This document provides a fundamental analysis and summary of analyst recommendations for Samsung Electronics Co Ltd, a South Korean electronics manufacturer. It includes key financial data, valuation metrics, profitability ratios and analyst ratings. The majority of analysts rate the stock a "buy" and have 12-month target prices that indicate over 20% upside from current levels.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
South Korean KOSPI 200 Index
March 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. 27.02.2013
Samsung Electronics Co Ltd
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volume
industrial electronic equipment and products such as semiconductors, personal
1800000 1.4 M
computers, peripherals, monitors, televisions, and home appliances including air 1600000 1.2 M
conditioners and microwave ovens. The Company also produces Internet access 1400000
network systems and telecommunications equipment including mobile phones. 1.0 M
1200000
1000000 .8 M
Valuation Analysis 800000 .6 M
Latest Fiscal Year: 12/2012 600000
.4 M
400000
LTM as of: 12/yy .2 M
200000
52-Week High (03.01.2013) 1'584'000.00
0 .0 M
52-Week Low (12.07.2012) 1'091'000.00 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-13
Daily Volume 178'764.00
Current Price (2/dd/yy) 1527000 Market Data
52-Week High % Change -3.60% Dividend Yield -
52-Week Low % Change 39.96% Beta 1.11
% 52 Week Price Range High/Low 88.44% Equity Float 106.62
Shares Out 31.12.2012 147.3 Short Int -
Market Capitalization 224'926'080.00 1 Yr Total Return 31.11%
Total Debt 4'796'865.00 YTD Return 0.33%
Preferred Stock 119'467.0 Adjusted BETA 1.113
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 14'630'145.00 Consensus Rating 4.824
Enterprise Value 215'300'454.60 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 252'632
005930 KS EQUITY YTD Change - Average Volume 30 Day 262'188
005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 273'638
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 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 ######### ######### ######### ######### - -
TEV/Revenue 0.70x 1.05x 1.02x 1.06x - 3.69x 3.37x 0.86x 0.74x - -
EBITDA 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 - ######### ######### ######### ######### - -
TEV/EBITDA 4.32x 6.61x 5.60x 6.75x - 6.75x 0.00x 3.84x 3.63x - -
Net Income 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 ######### ######### ######### ######### - -
P/E 11.97x 18.96x 10.69x 15.82x - 15.90x 0.00x 7.27x 6.86x - -
Profitability S&P Issuer Ratings
EBITDA 18'987'465.00 Long-Term Rating Date 25.01.2006
EBIT 18'510'400.00 Long-Term Rating A
Operating Margin 13.11% Long-Term Outlook POS
Pretax Margin 9.51% Short-Term Rating Date 25.01.2006
Return on Assets 12.82% Short-Term Rating A-1
Return on Common Equity 16.55% Credit Ratios
Return on Capital 16.09% EBITDA/Interest Exp. 75.22
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 23.73
Margin Analysis Net Debt/EBITDA -0.40
Gross Margin 25.2% Total Debt/EBITDA 0.11
EBITDA Margin 18.0% Reference
EBIT Margin 13.1% Total Debt/Equity 5.4%
Net Income Margin 12.3% Total Debt/Capital 5.1%
Structure Asset Turnover 1.14
Current Ratio 1.46 Net Fixed Asset Turnover 3.39
Quick Ratio 1.11 Accounts receivable turnover-days 46.18
Debt to Assets 4.08% Inventory Days 19.82
Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 29.23
Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74
Inventory Turnover 18.47
Price/ Cash Flow Sales/Revenue/Turnover
12.00 160'000'000.0
140'000'000.0
10.00
120'000'000.0
8.00
100'000'000.0
6.00 80'000'000.0
60'000'000.0
4.00
40'000'000.0
2.00 20'000'000.0
0.00
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 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 |

3. 27.02.2013
Samsung Electronics Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 16'513'149 11.21 (399'465) 30.09.2012 Corporation
SAMSUNG LIFE INSURAN n/a Co File 11'071'751 7.52 - 30.09.2012 Insurance Company
NATIONAL PENSION SER n/a EXCH 10'316'789 7 1'473'927 20.11.2012 Investment Advisor
CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank
SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation
KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 4'257'980 2.89 (739'645) 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU n/a EXCH 3'989'329 2.71 - 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'163'988 2.15 79'032 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'019'125 2.05 (83'124) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'794'677 1.9 (83'433) 31.12.2012 Investment Advisor
SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'434'993 0.97 90'082 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 950'933 0.65 106'644 31.12.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 902'957 0.61 (9'546) 28.09.2012 Investment Advisor
JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 744'031 0.51 (27'405) 28.09.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 526'619 0.36 4'418 31.12.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 517'807 0.35 (58'661) 28.09.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 514'731 0.35 40'626 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 26.02.2013
Credit Suisse KEON HAN outperform 5 M 1'900'000 Not Provided 26.02.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'300'000 12 month 26.02.2013
KTB Securities JIN SUNG-HAE buy 5 M 1'900'000 12 month 26.02.2013
Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 26.02.2013
Shinyoung Securities Co., Ltd. LIM DORI neutral 3 D #N/A N/A Not Provided 25.02.2013
Macquarie DANIEL KIM outperform 5 M 2'300'000 12 month 25.02.2013
Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 25.02.2013
Mirae Asset Securities DOH HYUN-WOO buy 5 M 1'900'000 12 month 25.02.2013
LIG Investment Securities CHOI DO-YEON buy 5 M 1'900'000 12 month 25.02.2013
Samsung Securities MINSEONG HWANG buy 5 M 1'900'000 12 month 22.02.2013
Korea Investment & Securities KEVIN SUNG-HYUK LEE buy 5 M 2'000'000 12 month 21.02.2013
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'850'000 6 month 21.02.2013
HSBC RICKY JUIL SEO overweight 5 M 2'000'000 Not Provided 20.02.2013
Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 18.02.2013
BNP Paribas Equity Research PETER YU buy 5 M 2'300'000 12 month 18.02.2013
KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 2'100'000 6 month 18.02.2013
Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 18.02.2013
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'800'000 12 month 18.02.2013
Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 13.02.2013
Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 12.02.2013
Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 12.02.2013
E*Trade Securities Korea JI-WOONG KIM market perform 3 D 1'520'000 12 month 12.02.2013
Ji Asia STEVE MYERS sell 1 M 1'162'000 12 month 08.02.2013
NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 07.02.2013
JPMorgan JJ Park overweight 5 M 1'900'000 9 month 06.02.2013
Dongbu Securities Co Ltd KWON SUNG-RYUL buy 5 M 1'800'000 12 month 05.02.2013
Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 04.02.2013
Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 2'000'000 Not Provided 31.01.2013
Eugene Investment & Securities Co., Ltd JEONG
LEE buy 5 M 1'900'000 12 month 28.01.2013
Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'900'000 12 month 28.01.2013
Kim Eng Securities WARREN LAU buy 5 M 2'300'000 12 month 28.01.2013
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 28.01.2013
Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 28.01.2013
Hana Daetoo Securities CHUN SUNG-HOON buy 5 N 1'750'000 12 month 28.01.2013
Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'850'000 6 month 28.01.2013
Standard Chartered SEAN KIM outperform 5 M 2'100'000 12 month 26.01.2013
Mizuho Securities CHARLES PARK buy 5 M 1'800'000 12 month 25.01.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 2'000'000 12 month 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 08.01.2013
HI Investment Securities SONG MYUNG-SUP buy 5 M 1'800'000 6 month 06.01.2013
SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'900'000 6 month 04.01.2013
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 27.02.2013
Hyundai Motor Co
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, Price/Volume
and commercial vehicles. The Company also sells various auto parts and operates
300000 5.0 M
auto repair service centers throughout South Korea. Hyundai Motor provides 4.5 M
financial services through its subsidiaries. 250000 4.0 M
200000 3.5 M
3.0 M
150000 2.5 M
Valuation Analysis 2.0 M
Latest Fiscal Year: 12/2012 100000 1.5 M
LTM as of: 09/yy 50000 1.0 M
.5 M
52-Week High (02.05.2012) 272'500.00
0 .0 M
52-Week Low (28.01.2013) 195'000.00 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-13
Daily Volume 537'829.00
Current Price (2/dd/yy) 215000 Market Data
52-Week High % Change -21.10% Dividend Yield 0.81
52-Week Low % Change 10.26% Beta 1.10
% 52 Week Price Range High/Low 23.87% Equity Float 136.94
Shares Out 31.12.2012 220.3 Short Int -
Market Capitalization 47'359'444.00 1 Yr Total Return 3.25%
Total Debt 3'945'391.00 YTD Return -1.60%
Preferred Stock 331'011.0 Adjusted BETA 1.096
Minority Interest 0.0 Analyst Recs 48
Cash and Equivalents 10'087'560.00 Consensus Rating 4.833
Enterprise Value 38'033'397.99 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 538'736
005380 KS EQUITY YTD Change - Average Volume 30 Day 691'623
005380 KS EQUITY YTD % CHANGE - Average Volume 3 Month 664'779
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 32'189'786.0 31'859'327.0 36'761'115.0 42'774'077.0 - ######### ######### ######### ######### ######### #########
TEV/Revenue 0.20x 0.64x 0.86x 0.91x - 3.74x 3.76x 0.61x 0.66x - -
EBITDA 3'221'449.0 3'649'386.0 4'833'935.0 6'242'388.0 - ######### ######### ######### ######### - -
TEV/EBITDA 2.05x 5.60x 6.54x 6.21x - 7.04x 6.63x 5.50x 5.15x - -
Net Income 1'447'904.0 2'961'509.0 3'476'238.0 4'740'886.0 - ######### ######### ######### ######### ######### #########
P/E 7.42x 11.11x 13.55x 12.20x - 12.32x 12.78x 5.84x 5.44x - -
Profitability S&P Issuer Ratings
EBITDA 6'242'388.00 Long-Term Rating Date 20.03.2012
EBIT 4'684'413.00 Long-Term Rating BBB+
Operating Margin 10.95% Long-Term Outlook STABLE
Pretax Margin 13.72% Short-Term Rating Date -
Return on Assets 10.01% Short-Term Rating -
Return on Common Equity 15.35% Credit Ratios
Return on Capital 14.50% EBITDA/Interest Exp. 21.78
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 16.80
Margin Analysis Net Debt/EBITDA -0.98
Gross Margin 25.3% Total Debt/EBITDA 0.63
EBITDA Margin 14.6% Reference
EBIT Margin 11.0% Total Debt/Equity 12.3%
Net Income Margin 11.1% Total Debt/Capital 10.8%
Structure Asset Turnover 0.90
Current Ratio 1.45 Net Fixed Asset Turnover 3.50
Quick Ratio 1.22 Accounts receivable turnover-days 34.39
Debt to Assets 7.85% Inventory Days 19.83
Tot Debt to Common Equity 12.26% Accounts Payable Turnover Day 41.89
Accounts Receivable Turnover 10.61 Cash Conversion Cycle 12.34
Inventory Turnover 18.40
Price/ Cash Flow Sales/Revenue/Turnover
14.00 45'000'000.0
12.00
40'000'000.0
35'000'000.0
10.00
30'000'000.0
8.00 25'000'000.0
6.00
20'000'000.0
15'000'000.0
4.00
10'000'000.0
2.00 5'000'000.0
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 |

5. 27.02.2013
Hyundai Motor Co
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI MOBIS n/a EXCH 45'782'023 20.78 - 20.03.2012 Corporation
NATIONAL PENSION SER n/a Co File 14'873'261 6.75 - 31.12.2011 Investment Advisor
MIRAE ASSET GLOBAL I n/a EXCH 13'054'486 5.93 (2'548'444) 29.01.2010 Investment Advisor
MONG-KOO CHUNG n/a EXCH 11'408'874 5.18 - 20.03.2012 n/a
HYUNDAI MOTOR CO n/a Co File 11'006'710 5 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'296'224 3.77 150'272 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'677'232 2.12 72'610 25.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'588'802 2.08 (225'800) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'847'881 1.75 (246'285) 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 3'643'100 1.65 941'000 31.12.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 2'076'357 0.94 137'993 28.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'797'719 0.82 (35'886) 28.09.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'550'511 0.7 33'508 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'364'038 0.62 215'747 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'232'719 0.56 124'875 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'083'402 0.49 (395'900) 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 951'365 0.43 244'748 28.09.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 805'514 0.37 (43'007) 31.01.2013 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 709'750 0.32 (20'486) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 663'568 0.3 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie MICHAEL SOHN outperform 5 M 260'000 12 month 26.02.2013
Samsung Securities YOON PIL JOONG buy 5 M 265'000 12 month 22.02.2013
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 270'000 12 month 22.02.2013
Hyundai Securities CHAE HEE-GUEN buy 5 M 245'000 Not Provided 20.02.2013
Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300'000 12 month 20.02.2013
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 300'000 12 month 20.02.2013
Korea Investment & Securities SUH SUNGMOON buy 5 M 320'000 12 month 19.02.2013
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330'000 12 month 19.02.2013
Woori Investment & Securities CHO SOO-HONG buy 5 M 270'000 12 month 18.02.2013
Credit Suisse HENRY KWON outperform 5 M 254'500 Not Provided 18.02.2013
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 350'500 6 month 15.02.2013
E*Trade Securities Korea KANG SANG-MIN buy 5 M 330'000 12 month 15.02.2013
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280'000 12 month 12.02.2013
KTB Securities NAM KYEONG MOON buy 5 M 250'000 12 month 12.02.2013
Kyobo Securities DONG-HA KIM buy 5 M 300'000 12 month 04.02.2013
HSBC PAUL CHOI neutral 3 M 230'000 Not Provided 03.02.2013
Ji Asia STEPHEN USHER buy 5 U 250'000 12 month 01.02.2013
Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 232'000 12 month 27.01.2013
Standard Chartered DAVID KIM in-line 3 M 227'000 12 month 26.01.2013
Deutsche Bank SANJEEV RANA buy 5 M 275'000 12 month 25.01.2013
Daewoo Securities PARK YOUNG HO buy 5 M 271'000 12 month 25.01.2013
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 270'000 6 month 25.01.2013
NH Investment & Securities LEE SANG-HYUN buy 5 M 290'000 6 month 25.01.2013
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 310'000 12 month 25.01.2013
Tong Yang Investment Bank AHN SANG JUN buy 5 M 300'000 12 month 25.01.2013
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 265'000 6 month 25.01.2013
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 310'000 6 month 25.01.2013
Mirae Asset Securities YOON-KI KIM buy 5 M 290'000 12 month 25.01.2013
Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 25.01.2013
LIG Investment Securities IN-WOO PARK buy 5 M 290'000 12 month 25.01.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 295'000 12 month 24.01.2013
JPMorgan PARK WAN SUN overweight 5 M 290'000 9 month 24.01.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280'000 12 month 24.01.2013
HI Investment Securities KOH TAE-BONG buy 5 M 350'000 6 month 24.01.2013
Nomura ANGELA HONG buy 5 M 290'000 Not Provided 24.01.2013
Hana Daetoo Securities SONG SUN-JAE buy 5 M 290'000 12 month 24.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 290'000 Not Provided 14.01.2013
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 257'000 6 month 07.01.2013
SK Securities Co Ltd KIM YONG-SOO buy 5 M 320'000 6 month 02.11.2012
Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330'000 Not Provided 29.10.2012
Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300'000 6 month 01.08.2012
Hanyang Securities KIM YEON-WOO buy 5 M 320'000 6 month 15.05.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 27.02.2013
POSCO
POSCO manufactures various types of steel products. The Company produces hot Price/Volume
rolled steel, cold rolled steel, stainless steel, and other forms of steel. The
450000 1.8 M
products are mainly used for automobile, construction, and shipbuilding 400000 1.6 M
industries. 350000 1.4 M
300000 1.2 M
250000 1.0 M
Valuation Analysis 200000 .8 M
Latest Fiscal Year: 12/2012 150000 .6 M
100000 .4 M
LTM as of: 12/yy
50000 .2 M
52-Week High (02.03.2012) 426'500.00
0 .0 M
52-Week Low (21.11.2012) 304'500.00 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-13
Daily Volume 173'042.00
Current Price (2/dd/yy) 352500 Market Data
52-Week High % Change -17.35% Dividend Yield 2.84
52-Week Low % Change 15.76% Beta 1.02
% 52 Week Price Range High/Low 41.80% Equity Float 68.68
Shares Out 31.12.2012 87.2 Short Int -
Market Capitalization 30'733'360.00 1 Yr Total Return -13.22%
Total Debt 11'641'328.00 YTD Return 1.00%
Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 0.0 Analyst Recs 47
Cash and Equivalents 2'187'300.00 Consensus Rating 4.660
Enterprise Value 39'140'414.51 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 199'356
005490 KS EQUITY YTD Change - Average Volume 30 Day 149'988
005490 KS EQUITY YTD % CHANGE - Average Volume 3 Month 178'477
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 30'642'410.0 26'953'944.9 32'582'037.0 39'171'703.0 35'664'933.1 ######### ######### ######### ######### ######### #########
TEV/Revenue 1.00x 1.74x 1.34x 0.99x - 4.26x 3.14x 1.17x 1.14x 4.94x 4.72x
EBITDA 8'448'098.8 5'207'546.3 7'503'502.7 6'103'603.2 - ######### ######### ######### ######### ######### #########
TEV/EBITDA 3.61x 9.02x 5.82x 6.36x - 6.36x 0.00x 7.92x 7.22x 7.44x -
Net Income 4'446'933.0 3'172'263.5 3'784'361.1 3'188'844.8 2'499'522.9 ######### ######### ######### ######### 628'754.5 723'690.9
P/E 6.45x 14.93x 9.91x 9.21x - 9.21x 0.00x 10.43x 10.80x 10.21x 10.19x
Profitability S&P Issuer Ratings
EBITDA 6'103'603.23 Long-Term Rating Date 22.10.2012
EBIT 2'789'597.26 Long-Term Rating BBB+
Operating Margin 7.82% Long-Term Outlook STABLE
Pretax Margin 10.38% Short-Term Rating Date -
Return on Assets 6.26% Short-Term Rating -
Return on Common Equity 8.66% Credit Ratios
Return on Capital 7.43% EBITDA/Interest Exp. 13.80
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 6.30
Margin Analysis Net Debt/EBITDA 1.55
Gross Margin 15.6% Total Debt/EBITDA 1.91
EBITDA Margin 15.6% Reference
EBIT Margin 7.8% Total Debt/Equity 31.0%
Net Income Margin 7.0% Total Debt/Capital 23.6%
Structure Asset Turnover 0.77
Current Ratio 2.78 Net Fixed Asset Turnover 1.89
Quick Ratio 1.28 Accounts receivable turnover-days 36.19
Debt to Assets 22.08% Inventory Days 72.52
Tot Debt to Common Equity 30.96% Accounts Payable Turnover Day 14.43
Accounts Receivable Turnover 10.08 Cash Conversion Cycle 94.28
Inventory Turnover 5.03
Price/ Cash Flow Sales/Revenue/Turnover
12.00 45'000'000.0
40'000'000.0
10.00
35'000'000.0
8.00 30'000'000.0
25'000'000.0
6.00
20'000'000.0
4.00 15'000'000.0
10'000'000.0
2.00
5'000'000.0
0.00
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 27.02.2013
POSCO
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANK OF NEW YORK n/a Co File 13'243'566 15.19 - 31.12.2011 Investment Advisor
POSCO n/a Co File 9'942'391 11.4 - 31.12.2011 Corporation
NATIONAL PENSION SER n/a EXCH 5'176'927 5.94 (760'396) 30.06.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 1'953'871 2.24 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'855'746 2.13 (6'451) 25.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'227'200 1.41 10'969 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 894'900 1.03 (252'230) 31.12.2012 Investment Advisor
MITSUBISHI CORP n/a ULT-AGG 880'587 1.01 - 31.03.2012 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 694'069 0.8 - 31.07.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 587'964 0.67 63'650 28.09.2012 Investment Advisor
MITSUI & CO LTD n/a ULT-AGG 482'000 0.55 - 31.03.2012 Corporation
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 281'906 0.32 - 31.05.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 242'428 0.28 (953) 28.09.2012 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 233'848 0.27 (6'111) 28.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 195'584 0.22 - 28.09.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 175'337 0.2 (110'355) 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 170'736 0.2 (96'915) 31.12.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 153'471 0.18 (41'488) 28.09.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 149'373 0.17 27'856 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 128'001 0.15 18'000 30.09.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shinhan Investment Corp JINJOO HONG buy 5 M 420'000 12 month 27.02.2013
Deutsche Bank CHANWOOK PARK buy 5 M 416'000 12 month 26.02.2013
Barclays EPHREM RAVI overweight 5 M 420'000 Not Provided 25.02.2013
HMC Investment Securities Co Ltd PARK HYUN-WOOK buy 5 M 450'000 6 month 22.02.2013
Shinyoung Securities Co., Ltd. KANG-UN CHO buy 5 M 480'000 12 month 22.02.2013
Nomura CINDY PARK buy 5 M 470'000 12 month 22.02.2013
Hana Daetoo Securities KIM JUNG-WOOK buy 5 M 450'000 12 month 22.02.2013
Daewoo Securities JEON SEUNG-HUN buy 5 M 460'000 12 month 21.02.2013
HSBC BRIAN CHO overweight 5 M 420'000 Not Provided 21.02.2013
Woori Investment & Securities WILL BYUN buy 5 M 420'000 12 month 18.02.2013
Hanwha Securities Co., Ltd KIM KANG-OH buy 5 M 450'000 6 month 18.02.2013
Standard Chartered JAMES KP HONG in-line 3 D 380'000 12 month 16.02.2013
Credit Suisse SINN MIN-SEOK outperform 5 M 400'000 Not Provided 15.02.2013
KIWOOM Securities Co Ltd CHANG-HO KIM buy 5 M 436'000 6 month 15.02.2013
Morgan Stanley YOUNG SUK SHIN Equalwt/In-Line 3 M 380'000 12 month 13.02.2013
Hyundai Securities KIM JI-HWAN buy 5 M 430'000 12 month 31.01.2013
IBK Securities Co Ltd PARK BYUNGCHIL buy 5 M 440'000 Not Provided 31.01.2013
Daishin Securities Co., Ltd. MOON JEONG-UP buy 5 M 420'000 6 month 30.01.2013
Korea Investment & Securities MOON SUN CHOI buy 5 M 420'000 12 month 30.01.2013
Samsung Securities CHRIS KIM buy 5 M 420'000 12 month 30.01.2013
Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM buy 5 M 450'000 12 month 30.01.2013
SK Securities Co Ltd LEE WON JAE neutral 3 M 350'000 6 month 30.01.2013
Tong Yang Investment Bank KEE-HYUN PARK buy 5 M 437'000 12 month 30.01.2013
KTB Securities SHIM HYE-SUN buy 5 M 430'000 12 month 30.01.2013
KB Investment & Securities Co., Ltd KIM HYUN-TAE buy 5 M 360'000 12 month 30.01.2013
HI Investment Securities BANG MINJIN buy 5 M 420'000 6 month 30.01.2013
Kyobo Securities UM JIN-SEOK buy 5 M 465'000 6 month 30.01.2013
Mirae Asset Securities KWON HAE-SOON buy 5 M 420'000 12 month 30.01.2013
E*Trade Securities Korea KANG TAE-HYUN buy 5 M 430'000 12 month 30.01.2013
Taurus Investment Securities Co Ltd JI-WOONG YOO buy 5 M 450'000 6 month 30.01.2013
LIG Investment Securities YOON-SANG KIM buy 5 M 440'000 12 month 30.01.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 428'000 9 month 29.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 320'000 Not Provided 29.01.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 420'000 12 month 29.01.2013
DBS Vickers LEE EUN YOUNG buy 5 M 440'000 12 month 25.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Ji Asia SAMUEL THAWLEY buy 5 U 470'000 12 month 07.01.2013
Meritz Securities Co., Ltd LEE JONG-HYOUNG buy 5 N 420'000 6 month 10.12.2012
Goldman Sachs SEUNG SHIN neutral/neutral 3 M 368'000 12 month 24.10.2012
VTB Capital WIKTOR BIELSKI buy 5 M 457'647 12 month 23.10.2012
Sanford C. Bernstein & Co VANESSA LAU outperform 5 N 460'000 Not Provided 18.09.2012
Leading Investment & Securities PARK JOON-MO hold 3 N 420'000 12 month 27.08.2012
BS Securities Co Ltd YOON KWAN-CHUL buy 5 N 480'000 6 month 30.04.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 27.02.2013
Hyundai Mobis
Hyundai Mobis manufactures and markets automotive parts and equipment, such as Price/Volume
automotive service components, modules, and systems. The Company also contracts
350000 1.2 M
environmental projects, including sewage treatment plant and industrial waste
300000 1.0 M
water treatment plant construction.
250000
.8 M
200000
.6 M
Valuation Analysis 150000
Latest Fiscal Year: 12/2012 .4 M
100000
LTM as of: 12/yy 50000 .2 M
52-Week High (17.09.2012) 325'000.00
0 .0 M
52-Week Low (14.01.2013) 250'500.00 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-13
Daily Volume 177'996.00
Current Price (2/dd/yy) 307000 Market Data
52-Week High % Change -5.54% Dividend Yield 0.57
52-Week Low % Change 22.55% Beta 1.02
% 52 Week Price Range High/Low 68.46% Equity Float 59.97
Shares Out 31.12.2012 97.3 Short Int -
Market Capitalization 29'884'566.00 1 Yr Total Return 15.29%
Total Debt 1'810'896.00 YTD Return 6.60%
Preferred Stock 127.0 Adjusted BETA 1.017
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 2'396'260.00 Consensus Rating 4.955
Enterprise Value 28'087'980.94 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 207'348
012330 KS EQUITY YTD Change - Average Volume 30 Day 260'102
012330 KS EQUITY YTD % CHANGE - Average Volume 3 Month 273'394
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 9'373'390.0 10'633'020.0 13'695'717.0 15'886'201.0 16'865'693.7 ######### ######### ######### - - -
TEV/Revenue 0.49x 1.50x 1.92x 1.72x - 8.00x 4.71x 1.08x - - -
EBITDA 1'325'678.0 1'652'601.0 2'160'724.0 2'316'807.0 - ######### ######### ######### - - -
TEV/EBITDA 3.45x 9.62x 12.15x 11.79x - 11.79x 0.00x 8.39x - - -
Net Income 1'089'995.0 1'615'220.0 1'628'807.0 1'742'742.0 2'251'251.8 ######### ######### ######### - - -
P/E 4.96x 9.60x 16.66x 15.99x - 15.99x 0.00x 8.65x 9.44x 15.13x -
Profitability S&P Issuer Ratings
EBITDA 2'316'807.00 Long-Term Rating Date 20.03.2012
EBIT 2'312'365.94 Long-Term Rating BBB+
Operating Margin 13.71% Long-Term Outlook STABLE
Pretax Margin 14.42% Short-Term Rating Date -
Return on Assets 11.30% Short-Term Rating -
Return on Common Equity 16.60% Credit Ratios
Return on Capital 14.63% EBITDA/Interest Exp. 59.08
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 51.18
Margin Analysis Net Debt/EBITDA -0.25
Gross Margin 19.9% Total Debt/EBITDA 0.78
EBITDA Margin 14.6% Reference
EBIT Margin 13.7% Total Debt/Equity 16.1%
Net Income Margin 13.3% Total Debt/Capital 13.8%
Structure Asset Turnover 1.03
Current Ratio 1.62 Net Fixed Asset Turnover 9.00
Quick Ratio 1.42 Accounts receivable turnover-days 82.42
Debt to Assets 10.96% Inventory Days 21.55
Tot Debt to Common Equity 16.06% Accounts Payable Turnover Day 54.16
Accounts Receivable Turnover 4.43 Cash Conversion Cycle 49.82
Inventory Turnover 16.94
Price/ Cash Flow Sales/Revenue/Turnover
25.00 18'000'000.0
16'000'000.0
20.00 14'000'000.0
12'000'000.0
15.00
10'000'000.0
8'000'000.0
10.00
6'000'000.0
4'000'000.0
5.00
2'000'000.0
0.00
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 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 |

9. 27.02.2013
Hyundai Mobis
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KIA MOTORS CORP n/a EXCH 16'427'074 16.88 - 24.08.2012 Corporation
ALLIANCE BERNSTEIN n/a ULT-AGG 6'903'539 7.09 - 31.12.2011 Investment Advisor
NATIONAL PENSION SER n/a EXCH 6'827'430 7.01 989'681 30.11.2012 Investment Advisor
MONG-KOO CHUNG n/a EXCH 6'778'966 6.96 - 24.08.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 6'434'194 6.61 11'853 31.12.2012 Investment Advisor
HYUNDAI STEEL CO n/a EXCH 5'504'846 5.66 - 24.08.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'993'909 4.1 (10'144) 31.12.2012 Investment Advisor
HYUNDAI MOBIS n/a EXCH 1'806'615 1.86 - 27.04.2012 Corporation
BLACKROCK n/a ULT-AGG 1'756'516 1.8 (473) 25.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'258'180 1.29 159'775 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 1'189'948 1.22 66'376 31.01.2013 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 632'223 0.65 (88'397) 26.02.2013 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 631'795 0.65 77'045 28.09.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 592'952 0.61 68'597 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 533'348 0.55 (679'947) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 450'007 0.46 44'162 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 363'022 0.37 (75'228) 31.12.2012 Unclassified
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 336'731 0.35 62'450 28.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 331'697 0.34 (12'548) 28.09.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 318'883 0.33 10'242 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 400'000 6 month 25.02.2013
Credit Suisse HENRY KWON outperform 5 M 405'000 Not Provided 25.02.2013
Woori Investment & Securities CHO SOO-HONG buy 5 M 370'000 12 month 18.02.2013
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 400'000 12 month 12.02.2013
KTB Securities NAM KYEONG MOON buy 5 M 370'000 12 month 12.02.2013
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 370'000 6 month 12.02.2013
Goldman Sachs SEUNG SHIN neutral/neutral 3 D 291'000 12 month 07.02.2013
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 N 400'000 6 month 07.02.2013
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 365'000 12 month 06.02.2013
HSBC PAUL CHOI overweight 5 M 350'000 Not Provided 03.02.2013
Standard Chartered DAVID KIM outperform 5 U 364'000 12 month 01.02.2013
Daewoo Securities PARK YOUNG HO buy 5 M 355'000 12 month 01.02.2013
NH Investment & Securities LEE SANG-HYUN buy 5 M 380'000 6 month 01.02.2013
Tong Yang Investment Bank AHN SANG JUN buy 5 M 360'000 12 month 01.02.2013
Macquarie MICHAEL SOHN outperform 5 M 390'000 12 month 01.02.2013
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 420'000 12 month 01.02.2013
Kyobo Securities DONG-HA KIM buy 5 M 390'000 6 month 01.02.2013
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 390'000 6 month 01.02.2013
Mirae Asset Securities YOON-KI KIM buy 5 M 410'000 12 month 01.02.2013
E*Trade Securities Korea KANG SANG-MIN buy 5 M 360'000 12 month 01.02.2013
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 400'000 Not Provided 01.02.2013
LIG Investment Securities IN-WOO PARK buy 5 M 390'000 12 month 01.02.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 391'000 12 month 31.01.2013
Samsung Securities YOON PIL JOONG buy 5 M 370'000 12 month 31.01.2013
JPMorgan PARK WAN SUN overweight 5 M 320'000 9 month 31.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 U 340'000 Not Provided 31.01.2013
HI Investment Securities KOH TAE-BONG buy 5 M 400'000 6 month 31.01.2013
Nomura ANGELA HONG buy 5 M 390'000 Not Provided 31.01.2013
Hana Daetoo Securities SONG SUN-JAE buy 5 M 360'000 12 month 31.01.2013
Barclays PAUL HWANG overweight 5 M 348'000 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Hyundai Securities CHAE HEE-GUEN buy 5 M 320'000 Not Provided 16.01.2013
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 400'000 12 month 14.01.2013
Deutsche Bank SANJEEV RANA buy 5 M 345'000 12 month 05.01.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 410'000 12 month 26.10.2012
Korea Investment & Securities SUH SUNGMOON buy 5 M 400'000 12 month 11.10.2012
SK Securities Co Ltd KIM YONG-SOO buy 5 M 380'000 6 month 30.07.2012
Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393'000 6 month 25.06.2012
BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370'000 6 month 02.05.2012
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 370'000 6 month 16.03.2012
DBS Vickers JAY KIM buy 5 M 370'000 12 month 30.01.2012
Hanyang Securities KIM YEON-WOO buy 5 M 450'000 6 month 31.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |