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Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
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Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components

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Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components

Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components

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  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations MSCI APEX 50 Index Components 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. 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 19.89AIA 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 - - - - - - - -BANK OF CHINA LTD-H HKD 133070 432700 279136 247 0 4 403 #VALUE! 66300 74564 46416 50283 - - - - 0.06 0.06 0.06 0.06 0.82 - 0.82 0.80 3.88 2.35 - - - A 29.11.2011 - -BOC HONG KONG HOLDINGS LTD HKD 35448 15112 10573 35 0 0 54 #VALUE! 6535 6900 4604 5049 - - - - 0.23 0.24 0.25 0.26 1.80 1.96 1.74 1.64 2.34 0.51 - - - - - - -CATHAY FINANCIAL HOLDING CO TWD 13379 43979 10300 1 0 0 1 13.58 1042 1042 2319 2565 - - - - 0.10 0.10 0.05 0.05 0.41 - 0.88 0.76 - - - - - BBB+ 29.04.2009 - -CHEUNG KONG HOLDINGS LTD HKD 35632 8473 2316 6 0 1 3 39.33 4252 2954 4099 5039 1434 1164 1870 1870 - 1.57 1.34 1.51 1.26 - 1.48 1.32 4.83 6.14 4.30 1.94 5.08 NR 28.12.2011 - -CHINA CONSTRUCTION BANK-H HKD 203738 324150 250011 156 0 1 357 #VALUE! 74218 88030 58767 63904 - - - - 0.09 0.10 0.10 0.10 0.86 - 0.86 0.82 3.60 2.10 - - - A 29.11.2011 - -CHINA 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 - -CHINA MERCHANTS BANK-H HKD 46584 17228 21577 47 0 0 87 #VALUE! 18419 21253 14578 16104 - - - - 0.22 0.24 0.24 0.24 0.95 0.95 0.94 0.95 5.49 3.90 - - - BBB+ 06.12.2011 - -CHINA MOBILE LTD HKD 222656 22612 20072 4 0 0 43 132.45 68088 70209 72403 76969 33167 33025 8172 8172 0.83 0.81 0.80 0.80 1.41 - 1.43 1.43 1.14 1.28 0.82 1.23 6.07 AA- 16.12.2010 WR 03.11.2005CHINA OVERSEAS LAND & INVEST HKD 23080 40010 8173 6 0 0 2 26.51 6265 6703 8550 10252 2453 2592 - - 0.24 0.26 0.25 0.29 1.39 - 1.48 1.25 1.24 5.78 2.23 5.86 4.99 BBB 25.03.2010 - -CHINA PETROLEUM & CHEMICAL-H HKD 101740 110902 86703 31 0 5 3 121.44 317713 331965 329171 344924 22046 20236 - - 0.11 0.08 0.09 0.11 1.40 - 1.32 1.08 4.03 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -CHINA SHENHUA ENERGY CO-H HKD 73463 18425 19890 8 0 5 8 64.34 26848 29527 30317 33003 10867 11196 - - 0.30 0.32 0.31 0.32 1.22 1.22 1.29 1.24 4.13 3.44 2.16 2.55 4.89 - - - -CHINA STEEL CORP TWD 14355 25769 14972 3 0 0 0 17.91 8K 7K 7K 7K 1036 567 199 199 0.04 0.00 0.01 0.03 7.61 - 2.41 1.20 0.02 0.22 -1.33 -0.28 0.26 - - - -CHINA UNICOM HONG KONG LTD HKD 33974 38063 23565 14 0 0 2 40.41 26973 29589 32411 37106 8253 8777 2377 2377 0.02 0.03 0.04 0.06 5.27 - 3.91 2.46 2.84 4.79 0.78 1.85 3.82 - - - -CLP HOLDINGS LTD HKD 21714 3547 2406 13 0 0 0 32.82 11817 12579 12353 13312 2722 2824 1532 1532 0.60 0.37 0.51 0.59 3.03 2.35 2.17 1.88 7.33 1.94 2.59 0.51 2.89 A- 02.03.2011 - -CNOOC LTD HKD 89469 51694 44659 5 0 0 13 64.20 31071 30258 30525 31450 15351 14699 - - 0.20 0.18 0.19 0.18 1.15 - 1.11 1.14 4.36 4.46 2.77 2.43 6.26 AA- 16.12.2010 - -DBS GROUP HOLDINGS LTD SGD 29783 6063 2437 40 0 3 38 #VALUE! 8899 8898 7044 7747 - - - - 1.26 1.27 1.14 1.19 7.75 7.78 8.64 8.29 11.08 2.70 - - - - - - -FORMOSA PLASTICS CORP TWD 16154 7918 6121 2 0 0 2 16.58 6332 5797 5831 6099 1109 531 96 96 - 0.07 0.08 0.14 1.28 - 1.08 0.63 -0.12 -0.07 -0.36 0.39 0.31 BBB+ 30.12.2010 - -HANG LUNG PROPERTIES LTD HKD 17289 6324 4477 4 0 1 5 17.26 951 951 1459 1647 941 941 1065 1065 0.24 0.24 0.18 0.21 2.07 - 2.71 2.41 5.51 0.75 12.49 3.12 12.77 - - - -HANG SENG BANK LTD HKD 31015 1388 1912 7 0 0 20 #VALUE! 5081 5347 3148 3454 - - - - - 1.21 1.18 1.33 1.73 - 1.77 1.57 0.61 -0.30 - - - AA- 29.11.2011 - -HON HAI PRECISION INDUSTRY TWD 33235 33446 11757 5 0 0 3 36.87 93598 106341 104052 117788 1388 1696 - - 0.23 0.27 0.27 0.31 0.35 - 0.36 0.31 0.67 0.72 -0.29 0.09 0.05 A- 09.11.2007 - -HONG KONG & CHINA GAS HKD 24151 8790 8691 4 0 1 2 27.29 2892 3158 3359 3791 914 963 521 521 0.09 0.10 0.11 0.11 3.43 3.46 3.40 3.18 2.03 2.47 2.72 0.74 3.93 A+ 23.07.2008 A1 23.07.2008HONG KONG EXCHANGES & CLEAR HKD 21129 6321 1078 0 0 0 6 15.18 886 840 929 1122 722 663 - - 0.58 0.57 0.50 0.60 4.19 4.44 4.72 3.95 0.45 0.74 1.20 2.34 10.18 - - - -HUTCHISON WHAMPOA LTD HKD 46896 6330 4263 29 0 5 9 72.63 30137 30574 31324 33559 4462 4664 - - 0.61 0.60 0.69 0.80 2.36 2.00 2.05 1.76 1.51 0.53 -0.37 0.00 1.97 A- 09.11.2010 A3 29.10.2010HYUNDAI HEAVY INDUSTRIES KRW 15567 272 61 4 0 0 1 19.95 23094 23094 22838 24651 2869 2869 - - 25.46 29.23 #VALUE! 29.03 0.01 0.01 #VALUE! 0.01 0.00 0.01 - 0.02 0.01 - - - -HYUNDAI MOBIS CO LTD KRW 27557 182 96 2 0 0 2 25.90 15527 15527 20562 #VALUE! 2133 2133 - - 16.79 16.81 32.67 29.93 0.02 0.02 0.01 0.01 0.01 0.01 - 0.02 0.01 BBB+ 20.03.2012 - -HYUNDAI MOTOR CO KRW 43802 411 209 4 0 0 9 35.22 39378 39378 54178 45629 5747 5747 - - - 16.07 33.86 36.37 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010IND & COMM BK OF CHINA-H HKD 238178 316927 349084 248 0 0 463 #VALUE! 90833 101793 68581 74938 - - - - 0.08 0.08 0.08 0.09 0.91 - 0.87 0.84 3.80 2.45 - - - A 28.08.2012 - -KB FINANCIAL GROUP INC KRW 13694 1601 386 0 0 #VALUE! #VALUE! 13.60 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -KEPPEL CORP LTD SGD 16894 5602 1798 6 0 3 4 22.59 11251 11251 10730 11255 2035 2035 - - 0.87 1.01 0.71 0.74 7.53 8.12 10.60 10.17 31.48 0.42 18.02 12.98 14.57 - - - -KIA MOTORS CORPORATION KRW 20562 1976 404 3 0 0 2 20.04 25784 25784 34058 30376 2392 2392 - - 4.23 4.17 9.64 10.49 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008LG CHEM LTD KRW 18516 170 66 1 0 0 1 19.02 18820 18820 #VALUE! #VALUE! 2849 2295 - - 25.96 18.85 24.56 25.78 0.01 0.01 0.01 0.01 0.00 0.04 - 0.03 0.01 A- 24.11.2010 - -LI & FUNG LTD HKD 11212 22711 8104 0 0 0 0 1.67 2583 2625 2693 2943 136 136 62 62 0.01 0.01 0.01 0.01 1.86 - 2.79 2.11 3.27 1.83 2.73 3.53 0.67 A- *- 15.01.2013 A3 10.05.2007MEDIATEK INC TWD 14846 4829 1140 0 0 0 1 13.77 1817 1999 #VALUE! 4443 224 234 - - 0.41 0.43 0.41 0.59 0.86 - 0.90 0.63 -0.85 -0.09 -2.22 -0.79 0.40 - - - -NAN YA PLASTICS CORP TWD 15874 8262 7852 3 0 0 1 18.93 6548 6138 6190 6427 989 557 132 132 - 0.00 0.02 0.08 22.02 - 4.30 0.85 -0.29 -0.15 -0.55 0.10 0.31 BBB+ 30.12.2010 - -OVERSEA-CHINESE BANKING CORP SGD 27649 5365 3431 30 0 2 37 #VALUE! 7142 7201 5452 5894 - - - - 0.95 0.91 0.63 0.67 7.12 10.06 10.38 9.64 14.31 3.72 - - - AA- 01.12.2011 Aa1 04.05.2007PETROCHINA CO LTD-H HKD 263843 94654 183021 41 0 10 8 266.17 258404 270579 266867 284450 41700 41828 11010 11010 0.10 0.09 0.09 0.10 1.56 1.53 1.68 1.45 4.74 3.34 0.84 0.57 1.99 - - - -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 - - - - - - -POSCO KRW 29257 197 77 11 0 0 2 37.00 32833 32833 31142 31767 5619 5619 1163 1163 - 38.00 31.33 30.43 0.01 - 0.01 0.01 -0.01 0.01 - 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012POWER ASSETS HOLDINGS LTD HKD 19238 2330 2134 3 0 0 1 21.64 1315 1344 1365 1396 855 860 502 502 0.55 0.56 0.58 0.61 2.06 2.05 2.00 1.91 -0.21 -0.39 -1.42 -0.82 8.25 A+ 09.11.2010 - -SAMSUNG ELECTRONICS CO LTD KRW 210187 262 130 4 0 0 13 201.33 129996 129991 202820 219082 17480 22705 - - 61.43 94.82 193.35 204.83 0.01 0.01 0.01 0.01 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005SHINHAN FINANCIAL GROUP LTD KRW 18379 1501 474 6 0 0 2 24.99 914 914 #VALUE! #VALUE! 1890 1890 - - 2.68 2.71 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! -0.05 -0.01 - 0.00 0.09 - - - -SINGAPORE TELECOM LTD SGD 45344 11470 15929 7 0 0 1 51.11 15167 14890 14885 15082 4178 4210 1122 1122 0.20 0.20 0.18 0.20 11.53 11.47 12.53 11.70 3.36 3.31 1.68 3.18 22.78 A+ 05.08.2003 Aa3 15.08.2012SK HYNIX INC KRW 16999 2826 698 5 0 0 1 20.89 9208 9208 10447 11302 1501 1501 - - -0.61 -0.67 1.06 1.42 - - 0.02 0.02 0.00 0.02 -0.03 0.00 0.02 BB- 14.02.2012 Ba3 15.02.2012SUN HUNG KAI PROPERTIES HKD 41320 5648 2616 9 0 1 2 49.14 8820 8820 8147 8865 3397 3397 3446 3446 2.15 2.14 1.07 1.12 0.94 - 1.87 1.79 1.21 2.39 2.28 2.19 4.97 A+ 15.06.2012 - -SWIRE PACIFIC LTD-A HKD 19026 1407 1505 5 0 1 1 29.68 4679 4977 5444 5762 1303 1337 1736 1736 2.77 1.43 0.82 0.82 1.16 1.13 2.03 2.03 3.13 1.79 1.50 1.70 3.46 A- 16.08.2005 A3 19.07.2000TENCENT HOLDINGS LTD HKD 64981 3830 1822 2 0 0 3 50.48 3675 5115 5644 7282 1722 2163 617 617 0.71 0.84 0.91 1.15 4.35 - 3.99 3.16 5.81 8.01 3.69 7.79 5.45 BBB+ 14.11.2011 Baa1 14.11.2011TAIWAN SEMICONDUCTOR MANUFAC TWD 93605 30552 25924 4 0 0 4 93.71 16870 15978 #VALUE! #VALUE! 10165 9483 - - 0.22 0.22 0.24 0.27 0.56 - 0.52 0.45 0.66 0.37 0.83 0.35 2.00 A+ 20.04.2010 - -UNITED OVERSEAS BANK LTD SGD 24690 2385 1574 27 2 0 35 #VALUE! 6106 6917 5173 5423 - - - - 1.14 1.31 1.35 1.36 9.63 9.66 9.37 9.30 5.83 1.43 - - - AA- 01.12.2011 Aa1 09.06.2010WHARF HOLDINGS LTD HKD 25157 5904 3029 10 0 1 4 33.03 3095 4192 4141 4242 1598 2019 2119 2119 1.36 1.70 0.45 0.48 0.63 - 2.37 2.23 3.08 2.60 2.13 1.41 6.21 NR 22.06.2010 - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 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%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%BANK OF CHINA LTD-H 1.15 1.02 0.93 0.83 2.53 2.31 2.13 1.93 1.61 4.39 4.20 4.04 3.83 6.93 6.34 6.21 5.76 4.94 5.13 5.39 5.39 5.76 6.70 4.09 10.3%BOC HONG KONG HOLDINGS LTD 2.16 1.95 1.83 1.73 1.66 8.52 7.70 7.02 6.42 6.17 11.82 13.00 12.81 12.04 14.37 13.46 12.74 11.81 11.28 4.47 4.64 4.91 5.35 5.99 29.00 11.5%CATHAY FINANCIAL HOLDING CO 1.63 1.55 1.51 5.77 5.22 4.84 26.19 22.53 21.12 24.06 1.25 1.51 1.53 2.32 33.58 -7.9%CHEUNG KONG HOLDINGS LTD 0.92 0.84 0.79 0.74 7.40 8.69 7.07 6.26 19.70 16.08 13.23 17.66 21.03 17.47 16.52 12.52 11.45 10.21 9.43 2.62 2.70 2.82 2.99 139.20 16.7%CHINA CONSTRUCTION BANK-H 1.58 1.36 1.19 1.05 3.17 2.79 2.57 2.30 1.99 4.95 4.48 4.18 4.05 7.58 6.68 6.38 5.93 5.55 4.86 5.16 5.33 5.68 9.01 7.28 14.9%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%CHINA MERCHANTS BANK-H 1.83 1.54 1.35 1.16 1.07 3.05 2.57 2.33 2.07 1.78 8.49 7.32 7.37 6.76 7.27 2.62 3.33 3.33 3.77 3.60 17.70 2.5%CHINA MOBILE LTD 2.15 1.93 1.76 1.61 1.46 2.65 2.48 2.33 2.19 2.01 6.08 6.13 6.04 5.72 5.28 4.08 4.07 4.00 3.85 3.71 11.11 11.11 11.09 10.79 10.82 3.88 3.90 3.91 4.12 4.64 92.62 7.8%CHINA OVERSEAS LAND & INVEST 2.76 2.15 1.83 1.57 3.15 2.70 2.25 1.89 12.01 12.51 7.32 6.36 9.49 8.43 7.32 6.16 14.35 11.51 9.72 8.30 1.36 1.73 2.00 2.36 25.88 18.2%CHINA PETROLEUM & CHEMICAL-H 1.30 1.18 1.09 0.99 0.91 0.27 0.25 0.24 0.23 0.19 4.27 4.21 3.84 3.62 3.11 5.38 5.67 4.91 4.55 4.12 8.17 10.25 8.41 7.76 7.40 3.15 3.35 3.84 4.12 4.38 9.18 4.3%CHINA SHENHUA ENERGY CO-H 2.04 1.83 1.63 1.46 1.38 2.25 1.95 1.79 1.67 1.39 7.04 7.01 6.21 5.83 5.94 5.85 5.53 5.22 5.49 10.29 9.98 9.61 9.06 9.23 3.54 3.88 4.00 4.23 3.81 36.65 24.9%CHINA STEEL CORP 1.49 1.51 1.47 1.45 1.35 1.78 2.03 2.03 1.91 1.75 11.90 12.76 14.01 12.67 10.59 16.17 25.42 18.96 17.62 14.45 21.23 71.41 35.61 26.03 26.78 4.48 1.52 2.10 2.80 2.41 22.51 -19.2%CHINA UNICOM HONG KONG LTD 1.02 1.00 0.96 0.92 0.87 1.00 0.84 0.74 0.67 0.58 2.96 3.33 2.50 2.28 2.00 4.79 4.26 3.66 3.25 2.83 39.81 30.29 19.10 13.57 10.84 1.10 1.45 2.16 2.91 2.56 14.73 31.7%CLP HOLDINGS LTD 1.96 1.88 1.79 1.69 1.56 2.20 1.76 1.63 1.53 1.57 10.32 8.86 8.72 8.33 10.72 12.94 12.35 11.08 10.60 9.76 16.55 16.84 14.57 13.78 13.49 3.74 3.83 3.91 4.05 3.78 64.34 -3.5%CNOOC LTD 2.12 1.79 1.56 1.38 1.29 2.42 2.36 2.29 2.05 2.18 5.56 5.77 5.67 5.30 5.61 4.08 4.03 3.91 3.66 3.62 8.09 8.58 8.83 8.52 9.10 4.07 2.54 2.77 2.86 2.91 17.99 15.8%DBS GROUP HOLDINGS LTD 1.19 1.11 1.04 0.99 4.48 4.23 3.84 3.39 10.31 10.59 9.90 9.02 11.04 10.72 10.29 9.16 3.80 3.89 3.99 4.03 16.65 9.9%FORMOSA PLASTICS CORP 1.84 2.17 2.02 1.89 1.69 2.50 2.77 2.65 2.49 9.52 16.86 16.54 15.87 12.70 27.86 21.20 20.20 12.66 32.01 18.75 16.36 7.07 2.73 3.40 4.44 82.86 6.0%HANG LUNG PROPERTIES LTD 1.16 1.09 1.04 0.98 16.59 11.85 10.50 10.52 25.21 18.66 15.56 14.15 21.88 16.20 14.35 14.20 26.91 20.99 18.70 17.66 2.39 2.48 2.52 2.53 32.45 8.3%HANG SENG BANK LTD 3.15 2.75 2.48 2.33 2.09 9.60 9.85 8.98 8.29 7.83 12.93 26.26 30.95 28.27 15.17 13.71 12.18 13.95 12.44 4.12 4.16 4.21 4.37 19.62 117.59 -6.5%HON HAI PRECISION INDUSTRY 1.80 1.34 1.18 1.12 0.29 0.32 0.28 17.32 8.96 6.86 5.70 4.67 13.49 10.56 9.05 8.05 6.36 1.36 1.84 2.17 2.14 1.08 105.90 27.3%HONG KONG & CHINA GAS 4.47 4.12 3.82 3.59 3.13 8.52 7.19 6.37 5.70 5.12 30.44 25.65 24.08 21.77 32.12 24.80 22.59 20.80 22.13 32.02 26.38 24.63 23.17 21.19 1.53 1.80 1.93 2.10 2.74 20.14 -6.6%HONG KONG EXCHANGES & CLEAR 17.35 11.07 9.74 9.26 21.00 22.74 18.84 16.78 26.91 31.84 25.68 22.35 19.44 23.16 18.31 16.36 30.25 36.58 30.66 28.22 2.98 2.49 2.93 3.24 127.55 -10.5%HUTCHISON WHAMPOA LTD 1.03 0.98 0.94 0.89 1.62 1.50 1.40 1.31 8.84 9.97 9.16 8.16 14.12 12.87 11.52 9.93 18.92 15.90 13.69 11.98 2.44 2.59 2.81 3.02 95.23 11.6%HYUNDAI HEAVY INDUSTRIES 0.68 0.68 0.63 0.57 9.62 7.06 1.86 1.68 1.71 1.80 1.91 277809.53 24.9%HYUNDAI MOBIS CO LTD 1.76 1.39 1.59 1.34 9.94 8.40 10.00 8.66 9.46 0.59 0.63 0.64 0.57 0.57 368251.72 19.8%HYUNDAI MOTOR CO 1.44 1.18 0.99 1.07 0.81 0.96 5.50 5.53 5.18 6.06 5.87 5.47 0.87 0.90 0.94 1.01 0.93 276250.00 27.9%IND & COMM BK OF CHINA-H 1.63 1.40 1.22 1.07 3.16 2.79 2.56 2.32 2.06 5.19 4.65 4.30 4.17 7.56 6.78 6.48 5.98 5.88 4.81 4.97 5.22 5.60 8.51 6.48 16.8%KB FINANCIAL GROUP INC 2.08 2.08 46596.30 21.0%KEPPEL CORP LTD 2.40 2.14 2.00 1.81 1.52 1.57 1.50 1.37 14.58 10.81 10.47 10.57 10.61 12.70 12.08 11.08 10.81 13.16 12.62 11.79 4.11 3.90 3.98 4.21 12.78 9.6%KIA MOTORS CORPORATION 1.30 1.04 0.85 0.74 0.60 0.68 7.54 7.25 7.25 5.43 5.26 4.83 1.18 1.24 1.34 1.32 1.41 67435.48 22.4%LG CHEM LTD 9.22 7.82 13.55 11.38 10.84 1.32 1.37 1.42 1.32 1.32 379041.66 24.9%LI & FUNG LTD 2.57 2.32 2.18 2.03 1.94 0.55 0.54 0.49 0.45 0.33 16.16 14.27 11.17 9.79 13.08 16.11 11.19 9.52 6.72 17.41 21.63 16.35 13.41 8.65 4.77 3.06 4.55 5.44 11.94 14.8%MEDIATEK INC 3.61 3.43 3.40 3.34 2.53 21.25 13.82 9.99 25.99 26.54 18.55 15.13 15.29 4.28 2.82 3.47 4.26 3.95 363.05 11.4%NAN YA PLASTICS CORP 1.70 1.89 1.79 1.71 1.58 2.37 2.56 2.47 2.42 10.93 20.46 21.15 14.95 17.26 35.69 27.42 25.92 17.07 127.45 25.12 20.29 5.57 1.22 2.40 3.46 57.80 -3.5%OVERSEA-CHINESE BANKING CORP 1.45 1.37 1.30 1.21 4.68 5.07 4.69 4.28 18.62 20.28 17.95 9.52 12.63 12.89 11.96 10.72 3.39 3.38 3.60 3.91 10.34 3.4%PETROCHINA CO LTD-H 1.55 1.47 1.37 1.27 1.15 0.88 0.80 0.75 0.71 0.72 5.19 5.52 4.81 4.59 4.60 6.20 6.24 5.58 5.18 4.96 11.42 13.00 11.24 10.26 10.40 3.89 3.51 3.95 4.30 4.31 12.10 13.5%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%POSCO 0.79 0.72 0.70 0.88 0.94 0.92 7.53 6.28 6.15 8.94 8.06 7.35 12.15 10.71 11.03 2.55 2.58 2.63 2.69 2.74 421000.00 15.5%POWER ASSETS HOLDINGS LTD 2.48 2.39 2.22 2.08 1.98 14.02 14.09 13.78 13.48 13.61 16.42 16.91 16.40 16.04 25.89 19.62 19.92 19.38 18.70 20.08 16.66 15.54 14.85 14.21 15.33 3.27 3.60 3.78 3.87 3.85 66.69 -4.6%SAMSUNG ELECTRONICS CO LTD 1.52 1.26 1.04 0.96 3.90 3.69 7.38 6.97 0.49 0.57 0.62 0.64 0.70 1900052.63 22.6%SHINHAN FINANCIAL GROUP LTD 2.01 2.12 2.56 2.75 3.09 47785.18 13.5%SINGAPORE TELECOM LTD 2.31 2.28 2.17 2.07 3.00 3.05 3.01 2.95 11.54 11.57 11.14 10.86 11.06 11.24 10.99 10.94 15.09 15.55 14.53 13.37 4.39 4.50 4.79 5.04 3.54 0.2%SK HYNIX INC 1.75 1.59 1.63 1.50 5.54 4.61 23.01 17.28 0.04 0.28 0.49 31281.25 17.6%SUN HUNG KAI PROPERTIES 0.96 0.88 0.84 0.80 5.15 5.07 4.66 4.13 4.17 11.08 15.16 20.40 14.64 15.11 14.26 13.32 12.64 14.93 14.49 13.87 12.78 13.44 2.84 2.84 2.94 3.06 134.95 11.9%SWIRE PACIFIC LTD-A 0.68 0.70 0.68 0.67 4.48 3.50 3.30 3.06 13.75 13.13 13.94 12.51 23.50 17.10 17.89 16.31 15.53 15.76 15.78 13.86 5.12 2.97 3.27 3.68 100.62 0.9%TENCENT HOLDINGS LTD 12.99 9.85 7.21 5.39 4.07 14.36 9.27 7.18 5.72 4.81 32.88 25.89 21.29 17.38 11.95 29.42 21.45 17.09 13.69 11.74 38.47 30.97 24.48 19.39 16.60 0.28 0.34 0.46 0.59 0.63 295.16 8.6%TAIWAN SEMICONDUCTOR MANUFAC 16.72 15.27 13.21 11.32 2.80 2.81 2.78 2.88 114.68 7.2%UNITED OVERSEAS BANK LTD 1.44 1.35 1.26 1.18 1.15 5.39 4.77 4.55 4.23 4.19 9.63 12.09 12.32 11.31 13.19 11.62 11.54 10.75 10.72 3.40 3.39 3.51 3.74 3.44 20.95 7.6%WHARF HOLDINGS LTD 1.04 0.85 0.82 0.78 8.69 6.08 5.93 5.28 58.97 20.35 22.72 12.91 20.84 15.59 15.47 13.79 24.22 18.41 17.26 14.81 1.59 1.98 2.09 2.34 66.77 3.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 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 |
  • 5. 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 |
  • 6. 21.02.2013Bank 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 5 4500.0 Minclude retail banking, Great Wall credit card and debit card services, consumer 4 4000.0 Mcredit, foreign currency transaction, corporate banking, settlement and 4 3500.0 Mclearing,investment banking, and fund management businesses. 3 3000.0 M 3 2500.0 M Valuation Analysis 2 2000.0 MLatest Fiscal Year: 12/2011 2 1500.0 M 1 1000.0 MLTM as of: 09/yy 1 500.0 M52-Week High (04.02.2013) 4.00 0 .0 M52-Week Low (06.09.2012) 2.73 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 432699615.00 Current Price (2/dd/yy) 3.71 Market Data 52-Week High % Change -7.25% Dividend Yield 5.19 52-Week Low % Change 35.90% Beta 1.10 % 52 Week Price Range High/Low 84.25% Equity Float 72987.26Shares Out 31.12.2012 83622.3 Short Int - Market Capitalization 1031917.31 1 Yr Total Return 17.09%Total Debt 1916969.00 YTD Return 7.23%Preferred Stock 0.0 Adjusted BETA 1.098Minority Interest 32732.0 Analyst Recs 40Cash and Equivalents 3128981.00 Consensus Rating 4.250Enterprise 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 359939.7 389926.4 - - 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 132276.9 135322.9 26023.0 34739.0 P/E 16.08x 7.47x 11.62x 8.91x 5.27x 4.52x 5.07x 6.34x 6.21x 6.22x 6.09x 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 02.01.2013 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. 21.02.2013Bank of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8617225126 10.3 2728000 19.02.2013 Investment AdvisorSOCIAL SECURITY FUND n/a EXCH 7518157041 8.99 - 28.01.2013 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 6215526846 7.43 (718311000) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 4086780221 4.89 340300 20.11.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 3866697268 4.62 (22802100) 31.12.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 3116864905 3.73 - 04.05.2012 GovernmentDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1069156835 1.28 - 31.07.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 607250200 0.73 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 592048548 0.71 (31815851) 30.06.2012 Investment AdvisorMITSUBISHI UFJ FINAN n/a ULT-AGG 544901200 0.65 330000 20.09.2012 Holding CompanyFMR LLC n/a ULT-AGG 371727330 0.44 29048284 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 315788100 0.38 20592000 31.12.2012 Investment AdvisorASIAN DEVELOPMENT BA n/a Co File 304007461 0.36 - 31.12.2011 BankPICTET & CIE Multiple Portfolios MF-AGG 285010100 0.34 2094000 31.10.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 277062108 0.33 40712016 19.02.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 251303000 0.3 (6140000) 31.12.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248698686 0.3 89135000 28.09.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 241146900 0.29 (36939000) 30.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 212362668 0.25 5851000 20.02.2013 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191503000 0.23 - 14.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 5 12 month 20.02.2013ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 20.02.2013JPMorgan KATHERINE LEI neutral 3 M 4 12 month 19.02.2013Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 14.02.2013BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 06.02.2013Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013Jefferies TAN MING buy 5 M 4 12 month 28.01.2013UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 25.01.2013CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 24.01.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 22.01.2013Mizuho Securities JIM ANTOS neutral 3 M 4 12 month 21.01.2013Nomura LUCY FENG buy 5 M 4 Not Provided 21.01.2013CIMB TREVOR KALCIC neutral 3 M 4 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013Religare Capital Markets SOPHIE JIANG buy 5 M 4 12 month 11.01.2013SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 09.01.2013Deutsche Bank TRACY YU buy 5 M 4 12 month 07.01.2013Macquarie VICTOR WANG outperform 5 M 4 12 month 19.12.2012Barclays MAY YAN overweight 5 M 4 Not Provided 18.12.2012ABC International JOHANNES AU hold 3 M 4 12 month 07.12.2012Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 06.12.2012HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 26.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012Masterlink Securities RAINY YUAN hold 3 M 4 6 month 30.10.2012Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012Bank 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 26.10.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 26.10.2012Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012AMTD 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 25.10.2012Goldman 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 29.06.2012Capital 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 |
  • 8. 21.02.2013BOC Hong Kong Holdings LtdBOC Hong Kong (Holdings) Limited provides a comprehensive range of financial Price/Volumeproducts and services to retail and corporate customers. Its products include 30 45.0 Mretail banking, corporate banking, and treasury services. The Company operates 40.0 Mits branches in Hong Kong and China. 25 35.0 M 20 30.0 M 25.0 M 15 Valuation Analysis 20.0 MLatest Fiscal Year: 12/2011 10 15.0 M 10.0 MLTM as of: 01/yy 5 5.0 M52-Week High (04.02.2013) 27.10 0 .0 M52-Week Low (07.03.2012) 20.80 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 15112052.00 Current Price (2/dd/yy) 26 Market Data 52-Week High % Change -4.06% Dividend Yield 4.24 52-Week Low % Change 25.00% Beta 0.97 % 52 Week Price Range High/Low 89.68% Equity Float 3588.38Shares Out 30.09.2012 10572.8 Short Int - Market Capitalization 274892.28 1 Yr Total Return 24.38%Total Debt 274572.00 YTD Return 7.88%Preferred Stock 0.0 Adjusted BETA 0.969Minority Interest 3418.0 Analyst Recs 32Cash and Equivalents 419465.00 Consensus Rating 4.219Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 72277102388 HK EQUITY YTD Change - Average Volume 30 Day 141737302388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12552750 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 65258.0 50394.0 40414.0 42891.0 50675.0 - - 35700.1 39151.7 - - TEV/Revenue - - - - - - - - - - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 15446.0 3343.0 13930.0 16196.0 20430.0 - - 20251.3 21525.9 - - P/E 14.96x 27.77x 13.36x 17.27x 9.52x - - 13.46x 12.74x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 55.20% Long-Term Outlook -Pretax Margin 60.60% Short-Term Rating Date -Return on Assets 1.12% Short-Term Rating -Return on Common Equity 14.75% Credit RatiosReturn on Capital 4.72% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 211.6%Net Income Margin 50.2% Total Debt/Capital 67.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 1.34Quick Ratio - Accounts receivable turnover-days -Debt to Assets 15.79% Inventory Days -Tot Debt to Common Equity 211.59% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 70000.0 50.00 60000.0 50000.0 40.00 40000.0 30.00 30000.0 20.00 20000.0 10.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 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. 21.02.2013BOC Hong Kong Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBOC HONG KONG BVI LT n/a Co File 6984274213 66.06 - 31.12.2011 GovernmentFMR LLC n/a ULT-AGG 122013446 1.15 8458812 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 73023052 0.69 (1919500) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 65111630 0.62 744022 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 37849000 0.36 (1227500) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 30823067 0.29 (1715438) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 30708000 0.29 3581000 31.10.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 24178500 0.23 (1861500) 30.11.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 21989321 0.21 (568700) 31.12.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18105500 0.17 - 31.12.2010 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16483500 0.16 (13000) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 15627000 0.15 5500 31.12.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15494500 0.15 - 14.09.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 11636000 0.11 (1152500) 28.09.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 11200000 0.11 - 30.06.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 10444500 0.1 (387000) 25.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10327000 0.1 2034500 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 9455000 0.09 (16000) 31.10.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 6932500 0.07 73000 28.09.2012 BankNOMURA n/a ULT-AGG 6721500 0.06 - 15.10.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays SHARNIE WONG overweight 5 M 29 Not Provided 21.02.2013Citic Securities Co., Ltd STEVEN CHAN hold 3 M 26 6 month 18.02.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 24 12 month 06.02.2013China International Capital Corp SALLY NG accumulate 4 M 29 12 month 01.02.2013JPMorgan JOSHUA KLACZEK overweight 5 M 27 Not Provided 31.01.2013Deutsche Bank SOPHIA LEE buy 5 M 32 12 month 30.01.2013Bank of China International PATRICK PONG buy 5 M 29 12 month 29.01.2013UOB Kay Hian EDMOND LAW buy 5 M 31 Not Provided 29.01.2013CCB International Securities Ltd ADAM CHAN outperform 5 M 31 Not Provided 28.01.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 33 12 month 25.01.2013ABC International JOHANNES AU buy 5 N 34 12 month 23.01.2013DBS Vickers ALEXANDER LEE buy 5 M 29 12 month 21.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Core Pacific TIMOTHY LI buy 5 U 30 12 month 15.01.2013Nomura DAVID CHUNG buy 5 M 28 Not Provided 10.01.2013Credit Suisse SANJAY JAIN outperform 5 M 28 Not Provided 09.01.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 30 Not Provided 20.12.2012Mizuho Securities JIM ANTOS buy 5 M 29 12 month 14.12.2012Standard Chartered JOHN CAPARUSSO in-line 3 M 24 12 month 06.12.2012Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 M 24 12 month 04.12.2012Kim Eng Securities IVAN LI buy 5 M 28 12 month 26.10.2012Goldman Sachs GURPREET SINGH SAHI Buy/Neutral 5 M 29 12 month 25.10.2012Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 D 24 12 month 17.09.2012President Securities HK Ltd HUNG YIN CHEN neutral 3 N 27 Not Provided 12.09.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 27 Not Provided 24.08.2012HSBC TODD DUNIVANT overweight 5 M 29 Not Provided 23.08.2012Guotai Junan WILSON LI neutral 3 M 20 Not Provided 09.07.2012Macquarie ISMAEL PILI underperform 1 M 18 12 month 27.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 21.02.2013Cathay Financial Holding Co LtdCathay Financial Holding Co., Ltd. is a holding company. Through its Price/Volumesubsidiaries, the Company provides traditional life, health care, and 40 140.0 Maccident insurances, as well as banking, security underwriting, and 35 120.0 Mbrokerage services. 30 100.0 M 25 80.0 M 20 Valuation Analysis 60.0 M 15Latest Fiscal Year: 12/2012 40.0 M 10LTM as of: 03/yy 20.0 M 552-Week High (20.02.2013) 37.80 0 .0 M52-Week Low (04.06.2012) 26.48 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 43979308.00 Current Price (2/dd/yy) 36.45 Market Data 52-Week High % Change -3.57% Dividend Yield - 52-Week Low % Change 37.67% Beta 1.13 % 52 Week Price Range High/Low 93.82% Equity Float 6299.87Shares Out 30.09.2012 10875.4 Short Int 50.88 Market Capitalization 396407.81 1 Yr Total Return 13.48%Total Debt 23774.56 YTD Return 15.71%Preferred Stock 0.0 Adjusted BETA 1.134Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 17798.89 Consensus Rating 2.880Enterprise Value 402383.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 739475802882 TT EQUITY YTD Change - Average Volume 30 Day 299426002882 TT EQUITY YTD % CHANGE - Average Volume 3 Month 25052580 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 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue - - - - - 0.0 0.0 68723.0 76008.0 131188.0 - TEV/Revenue - - - - - #DIV/0! #DIV/0! - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 30748.1 2196.0 11050.0 - - 7490.6 7856.7 14720.2 16835.0 7491.5 3903.2 P/E 20.24x 182.50x 52.37x - - 0.00x 0.00x 26.19x 22.53x 22.20x 21.92x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.04.2009EBIT - Long-Term Rating BBB+Operating Margin 98.76% Long-Term Outlook NEGPretax Margin 96.81% Short-Term Rating Date 13.05.2002Return on Assets 16.24% Short-Term Rating A-2Return on Common Equity 18.81% Credit RatiosReturn on Capital 16.69% EBITDA/Interest Exp. -Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 13.6%Net Income Margin 96.6% Total Debt/Capital 11.9%Structure Asset Turnover 0.17Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 11.87% Inventory Days -Tot Debt to Common Equity 13.56% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 35000.0 30.00 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 06.01.2007 06.07.2007 06.01.2008 06.07.2008 06.01.2009 06.07.2009 06.01.2010 06.07.2010 06.01.2011 06.07.2011 06.01.2012 06.07.2012 06.01.2013 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 11. 21.02.2013Cathay Financial Holding Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWAN PAO DEVELOP HOLD n/a EXCH 1964066155 18.06 - 30.11.2012 n/aLIN YUEN INVESTMENT n/a EXCH 1694341682 15.58 - 30.11.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 363330579 3.34 83600 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 181331853 1.67 (78450) 19.02.2013 Investment AdvisorVANGUARD EMS INDEX F n/a Co File 128978630 1.19 - 17.04.2012 n/aWAN TA INVEST CO LTD n/a EXCH 119642082 1.1 - 30.11.2012 n/aSINGAPORE GOVERNMENT n/a Co File 119393371 1.1 - 17.04.2012 n/aLABOR INSURANCE FUND n/a Co File 106885199 0.98 - 17.04.2012 n/aPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 93820503 0.86 (4818597) 30.06.2012 Mutual Fund ManagerPO HAN INVESTMENT CO n/a Co File 91466691 0.84 - 17.04.2012 CorporationPAI HSING INVEST CO n/a EXCH 88462784 0.81 - 30.11.2012 n/aCHUNGHWA POST CO LTD n/a Co File 86040750 0.79 - 17.04.2012 GovernmentPUBLIC SERVICE PENSI n/a Co File 83800237 0.77 - 17.04.2012 n/aCHENG-DA TSAI n/a EXCH 55413530 0.51 - 30.11.2012 n/aHONG-TU TSAI n/a EXCH 45595229 0.42 - 30.11.2012 n/aCATHAY LIFE EMPLOYEE n/a EXCH 30852893 0.28 - 30.09.2012 OtherCATHAY LIFE EMPLOYEE n/a EXCH 30852893 0.28 - 30.11.2012 OtherCHEN-CHIU TSAI n/a EXCH 30259767 0.28 - 30.11.2012 n/aCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 27639163 0.25 - 30.06.2011 Investment AdvisorCHEN SHENG CORP n/a EXCH 24256606 0.22 - 30.11.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank PANDORA LEE buy 5 M 42 12 month 20.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013Barclays NOEL CHAN overweight 5 M 41 Not Provided 19.02.2013Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 18.02.2013KGI Securities WEN-YEN FANG outperform 5 U 41 12 month 06.02.2013RBS NORA HOU hold 3 M 32 12 month 04.02.2013Goldman Sachs MANCY SUN Sell/Neutral 1 M 28 12 month 25.01.2013President Capital Management TINA YENG PING CHEN buy 5 U 37 6 month 18.01.2013JPMorgan JAMES WU neutral 3 M 33 9 month 16.01.2013BNP Paribas Equity Research LING TANG hold 3 M 33 12 month 11.01.2013HSBC BRUCE B WARDEN underweight 1 M 23 Not Provided 10.01.2013Credit Suisse CHUNG HSU neutral 3 M 33 Not Provided 03.01.2013E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.12.2012Morgan Stanley LILY CHOI Equalwt/In-Line 3 M 31 12 month 06.12.2012Capital Securities Corp MICHAEL LIN neutral 3 D 55 3 month 29.11.2012Fubon Securities LIN CHIU-SIANG neutral 3 M 33 6 month 26.11.2012Mega Securities CHUANG PIYEN neutral 3 M 34 6 month 05.11.2012Macquarie JEMMY HUANG neutral 3 M 33 12 month 03.11.2012Yuanta Securities Investment Consulting PEGGY SHIH hold 3 M 33 Not Provided 02.11.2012Daiwa Securities Co. Ltd. JERRY YANG sell 1 M 25 Not Provided 02.11.2012Nomura JESSE WANG reduce 2 M 28 Not Provided 02.11.2012SinoPac LYNN HUANG Under Review #N/A N/A M #N/A N/A Not Provided 30.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 21.02.2013Cheung Kong Holdings LtdCheung Kong (Holdings) Limited, through its subsidiaries, develops and invests Price/Volumein real estate. The Company also provides real estate agency and management 140 16.0 Mservices, operates hotels, and invests in securities. 120 14.0 M 100 12.0 M 10.0 M 80 8.0 M Valuation Analysis 60 6.0 MLatest Fiscal Year: 12/2011 40 4.0 MLTM as of: 01/yy 20 2.0 M52-Week High (17.01.2013) 132.70 0 .0 M52-Week Low (04.06.2012) 86.00 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 8473346.00 Current Price (2/dd/yy) 119.3 Market Data 52-Week High % Change -10.10% Dividend Yield 2.65 52-Week Low % Change 38.72% Beta 1.09 % 52 Week Price Range High/Low 77.52% Equity Float 1230.96Shares Out 27.11.2012 2316.2 Short Int - Market Capitalization 276318.41 1 Yr Total Return 7.56%Total Debt 45917.00 YTD Return 0.25%Preferred Stock 0.0 Adjusted BETA 1.087Minority Interest 7860.0 Analyst Recs 20Cash and Equivalents 20114.00 Consensus Rating 4.900Enterprise Value 304965.41 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 34771631 HK EQUITY YTD Change - Average Volume 30 Day 40265571 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3747072 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 03/11 Q1 06/11 Q2 Total Revenue 13277.0 12856.0 17702.0 23983.0 32971.0 - - 31785.9 39079.3 - - TEV/Revenue 27.63x 16.36x 14.53x 12.23x 7.51x - - 9.53x 7.54x - - EBITDA 6019.0 6938.0 8114.0 8341.0 11122.0 - - 14503.1 17453.6 - - TEV/EBITDA 60.95x 30.32x 31.71x 35.16x 22.27x - - 21.03x 17.47x - - Net Income 27678.0 13029.0 19618.0 26836.0 46055.0 - - 24084.3 26949.9 - - P/E 12.07x 13.02x 11.84x 10.35x 4.65x - - 11.45x 10.21x - - Profitability S&P Issuer RatingsEBITDA 11122.00 Long-Term Rating Date 28.12.2011EBIT 10722.00 Long-Term Rating NROperating Margin 32.52% Long-Term Outlook -Pretax Margin 145.86% Short-Term Rating Date -Return on Assets 7.63% Short-Term Rating -Return on Common Equity 9.21% Credit RatiosReturn on Capital 8.29% EBITDA/Interest Exp. 14.85Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 13.15Margin Analysis Net Debt/EBITDA 2.32Gross Margin - Total Debt/EBITDA 5.00EBITDA Margin 39.4% ReferenceEBIT Margin 37.7% Total Debt/Equity 15.0%Net Income Margin 139.7% Total Debt/Capital 12.7%Structure Asset Turnover 0.06Current Ratio 2.63 Net Fixed Asset Turnover 0.65Quick Ratio 0.59 Accounts receivable turnover-days 26.37Debt to Assets 12.30% Inventory Days -Tot Debt to Common Equity 14.98% Accounts Payable Turnover Day -Accounts Receivable Turnover 13.88 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 90.00 35000.0 80.00 30000.0 70.00 25000.0 60.00 50.00 20000.0 40.00 15000.0 30.00 10000.0 20.00 5000.0 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13. 21.02.2013Cheung Kong Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLI KA-SHING UNITY TR n/a EXCH 913378704 39.43 - 16.07.2012 OtherJP MORGAN n/a ULT-AGG 113417411 4.9 (36000) 31.10.2012 UnclassifiedSUNJET LIMITED n/a EXCH 78668000 3.4 - 10.12.2010 OtherKEEN SHINE INVESTMEN n/a EXCH 65491000 2.83 - 16.07.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 58285000 2.52 145000 31.10.2012 BankHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 35888000 1.55 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 30004631 1.3 (2639888) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 27465339 1.19 581811 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 23191911 1 (3645431) 31.12.2012 Investment AdvisorKINGS ROAD DEVELOPM n/a EXCH 23059840 1 - 16.07.2012 OtherTHIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 16551000 0.71 (6246000) 31.10.2012 Hedge Fund ManagerSTATE STREET GLOBAL Multiple Portfolios MF-AGG 11575709 0.5 (644359) 30.06.2012 Investment AdvisorODYSSEY REINS CO ODYSSEY REINS CO Sch-D 9379400 0.4 - 30.09.2012 Insurance CompanyING INVESTMENT MANAG Multiple Portfolios MF-AGG 9288155 0.4 44000 31.12.2012 Investment AdvisorSOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 7303000 0.32 - 30.09.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 6600000 0.28 1100000 31.12.2010 Pension Fund (ERISA)COMGEST GROWTH PLC Multiple Portfolios MF-AGG 6000000 0.26 - 30.06.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 5535000 0.24 5535000 28.09.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5337000 0.23 725000 14.09.2012 Investment AdvisorUNITED STATES FIRE I UNITED STATES FIRE I Sch-D 5170800 0.22 - 30.09.2012 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse CUSSON LEUNG outperform 5 M 140 Not Provided 20.02.2013DBS Vickers JEFF YAU buy 5 M 148 12 month 19.02.2013UOB Kay Hian SYLVIA WONG hold 3 M 123 Not Provided 19.02.2013BOCOM International Holdings ALFRED LAU buy 5 M 132 12 month 19.02.2013Jefferies VENANT CHIANG buy 5 M 119 12 month 04.02.2013Nomura PAUL LOUIE buy 5 M 147 Not Provided 22.01.2013Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 144 12 month 21.01.2013JPMorgan LUCIA KWONG overweight 5 M 139 9 month 17.01.2013BNP Paribas Equity Research LEE WEE LIAT buy 5 M 141 12 month 16.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 152 12 month 04.01.2013Daiwa Securities Co. Ltd. JONAS KAN buy 5 U 144 Not Provided 10.12.2012Macquarie DAVID NG outperform 5 M 134 12 month 06.11.2012Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 134 6 month 25.10.2012Standard Chartered PAUL YAU outperform 5 M 123 12 month 20.09.2012Deutsche Bank JASON CHING buy 5 M 143 12 month 02.04.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 126 Not Provided 05.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 21.02.2013China Construction Bank CorpChina Construction Bank Corporation provides a complete range of banking Price/Volumeservices and other financial services to individual and corporate customers. The 8 2500.0 Mbanks services include retail banking, international settlement, project 7finance, and credit card services. 2000.0 M 6 5 1500.0 M 4 Valuation Analysis 1000.0 M 3Latest Fiscal Year: 12/2011 2LTM as of: 09/yy 500.0 M 152-Week High (28.01.2013) 6.75 0 .0 M52-Week Low (12.07.2012) 4.71 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 324149892.00 Current Price (2/dd/yy) 6.34 Market Data 52-Week High % Change -6.07% Dividend Yield - 52-Week Low % Change 34.61% Beta 1.10 % 52 Week Price Range High/Low 87.75% Equity Float 69156.38Shares Out 30.09.2012 240417.3 Short Int - Market Capitalization 1579923.75 1 Yr Total Return 1.75%Total Debt 1211152.00 YTD Return 1.93%Preferred Stock 0.0 Adjusted BETA 1.096Minority Interest 5520.0 Analyst Recs 39Cash and Equivalents 2765601.00 Consensus Rating 4.590Enterprise 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 682645.0 455722.0 495559.0 117335.0 117798.0 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 191485.0 200833.1 44687.3 55991.0 P/E 20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.68x 6.38x 6.15x 6.00x 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 1.50% Short-Term Rating A-1Return on Common Equity 22.40% Credit RatiosReturn on Capital - 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 7.30Quick 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 10.00 700000.0 9.00 600000.0 8.00 7.00 500000.0 6.00 400000.0 5.00 300000.0 4.00 3.00 200000.0 2.00 100000.0 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 15. 21.02.2013China Construction Bank CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCENTRAL HUIJIN INVES n/a EXCH 142590494651 59.31 - 14.11.2011 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 17878670050 7.44 - 04.05.2012 GovernmentBANK OF AMERICA CORP n/a EXCH 5942736979 2.47 - 17.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3765878345 1.57 (29022185) 31.12.2012 Investment AdvisorBAOSTEEL GROUP CORP n/a Co File 3210000000 1.34 - 31.12.2010 GovernmentBLACKROCK n/a ULT-AGG 2783064728 1.16 (8980160) 19.02.2013 Investment AdvisorBEST INVESTMENT CORP n/a EXCH 2760000000 1.15 - 14.11.2011 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 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 903702233 0.38 (3518000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 897683622 0.37 (111681785) 31.12.2012 Investment AdvisorRECA INVESTMENT LTD n/a Co File 856000000 0.36 - 31.12.2010 Private EquityYINGDA INTL HOLDINGS n/a Co File 856000000 0.36 - 31.12.2010 Holding CompanyLAZARD ASSET MANAGEM n/a ULT-AGG 783755995 0.33 1017000 31.12.2012 UnclassifiedSTATE STREET GLOBAL Multiple Portfolios MF-AGG 700891267 0.29 68611800 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 600960122 0.25 14949976 19.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 469604610 0.2 (26505860) 31.12.2012 Investment AdvisorSHANDONG LUNENG GROU n/a Co File 374500000 0.16 - 31.12.2010 CorporationDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 360288842 0.15 - 31.07.2012 Investment AdvisorSTATE GRID INTL TECH n/a Co File 350000000 0.15 - 31.12.2010 Other Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 20.02.2013JPMorgan KATHERINE LEI overweight 5 M 8 9 month 19.02.2013Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 14.02.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 7 12 month 06.02.2013Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013Bank of China International YUAN LIN hold 3 M 6 Not Provided 29.01.2013Jefferies TAN MING buy 5 M 7 12 month 28.01.2013UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.01.2013Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013Masterlink Securities RAINY YUAN hold 3 M 7 Not Provided 21.01.2013Mizuho Securities JIM ANTOS buy 5 M 9 12 month 21.01.2013Nomura LUCY FENG buy 5 M 8 Not Provided 21.01.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 21.01.2013CIMB TREVOR KALCIC outperform 5 M 8 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 11.01.2013SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013Deutsche Bank TRACY YU buy 5 U 7 12 month 07.01.2013Macquarie VICTOR WANG neutral 3 D 7 12 month 19.12.2012Barclays MAY YAN equalweight 3 M 7 Not Provided 18.12.2012ABC International JOHANNES AU buy 5 M 8 12 month 07.12.2012Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 26.11.2012Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012Capital 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 29.10.2012Kim Eng Securities IVAN LI buy 5 M 7 12 month 29.10.2012China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012Phillip 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 26.03.2012ICBC 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 |
  • 16. 21.02.2013China 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 (15.01.2013) 27.35 0 .0 M52-Week Low (04.06.2012) 17.00 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 46395776.00 Current Price (2/dd/yy) 23.25 Market Data 52-Week High % Change -14.99% Dividend Yield 1.23 52-Week Low % Change 36.76% Beta 1.23 % 52 Week Price Range High/Low 65.70% Equity Float 7441.18Shares Out 30.09.2012 7441.2 Short Int - Market Capitalization 656935.56 1 Yr Total Return -0.57%Total Debt 42990.00 YTD Return -8.10%Preferred Stock 0.0 Adjusted BETA 1.232Minority Interest 1858.0 Analyst Recs 32Cash and Equivalents 55985.00 Consensus Rating 3.375Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 341219302628 HK EQUITY YTD Change - Average Volume 30 Day 336770202628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32758290 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 191372.0 299478.0 339262.0 385446.0 370352.0 387400.0 391051.0 364609.7 408119.7 - - TEV/Revenue 7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 38879.0 19137.0 32881.0 33626.0 18331.0 25398.0 9042.0 14469.6 29274.0 - - P/E 27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AA-Operating Margin 5.18% Long-Term Outlook NEGPretax 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 |
  • 17. 21.02.2013China Life Insurance Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 796734221 10.71 (75000) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 379930827 5.11 (3440000) 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 130870500 1.76 (19411000) 31.12.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 63572828 0.85 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 61981243 0.83 (3448832) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 54474441 0.73 (111253) 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 47183000 0.63 2903000 31.10.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 41000300 0.55 (22410000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 37598982 0.51 (4544394) 31.12.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 34090000 0.46 - 30.06.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26080000 0.35 5080000 30.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 25426500 0.34 5880000 31.01.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25027342 0.34 (3247000) 28.09.2012 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21845000 0.29 9795000 31.05.2012 Mutual Fund ManagerHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21744000 0.29 6742000 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 21228680 0.29 (5216320) 31.12.2012 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18943000 0.25 - 31.10.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 16351692 0.22 2625000 28.12.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 16206332 0.22 - 20.02.2013 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15478204 0.21 2547000 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCore Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 31.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan CHAN BAO LING neutral 3 M 23 9 month 16.01.2013DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013UOB Kay Hian EDMOND LAW hold 3 M 27 Not Provided 07.01.2013CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012Kim Eng Securities IVAN LI buy 5 M 26 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 29.10.2012Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012AMTD 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 16.03.2012Mirae 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 |
  • 18. 21.02.2013China 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 (04.02.2013) 19.02 0 .0 M52-Week Low (06.09.2012) 12.02 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 17228004.00 Current Price (2/dd/yy) 17.26 Market Data 52-Week High % Change -9.25% Dividend Yield 3.02 52-Week Low % Change 43.59% Beta 1.45 % 52 Week Price Range High/Low 83.71% Equity Float 3910.48Shares Out 31.12.2012 3910.5 Short Int - Market Capitalization 361248.03 1 Yr Total Return 1.85%Total Debt 366138.00 YTD Return 0.94%Preferred Stock 0.0 Adjusted BETA 1.448Minority Interest 13.0 Analyst Recs 40Cash and Equivalents 676706.00 Consensus Rating 3.475Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 99274893968 HK EQUITY YTD Change - Average Volume 30 Day 158274903968 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17650040 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 59531.0 82401.0 78480.0 100188.0 142837.0 130579.0 172107.0 113051.5 124885.0 - - 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 33572.0 42531.0 41655.7 43559.0 9531.0 12207.0 P/E 38.11x 8.50x 19.00x 10.41x 7.11x 7.12x 5.16x 7.32x 7.37x 7.76x 7.51x 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 19. 21.02.2013China Merchants Bank Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES n/a ULT-AGG 827937325 21.17 8864500 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 553492802 14.15 (386000) 19.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 412032776 10.54 1034062 29.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 204168850 5.22 (2000) 31.12.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 117170266 3 11366000 31.10.2012 BankDEUTSCHE BANK AG n/a EXCH 94671177 2.42 - 24.02.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 90527967 2.32 (46805530) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 71833207 1.84 (22750716) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (64631275) -1.65 - 24.02.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 47160464 1.21 - 28.09.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 40824500 1.04 40824500 14.09.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 33408688 0.85 - 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 22145392 0.57 (25993540) 28.09.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 22012627 0.56 (1337503) 30.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10053715 0.26 (946785) 31.12.2012 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 10036500 0.26 (13200000) 30.06.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 9712545 0.25 - 31.12.2010 Mutual Fund ManagerABERDEEN n/a ULT-AGG 9460000 0.24 - 31.12.2012 UnclassifiedINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 9178500 0.23 1601500 31.05.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 8952508 0.23 - 20.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER underperform 1 M 16 12 month 20.02.2013ICBC International Securities IVAN LIN hold 3 M 19 Not Provided 20.02.2013JPMorgan KATHERINE LEI neutral 3 U 19 12 month 19.02.2013Credit Suisse SANJAY JAIN neutral 3 M 19 Not Provided 14.02.2013BOCOM International Holdings LI SHANSHAN long-term buy 5 M 20 12 month 06.02.2013Core Pacific TIMOTHY LI hold 3 M 19 Not Provided 05.02.2013Jefferies TAN MING buy 5 M 18 12 month 28.01.2013Capital Securities Corp TEAM COVERAGE buy 5 M 19 Not Provided 28.01.2013UOB Kay Hian EDMOND LAW sell 1 M 16 Not Provided 25.01.2013CCB International Securities Ltd SHENG NAN neutral 3 M 17 Not Provided 24.01.2013Yuanta Securities Investment Consulting NICE WANG hold 3 N 20 Not Provided 23.01.2013Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 20 Not Provided 22.01.2013Mizuho Securities JIM ANTOS underperform 1 M 17 12 month 21.01.2013CIMB TREVOR KALCIC neutral 3 M 19 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Religare Capital Markets SOPHIE JIANG sell 1 M 10 12 month 11.01.2013SWS Research Co Ltd ROBERT HU neutral 3 M 19 Not Provided 09.01.2013Deutsche Bank TRACY YU hold 3 M 19 12 month 07.01.2013Nomura LUCY FENG buy 5 M 20 Not Provided 06.01.2013Macquarie VICTOR WANG outperform 5 M 21 12 month 19.12.2012Barclays MAY YAN equalweight 3 U 18 Not Provided 18.12.2012ABC International JOHANNES AU hold 3 M 16 12 month 07.12.2012Standard Chartered JOHN CAPARUSSO outperform 5 M 16 12 month 06.12.2012HSBC ERIC MAK overweight 5 M 17 Not Provided 26.11.2012CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 16 12 month 22.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 17 12 month 07.11.2012Masterlink Securities RAINY YUAN buy 5 M 17 6 month 02.11.2012Bank 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 29.10.2012Goldman Sachs NING MA Buy/Neutral 5 M 21 12 month 11.10.2012Guotai 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 29.06.2012Phillip 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 |
  • 20. 21.02.2013China 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 (04.06.2012) 76.50 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 22611688.00 Current Price (2/dd/yy) 85.9 Market Data 52-Week High % Change -7.24% Dividend Yield 3.97 52-Week Low % Change 12.29% Beta 0.62 % 52 Week Price Range High/Low 58.70% Equity Float 5213.56Shares Out 31.01.2013 20100.5 Short Int - Market Capitalization 1726630.88 1 Yr Total Return 9.86%Total Debt 30301.00 YTD Return -4.82%Preferred Stock 0.0 Adjusted BETA 0.625Minority Interest 1355.0 Analyst Recs 37Cash and Equivalents 332946.00 Consensus Rating 3.514Enterprise Value 1027094.11 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12204640941 HK EQUITY YTD Change - Average Volume 30 Day 20970950941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17785280 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 561461.7 596869.1 152614.0 - TEV/Revenue 6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.84x 1.65x - - EBITDA 197093.0 219788.0 233788.0 241758.0 257202.0 0.0 0.0 252430.1 257028.8 63369.0 - TEV/EBITDA 12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.07x 4.00x - - Net Income 87062.0 112627.0 115166.0 119640.0 125870.0 124373.0 127197.0 126061.5 126729.6 31984.6 - P/E 29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.11x 11.09x - - 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 |
  • 21. 21.02.2013China 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 318261889 1.58 (794567) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 229465752 1.14 (1888900) 19.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 212949483 1.06 8845004 31.01.2013 UnclassifiedHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53719500 0.27 - 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 50172025 0.25 (2772371) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 48697000 0.24 (11338000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 47866661 0.24 4826233 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40706447 0.2 4535500 19.02.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35979737 0.18 - 31.05.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28431255 0.14 1697000 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 26521966 0.13 2711466 20.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 25765568 0.13 6589141 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 19280000 0.1 (1714500) 31.10.2012 Mutual Fund ManagerPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 18088776 0.09 (12200602) 31.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 17588400 0.09 908700 31.01.2013 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 15507000 0.08 - 30.06.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15005931 0.07 319000 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 14878742 0.07 (378000) 20.02.2013 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 14506782 0.07 (1171217) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaitong International Securities ALEX LEE hold 3 M 90 12 month 21.02.2013Kim Eng Securities ANDY POON sell 1 M 74 12 month 21.02.2013UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 21.02.2013DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.02.2013Nomura DANNY CHU neutral 3 M 90 Not Provided 18.02.2013Deutsche Bank ALAN HELLAWELL hold 3 M 90 12 month 15.02.2013SWS Research Co Ltd JIM TANG underperform 1 D 76 Not Provided 07.02.2013New Street Research ALASTAIR JONES buy 5 M 107 Not Provided 07.02.2013BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 06.02.2013CIMB BERTRAM LAI neutral 3 M 80 12 month 05.02.2013Macquarie LISA SOH underperform 1 D 76 12 month 30.01.2013BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 28.01.2013Barclays ANAND RAMACHANDRAN overweight 5 M 110 Not Provided 28.01.2013Standard Chartered STEVEN LIU outperform 5 M 98 12 month 25.01.2013Bank of China International MICHAEL MENG sell 1 M 75 12 month 25.01.2013JPMorgan LUCY LIU underweight 1 D 78 9 month 24.01.2013Jefferies CYNTHIA JINHONG MENG hold 3 M 95 12 month 24.01.2013Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.01.2013Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.01.2013Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 21.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Core Pacific KEVIN TAM negative 2 M #N/A N/A Not Provided 21.12.2012Ji Asia NEIL JUGGINS buy 5 M 104 12 month 20.12.2012Masterlink Securities LV HAN hold 3 N 101 6 month 13.12.2012GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012Goldman Sachs DONALD LU Buy/Neutral 5 M 105 12 month 09.12.2012Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 21.02.2013China Overseas Land & Investment LtdChina Overseas Land & Investment Limited, through its subsidiaries, develops and Price/Volumeinvests in properties, constructs buildings, invests in treasury securities, and 30 120.0 Minfrastructure projects. The Company also provides civil engineering,foundation engineering, and real estate agency and management services. 25 100.0 M 20 80.0 M 15 60.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 10 40.0 MLTM as of: 09/yy 5 20.0 M52-Week High (07.01.2013) 25.60 0 .0 M52-Week Low (30.03.2012) 14.12 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 40009941.00 Current Price (2/dd/yy) 21.9 Market Data 52-Week High % Change -14.45% Dividend Yield 1.60 52-Week Low % Change 55.05% Beta 1.45 % 52 Week Price Range High/Low 66.02% Equity Float 3801.47Shares Out 30.06.2012 8172.5 Short Int - Market Capitalization 178978.17 1 Yr Total Return 40.29%Total Debt 43678.95 YTD Return -5.19%Preferred Stock 0.0 Adjusted BETA 1.448Minority Interest 273.0 Analyst Recs 38Cash and Equivalents 17841.48 Consensus Rating 4.158Enterprise Value 205582.82 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 24052600688 HK EQUITY YTD Change - Average Volume 30 Day 23298420688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 21961300 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 66304.2 79504.2 - - TEV/Revenue 8.01x 5.45x 3.60x 3.03x 2.72x #DIV/0! 0.00x 3.08x 2.59x - - EBITDA 6778.4 6867.9 10532.8 16214.3 19021.7 0.0 0.0 24381.9 28069.9 - - TEV/EBITDA 19.64x 14.98x 12.76x 8.29x 6.95x 0.00x 0.00x 8.43x 7.32x - - Net Income 4179.6 5048.6 7468.9 12373.2 15025.4 0.0 0.0 15628.2 18480.3 - - P/E 28.33x 16.64x 17.90x 9.52x 7.05x 0.00x 0.00x 11.51x 9.72x - - 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. 12.10Margin 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 90.00 60000.0 80.00 50000.0 70.00 60.00 40000.0 50.00 30000.0 40.00 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 23. 21.02.2013China 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 - 31.12.2012 GovernmentSILVER LOT DEVELOPME n/a EXCH 509136928 6.23 - 31.12.2012 OtherJP MORGAN n/a ULT-AGG 473875048 5.8 2000 31.12.2012 UnclassifiedDEUTSCHE BANK AG n/a EXCH 301486252 3.69 - 17.05.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 233566320 2.86 (1906000) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 218850794 2.68 (6237800) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 186583829 2.28 60277313 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (155321624) -1.9 - 17.05.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 148531969 1.82 (64250000) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 78240356 0.96 8137000 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 60432000 0.74 34412000 31.12.2012 Investment AdvisorEUROPEAN INVESTORS I n/a Research 54454950 0.67 (13269000) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 34035376 0.42 (1895426) 30.06.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 33868040 0.41 (3592000) 28.09.2012 Mutual Fund ManagerSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 33231652 0.41 (19674000) 28.09.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 22712260 0.28 (2174000) 31.01.2013 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 20755176 0.25 (14614521) 31.12.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 19638000 0.24 (2550000) 28.09.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 18814000 0.23 32000 30.11.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 18780080 0.23 (4000) 31.10.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co KENNETH TSANG market perform 3 M 20 12 month 21.02.2013UOB Kay Hian CYNTHIA CHAN buy 5 M 25 Not Provided 21.02.2013Standard Chartered RAYMOND CHENG underperform 1 M 23 12 month 18.02.2013Goldman Sachs WANG YI neutral/attractive 3 M 25 12 month 07.02.2013Yuanta Securities Investment Consulting NICE WANG hold 3 N 26 Not Provided 04.02.2013HSBC MICHELLE KWOK overweight 5 M 31 Not Provided 30.01.2013SWS Research Co Ltd KRIS LI neutral 3 M 25 Not Provided 30.01.2013Mirae Asset Securities STEPHANIE LAU hold 3 M 27 12 month 28.01.2013Deutsche Bank TONY TSANG buy 5 M 28 12 month 24.01.2013Credit Suisse JINSONG DU neutral 3 M 21 Not Provided 21.01.2013CIMB JOHNSON HU outperform 5 M 28 12 month 18.01.2013CCB International Securities Ltd EDISON BIAN outperform 5 M 29 Not Provided 17.01.2013JPMorgan LUCIA KWONG neutral 3 D 26 9 month 16.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013BNP Paribas Equity Research LEE WEE LIAT buy 5 N 31 12 month 09.01.2013Nomura ALVIN WONG buy 5 M 21 Not Provided 08.01.2013Bank of China International CHRISTINA NGAI hold 3 M 21 Not Provided 04.01.2013Guotai Junan DONALD YU buy 5 M 26 Not Provided 24.12.2012Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 25 6 month 19.12.2012Mizuho Securities ALAN JIN buy 5 M 28 12 month 13.12.2012Jefferies CHRISTIE JU buy 5 M 26 12 month 11.12.2012China International Capital Corp ERIC YU ZHANG buy 5 M 26 12 month 11.12.2012DBS Vickers CAROL WU buy 5 M 24 12 month 10.12.2012KGI Securities ALICE JI outperform 5 M 24 12 month 16.11.2012Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 24 Not Provided 13.11.2012Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 18 12 month 21.10.2012Barclays WENDY LUO equalweight 3 M 19 Not Provided 19.10.2012Kim 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 13.08.2012Capital 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 |
  • 24. 21.02.2013China Petroleum & Chemical CorpChina Petroleum and Chemical Corporation (Sinopec) refines, produces and trades Price/Volumepetroleum and petrochemical products such as gasoline, diesel, jet fuel, 10 600.0 Mkerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and 9chemical fertilizers. Also, The company explores for and produces crude oil and 8 500.0 Mnatural gas in China. 7 400.0 M 6 5 300.0 M Valuation Analysis 4Latest Fiscal Year: 12/2011 3 200.0 MLTM as of: 09/yy 2 100.0 M 152-Week High (30.01.2013) 9.57 0 .0 M52-Week Low (11.07.2012) 6.38 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 110901973.00 Current Price (2/dd/yy) 8.8 Market Data 52-Week High % Change -8.05% Dividend Yield 4.24 52-Week Low % Change 37.93% Beta 0.83 % 52 Week Price Range High/Low 78.37% Equity Float 18404.72Shares Out 14.02.2013 19625.7 Short Int - Market Capitalization 788965.25 1 Yr Total Return 5.69%Total Debt 240555.00 YTD Return 0.23%Preferred Stock 0.0 Adjusted BETA 0.828Minority Interest 35016.0 Analyst Recs 32Cash and Equivalents 25197.00 Consensus Rating 3.844Enterprise Value 941696.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########386 HK EQUITY YTD Change - Average Volume 30 Day #########386 HK EQUITY YTD % CHANGE - Average Volume 3 Month 86166870 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 ######### ######### ######### ######### 728398.5 688272.0 TEV/Revenue 1.73x 0.59x 1.09x 0.48x 0.35x 1.46x 1.34x 0.36x 0.36x - - EBITDA 127499.0 29228.0 151545.0 178098.0 170962.0 0.0 0.0 166026.0 191905.3 - - TEV/EBITDA 15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.67x 4.91x - - Net Income 56515.0 28445.0 62677.0 71782.0 73225.0 75623.0 53683.0 60720.0 74708.6 17385.0 14623.0 P/E 16.90x 12.59x 8.42x 7.62x 7.84x 7.22x 9.49x 10.25x 8.41x 9.77x 10.12x 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 25. 21.02.2013China Petroleum & Chemical CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 2123684596 10.82 (32963380) 19.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1826300598 9.31 (20038000) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 1785993742 9.1 (3570000) 05.02.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 860833577 4.39 (11249100) 31.12.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 794152154 4.05 - 15.01.2013 GovernmentCITIGROUP INCORPORAT n/a EXCH 629057907 3.21 - 26.11.2012 Investment AdvisorCREDIT SUISSE AG #N/A N/A EXCH 521252296 2.66 - 07.02.2013 Investment AdvisorCHINA PETROLEUM SHEN n/a EXCH 425500000 2.17 - 09.01.2012 GovernmentFMR LLC n/a ULT-AGG 263987026 1.35 (15860724) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 227828000 1.16 38640000 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 147230289 0.75 - 31.07.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 143361074 0.73 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 139771423 0.71 (7780128) 30.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 138665350 0.71 49940000 31.01.2013 Investment AdvisorCREDIT SUISSE AG n/a Short (119014506) -0.61 - 07.02.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 104509351 0.53 - 31.05.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 94978000 0.48 712000 30.09.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 77778342 0.4 (648000) 28.09.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 77462000 0.39 3050000 28.09.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 70915400 0.36 54000 19.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura SONIA SONG buy 5 M 10 Not Provided 20.02.2013Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 10 12 month 19.02.2013UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 06.02.2013ICBC International Securities ANNA YU buy 5 M 10 Not Provided 06.02.2013Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 9 12 month 05.02.2013Jefferies LABAN YU hold 3 M 8 12 month 05.02.2013Bank of China International LAWRENCE LAU buy 5 M 10 Not Provided 05.02.2013Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 05.02.2013Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 8 Not Provided 05.02.2013BNP Paribas Equity Research CHENG KHOO buy 5 M 10 12 month 05.02.2013BOCOM International Holdings WU FEI long-term buy 5 D 10 12 month 05.02.2013Barclays SCOTT DARLING equalweight 3 M 9 Not Provided 05.02.2013Macquarie JAMES HUBBARD underperform 1 M 7 12 month 31.01.2013Mirae Asset Securities GORDON KWAN buy 5 M 11 12 month 29.01.2013Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 25.01.2013VTB Capital COLIN SMITH hold 3 M 9 12 month 16.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 30.11.2012Masterlink Securities LI XIN hold 3 M 9 Not Provided 28.11.2012Deutsche Bank DAVID HURD buy 5 M 9 12 month 30.10.2012SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 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 9 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 29.10.2012Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012Guotai 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 15.06.2012AMTD 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 |
  • 26. 21.02.2013China 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 (14.03.2012) 36.25 0 .0 M52-Week Low (07.06.2012) 24.15 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 18424937.00 Current Price (2/dd/yy) 29.35 Market Data 52-Week High % Change -19.03% Dividend Yield 3.81 52-Week Low % Change 21.53% Beta 1.11 % 52 Week Price Range High/Low 48.35% Equity Float 3388.20Shares Out 30.09.2012 3398.6 Short Int - Market Capitalization 569682.56 1 Yr Total Return -13.89%Total Debt 60466.00 YTD Return -13.55%Preferred Stock 0.0 Adjusted BETA 1.111Minority Interest 38492.0 Analyst Recs 39Cash and Equivalents 64945.00 Consensus Rating 4.462Enterprise Value 498950.53 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 181527301088 HK EQUITY YTD Change - Average Volume 30 Day 174005101088 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15865010 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 80275.0 104416.0 117526.0 157662.0 208197.0 191419.0 228330.0 235099.4 255930.1 64028.5 57210.0 TEV/Revenue 15.67x 3.62x 6.12x 3.31x 2.62x 12.23x 9.22x 2.10x 1.87x 7.95x - EBITDA 41526.0 50621.0 58355.0 72181.0 84268.0 0.0 0.0 85221.3 90291.8 - - TEV/EBITDA 30.29x 7.47x 12.32x 7.22x 6.46x 0.00x 0.00x 5.85x 5.53x - - Net Income 20497.0 25959.0 30276.0 38834.0 45677.0 43015.0 47194.0 46853.2 49119.9 8107.3 11151.0 P/E 39.42x 11.07x 21.98x 14.16x 11.91x 11.77x 10.28x 9.98x 9.61x 9.67x 9.15x 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 21.02.2013China Shenhua Energy Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 436142206 12.83 (9946014) 19.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 358927709 10.56 2713000 14.02.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 188302726 5.54 (4008400) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 47177630 1.39 (1941500) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 47155200 1.39 (2860794) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 34709000 1.02 - 30.12.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 31488000 0.93 2526500 28.09.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 29035424 0.85 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 28308370 0.83 (1575272) 30.06.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 25869525 0.76 265500 30.09.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 24910500 0.73 100000 30.11.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 21095036 0.62 1855500 20.02.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 20641630 0.61 7453500 28.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19739400 0.58 11210500 19.02.2013 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19010000 0.56 6685000 14.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 18464645 0.54 3104800 28.09.2012 Mutual Fund ManagerBARING ASSET MANAGEM Multiple Portfolios MF-AGG 17008001 0.5 21000 31.10.2012 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 15011804 0.44 (230000) 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 13067562 0.38 (3141000) 31.10.2012 UnclassifiedHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12945000 0.38 (974500) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan DANIEL KANG overweight 5 M 35 9 month 06.02.2013Nomura KAREN LI neutral 3 M 30 Not Provided 03.02.2013Bank of China International LAWRENCE LAU hold 3 M 32 12 month 29.01.2013DBS Vickers JUNE NG buy 5 M 41 12 month 25.01.2013BNP Paribas Equity Research JAMES CLARKE buy 5 M 37 12 month 25.01.2013Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 41 12 month 24.01.2013Credit Suisse TRINA CHEN outperform 5 M 40 Not Provided 24.01.2013BOCOM International Holdings HE WEI long-term buy 5 M 38 12 month 24.01.2013Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 23.01.2013ABC International MARK YIBIAO CHEN buy 5 M 33 12 month 23.01.2013Mirae Asset Securities SHIRLEY ZHAO buy 5 M 40 12 month 22.01.2013Core Pacific KENNY CHEUNG buy 5 M 38 12 month 22.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Barclays EPHREM RAVI overweight 5 M 40 Not Provided 15.01.2013Macquarie MATTY ZHAO neutral 3 D 36 12 month 10.01.2013UOB Kay Hian HELEN LAU buy 5 M 41 Not Provided 07.01.2013CIMB JEANNETTE SIM outperform 5 M 38 12 month 03.12.2012China International Capital Corp CAI HONGYU buy 5 M 35 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 20.11.2012Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 38 Not Provided 19.11.2012Deutsche 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 30.10.2012Masterlink Securities LI XIN buy 5 M 39 6 month 30.10.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 29.10.2012Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 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 28.10.2012KGI 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 14.05.2012SWS 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 |
  • 28. 21.02.2013China Steel CorpChina Steel Corporation manufactures and markets a variety of steel products. Price/VolumeThe main products are hot rolled coils and sheets, cold rolled coils and sheets, 35 70.0 Mwire rods, steel plates, and steel bars. 30 60.0 M 25 50.0 M 20 40.0 M Valuation Analysis 15 30.0 MLatest Fiscal Year: 12/2011 10 20.0 MLTM as of: 09/yy 5 10.0 M52-Week High (02.03.2012) 30.44 0 .0 M52-Week Low (06.09.2012) 24.00 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 25769049.00 Current Price (2/dd/yy) 27.85 Market Data 52-Week High % Change -8.52% Dividend Yield - 52-Week Low % Change 16.04% Beta 0.59 % 52 Week Price Range High/Low 59.75% Equity Float 10482.53Shares Out 30.09.2012 15272.5 Short Int 442.86 Market Capitalization 425338.47 1 Yr Total Return -2.91%Total Debt 84294.92 YTD Return 1.83%Preferred Stock 382.7 Adjusted BETA 0.586Minority Interest 0.0 Analyst Recs 23Cash and Equivalents 2891.48 Consensus Rating 2.217Enterprise Value 530587.23 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 155027702002 TT EQUITY YTD Change - Average Volume 30 Day 168854702002 TT EQUITY YTD % CHANGE - Average Volume 3 Month 18464730 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 207919.0 256358.0 165408.9 239186.9 240376.0 243726.5 219187.1 209246.9 209134.5 49762.6 48663.9 TEV/Revenue 2.38x 1.33x 2.61x 2.14x 2.11x 8.61x 9.39x 2.49x 2.49x - - EBITDA 60189.1 44728.8 21270.7 50776.6 30706.0 38352.3 16795.5 20872.4 27988.0 5894.0 6318.0 TEV/EBITDA 8.23x 7.64x 20.29x 10.07x 16.50x 13.50x 30.10x 25.42x 18.96x 19.94x 18.18x Net Income 51263.9 24030.4 19602.5 37586.8 19493.7 24598.4 3234.8 5824.9 12264.7 1685.9 2807.5 P/E 9.69x 11.38x 21.43x 11.84x 21.18x 16.98x 216.59x 71.41x 35.61x 40.01x 34.55x Profitability S&P Issuer RatingsEBITDA 30706.01 Long-Term Rating Date -EBIT 14598.98 Long-Term Rating -Operating Margin 6.07% Long-Term Outlook -Pretax Margin 8.44% Short-Term Rating Date -Return on Assets 0.76% Short-Term Rating -Return on Common Equity 1.13% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 22.02Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 9.69Margin Analysis Net Debt/EBITDA 6.24Gross Margin 9.0% Total Debt/EBITDA 6.48EBITDA Margin 7.7% ReferenceEBIT Margin -0.2% Total Debt/Equity 29.2%Net Income Margin 8.1% Total Debt/Capital 22.6%Structure Asset Turnover 0.52Current Ratio 1.76 Net Fixed Asset Turnover 1.16Quick Ratio 0.15 Accounts receivable turnover-days 6.90Debt to Assets 19.98% Inventory Days 109.13Tot Debt to Common Equity 29.25% Accounts Payable Turnover Day 9.90Accounts Receivable Turnover 53.04 Cash Conversion Cycle 90.04Inventory Turnover 3.35Price/ Cash Flow Sales/Revenue/Turnover 50.00 300000.0 45.00 250000.0 40.00 35.00 200000.0 30.00 25.00 150000.0 20.00 100000.0 15.00 10.00 50000.0 5.00 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 21.02.2013China Steel CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMINISTRY OF ECONOMIC n/a EXCH 3062230011 20.05 - 30.11.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 581938544 3.81 (894200) 31.12.2012 Investment AdvisorCHINA STEEL ESOT n/a Co File 569143276 3.73 - 31.05.2012 n/aBLACKROCK n/a ULT-AGG 346296200 2.27 30155 19.02.2013 Investment AdvisorYUN HUNG INVESTMENT n/a Co File 240560407 1.58 - 31.05.2012 n/aBUREAU OF LABOR INSU n/a EXCH 239218423 1.57 - 31.05.2012 GovernmentVANGUARD EMS INDEX F n/a Co File 208802582 1.37 - 31.05.2012 n/aCHUNGHWA POST CO LTD n/a Co File 206372896 1.35 - 31.05.2012 GovernmentMARUICHI STEEL TUBE n/a Co File 149273708 0.98 - 31.05.2012 CorporationGOVT OF SINGAPORE IN n/a ULT-AGG 145992823 0.96 - 31.05.2012 GovernmentYUN YING INVESTMENT n/a Co File 142156753 0.93 - 31.05.2012 n/aISHARES MSCI EMERGIN n/a Co File 132930827 0.87 - 31.05.2012 n/aPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 107584011 0.7 (8780660) 30.06.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 50895696 0.33 424000 19.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 32197705 0.21 - 31.07.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 24882101 0.16 99000 31.10.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14089839 0.09 (68000) 28.12.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13588888 0.09 1027180 30.09.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 10162765 0.07 - 31.12.2012 Investment AdvisorYODOGAWA STEEL WORKS n/a Co File 8528499 0.06 - 31.03.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays EPHREM RAVI underweight 1 M 21 Not Provided 18.02.2013Deutsche Bank JAMES KAN hold 3 U 30 12 month 04.02.2013BNP Paribas Equity Research JENNY TSAI reduce 2 M 21 12 month 01.02.2013Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 23.01.2013President Capital Management WEICHUN TSENG neutral 3 M 28 6 month 23.01.2013Credit Suisse JEREMY CHEN underperform 1 M 22 Not Provided 21.01.2013JPMorgan DANIEL KANG neutral 3 M 29 9 month 21.01.2013IBT Securities Co Ltd PETER TZENG neutral 3 M #N/A N/A Not Provided 21.01.2013Goldman Sachs TOMMY WONG Sell/Neutral 1 M 20 12 month 18.01.2013KGI Securities MARC WANG underperform 1 M 23 12 month 18.01.2013Capital Securities Corp IVY LIU neutral 3 M #N/A N/A Not Provided 16.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Ji Asia SAMUEL THAWLEY sell 1 M 23 12 month 11.01.2013E Sun Securities DAVID LAI neutral 3 D #N/A N/A Not Provided 14.12.2012Fubon Securities ROGER LEE reduce 2 M 24 6 month 30.11.2012Macquarie CORINNE JIAN neutral 3 U 27 12 month 16.11.2012HSBC SIMON FRANCIS neutral 3 U 26 Not Provided 28.10.2012VTB Capital WIKTOR BIELSKI hold 3 M 28 12 month 15.10.2012SinoPac LILY HSIAO Under Review #N/A N/A M 24 Not Provided 11.10.2012Sanford C. Bernstein & Co VANESSA LAU market perform 3 N 25 Not Provided 18.09.2012Masterlink Securities CHARLES KO hold 3 M 30 3 month 17.02.2012Grand Cathay Securities Co TSAI YEN-LING neutral 3 M 32 Not Provided 04.11.2010TIS Securities BRANDON LIU trading buy 5 M #N/A N/A Not Provided 05.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 21.02.2013China Unicom Hong Kong LtdChina Unicom (Hong Kong) Limited, through its subsidiaries, provides Price/Volumetelecommunications services in the Peoples Republic of China. The Companys 16 140.0 Mservices include cellular, paging, long distance, data, and Internet services. 14 120.0 M 12 100.0 M 10 80.0 M 8 Valuation Analysis 60.0 M 6Latest Fiscal Year: 12/2011 40.0 M 4LTM as of: 09/yy 20.0 M 252-Week High (23.02.2012) 14.56 0 .0 M52-Week Low (18.07.2012) 9.45 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 38062970.00 Current Price (2/dd/yy) 11.18 Market Data 52-Week High % Change -23.21% Dividend Yield 1.11 52-Week Low % Change 18.31% Beta 0.88 % 52 Week Price Range High/Low 37.38% Equity Float 4576.91Shares Out 06.11.2012 23565.1 Short Int - Market Capitalization 263457.28 1 Yr Total Return -22.02%Total Debt 107108.00 YTD Return -9.98%Preferred Stock 0.0 Adjusted BETA 0.885Minority Interest 0.0 Analyst Recs 36Cash and Equivalents 15410.00 Consensus Rating 3.944Enterprise Value 313347.82 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 28590530762 HK EQUITY YTD Change - Average Volume 30 Day 30439510762 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26755010 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 251335.3 287744.7 65061.0 66484.0 TEV/Revenue 1.87x 1.34x 1.81x 1.73x 1.93x 6.95x 5.75x 1.27x 1.14x - - EBITDA 77739.0 70301.0 59317.0 60349.0 63996.0 48995.0 55157.0 73554.0 85538.1 18432.0 20064.0 TEV/EBITDA 3.62x 3.05x 4.69x 4.91x 6.31x 0.00x 0.00x 4.26x 3.66x 3.81x 3.68x Net Income 21437.0 35398.0 9556.0 3701.0 4227.0 4265.0 5417.0 7063.1 11312.4 1292.7 2476.0 P/E 19.25x 24.82x 22.63x 58.92x 73.63x 73.99x 45.73x 30.29x 19.10x 19.95x 17.64x 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 |
  • 31. 21.02.2013China 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 n/a ULT-AGG 380326856 1.61 (15345600) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 249151168 1.06 (873800) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 171476000 0.73 (4348000) 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 131569944 0.56 1544000 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 119682328 0.51 (7592195) 31.12.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 60191350 0.26 3238000 31.01.2013 Mutual Fund ManagerSTATE STREET GLOBAL Multiple Portfolios MF-AGG 39256216 0.17 (2184353) 30.06.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 38466000 0.16 8234000 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 30114000 0.13 (11826000) 31.10.2012 UnclassifiedUBS n/a ULT-AGG 19932419 0.08 - 31.10.2012 UnclassifiedEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19793990 0.08 - 31.12.2010 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 17064000 0.07 (16000) 30.06.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 13806000 0.06 360000 30.11.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 13192000 0.06 (2402000) 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 12456000 0.05 - 31.10.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 10591017 0.04 - 20.02.2013 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 10322000 0.04 1244000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaitong International Securities ALEX LEE hold 3 M 16 12 month 21.02.2013DBS Vickers TAM TSZ-WANG buy 5 M 15 12 month 21.02.2013Kim Eng Securities ANDY POON hold 3 M 13 12 month 21.02.2013Nomura DANNY CHU buy 5 M 18 Not Provided 18.02.2013Deutsche Bank ALAN HELLAWELL buy 5 M 18 12 month 15.02.2013BNP Paribas Equity Research ALEN LIN buy 5 M 14 12 month 06.02.2013CIMB BERTRAM LAI outperform 5 M 16 12 month 05.02.2013Bank of China International MICHAEL MENG buy 5 M 17 Not Provided 31.01.2013SWS Research Co Ltd JIM TANG buy 5 M 16 Not Provided 31.01.2013BOCOM International Holdings LI ZHIWU neutral 3 M 11 12 month 31.01.2013Credit Suisse COLIN MCCALLUM outperform 5 M 18 Not Provided 30.01.2013Barclays ANAND RAMACHANDRAN equalweight 3 M 13 Not Provided 30.01.2013UOB Kay Hian VICTOR YIP hold 3 M 12 Not Provided 22.01.2013Standard Chartered STEVEN LIU in-line 3 M 13 12 month 21.01.2013Jefferies CYNTHIA JINHONG MENG buy 5 M 16 12 month 17.01.2013EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013Core Pacific KEVIN TAM Positive 4 M #N/A N/A Not Provided 20.12.2012Macquarie LISA SOH neutral 3 U 12 12 month 17.12.2012Masterlink Securities LV HAN buy 5 M 17 6 month 14.12.2012Goldman Sachs DONALD LU neutral/neutral 3 M 13 12 month 09.12.2012Ji Asia NEIL JUGGINS sell 1 M 10 12 month 04.12.2012Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 18 12 month 21.11.2012Pacific Crest Securities STEVE CLEMENT outperform 5 M 15 12 month 13.11.2012Capital 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 26.10.2012ICBC International Securities KARY SEI hold 3 M 13 Not Provided 26.10.2012JPMorgan LUCY LIU overweight 5 M 16 9 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 07.09.2012First Shanghai Securities Ltd TSOI HO buy 5 M 15 12 month 30.08.2012HSBC TUCKER GRINNAN underweight 1 D 10 Not Provided 23.08.2012Religare Capital Markets RUMIT DUGAR buy 5 M 15 12 month 23.08.2012Everbright 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 |
  • 32. 21.02.2013CLP Holdings LtdCLP Holdings Limited, through its subsidiaries, generates and supplies Price/Volumeelectricity. The Company also develops and invests in power projects and 80 50.0 Minvests in properties. 45.0 M 70 40.0 M 60 35.0 M 50 30.0 M 40 25.0 M Valuation Analysis 20.0 M 30Latest Fiscal Year: 12/2011 15.0 M 20LTM as of: 01/yy 10.0 M 10 5.0 M52-Week High (08.03.2012) 69.00 0 .0 M52-Week Low (04.06.2012) 62.50 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 3547236.00 Current Price (2/dd/yy) 66.65 Market Data 52-Week High % Change -3.41% Dividend Yield 3.81 52-Week Low % Change 6.64% Beta 0.45 % 52 Week Price Range High/Low 68.46% Equity Float 1838.59Shares Out 20.12.2012 2526.5 Short Int - Market Capitalization 168387.94 1 Yr Total Return 4.15%Total Debt 97069.00 YTD Return 2.78%Preferred Stock 0.0 Adjusted BETA 0.446Minority Interest 93.0 Analyst Recs 18Cash and Equivalents 3104.00 Consensus Rating 3.000Enterprise Value 254476.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 32054742 HK EQUITY YTD Change - Average Volume 30 Day 34216542 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4373412 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 50789.0 54297.0 50668.0 58410.0 91634.0 - - 95790.1 103229.1 - - TEV/Revenue 3.47x 3.21x 3.64x 3.82x 2.76x - - 2.42x 2.26x - - EBITDA 15690.0 16933.0 14959.0 17575.0 21109.0 - - 20606.8 22961.2 - - TEV/EBITDA 11.23x 10.30x 12.32x 12.70x 11.98x - - 12.35x 11.08x - - Net Income 10608.0 10423.0 8196.0 10332.0 9288.0 - - 9540.5 11161.1 - - P/E 12.10x 12.15x 15.38x 14.71x 17.11x - - 16.84x 14.57x - - Profitability S&P Issuer RatingsEBITDA 21109.00 Long-Term Rating Date 02.03.2011EBIT 14756.00 Long-Term Rating A-Operating Margin 16.10% Long-Term Outlook STABLEPretax Margin 11.94% Short-Term Rating Date 26.06.2008Return on Assets 3.17% Short-Term Rating A-2Return on Common Equity 8.41% Credit RatiosReturn on Capital 6.57% EBITDA/Interest Exp. 3.60Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 1.54Margin Analysis Net Debt/EBITDA 3.93Gross Margin - Total Debt/EBITDA 4.25EBITDA Margin 22.4% ReferenceEBIT Margin 15.3% Total Debt/Equity 119.5%Net Income Margin 10.1% Total Debt/Capital 54.4%Structure Asset Turnover 0.45Current Ratio 0.70 Net Fixed Asset Turnover 0.74Quick Ratio 0.41 Accounts receivable turnover-days 53.31Debt to Assets 45.30% Inventory Days -Tot Debt to Common Equity 119.46% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 100000.0 90000.0 12.00 80000.0 10.00 70000.0 60000.0 8.00 50000.0 6.00 40000.0 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 33. 21.02.2013CLP Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLAWRENCIUM MIKADO HO n/a EXCH 236044212 9.34 - 31.12.2012 OtherOAK CLP n/a EXCH 205251853 8.12 200000 31.12.2012 OtherLAWRENCIUM HOLDINGS n/a EXCH 150480670 5.96 300000 31.12.2012 Holding CompanyACORN HOLDINGS CORP n/a EXCH 70146655 2.78 - 31.12.2012 OtherBLACKROCK n/a ULT-AGG 38868007 1.54 192500 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 31673863 1.25 114081 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 18535000 0.73 - 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 15031376 0.59 (836443) 30.06.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 11771700 0.47 - 28.09.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 8038000 0.32 (5175000) 31.10.2012 Investment AdvisorLAKSHMI CO LTD n/a EXCH 7359811 0.29 - 31.12.2012 OtherMERLIN INVESTMENTS L n/a EXCH 7359811 0.29 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6866976 0.27 (4500) 19.02.2013 Investment AdvisorMERLIN INVESTMENTS N n/a EXCH 5562224 0.22 - 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 4110555 0.16 (810000) 20.02.2013 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3944500 0.16 3944500 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 3557500 0.14 - 30.06.2011 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3357047 0.13 - 31.12.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2779418 0.11 28500 28.12.2012 Mutual Fund ManagerSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2234100 0.09 (18500) 25.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC JENNY COSGROVE neutral 3 M 70 Not Provided 07.02.2013Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 64 12 month 05.02.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 50 12 month 09.01.2013Deutsche Bank ERIC CHENG buy 5 M 70 12 month 08.01.2013JPMorgan ELAINE WU neutral 3 M 65 3 month 02.01.2013Mirae Asset Securities RICKY NG hold 3 M 69 12 month 13.12.2012Standard Chartered LI EVAN in-line 3 M 68 12 month 19.10.2012Nomura DANIEL RAATS neutral 3 M 65 Not Provided 14.10.2012Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 70 6 month 13.09.2012Credit Suisse EDWIN PANG neutral 3 M 66 Not Provided 31.08.2012Morgan Stanley SIMON H Y LEE restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012DBS Vickers JUNE NG hold 3 M 69 12 month 15.08.2012Bank of China International PETER YAO hold 3 M 62 Not Provided 14.08.2012Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 66 Not Provided 14.08.2012Macquarie IVAN LEE outperform 5 M 72 12 month 19.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 21.02.2013CNOOC LtdCNOOC Limited, through its subsidiaries, explores, develops, produces, and sells Price/Volumecrude oil and natural gas. The Groups core operation areas are Bohai, Western 20 140.0 MSouth China Sea, Eastern South China Sea and East China Sea in offshore China. 18 120.0 MInternationally, the Group has oil and gas assets in Asia, Africa, North 16America, South America and Oceania. 14 100.0 M 12 80.0 M 10 Valuation Analysis 8 60.0 MLatest Fiscal Year: 12/2011 6 40.0 MLTM as of: 01/yy 4 20.0 M 252-Week High (21.02.2012) 17.96 0 .0 M52-Week Low (05.06.2012) 13.18 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 51693549.00 Current Price (2/dd/yy) 15.54 Market Data 52-Week High % Change -13.47% Dividend Yield 2.80 52-Week Low % Change 17.91% Beta 1.27 % 52 Week Price Range High/Low 53.14% Equity Float 15873.58Shares Out 30.09.2012 44646.3 Short Int - Market Capitalization 693803.56 1 Yr Total Return -7.65%Total Debt 37995.00 YTD Return -7.39%Preferred Stock 0.0 Adjusted BETA 1.272Minority Interest 0.0 Analyst Recs 34Cash and Equivalents 99197.00 Consensus Rating 3.706Enterprise Value 497822.36 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 49774280883 HK EQUITY YTD Change - Average Volume 30 Day 65277180883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 51872080 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 - - 236712.4 243883.9 - - TEV/Revenue 5.75x 1.95x 4.24x 3.71x 1.79x - - 2.34x 2.26x - - EBITDA 49242.7 65262.9 56272.8 97993.0 119044.0 - - 123473.8 127363.1 - - TEV/EBITDA 10.59x 3.77x 7.93x 6.82x 3.62x - - 4.03x 3.91x - - Net Income 31258.3 44375.3 29485.6 54410.0 70255.0 - - 65370.6 63543.4 - - P/E 17.26x 6.44x 16.28x 12.81x 7.02x - - 8.58x 8.83x - - 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 |
  • 35. 21.02.2013CNOOC 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 964642972 2.16 (15293500) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 770844601 1.73 (376000) 19.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 460965940 1.03 (7924000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 297327510 0.67 (68926136) 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 294593980 0.66 (7661703) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 250139200 0.56 7196000 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 149257000 0.33 5623000 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 148751902 0.33 (8359101) 30.06.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139222500 0.31 (2362000) 31.10.2012 BankOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 135194000 0.3 13462000 30.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 117839000 0.26 (6537000) 31.12.2012 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 86965000 0.19 281000 31.12.2012 UnclassifiedALLIANZ ASSET MANAGE n/a ULT-AGG 72591664 0.16 639800 31.01.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 70657957 0.16 8635000 28.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 69695468 0.16 (29992907) 20.02.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 69311000 0.16 (6402000) 31.10.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 68538000 0.15 - 31.12.2012 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 65041000 0.15 (9337000) 28.09.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63316436 0.14 (55000) 30.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LABAN YU underperform 1 M 13 12 month 19.02.2013Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 19.02.2013Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 13.02.2013Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 31.01.2013Deutsche Bank DAVID HURD hold 3 M 18 12 month 31.01.2013Bank of China International LAWRENCE LAU hold 3 M 17 Not Provided 31.01.2013DBS Vickers WEE KEAT LEE buy 5 U 19 12 month 31.01.2013China International Capital Corp BIN GUAN accumulate 4 M 18 12 month 31.01.2013BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 31.01.2013SWS Research Co Ltd ALBERT MIAO outperform 5 U 19 Not Provided 31.01.2013UOB Kay Hian YAN SHI hold 3 M 18 Not Provided 31.01.2013Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 31.01.2013BOCOM International Holdings WU FEI neutral 3 M 18 12 month 31.01.2013ICBC International Securities ANNA YU hold 3 M 17 Not Provided 31.01.2013Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 21 12 month 30.01.2013JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 9 month 30.01.2013Macquarie JAMES HUBBARD outperform 5 M 21 12 month 30.01.2013Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013Nomura SONIA SONG neutral 3 M 17 Not Provided 30.01.2013Barclays SCOTT DARLING overweight 5 M 21 Not Provided 30.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013VTB Capital COLIN SMITH hold 3 M 17 12 month 16.01.2013Mizuho Securities ANDREW S F CHAN neutral 3 D 16 12 month 09.01.2013Citic Securities Co., Ltd HUANG LILI overweight 5 N 19 6 month 18.12.2012Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012HSBC THOMAS C HILBOLDT overweight 5 M 18 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 24.07.2012Ji 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 29.03.2012GuoSen 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 |
  • 36. 21.02.2013DBS Group Holdings LtdDBS Group Holdings Limited and its subsidiaries provide a variety of financial Price/Volumeservices. The Companys services include mortgage financing, lease and hire 18 30.0 Mpurchase financing, nominee and trustee, funds management, corporate advisory 16and brokerage . DBS Group also acts as the primary dealer in Singapore 25.0 M 14government securities. 12 20.0 M 10 15.0 M Valuation Analysis 8Latest Fiscal Year: 12/2012 6 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (04.02.2013) 15.35 0 .0 M52-Week Low (04.06.2012) 12.91 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 6063000.00 Current Price (2/dd/yy) 15.15 Market Data 52-Week High % Change -1.30% Dividend Yield - 52-Week Low % Change 17.35% Beta 1.04 % 52 Week Price Range High/Low 94.26% Equity Float 1719.74Shares Out 21.02.2013 2440.1 Short Int - Market Capitalization 36967.00 1 Yr Total Return 11.34%Total Debt 49068.00 YTD Return 2.09%Preferred Stock 163.0 Adjusted BETA 1.041Minority Interest 4261.0 Analyst Recs 23Cash and Equivalents 46580.00 Consensus Rating 4.304Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3426600DBS SP EQUITY YTD Change - Average Volume 30 Day 4732000DBS SP EQUITY YTD % CHANGE - Average Volume 3 Month 3768540 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 10115.0 8543.0 8684.0 9711.0 11046.0 9331.0 11044.0 8742.9 9616.1 2043.3 2030.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1929.0 2041.0 1632.0 3035.0 3809.0 3035.0 3809.0 3498.6 3794.8 865.5 832.0 P/E 6.68x 17.11x 20.46x 8.86x 9.40x 8.88x 9.42x 10.72x 10.29x 11.22x 11.06x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 54.02% Long-Term Outlook -Pretax Margin 52.89% Short-Term Rating Date -Return on Assets 1.10% Short-Term Rating -Return on Common Equity 12.67% Credit RatiosReturn on Capital 4.63% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 155.4%Net Income Margin 43.7% Total Debt/Capital 57.7%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 7.92Quick Ratio - Accounts receivable turnover-days -Debt to Assets 13.90% Inventory Days -Tot Debt to Common Equity 155.41% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 14000.0 8.00 12000.0 7.00 10000.0 6.00 5.00 8000.0 4.00 6000.0 3.00 4000.0 2.00 2000.0 1.00 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 |
  • 37. 21.02.2013DBS Group Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTEMASEK HOLDINGS PRI n/a ULT-AGG 713033749 29.22 - 05.03.2012 GovernmentCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 65433448 2.68 3000 31.10.2012 BankBLACKROCK n/a ULT-AGG 42178247 1.73 (281940) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 41952768 1.72 80733 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34599555 1.42 648018 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 11906713 0.49 (956887) 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9907000 0.41 211000 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8759273 0.36 (705987) 31.12.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 8499759 0.35 754000 14.09.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 6527752 0.27 (451586) 19.12.2011 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 4773274 0.2 (3624) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4597140 0.19 1058000 31.12.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4021099 0.16 (21000) 30.11.2012 Investment AdvisorKEPPEL CORP LTD n/a ULT-AGG 3949781 0.16 - 28.02.2012 CorporationBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3707344 0.15 631000 19.02.2013 Investment AdvisorMASON STREET ADVISOR Multiple Portfolios MF-AGG 3072000 0.13 148000 30.06.2012 Investment AdvisorMAWER INVESTMENT MAN Multiple Portfolios MF-AGG 3070000 0.13 250000 30.11.2012 Investment AdvisorDBS GROUP HOLDINGS L n/a ULT-AGG 2844000 0.12 (2500000) 13.02.2013 BankCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2804088 0.11 27000 28.12.2012 Mutual Fund ManagerLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2799500 0.11 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura JULIAN CHUA buy 5 M 19 Not Provided 13.02.2013Kim Eng Securities DESMOND CHNG buy 5 M 18 12 month 07.02.2013OSK (Asia) Securities LENG SENG CHOON neutral 3 M 15 12 month 07.02.2013Phillip Securities KEN ANG accumulate 4 M 16 Not Provided 07.02.2013UOB Kay Hian JONATHAN KOH buy 5 M 20 Not Provided 07.02.2013Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 17 12 month 06.02.2013Credit Suisse ANAND SWAMINATHAN restricted #N/A N/A M #N/A N/A Not Provided 06.02.2013JPMorgan HARSH WARDHAN MODI overweight 5 M 17 9 month 06.02.2013HSBC LOO KAR WENG neutral 3 M 16 Not Provided 06.02.2013CIMB KENNETH NG outperform 5 M 17 12 month 06.02.2013OCBC Investment Research CARMEN LEE buy 5 M 16 12 month 06.02.2013China International Capital Corp SALLY NG accumulate 4 M 17 12 month 06.02.2013TA Securities Holdings Berhad TEAM COVERAGE buy 5 U 18 12 month 06.02.2013Barclays SHARNIE WONG underweight 1 M 14 Not Provided 06.02.2013Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 18 12 month 04.02.2013Standard Chartered JAJ SINGH outperform 5 M 18 12 month 01.02.2013Mizuho Securities JIM ANTOS neutral 3 M 16 12 month 28.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013Macquarie MATTHEW SMITH outperform 5 U 15 12 month 21.11.2012Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI buy 5 M 17 Not Provided 01.11.2012BNP Paribas Equity Research TEAM COVERAGE buy 5 M 18 12 month 17.08.2012Morgan Stanley NICK LORD restricted #N/A N/A M #N/A N/A Not Provided 30.04.2012Deutsche Bank ANDREW HILL restricted #N/A N/A M #N/A N/A Not Provided 02.04.2012IIFL SACHIN NIKHARE add 4 M 14 12 month 13.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 21.02.2013Formosa Plastics CorpFormosa Plastics Corporation manufactures and markets plastics materials and Price/Volumechemical fiber products. The Companys products include PVC (Polyvinyl Chloride) 100 35.0 Mresins, high density polyethylene, tairylan acrylic fiber, acrylic acid and 90 30.0 Mester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate. 80 70 25.0 M 60 20.0 M 50 Valuation Analysis 40 15.0 MLatest Fiscal Year: 12/2011 30 10.0 MLTM as of: 09/yy 20 5.0 M 1052-Week High (21.02.2012) 92.30 0 .0 M52-Week Low (15.11.2012) 67.40 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 7917588.00 Current Price (2/dd/yy) 78.2 Market Data 52-Week High % Change -15.28% Dividend Yield - 52-Week Low % Change 16.02% Beta 1.03 % 52 Week Price Range High/Low 44.98% Equity Float 3274.57Shares Out 30.09.2012 6120.9 Short Int 11.41 Market Capitalization 478654.75 1 Yr Total Return -9.91%Total Debt 66559.01 YTD Return -0.51%Preferred Stock 0.0 Adjusted BETA 1.033Minority Interest 0.0 Analyst Recs 23Cash and Equivalents 63196.36 Consensus Rating 3.043Enterprise Value 491144.66 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 77205351301 TT EQUITY YTD Change - Average Volume 30 Day 54089421301 TT EQUITY YTD % CHANGE - Average Volume 3 Month 6164149 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 181606.8 182042.2 156969.6 194446.0 187603.3 195088.8 171755.3 172768.3 180716.2 42101.1 44592.9 TEV/Revenue 2.76x 1.56x 2.59x 2.90x 2.65x 11.57x 11.89x 3.01x 2.86x - - EBITDA 28448.1 17430.5 21577.5 36835.0 32857.5 37904.5 15732.7 17626.4 23167.6 2847.0 5149.0 TEV/EBITDA 17.65x 16.28x 18.87x 15.30x 15.15x 13.22x 33.40x 27.86x 21.20x 25.04x 22.19x Net Income 47810.6 19709.5 27533.4 45546.4 35724.5 47282.3 12591.3 15330.7 24436.9 3126.5 5024.8 P/E 10.90x 12.64x 14.96x 13.10x 13.84x 10.58x 40.77x 32.01x 18.75x 21.92x 20.20x Profitability S&P Issuer RatingsEBITDA 32857.50 Long-Term Rating Date 06.05.2009EBIT 22548.89 Long-Term Rating BBB+Operating Margin 12.02% Long-Term Outlook NEGPretax Margin 21.62% Short-Term Rating Date -Return on Assets 3.71% Short-Term Rating -Return on Common Equity 5.34% Credit RatiosReturn on Capital 4.38% EBITDA/Interest Exp. 31.66Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 28.46Margin Analysis Net Debt/EBITDA 0.79Gross Margin 16.9% Total Debt/EBITDA 4.91EBITDA Margin 9.2% ReferenceEBIT Margin 4.2% Total Debt/Equity 27.6%Net Income Margin 19.0% Total Debt/Capital 21.6%Structure Asset Turnover 0.51Current Ratio 4.27 Net Fixed Asset Turnover 3.18Quick Ratio 2.57 Accounts receivable turnover-days 24.96Debt to Assets 19.66% Inventory Days 34.91Tot Debt to Common Equity 27.59% Accounts Payable Turnover Day 20.87Accounts Receivable Turnover 14.67 Cash Conversion Cycle 30.59Inventory Turnover 10.48Price/ Cash Flow Sales/Revenue/Turnover 25.00 250000.0 20.00 200000.0 15.00 150000.0 10.00 100000.0 5.00 50000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 39. 21.02.2013Formosa Plastics CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHANG GUNG MEDICAL F n/a EXCH 556155226 9.09 - 30.11.2012 n/aCHANG GUNG MEDICAL F n/a EXCH 556155226 9.09 39499000 31.10.2012 OtherFORMOSA CHEMICALS & n/a EXCH 468162602 7.65 - 30.11.2012 CorporationMERRILL LYNCH SEC n/a Co File 383395725 6.26 - 21.04.2012 n/aNAN YA PLASTICS CORP n/a EXCH 283454909 4.63 - 30.11.2012 CorporationYUNG-TSAI WANG n/a Co File 270911912 4.43 - 21.04.2012 n/aCHINS INTL INVESTME n/a Co File 254512277 4.16 - 21.04.2012 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 209805394 3.43 1523000 31.12.2012 Investment AdvisorWAN SHUN INTL INVEST n/a Co File 186770700 3.05 - 21.04.2012 n/aFORMOSA PETROCHEMICA n/a EXCH 126404198 2.07 - 30.11.2012 CorporationBLACKROCK n/a ULT-AGG 116605055 1.91 175000 19.02.2013 Investment AdvisorMING CHI UNIV OF TEC n/a Co File 86457055 1.41 - 21.04.2012 n/aVANGUARD EMS INDEX F n/a Co File 72714458 1.19 - 21.04.2012 n/aPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 57984000 0.95 (1796000) 30.06.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 38140000 0.62 (24926000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 32454125 0.53 (19453050) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 30475000 0.5 256000 19.02.2013 Investment AdvisorMIN-TING HO n/a EXCH 26754196 0.44 - 30.11.2012 n/aEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 25087000 0.41 - 14.09.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 11620350 0.19 (1725000) 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC DENNIS HYUNCHUL YOO underweight 1 M 79 Not Provided 20.02.2013KGI Securities AARON LIU outperform 5 M 92 12 month 18.02.2013Jih Sun Securities STEPHEN WAN neutral 3 M #N/A N/A Not Provided 18.02.2013E Sun Securities HONG CLIFF neutral 3 M #N/A N/A Not Provided 06.02.2013Credit Suisse JEREMY CHEN outperform 5 M 97 Not Provided 01.02.2013Macquarie CORINNE JIAN outperform 5 U 95 12 month 31.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013Nomura DAVID WANG buy 5 M 90 Not Provided 15.01.2013President Capital Management TOM HUNG neutral 3 D 81 6 month 15.01.2013Yuanta Securities Investment Consulting YVONNE TSAI hold 3 M 77 Not Provided 11.01.2013Fubon Securities KERRY WU add 4 M 90 6 month 04.01.2013BNP Paribas Equity Research POR YONG LIANG hold 3 M 72 12 month 03.01.2013Mega Securities YOU JIANHENG neutral 3 N #N/A N/A Not Provided 25.12.2012Deutsche Bank ALDEN LIN hold 3 M 78 12 month 04.12.2012Goldman Sachs TOMMY WONG neutral/cautious 3 M 70 12 month 15.11.2012SinoPac LILY HSIAO sell 1 M 65 Not Provided 19.10.2012Barclays SIDNEY YEH equalweight 3 N 73 Not Provided 11.10.2012Morgan Stanley LILY CHEN Overwt/In-Line 5 M 87 12 month 09.07.2012Capital Securities Corp TEAM COVERAGE neutral 3 M 80 3 month 05.06.2012JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 27.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 21.02.2013Hang Lung Properties LtdHang Lung Properties Limited, through its subsidiaries, invests in, develops, Price/Volumeand manages properties. The Company also manages parking lots. 35 25.0 M 30 20.0 M 25 20 15.0 M Valuation Analysis 15 10.0 MLatest Fiscal Year: 12/2012 10LTM as of: 01/yy 5.0 M 552-Week High (10.01.2013) 31.65 0 .0 M52-Week Low (04.06.2012) 23.80 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 6324455.00 Current Price (2/dd/yy) 29.95 Market Data 52-Week High % Change -5.37% Dividend Yield 2.47 52-Week Low % Change 25.84% Beta 1.12 % 52 Week Price Range High/Low 85.35% Equity Float 2391.87Shares Out 31.12.2012 4476.6 Short Int - Market Capitalization 134073.16 1 Yr Total Return 3.97%Total Debt 29736.00 YTD Return -2.76%Preferred Stock 0.0 Adjusted BETA 1.122Minority Interest 6050.0 Analyst Recs 22Cash and Equivalents 36025.00 Consensus Rating 4.091Enterprise Value 133834.16 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5957593101 HK EQUITY YTD Change - Average Volume 30 Day 6656291101 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6704614 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - - Total Revenue 10079.9 4172.6 12057.0 5164.0 7372.0 - - 11314.2 12773.6 - - TEV/Revenue 10.08x 25.68x 10.38x 26.61x 18.67x - - 11.99x 10.70x - - EBITDA 6244.0 3073.8 8549.0 3708.0 7299.0 - - 8260.1 9329.6 - - TEV/EBITDA 16.28x 34.86x 14.64x 37.06x 18.86x - - 16.20x 14.35x - - Net Income 13159.1 4130.3 23561.0 5792.0 8395.0 - - 6346.9 7155.4 - - P/E 7.86x 25.65x 5.31x 23.99x 16.38x - - 20.99x 18.70x - - Profitability S&P Issuer RatingsEBITDA 7299.00 Long-Term Rating Date -EBIT 7264.00 Long-Term Rating -Operating Margin 98.53% Long-Term Outlook -Pretax Margin 137.94% Short-Term Rating Date -Return on Assets 5.37% Short-Term Rating -Return on Common Equity 7.38% Credit RatiosReturn on Capital 6.44% EBITDA/Interest Exp. 10.50Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -12.24Margin Analysis Net Debt/EBITDA -0.86Gross Margin - Total Debt/EBITDA 4.07EBITDA Margin 99.0% ReferenceEBIT Margin 98.5% Total Debt/Equity 25.2%Net Income Margin 113.9% Total Debt/Capital 19.3%Structure Asset Turnover 0.05Current Ratio 6.94 Net Fixed Asset Turnover 0.06Quick Ratio 5.71 Accounts receivable turnover-days 3.32Debt to Assets 17.71% Inventory Days -Tot Debt to Common Equity 25.22% Accounts Payable Turnover Day -Accounts Receivable Turnover 165.66 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 14000.0 12000.0 1.00 10000.0 0.80 8000.0 0.60 6000.0 0.40 4000.0 2000.0 0.20 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 41. 21.02.2013Hang Lung Properties LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePROSPERLAND HOUSING n/a EXCH 1267523511 28.31 - 31.12.2012 OtherPUROTAT LTD n/a EXCH 354227500 7.91 - 31.12.2012 OtherJP MORGAN n/a ULT-AGG 232493911 5.19 234000 31.10.2012 UnclassifiedARTIO GLOBAL MANAGEM n/a EXCH 222586000 4.97 - 12.01.2011 Investment AdvisorHANG LUNG INVESTMENT n/a EXCH 183176000 4.09 - 31.12.2012 Investment AdvisorHANG LUNG ENTERPRISE n/a EXCH 169225000 3.78 - 31.12.2012 OtherABERDEEN n/a ULT-AGG 154155302 3.44 22874000 31.01.2013 UnclassifiedBELIEVECITY LTD n/a EXCH 120608945 2.69 - 31.12.2012 OtherCARMIGNAC GESTION Multiple Portfolios MF-AGG 95346986 2.13 1115825 31.12.2012 Investment AdvisorCOKAGE LTD n/a EXCH 95118250 2.12 - 31.12.2012 OtherHANG KONG CO LTD n/a EXCH 73182000 1.63 - 31.12.2012 OtherOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 69375450 1.55 7420000 30.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 59259062 1.32 796665 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 52315561 1.17 10205923 31.12.2012 Investment AdvisorEUROPEAN INVESTORS I n/a Research 49702908 1.11 934000 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 48835000 1.09 (1682000) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 30893000 0.69 (1105000) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 30558000 0.68 454000 31.12.2012 Investment AdvisorKINGSWICK INVESTMENT n/a EXCH 28333100 0.63 - 31.12.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 28331000 0.63 (251000) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura PAUL LOUIE buy 5 M 36 Not Provided 19.02.2013DBS Vickers JEFF YAU buy 5 M 32 12 month 15.02.2013Standard Chartered JOHN Y F CHAN outperform 5 M 34 12 month 08.02.2013Credit Suisse CUSSON LEUNG underperform 1 M 29 Not Provided 08.02.2013Jefferies VENANT CHIANG buy 5 M 35 12 month 07.02.2013JPMorgan AMY LUK overweight 5 U 33 9 month 01.02.2013Macquarie CALLUM BRAMAH outperform 5 M 36 12 month 01.02.2013Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 34 Not Provided 01.02.2013BNP Paribas Equity Research LEE WEE LIAT hold 3 M 29 12 month 01.02.2013Citic Securities Co., Ltd ADRIAN NGAN overweight 5 U 33 6 month 01.02.2013UOB Kay Hian SYLVIA WONG hold 3 U 30 Not Provided 01.02.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 01.02.2013Morgan Stanley PRAVEEN K CHOUDHARY Equalwt/Attractive 3 M 32 12 month 31.01.2013Goldman Sachs ANTHONY WU buy/attractive 5 M 35 12 month 31.01.2013HSBC PERVEEN WONG overweight 5 M 33 Not Provided 31.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013Deutsche Bank TONY TSANG buy 5 M 38 12 month 31.07.2012Capital Securities Corp LANTIS LI strong buy 5 U 41 12 month 03.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 21.02.2013Hang Seng Bank LtdHang Seng Bank Limited and its subsidiaries provide banking and related Price/Volumefinancial services. 140 6.0 M 120 5.0 M 100 4.0 M 80 3.0 M Valuation Analysis 60Latest Fiscal Year: 12/2011 2.0 M 40LTM as of: 01/yy 20 1.0 M52-Week High (14.02.2013) 129.00 0 .0 M52-Week Low (04.06.2012) 99.20 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 1388458.00 Current Price (2/dd/yy) 125.8 Market Data 52-Week High % Change -2.48% Dividend Yield 4.13 52-Week Low % Change 26.81% Beta 0.74 % 52 Week Price Range High/Low 94.30% Equity Float 723.76Shares Out 30.06.2012 1911.8 Short Int - Market Capitalization 240509.83 1 Yr Total Return 29.08%Total Debt 52432.00 YTD Return 5.98%Preferred Stock 0.0 Adjusted BETA 0.738Minority Interest 0.0 Analyst Recs 27Cash and Equivalents 157094.00 Consensus Rating 3.037Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 118825011 HK EQUITY YTD Change - Average Volume 30 Day 200565311 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1594999 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 09/12 Q3 12/12 Q4 Total Revenue 56175.0 45434.0 36052.0 37622.0 39403.0 - - 24408.2 26788.6 - - TEV/Revenue - - - - - - - - - - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 18242.0 14099.0 13138.0 14917.0 16680.0 - - 17376.5 19324.0 - - P/E 16.87x 13.80x 16.70x 16.38x 10.57x - - 13.71x 12.18x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AA-Operating Margin 40.40% Long-Term Outlook STABLEPretax Margin 54.44% Short-Term Rating Date 20.07.2005Return on Assets 1.81% Short-Term Rating A-1+Return on Common Equity 22.59% Credit RatiosReturn on Capital 13.39% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 66.6%Net Income Margin 47.3% Total Debt/Capital 40.0%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover 2.42Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.38% Inventory Days -Tot Debt to Common Equity 66.58% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 60000.0 14.00 50000.0 12.00 40000.0 10.00 8.00 30000.0 6.00 20000.0 4.00 10000.0 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 21.02.2013Hang Seng Bank LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHONGKONG & SHANGHAI n/a Co File 1188057371 62.14 - 31.12.2011 BankBLACKROCK n/a ULT-AGG 17048213 0.89 215726 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13313457 0.7 173792 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 10560000 0.55 - 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 6369869 0.33 (354493) 30.06.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5882737 0.31 (2152900) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3653800 0.19 1898800 31.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 1758330 0.09 (939930) 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1177983 0.06 12300 28.12.2012 Mutual Fund ManagerBOSTON COMMON ASSET BOSTON COMMON ASSET 13F 1136551 0.06 330900 31.12.2012 Investment AdvisorSEB n/a ULT-AGG 1050546 0.05 117200 31.12.2012 UnclassifiedDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1037900 0.05 (649000) 09.07.2012 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 785600 0.04 - 30.06.2012 Pension Fund (ERISA)INVESCO LTD Multiple Portfolios MF-AGG 746729 0.04 (448300) 20.02.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 668616 0.03 (15200) 19.02.2013 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 632779 0.03 34154 30.09.2012 Mutual Fund ManagerNIKKO ASSET MANAGEME n/a ULT-AGG 562750 0.03 70000 15.06.2012 UnclassifiedSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 562000 0.03 (9800) 14.08.2012 Investment AdvisorHIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 545754 0.03 - 30.09.2011 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 528200 0.03 (50800) 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays SHARNIE WONG underweight 1 M 99 Not Provided 21.02.2013Citic Securities Co., Ltd STEVEN CHAN overweight 5 M 135 6 month 18.02.2013Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 110 12 month 04.02.2013China International Capital Corp SALLY NG hold 3 M 114 12 month 01.02.2013Standard Chartered JOHN CAPARUSSO in-line 3 D 113 12 month 31.01.2013JPMorgan JOSHUA KLACZEK neutral 3 M 120 9 month 31.01.2013Bank of China International PATRICK PONG hold 3 M 128 12 month 29.01.2013UOB Kay Hian EDMOND LAW buy 5 M 134 Not Provided 29.01.2013Goldman Sachs GURPREET SINGH SAHI neutral/neutral 3 M 113 12 month 21.01.2013DBS Vickers ALEXANDER LEE hold 3 M 123 12 month 21.01.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 131 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Credit Suisse SANJAY JAIN neutral 3 M 99 Not Provided 09.01.2013Core Pacific TIMOTHY LI hold 3 M 127 12 month 09.01.2013Mizuho Securities JIM ANTOS buy 5 U 134 12 month 14.12.2012Daiwa Securities Co. Ltd. GRACE WU hold 3 M 113 Not Provided 28.11.2012Deutsche Bank SOPHIA LEE hold 3 D 124 12 month 08.11.2012Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 116 12 month 27.08.2012Kim Eng Securities IVAN LI hold 3 D 120 12 month 31.07.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 112 Not Provided 31.07.2012Nomura DAVID CHUNG reduce 2 M 80 Not Provided 30.07.2012CCB International Securities Ltd ADAM CHAN neutral 3 M 114 Not Provided 30.07.2012Macquarie ISMAEL PILI underperform 1 M 90 12 month 27.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 21.02.2013Hon Hai Precision Industry Co LtdHon Hai Precision Industry Co., Ltd. provides electronic manufacturing services Price/Volumefor computers, communications, and consumer electronic products. The Companys 120 400.0 Mbusiness operations include desktop and notebook PC assembly, connector 350.0 Mproduction, cable assembly, PCB assembly, handset manufacturing, networking 100 300.0 Mequipment, and other consumer electronic devices manufacturing. 80 250.0 M 60 200.0 M Valuation Analysis 150.0 MLatest Fiscal Year: 12/2011 40 100.0 MLTM as of: 09/yy 20 50.0 M52-Week High (29.03.2012) 106.36 0 .0 M52-Week Low (03.08.2012) 71.82 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 33445606.00 Current Price (2/dd/yy) 83.2 Market Data 52-Week High % Change -21.78% Dividend Yield - 52-Week Low % Change 15.85% Beta 1.16 % 52 Week Price Range High/Low 37.58% Equity Float 9468.26Shares Out 30.09.2012 11835.9 Short Int 44.47 Market Capitalization 984744.06 1 Yr Total Return -3.93%Total Debt 155043.07 YTD Return -6.41%Preferred Stock 0.0 Adjusted BETA 1.156Minority Interest 0.0 Analyst Recs 29Cash and Equivalents 74742.04 Consensus Rating 4.000Enterprise Value 1092311.70 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 292055502317 TT EQUITY YTD Change - Average Volume 30 Day 374817402317 TT EQUITY YTD % CHANGE - Average Volume 3 Month 42499540 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 1235581.2 1473026.3 1420573.1 2313129.1 2773311.4 ######### ######### ######### ######### 985241.0 716811.0 TEV/Revenue 1.07x 0.34x 0.93x 0.51x 0.35x 1.62x 1.43x - - - - EBITDA 43131.8 37195.4 35084.6 45056.3 41132.9 38991.3 50249.2 159245.5 191506.5 - - TEV/EBITDA 30.75x 13.43x 37.56x 26.12x 23.49x 21.73x 23.81x 6.86x 5.70x - - Net Income 77689.5 55133.2 75685.1 77154.6 81591.0 67993.3 92819.4 92549.3 107533.3 35378.4 22724.3 P/E 16.36x 8.63x 17.14x 14.67x 10.84x 10.68x 11.48x 10.56x 9.05x 9.07x 8.85x Profitability S&P Issuer RatingsEBITDA 41132.91 Long-Term Rating Date 09.11.2007EBIT 31500.29 Long-Term Rating A-Operating Margin 1.14% Long-Term Outlook STABLEPretax Margin 3.31% Short-Term Rating Date -Return on Assets 6.65% Short-Term Rating -Return on Common Equity 16.16% Credit RatiosReturn on Capital 13.01% EBITDA/Interest Exp. 22.51Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 10.72Margin Analysis Net Debt/EBITDA 2.14Gross Margin 3.9% Total Debt/EBITDA 3.02EBITDA Margin 1.6% ReferenceEBIT Margin 1.3% Total Debt/Equity 26.8%Net Income Margin 2.9% Total Debt/Capital 21.2%Structure Asset Turnover 2.26Current Ratio 1.11 Net Fixed Asset Turnover 86.97Quick Ratio 0.60 Accounts receivable turnover-days 37.57Debt to Assets 10.15% Inventory Days 14.03Tot Debt to Common Equity 26.83% Accounts Payable Turnover Day 45.54Accounts Receivable Turnover 9.74 Cash Conversion Cycle 8.70Inventory Turnover 26.08Price/ Cash Flow Sales/Revenue/Turnover 450.00 3000000.0 400.00 2500000.0 350.00 300.00 2000000.0 250.00 1500000.0 200.00 150.00 1000000.0 100.00 500000.0 50.00 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 45. 21.02.2013Hon Hai Precision Industry Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOU TERRY n/a EXCH 1473989536 12.45 - 30.11.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 510387709 4.31 1140100 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 277625139 2.35 (7590335) 19.02.2013 Investment AdvisorSAUDI ARABIAN MONETA n/a Co File 272197766 2.3 - 20.04.2012 GovernmentGOVT OF SINGAPORE IN n/a ULT-AGG 213675970 1.81 - 20.04.2012 GovernmentFMR LLC n/a ULT-AGG 209475803 1.77 (13723688) 31.12.2012 Investment AdvisorVANGUARD EMS INDEX F n/a Co File 182275330 1.54 - 20.04.2012 n/aEFG BANK n/a Co File 179470183 1.52 - 20.04.2012 Investment AdvisorCHINATRUST COMM BK T n/a Co File 124034680 1.05 - 20.04.2012 n/aABU DHABI INVESTMENT n/a Co File 119029555 1.01 - 20.04.2012 GovernmentHSIEN CHIN INTL INVE n/a Co File 116176670 0.98 - 20.04.2012 OtherPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 111390070 0.94 (8271230) 30.06.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 98079813 0.83 (1261398) 31.12.2012 Investment AdvisorJUI FU INTL INVESTME #N/A N/A EXCH 56536398 0.48 - 31.10.2012 CorporationSKAGEN AS Multiple Portfolios MF-AGG 55220000 0.47 (38280000) 31.01.2013 Mutual Fund ManagerLAZARD ASSET MANAGEM n/a ULT-AGG 52523926 0.44 30000 31.12.2012 UnclassifiedHSIANG-FU YOU n/a EXCH 36643284 0.31 - 30.11.2012 n/aWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 33518162 0.28 (531999) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 27353161 0.23 (4723000) 19.02.2013 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 27234128 0.23 (24908081) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJih Sun Securities ALVIN KUO neutral 3 M #N/A N/A Not Provided 19.02.2013RBS JEFFREY TODER buy 5 M 110 12 month 06.02.2013Deutsche Bank IVY LEE buy 5 M 107 12 month 25.01.2013Fubon Securities ARTHUR LIAO reduce 2 M 76 6 month 25.01.2013Mizuho Securities CHARLES PARK buy 5 M 100 12 month 25.01.2013BNP Paribas Equity Research LAURA CHEN hold 3 M 90 12 month 25.01.2013Morgan Stanley JASMINE LU Overwt/In-Line 5 M 111 12 month 24.01.2013Sanford C. Bernstein & Co ALBERTO MOEL outperform 5 M 109 12 month 24.01.2013President Capital Management YING-CHANG KUO neutral 3 D 100 6 month 24.01.2013Nomura EVE JUNG buy 5 M 120 Not Provided 17.01.2013Daiwa Securities Co. Ltd. LU CHIA-LIN buy 5 M 127 Not Provided 16.01.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013Wedge Partners JUN ZHANG no rating system #N/A N/A N #N/A N/A Not Provided 14.01.2013Yuanta Securities Investment Consulting VINCENT CHEN buy 5 M 104 Not Provided 10.01.2013E Sun Securities LIU KUAN-MING buy 5 M #N/A N/A Not Provided 14.12.2012Macquarie DANIEL CHANG neutral 3 D 90 12 month 13.12.2012JPMorgan GOKUL HARIHARAN overweight 5 M 120 3 month 10.12.2012HSBC JENNY LAI overweight 5 M 130 Not Provided 10.12.2012Berenberg Bank ADNAAN AHMAD hold 3 M 73 Not Provided 29.11.2012Credit Suisse THOMPSON WU neutral 3 M 100 Not Provided 14.11.2012SinoPac BAMBOO LIN buy 5 M 107 Not Provided 14.11.2012Goldman Sachs LIANG-CHUN LIN neutral/neutral 3 M 81 12 month 13.11.2012Barclays KIRK YANG overweight 5 M 113 Not Provided 13.11.2012Capital Securities Corp JERRY WU neutral 3 M 85 3 month 26.10.2012Masterlink Securities JIMMY CHEN hold 3 D 106 3 month 05.09.2012Ji Asia STEVE MYERS sell 1 M 78 12 month 14.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 21.02.2013Hong Kong & China Gas Co LtdHong Kong and China Gas Company Limited produces, distributes, and markets gas Price/Volumeand gas appliances to residential and industrial customers through its Towngas 25 30.0 Mbrand name. The Companys subsidiaries develop gas projects in China anddevelop and manage commercial properties. 20 25.0 M 20.0 M 15 15.0 M Valuation Analysis 10Latest Fiscal Year: 12/2011 10.0 MLTM as of: 01/yy 5 5.0 M52-Week High (04.02.2013) 22.50 0 .0 M52-Week Low (13.06.2012) 16.02 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 8790078.00 Current Price (2/dd/yy) 21.55 Market Data 52-Week High % Change -4.22% Dividend Yield 1.53 52-Week Low % Change 34.52% Beta 0.57 % 52 Week Price Range High/Low 93.06% Equity Float 5059.41Shares Out 30.06.2012 8690.6 Short Int - Market Capitalization 187282.63 1 Yr Total Return 27.97%Total Debt 27297.30 YTD Return 1.89%Preferred Stock 0.0 Adjusted BETA 0.573Minority Interest 4748.1 Analyst Recs 22Cash and Equivalents 12049.20 Consensus Rating 2.682Enterprise Value 211608.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 61418253 HK EQUITY YTD Change - Average Volume 30 Day 61111333 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5589053 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 14225.5 12352.2 12351.8 19375.4 22426.8 - - 26046.2 29394.7 - - TEV/Revenue 10.38x 6.59x 11.27x 7.55x 7.23x - - 7.93x 6.99x - - EBITDA 5850.0 4376.3 4713.5 5853.2 7089.3 - - 8532.6 9368.1 - - TEV/EBITDA 25.24x 18.61x 29.54x 25.00x 22.88x - - 24.80x 22.59x - - Net Income 9269.6 4302.5 5275.1 5584.8 6149.6 - - 6860.6 7452.9 - - P/E 15.62x 18.14x 24.78x 23.55x 23.14x - - 26.38x 24.63x - - Profitability S&P Issuer RatingsEBITDA 7089.30 Long-Term Rating Date 23.07.2008EBIT 5778.30 Long-Term Rating A+Operating Margin 25.77% Long-Term Outlook STABLEPretax Margin 35.98% Short-Term Rating Date -Return on Assets 8.35% Short-Term Rating -Return on Common Equity 17.26% Credit RatiosReturn on Capital 11.44% EBITDA/Interest Exp. 7.58Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 2.62Margin Analysis Net Debt/EBITDA 2.61Gross Margin - Total Debt/EBITDA 4.07EBITDA Margin 30.5% ReferenceEBIT Margin 24.7% Total Debt/Equity 65.6%Net Income Margin 27.4% Total Debt/Capital 37.1%Structure Asset Turnover 0.29Current Ratio 1.49 Net Fixed Asset Turnover 0.71Quick Ratio 1.11 Accounts receivable turnover-days 35.78Debt to Assets 32.08% Inventory Days -Tot Debt to Common Equity 65.64% Accounts Payable Turnover Day -Accounts Receivable Turnover 10.23 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 25000.0 30.00 20000.0 25.00 15000.0 20.00 15.00 10000.0 10.00 5000.0 5.00 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 02.01.2013 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 |
  • 47. 21.02.2013Hong Kong & China Gas Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDISRALEI INVESTMENT n/a EXCH 1866620696 21.48 - 21.06.2012 OtherMACROSTAR INVESTMENT n/a EXCH 818958299 9.42 - 21.06.2012 OtherMEDLEY INVESTMENT LT n/a EXCH 779849202 8.97 - 21.06.2012 OtherCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 378398804 4.35 6870000 31.10.2012 BankFIRST STATE INVEST I n/a EXCH 185636643 2.14 - 07.06.2012 Mutual Fund ManagerFIRST STATE INVESTME n/a EXCH 164189657 1.89 - 07.06.2012 Investment AdvisorFU SANG CO LTD n/a EXCH 129613455 1.49 - 21.06.2012 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 118721539 1.37 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 109551877 1.26 195000 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 94554576 1.09 1386302 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 43433012 0.5 (2416630) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26617982 0.31 772000 19.02.2013 Investment AdvisorPO LI KWOK n/a EXCH 24224200 0.28 - 21.06.2012 n/aCOLONIAL FIRST STATE n/a EXCH 24107698 0.28 - 07.06.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 18162677 0.21 - 31.01.2013 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 15805739 0.18 (3395000) 28.09.2012 Investment AdvisorFIRST STATE INVEST S n/a EXCH 14611345 0.17 - 07.06.2012 Mutual Fund ManagerMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 12561739 0.14 1284000 31.12.2012 Mutual Fund ManagerSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 9898791 0.11 (1939000) 31.12.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8004047 0.09 82000 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley VINCENT CHOW Equalwt/In-Line 3 M 20 12 month 20.02.2013Standard Chartered DENNIS IP in-line 3 M 20 12 month 25.01.2013Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 14 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013UOB Kay Hian YAN SHI hold 3 M 23 Not Provided 16.01.2013Deutsche Bank ERIC CHENG hold 3 M 17 12 month 08.01.2013JPMorgan ELAINE WU neutral 3 M 19 3 month 02.01.2013HSBC JENNY COSGROVE overweight 5 M 23 Not Provided 22.11.2012Goldman Sachs FRANKLIN CHOW Sell/Neutral 1 M 18 12 month 07.11.2012BOCOM International Holdings WU FEI neutral 3 N 16 12 month 25.10.2012Nomura DANIEL RAATS reduce 2 M 17 Not Provided 14.10.2012Mirae Asset Securities RICKY NG hold 3 D 21 12 month 11.10.2012Citic Securities Co., Ltd SIMON YEUNG hold 3 M 18 6 month 13.09.2012Credit Suisse EDWIN PANG underperform 1 M 17 Not Provided 03.09.2012Bank of China International PETER YAO hold 3 M 18 Not Provided 22.08.2012DBS Vickers WEE KEAT LEE hold 3 M 20 12 month 22.08.2012Jefferies JOSEPH FONG hold 3 M 18 12 month 21.08.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 18 Not Provided 26.07.2012First Shanghai Securities Ltd ZHANG ZHIBIN hold 3 N 18 12 month 21.03.2012Macquarie IVAN LEE neutral 3 M 18 12 month 19.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 21.02.2013Hong Kong Exchanges and Clearing LtdHong Kong Exchanges & Clearing Limited owns and operates the stock exchange, Price/Volumefutures exchange, and their related clearing houses in Hong Kong. The Company 160 25.0 Mprovides the trading platforms for a range of cash and derivatives products and 140the facilities for processing trades. 20.0 M 120 100 15.0 M 80 Valuation Analysis 10.0 M 60Latest Fiscal Year: 12/2011 40LTM as of: 09/yy 5.0 M 2052-Week High (17.01.2013) 150.70 0 .0 M52-Week Low (26.07.2012) 100.00 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 6321268.00 Current Price (2/dd/yy) 142.5 Market Data 52-Week High % Change -5.44% Dividend Yield 2.76 52-Week Low % Change 42.50% Beta 1.22 % 52 Week Price Range High/Low 88.56% Equity Float 1085.42Shares Out 31.12.2012 1149.8 Short Int - Market Capitalization 163847.66 1 Yr Total Return 0.66%Total Debt 0.00 YTD Return 8.04%Preferred Stock 0.0 Adjusted BETA 1.217Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 45238.00 Consensus Rating 2.760Enterprise Value 117714.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2756709388 HK EQUITY YTD Change - Average Volume 30 Day 4652705388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5387581 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 6658.2 6090.4 5996.7 6639.0 6870.0 7324.0 6045.0 7205.0 8697.2 1831.5 - TEV/Revenue 33.80x 4.13x 19.77x 23.11x 12.88x 66.64x 56.75x 21.04x 17.18x - - EBITDA 5804.8 4898.8 5023.2 5126.0 5602.0 6078.0 4631.0 5083.4 6428.9 - - TEV/EBITDA 38.77x 5.14x 23.60x 29.93x 15.80x 10.02x 17.42x 23.16x 18.31x - - Net Income 6169.3 5128.6 4704.0 5037.0 5093.0 5380.0 4492.0 4270.3 5244.9 969.0 1096.0 P/E 38.27x 15.40x 31.83x 37.67x 26.24x 22.94x 28.11x 36.58x 30.66x 33.93x 32.83x Profitability S&P Issuer RatingsEBITDA 5602.00 Long-Term Rating Date -EBIT 5512.00 Long-Term Rating -Operating Margin 80.23% Long-Term Outlook -Pretax Margin 87.80% Short-Term Rating Date -Return on Assets 9.41% Short-Term Rating -Return on Common Equity 51.91% Credit RatiosReturn on Capital 51.91% EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -8.00Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin 79.0% ReferenceEBIT Margin 77.5% Total Debt/Equity 0.0%Net Income Margin 74.1% Total Debt/Capital 0.0%Structure Asset Turnover 0.13Current Ratio 1.17 Net Fixed Asset Turnover 6.60Quick Ratio 1.16 Accounts receivable turnover-days 333.38Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 1.10 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 45.00 8000.0 40.00 7000.0 35.00 6000.0 30.00 5000.0 25.00 4000.0 20.00 3000.0 15.00 2000.0 10.00 1000.0 5.00 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 02.01.2013 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 |
  • 49. 21.02.2013Hong Kong Exchanges and Clearing LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 68218576 5.93 (2073234) 19.02.2013 Investment AdvisorHONG KONG SAR n/a Co File 62919500 5.47 - 31.12.2011 GovernmentTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 30228994 2.63 1569061 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (27150266) -2.36 - 28.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 24227959 2.11 860329 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 22987978 2 - 28.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22586158 1.96 - 30.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 14723852 1.28 (3093006) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 8545319 0.74 (469110) 30.06.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 6060100 0.53 - 28.09.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 3567000 0.31 - 31.01.2013 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 3553000 0.31 - 31.12.2010 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 3114877 0.27 65800 31.12.2012 Investment AdvisorABERDEEN n/a ULT-AGG 2440000 0.21 416700 31.12.2012 UnclassifiedCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1834229 0.16 - 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1769300 0.15 1704100 20.02.2013 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1725600 0.15 1725600 28.09.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1595956 0.14 30000 28.12.2012 Mutual Fund ManagerPRUDENTIAL FINANCIAL n/a ULT-AGG 1346174 0.12 1321 31.12.2012 Investment AdvisorTRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1247035 0.11 42482 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCore Pacific TIMOTHY LI hold 3 M 141 12 month 18.02.2013CCB International Securities Ltd KENNETH YUE neutral 3 M 159 Not Provided 15.02.2013Credit Suisse ARJAN VAN VEEN neutral 3 U 140 Not Provided 07.02.2013DBS Vickers ALEXANDER LEE buy 5 M 170 12 month 22.01.2013Mizuho Securities JIM ANTOS underperform 1 M 110 12 month 21.01.2013Goldman Sachs GURPREET SINGH SAHI Sell/Neutral 1 M 126 12 month 20.01.2013JPMorgan HARSH WARDHAN MODI neutral 3 D 150 9 month 20.01.2013UOB Kay Hian EDMOND LAW hold 3 M 151 Not Provided 17.01.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 132 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013Macquarie MATTHEW SMITH underperform 1 M 100 12 month 11.01.2013Daiwa Securities Co. Ltd. JONAS KAN outperform 5 M 160 Not Provided 11.01.2013Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 85 12 month 04.12.2012HSBC YORK PUN overweight 5 M 150 Not Provided 03.12.2012Kim Eng Securities IVAN LI hold 3 M 120 12 month 30.11.2012OSK (Asia) Securities TEAM COVERAGE sell 1 M 112 12 month 30.11.2012China International Capital Corp MAO JUNHUA hold 3 M 112 12 month 08.11.2012JF Apex Securities Bhd TEAM COVERAGE neutral 3 M 135 Not Provided 08.11.2012BNP Paribas Equity Research DOMINIC CHAN buy 5 M 150 12 month 07.11.2012Citic Securities Co., Ltd STEVEN CHAN sell 1 M 116 6 month 07.11.2012AM Capital Ltd TEAM COVERAGE buy 5 N 200 Not Provided 31.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 126 Not Provided 10.10.2011Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011Deutsche Bank TRACY YU not rated #N/A N/A M #N/A N/A Not Provided 05.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 21.02.2013Hutchison Whampoa LtdHutchison Whampoa Limited is a diversified company. The Company, through its Price/Volumesubsidiaries, operates businesses including ports and related services, 100 25.0 Mtelecommunications and e-commerce, property and hotels, retail and 90manufacturing, energy, infrastructure, finance and investments. 80 20.0 M 70 60 15.0 M 50 Valuation Analysis 40 10.0 MLatest Fiscal Year: 12/2011 30LTM as of: 01/yy 20 5.0 M 1052-Week High (04.02.2013) 88.00 0 .0 M52-Week Low (05.06.2012) 61.80 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 6330060.00 Current Price (2/dd/yy) 85.3 Market Data 52-Week High % Change -3.07% Dividend Yield 2.44 52-Week Low % Change 38.03% Beta 1.04 % 52 Week Price Range High/Low 95.42% Equity Float 2001.51Shares Out 30.06.2012 4263.4 Short Int - Market Capitalization 363665.53 1 Yr Total Return 13.06%Total Debt 225056.00 YTD Return 5.44%Preferred Stock 0.0 Adjusted BETA 1.045Minority Interest 39171.0 Analyst Recs 16Cash and Equivalents 66539.00 Consensus Rating 4.625Enterprise Value 563243.54 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 549920213 HK EQUITY YTD Change - Average Volume 30 Day 639007713 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5827546 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 218726.0 235478.0 208808.0 209180.0 233700.0 - - 242910.3 260240.8 - - TEV/Revenue 2.91x 1.75x 2.14x 2.66x 2.03x - - 2.26x 2.11x - - EBITDA 53244.0 37450.0 28911.0 35622.0 34601.0 - - 43766.7 48899.5 - - TEV/EBITDA 11.97x 10.99x 15.44x 15.65x 13.73x - - 12.87x 11.52x - - Net Income 30600.0 12681.0 13631.0 20179.0 56019.0 - - 23437.4 27335.9 - - P/E 12.32x 13.08x 16.69x 16.91x 4.95x - - 15.90x 13.69x - - Profitability S&P Issuer RatingsEBITDA 34601.00 Long-Term Rating Date 09.11.2010EBIT 20521.00 Long-Term Rating A-Operating Margin 8.78% Long-Term Outlook STABLEPretax Margin 32.07% Short-Term Rating Date -Return on Assets 2.70% Short-Term Rating -Return on Common Equity 5.43% Credit RatiosReturn on Capital 5.51% EBITDA/Interest Exp. 4.08Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.12Margin Analysis Net Debt/EBITDA 4.32Gross Margin 60.2% Total Debt/EBITDA 6.95EBITDA Margin 15.3% ReferenceEBIT Margin 9.5% Total Debt/Equity 62.6%Net Income Margin 24.0% Total Debt/Capital 36.1%Structure Asset Turnover 0.32Current Ratio 1.33 Net Fixed Asset Turnover 1.12Quick Ratio 0.83 Accounts receivable turnover-days 34.37Debt to Assets 31.23% Inventory Days 71.60Tot Debt to Common Equity 62.58% Accounts Payable Turnover Day 79.27Accounts Receivable Turnover 10.65 Cash Conversion Cycle 17.07Inventory Turnover 5.11Price/ Cash Flow Sales/Revenue/Turnover 25.00 250000.0 20.00 200000.0 15.00 150000.0 10.00 100000.0 5.00 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 51. 21.02.2013Hutchison Whampoa LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCONTINENTAL REALTY L n/a EXCH 465265969 10.91 - 16.07.2012 CorporationWINBO POWER LIMITED n/a EXCH 236260200 5.54 - 16.07.2012 CorporationPOLYCOURT LIMITED n/a EXCH 233065641 5.47 - 16.07.2012 OtherWELL KARIN LIMITED n/a EXCH 226969600 5.32 - 16.07.2012 OtherJP MORGAN n/a ULT-AGG 199499667 4.68 31000 08.01.2013 UnclassifiedHARVESTIME HOLDINGS n/a EXCH 165000000 3.87 - 16.07.2012 Holding CompanyORIENTAL TIME INVEST n/a EXCH 122774850 2.88 - 16.07.2012 Investment AdvisorHARROWGATE INVESTMEN n/a EXCH 114748675 2.69 - 16.07.2012 Investment AdvisorKAM CHIN INVESTMENT n/a EXCH 108231279 2.54 - 16.07.2012 Investment AdvisorTOP WIN INVESTMENT L n/a EXCH 106912458 2.51 - 16.07.2012 Investment AdvisorRICHLAND REALTY LIMI n/a EXCH 75242950 1.76 - 16.07.2012 CorporationMIRABOLE LIMITED n/a EXCH 49593500 1.16 - 16.07.2012 OtherBLACKROCK n/a ULT-AGG 45584560 1.07 (4585424) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 43343261 1.02 4501915 31.12.2012 Investment AdvisorHISLOP RESOURCES LIM n/a EXCH 43193700 1.01 - 16.07.2012 CorporationVISION CITY INTERNAT n/a EXCH 42344000 0.99 - 16.07.2012 OtherWHITE RAIN ENTERPRIS n/a EXCH 41926500 0.98 - 16.07.2012 OtherGOOD ENERGY LIMITED n/a EXCH 39565900 0.93 - 16.07.2012 CorporationMASTER GRADE INVESTM n/a EXCH 39327000 0.92 - 16.07.2012 OtherFUMANDA LIMITED n/a EXCH 37851000 0.89 - 16.07.2012 Other Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse CUSSON LEUNG outperform 5 M 106 Not Provided 20.02.2013Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 U 94 12 month 17.02.2013Jefferies JULIAN BU hold 3 M 75 12 month 04.02.2013Guotai Junan JASON SONG buy 5 M 99 Not Provided 29.01.2013HSBC MARK CARMERON ROSS WEBB overweight 5 M 101 Not Provided 21.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Nomura BENJAMIN LO buy 5 M 96 Not Provided 10.01.2013Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 96 12 month 04.01.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 85 Not Provided 13.12.2012JPMorgan LUCY LIU overweight 5 N 85 Not Provided 29.08.2012Standard Chartered JOHN Y F CHAN outperform 5 M 87 12 month 03.08.2012Deutsche Bank KAREN TANG buy 5 M 82 12 month 17.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 21.02.2013Hyundai Heavy Industries Co LtdHyundai Heavy Industries Co., Ltd. builds ships for commercial, and military Price/Volumepurposes. The Company manufactures oil tankers, cargo and passenger vessels, 400000 1.0 Mand warships. Hyundai Heavy Industries also produces heavy industrial .9 M 350000machineries, wind turbines, solar panels, electrical components for engines and .8 M 300000power trains, and industrial vehicles, such as cranes and bulldozers. .7 M 250000 .6 M 200000 .5 M Valuation Analysis .4 M 150000Latest Fiscal Year: 12/2012 .3 M 100000LTM as of: 12/yy .2 M 50000 .1 M52-Week High (02.03.2012) 346500.00 0 .0 M52-Week Low (23.11.2012) 193500.00 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 271803.00 Current Price (2/dd/yy) 222500 Market Data 52-Week High % Change -35.79% Dividend Yield 1.80 52-Week Low % Change 14.99% Beta 1.34 % 52 Week Price Range High/Low 17.97% Equity Float 40.00Shares Out 31.12.2012 76.0 Short Int - Market Capitalization 16910000.00 1 Yr Total Return -30.40%Total Debt 3962673.00 YTD Return -8.06%Preferred Stock 0.0 Adjusted BETA 1.335Minority Interest 0.0 Analyst Recs 40Cash and Equivalents 627317.75 Consensus Rating 4.450Enterprise Value 21668128.31 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 349995009540 KP EQUITY YTD Change - Average Volume 30 Day 239365009540 KP EQUITY YTD % CHANGE - Average Volume 3 Month 239011 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 19957080.9 21142196.7 22408120.0 25019604.0 25086000.0 ######### ######### ######### ######### - - TEV/Revenue 0.48x 0.50x 1.34x 0.76x - 4.12x 2.57x - - - - EBITDA 2596964.1 2666205.3 4031444.7 3116212.7 - ######### ######### - - - - TEV/EBITDA 3.66x 4.00x 7.43x 6.12x - 6.13x 0.00x - - - - Net Income 2256664.8 2146488.8 2835399.0 1945941.6 - ######### ######### ######### ######### - - P/E 5.34x 4.86x 9.51x 8.09x - 8.09x 0.00x - 7.06x - - Profitability S&P Issuer RatingsEBITDA 3116212.68 Long-Term Rating Date -EBIT 2612841.90 Long-Term Rating -Operating Margin 10.44% Long-Term Outlook -Pretax Margin 10.12% Short-Term Rating Date -Return on Assets 6.65% Short-Term Rating -Return on Common Equity 14.00% Credit RatiosReturn on Capital 11.67% EBITDA/Interest Exp. 22.29Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 17.20Margin Analysis Net Debt/EBITDA 1.07Gross Margin 15.4% Total Debt/EBITDA 1.27EBITDA Margin 12.5% ReferenceEBIT Margin 10.4% Total Debt/Equity 26.9%Net Income Margin 7.8% Total Debt/Capital 21.2%Structure Asset Turnover 0.86Current Ratio 0.83 Net Fixed Asset Turnover 3.13Quick Ratio 0.44 Accounts receivable turnover-days 86.37Debt to Assets 13.24% Inventory Days 45.33Tot Debt to Common Equity 26.92% Accounts Payable Turnover Day 130.22Accounts Receivable Turnover 4.23 Cash Conversion Cycle 1.47Inventory Turnover 8.05Price/ Cash Flow Sales/Revenue/Turnover 50.00 30000000.0 45.00 25000000.0 40.00 35.00 20000000.0 30.00 25.00 15000000.0 20.00 10000000.0 15.00 10.00 5000000.0 5.00 0.00 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 53. 21.02.2013Hyundai Heavy Industries Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI HEAVY INDUST n/a Co File 14711560 19.36 - 31.12.2011 CorporationMONG-JOON CHUNG n/a EXCH 7717769 10.15 - 24.02.2012 n/aHYUNDAI MIPO DOCKYAR n/a EXCH 6063000 7.98 - 24.02.2012 CorporationNATIONAL PENSION SER n/a EXCH 3860321 5.08 618458 09.08.2011 Investment AdvisorMIRAE ASSET GLOBAL I n/a Co File 3247376 4.27 - 31.12.2011 Investment AdvisorKCC CORP n/a EXCH 2369393 3.12 (2739670) 13.01.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 2190652 2.88 (7482) 31.12.2012 Investment AdvisorEMPLOYEE STOCK OWNER n/a Co File 1258281 1.66 - 31.12.2011 n/aBLACKROCK n/a ULT-AGG 1070955 1.41 191 19.02.2013 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 464763 0.61 50648 28.09.2012 Investment AdvisorKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 236770 0.31 76958 28.09.2012 Mutual Fund ManagerJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 233835 0.31 74033 30.09.2011 Mutual Fund ManagerKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 199423 0.26 (186863) 28.09.2012 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 184548 0.24 26395 28.09.2012 Mutual Fund ManagerKYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 168541 0.22 (6937) 28.09.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 155401 0.2 - 31.07.2012 Investment AdvisorFMR LLC n/a ULT-AGG 135668 0.18 (388248) 31.12.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 135447 0.18 12241 28.09.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 126524 0.17 16784 31.10.2012 UnclassifiedNH-CA ASSET MANAGEME Multiple Portfolios MF-AGG 114020 0.15 14006 28.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse HENRY KWON neutral 3 M 216000 Not Provided 18.02.2013Hanwha Securities Co., Ltd DONG-IK JEONG buy 5 M 260000 6 month 18.02.2013CIMB KJ HWANG outperform 5 N 264000 12 month 14.02.2013Mirae Asset Securities CHUNG WOO CHANG buy 5 U 265000 12 month 12.02.2013LIG Investment Securities CHOI GWANG-SHIK buy 5 M 440000 12 month 12.02.2013Deutsche Bank SANJEEV RANA hold 3 D 210000 12 month 08.02.2013Daewoo Securities SUNG KI-JONG buy 5 M 260000 12 month 08.02.2013Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 250000 6 month 08.02.2013NH Investment & Securities LEE YOONSANG buy 5 M 250000 6 month 08.02.2013HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 270000 6 month 08.02.2013Shinhan Investment Corp KIM HYUN buy 5 M 240000 12 month 08.02.2013Tong Yang Investment Bank LEE JAE-WON buy 5 M 250000 12 month 08.02.2013JPMorgan LEE SOKJE neutral 3 M 280000 3 month 08.02.2013KTB Securities LEE KANG-ROK buy 5 M 260000 12 month 08.02.2013KB Investment & Securities Co., Ltd LEE SANG-WON buy 5 M 396000 12 month 08.02.2013E*Trade Securities Korea PARK MOO-HYUN buy 5 M 270000 12 month 08.02.2013Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 281000 12 month 07.02.2013Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 200000 Not Provided 07.02.2013Nomura ANGELA HONG neutral 3 M 260000 Not Provided 07.02.2013BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 290000 12 month 06.02.2013Meritz Securities Co., Ltd KIM SEUNG CHURL buy 5 M 265000 6 month 31.01.2013KIWOOM Securities Co Ltd CHOI WON-KYUNG outperform 5 M 250000 6 month 23.01.2013HSBC PAUL CHOI neutral 3 M 240000 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Hana Daetoo Securities SANG-WOO LEE buy 5 M 317000 12 month 13.01.2013Hyundai Securities LEE SANG-HWA market perform 3 D 220000 Not Provided 09.01.2013IBK Securities Co Ltd SHIM WON-SUP buy 5 M 290000 12 month 03.01.2013HI Investment Securities HUR SUNG DUCK buy 5 M 310000 6 month 22.12.2012Korea Investment & Securities RICHARD PARK neutral 3 M #N/A N/A Not Provided 30.11.2012Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 390000 12 month 27.11.2012SK Securities Co Ltd LEE JI-HOON buy 5 M 290000 6 month 07.11.2012Eugene Investment & Securities Co., LtdMOON-SOO JANG hold 3 N 251000 12 month 29.10.2012Kyobo Securities OH SEAN buy 5 M 300000 6 month 26.10.2012Samsung Securities YOUNGSOO HAN buy 5 M 290000 12 month 24.09.2012Shinyoung Securities Co., Ltd. UM KYUNG-A buy 5 M 300000 12 month 17.09.2012Woori Investment & Securities JAE-HUN YU buy 5 M 330000 12 month 17.09.2012Macquarie LEE JUWON outperform 5 M 290000 12 month 14.08.2012BS Securities Co Ltd KWAK MIN-JUNG buy 5 M 400000 6 month 07.05.2012Ji Asia TONY MOYER sell 1 M 209500 12 month 29.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 21.02.2013Hyundai MobisHyundai Mobis manufactures and markets automotive parts and equipment, such as Price/Volumeautomotive service components, modules, and systems. The Company also contracts 350000 1.2 Menvironmental projects, including sewage treatment plant and industrial waste 300000 1.0 Mwater treatment plant construction. 250000 .8 M 200000 .6 M Valuation Analysis 150000Latest Fiscal Year: 12/2012 .4 M 100000LTM as of: 12/yy 50000 .2 M52-Week High (17.09.2012) 325000.00 0 .0 M52-Week Low (14.01.2013) 250500.00 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 182312.00 Current Price (2/dd/yy) 307500 Market Data 52-Week High % Change -5.38% Dividend Yield 0.57 52-Week Low % Change 22.75% Beta 1.03 % 52 Week Price Range High/Low 73.83% Equity Float 59.97Shares Out 31.12.2012 97.3 Short Int - Market Capitalization 29933238.00 1 Yr Total Return 11.01%Total Debt 1810896.00 YTD Return 6.77%Preferred Stock 127.0 Adjusted BETA 1.026Minority Interest 0.0 Analyst Recs 44Cash and Equivalents 2396260.00 Consensus Rating 4.955Enterprise Value 28136652.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 165896012330 KP EQUITY YTD Change - Average Volume 30 Day 287282012330 KP EQUITY YTD % CHANGE - Average Volume 3 Month 272764 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 9373390.0 10633020.0 13695717.0 15886201.0 16865693.7 ######### ######### ######### - - - TEV/Revenue 0.49x 1.50x 1.92x 1.72x - 8.00x 4.71x 1.08x - - - EBITDA 1325678.0 1652601.0 2160724.0 2316807.0 - ######### ######### ######### - - - TEV/EBITDA 3.45x 9.62x 12.15x 11.79x - 11.79x 0.00x 8.40x - - - Net Income 1089995.0 1615220.0 1628807.0 1742742.0 2251251.8 ######### ######### ######### - - - P/E 4.96x 9.60x 16.66x 15.99x - 15.99x 0.00x 8.66x 9.46x 15.16x - Profitability S&P Issuer RatingsEBITDA 2316807.00 Long-Term Rating Date 20.03.2012EBIT 2312365.94 Long-Term Rating BBB+Operating Margin 13.71% Long-Term Outlook STABLEPretax Margin 14.42% Short-Term Rating Date -Return on Assets 11.30% Short-Term Rating -Return on Common Equity 16.60% Credit RatiosReturn on Capital 14.63% EBITDA/Interest Exp. 59.08Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 51.18Margin Analysis Net Debt/EBITDA -0.25Gross Margin 19.9% Total Debt/EBITDA 0.78EBITDA Margin 14.6% ReferenceEBIT Margin 13.7% Total Debt/Equity 16.1%Net Income Margin 13.3% Total Debt/Capital 13.8%Structure Asset Turnover 1.03Current Ratio 1.62 Net Fixed Asset Turnover 9.00Quick Ratio 1.42 Accounts receivable turnover-days 82.42Debt to Assets 10.96% Inventory Days 21.55Tot Debt to Common Equity 16.06% Accounts Payable Turnover Day 54.16Accounts Receivable Turnover 4.43 Cash Conversion Cycle 49.82Inventory Turnover 16.94Price/ Cash Flow Sales/Revenue/Turnover 25.00 18000000.0 16000000.0 20.00 14000000.0 12000000.0 15.00 10000000.0 8000000.0 10.00 6000000.0 4000000.0 5.00 2000000.0 0.00 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 55. 21.02.2013Hyundai MobisHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKIA MOTORS CORP n/a EXCH 16427074 16.88 - 24.08.2012 CorporationALLIANCE BERNSTEIN n/a ULT-AGG 6903539 7.09 - 31.12.2011 Investment AdvisorNATIONAL PENSION SER n/a EXCH 6827430 7.01 989681 30.11.2012 Investment AdvisorMONG-KOO CHUNG n/a EXCH 6778966 6.96 - 24.08.2012 n/aCAPITAL GROUP COMPAN n/a ULT-AGG 6434194 6.61 11853 31.12.2012 Investment AdvisorHYUNDAI STEEL CO n/a EXCH 5504846 5.66 - 24.08.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 3993909 4.1 (10144) 31.12.2012 Investment AdvisorHYUNDAI MOBIS n/a EXCH 1806615 1.86 - 27.04.2012 CorporationBLACKROCK n/a ULT-AGG 1754137 1.8 1157 19.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1258180 1.29 159775 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 1123492 1.15 678 31.12.2012 UnclassifiedINVESCO LTD Multiple Portfolios MF-AGG 632223 0.65 (88397) 20.02.2013 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 631795 0.65 77045 28.09.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 592952 0.61 68597 28.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 533348 0.55 (679947) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 450007 0.46 44162 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 363022 0.37 (75228) 31.12.2012 UnclassifiedMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 336731 0.35 62450 28.09.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 331697 0.34 (12548) 28.09.2012 Investment AdvisorKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 318883 0.33 10242 28.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateWoori Investment & Securities CHO SOO-HONG buy 5 M 370000 12 month 18.02.2013Credit Suisse HENRY KWON outperform 5 M 405000 Not Provided 18.02.2013Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 400000 12 month 12.02.2013KTB Securities NAM KYEONG MOON buy 5 M 370000 12 month 12.02.2013Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 370000 6 month 12.02.2013Goldman Sachs SEUNG SHIN neutral/neutral 3 D 291000 12 month 07.02.2013Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 N 400000 6 month 07.02.2013Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 365000 12 month 06.02.2013HSBC PAUL CHOI overweight 5 M 350000 Not Provided 03.02.2013Standard Chartered DAVID KIM outperform 5 U 364000 12 month 01.02.2013Daewoo Securities PARK YOUNG HO buy 5 M 355000 12 month 01.02.2013NH Investment & Securities LEE SANG-HYUN buy 5 M 380000 6 month 01.02.2013HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 400000 6 month 01.02.2013Tong Yang Investment Bank AHN SANG JUN buy 5 M 360000 12 month 01.02.2013Macquarie MICHAEL SOHN outperform 5 M 390000 12 month 01.02.2013KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 420000 12 month 01.02.2013Kyobo Securities DONG-HA KIM buy 5 M 390000 6 month 01.02.2013KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 390000 6 month 01.02.2013Mirae Asset Securities YOON-KI KIM buy 5 M 410000 12 month 01.02.2013E*Trade Securities Korea KANG SANG-MIN buy 5 M 360000 12 month 01.02.2013IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 400000 Not Provided 01.02.2013LIG Investment Securities IN-WOO PARK buy 5 M 390000 12 month 01.02.2013Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 391000 12 month 31.01.2013Samsung Securities YOON PIL JOONG buy 5 M 370000 12 month 31.01.2013JPMorgan PARK WAN SUN overweight 5 M 320000 9 month 31.01.2013Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 U 340000 Not Provided 31.01.2013HI Investment Securities KOH TAE-BONG buy 5 M 400000 6 month 31.01.2013Nomura ANGELA HONG buy 5 M 390000 Not Provided 31.01.2013Hana Daetoo Securities SONG SUN-JAE buy 5 M 360000 12 month 31.01.2013Barclays PAUL HWANG overweight 5 M 348000 Not Provided 31.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Hyundai Securities CHAE HEE-GUEN buy 5 M 320000 Not Provided 16.01.2013Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 400000 12 month 14.01.2013Deutsche Bank SANJEEV RANA buy 5 M 345000 12 month 05.01.2013BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 410000 12 month 26.10.2012Korea Investment & Securities SUH SUNGMOON buy 5 M 400000 12 month 11.10.2012SK Securities Co Ltd KIM YONG-SOO buy 5 M 380000 6 month 30.07.2012Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393000 6 month 25.06.2012BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370000 6 month 02.05.2012Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 370000 6 month 16.03.2012DBS Vickers JAY KIM buy 5 M 370000 12 month 30.01.2012Hanyang Securities KIM YEON-WOO buy 5 M 450000 6 month 31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 21.02.2013Hyundai Motor CoHyundai Motor Company manufactures, sells, and exports passenger cars, trucks, Price/Volumeand commercial vehicles. The Company also sells various auto parts and operates 300000 5.0 Mauto repair service centers throughout South Korea. Hyundai Motor provides 4.5 Mfinancial services through its subsidiaries. 250000 4.0 M 200000 3.5 M 3.0 M 150000 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 12/2012 100000 1.5 MLTM as of: 09/yy 50000 1.0 M .5 M52-Week High (02.05.2012) 272500.00 0 .0 M52-Week Low (28.01.2013) 195000.00 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 411442.00 Current Price (2/dd/yy) 216000 Market Data 52-Week High % Change -20.73% Dividend Yield 0.81 52-Week Low % Change 10.77% Beta 1.10 % 52 Week Price Range High/Low 28.39% Equity Float 136.94Shares Out 31.12.2012 220.3 Short Int - Market Capitalization 47579720.00 1 Yr Total Return -3.82%Total Debt 3945391.00 YTD Return -1.14%Preferred Stock 331011.0 Adjusted BETA 1.100Minority Interest 0.0 Analyst Recs 48Cash and Equivalents 10087560.00 Consensus Rating 4.833Enterprise Value 38253674.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 463301005380 KP EQUITY YTD Change - Average Volume 30 Day 693511005380 KP EQUITY YTD % CHANGE - Average Volume 3 Month 663254 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 32189786.0 31859327.0 36761115.0 42774077.0 - ######### ######### ######### ######### ######### ######### TEV/Revenue 0.20x 0.64x 0.86x 0.91x - 3.74x 3.76x 0.61x 0.67x - - EBITDA 3221449.0 3649386.0 4833935.0 6242388.0 - ######### ######### ######### ######### - - TEV/EBITDA 2.05x 5.60x 6.54x 6.21x - 7.04x 6.63x 5.53x 5.18x - - Net Income 1447904.0 2961509.0 3476238.0 4740886.0 - ######### ######### ######### ######### ######### ######### P/E 7.42x 11.11x 13.55x 12.20x - 12.32x 12.78x 5.87x 5.47x - - Profitability S&P Issuer RatingsEBITDA 6242388.00 Long-Term Rating Date 20.03.2012EBIT 4684413.00 Long-Term Rating BBB+Operating Margin 10.95% Long-Term Outlook STABLEPretax Margin 13.72% Short-Term Rating Date -Return on Assets 10.01% Short-Term Rating -Return on Common Equity 15.35% Credit RatiosReturn on Capital 14.50% EBITDA/Interest Exp. 21.78Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 16.80Margin Analysis Net Debt/EBITDA -0.98Gross Margin 25.3% Total Debt/EBITDA 0.63EBITDA Margin 14.6% ReferenceEBIT Margin 11.0% Total Debt/Equity 12.3%Net Income Margin 11.1% Total Debt/Capital 10.8%Structure Asset Turnover 0.90Current Ratio 1.45 Net Fixed Asset Turnover 3.50Quick Ratio 1.22 Accounts receivable turnover-days 34.39Debt to Assets 7.85% Inventory Days 19.83Tot Debt to Common Equity 12.26% Accounts Payable Turnover Day 41.89Accounts Receivable Turnover 10.61 Cash Conversion Cycle 12.34Inventory Turnover 18.40Price/ Cash Flow Sales/Revenue/Turnover 14.00 45000000.0 12.00 40000000.0 35000000.0 10.00 30000000.0 8.00 25000000.0 6.00 20000000.0 15000000.0 4.00 10000000.0 2.00 5000000.0 0.00 0.0 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 04.07.2012 04.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 57. 21.02.2013Hyundai Motor CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI MOBIS n/a EXCH 45782023 20.78 - 20.03.2012 CorporationNATIONAL PENSION SER n/a Co File 14873261 6.75 - 31.12.2011 Investment AdvisorMIRAE ASSET GLOBAL I n/a EXCH 13054486 5.93 (2548444) 29.01.2010 Investment AdvisorMONG-KOO CHUNG n/a EXCH 11408874 5.18 - 20.03.2012 n/aHYUNDAI MOTOR CO n/a Co File 11006710 5 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 8296224 3.77 150272 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 4671849 2.12 76244 19.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 4588802 2.08 (225800) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3847881 1.75 (246285) 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 3643100 1.65 941000 31.12.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 2076357 0.94 137993 28.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1797719 0.82 (35886) 28.09.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1550511 0.7 33508 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1364038 0.62 215747 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1232719 0.56 124875 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 1083402 0.49 (395900) 31.12.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 951365 0.43 244748 28.09.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 847050 0.38 239318 31.12.2012 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 709750 0.32 (20486) 28.09.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 663568 0.3 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHyundai Securities CHAE HEE-GUEN buy 5 M 245000 Not Provided 20.02.2013Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300000 12 month 20.02.2013Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 300000 12 month 20.02.2013KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330000 12 month 19.02.2013Woori Investment & Securities CHO SOO-HONG buy 5 M 270000 12 month 18.02.2013Credit Suisse HENRY KWON outperform 5 M 254500 Not Provided 18.02.2013HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 350500 6 month 15.02.2013E*Trade Securities Korea KANG SANG-MIN buy 5 M 330000 12 month 15.02.2013Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280000 12 month 12.02.2013KTB Securities NAM KYEONG MOON buy 5 M 250000 12 month 12.02.2013Kyobo Securities DONG-HA KIM buy 5 M 300000 12 month 04.02.2013HSBC PAUL CHOI neutral 3 M 230000 Not Provided 03.02.2013Samsung Securities YOON PIL JOONG buy 5 M 265000 12 month 01.02.2013Ji Asia STEPHEN USHER buy 5 U 250000 12 month 01.02.2013IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 270000 12 month 28.01.2013Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 232000 12 month 27.01.2013Standard Chartered DAVID KIM in-line 3 M 227000 12 month 26.01.2013Deutsche Bank SANJEEV RANA buy 5 M 275000 12 month 25.01.2013Daewoo Securities PARK YOUNG HO buy 5 M 271000 12 month 25.01.2013Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 270000 6 month 25.01.2013NH Investment & Securities LEE SANG-HYUN buy 5 M 290000 6 month 25.01.2013Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 310000 12 month 25.01.2013Tong Yang Investment Bank AHN SANG JUN buy 5 M 300000 12 month 25.01.2013Macquarie MICHAEL SOHN outperform 5 M 260000 12 month 25.01.2013Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 265000 6 month 25.01.2013KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 310000 6 month 25.01.2013Mirae Asset Securities YOON-KI KIM buy 5 M 290000 12 month 25.01.2013Barclays PAUL HWANG equalweight 3 M 270000 Not Provided 25.01.2013LIG Investment Securities IN-WOO PARK buy 5 M 290000 12 month 25.01.2013Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 295000 12 month 24.01.2013Korea Investment & Securities SUH SUNGMOON buy 5 N 320000 12 month 24.01.2013JPMorgan PARK WAN SUN overweight 5 M 290000 9 month 24.01.2013BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280000 12 month 24.01.2013HI Investment Securities KOH TAE-BONG buy 5 M 350000 6 month 24.01.2013Nomura ANGELA HONG buy 5 M 290000 Not Provided 24.01.2013Hana Daetoo Securities SONG SUN-JAE buy 5 M 290000 12 month 24.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 290000 Not Provided 14.01.2013Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 257000 6 month 07.01.2013SK Securities Co Ltd KIM YONG-SOO buy 5 M 320000 6 month 02.11.2012Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330000 Not Provided 29.10.2012Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300000 6 month 01.08.2012Hanyang Securities KIM YEON-WOO buy 5 M 320000 6 month 15.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 21.02.2013Industrial & 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 7 4500.0 Minclude deposit, loan, credit card, fund underwriting and trust, and foreign 4000.0 M 6currency settlement and trading. 3500.0 M 5 3000.0 M 4 2500.0 M Valuation Analysis 3 2000.0 MLatest Fiscal Year: 12/2011 1500.0 M 2 1000.0 MLTM as of: 09/yy 1 500.0 M52-Week High (23.01.2013) 6.00 0 .0 M52-Week Low (12.07.2012) 3.97 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 316927498.00 Current Price (2/dd/yy) 5.55 Market Data 52-Week High % Change -7.50% Dividend Yield 4.55 52-Week Low % Change 39.80% Beta 1.32 % 52 Week Price Range High/Low 83.74% Equity Float 71813.63Shares Out 31.12.2012 86794.1 Short Int - Market Capitalization 1846996.25 1 Yr Total Return 4.41%Total Debt 1923778.00 YTD Return 0.91%Preferred Stock 0.0 Adjusted BETA 1.318Minority Interest 1081.0 Analyst Recs 38Cash and Equivalents 3589595.00 Consensus Rating 4.632Enterprise 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 818407.0 531827.5 581124.6 - - 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 230020.0 242593.3 49742.0 - P/E 33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.78x 6.48x - - 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 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 59. 21.02.2013Industrial & 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 10405376524 11.99 - 13.12.2012 GovernmentBLACKROCK n/a ULT-AGG 7257415496 8.36 (33976000) 19.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 5944681181 6.85 3691000 12.11.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 5548480670 6.39 (5376000) 31.12.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 4575047470 5.27 - 30.05.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 3467139127 3.99 (24709000) 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP n/a Research 2977315246 3.43 (1350000000) 28.01.2013 Investment AdvisorNOMURA n/a ULT-AGG (1409631606) -1.62 160000 15.10.2012 UnclassifiedFMR LLC n/a ULT-AGG 1364049165 1.57 (171348148) 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 698369797 0.8 49190408 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 572437010 0.66 (89434000) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 542210582 0.62 (30176185) 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 411549901 0.47 (31878504) 20.02.2013 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 382117592 0.44 - 30.06.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 367197655 0.42 (309000) 31.10.2012 UnclassifiedPICTET & CIE Multiple Portfolios MF-AGG 306761935 0.35 3666000 31.10.2012 Mutual Fund ManagerSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 268458776 0.31 78371000 28.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 261121965 0.3 (2675008) 19.02.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 243574280 0.28 33545000 31.01.2013 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 208952472 0.24 17488000 28.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies TAN MING buy 5 M 6 12 month 20.02.2013Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 20.02.2013JPMorgan KATHERINE LEI overweight 5 M 7 9 month 19.02.2013Credit Suisse SANJAY JAIN outperform 5 M 7 Not Provided 14.02.2013UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 08.02.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 6 12 month 06.02.2013Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 05.02.2013Kim Eng Securities IVAN LI buy 5 M 6 12 month 29.01.2013CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 24.01.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013Mizuho Securities JIM ANTOS buy 5 M 7 12 month 21.01.2013Nomura LUCY FENG buy 5 M 7 Not Provided 21.01.2013CIMB TREVOR KALCIC outperform 5 M 7 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 11.01.2013Deutsche Bank TRACY YU buy 5 M 7 12 month 07.01.2013Barclays MAY YAN overweight 5 M 6 Not Provided 18.12.2012Macquarie VICTOR WANG outperform 5 M 7 12 month 17.12.2012Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 13.12.2012ABC International JOHANNES AU buy 5 M 6 12 month 07.12.2012HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 26.11.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012DBS Vickers ALEXANDER LEE buy 5 M 6 33 month 31.10.2012Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012AMTD 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 11.10.2012Masterlink 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 29.06.2012Guotai 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 |
  • 60. 21.02.2013KB Financial Group IncKB Financial Group Inc. (the "Company"), in accordance with Financial Holding Price/VolumeCompanies Act, was established on September 29, 2008, through stock transfer 50000 25.0 Mwith the former shareholders of its subsidiaries including Kookmin Bank in 45000order to provide management services and financing to associated companies. 40000 20.0 MThe headquarters are located at Seoul, Korea 35000 30000 15.0 M 25000 Valuation Analysis 20000 10.0 MLatest Fiscal Year: 12/2012 15000LTM as of: 12/yy 10000 5.0 M 500052-Week High (22.03.2012) 44500.00 0 .0 M52-Week Low (25.07.2012) 32500.00 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 1600853.00 Current Price (2/dd/yy) 38500 Market Data 52-Week High % Change -13.48% Dividend Yield 1.87 52-Week Low % Change 18.46% Beta 1.21 % 52 Week Price Range High/Low 51.67% Equity Float 351.07Shares Out 31.12.2012 386.4 Short Int - Market Capitalization 14874540.00 1 Yr Total Return -5.41%Total Debt 179988.00 YTD Return 1.58%Preferred Stock 0.0 Adjusted BETA 1.214Minority Interest - Analyst Recs 43Cash and Equivalents - Consensus Rating 4.581Enterprise Value 14775573.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6106942105560 KP EQUITY YTD Change - Average Volume 30 Day 1930182105560 KP EQUITY YTD % CHANGE - Average Volume 3 Month 1578548 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 635268.0 696562.0 131459.0 26999.0 - 26999.0 692650.0 - - - - TEV/Revenue 20.05x 34.26x - - - 2183.95x 22.00x - - - - EBITDA 616576.0 599907.0 95109.0 (19210.0) - (19210.0) 660843.0 - - - - TEV/EBITDA 20.66x 39.78x - - - 0.00x 0.00x - - - - Net Income 611927.0 539818.0 41575.0 (63678.0) 646235.5 (63678.0) 646235.0 - - - - P/E 15.79x 35.99x 495.87x - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -19210.00 Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin -241.58% Short-Term Rating Date -Return on Assets -0.34% Short-Term Rating -Return on Common Equity -0.36% Credit RatiosReturn on Capital -0.35% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -9.37EBITDA Margin -71.2% ReferenceEBIT Margin - Total Debt/Equity 1.0%Net Income Margin -235.9% Total Debt/Capital 1.0%Structure Asset Turnover 0.00Current Ratio - Net Fixed Asset Turnover 28.91Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.97% Inventory Days -Tot Debt to Common Equity 1.02% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 800.00 800000.0 700.00 700000.0 600.00 600000.0 500.00 500000.0 400.00 400000.0 300.00 300000.0 200.00 200000.0 100.00 100000.0 0.00 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 61. 21.02.2013KB Financial Group IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCITIBANK NA n/a Co File 33653277 8.71 - 31.12.2011 BankNATIONAL PENSION SER n/a EXCH 31817770 8.24 3922890 01.08.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 28260026 7.31 (81170) 15.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 9276476 2.4 4040 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8612133 2.23 (293682) 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 8449020 2.19 20600 31.12.2012 UnclassifiedSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3955573 1.02 (340194) 28.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3780711 0.98 - 31.07.2012 Investment AdvisorEMPLOYEE STOCK OWNER n/a Co File 3404834 0.88 - 31.12.2011 n/aFMR LLC n/a ULT-AGG 3086115 0.8 917902 31.12.2012 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2738559 0.71 369849 28.09.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2323200 0.6 315047 30.09.2011 Mutual Fund ManagerKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2253679 0.58 315064 28.09.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 1870000 0.48 - 31.12.2012 Investment AdvisorKYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1209031 0.31 26883 28.09.2012 Mutual Fund ManagerMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1154167 0.3 (892451) 28.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1111300 0.29 3090 19.02.2013 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 1100295 0.28 (108123) 31.12.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1018262 0.26 906 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 872935 0.23 44280 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateWoori Investment & Securities JASON CHOI buy 5 M 48000 12 month 18.02.2013KTB Securities OH JIN-WON buy 5 M 47000 12 month 18.02.2013BNP Paribas Equity Research MICHELLE CHO hold 3 M 39400 12 month 18.02.2013Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 49000 6 month 15.02.2013Credit Suisse GIL HYUNG KIM outperform 5 M 48000 Not Provided 15.02.2013Mirae Asset Securities HEATHER KANG buy 5 M 46000 12 month 15.02.2013HI Investment Securities YOO SANG-HO buy 5 M 49000 6 month 12.02.2013Daewoo Securities TAYE SHIM buy 5 M 53000 12 month 08.02.2013NH Investment & Securities KIM EUN-GAB market perform 3 M #N/A N/A Not Provided 08.02.2013Dongbu Securities Co Ltd LEE BYUNG-GUN hold 3 M 44200 12 month 08.02.2013Korea Investment & Securities LEE JOANNE buy 5 M 57000 12 month 08.02.2013Samsung Securities JAEWOO KIM hold 3 M 46000 12 month 08.02.2013Shinhan Investment Corp KIM SOO-HYUN SEAN buy 5 M 50000 12 month 08.02.2013JPMorgan SCOTT YH SEO overweight 5 M 48000 9 month 08.02.2013Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 50700 6 month 08.02.2013IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 48000 Not Provided 08.02.2013HSBC SINYOUNG PARK overweight 5 M 43000 Not Provided 07.02.2013Nomura MICHAEL NA buy 5 M 47000 Not Provided 07.02.2013Standard Chartered JUSTIN KIM outperform 5 M 48000 12 month 23.01.2013KIWOOM Securities Co Ltd SEO YOUNG-SOO outperform 5 M 44000 6 month 22.01.2013Macquarie CHAN HWANG outperform 5 M 47000 12 month 21.01.2013Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 49000 12 month 16.01.2013LIG Investment Securities SOHN JOON-BEUM buy 5 M 51000 12 month 16.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013Hana Daetoo Securities HAN JEONG-TAE buy 5 M 50000 12 month 14.01.2013Barclays HA SUN MOK overweight 5 M 47000 Not Provided 11.01.2013Eugene Investment & Securities Co., LtdKIM IN hold 3 M 40000 12 month 10.01.2013Deutsche Bank JEE HOON PARK hold 3 M 41000 12 month 08.01.2013Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 M 44500 6 month 24.12.2012E*Trade Securities Korea HA HAKSOO market perform 3 M 39000 12 month 21.12.2012Daiwa Securities Co. Ltd. ANDERSON CHA buy 5 M 50000 Not Provided 06.12.2012Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 45000 12 month 28.11.2012Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 39000 12 month 18.11.2012Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 52000 6 month 29.10.2012Hyundai Securities KOO KYUNG-HWE buy 5 M 55000 6 month 29.10.2012HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 52000 6 month 29.10.2012SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 55000 6 month 29.10.2012Goldman Sachs STAN LEE Buy/Neutral 5 M 50000 12 month 26.10.2012Kyobo Securities HWANG SEOK-KYU buy 5 M 57500 6 month 02.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 21.02.2013Keppel Corp LtdKeppel Corporation Limiteds core businesses are offshore and marine, Price/Volumeinfrastructure, property investment and development, telecommunications and 14 14.0 Mtransportation, energy, and engineering. 12 12.0 M 10 10.0 M 8 8.0 M Valuation Analysis 6 6.0 MLatest Fiscal Year: 12/2012 4 4.0 MLTM as of: 12/yy 2 2.0 M52-Week High (20.02.2013) 11.74 0 .0 M52-Week Low (04.06.2012) 9.57 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 5602000.00 Current Price (2/dd/yy) 11.66 Market Data 52-Week High % Change -0.68% Dividend Yield - 52-Week Low % Change 21.84% Beta 1.27 % 52 Week Price Range High/Low 98.62% Equity Float 1405.65Shares Out 21.02.2013 1798.4 Short Int - Market Capitalization 20969.16 1 Yr Total Return 10.46%Total Debt 7207.90 YTD Return 6.00%Preferred Stock 0.0 Adjusted BETA 1.270Minority Interest 4332.2 Analyst Recs 24Cash and Equivalents 4472.28 Consensus Rating 4.458Enterprise Value 28036.95 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2911600KEP SP EQUITY YTD Change - Average Volume 30 Day 3258600KEP SP EQUITY YTD % CHANGE - Average Volume 3 Month 3388302 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 11798.9 12240.6 9133.4 10041.5 13964.8 9951.9 13964.8 13317.8 13969.3 3127.0 3550.5 TEV/Revenue 0.72x 1.17x 2.40x 2.34x 1.92x 8.68x 7.48x 2.04x 1.91x - - EBITDA 1531.4 1723.4 1716.1 2064.5 2526.2 2016.1 2526.2 2208.3 2320.0 - - TEV/EBITDA 5.58x 8.31x 12.80x 11.40x 10.63x 11.67x 10.63x 12.70x 12.08x - - Net Income 1098.0 1625.1 1511.1 1840.5 2237.3 1805.8 2237.3 1594.7 1659.9 316.0 421.0 P/E 6.28x 8.07x 15.24x 11.10x 8.81x 9.63x 8.81x 13.16x 12.62x 13.40x 12.67x Profitability S&P Issuer RatingsEBITDA 2526.19 Long-Term Rating Date -EBIT 2315.68 Long-Term Rating -Operating Margin 16.58% Long-Term Outlook -Pretax Margin 23.32% Short-Term Rating Date -Return on Assets 8.34% Short-Term Rating -Return on Common Equity 26.90% Credit RatiosReturn on Capital 14.82% EBITDA/Interest Exp. 18.72Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 12.53Margin Analysis Net Debt/EBITDA 1.08Gross Margin - Total Debt/EBITDA 2.85EBITDA Margin 18.1% ReferenceEBIT Margin 16.6% Total Debt/Equity 78.0%Net Income Margin 16.0% Total Debt/Capital 34.7%Structure Asset Turnover 0.52Current Ratio 1.61 Net Fixed Asset Turnover 1.74Quick Ratio 0.71 Accounts receivable turnover-days 42.00Debt to Assets 24.71% Inventory Days -Tot Debt to Common Equity 77.96% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.71 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 90.00 16000.0 80.00 14000.0 70.00 12000.0 60.00 10000.0 50.00 8000.0 40.00 6000.0 30.00 4000.0 20.00 2000.0 10.00 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 |
  • 63. 21.02.2013Keppel Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTEMASEK HOLDINGS PRI n/a ULT-AGG 381439386 21.21 - 02.03.2012 GovernmentABERDEEN n/a ULT-AGG 93439600 5.2 - 18.01.2013 UnclassifiedBLACKROCK n/a ULT-AGG 89917757 5 40000 19.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 25420635 1.41 (150851) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 24290234 1.35 167995 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 18172200 1.01 (20500) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17504035 0.97 - 19.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16386500 0.91 (25500) 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 16264374 0.9 (88235) 20.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 11151400 0.62 (3241200) 31.12.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 9627600 0.54 (3458000) 30.09.2011 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 8415900 0.47 - 28.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 7288874 0.41 (1243100) 31.01.2013 Investment AdvisorSOON HOE TEO n/a EXCH 4853480 0.27 - 29.06.2012 n/aSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 4846000 0.27 (1273000) 30.11.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4439000 0.25 72000 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 4254050 0.24 (130850) 31.10.2012 Investment AdvisorCHIAU BENG CHOO n/a EXCH 4030532 0.22 341000 15.08.2012 n/aIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3767391 0.21 (91000) 28.09.2012 Investment AdvisorNOMURA n/a ULT-AGG 3717200 0.21 (8000) 12.09.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse GERALD WONG outperform 5 M 14 Not Provided 18.02.2013DBS Vickers JANICE CHUA buy 5 M 13 12 month 18.02.2013Religare Capital Markets VINCENT FERNANDO hold 3 M 12 12 month 01.02.2013Nomura LISA LEE buy 5 M 13 Not Provided 31.01.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 29.01.2013Standard Chartered LEONG WAI MUN outperform 5 M 13 12 month 25.01.2013JPMorgan AJAY NARAYAN MIRCHANDANI overweight 5 M 13 9 month 25.01.2013Kim Eng Securities CHEE KEONG YEAK buy 5 M 13 12 month 25.01.2013OCBC Investment Research LOW PEI HAN buy 5 M 13 12 month 25.01.2013OSK (Asia) Securities JASON SAW neutral 3 M 11 12 month 25.01.2013Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 12 Not Provided 25.01.2013UOB Kay Hian NANCY WEI buy 5 M 13 Not Provided 25.01.2013Morgan Stanley XIN JIN LING Overwt/Attractive 5 M 13 12 month 24.01.2013Macquarie SOMESH KUMAR AGARWAL neutral 3 M 12 12 month 24.01.2013CIMB SIEW KHEE LIM outperform 5 M 13 12 month 24.01.2013Barclays CLEMENT CHEN equalweight 3 M 14 Not Provided 21.01.2013Deutsche Bank KEVIN CHONG buy 5 M 14 12 month 18.10.2012Goldman Sachs MIANG CHUEN KOH neutral/neutral 3 M 12 12 month 18.10.2012HSBC NEEL SINHA neutral 3 D 13 Not Provided 18.10.2012Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 18.10.2012IIFL ZUO LI buy 5 M 12 12 month 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 21.02.2013Kia Motors CorpKia Motors Corporation manufactures, sells, and exports passenger cars, Price/Volumemini-buses, trucks, and commercial vehicles. The Company also produces various 90000 6.0 Mauto parts. 80000 5.0 M 70000 60000 4.0 M 50000 3.0 M Valuation Analysis 40000Latest Fiscal Year: 12/2012 30000 2.0 M 20000LTM as of: 12/yy 1.0 M 1000052-Week High (02.05.2012) 84800.00 0 .0 M52-Week Low (28.01.2013) 47850.00 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 1976434.00 Current Price (2/dd/yy) 55100 Market Data 52-Week High % Change -35.02% Dividend Yield 1.09 52-Week Low % Change 15.15% Beta 0.96 % 52 Week Price Range High/Low 18.54% Equity Float 235.00Shares Out 31.12.2012 405.4 Short Int - Market Capitalization 22335520.00 1 Yr Total Return -23.14%Total Debt 3701693.00 YTD Return -2.48%Preferred Stock 0.0 Adjusted BETA 0.960Minority Interest 0.0 Analyst Recs 44Cash and Equivalents 2646377.00 Consensus Rating 4.591Enterprise Value 21772000.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1360761000270 KP EQUITY YTD Change - Average Volume 30 Day 2050983000270 KP EQUITY YTD % CHANGE - Average Volume 3 Month 2029296 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 16382231.0 18415739.0 23222969.0 27742277.0 28007913.0 ######### ######### ######### ######### ######### ######### TEV/Revenue 0.43x 0.57x 0.95x 1.01x - 4.20x 3.13x 0.58x 0.63x - - EBITDA 1023733.0 1827909.0 2402792.0 2597837.0 - ######### ######### ######### ######### - - TEV/EBITDA 6.85x 5.70x 9.21x 10.77x - 10.77x 0.00x 7.25x 7.25x - - Net Income 113784.0 1450260.0 1420636.0 1804842.0 2136797.0 ######### ######### ######### ######### 956300.0 ######### P/E 19.97x 5.08x 13.96x 14.72x - 14.72x 0.00x 5.26x 4.83x - - Profitability S&P Issuer RatingsEBITDA 2597837.00 Long-Term Rating Date 20.03.2012EBIT 1645332.00 Long-Term Rating BBB+Operating Margin 5.87% Long-Term Outlook STABLEPretax Margin 8.51% Short-Term Rating Date -Return on Assets 8.09% Short-Term Rating -Return on Common Equity 14.92% Credit RatiosReturn on Capital 11.82% EBITDA/Interest Exp. 17.61Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.69Margin Analysis Net Debt/EBITDA 0.41Gross Margin 21.0% Total Debt/EBITDA 1.42EBITDA Margin 9.4% ReferenceEBIT Margin 5.9% Total Debt/Equity 28.4%Net Income Margin 7.6% Total Debt/Capital 22.1%Structure Asset Turnover 1.24Current Ratio 0.90 Net Fixed Asset Turnover 4.22Quick Ratio 0.71 Accounts receivable turnover-days 32.71Debt to Assets 15.83% Inventory Days 17.83Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 52.83Accounts Receivable Turnover 11.16 Cash Conversion Cycle -2.30Inventory Turnover 20.47Price/ Cash Flow Sales/Revenue/Turnover 12.00 30000000.0 10.00 25000000.0 8.00 20000000.0 6.00 15000000.0 4.00 10000000.0 2.00 5000000.0 0.00 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 65. 21.02.2013Kia Motors CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI MOTOR CO n/a Co File 137318251 33.88 - 30.06.2012 CorporationNATIONAL PENSION SER n/a EXCH 24374709 6.01 (3779604) 01.11.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16395287 4.04 2847100 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13674113 3.37 (168233) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 7288654 1.8 9110 19.02.2013 Investment AdvisorEUI SUN CHUNG n/a Co File 7061331 1.74 - 30.06.2012 n/aFMR LLC n/a ULT-AGG 5151282 1.27 (321554) 31.12.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3356040 0.83 (91306) 28.09.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2001644 0.49 (1128135) 28.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1773507 0.44 (1372669) 28.09.2012 Mutual Fund ManagerKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1722251 0.42 14696 28.09.2012 Investment AdvisorKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1410985 0.35 (321282) 28.09.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 1391632 0.34 437327 31.01.2013 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1229277 0.3 (759020) 28.09.2012 Mutual Fund ManagerEMPLOYEE STOCK OWNER n/a Co File 1168532 0.29 - 30.06.2012 n/aKYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 823411 0.2 (79025) 28.09.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 686652 0.17 (2378) 30.11.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 633920 0.16 (277838) 28.09.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 575710 0.14 (388326) 28.09.2012 Mutual Fund ManagerPCA INVESTMENT TRUST Multiple Portfolios MF-AGG 533583 0.13 (14953) 28.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateHMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 75000 6 month 21.02.2013Hyundai Securities CHAE HEE-GUEN buy 5 M 61000 Not Provided 20.02.2013Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 74900 12 month 20.02.2013Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 80000 12 month 20.02.2013KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 100000 12 month 19.02.2013Hana Daetoo Securities SONG SUN-JAE buy 5 M 63000 12 month 19.02.2013Woori Investment & Securities CHO SOO-HONG buy 5 M 70000 12 month 18.02.2013Credit Suisse HENRY KWON outperform 5 M 64900 Not Provided 18.02.2013KTB Securities NAM KYEONG MOON buy 5 M 65000 12 month 12.02.2013HSBC PAUL CHOI neutral 3 D 58000 Not Provided 03.02.2013Samsung Securities YOON PIL JOONG buy 5 M 60000 12 month 01.02.2013Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 69000 6 month 29.01.2013Deutsche Bank SANJEEV RANA buy 5 M 66000 12 month 28.01.2013Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 70000 12 month 28.01.2013Daewoo Securities PARK YOUNG HO buy 5 M 66000 12 month 28.01.2013NH Investment & Securities LEE SANG-HYUN buy 5 M 79000 6 month 28.01.2013Dongbu Securities Co Ltd YIM EUN-YOUNG hold 3 M 58000 12 month 28.01.2013Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 70000 12 month 28.01.2013Tong Yang Investment Bank AHN SANG JUN buy 5 M 73000 12 month 28.01.2013Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 70000 6 month 28.01.2013HI Investment Securities KOH TAE-BONG buy 5 M 90000 6 month 28.01.2013Kyobo Securities DONG-HA KIM buy 5 M 71000 6 month 28.01.2013KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 85000 6 month 28.01.2013Mirae Asset Securities YOON-KI KIM buy 5 M 74000 12 month 28.01.2013IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 68000 Not Provided 28.01.2013LIG Investment Securities IN-WOO PARK buy 5 M 80000 12 month 28.01.2013Goldman Sachs SEUNG SHIN neutral/neutral 3 M 51000 12 month 27.01.2013Standard Chartered DAVID KIM in-line 3 M 60000 12 month 26.01.2013Macquarie MICHAEL SOHN outperform 5 M 60000 12 month 26.01.2013Korea Investment & Securities SUH SUNGMOON buy 5 M 79000 12 month 25.01.2013JPMorgan PARK WAN SUN neutral 3 M 63000 9 month 25.01.2013BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 100000 12 month 25.01.2013Nomura ANGELA HONG neutral 3 D 56000 Not Provided 25.01.2013Barclays PAUL HWANG overweight 5 M 67000 Not Provided 25.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 55000 Not Provided 14.01.2013SK Securities Co Ltd KIM YONG-SOO buy 5 M 87000 6 month 09.01.2013Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 70000 6 month 07.01.2013E*Trade Securities Korea KANG SANG-MIN buy 5 M 120000 12 month 31.10.2012Hanyang Securities KIM YEON-WOO buy 5 M 110000 6 month 27.09.2012Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012DBS Vickers JAY KIM buy 5 M 88000 12 month 30.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 66. 21.02.2013LG Chem LtdLG Chem Ltd. is a chemical manufacturer. The Companys products include Price/Volumepetrochemicals, plastic resins, and engineering plastics. LG Chem also produces 450000 3.5 Mindustrial and electronic materials. 400000 3.0 M 350000 2.5 M 300000 250000 2.0 M Valuation Analysis 200000 1.5 MLatest Fiscal Year: 12/2012 150000 1.0 M 100000LTM as of: 12/yy .5 M 5000052-Week High (21.02.2012) 423500.00 0 .0 M52-Week Low (04.06.2012) 261500.00 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 170396.00 Current Price (2/dd/yy) 303500 Market Data 52-Week High % Change -28.34% Dividend Yield - 52-Week Low % Change 16.06% Beta 1.36 % 52 Week Price Range High/Low 27.47% Equity Float 39.16Shares Out 31.12.2012 66.3 Short Int - Market Capitalization 20113278.00 1 Yr Total Return -27.03%Total Debt 1483109.00 YTD Return -8.03%Preferred Stock 38144.0 Adjusted BETA 1.356Minority Interest 0.0 Analyst Recs 41Cash and Equivalents 1117301.00 Consensus Rating 4.854Enterprise Value 20661132.85 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 158255051910 KP EQUITY YTD Change - Average Volume 30 Day 191072051910 KP EQUITY YTD % CHANGE - Average Volume 3 Month 207156 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 12645000.0 13694516.0 16850454.0 19809874.0 20442789.6 ######### ######### - - - - TEV/Revenue 0.49x 1.16x 1.54x 1.08x - 5.39x 3.30x - - - - EBITDA 1728420.0 2390188.0 3019236.0 3095214.0 - ######### ######### - - - - TEV/EBITDA 3.61x 6.67x 8.60x 6.89x - 6.89x 0.00x - - - - Net Income 1002585.0 1384472.0 1970993.0 2028321.0 1440317.0 ######### ######### - - - - P/E 6.26x 12.28x 14.59x 11.51x - 11.51x 0.00x 11.38x 10.84x - - Profitability S&P Issuer RatingsEBITDA 3095214.00 Long-Term Rating Date 24.11.2010EBIT 1726959.36 Long-Term Rating A-Operating Margin 8.45% Long-Term Outlook STABLEPretax Margin 13.07% Short-Term Rating Date -Return on Assets 10.71% Short-Term Rating -Return on Common Equity 16.14% Credit RatiosReturn on Capital 13.63% EBITDA/Interest Exp. 71.00Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 27.93Margin Analysis Net Debt/EBITDA 0.20Gross Margin 18.3% Total Debt/EBITDA 0.80EBITDA Margin 12.2% ReferenceEBIT Margin 8.4% Total Debt/Equity 16.4%Net Income Margin 7.0% Total Debt/Capital 14.0%Structure Asset Turnover 1.45Current Ratio 1.58 Net Fixed Asset Turnover 3.22Quick Ratio 0.99 Accounts receivable turnover-days 52.72Debt to Assets 11.05% Inventory Days 42.94Tot Debt to Common Equity 16.36% Accounts Payable Turnover Day 25.99Accounts Receivable Turnover 6.94 Cash Conversion Cycle 62.68Inventory Turnover 8.52Price/ Cash Flow Sales/Revenue/Turnover 18.00 25000000.0 16.00 14.00 20000000.0 12.00 15000000.0 10.00 8.00 10000000.0 6.00 4.00 5000000.0 2.00 0.00 0.0 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 67. 21.02.2013LG Chem LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLG CORP n/a Co File 22219326 33.53 - 31.12.2011 Holding CompanyNATIONAL PENSION SER n/a Co File 4508785 6.8 - 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2358637 3.56 (30333) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1283966 1.94 (78492) 19.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 835479 1.26 (41862) 31.12.2012 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 534729 0.81 (58846) 28.09.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 510640 0.77 52175 28.09.2012 Mutual Fund ManagerMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 506189 0.76 39873 28.09.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 397589 0.6 295800 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 388851 0.59 18628 31.12.2012 Investment AdvisorLG CHEM LTD n/a EXCH 359784 0.54 - 21.05.2012 CorporationKB ASSET MANAGEMENT Multiple Portfolios MF-AGG 327564 0.49 (15658) 28.09.2012 Mutual Fund ManagerUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 297807 0.45 (48003) 28.09.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 296380 0.45 232478 31.12.2012 UnclassifiedKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 285713 0.43 77490 28.09.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 256690 0.39 (100000) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 166389 0.25 (11464) 31.12.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 155400 0.23 144720 28.09.2012 Mutual Fund ManagerPCA INVESTMENT TRUST Multiple Portfolios MF-AGG 127502 0.19 15592 28.09.2012 Mutual Fund ManagerSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 123488 0.19 (8289) 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC BRIAN SOHN overweight 5 M 365000 Not Provided 19.02.2013KTB Securities YOO YOUNG KOOK buy 5 M 360000 12 month 19.02.2013KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 370000 12 month 19.02.2013Woori Investment & Securities KIM SUN-WOO buy 5 M 370000 12 month 18.02.2013Credit Suisse CHO A-HYUNG outperform 5 M 412000 Not Provided 18.02.2013Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 400000 6 month 13.02.2013Tong Yang Investment Bank HWANG KYU-WON buy 5 M 440000 12 month 06.02.2013Standard Chartered DANIEL DO YEON LEE in-line 3 M 300000 12 month 05.02.2013Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 400000 6 month 30.01.2013NH Investment & Securities CHOI JI-HWAN buy 5 M 380000 6 month 30.01.2013Samsung Securities SEUNGWOO KIM buy 5 M 375000 12 month 30.01.2013Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 380000 12 month 30.01.2013JPMorgan SAMUEL SW LEE neutral 3 M 310000 9 month 30.01.2013Macquarie BRANDON I LEE outperform 5 M 380000 12 month 30.01.2013BNP Paribas Equity Research POR YONG LIANG buy 5 M 345000 12 month 30.01.2013HI Investment Securities LEE HEE-CHEOL buy 5 M 400000 6 month 30.01.2013KIWOOM Securities Co Ltd KYUNG-HYUK MIN buy 5 M 410000 6 month 30.01.2013Mirae Asset Securities YOUNG-BAE KWON buy 5 M 380000 12 month 30.01.2013Taurus Investment Securities Co Ltd JAESUNG YOON buy 5 M 410000 6 month 30.01.2013Deutsche Bank SHAWN PARK buy 5 M 370000 12 month 29.01.2013Morgan Stanley HARRISON H HWANG Overwt/Attractive 5 M 400000 12 month 29.01.2013Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 380000 12 month 29.01.2013Nomura CINDY PARK buy 5 M 450000 Not Provided 29.01.2013Daewoo Securities PARK YEON-JU buy 5 M 380000 12 month 25.01.2013Korea Investment & Securities PARK KIYONG buy 5 M 350000 12 month 24.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 350000 12 month 16.01.2013Hyundai Securities BAEK YOUNG-CHAN buy 5 M 400000 Not Provided 07.01.2013SK Securities Co Ltd SOHN JI-WOO buy 5 M 410000 6 month 07.01.2013LIG Investment Securities PARK YOUNG-HOON buy 5 M 395000 12 month 27.11.2012E*Trade Securities Korea WON YONG-JIN buy 5 M 440000 12 month 13.11.2012Kyobo Securities YOUNG-JOO SON buy 5 M 367000 6 month 12.11.2012Shinhan Investment Corp YI EUNG-JU buy 5 M 385000 12 month 23.10.2012BS Securities Co Ltd SEUK-WON CHOI buy 5 M 390000 6 month 22.10.2012Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 390000 6 month 20.07.2012Meritz Securities Co., Ltd HWANG YOU SIK buy 5 M 400000 6 month 02.07.2012YuHwa Securities Ltd PARK GUN-TAE buy 5 M 350000 6 month 02.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 68. 21.02.2013Li & Fung LtdLi & Fung Limited, through its subsidiaries, operates an export trading Price/Volumebusiness. The Company exports consumer products such as garments, fashion 25 400.0 Maccessories, toys, games, sporting goods, home furnishings, handicrafts, 350.0 Mshoes, travel goods, and tableware. In addition, Li & Fung invests in 20 300.0 Mproperties. 15 250.0 M 200.0 M Valuation Analysis 10 150.0 MLatest Fiscal Year: 12/2011 100.0 MLTM as of: 01/yy 5 50.0 M52-Week High (23.03.2012) 20.15 0 .0 M52-Week Low (08.02.2013) 9.93 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 22711471.00 Current Price (2/dd/yy) 10.4 Market Data 52-Week High % Change -48.39% Dividend Yield 4.70 52-Week Low % Change 4.73% Beta 1.19 % 52 Week Price Range High/Low 6.16% Equity Float 5520.35Shares Out 31.01.2013 8359.9 Short Int - Market Capitalization 86943.23 1 Yr Total Return -40.14%Total Debt 1865.66 YTD Return -23.98%Preferred Stock 0.0 Adjusted BETA 1.188Minority Interest 4.8 Analyst Recs 24Cash and Equivalents 426.24 Consensus Rating 2.583Enterprise Value 12984.54 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 29598610494 HK EQUITY YTD Change - Average Volume 30 Day 53004800494 HK EQUITY YTD % CHANGE - Average Volume 3 Month 35050380 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 09/11 Q3 12/11 Q4 Total Revenue 11851.0 14220.3 13478.2 15976.0 20030.3 - - 20886.1 22825.9 - - TEV/Revenue 1.22x 0.46x 1.16x 1.50x 0.82x - - 0.63x 0.58x - - EBITDA 431.3 444.8 562.1 868.8 1053.0 - - 806.0 1160.0 - - TEV/EBITDA 33.55x 14.56x 27.88x 27.50x 15.62x - - 16.11x 11.19x - - Net Income 392.2 311.1 434.6 550.7 681.2 - - 476.9 678.7 - - P/E 35.20x 19.16x 35.44x 40.30x 21.96x - - 21.63x 16.35x - - Profitability S&P Issuer RatingsEBITDA 1052.98 Long-Term Rating Date 15.01.2013EBIT 826.44 Long-Term Rating A- *-Operating Margin 4.13% Long-Term Outlook -Pretax Margin 3.85% Short-Term Rating Date -Return on Assets 7.09% Short-Term Rating -Return on Common Equity 18.63% Credit RatiosReturn on Capital 14.85% EBITDA/Interest Exp. 8.19Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 7.31Margin Analysis Net Debt/EBITDA 1.67Gross Margin 14.9% Total Debt/EBITDA 1.96EBITDA Margin 5.2% ReferenceEBIT Margin 3.9% Total Debt/Equity 47.4%Net Income Margin 3.4% Total Debt/Capital 32.1%Structure Asset Turnover 1.90Current Ratio 1.08 Net Fixed Asset Turnover 60.01Quick Ratio 0.66 Accounts receivable turnover-days 37.03Debt to Assets 17.08% Inventory Days 21.80Tot Debt to Common Equity 47.43% Accounts Payable Turnover Day 49.78Accounts Receivable Turnover 9.88 Cash Conversion Cycle 8.61Inventory Turnover 16.79Price/ Cash Flow Sales/Revenue/Turnover 1.20 25000.0 1.00 20000.0 0.80 15000.0 0.60 10000.0 0.40 5000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 69. 21.02.2013Li & Fung LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFUNG HOLDINGS (1937) n/a EXCH 2195727908 26.26 - 28.09.2012 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 1250099101 14.95 4422000 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 566265325 6.77 - 19.01.2012 Investment AdvisorMASSACHUSETTS FINANC n/a EXCH 509012484 6.09 - 01.02.2013 Investment AdvisorCOMMONWEALTH BANK OF #N/A N/A EXCH 419446385 5.02 - 14.02.2013 BankJP MORGAN n/a ULT-AGG 395815103 4.73 (732000) 31.01.2013 UnclassifiedKWOK LUN FUNG n/a EXCH 220860060 2.64 4378000 28.09.2012 n/aABERDEEN n/a ULT-AGG 186133490 2.23 4593820 31.01.2013 UnclassifiedFIRST ISLANDS DEVELO n/a EXCH 166856708 2 5000000 27.09.2012 OtherFUNG DISTRIBUTION IN n/a EXCH 153225964 1.83 - 28.09.2012 OtherBLACKROCK n/a ULT-AGG 119345094 1.43 264000 19.02.2013 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 106691668 1.28 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 102858257 1.23 1463370 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 87383200 1.05 9620000 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 85060486 1.02 37809268 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (83331640) -1 - 31.12.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 57572400 0.69 (1028000) 28.09.2012 Investment AdvisorHURRICANE MILLENNIUM n/a EXCH 53823020 0.64 1000000 06.09.2012 OtherALLIANCE BERNSTEIN n/a ULT-AGG 49433520 0.59 (2431131) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 47420155 0.57 (2448564) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSun Hung Kai Securities NICHOLAS STUDHOLME-WILSON buy 5 N 14 12 month 20.02.2013Nomura TANUJ SHORI reduce 2 M 12 Not Provided 15.02.2013Standard Chartered CHARLES YAN outperform 5 M 14 12 month 04.02.2013BNP Paribas Equity Research MICHELLE CHENG reduce 2 M 9 12 month 21.01.2013CIMB GLORIA K TSUEN neutral 3 M 13 12 month 18.01.2013Citic Securities Co., Ltd MOHAN SINGH buy 5 U 13 6 month 16.01.2013Macquarie GARY PINGE underperform 1 M 9 12 month 15.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Deutsche Bank ANNE LING hold 3 D 13 12 month 14.01.2013Morgan Stanley ANGELA MOH Underwt/Attractive 1 M 11 12 month 14.01.2013Credit Suisse GABRIEL CHAN underperform 1 M 8 Not Provided 14.01.2013DBS Vickers PATRICIA YEUNG sell 1 D 10 12 month 14.01.2013Mizuho Securities PETER TANG underperform 1 M 11 12 month 14.01.2013UOB Kay Hian KEN LEE sell 1 M 9 Not Provided 14.01.2013Religare Capital Markets PETER WILLIAMSON buy 5 M 16 12 month 14.01.2013Barclays VINEET SHARMA equalweight 3 M 14 Not Provided 14.01.2013Goldman Sachs JOSHUA LU neutral/attractive 3 M 13 12 month 13.01.2013JPMorgan KURUMLU EBRU SENER neutral 3 M 12 9 month 13.01.2013HSBC CHRIS ZEE overweight 5 M 16 Not Provided 13.01.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 20 Not Provided 19.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 70. 21.02.2013MediaTek IncMediaTek Inc. is a fabless semiconductor company for wireless communications Price/Volumeand digital multimedia solutions. The company provides SOC system solutions for 400 35.0 Mwireless communications, high-definition TV, optical storage, DVD and Blu-ray 350 30.0 Mproducts. 300 25.0 M 250 20.0 M 200 Valuation Analysis 15.0 M 150Latest Fiscal Year: 12/2011 10.0 M 100LTM as of: 12/yy 5.0 M 5052-Week High (13.12.2012) 351.00 0 .0 M52-Week Low (30.04.2012) 235.00 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 4828703.00 Current Price (2/dd/yy) 326 Market Data 52-Week High % Change -7.12% Dividend Yield - 52-Week Low % Change 38.72% Beta 1.02 % 52 Week Price Range High/Low 78.45% Equity Float 1185.86Shares Out 30.11.2012 1349.4 Short Int 73.36 Market Capitalization 439894.69 1 Yr Total Return 10.47%Total Debt 0.00 YTD Return 0.77%Preferred Stock 0.0 Adjusted BETA 1.023Minority Interest 0.0 Analyst Recs 28Cash and Equivalents 30158.31 Consensus Rating 3.929Enterprise Value 408148.81 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 64638812454 TT EQUITY YTD Change - Average Volume 30 Day 84524962454 TT EQUITY YTD % CHANGE - Average Volume 3 Month 8630954