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Fundamentalequityanalysis Kospiindexmemberss Korea 110208093344 Phpapp02

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Fundamentalequityanalysis Kospiindexmemberss Korea 110208093344 Phpapp02

  1. 1. 08.02.2011Samsung Electronics Co LtdSamsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volumeindustrial electronic equipment and products such as semiconductors, personal 1200000 1.0 Mcomputers, peripherals, monitors, televisions, and home appliances including air .9 Mconditioners and microwave ovens. The Company also produces Internet access 1000000 .8 Mnetwork systems and telecommunications equipment including mobile phones. 800000 .7 M .6 M 600000 .5 M Valuation Analysis .4 MLatest Fiscal Year: 12/2010 400000 .3 MLTM as of: 12/yy 200000 .2 M .1 M52-Week High (28.01.2011) 1014000.00 0 .0 M52-Week Low (26.02.2010) 733000.00 f-10 m-10 a-10 m-10 j-10 j-10 a-10 s-10 o-10 n-10 d-10 j-11 f-11Daily Volume 610004.00 Current Price (2/dd/yy) 961000 Market Data 52-Week High % Change -5.23% Dividend Yield 1.00 52-Week Low % Change 31.11% Beta 0.92 % 52 Week Price Range High/Low 85.05% Equity Float 110.46Shares Out 30.09.2010 147.3 Short Int - Market Capitalization 141554700.00 1 Yr Total Return 29.97%Total Debt 3680341.00 YTD Return 1.26%Preferred Stock 119467.0 Adjusted BETA 0.922Minority Interest 0.0 Analyst Recs 43Cash and Equivalents 12443490.00 Consensus Rating 4.953Enterprise Value 133522000.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 374814005930 KS EQUITY YTD Change - Average Volume 30 Day 348262005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 393579 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2 Total Revenue 58972764 63175968 72952992 89772834 112249500 89772834 ######### ######### ######### 35216444 37052282 TEV/Revenue 1.23x 0.99x 0.70x 1.05x - 3.63x 2.51x 0.84x 0.73x 3.76x 3.56x EBITDA 12614542.0 12999646.0 11753253.8 13946608.0 - ######### ######### ######### ######### ######### ######### TEV/EBITDA 5.77x 4.82x 4.32x 6.73x - 0.00x 0.00x 4.89x 4.39x 5.48x - Net Income 7926087.0 7425016.0 5525904.0 9649487.0 13236500.0 ######### ######### ######### ######### ######### ######### P/E 11.59x 11.23x 11.97x 12.20x - 16.76x 0.00x 9.88x 8.83x 10.51x 10.58x Profitability S&P Issuer RatingsEBITDA 13946610.00 Long-Term Rating Date 25.01.2006EBIT 14924100.00 Long-Term Rating AOperating Margin 13.30% Long-Term Outlook STABLEPretax Margin 12.08% Short-Term Rating Date 25.01.2006Return on Assets 11.71% Short-Term Rating A-1Return on Common Equity 15.23% Credit RatiosReturn on Capital 15.17% EBITDA/Interest Exp. 112.30Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 70.13Margin Analysis Net Debt/EBITDA -0.63Gross Margin 23.8% Total Debt/EBITDA 0.26EBITDA Margin 15.5% ReferenceEBIT Margin 13.3% Total Debt/Equity 5.5%Net Income Margin 11.8% Total Debt/Capital 5.2%Structure Asset Turnover 1.11Current Ratio 1.47 Net Fixed Asset Turnover 2.82Quick Ratio 1.10 Accounts receivable turnover-days 26.35Debt to Assets 4.11% Inventory Days 19.88Tot Debt to Common Equity 5.52% Accounts Payable Turnover Day 19.19Accounts Receivable Turnover 13.85 Cash Conversion Cycle 27.04Inventory Turnover 18.36Price/ Cash Flow Sales/Revenue/Turnover 1.20 120000000.0 1.00 100000000.0 0.80 80000000.0 60000000.0 0.60 40000000.0 0.40 20000000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. 08.02.2011Samsung Electronics Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSAMSUNG ELECTRONICS n/a EXCH 17348865 11.78 (107395) 19.01.2011 CorporationSAMSUNG LIFE INSURAN n/a EXCH 11034460 7.49 - 01.07.2010 Insurance CompanyCITIBANK NA n/a Co File 8921328 6.06 - 31.12.2009 BankNATIONAL PENSION SER n/a EXCH 7358213 5 138849 19.04.2010 Investment AdvisorSAMSUNG C&T CORP n/a EXCH 5976362 4.06 - 11.11.2010 CorporationKUN-HEE LEE n/a EXCH 4985464 3.38 - 11.11.2010 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2672520 1.81 24808 31.12.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2468141 1.68 (148500) 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2228850 1.51 58586 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1367152 0.93 (53749) 31.12.2010 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1182519 0.8 (105310) 30.09.2010 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1100017 0.75 (31443) 30.09.2010 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 1008480 0.68 (528883) 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 989695 0.67 43867 31.07.2010 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 975142 0.66 (683801) 30.09.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 878140 0.6 (18860) 04.02.2011 Investment AdvisorJAE-YONG LEE n/a EXCH 840403 0.57 - 01.07.2010 n/aT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 760307 0.52 57876 31.12.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 610707 0.41 39680 30.09.2010 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 576368 0.39 - 31.10.2010 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura CW CHUNG buy 5 M 1350000 Not Provided 07.02.2011Mirae Asset Securities KIM CHANG-YEUL JAY buy 5 M 1200000 12 month 07.02.2011Hyundai Securities JIN SUNG-HAE buy 5 M 1200000 Not Provided 01.02.2011Daewoo Securities JAMES SONG buy 5 M 1200000 12 month 31.01.2011NH Investment & Securities SEO WON-SEOK buy 5 M 1300000 12 month 31.01.2011Samsung Securities KIM DO-HAN buy 5 M 1250000 12 month 31.01.2011Eugene Investment & Securities Co., Ltd JEONG LEE buy 5 M 1200000 12 month 31.01.2011Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1300000 Not Provided 31.01.2011Tong Yang Investment Bank SHIN HYUNJOON buy 5 M 1400000 12 month 31.01.2011Woori Investment & Securities YOUNG PARK buy 5 M 1250000 12 month 31.01.2011Credit Suisse HWANG MIN-SEONG outperform 5 M 1100000 Not Provided 31.01.2011UBS NICOLAS GAUDOIS buy 5 M 1280000 12 month 31.01.2011KTB Securities CHOI DAVID buy 5 M 1300000 12 month 31.01.2011Mizuho Securities CHARLES PARK buy 5 M 1200000 12 month 31.01.2011Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1300000 Not Provided 31.01.2011KB Investment & Securities Co., Ltd SEO JUIL RICKY buy 5 M 1200000 12 month 31.01.2011HI Investment Securities SONG MYUNG-SUP buy 5 M 1200000 Not Provided 31.01.2011Kyobo Securities KOO JA-WOO buy 5 M 1350000 6 month 31.01.2011CLSA Asia Pacific Markets MATTHEW EVANS outperform 5 M 1120000 Not Provided 31.01.2011E*Trade Securities Korea KIM HYUNG-SIK buy 5 M 1250000 12 month 31.01.2011LIG Investment Securities KIM YOUNG-JOON buy 5 M 1250000 12 month 31.01.2011Deutsche Bank BAE SEUNG-CHUL buy 5 M 1200000 12 month 30.01.2011Korea Investment & Securities HAN SEUNG-HOON buy 5 M 1230000 12 month 30.01.2011JPMorgan JJ PARK neutral 3 M 950000 12 month 30.01.2011Macquarie DANIEL KIM outperform 5 M 1300000 12 month 29.01.2011RBS DO HOON LEE buy 5 M 1200000 12 month 28.01.2011Morgan Stanley KEON HAN Overwt/Attractive 5 M 1190000 12 month 28.01.2011Goldman Sachs MICHAEL BANG buy/attractive 5 M 1100000 12 month 28.01.2011Citi HENRY H KIM buy 5 M 1200000 Not Provided 28.01.2011Daiwa Securities Capital Markets Co. JAE H LEE outperform 5 M 1200000 Not Provided 28.01.2011Taurus Investment Securities Co Ltd YOO-JIN KIM buy 5 M 1100000 Not Provided 18.01.2011BNP Paribas Securities (Asia) PETER YU buy 5 M 1060000 12 month 12.01.2011Dongbu Securities Co Ltd LEE MIN-HEE buy 5 M 1200000 12 month 10.01.2011Shinyoung Securities Co., Ltd. SEUNG-WOO LEE buy 5 M 1180000 12 month 10.01.2011Solomon Investment & Securities IM HONG-BIN buy 5 M 1250000 6 month 10.01.2011Hana Daetoo Securities LEE KA-KEUN buy 5 M 1040000 12 month 04.01.2011KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 1200000 6 month 03.01.2011Meritz Securities Co., Ltd LEE SUN-TAE buy 5 M 1250000 6 month 14.12.2010Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 1100000 Not Provided 07.12.2010SK Securities Co Ltd HWANG YOU SIK buy 5 M 1050000 6 month 29.11.2010HSBC NAM PARK overweight 5 M 1139000 Not Provided 08.10.2010Ji Asia STEVE MYERS buy 5 N 897000 12 month 28.09.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 08.02.2011POSCOPOSCO manufactures various types of steel products. The Company produces hot Price/Volumerolled steel, cold rolled steel, stainless steel, and other forms of steel. The 600000 1.0 Mproducts are mainly used for automobile, construction, and shipbuilding .9 Mindustries. 500000 .8 M 400000 .7 M .6 M 300000 .5 M Valuation Analysis .4 MLatest Fiscal Year: 12/2010 200000 .3 MLTM as of: 12/yy 100000 .2 M .1 M52-Week High (10.03.2010) 567000.00 0 .0 M52-Week Low (20.05.2010) 431000.00 f-10 m-10 a-10 m-10 j-10 j-10 a-10 s-10 o-10 n-10 d-10 j-11 f-11Daily Volume 578845.00 Current Price (2/dd/yy) 482500 Market Data 52-Week High % Change -14.90% Dividend Yield 1.29 52-Week Low % Change 11.95% Beta 1.03 % 52 Week Price Range High/Low 30.15% Equity Float 64.72Shares Out 30.09.2010 87.2 Short Int - Market Capitalization 42067650.00 1 Yr Total Return -4.55%Total Debt 6123583.00 YTD Return -0.92%Preferred Stock 0.0 Adjusted BETA 1.032Minority Interest 0.0 Analyst Recs 40Cash and Equivalents 6743750.00 Consensus Rating 5.000Enterprise Value 46575740.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 328206005490 KS EQUITY YTD Change - Average Volume 30 Day 305435005490 KS EQUITY YTD % CHANGE - Average Volume 3 Month 301416 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2 Total Revenue 20043408 22206686 30642410 26953945 32582037 26953945 32588298 38111587 38807501 8987907 9501997 TEV/Revenue 1.14x 1.92x 1.00x 1.74x - 5.51x 3.86x 1.20x 1.16x 5.07x 4.81x EBITDA 5448997.4 6028563.5 8448098.8 5207546.3 - ######### ######### ######### ######### ######### ######### TEV/EBITDA 4.21x 7.06x 3.61x 9.02x - 9.03x 0.00x 5.96x 5.51x 5.91x - Net Income 3206604.8 3679431.5 4446933.0 3172263.5 4202790.9 ######### ######### ######### ######### ######### ######### P/E 7.58x 11.87x 6.45x 14.93x - 14.95x 0.00x 9.05x 8.38x 9.26x - Profitability S&P Issuer RatingsEBITDA 5207547.00 Long-Term Rating Date 20.02.2007EBIT 5047046.00 Long-Term Rating AOperating Margin 15.49% Long-Term Outlook STABLEPretax Margin 13.29% Short-Term Rating Date -Return on Assets 8.24% Short-Term Rating -Return on Common Equity 10.80% Credit RatiosReturn on Capital 9.79% EBITDA/Interest Exp. 18.05Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 3.21Margin Analysis Net Debt/EBITDA -0.12Gross Margin 16.2% Total Debt/EBITDA 1.18EBITDA Margin 19.3% ReferenceEBIT Margin 15.5% Total Debt/Equity 19.8%Net Income Margin 12.9% Total Debt/Capital 16.5%Structure Asset Turnover 0.70Current Ratio 4.81 Net Fixed Asset Turnover 1.73Quick Ratio 3.51 Accounts receivable turnover-days 40.03Debt to Assets 15.31% Inventory Days 76.09Tot Debt to Common Equity 19.78% Accounts Payable Turnover Day 17.61Accounts Receivable Turnover 9.12 Cash Conversion Cycle 98.51Inventory Turnover 4.80Price/ Cash Flow Sales/Revenue/Turnover 1.20 35000000.0 30000000.0 1.00 25000000.0 0.80 20000000.0 0.60 15000000.0 0.40 10000000.0 5000000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 08.02.2011POSCOHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK n/a Co File 16080142 18.44 (434614) 30.09.2010 Investment AdvisorPOSCO n/a Co File 10153957 11.65 - 30.09.2010 CorporationNATIONAL PENSION SER n/a Co File 4432053 5.08 4441 30.09.2010 Investment AdvisorMIRAE ASSET INVESTME n/a 20F 2817800 3.23 - 31.12.2009 Investment AdvisorSK TELECOM CO LTD n/a Co File 2481400 2.85 90 30.09.2010 CorporationEMPLOYEE STOCK OWNER n/a Co File 2332170 2.67 (338478) 30.09.2010 n/aPOHANG UNIV OF SCIEN n/a 20F 2000000 2.29 - 31.12.2009 OtherCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1368680 1.57 - 30.09.2010 Investment AdvisorMITSUBISHI CORP n/a Co File 1012169 1.16 - 31.03.2010 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 747628 0.86 17328 31.12.2010 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 585357 0.67 168215 30.09.2010 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 515280 0.59 (16860) 04.02.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 450889 0.52 24289 31.07.2010 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 438962 0.5 (65070) 30.09.2010 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 345552 0.4 15505 30.09.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 345397 0.4 104462 30.09.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 313186 0.36 - 31.05.2010 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 296638 0.34 44534 31.12.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 264242 0.3 (14047) 31.12.2010 Investment AdvisorSHINYOUNG INVESTMENT Multiple Portfolios MF-AGG 225503 0.26 (36771) 30.09.2010 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JINMOOK KIM overweight 5 M 560000 6 month 01.02.2011E*Trade Securities Korea CHO GANG-UN buy 5 M 630000 Not Provided 25.01.2011Samsung Securities KIM CHRIS buy 5 M 700000 Not Provided 19.01.2011LIG Investment Securities BYUN JONG-MAN buy 5 M 620000 12 month 19.01.2011Macquarie CHRISTINA LEE outperform 5 M 610000 12 month 18.01.2011Daishin Securities Co., Ltd. MOON JEONG-UP buy 5 M 580000 6 month 14.01.2011NH Investment & Securities KIM MI-HYUN buy 5 M 584000 6 month 14.01.2011Hyundai Securities KIM HYUN-TAE buy 5 M 570000 Not Provided 14.01.2011Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM buy 5 M 590000 12 month 14.01.2011Shinhan Investment Corp PARK BYUNGCHIL buy 5 M 600000 Not Provided 14.01.2011Tong Yang Investment Bank KEE-HYUN PARK buy 5 M 600000 12 month 14.01.2011Woori Investment & Securities LEE CHANG-MOK buy 5 N 600000 12 month 14.01.2011Credit Suisse SINN MIN-SEOK outperform 5 M 675000 Not Provided 14.01.2011UBS SON YONG-SUK buy 5 M 640000 12 month 14.01.2011KTB Securities HA JONG-HYUK JAMES buy 5 M 600000 12 month 14.01.2011Hanwha Securities Co., Ltd KIM KANG-OH buy 5 M 630000 6 month 14.01.2011KB Investment & Securities Co., Ltd LEE JONG-HYUNG buy 5 M 600000 12 month 14.01.2011HI Investment Securities CHUNG JI-YUN buy 5 M 570000 Not Provided 14.01.2011Kyobo Securities UM JIN-SEOK buy 5 M 630000 6 month 14.01.2011KIWOOM Securities Co Ltd KIM JONG-JAE buy 5 M 640000 6 month 14.01.2011Hana Daetoo Securities KIM JUNG-WOOK buy 5 M 670000 12 month 14.01.2011CLSA Asia Pacific Markets GEOFF BOYD outperform 5 M 560100 Not Provided 14.01.2011RBS JEANNETTE SIM buy 5 M 565000 12 month 13.01.2011Deutsche Bank CHANWOOK PARK buy 5 M 600000 12 month 13.01.2011Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 650000 12 month 13.01.2011Korea Investment & Securities MOON SUN CHOI buy 5 M 600000 12 month 13.01.2011SK Securities Co Ltd LEE WON JAE buy 5 M 540000 6 month 13.01.2011Goldman Sachs RAJEEV R DAS Buy/Neutral 5 M 576000 12 month 13.01.2011Citi PARK SUNG-MEE buy 5 M 600000 Not Provided 13.01.2011HSBC DANIEL KANG overweight 5 M 600000 Not Provided 13.01.2011Daiwa Securities Capital Markets Co. CHUNG SUNG-YOP outperform 5 M 530000 Not Provided 13.01.2011Daewoo Securities JEON SEUNG-HUN buy 5 M 620000 12 month 10.01.2011Meritz Securities Co., Ltd SHIN YOON-SHIK buy 5 M 600000 6 month 05.01.2011BNP Paribas Securities (Asia) JAE RHEE buy 5 M 610000 12 month 04.01.2011Solomon Investment & Securities BANG MIN-JIN buy 5 N 663000 6 month 04.01.2011Nomura CINDY PARK buy 5 M 670000 Not Provided 10.12.2010DBS Vickers LEE EUN YOUNG buy 5 M 600000 12 month 13.10.2010Dongbu Securities Co Ltd KIM JI-HWAN buy 5 M 646000 12 month 07.10.2010Ji Asia SAM THAWLEY buy 5 N 622000 12 month 20.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 08.02.2011Hyundai Motor CoHyundai Motor Company manufactures, sells, and exports passenger cars, trucks, Price/Volumeand commercial vehicles. The Company also sells various auto parts and operates 250000 3.0 Mauto repair service centers throughout South Korea. Hyundai Motor providesfinancial services through its subsidiaries. 200000 2.5 M 2.0 M 150000 1.5 M Valuation Analysis 100000Latest Fiscal Year: 12/2010 1.0 MLTM as of: 12/yy 50000 .5 M52-Week High (14.01.2011) 203000.00 0 .0 M52-Week Low (15.03.2010) 107000.00 f-10 m-10 a-10 m-10 j-10 j-10 a-10 s-10 o-10 n-10 d-10 j-11 f-11Daily Volume 874886.00 Current Price (2/dd/yy) 181000 Market Data 52-Week High % Change -10.84% Dividend Yield 0.95 52-Week Low % Change 69.16% Beta 0.96 % 52 Week Price Range High/Low 81.25% Equity Float 138.61Shares Out 30.09.2010 220.3 Short Int - Market Capitalization 39870040.00 1 Yr Total Return 57.36%Total Debt 2117939.00 YTD Return 4.32%Preferred Stock 331011.0 Adjusted BETA 0.956Minority Interest 0.0 Analyst Recs 43Cash and Equivalents 7298308.00 Consensus Rating 4.860Enterprise Value 34352810.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1296610005380 KS EQUITY YTD Change - Average Volume 30 Day 1035014005380 KS EQUITY YTD % CHANGE - Average Volume 3 Month 948925 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2 Total Revenue 27335368 30619671 32189786 31859327 36769426 31859327 36764965 38773916 40038676 9033146 10130022 TEV/Revenue 0.43x 0.41x 0.20x 0.64x - 2.02x 1.95x 0.85x 0.79x 3.75x 3.31x EBITDA 2330513 3111933 3221449 3649386 - 3649386 3378215 5164959 5443320 1160769 1339139 TEV/EBITDA 5.00x 4.07x 2.05x 5.60x - 5.60x 0.00x 6.65x 6.31x 6.88x - Net Income 1526063.0 1682419.0 1447904.0 2961509.0 5266971.0 ######### ######### ######### ######### ######### ######### P/E 9.60x 11.54x 7.42x 11.11x - 11.11x 0.00x 8.54x 7.95x 8.99x - Profitability S&P Issuer RatingsEBITDA 3649386.00 Long-Term Rating Date 04.11.2010EBIT 3226617.00 Long-Term Rating BBBOperating Margin 8.78% Long-Term Outlook STABLEPretax Margin 11.87% Short-Term Rating Date -Return on Assets 8.53% Short-Term Rating -Return on Common Equity 14.07% Credit RatiosReturn on Capital 13.45% EBITDA/Interest Exp. 15.72Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 12.24Margin Analysis Net Debt/EBITDA -1.42Gross Margin 21.9% Total Debt/EBITDA 0.58EBITDA Margin 11.5% ReferenceEBIT Margin 8.8% Total Debt/Equity 9.8%Net Income Margin 14.3% Total Debt/Capital 8.8%Structure Asset Turnover 0.94Current Ratio 1.32 Net Fixed Asset Turnover 3.27Quick Ratio 1.06 Accounts receivable turnover-days 26.75Debt to Assets 5.98% Inventory Days 23.42Tot Debt to Common Equity 9.76% Accounts Payable Turnover Day 46.93Accounts Receivable Turnover 13.65 Cash Conversion Cycle 3.23Inventory Turnover 15.58Price/ Cash Flow Sales/Revenue/Turnover 1.20 40000000.0 35000000.0 1.00 30000000.0 0.80 25000000.0 20000000.0 0.60 15000000.0 0.40 10000000.0 5000000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 08.02.2011Hyundai Motor CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI MOBIS n/a EXCH 45782023 20.78 - 26.01.2011 CorporationNATIONAL PENSION SER n/a Co File 13103446 5.95 - 31.12.2009 Investment AdvisorMIRAE ASSET INVESTME n/a EXCH 13054486 5.93 (2548444) 29.01.2010 Investment AdvisorMONG-KOO CHUNG n/a EXCH 11408754 5.18 (6445) 26.01.2011 n/aHYUNDAI MOTOR CO n/a EXCH 11005030 5 - 26.01.2011 CorporationWADDELL & REED FINAN Multiple Portfolios MF-AGG 5842800 2.65 (3289300) 31.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5310375 2.41 783650 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3121179 1.42 (19438) 04.02.2011 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 2820953 1.28 - 31.12.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2070377 0.94 (63897) 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2051999 0.93 (131328) 31.12.2010 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1999295 0.91 (2434061) 30.09.2010 Mutual Fund ManagerSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1966790 0.89 (120821) 30.09.2010 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1965690 0.89 55000 30.09.2010 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1961924 0.89 (224965) 30.09.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1782601 0.81 49728 30.06.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1078133 0.49 (18705) 30.09.2010 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 906561 0.41 (530) 31.10.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 900817 0.41 - 31.05.2010 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 755886 0.34 (195677) 30.09.2010 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateHyundai Securities CHAE HEE-GUEN buy 5 M 250000 12 month 08.02.2011Shinyoung Securities Co., Ltd. HWA-JIN PARK buy 5 M 275000 12 month 07.02.2011Hana Daetoo Securities SE-JOON MO buy 5 M 254000 12 month 07.02.2011CLSA Asia Pacific Markets GEOFF BOYD buy 5 U 222000 Not Provided 07.02.2011BNP Paribas Securities (Asia) JAMES HIE SUK YOON hold 3 M 195000 12 month 01.02.2011Daewoo Securities PARK YOUNG HO buy 5 M 270000 12 month 31.01.2011Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 250000 6 month 31.01.2011Daishin Securities Co., Ltd. KIM BYUNG-KUK buy 5 M 240000 6 month 28.01.2011NH Investment & Securities LEE SANG-HYUN buy 5 M 250000 6 month 28.01.2011Samsung Securities YOON PIL-JOONG buy 5 M 260000 12 month 28.01.2011Eugene Investment & Securities Co., LtdPARK SANG-WON buy 5 M 225000 12 month 28.01.2011Shinhan Investment Corp LEE KI-JEONG buy 5 M 260000 Not Provided 28.01.2011Tong Yang Investment Bank AHN SANG JOON buy 5 M 250000 12 month 28.01.2011Woori Investment & Securities CHO SOO-HONG buy 5 M 250000 12 month 28.01.2011Credit Suisse HENRY KWON neutral 3 U 206000 Not Provided 28.01.2011Macquarie MICHAEL SOHN outperform 5 M 260000 12 month 28.01.2011KTB Securities NAM KYEONG MOON buy 5 M 230000 12 month 28.01.2011DBS Vickers JAY KIM buy 5 M 240000 12 month 28.01.2011Hanwha Securities Co., Ltd KANG SANG-MIN outperform 5 M 210000 6 month 28.01.2011KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 230000 12 month 28.01.2011Kyobo Securities SONG SANG-HOON buy 5 M 240000 6 month 28.01.2011Solomon Investment & Securities HYUNG-SIL LEE buy 5 M 260000 6 month 28.01.2011Mirae Asset Securities KIM GREGORY BYUNG-KWAN buy 5 M 225000 12 month 28.01.2011E*Trade Securities Korea LEE MYUNG-HOON buy 5 M 260000 12 month 28.01.2011Taurus Investment Securities Co Ltd SUN-HAENG KIM buy 5 M 246000 6 month 28.01.2011LIG Investment Securities IN-WOO PARK buy 5 M 270000 12 month 28.01.2011Deutsche Bank SANJEEV RANA buy 5 M 270000 12 month 27.01.2011Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 256000 12 month 27.01.2011JPMorgan PARK WAN SUN overweight 5 M 210000 6 month 27.01.2011HSBC ANGELA HONG overweight 5 M 240000 Not Provided 27.01.2011Daiwa Securities Capital Markets Co. CHUNG SUNG-YOP outperform 5 M 230000 Not Provided 27.01.2011HI Investment Securities CHOI DAE-SIK buy 5 M 250000 Not Provided 27.01.2011Korea Investment & Securities SUH SUNGMOON buy 5 M 250000 12 month 17.01.2011Citi ETHAN KIM buy 5 M 250000 Not Provided 12.01.2011SK Securities Co Ltd KIM YONG-SOO buy 5 M 225000 6 month 13.12.2010UBS CHANG YOUNG-WOO buy 5 M 240000 12 month 13.12.2010RBS SIMON PARK hold 3 M 177000 12 month 09.12.2010Nomura JUSTIN LEE buy 5 M 210000 Not Provided 08.12.2010Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 250000 12 month 30.11.2010Hanyang Securities YEON-WOO KIM buy 5 M 230000 Not Provided 29.11.2010Ji Asia STEPHEN USHER buy 5 N 190000 12 month 27.09.2010KIWOOM Securities Co Ltd LEE SEONG-JAE buy 5 M 170000 6 month 23.04.2010Bookook Securities Co Ltd AHN JONG-HOON buy 5 M 155000 6 month 01.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 08.02.2011Hyundai Heavy Industries Co LtdHyundai Heavy Industries Co., Ltd. builds ships for commercial, and military Price/Volumepurposes. The Company manufactures oil tankers, cargo and passenger vessels, 600000 1.2 Mand warships. Hyundai Heavy Industries also produces heavy industrialmachineries, electrical components for engines and power trains, and industrial 500000 1.0 Mvehicles, such as cranes and bulldozers. 400000 .8 M 300000 .6 M Valuation AnalysisLatest Fiscal Year: 12/2010 200000 .4 MLTM as of: 12/yy 100000 .2 M52-Week High (28.01.2011) 513000.00 0 .0 M52-Week Low (25.05.2010) 199500.00 f-10 m-10 a-10 m-10 j-10 j-10 a-10 s-10 o-10 n-10 d-10 j-11 f-11Daily Volume 439727.00 Current Price (2/dd/yy) 463000 Market Data 52-Week High % Change -9.75% Dividend Yield 2.02 52-Week Low % Change 132.08% Beta 1.34 % 52 Week Price Range High/Low 87.56% Equity Float 36.65Shares Out 30.09.2010 76.0 Short Int - Market Capitalization 35188000.00 1 Yr Total Return 126.67%Total Debt 889556.50 YTD Return 4.51%Preferred Stock 0.0 Adjusted BETA 1.344Minority Interest 0.0 Analyst Recs 37Cash and Equivalents 741594.30 Consensus Rating 4.892Enterprise Value 37647010.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 230205009540 KS EQUITY YTD Change - Average Volume 30 Day 256240009540 KS EQUITY YTD % CHANGE - Average Volume 3 Month 291677 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2 Total Revenue 12554744 15533014 19957080 21142198 22405200 21142197 22405224 25300261 26749929 6179001 6302901 TEV/Revenue 0.56x 1.55x 0.48x 0.50x - 2.05x 2.28x 1.42x 1.28x 5.88x 5.72x EBITDA 1257629.0 2142637.0 2596964.0 2666205.0 - ######### ######### ######### ######### ######### ######### TEV/EBITDA 5.60x 11.25x 3.66x 4.00x - 4.02x 0.00x 9.28x 9.43x 9.42x - Net Income 712847.6 1736060.3 2256664.8 2146488.8 3761100.0 ######### ######### ######### ######### 895027.0 900316.6 P/E 11.40x 15.93x 5.34x 4.86x - 4.86x 0.00x 9.68x 9.79x 9.68x - Profitability S&P Issuer RatingsEBITDA 2666205.00 Long-Term Rating Date -EBIT 3439400.00 Long-Term Rating -Operating Margin 15.35% Long-Term Outlook -Pretax Margin 12.53% Short-Term Rating Date -Return on Assets 8.56% Short-Term Rating -Return on Common Equity 27.87% Credit RatiosReturn on Capital 26.68% EBITDA/Interest Exp. 78.12Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 43.58Margin Analysis Net Debt/EBITDA 0.06Gross Margin 14.9% Total Debt/EBITDA 0.33EBITDA Margin 12.6% ReferenceEBIT Margin 15.4% Total Debt/Equity 9.1%Net Income Margin 16.8% Total Debt/Capital 8.3%Structure Asset Turnover 0.84Current Ratio 0.82 Net Fixed Asset Turnover 2.95Quick Ratio 0.44 Accounts receivable turnover-days 81.77Debt to Assets 3.58% Inventory Days 42.51Tot Debt to Common Equity 9.07% Accounts Payable Turnover Day 38.90Accounts Receivable Turnover 4.46 Cash Conversion Cycle 85.37Inventory Turnover 8.59Price/ Cash Flow Sales/Revenue/Turnover 1.20 25000000.0 1.00 20000000.0 0.80 15000000.0 0.60 10000000.0 0.40 5000000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 08.02.2011Hyundai Heavy Industries Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHYUNDAI HEAVY INDUST n/a EXCH 14711560 19.36 - 24.01.2011 CorporationMONG-JOON CHUNG n/a EXCH 8210005 10.8 - 08.10.2010 n/aHYUNDAI MIPO DOCKYAR n/a EXCH 6063000 7.98 - 08.10.2010 CorporationKCC CORP n/a EXCH 5109063 6.72 (1081347) 16.12.2010 CorporationMIRAE ASSET INVESTME n/a EXCH 3611127 4.75 - 27.02.2009 Investment AdvisorNATIONAL PENSION SER n/a EXCH 3241863 4.27 (770750) 22.05.2009 Investment AdvisorASAN FOUNDATION n/a EXCH 1920000 2.53 - 08.09.2010 n/aMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1779673 2.34 355843 30.09.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1209828 1.59 80577 31.12.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 711843 0.94 (3094) 04.02.2011 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 448859 0.59 105449 30.09.2010 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 360751 0.47 - 31.05.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 289818 0.38 5851 30.04.2010 Investment AdvisorKOREA INVESTMENT TRU Multiple Portfolios MF-AGG 281074 0.37 130884 30.09.2010 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 215567 0.28 - 07.02.2011 Investment AdvisorUBS HANA ASSET MANAG Multiple Portfolios MF-AGG 191765 0.25 176137 30.09.2010 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 170264 0.22 39580 31.12.2010 Investment AdvisorSHINYOUNG INVESTMENT Multiple Portfolios MF-AGG 167135 0.22 (3378) 30.09.2010 Mutual Fund ManagerKYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 162740 0.21 (41692) 30.09.2010 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 160306 0.21 (8148) 31.12.2010 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateUBS SON YONG-SUK suspended coverage #N/A N/A M #N/A N/A Not Provided 31.01.2011NH Investment & Securities OK HYO-WON buy 5 M 650000 6 month 28.01.2011Hyundai Securities LEE SANG-HWA buy 5 M 620000 Not Provided 28.01.2011Samsung Securities HAN YOUNG-SOO buy 5 M 620000 12 month 28.01.2011Shinhan Investment Corp JOEY LEE buy 5 M 580000 Not Provided 28.01.2011Tong Yang Investment Bank LEE JAE-WON buy 5 M 600000 12 month 28.01.2011Credit Suisse HENRY KWON outperform 5 U 600000 Not Provided 28.01.2011JPMorgan JINMOOK KIM overweight 5 M 600000 12 month 28.01.2011Macquarie LEE JUWON outperform 5 M 630000 12 month 28.01.2011KTB Securities LEE BONG-JIN buy 5 M 570000 12 month 28.01.2011Hanwha Securities Co., Ltd DONG-IK JEONG buy 5 M 610000 Not Provided 28.01.2011BNP Paribas Securities (Asia) JAMES HIE SUK YOON buy 5 M 580000 12 month 28.01.2011KB Investment & Securities Co., Ltd YOO JAE-HUN buy 5 M 550000 12 month 28.01.2011HI Investment Securities HUR SEONG-DUK buy 5 M 620000 6 month 28.01.2011LIG Investment Securities CHOI GWANG-SHIK buy 5 M 700000 12 month 28.01.2011Deutsche Bank SANJEEV RANA buy 5 M 620000 12 month 27.01.2011Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 468000 12 month 27.01.2011Goldman Sachs ERIC NISHIMURA Buy/Neutral 5 M 555000 12 month 27.01.2011Daiwa Securities Capital Markets Co. CHUNG SUNG-YOP buy 5 M 600000 Not Provided 27.01.2011Hana Daetoo Securities KIM HYUN buy 5 M 580000 12 month 25.01.2011Citi ETHAN KIM buy 5 M 615000 Not Provided 24.01.2011Solomon Investment & Securities JUN YONG-BUM buy 5 M 574000 6 month 24.01.2011Woori Investment & Securities SONG JAE-HAK MARTIN buy 5 M 580000 12 month 20.01.2011HSBC PAUL CHOI overweight 5 M 600000 Not Provided 18.01.2011Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 620000 12 month 13.01.2011Daewoo Securities SUNG KI-JONG buy 5 M 600000 12 month 12.01.2011Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 580000 6 month 11.01.2011Shinyoung Securities Co., Ltd. UM KYUNG-A buy 5 M 640000 Not Provided 11.01.2011Mirae Asset Securities LEE SOKJE buy 5 M 540000 12 month 06.01.2011RBS LEE JAE-KYU buy 5 M 500000 12 month 03.01.2011Ji Asia TONY MOYER buy 5 N 532000 12 month 26.11.2010Korea Investment & Securities YANG JEONG-DONG buy 5 M 450000 12 month 22.11.2010KIWOOM Securities Co Ltd CHOI WON-KYUNG buy 5 M 470000 6 month 22.11.2010CLSA Asia Pacific Markets MARK M YOON underperform 1 M 210000 Not Provided 29.10.2010DnBNOR Markets THOR ANDRE LUNDER buy 5 M 300000 Not Provided 10.08.2010SK Securities Co Ltd LEE JI-HOON strong buy 5 M 360000 6 month 14.06.2010Eugene Investment & Securities Co., LtdKIM SOO-JIN buy 5 M 323000 12 month 26.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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