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...
20.02.2013America Movil SAB de CVAmerica Movil SAB de C.V. provides wireless communications in 18 countries               ...
20.02.2013America Movil SAB de CVHoldings By:         All            Holder Name               Portfolio Name             ...
20.02.2013Samsung Electronics Co LtdSamsung Electronics Co., Ltd. manufactures a wide range of consumer and               ...
20.02.2013Samsung Electronics Co LtdHoldings By:        All            Holder Name                   Portfolio Name       ...
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
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Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50

  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 MIST Top 50 Capitalizations 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 2621934 5771.331 4824 4824 810 833 833 186.66 322.94 322.94 25.21 16.93 14.57 14.57 21.44NIKKEI 225 JPY 2425114 177.206 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12FTSE 100 INDEX GBP 2720987 11806.78 9309 9309 1486 1672 1672 550.72 825.50 825.50 27.18 22.42 18.13 18.13 24.23SWISS 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 1709164 17092.58 7875 7875 1881 2141 2141 808.54 897.79 897.79 15.26 15.26 13.75 13.75 24.98S&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 19.89AMERICA MOVIL-ADR SERIES L USD 84416 6072 #VALUE! 418 0 11 45 #VALUE! 775070 775070 793931 833286 260895 260895 65463 65463 - - 24.79 23.61 - - 11.41 11.99 16.50 18.48 4.87 15.67 33.66 A- 22.03.2010 A2 26.03.2010SAMSUNG ELECTRONICS CO LTD KRW 211052 361 130 4 0 0 14 202.13 130953 130948 #VALUE! #VALUE! 17609 22872 - - 61.88 95.52 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005TURKIYE GARANTI BANKASI TRY 20650 26916 4197 26 0 0 15 #VALUE! 9921 9921 5251 5757 - - - - - 0.45 0.48 0.52 6.19 - 5.76 5.33 8.07 7.16 - - - BB 22.02.2010 Baa2 03.07.2012FOMENTO ECONOMICO MEX-SP ADR USD 37542 112 #VALUE! 30 0 58 28 #VALUE! 203044 229839 235425 264109 33445 35037 11985 11985 - - 45.90 53.45 - - 31.28 26.86 19.65 9.59 19.31 6.27 15.24 - - - -AKBANK T.A.S. TRY 19577 12684 4000 26 0 0 11 #VALUE! 8180 8180 4742 5243 - - - - - 0.42 0.45 0.51 6.51 - 6.04 5.40 12.18 4.94 - - - NR 15.07.2008 Baa2 03.07.2012GRUPO TELEVISA SA-SPON ADR USD 16211 633 #VALUE! 57 0 7 22 #VALUE! 62582 67791 68190 74467 24252 26813 7914 7914 - - 13.62 15.71 - - 26.42 22.92 8.17 10.27 9.43 8.10 39.55 BBB+ 02.10.2007 Baa1 02.05.2007NIGERIAN BREWERIES PLC NGN 8171 1970 7563 0 0 0 0 8.50 1463 1699 1742 2013 413 - 483 483 0.03 0.03 0.03 0.04 0.21 0.21 0.21 0.17 0.15 - 0.16 0.15 - - - - -ASTRA INTERNATIONAL TBK PT IDR 32399 29309 40484 5 0 2 1 38.47 16787 19225 19325 21594 2461 2702 733 733 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BBB- 11.05.2011 - -HACI OMER SABANCI HOLDING TRY 12546 3369 2040 14 0 6 12 26.65 12577 6617 14219 15540 2359 2318 658 658 - 0.42 0.49 0.58 7.61 - 6.54 5.57 8.24 -1.51 -0.65 5.38 19.66 - - - -TELEKOMUNIKASI INDONESIA PER IDR 20506 18185 19386 2 0 1 1 22.43 7358 7752 7874 8412 3775 4097 1071 1071 0.06 0.07 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 NR 15.10.2008 - -GRUPO FINANCIERO BANORTE-O MXN 16388 1089 2326 23 0 0 4 35.59 6601 7535 4191 4774 2987 3586 - - - 0.37 0.47 0.57 1.51 - 1.18 0.97 - 1.24 - 0.35 3.75 - - - -BANK CENTRAL ASIA TBK PT IDR 26223 12035 24365 1 0 0 11 #VALUE! 3282 3531 2877 3383 - - - - - 0.05 0.05 0.06 0.00 - 0.00 0.00 0.00 0.00 - - - NR 11.07.2006 - -WALMART DE MEXICO-SER V MXN 58429 3491 17644 1 0 0 2 58.01 30 K 33 K 33 K 37 K 2950 3166 1083 1083 - 0.10 0.11 0.12 2.53 - 2.47 2.12 1.06 1.06 0.99 1.11 0.77 - - - -BANK MANDIRI PERSERO TBK PT IDR 22288 17827 23333 3 0 0 13 #VALUE! 5316 5746 4232 4949 - - - - 0.05 0.06 0.06 0.08 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 21.04.2011 WR 20.12.2004CEMEX SAB-SPONS ADR PART CER USD 11840 7859 #VALUE! 208 0 14 12 #VALUE! 197036 197036 203659 218573 28692 28952 8313 8313 - - -0.68 3.43 - - #VALUE! 40.12 3.77 -2.62 -3.07 -10.55 14.69 B 25.01.2013 WR 19.10.2006KIA MOTORS CORPORATION KRW 20563 1789 404 3 0 0 2 20.04 25974 25974 34309 30600 2409 2409 - - 4.26 4.20 9.71 10.57 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008KB FINANCIAL GROUP INC KRW 13866 2961 386 0 0 #VALUE! #VALUE! 13.77 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -SEMEN INDONESIA PERSERO TBK IDR 10106 4147 5932 0 0 0 0 10.08 1691 1904 1993 2367 503 676 - - - 0.08 0.08 0.10 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 08.12.2009 - -GRUPO MEXICO SAB DE CV-SER B MXN 30389 3208 7785 0 0 0 0 2.69 803 803 851 922 371 371 92 92 - 0.02 0.02 0.03 1.01 - 0.98 0.91 -0.21 - -0.75 0.07 3.65 - - - -GUARANTY TRUST BANK NGN 4692 17352 29431 1 0 0 3 #VALUE! 1183 1183 1153 1270 - - - - - 0.01 0.02 0.02 0.09 - 0.06 0.05 0.13 - - - - BB- 09.11.2012 - -COMMERCIAL INTERNATIONAL BAN EGP 3050 1379 597 0 0 0 2 #VALUE! 1407 1407 842 947 - - - - - 0.55 0.62 0.71 1.37 - 1.22 1.08 5.59 2.87 - - - B- 26.12.2012 - -ZENITH BANK PLC NGN 4221 11157 31396 0 0 0 3 #VALUE! 1551 1551 1447 1588 - - - - - 0.01 0.02 0.02 0.10 - 0.05 0.05 0.19 - - - - BB- 09.11.2012 - -LG CHEM LTD KRW 18806 237 66 1 0 0 1 19.31 18958 18958 #VALUE! #VALUE! 2870 2312 - - 26.15 18.99 24.74 25.97 0.01 0.01 0.01 0.01 0.00 0.04 - 0.03 0.01 A- 24.11.2010 - -HYUNDAI MOTOR CO KRW 44329 605 209 4 0 0 9 35.68 39668 39668 54577 45965 5789 5789 - - - 16.19 34.11 36.64 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010ALLIANCE GLOBAL GROUP INC PHP 5410 14154 10107 1 0 1 1 6.68 1291 2111 2130 2398 237 - - - - 0.03 0.03 0.03 0.50 - 0.47 0.41 1.04 0.79 0.58 1.42 - - - - -ORASCOM CONSTRUCTION INDS EGP 8219 91 206 3 0 0 1 10.77 4860 4927 5053 5808 1221 - 294 294 2.92 2.05 2.92 3.88 2.85 - 2.00 1.51 2.79 17.65 5.33 1.95 - - - - -INDOCEMENT TUNGGAL PRAKARSA IDR 8249 1937 3681 0 0 0 1 7.38 1434 1702 1741 1980 524 618 201 201 - 0.12 0.13 0.15 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -TURK TELEKOMUNIKASYON AS TRY 14222 5205 3500 3 0 0 1 17.07 7131 7131 7414 7707 2772 2772 - - - 0.42 0.42 0.42 5.39 - 5.38 5.40 3.60 - 2.40 2.72 21.81 - - - -TURKIYE IS BANKASI-C TRY 16610 37654 4500 23 0 2 12 #VALUE! 12569 12569 5462 5937 - - - - - 0.43 0.41 0.43 4.86 - 5.06 4.76 11.63 3.42 - - - BB 22.02.2010 Baa2 03.07.2012EMLAK KONUT GAYRIMENKUL YATI TRY 4111 22588 2500 1 0 0 1 4.13 402 546 568 920 99 170 114 114 - 0.09 0.09 0.14 10.35 - 10.03 6.53 -29.28 - -40.94 - 17.43 - - - -ALFA S.A.B.-A MXN 11683 2144 5146 4 0 1 1 15.34 15785 15785 15806 16713 1914 1909 498 498 0.14 0.14 0.14 0.16 1.31 1.31 1.26 1.15 0.75 0.94 1.15 1.42 0.95 - - - -MEXICHEM SAB DE CV-* MXN 10756 466 1844 2 0 0 1 12.84 3868 4825 5336 6191 810 1014 250 250 0.12 0.21 0.25 0.28 1.97 - 1.63 1.43 2.72 1.84 2.08 2.63 1.66 BBB- 22.07.2011 Ba1 19.10.2009KOZA ANADOLU METAL MADENCILI TRY 1056 4446 311 0 0 0 0 0.87 500 671 650 745 330 461 114 114 - 0.38 0.32 0.36 4.03 - 4.75 4.25 36.16 24.21 47.95 22.55 38.87 - - - -BANK RAKYAT INDONESIA PERSER IDR 21908 15431 24669 2 0 0 14 #VALUE! 5989 5989 5145 5919 - - - - 0.08 0.08 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 02.05.2012 - -NESTLE NIGERIA PLC NGN 4942 220 793 0 0 0 0 5.12 623 623 747 900 157 157 191 191 0.13 0.13 0.17 0.20 0.29 0.29 0.23 0.19 0.14 0.13 0.11 0.14 0.16 - - - -T M G HOLDING EGP 1272 1854 2064 0 0 0 0 1.96 757 584 692 911 128 121 41 41 0.04 0.04 0.04 0.06 2.46 2.59 2.20 1.46 -0.67 - -4.31 - 3.08 - - - -GUDANG GARAM TBK PT IDR 10193 1586 1924 1 0 0 0 11.03 4325 4845 4933 5504 797 719 - - - 0.22 0.23 0.29 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -TAV HAVALIMANLARI HOLDING AS TRY 2192 1176 363 2 0 0 0 3.78 1144 1295 1379 1558 197 240 80 80 - 0.43 0.40 0.50 7.89 - 8.50 6.74 20.05 15.79 -19.44 23.30 10.41 - - - -TURKCELL ILETISIM HIZMET AS TRY 14138 6909 2200 2 0 0 4 12.16 5259 5694 5779 6232 1635 1733 444 444 - 0.50 0.52 0.56 7.23 - 6.97 6.43 2.28 2.51 1.21 1.25 17.09 BB+ 19.11.2008 - -METROPOLITAN BANK & TRUST PHP 6024 3436 2111 3 0 0 6 #VALUE! 1569 1622 1336 1468 - - - - -0.01 0.14 0.15 0.18 0.51 - 0.46 0.39 0.14 0.10 - - - NR 30.12.2011 - -TUPRAS-TURKIYE PETROL RAFINE TRY 7056 1480 250 1 0 0 1 7.59 23261 26124 26220 26446 1211 949 210 210 - 2.92 2.72 2.51 5.42 - 5.81 6.29 32.77 12.45 32.13 9.10 2.04 - - (P)Ba1 18.10.2012PETRON CORP PHP 3167 12932 9375 2 #VALUE! 0 1 6.01 6744 9339 9571 10052 455 316 - - 0.02 0.00 0.01 0.02 3.97 - 1.59 0.47 0.48 0.61 0.38 0.20 0.08 - - - -SAMSUNG C&T CORP KRW 9678 697 147 3 0 0 1 12.49 15989 15989 26428 #VALUE! 339 339 - - 0.57 1.87 #VALUE! 4.65 0.03 0.10 #VALUE! 0.01 0.01 0.01 - 0.00 0.00 - - - -OIL & GAS DEVELOPMENT CO LTD PKR 9170 1022 4301 0 0 0 0 9.12 2018 2242 2409 2837 1487 1553 - - 0.23 0.25 0.26 0.30 0.09 0.09 0.08 0.07 0.28 0.16 0.35 0.18 0.75 - - - -ORASCOM CONSTRUCTION-GDR USD 8017 50 #VALUE! 22 0 1 6 #VALUE! 32722 33172 33096 36970 8223 - - - - - 13.82 21.59 - - 18.70 11.97 18.76 118.86 35.89 13.11 - - - - -KIMBERLY-CLARK DE MEXICO-A MXN 9401 1385 3141 1 0 0 0 10.01 2310 2310 2468 2637 641 641 163 163 - 0.10 0.12 0.13 2.35 - 2.09 1.87 0.75 0.52 1.11 0.44 2.19 A- 07.02.2002 - -BIM BIRLESIK MAGAZALAR AS TRY 7221 361 152 0 0 0 0 7.05 4596 5354 5599 6750 238 264 71 71 - 1.20 1.26 1.55 22.20 - 21.17 17.23 13.79 14.77 10.72 18.11 2.77 - - - -MCB BANK LTD PKR 2056 414 920 1 0 0 1 #VALUE! 795 807 529 591 - - - - 0.23 0.22 0.23 0.25 0.10 0.10 0.10 0.09 0.03 0.16 - - - - - - -INDOFOOD SUKSES MAKMUR TBK P IDR 6030 11513 8780 1 0 1 1 7.11 4681 5041 5112 5611 759 780 - - 0.04 0.04 0.04 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 18.07.2006 - -BANK NEGARA INDONESIA PERSER IDR 8184 12746 18649 2 0 0 8 #VALUE! 2922 3032 2366 2673 - - - - - 0.04 0.04 0.04 0.00 - 0.00 0.00 0.00 0.00 - - - BB 13.12.2011 Baa3 17.04.2012 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 8.66 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 8.6%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 1.47 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.52 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.98 13.98 12.34 11.48 13.98 3.07 3.07 3.22 3.42 3.07 14382.7 12.7%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%AMERICA MOVIL-ADR SERIES L 3.46 2.89 2.45 2.14 1.43 1.35 1.29 1.25 7.88 5.51 5.25 4.93 4.71 11.12 11.42 11.99 10.54 10.13 1.32 1.66 2.06 2.23 26.16 17.3%SAMSUNG ELECTRONICS CO LTD 0.49 0.57 0.63 0.64 0.70 1900052.63 23.0%TURKIYE GARANTI BANKASI 1.76 1.56 1.37 1.21 4.27 3.93 3.59 3.13 2.83 6.84 6.32 5.41 11.33 10.27 9.49 8.35 1.79 2.09 2.50 2.76 9.93 13.3%FOMENTO ECONOMICO MEX-SP ADR 4.27 35.82 33.62 31.83 2.40 2.02 1.80 1.61 1.51 17.73 19.86 19.36 12.46 31.92 31.28 26.87 23.64 1.04 1.27 1.37 1.51 108.64 -4.0%AKBANK T.A.S. 1.69 1.47 1.31 1.12 5.19 4.13 3.73 3.27 2.84 7.55 6.73 5.85 12.55 10.77 9.61 8.10 1.50 2.02 2.59 2.78 9.85 12.9%GRUPO TELEVISA SA-SPON ADR 5.32 3.46 3.07 2.87 13.50 3.42 3.01 2.76 2.57 2.36 23.78 21.20 20.78 19.35 76.63 27.47 26.40 22.91 20.92 21.10 0.81 0.36 0.56 1.16 0.60 29.84 5.1%NIGERIAN BREWERIES PLC 21.86 14.15 11.81 10.06 7.96 5.68 4.69 4.06 3.51 3.20 30.36 36.17 18.68 15.45 21.18 17.62 15.07 13.02 12.06 35.96 33.45 26.85 22.07 19.89 1.70 1.84 2.45 3.10 3.96 127.86 -24.8%ASTRA INTERNATIONAL TBK PT 5.22 4.44 3.78 3.27 2.00 1.68 1.50 1.31 1.16 15.33 13.62 11.81 10.13 16.13 14.46 13.07 11.32 18.03 16.33 14.44 12.61 2.35 2.79 3.09 3.61 8389.13 8.2%HACI OMER SABANCI HOLDING 1.44 1.31 1.19 0.91 1.01 0.88 0.81 0.72 9.28 7.38 7.55 4.72 10.20 9.98 8.73 7.56 10.93 11.66 9.92 8.56 1.47 1.10 1.49 1.84 10.96 6.9%TELEKOMUNIKASI INDONESIA PER 3.93 3.53 3.18 2.89 2.02 2.79 2.60 2.44 2.31 2.19 6.90 6.29 5.89 5.57 4.50 5.86 5.46 5.12 4.85 4.43 16.68 14.72 13.45 12.48 10.84 3.23 4.07 4.81 5.24 6.00 10522.00 6.8%GRUPO FINANCIERO BANORTE-O 2.58 2.19 1.89 1.62 4.48 3.91 3.43 2.97 19.01 14.05 11.47 37.80 23.64 19.06 15.84 18.77 14.96 12.25 10.21 7.98 0.79 1.10 1.40 2.22 2.46 89.89 0.6%BANK CENTRAL ASIA TBK PT 6.17 5.03 4.21 3.52 2.83 10.69 9.11 7.75 6.68 6.15 38.60 67.81 54.47 47.27 15.16 24.88 21.97 18.80 15.97 15.16 1.34 1.28 1.42 1.66 1.23 9881.85 -4.1%WALMART DE MEXICO-SER V 5.65 5.31 4.75 4.20 1.76 1.58 1.41 1.31 26.13 26.00 22.29 19.98 16.21 19.39 17.75 15.41 13.48 12.44 34.27 31.27 26.84 23.19 21.08 1.31 1.38 1.57 1.44 44.41 6.2%BANK MANDIRI PERSERO TBK PT 3.53 2.93 2.51 2.14 1.74 6.40 5.27 4.50 3.85 3.12 11.16 14.67 12.50 10.54 17.49 14.77 12.54 10.77 8.36 1.75 1.59 1.90 2.22 2.39 9942.50 7.5%CEMEX SAB-SPONS ADR PART CER 0.98 1.01 0.99 0.96 0.79 0.74 0.69 0.64 0.60 7.66 7.32 8.40 6.12 40.10 13.21 20.84 0.00 0.00 0.00 12.22 12.7%KIA MOTORS CORPORATION 1.29 1.03 0.85 0.74 0.60 0.67 7.48 7.19 7.19 5.39 5.23 4.80 1.19 1.25 1.35 1.33 1.42 67564.52 23.5%KB FINANCIAL GROUP INC 2.07 2.07 46717.86 20.7%SEMEN INDONESIA PERSERO TBK 6.95 5.69 4.73 3.99 3.08 6.05 5.07 4.27 3.79 3.49 22.29 18.72 14.80 13.04 17.94 14.63 11.86 10.41 9.12 25.25 20.88 17.17 15.06 12.92 1.87 1.99 2.40 2.86 1.34 17723.68 7.4%GRUPO MEXICO SAB DE CV-SER B 4.07 3.49 3.15 2.67 2.98 2.82 2.60 2.65 2.22 8.77 9.08 8.93 9.18 9.76 7.02 6.38 5.95 6.31 5.54 13.37 12.39 11.55 13.23 9.76 4.38 3.28 4.12 3.64 5.12 53.12 7.3%GUARANTY TRUST BANK 3.18 2.62 2.26 2.03 1.66 4.84 4.07 3.69 3.25 2.98 48.23 31.75 14.09 14.95 9.18 8.54 7.55 6.32 4.01 6.31 6.72 7.57 8.92 24.73 -1.4%COMMERCIAL INTERNATIONAL BAN 2.04 1.76 1.53 1.17 3.96 3.62 3.22 2.81 2.59 9.65 8.24 7.24 6.54 5.78 3.47 4.33 4.96 4.29 5.82 38.40 11.7%ZENITH BANK PLC 1.71 1.56 1.43 1.33 1.14 3.11 2.92 2.66 2.28 2.19 12.54 8.42 7.96 7.07 6.17 4.54 6.61 6.96 8.05 8.39 19.86 -6.1%LG CHEM LTD 9.30 7.88 13.66 11.47 10.93 1.31 1.35 1.41 1.31 1.31 379041.66 23.9%HYUNDAI MOTOR CO 1.45 1.19 0.99 1.08 0.81 0.96 5.54 5.56 5.21 6.08 5.90 5.49 0.87 0.90 0.94 1.00 0.92 276250.00 27.3%ALLIANCE GLOBAL GROUP INC 2.80 2.69 2.42 2.15 1.82 4.32 2.54 2.26 1.95 1.49 36.15 13.05 12.16 13.43 8.11 21.65 13.79 12.33 10.80 8.15 23.94 19.23 16.60 14.12 11.15 1.08 1.65 1.77 2.06 2.52 17.92 -16.3%ORASCOM CONSTRUCTION INDS 2.65 2.34 1.98 1.64 1.70 1.63 1.42 1.32 1.34 13.39 7.01 6.13 5.90 8.55 9.26 6.87 6.31 6.21 12.26 13.47 10.14 9.15 7.78 4.71 4.59 5.08 6.41 11.59 299.54 13.1%INDOCEMENT TUNGGAL PRAKARSA 5.06 4.20 3.49 2.95 2.57 5.98 4.74 4.17 3.72 3.46 20.29 16.18 13.56 11.76 13.80 11.30 9.75 8.59 8.43 22.19 17.72 15.24 13.49 12.74 1.31 1.50 1.90 2.21 1.03 25513.89 17.6%TURK TELEKOMUNIKASYON AS 3.73 3.69 3.69 3.58 3.28 2.01 1.92 1.85 1.79 1.67 6.19 5.91 5.71 5.93 5.75 5.95 5.74 5.57 5.43 5.03 9.48 9.59 9.61 9.40 8.47 9.01 9.48 9.41 9.63 8.05 11.2%TURKIYE IS BANKASI-C 1.38 1.24 1.11 1.00 3.38 3.04 2.80 2.48 5.07 4.74 3.90 9.43 9.02 8.48 7.84 1.95 2.30 2.52 2.18 7.36 12.2%EMLAK KONUT GAYRIMENKUL YATI 2.16 1.73 1.63 1.46 10.51 7.24 4.47 4.19 3.59 41.86 15.75 9.51 6.61 34.90 19.17 12.18 10.24 32.56 17.87 11.63 8.91 6.66 1.71 2.39 3.55 4.98 3.37 14.9%ALFA S.A.B.-A 2.81 2.42 2.23 2.13 0.74 0.74 0.70 0.65 10.06 10.01 8.70 7.91 7.91 7.73 7.33 6.88 6.96 15.78 15.99 14.56 15.23 0.87 1.12 1.33 1.01 29.70 3.2%MEXICHEM SAB DE CV-* 4.96 3.33 2.87 2.40 2.85 2.02 1.74 1.64 1.43 14.83 16.77 12.62 11.18 15.56 11.34 9.99 9.55 8.74 30.86 20.70 18.15 16.54 15.84 0.45 1.62 0.87 0.98 75.16 15.7%KOZA ANADOLU METAL MADENCILI 0.79 1.22 1.13 0.92 0.84 2.09 1.63 1.42 1.32 1.22 6.83 2.90 2.55 2.44 2.34 2.60 1.98 1.74 1.63 1.55 6.55 8.46 7.58 7.29 7.35 7.63 57.4%BANK RAKYAT INDONESIA PERSER 3.34 2.68 2.21 1.80 4.85 4.26 3.70 3.25 25.90 22.73 19.79 8.54 12.41 10.85 9.53 8.06 1.65 1.81 2.06 2.85 9106.19 5.9%NESTLE NIGERIA PLC 43.06 23.37 17.92 14.22 12.27 7.92 6.61 5.49 4.60 3.99 32.10 26.56 21.02 15.08 37.64 26.77 21.78 18.17 15.10 61.52 36.71 30.52 24.76 20.61 1.23 1.51 1.94 2.43 2.53 741.73 -24.4%T M G HOLDING 0.34 0.32 0.31 0.31 1.48 1.84 1.40 1.29 1.29 8.74 48.82 3.56 3.77 11.02 13.22 9.04 8.21 8.75 10.78 14.82 9.86 8.83 0.00 0.00 0.00 0.80 6.15 48.1%GUDANG GARAM TBK PT 4.03 3.69 3.21 2.85 2.54 2.35 2.07 1.85 1.68 1.56 35.39 27.32 19.65 14.33 15.32 13.49 15.59 12.36 11.10 9.72 19.51 23.35 18.03 16.15 13.58 1.95 1.96 2.04 2.56 2.98 58890.91 14.8%TAV HAVALIMANLARI HOLDING AS 3.00 2.81 2.47 2.10 1.87 1.59 1.41 1.27 1.17 11.88 8.63 6.94 6.11 11.01 9.35 8.06 6.94 27.78 15.14 12.01 10.39 0.95 2.78 3.64 4.30 12.50 16.3%TURKCELL ILETISIM HIZMET AS 2.24 1.98 1.99 1.98 2.13 2.70 2.45 2.27 2.10 1.95 10.02 9.34 8.45 7.19 7.53 7.41 6.88 6.26 5.68 5.07 13.55 12.42 11.45 10.77 9.66 3.46 10.03 7.34 4.66 8.65 13.14 14.7%METROPOLITAN BANK & TRUST 2.39 2.11 1.90 1.71 4.99 4.51 4.10 3.75 15.43 19.95 17.75 16.37 23.03 18.56 15.96 14.39 0.87 0.94 1.03 1.12 115.19 -0.6%TUPRAS-TURKIYE PETROL RAFINE 2.90 2.72 2.57 2.45 0.30 0.27 0.27 0.26 0.26 84.94 6.46 10.62 9.44 6.40 8.68 8.06 7.78 5.22 10.51 10.36 11.21 11.58 7.07 7.85 7.78 7.04 20.76 51.19 2.0%PETRON CORP 2.27 2.60 1.92 2.09 0.45 0.33 0.32 0.29 10.01 24.50 13.45 10.55 11.49 19.06 11.15 11.02 14.44 64.41 19.24 17.37 0.80 0.52 0.65 0.66 12.40 -9.6%SAMSUNG C&T CORP 0.37 13.33 0.81 0.80 0.83 0.90 0.86 79552.17 19.1%OIL & GAS DEVELOPMENT CO LTD 3.40 2.66 2.08 1.66 4.55 3.81 3.23 2.80 22.19 53.32 10.96 6.06 5.02 4.39 3.86 9.63 8.21 7.19 5.87 2.69 4.01 5.19 6.97 211.30 1.1%ORASCOM CONSTRUCTION-GDR 2.76 2.46 2.26 2.03 1.63 1.63 1.46 1.37 11.69 18.70 11.97 10.02 4.91 4.72 4.78 4.99 46.00 19.9%KIMBERLY-CLARK DE MEXICO-A 16.06 16.60 16.26 4.08 3.81 3.57 23.96 21.35 18.74 15.86 14.59 13.48 12.23 11.32 30.46 26.46 23.67 3.05 3.32 3.60 4.33 4.84 36.68 -6.6%BIM BIRLESIK MAGAZALAR AS 20.91 17.02 13.86 11.47 9.40 1.59 1.29 1.07 0.90 0.78 32.70 25.49 21.94 18.42 15.55 29.59 25.26 20.63 17.29 15.47 43.37 37.72 30.71 25.74 22.98 1.56 1.79 2.19 2.61 2.79 90.29 6.5%MCB BANK LTD 1.97 1.80 1.63 1.47 3.95 3.89 3.48 3.08 9.31 9.88 8.78 8.12 6.39 6.27 6.54 6.09 207.81 -5.2%INDOFOOD SUKSES MAKMUR TBK P 3.26 2.79 2.50 2.26 2.00 1.30 1.18 1.07 1.01 0.92 15.07 12.60 10.72 8.98 10.23 8.25 7.95 7.24 6.77 5.72 18.18 17.14 15.25 14.02 12.39 1.96 2.24 2.44 2.85 3.48 6852.73 3.0%BANK NEGARA INDONESIA PERSER 2.13 1.80 1.56 1.33 4.00 3.46 3.06 2.71 8.13 11.75 9.86 8.44 14.53 11.88 10.15 8.75 1.95 1.91 2.22 2.63 4658.62 9.6% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 20.02.2013America Movil SAB de CVAmerica Movil SAB de C.V. provides wireless communications in 18 countries Price/Volumeacross Latin America, the Caribbean and the U.S. The company also offers 30 35.0 Mfixed-line phone, Internet and pay-TV services in most parts of the region. 25 30.0 M 25.0 M 20 20.0 M 15 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 10 10.0 MLTM as of: 09/yy 5 5.0 M52-Week High (07.05.2012) 28.47 0 .0 M52-Week Low (14.02.2013) 21.77 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 6071947.00 Current Price (2/dd/yy) 22.31 Market Data 52-Week High % Change -21.64% Dividend Yield - 52-Week Low % Change 2.48% Beta 1.11 % 52 Week Price Range High/Low 15.22% Equity Float -Shares Out 06.02.2013 2576.4 Short Int 16.13 Market Capitalization 84416.30 1 Yr Total Return -3.77%Total Debt 417670.09 YTD Return -3.59%Preferred Stock 0.0 Adjusted BETA 1.114Minority Interest 10525.6 Analyst Recs 21Cash and Equivalents 45487.20 Consensus Rating 3.190Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 14470349AMX US EQUITY YTD Change - Average Volume 30 Day 7353925AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 7541793 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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 345654.9 561254.6 607855.7 665301.5 775069.6 693228.9 759166.1 793931.0 833286.5 195440.2 197582.0 TEV/Revenue 2.29x 2.28x 2.73x 2.33x 1.95x 8.97x 8.46x 1.80x 1.65x 7.44x 7.22x EBITDA 137313.5 228715.8 243392.7 248772.5 260894.9 188731.8 262938.1 263208.2 273532.0 65463.3 66192.8 TEV/EBITDA 5.78x 5.60x 6.82x 6.23x 5.80x 0.00x 6.18x - - - - Net Income 59485.5 92697.6 91123.1 82853.5 91440.9 90923.8 92987.8 95045.4 98479.5 23474.1 23100.5 P/E - - - - - 0.00x 0.00x 11.42x 11.99x 13.27x 13.89x Profitability S&P Issuer RatingsEBITDA 260894.92 Long-Term Rating Date 22.03.2010EBIT 157310.19 Long-Term Rating A-Operating Margin 20.30% Long-Term Outlook STABLEPretax Margin 17.87% Short-Term Rating Date -Return on Assets 9.39% Short-Term Rating -Return on Common Equity 31.13% Credit RatiosReturn on Capital 15.46% EBITDA/Interest Exp. 10.47Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 5.50Margin Analysis Net Debt/EBITDA 1.43Gross Margin 42.3% Total Debt/EBITDA 1.60EBITDA Margin 33.7% ReferenceEBIT Margin 20.3% Total Debt/Equity 138.4%Net Income Margin 11.8% Total Debt/Capital 57.2%Structure Asset Turnover 0.80Current Ratio 0.83 Net Fixed Asset Turnover 1.60Quick Ratio 0.41 Accounts receivable turnover-days 43.25Debt to Assets 41.66% Inventory Days 25.72Tot Debt to Common Equity 138.39% Accounts Payable Turnover Day 102.65Accounts Receivable Turnover 8.46 Cash Conversion Cycle -33.68Inventory Turnover 14.23Price/ Cash Flow Sales/Revenue/Turnover 1.20 700000.0 600000.0 1.00 500000.0 0.80 400000.0 0.60 300000.0 0.40 200000.0 100000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 20.02.2013America Movil SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 59009668 2.27 (10845000) 30.09.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 54867926 2.12 (17151400) 30.09.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 51462598 1.98 523282 30.09.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 30496218 1.18 631992 30.09.2012 Investment AdvisorNOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 21512060 0.83 21453980 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21110228 0.81 (397954) 30.09.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18496689 0.71 (1575663) 30.09.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 17886123 0.69 4957900 30.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17775703 0.69 339900 30.09.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17238575 0.66 (45464) 30.09.2012 Investment AdvisorBRANDES INVESTMENT P BRANDES INVESTMENT P 13F 14941739 0.58 (1141460) 30.09.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 14161841 0.55 (1435202) 30.09.2012 Investment AdvisorFISHER INVESTMENTS I FISHER INVESTMENTS 13F 13255241 0.51 1529729 30.09.2012 Investment AdvisorWESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11723354 0.45 - 30.09.2012 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 11662675 0.45 (1757440) 30.09.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11575681 0.45 1459996 30.09.2012 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 11362867 0.44 853193 30.09.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10507380 0.41 (2203600) 30.09.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 9280788 0.36 (22800) 31.10.2012 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 9006008 0.35 (482400) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateActinver SA MARTIN LARA buy 5 M 29 12 month 27.11.2012JPMorgan ANDRE BAGGIO neutral 3 M 28 12 month 26.11.2012Scotia Capital ANDRES COELLO sector underperform 1 M 24 12 month 19.11.2012Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 16.11.2012Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 26 12 month 14.11.2012Barclays VERA ROSSI overweight 5 M 32 Not Provided 14.11.2012Macquarie KEVIN SMITHEN outperform 5 M 33 12 month 12.11.2012HSBC RICHARD DINEEN overweight 5 M 32 Not Provided 07.11.2012William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 26.10.2012Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 26.10.2012Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 26.10.2012Itau BBA Securities GREGORIO TOMASSI outperform 5 M 29 Not Provided 26.10.2012Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 25.10.2012BBVA ALEJANDRO GALLOSTRA outperform 5 M 31 12 month 19.10.2012Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 29 12 month 18.10.2012Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 27 12 month 27.07.2012Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012Interacciones Casa de Bolsa RAUL OCHOA buy 5 N #N/A N/A Not Provided 09.01.2012Wells Fargo Securities, LLC JENNIFER M FRITZSCHE suspended coverage #N/A N/A M #N/A N/A Not Provided 30.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 31.10.2011Davenport & Co F DRAKE JOHNSTONE reduce 2 U #N/A N/A Not Provided 21.07.2011First Global Stockbroking RUPALI VERMA moderate outperform 4 M #N/A N/A Not Provided 29.10.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 20.02.2013Samsung Electronics Co LtdSamsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volumeindustrial electronic equipment and products such as semiconductors, personal 1600000 1.4 Mcomputers, peripherals, monitors, televisions, and home appliances including air 1400000 1.2 Mconditioners and microwave ovens. The Company also produces Internet access 1200000 1.0 Mnetwork systems and telecommunications equipment including mobile phones. 1000000 .8 M 800000 Valuation Analysis .6 M 600000Latest Fiscal Year: 12/2012 .4 M 400000LTM as of: 09/yy .2 M 20000052-Week High (03.01.2013) 1584000.00 0 .0 M52-Week Low (12.07.2012) 1091000.00 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 360787.00 Current Price (2/dd/yy) 1545000 Market Data 52-Week High % Change -2.46% Dividend Yield - 52-Week Low % Change 41.61% Beta 1.11 % 52 Week Price Range High/Low 92.09% Equity Float 106.63Shares Out 31.12.2012 147.3 Short Int - Market Capitalization 227577472.00 1 Yr Total Return 32.20%Total Debt 4796865.00 YTD Return 1.51%Preferred Stock 119467.0 Adjusted BETA 1.113Minority Interest 0.0 Analyst Recs 51Cash and Equivalents 14630145.00 Consensus Rating 4.863Enterprise Value 217951842.67 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 185662005930 KS EQUITY YTD Change - Average Volume 30 Day 263669005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 277964 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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 72952991.0 89772834.0 112249475.0 120815977.0 141206400.0 ######### ######### - - - - TEV/Revenue 0.70x 1.05x 1.02x 1.06x - 3.69x 4.40x - - - - EBITDA 11753254.0 14207387.0 20345636.0 18987465.0 - ######### ######### - - - - TEV/EBITDA 4.32x 6.61x 5.60x 6.75x - 5.56x 6.75x - - - - Net Income 5525904.0 6208140.0 13236461.0 10029152.0 17398500.0 ######### ######### - - - - P/E 11.97x 18.96x 10.69x 15.82x - 11.62x 13.07x - - - - Profitability S&P Issuer RatingsEBITDA 18987465.00 Long-Term Rating Date 25.01.2006EBIT 18510400.00 Long-Term Rating AOperating Margin 13.11% Long-Term Outlook POSPretax Margin 9.51% Short-Term Rating Date 25.01.2006Return on Assets 12.82% Short-Term Rating A-1Return on Common Equity 16.55% Credit RatiosReturn on Capital 16.09% EBITDA/Interest Exp. 75.22Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 23.73Margin Analysis Net Debt/EBITDA -0.40Gross Margin 25.2% Total Debt/EBITDA 0.11EBITDA Margin 18.0% ReferenceEBIT Margin 13.1% Total Debt/Equity 5.4%Net Income Margin 12.3% Total Debt/Capital 5.1%Structure Asset Turnover 1.14Current Ratio 1.46 Net Fixed Asset Turnover 3.39Quick Ratio 1.11 Accounts receivable turnover-days 46.18Debt to Assets 4.08% Inventory Days 19.82Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 29.23Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74Inventory Turnover 18.47Price/ Cash Flow Sales/Revenue/Turnover 14.00 140000000.0 12.00 120000000.0 10.00 100000000.0 8.00 80000000.0 6.00 60000000.0 4.00 40000000.0 2.00 20000000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 20.02.2013Samsung Electronics Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSAMSUNG ELECTRONICS n/a Co File 16912614 11.48 - 31.12.2011 CorporationSAMSUNG LIFE INSURAN n/a EXCH 11071893 7.52 10982 28.09.2012 Insurance CompanyNATIONAL PENSION SER n/a Research 9764440 6.63 - 31.12.2011 Investment AdvisorCITIBANK NA n/a Research 7316976 4.97 - 31.12.2011 BankSAMSUNG C&T CORP n/a Research 5976362 4.06 - 31.12.2011 CorporationKUN HEE LEE n/a EXCH 4985464 3.38 - 17.04.2012 n/aCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2915146 1.98 (184042) 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2495360 1.69 53763 30.09.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1970288 1.34 (404618) 30.09.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1909028 1.3 9932 27.11.2012 Investment AdvisorSAMSUNG FIRE & MARIN n/a Research 1856370 1.26 - 31.12.2011 Insurance CompanyFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1653382 1.12 (28126) 30.09.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1421162 0.96 231595 30.06.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1344881 0.91 15986 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1000573 0.68 (228106) 29.02.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 912758 0.62 (32415) 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 862644 0.59 41261 30.09.2012 Investment AdvisorJAE-YONG LEE n/a EXCH 840403 0.57 - 23.12.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 817086 0.55 (82310) 30.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 772687 0.52 (22414) 30.06.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateTong Yang Investment Bank HYUN PARK buy 5 M 2000000 12 month 29.11.2012Nomura CHANG-WON CHUNG buy 5 M 2000000 Not Provided 28.11.2012Samsung Securities MINSEONG HWANG buy 5 M 1700000 12 month 27.11.2012Credit Suisse KEON HAN outperform 5 M 1720000 Not Provided 27.11.2012LIG Investment Securities CHOI DO-YEON buy 5 M 1700000 12 month 27.11.2012Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1700000 12 month 26.11.2012NH Investment & Securities LEE SUN-TAE buy 5 M 1900000 6 month 26.11.2012Kyobo Securities KOO JA-WOO buy 5 M 1850000 12 month 26.11.2012Dongbu Securities Co Ltd SHIN HYUNJOON buy 5 M 1800000 12 month 23.11.2012HSBC RICKY JUIL SEO overweight 5 M 1900000 Not Provided 23.11.2012IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1650000 12 month 23.11.2012Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1750000 6 month 23.11.2012Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2000000 6 month 22.11.2012Daewoo Securities JAMES SONG buy 5 M 1900000 12 month 21.11.2012Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2100000 12 month 21.11.2012KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 1870000 6 month 21.11.2012SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1800000 6 month 20.11.2012KTB Securities JIN SUNG-HAE buy 5 M 1650000 12 month 20.11.2012Korea Investment & Securities SEO WON-SEOK buy 5 M 1850000 12 month 16.11.2012Barclays BAE SEUNG-CHUL overweight 5 M 2000000 Not Provided 14.11.2012Eugene Investment & Securities Co., Ltd JEONG LEE buy 5 M 1700000 12 month 12.11.2012Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1800000 Not Provided 12.11.2012Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1600000 12 month 09.11.2012KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1900000 12 month 07.11.2012Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1850000 6 month 05.11.2012BNP Paribas Equity Research PETER YU buy 5 M 1770000 12 month 05.11.2012Woori Investment & Securities YOUNG PARK buy 5 M 1800000 12 month 30.10.2012Standard Chartered SEAN KIM outperform 5 M 1800000 12 month 29.10.2012HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1750000 Not Provided 29.10.2012Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1700000 12 month 29.10.2012Mizuho Securities CHARLES PARK buy 5 M 1700000 12 month 29.10.2012Leading Investment & Securities SANG-WOO OH buy 5 M 1920000 12 month 29.10.2012E*Trade Securities Korea JI-WOONG KIM buy 5 M 1570000 12 month 29.10.2012HI Investment Securities SONG MYUNG-SUP buy 5 M 1600000 6 month 28.10.2012Goldman Sachs MICHAEL BANG buy/attractive 5 M 1630000 12 month 26.10.2012Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 1750000 12 month 26.10.2012Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.10.2012Deutsche Bank SEUNGHOON HAN buy 5 M 1770000 12 month 17.10.2012Societe Generale ANDY PERKINS not rated #N/A N/A M #N/A N/A Not Provided 12.10.2012Macquarie DANIEL KIM outperform 5 M 1900000 12 month 05.10.2012JPMorgan JJ PARK overweight 5 M 1800000 6 month 20.09.2012Berenberg Bank ADNAAN AHMAD buy 5 M 1450000 Not Provided 04.09.2012Meritz Securities Co., Ltd SEI CHEOL LEE buy 5 M 1800000 6 month 30.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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