1.68 1.62 1.57 1.51 12.13 9.65 18.06 12.57 12.09 10.95 2.00 2.03 2.13 2.18 87.29 4.8%ING GROEP NV-CVA 0.48 0.45 0.42 0.41 0.56 0.53 0.51 0.45 8.10 6.37 5.76 5.64 0.00 0.35 3.43 4.77 8.03 28.0%LEGAL & GENERAL GROUP PLC 1.69 1.66 1.54 1.46 1.32 1.69 1.16 1.10 0.96 12.89 11.14 10.54 10.00 9.18 3.78 4.75 5.26 5.64 6.54 160.13 2.7%LOEWS CORP 0.89 0.79 0.74 1.22 1.28 1.18 25.12 12.88 10.74 0.58 0.58 0.58 46.00 6.1%MANULIFE FINANCIAL CORP 1.22 1.17 1.09 1.03 0.93 0.69 0.67 0.64 15.19 11.72 10.11 9.01 7.27 3.42 3.46 3.50 3.46 15.70 3.4%MARSH & MCLENNAN COS 2.92 2.65 2.35 2.10 1.65 1.57 1.50 1.40 14.31 12.54 11.37 10.37 9.08 8.35 7.67 7.10 16.72 15.02 13.50 12.23 2.49 2.57 2.64 2.96 39.20 8.6%METLIFE INC 0.67 0.63 0.59 0.51 0.58 0.56 0.54 0.52 6.89 6.78 6.35 5.77 2.16 2.85 3.24 3.66 43.79 22.0%MUENCHENER RUECKVER AG-REG 0.90 0.84 0.80 0.75 0.73 0.42 0.41 0.39 0.35 0.35 7.56 8.40 8.22 8.38 9.03 5.08 5.20 5.33 5.65 5.43 141.30 5.8%PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%PROGRESSIVE CORP 2.46 2.23 2.05 1.95 0.88 0.84 0.79 0.76 21.20 16.41 15.19 13.59 3.78 1.59 1.85 2.45 23.50 -3.3%PRUDENTIAL FINANCIAL INC 0.82 0.76 0.68 0.56 0.35 0.49 0.48 0.42 9.08 7.20 6.45 5.75 2.85 3.16 3.41 3.79 68.06 21.4%PRUDENTIAL PLC 2.83 2.53 2.26 2.02 1.85 0.51 0.49 0.42 0.41 16.37 13.93 12.53 11.29 10.28 2.63 2.77 3.04 3.28 3.49 1007.44 5.0%QBE INSURANCE GROUP LTD 1.39 1.42 1.34 1.28 1.24 0.98 0.92 0.90 0.87 0.85 14.98 11.33 10.21 18.59 14.54 11.85 10.60 10.34 6.62 3.89 5.20 5.92 6.57 11.86 -9.7%SAMPO OYJ-A SHS 1.62 1.50 1.41 1.27 2.91 2.77 2.77 2.53 2.50 11.48 11.69 11.04 10.38 11.04 4.61 5.01 5.32 5.61 5.58 26.78 -4.2%SUN LIFE FINANCIAL INC 1.26 1.27 1.21 1.08 0.84 0.80 0.77 11.64 11.30 10.62 8.51 4.98 4.98 4.98 5.15 29.53 2.1%SWISS RE AG 0.86 0.86 0.83 0.77 0.72 0.92 0.94 0.88 0.79 0.85 7.94 10.02 9.72 9.33 8.77 4.69 5.26 5.26 5.25 5.05 71.92 -4.7%TOKIO MARINE HOLDINGS INC 1.16 1.10 1.05 0.98 0.62 0.63 0.61 0.60 0.58 196.82 19.03 16.53 14.51 1.79 1.97 2.14 2.28 2984.31 7.0%TRAVELERS COS INC/THE 1.20 1.11 1.04 0.98 1.18 1.17 1.14 1.11 12.74 8.68 14.24 11.10 10.60 10.46 2.26 2.38 2.52 2.68 83.18 3.8%ZURICH INSURANCE GROUP AG 1.19 1.13 1.07 1.00 0.95 0.65 0.67 0.64 0.67 0.59 12.21 9.43 8.94 8.42 7.96 6.80 6.80 6.96 7.17 7.78 264.76 4.5% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 21.02.2013ACE LtdACE Limited is the holding company for the ACE Group of Companies, a property Price/Volumeand casualty insurance business. The Group provides a diversified range of 100 2.0 Mproducts and services to clients through operations in countries around the 90 1.8 Mworld. ACE provides specialty insurance and reinsurance products. 80 1.6 M 70 1.4 M 60 1.2 M 50 1.0 M Valuation Analysis 40 .8 MLatest Fiscal Year: 12/2012 30 .6 MLTM as of: 12/yy 20 .4 M 10 .2 M52-Week High (20.02.2013) 87.40 0 .0 M52-Week Low (24.07.2012) 68.98 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 371075.00 Current Price (2/dd/yy) 85.97 Market Data 52-Week High % Change -1.64% Dividend Yield 2.26 52-Week Low % Change 24.63% Beta 0.89 % 52 Week Price Range High/Low 92.24% Equity Float 338.18Shares Out 31.12.2012 340.3 Short Int 2.64 Market Capitalization 29257.44 1 Yr Total Return 19.21%Total Debt 5070.00 YTD Return 7.73%Preferred Stock 0.0 Adjusted BETA 0.887Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 615.00 Consensus Rating 4.480Enterprise Value 33712.44 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 373883ACE UN EQUITY YTD Change - Average Volume 30 Day 409477ACE UN EQUITY YTD % CHANGE - Average Volume 3 Month 372506 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 13698.0 15075.0 16006.0 16834.0 17936.0 16834.0 17936.0 18451.3 19347.7 4415.2 4938.4 TEV/Revenue 1.49x 1.32x 1.56x 1.66x 1.76x 6.22x 6.72x 1.59x 1.52x 7.57x 6.76x EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1197.0 2549.0 3108.0 1585.0 2706.0 1555.0 2706.0 2686.5 2773.0 633.5 676.1 P/E 6.85x 6.17x 7.99x 10.06x 10.43x 10.21x 10.42x 11.03x 10.71x 11.08x 10.96x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 10.12.2010EBIT - Long-Term Rating -Operating Margin 17.99% Long-Term Outlook STABLEPretax Margin 16.59% Short-Term Rating Date -Return on Assets 3.01% Short-Term Rating -Return on Common Equity 10.40% Credit RatiosReturn on Capital 9.46% EBITDA/Interest Exp. -Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 18.4%Net Income Margin 15.1% Total Debt/Capital 15.6%Structure Asset Turnover 0.20Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.48% Inventory Days -Tot Debt to Common Equity 18.42% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 20000.0 9.00 18000.0 8.00 16000.0 7.00 14000.0 6.00 12000.0 5.00 10000.0 4.00 8000.0 3.00 6000.0 2.00 4000.0 1.00 2000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 21.02.2013ACE LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 27285196 8.02 (98932) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 25693352 7.55 - 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23750703 6.98 (304352) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 18541280 5.45 4906808 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 16403760 4.82 1046102 31.12.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 14765094 4.34 (637012) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 14718334 4.32 427091 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 14079521 4.14 518333 19.02.2013 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 11286678 3.32 723273 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5942534 1.75 (723625) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5595355 1.64 168811 31.12.2012 Investment AdvisorVIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 5502835 1.62 499700 31.12.2012 Hedge Fund ManagerDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4417316 1.3 (253106) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4234259 1.24 58421 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 3912125 1.15 (28211) 31.12.2012 Pension Fund (ERISA)TCW GROUP INC TCW GROUP INCORPORAT 13F 3499196 1.03 (239074) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3247477 0.95 (51665) 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 3157882 0.93 184943 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3000574 0.88 241719 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2945918 0.87 1306606 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING market perform 3 M 80 12 month 20.02.2013Keefe, Bruyette & Woods MEYER SHIELDS outperform 5 M 100 12 month 15.02.2013Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013Miller Tabak + Co., LLC TOM MITCHELL buy 5 M 92 12 month 08.02.2013Credit Suisse MICHAEL ZAREMSKI outperform 5 M 91 Not Provided 06.02.2013Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 89 12 month 01.02.2013Deutsche Bank JOSHUA D SHANKER hold 3 M 81 12 month 31.01.2013Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 87 12 month 31.01.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 31.01.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 92 Not Provided 31.01.2013JMP Securities MATTHEW J CARLETTI market outperform 4 M 95 12 month 31.01.2013Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 104 12 month 30.01.2013RBC Capital Markets MARK A DWELLE outperform 5 M 93 12 month 30.01.2013Raymond James C GREGORY PETERS outperform 5 M 91 12 month 30.01.2013Macquarie AMIT KUMAR outperform 5 M 89 12 month 30.01.2013Sterne, Agee & Leach DANIEL FARRELL buy 5 M 94 12 month 30.01.2013Evercore Partners VINAY MISQUITH overweight 5 M 92 12 month 30.01.2013Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 30.01.2013MKM Partners HARRY FONG buy 5 M 95 12 month 30.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013Barclays JAY H GELB overweight 5 M 94 Not Provided 29.01.2013S&P Capital IQ CATHY SEIFERT buy 5 M 92 Not Provided 10.12.2012Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 29.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 21.02.2013Aflac IncAflac, Inc. is a general business holding company. The Company, through its Price/Volumesubsidiaries, provides supplemental insurance to individuals in the United 60 2.5 MStates and Japan. Aflacs products include accident/disability plans, cancerexpense plans, short-term disability plans, sickness and hospital indemnity 50 2.0 Mplans, hospital intensive care plans, and fixed-benefit dental plans. 40 1.5 M 30 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2012 20LTM as of: 12/yy 10 .5 M52-Week High (12.12.2012) 54.93 0 .0 M52-Week Low (04.06.2012) 38.14 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 974788.00 Current Price (2/dd/yy) 49.82 Market Data 52-Week High % Change -9.30% Dividend Yield 2.69 52-Week Low % Change 30.62% Beta 1.33 % 52 Week Price Range High/Low 69.57% Equity Float 456.83Shares Out 31.12.2012 467.8 Short Int 8.69 Market Capitalization 23305.10 1 Yr Total Return 7.06%Total Debt 4352.00 YTD Return -5.54%Preferred Stock 0.0 Adjusted BETA 1.329Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 2249.00 Consensus Rating 3.833Enterprise Value 24721.10 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1021160AFL UN EQUITY YTD Change - Average Volume 30 Day 812057AFL UN EQUITY YTD % CHANGE - Average Volume 3 Month 769363 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 16554.0 18254.0 20732.0 22171.0 25364.0 22171.0 25364.0 24982.2 26558.3 6196.0 6234.6 TEV/Revenue 1.34x 1.20x 1.32x 0.96x - 3.97x 2.70x 0.95x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1254.0 1497.0 2344.0 1964.0 2866.0 1944.0 2866.0 2973.7 3135.3 762.2 750.1 P/E 11.49x 9.54x 10.20x 6.83x 8.05x 6.88x 8.05x 7.79x 7.27x 7.79x 7.67x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 21.04.2009EBIT - Long-Term Rating A-Operating Margin 16.96% Long-Term Outlook NEGPretax Margin 16.96% Short-Term Rating Date -Return on Assets 2.31% Short-Term Rating -Return on Common Equity 19.44% Credit RatiosReturn on Capital 16.42% EBITDA/Interest Exp. -Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 27.2%Net Income Margin 11.3% Total Debt/Capital 21.4%Structure Asset Turnover 0.20Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.32% Inventory Days -Tot Debt to Common Equity 27.24% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.50 30000.0 4.00 25000.0 3.50 3.00 20000.0 2.50 15000.0 2.00 1.50 10000.0 1.00 5000.0 0.50 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 21.02.2013Aflac IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 24565187 5.25 882429 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 23143891 4.95 (348978) 19.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 22642924 4.84 297248 19.02.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 17677736 3.78 112338 31.12.2011 GovernmentWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10595408 2.27 (2409014) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10425617 2.23 3021953 31.12.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 8518434 1.82 215452 31.12.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 6766110 1.45 457966 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6400360 1.37 31538 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5843558 1.25 (135007) 31.12.2012 Investment AdvisorEATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4799952 1.03 2236649 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4533709 0.97 2289209 31.12.2012 Investment AdvisorCORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 4500000 0.96 4500000 31.12.2012 Investment AdvisorAMOS DANIEL P n/a Form 4 4092942 0.87 46569 12.02.2013 n/aUBS n/a ULT-AGG 4001649 0.86 (10046) 31.12.2012 UnclassifiedNORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3967872 0.85 263666 31.12.2012 Investment AdvisorPANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 3521319 0.75 654184 31.12.2012 Investment AdvisorYOSHIDA TAKURO n/a PROXY 3458452 0.74 - 29.02.2012 n/aSCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 3336537 0.71 656996 31.12.2012 Investment AdvisorHERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3324379 0.71 93729 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSterne, Agee & Leach JOHN M NADEL neutral 3 M 60 12 month 21.02.2013Raymond James STEVEN D SCHWARTZ outperform 5 U 62 12 month 20.02.2013Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 68 12 month 18.02.2013Portales Partners NINA GUPTA underperform 1 N #N/A N/A Not Provided 14.02.2013Deutsche Bank YARON KINAR hold 3 M 55 12 month 11.02.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 11.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013RBC Capital Markets ERIC N BERG sector perform 3 M 59 12 month 06.02.2013SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 06.02.2013JPMorgan JIMMY S BHULLAR neutral 3 M 54 9 month 06.02.2013Macquarie SEAN DARGAN neutral 3 M 53 12 month 06.02.2013Sandler ONeill & Partners, LP EDWARD SHIELDS buy 5 M 57 12 month 06.02.2013S&P Capital IQ ROBERT MCMILLAN strong buy 5 M 58 Not Provided 06.02.2013Barclays JAY H GELB overweight 5 M 65 Not Provided 06.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 06.02.2013Credit Suisse THOMAS GALLAGHER outperform 5 M 58 Not Provided 05.02.2013FBR Capital Markets RANDY BINNER market perform 3 M 52 12 month 05.02.2013Scotia Capital JOANNE SMITH sector outperform 5 M 63 12 month 05.02.2013Evercore Partners MARK FINKELSTEIN equalweight 3 M 61 12 month 05.02.2013Goldman Sachs CHRISTOPHER GIOVANNI neutral/attractive 3 M 55 12 month 08.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 21.02.2013AIA Group LtdAIA Group Ltd. offers insurance and financial services. The Company writes Price/Volumelife insurance for individuals and businesses, accident and health insurance, 35 2500.0 Mretirement planning, and wealth management services. 30 2000.0 M 25 20 1500.0 M Valuation Analysis 15 1000.0 MLatest Fiscal Year: 11/2011 10LTM as of: 01/yy 500.0 M 552-Week High (21.02.2013) 32.50 0 .0 M52-Week Low (04.06.2012) 24.05 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 43064252.00 Current Price (2/dd/yy) 32.1 Market Data 52-Week High % Change -1.23% Dividend Yield 1.07 52-Week Low % Change 33.47% Beta 0.85 % 52 Week Price Range High/Low 100.00% Equity Float 12039.65Shares Out 30.11.2012 12044.0 Short Int - Market Capitalization 386612.38 1 Yr Total Return 19.97%Total Debt 1229.00 YTD Return 6.12%Preferred Stock 0.0 Adjusted BETA 0.847Minority Interest 102.0 Analyst Recs 23Cash and Equivalents 4303.00 Consensus Rating 4.304Enterprise Value 48107.84 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 356518901299 HK EQUITY YTD Change - Average Volume 30 Day 396193601299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67483780 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - - Total Revenue 15226.0 3810.0 19016.0 18394.0 14385.0 - - 18251.3 20560.8 - - TEV/Revenue - - - 1.85x 2.33x - - 2.64x 2.46x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1914.0 408.0 1754.0 2701.0 1600.0 - - 2659.0 2842.2 - - P/E - - - 13.14x 23.31x - - 19.07x 17.24x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 15.24% Long-Term Outlook -Pretax Margin 15.07% Short-Term Rating Date -Return on Assets 1.47% Short-Term Rating -Return on Common Equity 7.84% Credit RatiosReturn on Capital 7.34% EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 5.8%Net Income Margin 11.1% Total Debt/Capital 5.4%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 1.07% Inventory Days -Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 140.00 20000.0 18000.0 120.00 16000.0 100.00 14000.0 12000.0 80.00 10000.0 60.00 8000.0 6000.0 40.00 4000.0 20.00 2000.0 0.00 0.0 05.12.2008 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 21.02.2013AIA Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 1431991813 11.89 75997000 10.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 947131193 7.86 (27400) 17.12.2012 UnclassifiedBLACKROCK n/a ULT-AGG 872440983 7.24 2199200 19.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 607474500 5.04 - 23.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 306826224 2.55 52083324 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 298181135 2.48 41460521 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 279263500 2.32 33684200 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 219402776 1.82 67540336 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132900800 1.1 8571000 31.12.2012 Investment AdvisorLEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119148250 0.99 119148250 30.09.2012 Insurance CompanyCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107408000 0.89 852800 31.10.2012 BankTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 104143762 0.86 50914552 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 104087200 0.86 3339200 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86696300 0.72 1568200 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 85271979 0.71 11139725 30.06.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84229621 0.7 1779400 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79225000 0.66 - 30.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 77373800 0.64 50369000 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50209800 0.42 (2170000) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 44959365 0.37 (1172032) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies BARON NIE buy 5 M 35 12 month 20.02.2013HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013Standard Chartered PETER OBRIEN outperform 5 M 38 12 month 30.01.2013CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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