Fundamental Analysis &Analyst RecommendationsHang Seng Mainland 100 -100 largest companies which derive the majority of th...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
01.05.2013China Construction Bank Corporation provides a complete range of bankingservices and other financial services to...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA INVESTMENT COR n/a ULT-AGG 14...
01.05.2013China Mobile Limited, through its subsidiaries, provides cellulartelecommunications and related services in the ...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA MOBILE HK BVI n/a Co File 148...
01.05.2013Industrial and Commercial Bank of China Ltd provides a broad range of personaland corporate commercial banking s...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL SECURITY FUND n/a EXCH 10405...
01.05.2013Tencent Holdings Limited provides Internet, mobile, and telecommunicationvalue-added services in China. The Comp...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMIH TC HOLDINGS LTD n/a EXCH 630240...
01.05.2013Bank of China Ltd provides a complete range of banking and other financialservices to individual and corporation...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8164115320 9....
01.05.2013CNOOC Limited, through its subsidiaries, explores, develops, produces, and sellscrude oil and natural gas. The G...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL OFFSH n/a 20F 287727...
01.05.2013PetroChina Company Limited explores, develops, and produces crude oil andnatural gas. The Company also refines, ...
01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 1964964108 9....
01.05.2013China Petroleum and Chemical Corporation (Sinopec) refines, produces and tradespetroleum and petrochemical produ...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majori...
Upcoming SlideShare
Loading in …5
×

Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China

1,811 views
1,740 views

Published on

Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,811
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China

  1. 1. Fundamental Analysis &Analyst RecommendationsHang Seng Mainland 100 -100 largest companies which derive the majority of their sales revenue (or profit or assets if morerelevant) from mainland China, including H shares, Red Chips and shares of otherHong Kong-listedMainland companies.May 2013Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |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.
  2. 2. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56CHINA CONSTRUCTION BANK-H HKD 208593 251808 250011 147 0 1 450 91935 92014 64985 72073 - - - - 0.10 0.10 0.11 0.11 0.82 - 0.80 0.75 3.09 - - - - A 29.11.2011 - -CHINA MOBILE LTD HKD 220019 15563 20100 4 0 0 52 126.95 72210 72210 76257 80120 33087 33087 - - 0.83 0.83 0.81 0.78 1.35 - 1.38 1.43 0.79 1.17 -0.02 0.70 5.90 AA- 16.12.2010 WR 03.11.2005IND & COMM BK OF CHINA-H HKD 233730 263220 349620 264 0 0 561 109571 110691 75124 83200 - - - - 0.09 0.09 0.09 0.10 0.79 - 0.78 0.72 2.67 1.91 - - - A 28.08.2012 - -TENCENT HOLDINGS LTD HKD 63578 4940 1853 1 0 0 4 48.49 5656 5656 7476 9294 2264 2242 679 679 0.88 0.90 1.15 1.41 3.91 - 3.06 2.49 6.96 7.97 4.06 7.46 5.11 BBB+ 14.11.2011 Baa1 14.11.2011BANK OF CHINA LTD-H HKD 130132 356119 279142 289 0 5 407 79771 79771 50747 55617 - - - - 0.06 0.06 0.07 0.07 0.74 - 0.73 0.69 2.63 1.78 - - - A 29.11.2011 - -CNOOC LTD HKD 83299 66687 44646 7 0 0 17 56.40 31907 31907 32354 34662 15166 15166 - - 0.18 0.18 0.18 0.18 1.04 - 1.08 1.04 0.36 2.90 -0.15 2.45 6.12 AA- 16.12.2010 - -PETROCHINA CO LTD-H HKD 249549 55777 183021 58 0 15 6 271.78 251159 261024 299875 313785 41935 - - - 0.08 0.08 0.09 0.10 1.63 - 1.38 1.28 -0.35 2.74 0.08 0.49 - - - - -CHINA PETROLEUM & CHEMICAL-H HKD 97926 78686 86820 37 0 5 1 118.31 352230 352230 364921 377404 21848 21848 - - 0.09 0.09 0.11 0.12 1.18 - 1.01 0.96 1.41 2.34 -0.11 0.76 0.80 A+ 16.12.2010 - -CHINA LIFE INSURANCE CO-H HKD 76935 38036 28265 18 0 0 9 47860 47860 55033 60707 - - - - 0.05 0.05 0.14 0.16 5.56 5.56 2.06 1.77 0.04 2.90 - - - AA- 16.12.2010 - -PING AN INSURANCE GROUP CO-H HKD 55688 17662 7916 79 0 6 22 82.52 44008 44008 47122 53896 - - - - 0.33 0.33 0.47 0.54 2.49 2.49 1.73 1.50 3.25 13.53 - - - - - - -CHINA OVERSEAS LAND & INVEST HKD 24957 13287 8173 8 0 0 5 27.41 8321 8321 10373 12206 2978 2978 - - 0.30 0.30 0.30 0.35 1.33 - 1.32 1.13 3.33 5.24 2.77 3.58 4.61 BBB+ 22.04.2013 - -CHINA SHENHUA ENERGY CO-H HKD 66829 20268 19890 11 0 6 7 63.60 32246 32246 33748 36514 11341 11341 - - 0.32 0.32 0.31 0.32 1.14 1.14 1.16 1.12 2.53 3.26 0.48 2.09 4.53 - - - -WANT WANT CHINA HOLDINGS LTD HKD 20964 8762 13228 0 0 0 0 2.64 433 433 528 629 104 104 - - 0.01 0.01 0.01 0.01 4.87 - 4.00 3.35 1.80 3.42 4.67 3.22 3.10 - - - -AGRICULTURAL BANK OF CHINA-H HKD 142997 104266 324794 167 0 0 504 83737 83858 60528 67710 - - - - - 0.06 0.06 0.07 0.84 - 0.76 0.69 2.40 - - - - A 17.12.2012 - -CHINA MERCHANTS BANK-H HKD 43149 21450 21577 79 0 0 124 22745 22760 16379 18668 - - - - 0.27 0.27 0.26 0.28 0.81 0.82 0.83 0.77 3.04 2.85 - - - BBB+ 06.12.2011 - -HENGAN INTL GROUP CO LTD HKD 12701 3034 1229 1 0 0 1 12.96 2387 2387 2905 3460 685 685 - - 0.37 0.37 0.43 0.52 3.61 - 3.08 2.58 1.11 3.48 6.36 3.79 3.70 - - - -BELLE INTERNATIONAL HOLDINGS HKD 13758 16863 8434 0 0 0 1 10.14 4234 4234 4890 5579 812 772 892 892 0.07 0.07 0.07 0.08 2.51 2.51 2.26 1.97 1.74 2.77 0.57 3.23 2.35 - - - -CHINA PACIFIC INSURANCE GR-H HKD 29107 6463 9062 8 0 0 3 9.10 21537 21537 24536 27658 - - - - 0.08 0.08 0.14 0.17 4.84 4.86 2.62 2.21 0.97 2.81 - - - - - - -CHINA TELECOM CORP LTD-H HKD 41296 44469 80932 13 0 0 4 41.57 36474 36474 40829 44589 9128 9268 - - 0.02 0.02 0.03 0.04 2.19 2.19 1.80 1.48 2.00 1.26 -0.77 -0.61 3.27 - - - -CHINA MINSHENG BANKING-H HKD 43400 30060 28366 136 0 1 189 23118 24527 14985 17361 - - - - 0.17 0.18 0.18 0.20 0.72 - 0.72 0.66 4.17 4.24 - - - NR 11.07.2006 - -BANK OF COMMUNICATIONS CO-H HKD 57312 33392 74263 134 0 0 172 34925 34967 21025 23309 - - - - - 0.11 0.11 0.11 0.71 - 0.76 0.73 3.08 2.60 - - - A- 06.12.2011 WR 02.12.1999CHINA UNICOM HONG KONG LTD HKD 33825 20410 23565 18 0 0 2 43.03 32074 32074 36778 40672 9482 9482 - - 0.04 0.04 0.06 0.08 3.80 - 2.49 1.80 2.45 0.51 1.93 -0.14 3.81 - - - -KUNLUN ENERGY CO LTD HKD 15748 17993 8051 4 0 2 3 19.59 4246 4246 5598 7093 1992 1992 2504 2504 0.11 0.11 0.13 0.15 2.33 - 1.92 1.65 3.50 8.43 3.59 7.37 6.05 - - - -CHINA RESOURCES POWER HOLDIN HKD 15622 6069 4763 10 0 2 1 27.31 8045 8045 9348 10461 2360 2360 - - 0.22 0.20 0.26 0.28 2.06 - 1.64 1.48 0.37 3.41 4.41 3.29 3.78 BBB 19.04.2011 Baa3 14.09.2010CHINA RESOURCES LAND LTD HKD 17645 5390 5827 7 0 1 3 22.59 5716 5716 7730 9460 1812 1802 - - 0.23 0.23 0.20 0.25 1.66 - 1.93 1.53 3.08 8.09 2.32 6.70 4.06 BBB 03.05.2011 Baa1 11.04.2013LENOVO GROUP LTD HKD 9537 34514 10336 0 0 0 1 0.78 3811 4321 4394 4864 108 127 27 27 0.01 0.01 0.01 0.01 2.11 - 1.96 1.63 4.76 2.28 5.48 2.41 0.38 - - - -TINGYI (CAYMAN ISLN) HLDG CO HKD 15461 6506 5593 0 0 0 0 2.20 1187 1187 1402 1603 129 129 - - 0.01 0.01 0.01 0.01 4.38 - 3.91 3.21 2.20 2.52 1.37 2.08 1.40 BBB+ 05.06.2012 - -CHINA CITIC BANK CORP LTD-H HKD 30477 53125 46787 59 0 1 114 19810 19809 12704 14217 - - - - 0.08 0.08 0.09 0.10 0.68 0.68 0.63 0.58 3.93 3.54 - - - - - - -GREAT WALL MOTOR COMPANY-H HKD 16176 5215 3042 1 0 0 1 12.54 5356 5356 6659 7833 971 971 - - - 0.24 0.29 0.34 1.84 - 1.52 1.31 5.56 6.18 7.61 - 2.34 - - - -ANHUI CONCH CEMENT CO LTD-H HKD 16130 6615 5299 3 0 0 1 14.95 5866 5879 7104 7924 1454 1524 - - 0.14 0.15 0.21 0.24 2.42 2.56 1.73 1.51 -0.83 2.68 -5.13 2.13 3.34 - - - -ENN ENERGY HOLDINGS LTD HKD 6265 3143 1083 1 0 1 5.89 2323 2323 2845 3468 476 476 528 528 0.18 0.18 0.23 0.27 3.31 - 2.63 2.20 2.53 2.98 3.48 3.50 2.64 BBB- 18.10.2012 Baa3 18.10.2012CHINA COMMUNICATIONS CONST-H HKD 13670 25231 16175 19 0 1 12 24.37 37170 37551 42959 47152 3200 3235 3607 3607 0.09 0.10 0.11 0.12 1.00 1.02 0.91 0.81 0.06 1.67 2.21 2.11 1.11 - - - -COUNTRY GARDEN HOLDINGS CO HKD 10335 15785 18230 5 0 0 2 11.49 5398 5398 6349 7451 1557 1557 - - 0.05 0.05 0.06 0.06 1.18 - 1.05 0.90 2.65 2.76 2.91 1.60 3.72 BB 03.09.2009 Ba3 23.03.2010CHINA RESOURCES ENTERPRISE HKD 8234 3332 2401 2 0 2 2 10.14 16266 16266 18759 21651 920 802 - - 0.11 0.21 0.11 0.13 2.09 3.71 4.07 3.28 1.88 2.60 0.02 1.27 0.64 - - - -DONGFENG MOTOR GRP CO LTD-H HKD 12834 10776 8616 2 0 0 4 8.65 15982 15982 17848 19439 1876 1876 - - 0.14 0.14 0.15 0.16 1.12 1.12 1.05 0.98 -0.73 2.00 -1.26 2.59 1.51 - - - -CHINA MERCHANTS HLDGS INTL HKD 7882 2896 2491 2 0 1 1 10.77 1420 1420 1171 1222 574 574 694 694 0.17 0.20 0.22 0.25 2.06 - 1.85 1.65 2.11 5.86 0.53 2.44 5.21 BBB 17.02.2005 - -BEIJING ENTERPRISES HLDGS HKD 8561 1768 1138 3 0 1 2 11.43 4583 4583 5335 6371 535 535 815 815 0.32 0.37 0.44 0.53 2.61 3.02 2.19 1.82 2.16 2.52 -0.07 1.57 1.50 A- 28.04.2011 - -CHINA MENGNIU DAIRY CO HKD 5014 4578 1768 0 0 0 1 3.36 4649 4649 5371 6140 318 316 202 202 0.09 0.09 0.12 0.14 3.15 2.72 2.46 2.03 -0.45 1.37 -0.60 1.14 0.88 - - - -HUANENG POWER INTL INC-H HKD 14958 10301 14055 17 0 1 1 28.10 17175 17175 18339 19376 3756 3750 - - 0.05 0.05 0.09 0.09 2.24 2.22 1.38 1.25 0.03 2.71 4.83 1.85 2.81 NR 14.04.2010 - -BRILLIANCE CHINA AUTOMOTIVE HKD 6152 11268 5026 0 0 0 0 5.03 762 762 777 826 3 3 - - 0.06 0.06 0.08 0.09 2.12 - 1.61 1.34 -1.05 27.90 -12.12 -6.69 0.05 - - - -AAC TECHNOLOGIES HOLDINGS IN HKD 5989 3766 1228 0 0 0 0 4.77 810 810 1071 1271 290 290 68 68 0.19 0.18 0.24 0.29 2.70 2.69 2.09 1.75 7.06 3.74 7.28 3.45 4.62 - - - -PICC PROPERTY & CASUALTY -H HKD 15729 17177 12256 3 0 0 2 13.24 20997 20997 26312 29865 - - - - 0.11 0.11 0.12 0.13 1.20 1.20 1.11 1.02 2.45 2.31 - - - - - - -CHINA NATIONAL BUILDING MA-H HKD 6372 57226 5399 20 0 2 1 25.34 11238 11238 14406 16361 3399 3399 - - 0.13 0.13 0.17 0.20 0.91 - 0.72 0.60 1.15 7.04 3.78 8.78 3.90 - - - -SUN ART RETAIL GROUP LTD HKD 13325 3875 9540 0 0 0 1 9.71 10031 10031 11743 13976 671 677 - - 0.03 0.03 0.04 0.04 4.44 4.41 3.85 3.30 1.85 - 4.03 - 0.87 - - - -CHINA OILFIELD SERVICES-H HKD 10483 4406 4495 4 0 0 2 11.08 2848 2848 3247 3507 1148 1148 - - 0.13 0.13 0.15 0.16 1.54 1.51 1.34 1.24 2.57 2.91 1.19 2.32 5.19 A- 20.12.2012 - -CHINA COAL ENERGY CO-H HKD 13268 47417 13259 6 0 2 3 15.41 11248 11248 11720 13123 2267 2267 - - 0.09 0.09 0.08 0.08 0.91 0.91 1.01 0.94 -0.51 2.41 -0.95 1.97 2.60 - - - -SHIMAO PROPERTY HOLDINGS LTD HKD 7481 6556 3473 5 0 1 2 9.82 3692 3692 5133 6101 1055 1019 - - 0.22 0.21 0.22 0.26 1.03 - 0.99 0.84 1.30 3.27 -0.36 2.71 3.70 BB- 09.07.2012 B1 15.12.2008KERRY PROPERTIES LTD HKD 6512 1558 1439 4 0 2 2 10.36 4447 4447 4299 4627 910 910 - - 0.62 0.62 0.41 0.41 0.94 - 1.44 1.43 8.64 2.77 12.31 2.26 2.64 BBB- 16.11.1998 - -JIANGXI COPPER CO LTD-H HKD 9704 11202 3463 3 0 0 3 7.90 20359 20359 19436 19859 897 908 - - 0.16 0.20 0.18 0.18 1.00 - 1.08 1.08 4.50 3.90 -2.56 0.16 0.57 - - - -SINOPHARM GROUP CO-H HKD 7628 3274 2403 3 0 1 1 8.73 17496 17496 21493 26180 728 727 - - 0.10 0.11 0.13 0.16 2.88 3.18 2.39 1.95 4.23 - 4.84 5.65 0.54 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56CHINA RESOURCES GAS GROUP LT HKD 6233 2635 2224 2 0 2 6.60 2524 2524 3189 4107 490 490 - - 0.11 0.11 0.12 0.15 3.42 - 2.95 2.35 4.88 11.69 5.31 5.21 2.50 - - (P)Baa1 21.03.2012TSINGTAO BREWERY CO LTD-H HKD 8658 1297 1351 0 0 0 1 6.11 3038 3122 3771 4318 360 - 156 156 0.14 0.17 0.20 0.23 4.01 - 3.50 3.03 1.49 1.59 -0.05 1.35 - - - - -GUANGDONG INVESTMENT LTD HKD 6036 8924 6234 0 0 1 1 6.32 997 997 1066 1169 641 634 - - 0.07 0.07 0.07 0.07 1.77 - 1.89 1.76 1.03 1.04 0.84 0.81 8.20 - - - -SINO-OCEAN LAND HOLDINGS HKD 3869 10293 5826 4 0 0 1 6.30 3693 3693 4254 4840 766 766 - - 0.09 0.09 0.06 0.07 0.79 - 1.14 0.93 5.67 - 3.27 4.01 2.67 - - - -CHINA LONGYUAN POWER GROUP-H HKD 7415 12014 8036 8 0 1 1 13.65 2228 2228 2500 2877 1253 1482 - - 0.05 0.04 0.05 0.06 2.10 - 1.89 1.52 0.55 - 2.85 4.30 8.57 BBB+ 29.11.2012 - -EVERGRANDE REAL ESTATE GROUP HKD 6546 52460 14991 8 0 0 2 11.12 8409 8409 10793 12420 1630 1947 - - 0.08 0.08 0.07 0.08 0.53 0.44 0.61 0.52 0.70 - -2.61 12.74 2.91 BB 29.11.2009 B2 10.01.2011GEELY AUTOMOBILE HOLDINGS LT HKD 4157 26017 8259 0 0 0 1 3.28 3173 3173 3872 4563 451 451 - - 0.03 0.03 0.04 0.05 1.48 - 1.34 1.13 2.25 159.41 2.40 - 1.83 - - - -LONGFOR PROPERTIES HKD 9070 3783 5429 4 0 0 2 9.41 3594 3594 5783 6430 1249 1249 - - 0.15 0.16 0.15 0.18 1.10 - 1.12 0.97 2.03 - 1.86 8.90 4.48 BB+ 02.03.2011 Ba2 20.03.2013CHINA GAS HOLDINGS LTD HKD 4504 3859 4383 2 0 0 1 5.93 2440 2524 2772 3354 371 391 - - 0.03 0.04 0.04 0.05 3.12 - 3.09 2.66 2.50 8.30 3.07 6.97 2.00 - - - -COSCO PACIFIC LTD HKD 3691 6364 2786 0 0 0 0 0.77 95 95 104 114 51 51 58 58 0.02 0.02 0.02 0.02 1.36 - 1.22 1.06 2.93 2.57 3.06 2.22 6.89 - - - -NEW CHINA LIFE INSURANCE C-H HKD 11966 1649 3120 10 0 0 25 14615 14615 16572 18642 - - - - - 0.12 0.18 0.22 3.14 - 2.09 1.73 0.60 - - - - - - - -CHINA RAILWAY GROUP LTD-H HKD 9952 37351 21300 24 0 1 9 22.73 60405 60220 66185 71168 2530 2528 2729 2729 - 0.04 0.05 0.05 1.21 - 1.10 1.00 0.77 2.97 0.45 2.84 0.54 BBB+ 23.01.2013 - -HAITONG SECURITIES CO LTD-H HKD 16231 15825 9585 3 0 0 7 9.70 1272 1272 1579 1922 654 654 722 722 - 0.04 0.06 0.07 3.47 - 2.63 2.12 -0.57 0.56 0.19 -1.05 6.62 - - - -YANZHOU COAL MINING CO-H HKD 9322 17850 4918 6 0 0 2 12.91 7492 7566 7091 7788 1252 1206 - - 0.18 0.15 0.08 0.10 0.70 - 1.26 1.11 2.35 4.11 -4.83 1.39 2.05 BBB- 27.04.2012 Baa3 27.04.2012CHOW TAI FOOK JEWELLERY GROU HKD 13452 3252 10000 2 0 0 1 14.28 7289 7289 7721 9208 1204 1204 - - 0.09 0.09 0.07 0.09 1.96 1.92 2.36 1.91 7.92 - 7.84 - 2.13 - - - -CITIC SECURITIES CO LTD-H HKD 22492 9972 11017 3 0 0 7 14.31 1788 1788 2100 2591 932 932 1081 1081 0.05 0.05 0.07 0.09 4.74 4.79 3.19 2.50 2.30 -1.24 24.46 -2.52 6.72 BBB+ 18.10.2012 - -CITIC PACIFIC LTD HKD 4416 8145 3649 15 1 1 4 16.91 12018 12018 13142 15119 740 740 1255 1255 - 0.23 0.13 0.18 0.68 - 1.16 0.88 -0.48 1.93 -4.44 0.50 0.79 BB+ 18.07.2011 Ba1 06.04.2011BYD CO LTD-H HKD 9047 3426 2354 2 0 0 0 11.08 5719 5719 6804 7410 585 585 - - 0.01 0.00 0.06 0.08 82.05 60.20 6.59 4.67 -0.54 1.95 -0.81 - 1.32 - - - -GUANGZHOU AUTOMOBILE GROUP-H HKD 5749 6345 6435 1 0 0 2 4.18 1624 1636 2064 2351 -106 -101 - - 0.02 0.02 0.05 0.07 3.52 - 1.60 1.17 2.13 - 1.08 - -0.80 - - - -HAIER ELECTRONICS GROUP CO HKD 4532 2630 2449 0 0 0 1 3.10 7166 7166 8090 9387 311 310 376 376 0.09 0.09 0.11 0.13 2.01 2.14 1.70 1.46 1.48 7.16 2.63 5.23 0.56 - - - -AGILE PROPERTY HOLDINGS LTD HKD 4462 5449 3449 4 0 0 1 6.65 3875 3875 4334 4873 1375 1262 - - 0.16 0.19 0.18 0.20 0.71 - 0.73 0.65 4.00 3.32 - 4.35 5.47 BB 04.09.2006 Ba2 13.04.2011ZIJIN MINING GROUP CO LTD-H HKD 9796 29322 21812 3 0 1 1 10.45 6169 6169 6392 6485 1373 1373 - - 0.03 0.03 0.03 0.03 0.98 1.00 1.04 1.09 2.78 3.71 -0.09 1.93 2.87 - - - -WEICHAI POWER CO LTD-H HKD 7084 3728 1999 2 0 1 2 6.85 6182 6182 6991 7713 646 646 - - 0.17 0.19 0.23 0.27 1.85 2.41 1.52 1.30 -2.55 1.74 -5.29 0.43 1.35 - - - -AIR CHINA LTD-H HKD 10921 8637 12892 13 0 0 2 17.38 12642 12488 14416 15939 2357 2362 - - 0.04 0.05 0.06 0.07 1.69 - 1.37 1.14 0.66 2.22 0.20 3.63 2.44 - - - -KINGBOARD CHEMICAL HOLDINGS HKD 2324 2519 855 2 0 1 0 4.95 4805 4805 5194 5655 630 630 - - 0.31 0.32 0.37 0.42 1.11 - 0.95 0.83 0.26 1.81 -1.20 0.39 1.69 BBB- 15.06.2012 - -GCL-POLY ENERGY HOLDINGS LTD HKD 3131 71435 15476 5 0 0 1 7.77 2880 2880 3186 3893 424 417 - - -0.02 -0.03 0.00 0.01 - - 2.09 -1.60 - -8.20 6.76 1.87 NR 03.02.2012 - -XINYI GLASS HOLDINGS LTD HKD 2594 10914 3786 1 0 0 0 3.05 1261 1261 1521 1802 258 258 - - 0.04 0.04 0.06 0.07 2.16 - 1.53 1.24 2.44 3.65 0.49 2.50 2.64 - - - -SHANGHAI INDUSTRIAL HLDG LTD HKD 3426 595 1080 5 0 2 3 7.49 2485 2485 2579 3049 693 696 818 818 0.23 0.41 0.31 0.36 1.00 2.13 1.33 1.13 3.72 15.44 4.91 2.83 3.61 - - - -SHANDONG WEIGAO GP MEDICAL-H HKD 4297 6083 4476 0 0 0 0 3.28 475 475 586 712 129 - - - 0.03 0.03 0.04 0.04 3.41 - 2.80 2.30 2.06 2.84 - 4.54 - - - - -SOHO CHINA LTD HKD 4301 4662 5080 3 0 0 3 3.97 1972 1972 1885 1227 1126 1126 - - 0.24 0.27 0.08 0.06 0.33 - 1.05 1.54 21.81 - 29.69 2.95 7.36 BB+ 26.10.2012 Ba1 27.11.2012ALUMINUM CORP OF CHINA LTD-H HKD 7674 11030 13524 14 0 1 1 21.87 19261 19299 19601 20816 222 - 137 137 -0.07 -0.08 -0.04 -0.02 - - 0.35 2.64 -10.44 -5.06 - - - - -CHINA TAIPING INSURANCE HOLD HKD 2906 1560 1706 6 0 1 2 7.88 8290 8290 9408 11031 - - - - 0.07 0.07 0.12 0.16 3.10 - 1.82 1.40 2.48 2.56 - - - BBB- 03.06.2009 - -NINE DRAGONS PAPER HOLDINGS HKD 4044 6013 4663 4 0 0 1 6.59 3501 3770 4008 4533 576 652 - - 0.04 0.03 0.04 0.06 2.60 - 1.97 1.41 1.47 2.42 0.58 1.52 2.23 NR 14.06.2011 - -CHINA EVERBRIGHT LTD HKD 2736 2828 1721 0 0 0 0 2.82 249 249 292 328 199 199 - - 0.09 0.09 0.14 0.16 2.40 2.36 1.46 1.25 5.54 15.81 6.35 0.01 10.27 - - - -ZOOMLION HEAVY INDUSTRY - H HKD 9138 13018 7706 3 0 0 3 7.96 6160 6179 6585 7312 1278 1260 - - 0.12 0.12 0.13 0.14 0.84 - 0.82 0.73 0.41 4.03 -0.37 5.81 2.63 BB+ 16.03.2012 - -FRANSHION PROPERTIES HKD 3128 2144 9161 4 0 1 2 5.82 2213 2213 2669 3350 794 794 - - 0.02 0.05 0.04 0.05 0.93 - 1.04 0.82 20.69 10.83 16.46 5.30 4.62 BB+ 29.11.2011 (P)Ba1 01.04.2011SHOUGANG FUSHAN RESOURCES GR HKD 2070 35589 5302 0 0 0 1 1.82 728 728 720 769 423 423 - - 0.04 0.04 0.04 0.04 1.16 - 1.31 1.31 -2.69 437.54 -2.89 - 7.49 - - - -INTIME DEPARTMENT STORE HKD 2386 4324 2003 1 0 0 0 2.36 503 503 610 763 157 166 - - 0.06 0.06 0.07 0.07 1.96 - 1.84 1.63 3.27 4.34 1.96 3.21 4.26 BB 25.04.2013 - -UNI-PRESIDENT CHINA HOLDINGS HKD 3914 9501 3599 1 0 0 0 3.33 2758 2758 3371 4032 211 258 283 283 0.03 0.03 0.04 0.05 3.63 - 2.80 2.47 3.40 2.78 15.34 1.65 1.21 - - - -GOLDEN EAGLE RETAIL GROUP HKD 3340 4584 1935 0 0 0 1 2.40 467 467 540 637 230 229 - - 0.08 0.08 0.09 0.10 2.22 - 1.98 1.73 1.63 3.27 0.83 2.97 6.33 BBB- 25.04.2013 - -CHINA AGRI-INDUSTRIES HLDGS HKD 2577 11425 5250 4 0 0 1 5.81 11767 11767 13951 16001 300 392 601 601 0.01 0.04 0.05 0.06 1.78 - 1.33 1.07 1.40 3.21 66.24 1.55 0.43 - - - -CHINA RESOURCES CEMENT HKD 3755 9426 6519 3 0 0 0 6.23 3266 3266 3677 4159 663 663 - - 0.05 0.05 0.05 0.06 1.62 1.63 1.37 1.17 1.17 - -2.22 5.96 2.62 - - Aa1 05.11.2012CHINA COSCO HOLDINGS-H HKD 5264 6759 10216 12 0 2 6 12.58 11381 11381 11159 11810 -958 - - - -0.12 -0.12 -0.02 0.01 - - 5.01 0.56 0.99 1.91 - - - - - -CHINA SHANSHUI CEMENT GROUP HKD 1593 8874 2816 2 0 0 0 2.96 2082 2082 2335 2592 534 534 593 593 0.10 0.07 0.08 0.09 0.83 0.73 0.69 0.63 -0.54 - -1.69 4.66 3.31 BB 08.05.2011 - -GOME ELECTRICAL APPLIANCES HKD 1696 22659 16873 2 0 0 1 2.12 6168 6168 7047 8106 -96 -96 - - 0.00 0.00 0.00 0.01 - 18.94 3.47 1.77 -2.57 0.49 - 3.17 -0.20 - - - -ZHONGSHENG GROUP HOLDINGS HKD 2651 1214 1908 3 0 0 1 4.22 6449 6449 7846 9309 335 335 - - 0.05 0.05 0.09 0.13 2.83 2.85 1.55 1.10 2.50 - -1.98 5.17 0.67 - - - -HUABAO INTERNATIONAL HOLDING HKD 1423 5942 3160 0 0 0 0 1.24 427 447 491 560 272 271 - - 0.07 0.07 0.07 0.08 0.84 - 0.84 0.76 2.07 2.78 1.48 3.81 7.82 - - - -ANTA SPORTS PRODUCTS LTD HKD 2089 2258 2494 0 0 0 1 1.07 982 982 820 847 194 194 163 163 0.07 0.07 0.05 0.05 1.22 - 1.65 1.62 -1.85 2.44 -2.96 3.09 2.54 - - - -CHINA YURUN FOOD GROUP LTD HKD 1085 5170 1823 1 0 0 0 1.67 3451 3451 4067 5118 10 10 - - -0.04 -0.04 -0.01 0.07 - - 1.16 -2.21 3.16 -12.47 -5.07 0.04 - - - -PARKSON RETAIL GROUP LTD HKD 1521 8231 2810 0 0 0 1 0.89 586 586 692 765 172 171 - - 0.05 0.04 0.04 0.05 1.42 - 1.34 1.22 0.54 1.24 -3.03 1.12 3.76 BB+ 21.04.2011 (P)Ba1 21.04.2013Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%CHINA CONSTRUCTION BANK-H 1.37 1.20 1.06 0.93 2.82 2.55 2.30 2.05 4.49 6.07 6.30 6.37 6.70 6.24 5.81 5.26 5.17 5.42 5.79 6.57 7.34 13.0%CHINA MOBILE LTD 1.88 1.70 1.56 1.44 2.42 2.29 2.18 2.05 1.87 5.99 5.90 5.84 6.04 3.90 3.84 3.77 3.64 10.79 10.74 11.12 10.94 9.21 4.05 4.08 4.01 4.08 86.13 1.4%IND & COMM BK OF CHINA-H 1.36 1.17 1.03 0.90 2.71 2.47 2.23 2.01 4.47 5.56 5.86 5.86 6.53 6.04 5.60 5.10 5.37 5.65 6.09 6.85 6.54 19.7%TENCENT HOLDINGS LTD 9.52 7.08 5.33 4.24 6.41 8.93 6.76 5.43 4.38 4.11 23.51 22.05 16.71 15.97 15.75 20.65 17.16 13.87 12.25 10.51 29.99 23.75 19.29 16.56 22.17 0.35 0.47 0.54 0.69 0.39 282.49 6.1%BANK OF CHINA LTD-H 0.99 0.87 0.79 0.70 2.22 2.04 1.86 1.65 4.01 4.97 5.24 5.15 6.10 5.67 5.34 4.74 5.55 5.93 6.35 7.18 4.09 12.8%CNOOC LTD 1.64 1.42 1.26 1.13 1.05 2.15 2.05 1.91 1.86 1.77 5.30 5.30 4.87 4.95 4.32 3.55 3.45 3.21 2.95 2.88 7.93 8.39 8.10 7.96 8.71 2.77 3.19 3.32 3.43 3.74 16.89 16.6%PETROCHINA CO LTD-H 1.33 1.25 1.17 1.09 0.99 0.75 0.66 0.63 0.63 0.69 5.06 4.51 4.13 4.12 3.96 6.36 5.69 5.27 5.09 4.98 12.04 10.68 9.92 9.74 7.19 3.79 4.18 4.44 4.45 4.72 11.34 14.9%CHINA PETROLEUM & CHEMICAL-H 1.15 1.06 0.96 0.89 0.75 0.23 0.21 0.21 0.19 0.26 3.80 3.45 3.38 3.30 3.04 5.49 4.66 4.37 4.10 3.80 9.65 7.81 7.46 7.31 6.81 3.59 4.49 4.70 4.82 4.60 9.82 15.7%CHINA LIFE INSURANCE CO-H 2.24 1.94 1.74 1.49 1.25 1.11 1.01 0.96 42.85 16.01 13.74 11.06 0.99 1.88 2.27 2.71 25.46 20.1%PING AN INSURANCE GROUP CO-H 2.49 2.11 1.82 1.52 1.03 0.94 0.82 0.72 17.35 13.43 11.64 9.84 0.91 1.13 1.37 1.81 76.49 24.5%CHINA OVERSEAS LAND & INVEST 2.33 1.90 1.62 1.39 2.91 2.41 2.04 1.77 8.22 7.49 5.71 5.00 8.75 7.57 6.47 5.48 12.42 10.23 8.73 7.42 1.59 1.91 2.24 2.69 25.18 6.2%CHINA SHENHUA ENERGY CO-H 1.69 1.52 1.39 1.24 1.19 1.73 1.57 1.45 1.40 1.45 6.47 6.04 5.47 5.34 5.81 5.48 5.08 4.78 5.86 9.21 9.02 8.72 8.28 10.85 4.19 4.34 4.53 4.73 3.62 34.71 26.5%WANT WANT CHINA HOLDINGS LTD 13.10 11.01 9.27 8.17 5.94 5.11 4.30 3.65 31.08 24.38 21.42 19.57 25.67 21.06 17.77 15.14 38.66 31.08 25.98 22.01 1.58 2.02 2.40 2.90 11.41 -7.2%AGRICULTURAL BANK OF CHINA-H 1.26 1.09 0.97 0.84 2.07 1.88 1.68 1.50 3.98 5.46 5.46 5.46 6.45 5.92 5.36 4.78 5.23 5.73 6.04 7.06 4.25 14.7%CHINA MERCHANTS BANK-H 1.44 1.24 1.07 0.92 0.92 2.34 2.09 1.84 1.58 6.66 6.41 5.97 5.37 6.81 3.73 4.06 4.36 5.07 4.41 18.18 9.9%HENGAN INTL GROUP CO LTD 7.14 6.24 5.53 4.90 5.06 4.37 3.67 3.11 27.63 22.88 18.78 16.51 19.97 16.80 14.16 12.14 28.13 23.88 20.00 17.40 2.19 2.55 3.02 3.46 84.08 4.8%BELLE INTERNATIONAL HOLDINGS 3.76 3.27 2.83 2.51 2.55 2.23 1.96 1.73 18.59 17.31 15.10 13.37 12.53 11.37 9.86 8.74 19.23 17.52 15.26 13.36 1.65 1.75 2.01 2.75 14.81 17.0%CHINA PACIFIC INSURANCE GR-H 2.15 1.94 1.78 1.56 1.09 0.94 0.84 0.75 34.36 20.32 17.11 14.49 1.16 1.71 1.97 2.64 33.63 20.5%CHINA TELECOM CORP LTD-H 0.96 0.92 0.88 0.83 0.77 0.90 0.80 0.74 0.68 0.63 3.60 3.27 2.59 2.50 2.14 4.45 3.41 3.13 2.90 2.68 17.38 13.98 11.52 9.59 8.74 2.23 2.57 2.99 3.53 3.81 4.73 19.4%CHINA MINSHENG BANKING-H 1.36 1.15 0.96 0.81 2.62 2.30 1.99 1.70 5.21 6.04 5.56 5.09 4.41 3.90 4.05 4.43 5.57 10.66 6.9%BANK OF COMMUNICATIONS CO-H 0.96 0.85 0.77 0.68 2.41 2.17 1.95 1.72 3.80 5.45 5.77 5.70 5.93 5.92 5.63 5.04 3.55 4.18 4.47 5.08 6.46 4.6%CHINA UNICOM HONG KONG LTD 0.98 0.95 0.90 0.85 0.82 0.83 0.73 0.66 0.61 0.50 3.27 2.51 2.34 2.25 2.01 4.55 3.95 3.56 3.19 2.99 30.10 19.32 14.00 10.97 10.06 1.49 1.94 2.59 3.46 2.82 13.70 23.0%KUNLUN ENERGY CO LTD 2.68 2.39 2.07 1.84 1.59 3.52 2.81 2.22 1.91 1.45 9.14 7.76 6.78 5.82 9.60 7.83 6.58 5.78 6.09 16.96 14.88 12.79 11.24 9.35 1.59 1.90 2.22 2.52 3.36 17.78 17.2%CHINA RESOURCES POWER HOLDIN 2.24 1.95 1.73 1.53 1.41 1.88 1.67 1.49 1.34 1.28 7.83 6.76 5.79 5.03 11.45 8.91 7.97 7.01 5.79 17.02 12.75 11.51 10.23 9.10 1.84 2.46 2.78 3.18 4.02 26.23 3.3%CHINA RESOURCES LAND LTD 1.99 1.75 1.54 1.36 2.95 2.28 1.87 1.59 16.10 10.02 9.69 8.41 12.69 10.48 8.38 7.24 18.25 14.96 11.87 10.37 1.34 1.72 2.11 2.41 23.58 0.3%LENOVO GROUP LTD 4.15 3.49 2.93 2.62 0.34 0.28 0.25 0.23 0.20 8.23 8.70 9.14 6.97 8.17 6.21 5.25 4.61 3.42 19.44 15.23 12.69 11.01 7.61 1.42 2.19 2.74 3.17 8.56 20.7%TINGYI (CAYMAN ISLN) HLDG CO 6.17 5.69 5.03 4.48 1.62 1.42 1.24 1.11 10.47 10.31 8.48 10.09 14.07 13.05 11.05 9.50 34.12 30.37 24.90 21.59 1.66 1.56 1.95 2.24 20.68 -3.6%CHINA CITIC BANK CORP LTD-H 0.81 0.71 0.64 0.56 2.12 1.91 1.70 1.51 2.92 4.96 5.42 5.11 4.84 4.88 4.51 3.92 5.07 4.84 5.27 6.31 5.01 14.7%GREAT WALL MOTOR COMPANY-H 3.77 3.11 2.53 2.09 2.32 1.93 1.64 1.40 1.30 15.43 10.23 9.22 7.20 12.96 10.49 8.77 7.51 7.29 14.36 11.77 10.16 8.48 8.23 1.50 2.17 2.60 3.36 34.33 2.0%ANHUI CONCH CEMENT CO LTD-H 2.39 2.08 1.82 1.61 1.39 2.14 1.80 1.62 1.50 1.42 10.54 9.68 8.95 7.98 9.56 7.35 6.50 6.19 7.16 18.33 13.45 11.75 10.95 11.60 0.99 1.38 1.59 1.75 1.10 30.10 7.1%ENN ENERGY HOLDINGS LTD 4.46 3.70 3.15 2.77 2.70 2.11 1.75 1.43 1.18 1.34 14.23 12.73 10.71 7.52 12.86 11.16 9.63 8.44 7.61 24.48 20.41 17.05 14.40 15.58 1.03 1.22 1.51 1.93 2.61 44.16 -1.7%CHINA COMMUNICATIONS CONST-H 1.14 0.99 0.90 0.77 0.29 0.25 0.23 0.21 9.63 5.86 5.30 4.71 7.71 6.76 6.06 5.38 8.26 7.05 6.27 5.62 2.96 3.41 3.76 4.10 8.85 19.1%COUNTRY GARDEN HOLDINGS CO 1.75 1.48 1.28 1.10 1.61 1.29 1.10 0.98 16.03 15.67 7.39 8.76 7.74 6.34 5.37 4.87 9.66 8.17 6.95 6.26 3.75 4.43 5.01 5.61 4.62 5.0%CHINA RESOURCES ENTERPRISE 1.67 1.48 1.39 1.33 0.50 0.44 0.38 0.33 8.82 6.03 6.76 4.94 8.96 8.42 7.31 6.58 34.19 31.55 25.48 20.80 1.94 1.55 1.84 1.79 25.20 -5.3%DONGFENG MOTOR GRP CO LTD-H 1.48 1.27 1.11 0.94 0.63 0.57 0.52 0.48 0.45 7.84 5.13 5.71 4.11 4.63 4.11 3.82 3.51 9.29 8.13 7.59 6.60 6.20 1.64 1.81 1.94 2.33 13.30 15.0%CHINA MERCHANTS HLDGS INTL 1.35 1.27 1.20 1.12 6.41 6.73 6.45 6.09 8.93 11.69 9.93 8.96 16.18 15.51 14.08 15.70 16.36 14.39 12.79 11.24 2.65 3.08 3.54 3.94 27.60 12.4%BEIJING ENTERPRISES HLDGS 1.65 1.55 1.42 1.31 1.21 1.87 1.60 1.34 1.14 1.16 11.58 7.42 9.43 9.79 15.64 14.02 12.35 11.30 10.19 20.21 17.03 14.10 11.79 1.42 1.66 1.98 2.23 2.52 64.39 10.9%CHINA MENGNIU DAIRY CO 2.41 2.25 2.03 1.83 0.81 0.74 0.65 0.58 12.42 10.44 8.92 6.51 9.65 8.56 7.15 6.06 21.94 19.10 15.72 13.48 1.01 1.17 1.45 1.87 24.66 12.9%HUANENG POWER INTL INC-H 1.76 1.60 1.50 1.35 1.02 0.68 0.65 0.61 0.58 0.46 4.80 4.23 3.89 3.70 7.13 6.18 5.84 5.33 3.39 16.69 10.70 9.71 8.46 7.20 2.98 4.81 5.15 6.08 12.49 9.24 3.0%BRILLIANCE CHINA AUTOMOTIVE 4.04 3.01 2.35 1.82 6.33 6.29 5.92 5.51 3.19 61.36 53.15 38.70 503.13 137.03 348.39 273.17 278.38 15.99 12.47 10.44 8.21 5.24 0.03 0.30 0.45 2.35 10.59 11.5%AAC TECHNOLOGIES HOLDINGS IN 6.16 4.90 3.99 3.34 5.97 4.44 3.74 3.08 21.71 15.19 13.79 12.05 16.67 12.47 10.55 8.78 21.59 16.18 13.57 11.17 1.76 2.41 2.85 3.51 37.77 -0.2%PICC PROPERTY & CASUALTY -H 2.16 1.80 1.52 1.24 0.50 0.47 0.42 0.38 9.45 8.60 7.92 6.87 3.21 2.79 3.03 3.79 12.22 22.7%CHINA NATIONAL BUILDING MA-H 1.26 1.07 0.90 0.80 0.69 0.43 0.35 0.31 0.28 0.32 3.70 3.14 2.19 1.94 10.78 8.12 7.01 6.39 8.85 7.16 5.59 4.69 4.24 4.23 2.01 2.54 3.09 3.15 3.57 11.82 29.1%SUN ART RETAIL GROUP LTD 4.90 4.45 3.99 3.49 1.03 0.90 0.76 0.67 0.52 13.60 12.87 10.25 10.04 14.39 12.34 10.48 9.01 34.45 29.90 25.63 21.80 14.35 1.14 1.21 1.43 1.64 11.13 2.7%CHINA OILFIELD SERVICES-H 1.70 1.49 1.33 1.23 3.04 2.56 2.37 2.18 7.00 6.24 5.80 5.53 9.35 8.38 7.85 7.88 11.99 10.41 9.59 9.30 1.69 2.24 2.43 2.65 16.97 10.9%CHINA COAL ENERGY CO-H 0.72 0.67 0.63 0.59 0.58 0.93 0.90 0.80 0.74 0.63 4.87 4.77 3.78 3.45 6.94 6.54 5.87 5.28 5.82 7.20 7.86 7.27 7.05 10.78 4.17 3.90 4.13 4.36 2.53 7.31 22.4%SHIMAO PROPERTY HOLDINGS LTD 1.35 1.16 1.03 0.93 1.42 1.16 0.97 0.85 5.64 4.87 3.34 2.06 8.07 6.60 5.50 4.99 10.19 7.71 6.50 5.69 2.76 4.01 4.67 5.43 18.68 11.7%KERRY PROPERTIES LTD 0.74 0.69 0.66 0.64 1.54 1.51 1.41 1.36 13.16 15.18 10.08 11.15 11.23 10.98 12.77 10.89 11.15 11.10 10.40 2.63 2.72 2.81 2.95 41.69 18.8%JIANGXI COPPER CO LTD-H 0.96 0.88 0.82 0.76 0.47 0.40 0.39 0.39 9.57 6.83 6.78 6.35 7.98 8.03 7.83 8.54 8.01 8.38 8.37 9.09 3.14 3.31 3.26 3.16 18.24 21.3%SINOPHARM GROUP CO-H 2.13 2.04 1.81 1.56 0.35 0.28 0.23 0.19 0.17 113.03 15.89 11.80 8.77 12.67 10.00 8.28 6.98 5.61 22.95 18.55 15.12 12.69 11.20 1.31 1.59 1.93 2.14 28.19 22.3%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%CHINA RESOURCES GAS GROUP LT 4.09 3.50 3.03 2.74 2.37 2.73 1.95 1.52 1.16 1.09 13.56 16.26 9.43 7.23 15.46 11.77 9.64 8.05 7.19 28.25 22.89 18.25 13.96 13.18 0.67 0.84 1.10 1.50 1.38 20.68 -4.9%TSINGTAO BREWERY CO LTD-H 4.41 3.97 3.49 3.12 2.06 1.82 1.59 1.46 21.32 19.46 15.41 14.71 15.78 13.88 12.05 10.54 31.30 27.18 23.53 19.97 0.62 0.96 1.12 1.35 47.88 -8.0%GUANGDONG INVESTMENT LTD 2.01 1.85 1.72 1.61 6.05 5.66 5.16 4.70 5.05 11.13 11.13 9.27 8.73 9.48 8.92 8.37 8.00 15.05 14.64 13.65 12.82 2.52 2.68 2.89 3.20 7.19 -4.3%SINO-OCEAN LAND HOLDINGS 0.65 0.61 0.57 0.54 0.90 0.72 0.63 0.56 16.14 6.48 3.96 3.89 8.12 7.01 5.91 4.91 10.22 8.84 7.24 5.89 3.49 4.70 5.41 6.37 5.48 7.0%CHINA LONGYUAN POWER GROUP-H 1.47 1.40 1.27 1.16 1.09 2.60 2.36 2.05 1.80 1.64 5.90 4.69 4.33 3.90 11.09 9.52 7.97 6.92 5.91 15.02 14.63 11.82 9.74 9.26 1.22 1.27 1.61 2.07 3.01 7.72 8.5%EVERGRANDE REAL ESTATE GROUP 0.96 0.81 0.69 0.62 0.54 0.48 0.42 0.38 12.53 14.15 5.24 3.06 5.47 5.37 4.51 4.12 4.62 4.75 4.07 3.66 6.47 5.68 6.51 7.23 4.11 29.5%GEELY AUTOMOBILE HOLDINGS LT 2.08 1.70 1.42 1.17 1.05 0.85 0.72 0.62 0.52 10.19 7.96 6.55 5.57 8.01 6.35 5.51 4.67 5.53 13.18 10.36 8.75 7.26 11.47 0.97 1.26 1.52 1.84 4.63 18.7%LONGFOR PROPERTIES 1.90 1.58 1.35 1.16 1.74 1.25 1.12 1.01 228.79 65.16 13.76 7.13 6.68 5.59 4.68 9.84 8.67 7.56 6.58 2.01 2.19 2.68 3.04 15.31 18.1%CHINA GAS HOLDINGS LTD 3.45 3.08 2.67 2.41 2.39 1.78 1.62 1.34 1.20 1.22 19.87 14.63 14.17 10.98 15.74 13.41 11.66 10.24 10.14 37.32 23.98 20.68 17.31 22.17 0.37 0.84 1.12 1.45 0.92 7.74 1.1%COSCO PACIFIC LTD 0.94 0.87 0.81 0.76 5.04 4.59 4.15 3.84 7.79 7.32 6.59 4.73 14.23 13.18 12.43 12.39 10.11 9.46 8.23 7.66 4.00 4.15 4.83 5.13 13.14 27.8%NEW CHINA LIFE INSURANCE C-H 1.99 1.77 1.57 1.41 0.63 0.57 0.51 0.44 22.21 16.20 13.39 11.66 0.95 0.99 1.15 1.26 32.69 13.3%CHINA RAILWAY GROUP LTD-H 0.90 0.81 0.75 0.67 0.13 0.12 0.11 0.10 10.55 4.10 5.70 6.84 9.39 8.33 7.77 7.56 9.79 8.57 7.77 7.38 1.60 1.85 2.06 2.19 4.60 12.5%HAITONG SECURITIES CO LTD-H 1.47 1.38 1.31 1.21 9.91 8.16 6.71 5.98 23.62 19.95 16.94 14.96 17.18 13.43 11.58 10.30 26.32 20.40 16.44 13.32 1.37 1.80 2.23 2.68 14.01 24.0%YANZHOU COAL MINING CO-H 0.69 0.67 0.64 0.60 1.09 1.04 0.95 0.89 3.68 4.99 3.88 3.44 10.62 11.29 9.96 8.72 6.00 9.77 8.62 8.57 5.37 3.30 3.40 3.29 8.74 8.2%CHOW TAI FOOK JEWELLERY GROU 3.43 3.08 2.66 2.27 1.87 1.74 1.46 1.24 0.89 15.63 34.12 28.06 12.65 13.79 11.10 9.10 16.19 18.35 14.79 12.13 2.40 1.39 1.69 2.01 12.28 17.6%CITIC SECURITIES CO LTD-H 1.75 1.70 1.59 1.55 11.77 8.51 6.90 5.60 32.51 24.97 20.87 18.16 18.78 13.23 9.84 10.41 34.87 24.79 19.42 16.07 1.20 1.55 1.98 2.63 19.93 13.2%CITIC PACIFIC LTD 0.41 0.41 0.39 0.38 0.33 0.34 0.29 0.25 6.98 5.49 4.10 13.37 13.47 10.45 7.54 7.35 8.97 6.83 5.40 4.23 4.79 4.87 4.93 10.56 12.5%BYD CO LTD-H 2.43 2.26 2.12 1.63 1.19 1.06 0.97 0.82 15.00 9.26 8.19 7.01 20.09 15.70 13.95 10.80 536.70 51.17 36.25 18.60 0.06 0.05 0.09 0.79 17.61 -36.4%GUANGZHOU AUTOMOBILE GROUP-H 1.07 0.98 0.92 0.84 2.78 2.21 1.94 1.72 1.79 203.37 72.63 31.78 23.22 12.40 9.05 8.52 9.97 1.26 2.26 3.25 3.72 5.93 -7.3%HAIER ELECTRONICS GROUP CO 4.75 3.49 2.74 2.20 0.51 0.45 0.38 0.34 12.91 11.71 9.92 8.95 9.97 8.24 6.91 5.75 15.53 13.20 11.32 9.70 0.64 0.98 1.12 1.70 14.32 3.3%AGILE PROPERTY HOLDINGS LTD 1.09 0.90 0.79 0.71 1.01 0.82 0.73 0.64 11.71 6.11 3.77 5.12 4.74 4.26 3.96 6.57 5.67 5.04 4.60 3.90 4.29 4.79 5.09 11.88 18.4%ZIJIN MINING GROUP CO LTD-H 1.38 1.26 1.19 1.13 1.29 1.22 1.20 1.23 5.98 5.48 6.10 6.86 7.97 7.98 7.64 7.66 7.68 8.09 8.46 9.47 3.79 4.40 4.07 3.63 2.91 27.2%WEICHAI POWER CO LTD-H 1.59 1.48 1.30 1.14 0.94 0.80 0.73 0.67 17.26 9.72 8.24 5.85 9.82 8.41 7.49 6.61 13.09 11.80 10.09 8.48 0.57 1.17 1.26 1.55 26.51 -2.0%AIR CHINA LTD-H 1.29 1.17 1.05 0.93 0.66 0.60 0.54 0.51 4.24 3.18 2.95 2.82 7.87 6.50 5.84 5.46 15.12 10.66 8.81 7.52 1.18 1.58 1.88 1.96 7.16 14.0%KINGBOARD CHEMICAL HOLDINGS 0.60 0.55 0.52 0.49 0.52 0.45 0.41 0.38 4.91 6.33 3.22 3.07 6.69 6.44 5.75 5.32 8.40 7.38 6.41 5.68 2.64 2.96 3.39 3.65 29.03 37.6%GCL-POLY ENERGY HOLDINGS LTD 1.22 1.42 1.31 1.21 1.16 0.98 0.80 0.81 10.90 10.47 4.66 3.35 20.03 14.15 10.15 8.54 16.19 15.39 0.19 0.06 0.57 0.45 1.76 11.8%XINYI GLASS HOLDINGS LTD 2.11 1.84 1.65 1.49 2.07 1.71 1.44 1.30 13.86 9.73 8.21 6.90 11.67 8.69 7.09 6.20 5.95 17.35 11.91 9.64 8.35 2.67 3.99 4.86 5.59 6.58 23.9%SHANGHAI INDUSTRIAL HLDG LTD 0.81 0.77 0.72 0.70 1.52 1.33 1.12 0.96 13.74 7.40 8.53 10.17 9.16 7.82 6.16 12.11 10.34 8.75 8.52 4.44 4.38 4.51 4.39 28.44 15.6%SHANDONG WEIGAO GP MEDICAL-H 3.03 2.73 2.45 2.18 6.83 5.83 4.80 4.08 3.69 23.86 20.62 15.14 12.08 22.78 19.02 15.42 12.75 24.56 21.76 17.88 15.41 14.43 1.01 1.18 1.47 1.66 7.60 2.0%SOHO CHINA LTD 1.11 0.85 0.77 0.71 1.66 1.81 2.79 4.35 17.51 11.67 10.44 12.73 4.20 4.51 7.09 12.06 7.63 8.16 11.96 21.72 4.66 4.66 4.64 4.40 6.48 -3.2%ALUMINUM CORP OF CHINA LTD-H 0.67 0.79 0.84 0.90 0.33 0.31 0.29 0.29 9.86 10.39 5.92 4.19 46.96 34.21 21.40 18.42 0.00 0.00 0.00 0.00 2.67 -8.9%CHINA TAIPING INSURANCE HOLD 1.64 1.44 1.26 1.16 0.37 0.31 0.26 0.22 20.43 14.12 10.86 8.97 0.10 0.17 0.45 0.56 16.65 26.0%NINE DRAGONS PAPER HOLDINGS 1.13 1.09 1.01 0.92 0.90 0.80 0.71 0.65 0.62 9.81 5.43 5.97 4.84 11.82 10.10 8.54 7.66 14.93 15.32 10.96 9.05 1.57 1.50 2.11 2.54 7.69 14.2%CHINA EVERBRIGHT LTD 0.76 0.71 0.68 0.63 11.18 9.36 8.35 7.32 14.02 13.87 11.43 10.20 14.25 11.32 9.72 8.21 2.45 2.82 3.19 3.71 15.73 27.5%ZOOMLION HEAVY INDUSTRY - H 1.13 1.01 0.89 0.80 1.10 1.10 0.99 0.95 9.99 9.28 7.73 5.85 5.72 6.44 5.67 5.68 5.54 6.36 5.63 5.73 4.26 3.73 3.82 3.86 9.50 22.3%FRANSHION PROPERTIES 0.89 0.79 0.74 0.64 1.58 1.17 0.93 0.85 29.78 34.42 7.37 6.22 5.29 4.24 10.00 8.10 6.39 5.76 2.15 2.87 3.62 4.45 3.35 26.6%SHOUGANG FUSHAN RESOURCES GR 0.81 0.80 0.76 0.74 2.68 2.87 2.69 2.75 5.71 5.61 6.62 6.93 4.48 4.80 4.66 4.55 9.13 10.17 10.13 10.38 4.39 3.99 4.13 4.09 3.35 10.5%INTIME DEPARTMENT STORE 2.03 1.88 1.71 1.55 1.37 3.95 3.11 2.48 2.04 1.66 11.73 7.82 6.46 5.77 4.72 14.03 11.80 9.99 8.47 8.34 16.92 14.27 12.62 10.75 10.29 2.46 2.80 3.13 3.63 2.87 10.85 18.0%UNI-PRESIDENT CHINA HOLDINGS 3.17 2.79 2.46 2.28 1.15 0.92 0.77 0.65 11.21 10.14 9.22 8.17 14.54 11.73 9.58 8.22 26.82 21.70 19.16 16.12 1.07 1.12 1.30 1.33 8.95 6.0%GOLDEN EAGLE RETAIL GROUP 3.90 3.47 2.94 2.53 1.92 5.54 4.91 4.16 3.56 2.68 13.51 11.45 9.54 7.88 5.05 10.65 9.39 7.93 6.93 5.18 16.96 15.39 13.43 11.71 8.41 1.71 1.87 2.16 2.50 3.59 15.69 14.9%CHINA AGRI-INDUSTRIES HLDGS 0.67 0.69 0.64 0.62 0.20 0.18 0.16 0.15 6.57 7.57 7.02 5.15 11.80 9.68 8.33 8.53 12.06 10.35 8.34 8.02 1.73 2.31 2.91 3.07 5.44 42.7%CHINA RESOURCES CEMENT 1.42 1.23 1.10 0.98 1.01 1.14 1.02 0.90 0.82 0.84 10.59 6.70 6.04 4.84 10.01 8.06 7.04 6.41 6.87 14.90 10.64 9.05 7.98 10.64 0.92 1.50 1.77 2.08 1.34 5.01 12.2%CHINA COSCO HOLDINGS-H 0.98 1.10 1.07 1.04 0.37 0.37 0.35 0.34 8.69 4.69 3.38 34.57 15.05 11.22 38.89 12.01 0.00 0.12 0.23 1.65 3.13 -4.5%CHINA SHANSHUI CEMENT GROUP 1.14 1.00 0.88 0.79 0.61 0.54 0.49 0.46 3.95 3.53 2.97 2.82 5.85 5.00 4.50 4.16 6.26 5.35 4.91 4.66 4.47 5.48 6.34 6.85 5.79 31.9%GOME ELECTRICAL APPLIANCES 0.70 0.71 0.69 0.67 0.21 0.19 0.17 0.15 10.87 7.75 5.63 25.04 13.19 10.98 26.94 13.77 11.47 0.16 0.81 1.78 1.94 0.91 16.2%ZHONGSHENG GROUP HOLDINGS 2.05 1.82 1.54 1.33 0.32 0.27 0.23 0.20 73.19 6.28 4.96 5.52 11.72 8.88 7.21 6.10 18.46 12.06 8.56 7.58 0.93 1.53 2.03 2.51 10.90 1.1%HUABAO INTERNATIONAL HOLDING 1.79 1.45 1.24 1.06 3.21 2.90 2.54 2.24 6.98 7.42 8.09 5.16 4.56 4.40 3.95 3.58 6.62 6.50 5.89 5.33 6.32 5.11 4.55 4.94 5.31 49.2%ANTA SPORTS PRODUCTS LTD 1.89 1.84 1.76 1.63 1.43 1.65 2.02 1.96 1.79 1.35 9.35 11.08 11.20 9.65 8.07 4.84 6.54 6.30 5.64 3.71 9.35 12.81 12.59 11.37 7.59 6.91 5.60 5.17 5.64 7.94 5.89 -9.4%CHINA YURUN FOOD GROUP LTD 0.52 0.53 0.52 0.51 0.29 0.27 0.21 0.19 0.15 10.74 5.57 5.25 42.43 15.37 8.37 5.78 9.01 8.49 0.41 0.63 1.52 2.58 4.76 3.1%PARKSON RETAIL GROUP LTD 1.64 1.52 1.39 1.23 1.08 1.84 1.74 1.58 1.42 1.12 7.28 7.01 6.30 5.59 4.07 4.91 4.75 4.29 3.72 2.77 10.14 10.36 9.45 8.12 6.42 4.35 4.17 4.50 4.95 7.19 4.76 13.4%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 01.05.2013China Construction Bank Corporation provides a complete range of bankingservices and other financial services to individual and corporate customers. Thebanks services include retail banking, international settlement, projectfinance, and credit card services.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (28.01.2013) 6.7552-Week Low (12.07.2012) 4.71Daily Volume6.552-Week High % Change -3.70% Dividend Yield -52-Week Low % Change 38.00% Beta 1.12% 52 Week Price Range High/Low 87.75% Equity Float 69156.38Shares Out 31.03.2013 240417.3 Short Int -1618869.00 1 Yr Total Return 13.65%Total Debt 1143635.00 YTD Return 4.50%Preferred Stock 0.0 Adjusted BETA 1.116Minority Interest 7877.0 Analyst Recs 37Cash and Equivalents 3490305.00 Consensus Rating 4.703Enterprise Value -Average Volume 5 Day #########939 HK EQUITY YTD Change - Average Volume 30 Day #########939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3388058.0 396529.0 449841.0 575537.0 713496.0 615870 540635 504345 559351 - -- - - - - 0.00x 0.00x - - - -- - - - - 0.0 0.0 - - - -- - - - - 0.00x 0.00x - - - -92599.0 106756.0 134844.0 169258.0 193179.0 173585.0 201247.0 208007.9 225782.1 59570.0 58822.09.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 6.24x 5.81x - -EBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 54.37% Long-Term Outlook STABLEPretax Margin 54.25% Short-Term Rating Date 29.11.2011Return on Assets 1.47% Short-Term Rating A-1Return on Common Equity 22.04%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 121.4%Net Income Margin 41.7% Total Debt/Capital -Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 6.36Quick Ratio - Accounts receivable turnover-days -Debt to Assets 8.18% Inventory Days -Tot Debt to Common Equity 121.44% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedChina Construction Bank CorpPrice/VolumeValuation Analysis251808033.00Current Price (5/dd/yy) Market Data012345678m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M500.0 M1000.0 M1500.0 M2000.0 M2500.0 M0.0100000.0200000.0300000.0400000.0500000.0600000.0700000.0800000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.001.002.003.004.005.006.007.008.009.0010.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA INVESTMENT COR n/a ULT-AGG 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 AdvisorBAOSTEEL GROUP CORP n/a Co File 3210000000 1.34 - 31.12.2010 GovernmentCHINA INVESTMENT COR n/a ULT-AGG 2760000000 1.15 - 14.11.2011 GovernmentBLACKROCK n/a ULT-AGG 2548089428 1.06 3851540 29.04.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1991111597 0.83 (24785185) 31.03.2013 Investment AdvisorSTATE GRID INTERNATI n/a Co File 1315282730 0.55 - 31.12.2010 CorporationSTATE STREET n/a ULT-AGG 1074985497 0.45 70918800 30.04.2013 Investment AdvisorCHINA YANGTZE POWER n/a Co File 1070000000 0.45 - 31.12.2010 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 921243233 0.38 23700000 31.03.2013 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 782570662 0.33 (7882000) 31.03.2013 UnclassifiedHANG SENG INVESTMENT Multiple Portfolios MF-AGG 745923963 0.31 - 30.06.2012 Investment AdvisorFMR LLC n/a ULT-AGG 703140350 0.29 (194897331) 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 635309327 0.26 1114688 29.04.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 539376610 0.22 68432000 31.03.2013 Investment AdvisorSHANDONG LUNENG GROU n/a Co File 374500000 0.16 - 31.12.2010 CorporationDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 359744032 0.15 - 31.07.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 30.04.2013DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 30.04.2013Jefferies TAN MING buy 5 M 8 12 month 29.04.2013Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013Mizuho Securities JIM ANTOS neutral 3 M 7 12 month 29.04.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 7 Not Provided 29.04.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 29.04.2013JPMorgan KATHERINE LEI overweight 5 M 8 12 month 28.04.2013CIMB TREVOR KALCIC outperform 5 M 8 12 month 27.04.2013Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 27.04.2013Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013Nomura LUCY FENG buy 5 M 8 Not Provided 26.04.2013Macquarie VICTOR WANG outperform 5 M 7 12 month 19.04.2013ABC International JOHANNES AU buy 5 M 7 12 month 12.04.2013EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 11.04.2013HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013Bank of China International YUAN LIN buy 5 M 7 Not Provided 25.03.2013China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.03.2013Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013Barclays MAY YAN overweight 5 U 7 Not Provided 27.02.2013Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012BNP 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 29.10.2012Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012Phillip 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 01.11.2010Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009Holdings By:China Construction Bank CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 01.05.2013China Mobile Limited, through its subsidiaries, provides cellulartelecommunications and related services in the Peoples Republic of China andHong Kong SAR.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (14.08.2012) 92.6052-Week Low (04.06.2012) 76.50Daily Volume84.9552-Week High % Change -8.26% Dividend Yield 4.1152-Week Low % Change 11.05% Beta 0.61% 52 Week Price Range High/Low 52.48% Equity Float 5209.58Shares Out 31.03.2013 20100.6 Short Int -1707547.25 1 Yr Total Return 2.96%Total Debt 29846.00 YTD Return -5.87%Preferred Stock 0.0 Adjusted BETA 0.608Minority Interest 1862.0 Analyst Recs 36Cash and Equivalents 402903.00 Consensus Rating 3.333Enterprise Value 985275.95Average Volume 5 Day 13193680941 HK EQUITY YTD Change - Average Volume 30 Day 15135070941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15710970LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3411810.0 452103.0 485231.0 527999.0 560413.0 537272.0 567668.0 591821.9 621800.8 - -2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.71x 1.62x - -219788.0 233788.0 241758.0 257202.0 256783.0 0.0 0.0 256723.8 261339.5 - -5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.84x 3.77x - -112627.0 115166.0 119640.0 125870.0 129274.0 126806.0 129354.0 126694.5 122443.3 - -12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.74x 11.12x - -EBITDA 256783.00 Long-Term Rating Date 16.12.2010EBIT 155521.00 Long-Term Rating AA-Operating Margin 27.75% Long-Term Outlook STABLEPretax Margin 30.57% Short-Term Rating Date -Return on Assets 12.90% Short-Term Rating -Return on Common Equity 18.84%Return on Capital 18.06% EBITDA/Interest Exp. 658.42Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 337.84Net Debt/EBITDA -1.45Gross Margin - Total Debt/EBITDA 0.12EBITDA Margin 45.8%EBIT Margin 27.8% Total Debt/Equity 4.1%Net Income Margin 23.1% Total Debt/Capital 4.0%Asset Turnover 0.56Current Ratio 1.50 Net Fixed Asset Turnover 1.15Quick Ratio 1.39 Accounts receivable turnover-days 6.82Debt to Assets 2.84% Inventory Days -Tot Debt to Common Equity 4.13% Accounts Payable Turnover Day -Accounts Receivable Turnover 53.66 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedChina Mobile LtdPrice/VolumeValuation Analysis15563362.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0102030405060708090100m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M70.0 M0.0100000.0200000.0300000.0400000.0500000.0600000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA MOBILE HK BVI n/a Co File 14890116842 74.08 - 31.12.2012 CorporationABERDEEN n/a ULT-AGG 234353256 1.17 5556000 31.03.2013 UnclassifiedBLACKROCK n/a ULT-AGG 196402752 0.98 239000 29.04.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 170106656 0.85 (450567) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 76143989 0.38 (2773371) 30.04.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53719500 0.27 - 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 49564408 0.25 4171000 28.03.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 43343135 0.22 406635 29.04.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35979737 0.18 - 31.05.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 34311500 0.17 (14679000) 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 32462235 0.16 (9031747) 31.03.2013 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 29042693 0.14 - 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28431255 0.14 1697000 31.12.2012 Investment AdvisorINVESCO LTD n/a ULT-AGG 28402066 0.14 2571466 30.04.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 19549707 0.1 (109000) 31.03.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 17876500 0.09 6452500 31.12.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17393276 0.09 (763471) 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 16389300 0.08 (1234600) 31.03.2013 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 15537281 0.08 (673001) 28.02.2013 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15005931 0.07 319000 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 30.04.2013SWS Research Co Ltd JIM TANG underperform 1 M 75 Not Provided 25.04.2013Haitong International Securities ALEX LEE hold 3 M 90 12 month 23.04.2013DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 23.04.2013CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013Standard Chartered STEVEN LIU outperform 5 M 93 12 month 22.04.2013Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.04.2013JPMorgan LUCY LIU underweight 1 M 78 6 month 22.04.2013Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.04.2013Yuanta Securities Investment ConsultingNICE WANG hold 3 M 91 Not Provided 22.04.2013BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 22.04.2013Nomura JIN YOON neutral 3 M 86 Not Provided 22.04.2013New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013Macquarie LISA SOH underperform 1 M 72 12 month 08.04.2013Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013HSBC TUCKER GRINNAN overweight 5 M 101 Not Provided 02.04.2013Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 15.03.2013Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013GuoSen 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 09.12.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012Holdings By:China Mobile LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 01.05.2013Industrial and Commercial Bank of China Ltd provides a broad range of personaland corporate commercial banking services all over China. The Banks businessesinclude deposit, loan, credit card, fund underwriting and trust, and foreigncurrency settlement and trading.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (23.01.2013) 6.0052-Week Low (12.07.2012) 3.97Daily Volume5.4652-Week High % Change -9.00% Dividend Yield -52-Week Low % Change 37.53% Beta 1.33% 52 Week Price Range High/Low 73.40% Equity Float 71813.62Shares Out 19.04.2013 86794.0 Short Int -1813951.50 1 Yr Total Return 11.24%Total Debt 2045444.00 YTD Return -0.73%Preferred Stock 0.0 Adjusted BETA 1.331Minority Interest 3462.0 Analyst Recs 37Cash and Equivalents 4355972.00 Consensus Rating 4.622Enterprise Value -Average Volume 5 Day #########1398 HK EQUITY YTD Change - Average Volume 30 Day #########1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3469928.0 470638.0 544045.0 704382.0 850373.0 753881.0 859058.0 583027.4 645703.4 - -- - - - - 0.00x 0.00x - - - -- - - - - 0.0 0.0 - - - -- - - - - 0.00x 0.00x - - - -110841.0 128645.0 165156.0 208265.0 238532.0 215813.0 245940.0 252115.9 271878.1 - -10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 6.04x 5.60x - -EBITDA - Long-Term Rating Date 09.12.2010EBIT - Long-Term Rating AOperating Margin 56.45% Long-Term Outlook STABLEPretax Margin 56.46% Short-Term Rating Date 09.12.2010Return on Assets 1.41% Short-Term Rating A-1Return on Common Equity 22.20%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 181.8%Net Income Margin 43.6% Total Debt/Capital -Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 6.77Quick Ratio - Accounts receivable turnover-days -Debt to Assets 11.66% Inventory Days -Tot Debt to Common Equity 181.82% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedIndustrial & Commercial Bank of China LtdPrice/VolumeValuation Analysis263219558.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure01234567m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M500.0 M1000.0 M1500.0 M2000.0 M2500.0 M0.0100000.0200000.0300000.0400000.0500000.0600000.0700000.0800000.0900000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.00350.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 01.05.2013Holder 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 6928335051 7.98 (36157445) 29.04.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 5941259181 6.85 (595000) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5386435920 6.21 (162044750) 31.03.2013 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 4575047470 5.27 - 30.05.2012 GovernmentGOLDMAN SACHS GROUP n/a Research 2977315246 3.43 (1350000000) 28.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1853341186 2.14 (21524000) 31.03.2013 Investment AdvisorNOMURA n/a ULT-AGG (1397779606) -1.61 43000 29.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 1066765789 1.23 (212553193) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 874068348 1.01 (28115185) 30.04.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 798834688 0.92 57800616 28.02.2013 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 693459282 0.8 - 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 532867930 0.61 (42371000) 31.03.2013 Investment AdvisorINVESCO LTD n/a ULT-AGG 418663901 0.48 (29532504) 30.04.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 403715655 0.47 36944000 31.12.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309841776 0.36 41383000 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 297404935 0.34 (3227000) 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 279904280 0.32 1745000 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 271966732 0.31 440176 29.04.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 270488219 0.31 24006670 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 30.04.2013Macquarie VICTOR WANG outperform 5 M 8 12 month 30.04.2013Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 30.04.2013Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013Jefferies TAN MING buy 5 M 7 12 month 29.04.2013Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013Mizuho Securities JIM ANTOS buy 5 M 7 12 month 29.04.2013Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 29.04.2013CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 29.04.2013JPMorgan KATHERINE LEI overweight 5 M 7 12 month 28.04.2013Nomura LUCY FENG buy 5 M 7 Not Provided 28.04.2013CIMB TREVOR KALCIC outperform 5 M 6 12 month 27.04.2013Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 27.04.2013ABC International JOHANNES AU buy 5 M 9 12 month 12.04.2013HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 07.04.2013Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 28.03.2013UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 28.03.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 28.03.2013Barclays MAY YAN overweight 5 M 6 Not Provided 27.02.2013Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 26.02.2013Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 25.02.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012Masterlink 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 11.05.2012Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010Holdings By:Industrial & Commercial Bank of China LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 01.05.2013Tencent Holdings Limited provides Internet, mobile, and telecommunicationvalue-added services in China. The Company has an instant messaging communityin China. Tencent also provides online advertising services.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (11.03.2013) 286.0052-Week Low (23.05.2012) 203.60Daily Volume266.252-Week High % Change -6.92% Dividend Yield -52-Week Low % Change 30.75% Beta 1.09% 52 Week Price Range High/Low 75.97% Equity Float 962.81Shares Out 10.04.2013 1853.6 Short Int -493425.38 1 Yr Total Return 9.55%Total Debt 10699.52 YTD Return 6.91%Preferred Stock 0.0 Adjusted BETA 1.085Minority Interest 850.8 Analyst Recs 35Cash and Equivalents 27189.07 Consensus Rating 4.229Enterprise Value 376337.01Average Volume 5 Day 3671843700 HK EQUITY YTD Change - Average Volume 30 Day 6119982700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4886696LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 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 Q27154.5 12440.0 19646.0 28496.1 43893.7 28496.1 43893.7 58017.7 72127.2 12901.4 13981.110.35x 20.68x 12.43x 7.61x 8.10x 36.37x 31.08x 6.33x 4.88x - -3539.9 6415.5 10382.4 13357.0 17569.2 13357.0 17398.8 21930.5 27134.1 5269.5 5452.820.91x 40.10x 23.52x 16.23x 20.24x 16.23x 20.44x 17.16x 13.87x 17.12x 16.32x2784.6 5155.6 8053.6 10203.1 12731.9 10203.1 12731.9 16293.3 20057.0 3991.2 4127.328.37x 51.84x 32.31x 22.57x 28.76x 22.57x 28.76x 23.75x 19.29x 23.17x 21.90xEBITDA 17569.23 Long-Term Rating Date 14.11.2011EBIT 14948.99 Long-Term Rating BBB+Operating Margin 34.06% Long-Term Outlook STABLEPretax Margin 34.29% Short-Term Rating Date -Return on Assets 19.28% Short-Term Rating -Return on Common Equity 36.50%Return on Capital 27.89% EBITDA/Interest Exp. 53.80Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 41.64Net Debt/EBITDA -0.95Gross Margin 58.5% Total Debt/EBITDA 0.61EBITDA Margin 39.6%EBIT Margin 34.1% Total Debt/Equity 25.9%Net Income Margin 29.0% Total Debt/Capital 20.2%Asset Turnover 0.66Current Ratio 1.77 Net Fixed Asset Turnover 5.84Quick Ratio 1.43 Accounts receivable turnover-days 18.24Debt to Assets 14.22% Inventory Days 5.71Tot Debt to Common Equity 25.91% Accounts Payable Turnover Day 62.92Accounts Receivable Turnover 20.07 Cash Conversion Cycle -38.97Inventory Turnover 64.10Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedTencent Holdings LtdPrice/VolumeValuation Analysis4940443.00Current Price (5/dd/yy) Market Data050100150200250300m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M20.0 M0.05000.010000.015000.020000.025000.030000.035000.040000.045000.050000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMIH TC HOLDINGS LTD n/a EXCH 630240380 34 - 24.01.2013 OtherHUATENG MA n/a EXCH 189892880 10.24 - 09.04.2013 n/aJP MORGAN n/a ULT-AGG 83853904 4.52 800 31.12.2012 Investment AdvisorZHIDONG ZHANG n/a Co File 66000000 3.56 - 31.12.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 41864402 2.26 (452815) 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 36113000 1.95 6000000 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 33829061 1.83 319700 29.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 31307167 1.69 (2555651) 31.03.2013 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 18614700 1 1189900 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16215600 0.87 (1776300) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15521800 0.84 486800 28.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 13809851 0.75 (522595) 30.04.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8509100 0.46 (909700) 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 6313082 0.34 61103 28.02.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5974783 0.32 72300 31.12.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 5280826 0.28 - 30.06.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4657000 0.25 - 31.01.2013 Investment AdvisorCHI PING LAU n/a Co File 4603600 0.25 - 31.12.2012 n/aARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3891429 0.21 214300 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 3873000 0.21 (625700) 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 30.04.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 280 Not Provided 30.04.2013SWS Research Co Ltd JIM TANG outperform 5 M 275 Not Provided 25.04.2013Brean Murray Carret & Co FAWNE JIANG buy 5 M 297 12 month 23.04.2013Barclays ALICIA YAP overweight 5 M 290 Not Provided 19.04.2013HSBC CHI TSANG underweight 1 M 223 Not Provided 17.04.2013Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013Nomura JIN YOON reduce 2 M 180 12 month 11.04.2013Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 10.04.2013Haitong International Securities ALEX LEE hold 3 M 265 12 month 08.04.2013BOCOM International Holdings MA YUAN buy 5 M 293 Not Provided 03.04.2013China International Capital Corp CHEN HAOFEI buy 5 M 286 12 month 02.04.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013First Shanghai Securities Ltd TSOI HO hold 3 D 260 12 month 27.03.2013Avior Research RICHARD TESSENDORF neutral 3 M 299 Not Provided 26.03.2013Capital Securities Corp HU JIAMING buy 5 M 290 Not Provided 22.03.2013Core Pacific KEVIN TAM buy 5 M 295 Not Provided 22.03.2013Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 316 12 month 21.03.2013JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 21.03.2013Macquarie JIONG SHAO underperform 1 M 180 12 month 21.03.2013Bank of China International THOMAS CHONG buy 5 M 293 Not Provided 21.03.2013DBS Vickers BILL HUANG hold 3 M 260 12 month 21.03.2013CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 304 12 month 20.03.2013Piper Jaffray MARK A MAROSTICA neutral 3 M 220 12 month 20.03.2013Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013Credit Suisse WALLACE CHEUNG outperform 5 M 301 Not Provided 31.01.2013Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010Holdings By:Tencent Holdings LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 01.05.2013Bank of China Ltd provides a complete range of banking and other financialservices to individual and corporation customers worldwide. The banks servicesinclude retail banking, Great Wall credit card and debit card services, consumercredit, foreign currency transaction, corporate banking, settlement andclearing,investment banking, and fund management businesses.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (04.02.2013) 4.0052-Week Low (06.09.2012) 2.73Daily Volume3.6352-Week High % Change -9.25% Dividend Yield 6.0752-Week Low % Change 32.97% Beta 1.12% 52 Week Price Range High/Low 70.87% Equity Float 72987.26Shares Out 31.03.2013 83622.3 Short Int -1009942.06 1 Yr Total Return 19.15%Total Debt 2243457.00 YTD Return 4.91%Preferred Stock 0.0 Adjusted BETA 1.116Minority Interest 36865.0 Analyst Recs 39Cash and Equivalents 3157170.00 Consensus Rating 4.077Enterprise Value -Average Volume 5 Day #########3988 HK EQUITY YTD Change - Average Volume 30 Day #########3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3355641.0 337018.0 395271.0 514133.0 619095.0 551001.0 460542.0 393840.9 431641.5 - -- - - - - 0.00x 0.00x - - - -- - - - - 0.0 0.0 - - - -- - - - - 0.00x 0.00x - - - -64360.0 80819.0 104418.0 124276.0 139432.0 127600.0 142484.0 142817.9 152145.5 - -7.47x 11.62x 8.91x 5.16x 5.57x 5.57x 5.67x 5.67x 5.34x - -EBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 50.02% Long-Term Outlook STABLEPretax Margin 50.71% Short-Term Rating Date 29.11.2011Return on Assets 1.14% Short-Term Rating A-1Return on Common Equity 18.01%Return on Capital 5.04% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 272.0%Net Income Margin 37.7% Total Debt/Capital 72.3%Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 4.03Quick Ratio - Accounts receivable turnover-days -Debt to Assets 17.69% Inventory Days -Tot Debt to Common Equity 272.04% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedBank of China LtdPrice/VolumeValuation Analysis356119091.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure0112233445m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M500.0 M1000.0 M1500.0 M2000.0 M2500.0 M3000.0 M3500.0 M4000.0 M4500.0 M0.0100000.0200000.0300000.0400000.0500000.0600000.0700000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0050.00100.00150.00200.00250.00300.00350.00400.00450.00500.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8164115320 9.76 44624000 29.04.2013 Investment AdvisorSOCIAL SECURITY FUND n/a EXCH 7518157041 8.99 - 28.01.2013 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 5385933846 6.44 - 31.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 4087482221 4.89 702000 31.12.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 3116864905 3.73 - 04.05.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 2019069988 2.41 (19461100) 31.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1064669933 1.27 - 31.07.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 960629200 1.15 (29415851) 30.04.2013 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 951146461 1.14 - 30.06.2012 Investment AdvisorFMR LLC n/a ULT-AGG 692199106 0.83 311393890 31.03.2013 Investment AdvisorMITSUBISHI UFJ FINAN n/a ULT-AGG 548954200 0.66 1383000 22.01.2013 Holding CompanyT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 328263100 0.39 12475000 31.03.2013 Investment AdvisorASIAN DEVELOPMENT BA n/a Co File 304007461 0.36 - 31.12.2011 BankBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 301735882 0.36 516608 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 300179500 0.36 (36674000) 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 267659000 0.32 (12092000) 31.03.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 252617700 0.3 71550000 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 250834100 0.3 (4008000) 31.01.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248698686 0.3 - 31.12.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191503000 0.23 - 14.09.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank TRACY YU buy 5 M 4 12 month 30.04.2013Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 5 12 month 30.04.2013Macquarie VICTOR WANG outperform 5 M 4 12 month 30.04.2013DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 30.04.2013Jefferies TAN MING buy 5 M 5 12 month 29.04.2013JPMorgan KATHERINE LEI neutral 3 M 4 12 month 28.04.2013Bank of China International YUAN LIN buy 5 M 5 Not Provided 26.04.2013UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 26.04.2013Religare Capital Markets SOPHIE JIANG hold 3 M 4 12 month 26.04.2013BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 Not Provided 26.04.2013AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 26.04.2013Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 25.04.2013Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 25.04.2013CIMB TREVOR KALCIC neutral 3 M 4 12 month 25.04.2013Nomura LUCY FENG buy 5 M 4 Not Provided 25.04.2013CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 25.04.2013ABC International JOHANNES AU hold 3 M 4 12 month 12.04.2013HSBC TODD DUNIVANT neutral 3 M 4 Not Provided 07.04.2013Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013Mizuho Securities JIM ANTOS neutral 3 M 3 12 month 27.03.2013China International Capital Corp MAO JUNHUA buy 5 M 4 12 month 27.03.2013Mirae Asset Securities NAN LI buy 5 M 4 12 month 27.03.2013Barclays MAY YAN overweight 5 M 4 Not Provided 27.02.2013Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 26.02.2013Goldman Sachs NING MA neutral/neutral 3 M 4 12 month 25.02.2013ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 20.02.2013Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 09.01.2013BNP 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 30.10.2012Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Holdings By:Bank of China LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 01.05.2013CNOOC Limited, through its subsidiaries, explores, develops, produces, and sellscrude oil and natural gas. The Groups core operation areas are Bohai, WesternSouth China Sea, Eastern South China Sea and East China Sea in offshore China.Internationally, the Group has oil and gas assets in Asia, Africa, NorthAmerica, South America and Oceania.Latest Fiscal Year: 12/2012LTM as of: 01/yy52-Week High (04.01.2013) 17.3852-Week Low (05.06.2012) 13.18Daily Volume14.4852-Week High % Change -16.69% Dividend Yield 3.2852-Week Low % Change 9.86% Beta 1.25% 52 Week Price Range High/Low 30.95% Equity Float 15873.58Shares Out 28.02.2013 44646.3 Short Int -646478.50 1 Yr Total Return -9.78%Total Debt 57886.00 YTD Return -13.71%Preferred Stock 0.0 Adjusted BETA 1.249Minority Interest 0.0 Analyst Recs 33Cash and Equivalents 133709.00 Consensus Rating 4.121Enterprise Value 437734.49Average Volume 5 Day 60515140883 HK EQUITY YTD Change - Average Volume 30 Day 65280120883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 63290860LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -125977.4 105195.1 180036.0 240944.0 247627.0 - - 251097.4 269009.9 - -1.95x 4.24x 3.71x 1.79x 2.13x - - 2.09x 1.89x - -65262.9 56272.8 97993.0 119044.0 117702.0 - - 127019.2 136301.2 - -3.77x 7.93x 6.82x 3.62x 4.48x - - 3.45x 3.21x - -44375.3 29485.6 54410.0 70255.0 63691.0 - - 62601.1 65080.1 - -6.44x 16.28x 12.81x 7.02x 9.44x - - 8.39x 8.10x - -EBITDA 117702.00 Long-Term Rating Date 16.12.2010EBIT 84799.00 Long-Term Rating AA-Operating Margin 34.24% Long-Term Outlook STABLEPretax Margin 36.41% Short-Term Rating Date -Return on Assets 15.16% Short-Term Rating -Return on Common Equity 22.24%Return on Capital - EBITDA/Interest Exp. 71.42Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 33.25Net Debt/EBITDA -0.64Gross Margin - Total Debt/EBITDA 0.49EBITDA Margin 47.5%EBIT Margin 34.2% Total Debt/Equity 18.7%Net Income Margin 25.7% Total Debt/Capital 15.7%Asset Turnover 0.59Current Ratio 2.07 Net Fixed Asset Turnover 1.05Quick Ratio 1.91 Accounts receivable turnover-days 32.73Debt to Assets 12.69% Inventory Days -Tot Debt to Common Equity 18.69% Accounts Payable Turnover Day -Accounts Receivable Turnover 11.18 Cash Conversion Cycle -Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedCNOOC LtdPrice/VolumeValuation Analysis66687176.00Current Price (5/dd/yy) Market Data02468101214161820m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M20.0 M40.0 M60.0 M80.0 M100.0 M120.0 M140.0 M160.0 M0.050000.0100000.0150000.0200000.0250000.0300000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL OFFSH n/a 20F 28772727273 64.45 - 31.03.2012 GovernmentBLACKROCK n/a ULT-AGG 590469601 1.32 7235000 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 532935247 1.19 (6030000) 28.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 528716724 1.18 (13460500) 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 265808980 0.6 (28785000) 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 237922779 0.53 (52889505) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 229365203 0.51 (8344101) 30.04.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 229247200 0.51 (21188000) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 181137000 0.41 - 28.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 157408000 0.35 8151000 31.03.2013 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139327500 0.31 1058000 31.01.2013 BankJP MORGAN n/a ULT-AGG 128788000 0.29 (8768000) 31.03.2013 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 86396000 0.19 (1001000) 31.03.2013 UnclassifiedHANG SENG INVESTMENT Multiple Portfolios MF-AGG 86312291 0.19 - 30.06.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 78661957 0.18 8004000 31.12.2012 Investment AdvisorABERDEEN n/a ULT-AGG 76599000 0.17 10176000 31.03.2013 UnclassifiedBARING ASSET MANAGEM Multiple Portfolios MF-AGG 76087000 0.17 3949000 31.12.2012 Investment AdvisorINVESCO LTD n/a ULT-AGG 71342468 0.16 (30335907) 30.04.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 70168164 0.16 (2224700) 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 68538000 0.15 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LABAN YU hold 3 M 13 12 month 30.04.2013Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 30.04.2013Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 29.04.2013Bank of China International LAWRENCE LAU buy 5 M 17 Not Provided 29.04.2013UOB Kay Hian YAN SHI sell 1 M 14 Not Provided 29.04.2013BOCOM International Holdings WU FEI buy 5 M 17 Not Provided 29.04.2013Deutsche Bank DAVID HURD hold 3 M 15 12 month 26.04.2013Morgan Stanley ANDY MENG Overwt/Attractive 5 M 17 12 month 26.04.2013Nomura SONIA SONG neutral 3 M 15 Not Provided 26.04.2013VTB Capital COLIN SMITH buy 5 U 17 12 month 24.04.2013Mizuho Securities ANDREW S F CHAN buy 5 U 16 12 month 16.04.2013SWS Research Co Ltd ALBERT MIAO outperform 5 M 19 Not Provided 27.03.2013China International Capital Corp BIN GUAN buy 5 U 18 12 month 25.03.2013Mirae Asset Securities GORDON KWAN buy 5 U 16 12 month 25.03.2013ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.03.2013Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 23.03.2013Macquarie JAMES HUBBARD outperform 5 M 20 12 month 23.03.2013JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 6 month 22.03.2013BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 22.03.2013Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 21.03.2013Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 18 12 month 18.03.2013HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 07.03.2013Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Citic Securities Co., Ltd HUANG LILI overweight 5 N 19 6 month 18.12.2012Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012JF 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 24.07.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009Holdings By:CNOOC LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 01.05.2013PetroChina Company Limited explores, develops, and produces crude oil andnatural gas. The Company also refines, transports, and distributes crude oiland petroleum products, produces and sells chemicals, and transmits, marketsand sells natural gas.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (02.05.2012) 11.8252-Week Low (05.09.2012) 9.03Daily Volume9.8752-Week High % Change -16.50% Dividend Yield -52-Week Low % Change 9.30% Beta 0.93% 52 Week Price Range High/Low 30.11% Equity Float 20807.38Shares Out 31.03.2013 21098.9 Short Int -1936725.13 1 Yr Total Return -12.60%Total Debt 447286.00 YTD Return -10.11%Preferred Stock 0.0 Adjusted BETA 0.934Minority Interest 116619.0 Analyst Recs 32Cash and Equivalents 49953.00 Consensus Rating 3.563Enterprise Value 2109286.31Average Volume 5 Day 71054550857 HK EQUITY YTD Change - Average Volume 30 Day 68013610857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 68100180LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q31072604.0 1019275.0 1465415.0 2003843.0 1949218.0 ######### ######### ######### ######### 608986.0 652358.01.78x 2.57x 1.54x 1.04x 1.11x 4.13x 4.09x 0.91x 0.89x - -256680.0 237168.0 303643.0 323368.0 325453.0 157781.0 71646.0 370951.4 400123.0 - -7.45x 11.04x 7.43x 6.43x 6.65x 0.00x 0.00x 5.69x 5.27x - -114453.0 103387.0 139992.0 132961.0 115323.0 135143.0 112189.0 134299.3 144471.8 32281.0 30063.09.49x 14.65x 11.33x 10.74x 14.02x 12.20x 13.14x 10.68x 9.92x - -EBITDA 325453.00 Long-Term Rating Date -EBIT 174918.00 Long-Term Rating -Operating Margin 8.97% Long-Term Outlook -Pretax Margin 8.56% Short-Term Rating Date -Return on Assets 5.18% Short-Term Rating -Return on Common Equity 10.46%Return on Capital - EBITDA/Interest Exp. 14.19Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.24Net Debt/EBITDA -Gross Margin 16.1% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 8.6% Total Debt/Equity 42.0%Net Income Margin 5.9% Total Debt/Capital 27.5%Asset Turnover 0.94Current Ratio 0.73 Net Fixed Asset Turnover 2.57Quick Ratio 0.22 Accounts receivable turnover-days 15.76Debt to Assets 20.62% Inventory Days -Tot Debt to Common Equity 42.03% Accounts Payable Turnover Day -Accounts Receivable Turnover 23.15 Cash Conversion Cycle 14.58Inventory Turnover -Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedPetroChina Co LtdPrice/VolumeValuation Analysis55776963.00Current Price (5/dd/yy) Market Data024681012m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M20.0 M40.0 M60.0 M80.0 M100.0 M120.0 M140.0 M160.0 M0.0500000.01000000.01500000.02000000.02500000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.001.002.003.004.005.006.007.008.009.0010.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 01.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 1964964108 9.31 2382000 29.04.2013 Investment AdvisorABERDEEN n/a ULT-AGG 1909262023 9.05 - 16.04.2013 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 1506858769 7.14 250000 28.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 1470551067 6.97 224000 21.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 562558554 2.67 (15095200) 31.03.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350420000 1.66 - 31.12.2012 Investment AdvisorCHINA NATIONAL PETRO n/a 20F 291518000 1.38 - 31.03.2012 GovernmentHANG SENG INVESTMENT Multiple Portfolios MF-AGG 277448830 1.31 - 30.06.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 277091176 1.31 (9760632) 30.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 201301800 0.95 (33685999) 31.03.2013 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 78740272 0.37 (364000) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 77038000 0.37 10000000 29.04.2013 Investment AdvisorMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66938000 0.32 - 30.06.2012 UnclassifiedHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59934000 0.28 (14076000) 30.06.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 59346335 0.28 1406000 31.03.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 58757243 0.28 (10296000) 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 54274000 0.26 (72000) 31.12.2012 Investment AdvisorPRINCIPAL FINANCIAL n/a ULT-AGG 53337703 0.25 16205700 31.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 45153121 0.21 - 31.05.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 41892000 0.2 10046000 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LABAN YU buy 5 M 15 12 month 30.04.2013Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 30.04.2013UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 29.04.2013Deutsche Bank DAVID HURD hold 3 M 11 12 month 26.04.2013Morgan Stanley ANDY MENG Equalwt/Attractive 3 M 10 12 month 26.04.2013Bank of China International LAWRENCE LAU buy 5 M 12 Not Provided 26.04.2013Nomura SONIA SONG neutral 3 M 11 Not Provided 25.04.2013Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 08.04.2013Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 04.04.2013BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 27.03.2013Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 22.03.2013Mizuho Securities ANDREW S F CHAN underperform 1 M 9 12 month 22.03.2013China International Capital Corp BIN GUAN accumulate 4 U 11 12 month 22.03.2013BOCOM International Holdings WU FEI long-term buy 5 M 11 Not Provided 22.03.2013ICBC International Securities ANNA YU hold 3 M 10 Not Provided 22.03.2013JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 6 month 21.03.2013HSBC THOMAS C HILBOLDT underweight 1 M 10 Not Provided 21.03.2013Macquarie JAMES HUBBARD neutral 3 M 11 12 month 21.03.2013VTB Capital COLIN SMITH sell 1 M 9 12 month 21.03.2013Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 18.03.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 30.11.2012Masterlink Securities LI XIN hold 3 D 12 Not Provided 28.11.2012Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009Holdings By:PetroChina Co LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 01.05.2013China Petroleum and Chemical Corporation (Sinopec) refines, produces and tradespetroleum and petrochemical products such as gasoline, diesel, jet fuel,kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, andchemical fertilizers. Also, The company explores for and produces crude oil andnatural gas in China.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (30.01.2013) 9.5752-Week Low (11.07.2012) 6.38Daily Volume8.4952-Week High % Change -11.29% Dividend Yield 4.4552-Week Low % Change 33.07% Beta 0.81% 52 Week Price Range High/Low 66.14% Equity Float 18405.32Shares Out 31.03.2013 19625.7 Short Int -759992.06 1 Yr Total Return 6.85%Total Debt 284546.00 YTD Return -3.30%Preferred Stock 0.0 Adjusted BETA 0.811Minority Interest 37122.0 Analyst Recs 30Cash and Equivalents 10864.00 Consensus Rating 3.900Enterprise Value 918193.81Average Volume 5 Day 92013100386 HK EQUITY YTD Change - Average Volume 30 Day 90820000386 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q31387077.0 1212168.0 1876758.0 2463767.0 2733618.0 ######### ######### ######### ######### 732951.0 722780.00.59x 1.09x 0.48x 0.35x 0.34x 1.39x 1.32x 0.32x 0.32x - -29228.0 151545.0 178098.0 170962.0 169557.0 0.0 0.0 196859.4 210220.4 - -27.82x 8.73x 5.03x 5.05x 5.45x 0.00x 0.00x 4.66x 4.37x - -28445.0 62677.0 71782.0 73225.0 63879.0 64025.0 66501.0 77451.9 81160.5 18164.0 18745.012.59x 8.42x 7.62x 7.84x 9.60x 9.29x 9.60x 7.81x 7.46x - -EBITDA 169557.00 Long-Term Rating Date 16.12.2010EBIT 99101.00 Long-Term Rating A+Operating Margin 3.63% Long-Term Outlook STABLEPretax Margin 3.32% Short-Term Rating Date -Return on Assets 5.30% Short-Term Rating -Return on Common Equity 12.99%Return on Capital 9.42% EBITDA/Interest Exp. 14.05Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 1.98Net Debt/EBITDA 1.61Gross Margin - Total Debt/EBITDA 1.68EBITDA Margin 6.2%EBIT Margin 3.6% Total Debt/Equity 55.7%Net Income Margin 2.3% Total Debt/Capital 34.2%Asset Turnover 2.27Current Ratio 0.71 Net Fixed Asset Turnover 3.65Quick Ratio 0.22 Accounts receivable turnover-days 12.59Debt to Assets 22.46% Inventory Days -Tot Debt to Common Equity 55.69% Accounts Payable Turnover Day -Accounts Receivable Turnover 29.06 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedChina Petroleum & Chemical CorpPrice/VolumeValuation Analysis78686338.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure012345678910m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M100.0 M200.0 M300.0 M400.0 M500.0 M600.0 M0.0500000.01000000.01500000.02000000.02500000.03000000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.001.002.003.004.005.006.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

×