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Fundamental Analysis &
Analyst Recommendations
MSCI Emerging Market Index
Top 100 Companies by Cap.
July 2013
Q.M.S Adviso...
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD...
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD...
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...
09.07.2013
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and
industrial electronic equipment and pro...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 1...
09.07.2013
Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets
integrated circuits. The Company provi...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TAIWAN SEMICONDUCTOR n/a Co File ...
09.07.2013
China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in th...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MOBILE HK BVI n/a Co File 1...
09.07.2013
China Construction Bank Corporation provides a complete range of banking
services and other financial services ...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA INVESTMENT COR n/a ULT-AGG ...
09.07.2013
Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a EXCH 10'...
09.07.2013
America Movil SAB de C.V. provides wireless communications in 18 countries
across Latin America, the Caribbean ...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SLIM HELU CARLOS n/a 13D 9'531'09...
09.07.2013
Tencent Holdings Limited provides Internet, mobile, and telecommunication
value-added services in China. The Co...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIH TC HOLDINGS LTD n/a EXCH 630'...
09.07.2013
Gazprom OAO operates gas pipeline systems, produces and explores gas, and
transports high pressure gas in the R...
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RUSSIAN FEDERATION n/a ULT-AGG 11...
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap
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Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Market Index - Top 100 Companies by Market Cap

  1. 1. Fundamental Analysis & Analyst Recommendations MSCI Emerging Market Index Top 100 Companies by Cap. July 2013 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
  2. 2. Currency Market Capitalization (in mio USD) Daily Volume (M) Total Common Shares (M) Total Debt (USD) Preferred Stock (USD) Minority Interest (USD) Cash and Equivalents (USD) Enterprise Value (USD) Tot. Rev. - LFY Est. Tot. Rev. - Tr. 12M Est. Tot. Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Est. EBITDA - Tr. 12M Est. EBITDA - 2013 Est. EBITDA - 2014 EPS - LFY Est. EPS - Tr. 12M Est. EPS - 2013 Est. EPS - 2014 P/E Ratio - LFY Est. P/E Ratio - Tr. 12M Est. P/E Ratio - 2013 Est. P/E Ratio - 2014 Est. Revenue Growth - 1Y Est. Revenue Growth - 5Y Est. EBITDA Growth - 1Y Est. Est. EBITDA Growth - 5Y Est. EBITDA Margin - S&P LT Credit Rating - S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 15.99 15.99 14.89 14.89 18.61 Euro Stoxx 50 Pr EUR 2560708 5279.664 4548 4548 733 764 764 203.02 296.15 296.15 21.82 17.26 14.96 14.96 20.21 NIKKEI 225 JPY 2702709 192.4604 189 189 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11 FTSE 100 INDEX GBP 2644447 11424.18 10089 10089 1399 1645 1645 578.69 803.66 803.66 24.97 21.92 17.98 17.98 21.06 SWISS MARKET INDEX CHF 1029358 10706.31 4058 4058 850 823 823 411.05 552.23 552.23 20.70 17.15 15.40 15.40 21.86 S&P/TSX COMPOSITE INDEX CAD 1570670 16391.44 8326 8326 1779 1968 1968 735.25 818.04 818.04 14.92 14.92 13.41 13.41 23.22 S&P/ASX 200 INDEX AUD 1212809 5828.591 2682 2682 550 684 684 224.81 323.31 323.31 18.23 14.78 12.68 12.68 20.21 HANG SENG INDEX HKD 1583362 3022.909 1673 1673 355 399 399 278.77 271.53 271.53 1.23 1.40 1.27 1.27 2.91 MSCI EM USD 6879381 1274.567 971 971 188 179 179 82.64 90.29 90.29 10.96 11.12 10.03 10.03 19.20 SAMSUNG ELECTRONICS CO LTD KRW 159591 394 131 3 0 0 15 143.93 123678 124910 208395 230943 24263 25581 - - 102.18 102.89 221.29 0.01 0.01 0.00 0.01 0.01 0.04 0.01 0.02 A 25.01.2006 A1 14.07.2005 TAIWAN SEMICONDUCTOR MANUFAC TWD 91265 35512 25924 4 0 0 4 91.37 16602 16602 10003 10003 - - 0.22 0.21 0.24 0.27 0.55 - 0.48 0.43 0.65 0.37 0.82 0.34 2.00 A+ 20.04.2010 - - CHINA MOBILE LTD HKD 208081 15875 20100 4 0 0 52 116.58 72245 72245 76308 80283 33107 33107 8342 8342 0.83 0.83 0.81 0.78 1.27 - 1.30 1.34 0.79 1.17 -0.02 0.70 5.91 AA- 16.12.2010 WR 03.11.2005 CHINA CONSTRUCTION BANK-H HKD 169616 132064 250011 168 0 1 409 91972 93918 65314 72510 - - - - 0.10 0.10 0.11 0.12 0.66 - 0.63 0.58 3.09 2.01 - - - A 29.11.2011 - - IND & COMM BK OF CHINA-H HKD 222418 192304 349620 294 0 0 562 108392 111010 75061 83232 - - - - 0.09 0.09 0.09 0.10 0.68 - 0.66 0.61 2.50 1.95 - - - A 28.08.2012 - - AMERICA MOVIL SAB DE C-SER L MXN 75840 101398 75841 32 0 1 4 104.84 60272 60188 60501 62631 20288 20000 4866 4866 0.09 0.09 0.10 0.09 0.93 - 0.85 0.87 1.28 1.60 0.38 1.22 2.58 A- 22.03.2010 A2 26.03.2010 TENCENT HOLDINGS LTD HKD 71978 2764 1853 1 0 0 4 54.40 5659 6161 7688 9733 2265 2355 724 724 0.88 0.97 1.16 1.41 4.07 - 3.41 2.81 6.97 7.38 4.07 7.46 4.93 A- 24.06.2013 Baa1 14.11.2011 GAZPROM OAO RUB 81940 28 22976 46 0 9 13 123.71 144467 144467 149008 151991 49126 49126 - - - 1.56 1.37 1.30 0.07 - 0.08 0.08 0.08 0.65 -0.54 0.39 1.03 BBB 29.11.2006 Baa1 03.04.2009 BANK OF CHINA LTD-H HKD 117197 281622 279142 289 0 5 407 79810 79810 50902 56156 - - - - 0.06 0.06 0.07 0.07 0.62 - 0.60 0.56 2.63 1.78 - - - A 29.11.2011 - - CNOOC LTD HKD 75743 34662 44646 7 0 0 17 50.08 31923 31923 33260 35796 15173 15173 - - 0.18 0.18 0.18 0.18 0.94 - 0.97 0.94 0.36 2.90 -0.15 2.45 6.13 AA- 16.12.2010 - - SBERBANK RUB 60318 180 21531 91 0 0 49 41996 44971 33526 37930 - - - - - 0.48 0.50 0.54 0.18 - 0.17 0.16 0.94 0.66 - - - - - Baa1 05.07.2013 HYUNDAI MOTOR CO KRW 41963 408 209 3 0 0 12 32.99 37804 37804 38984 41586 5213 5213 - - - 17.00 32.05 34.59 0.01 - 0.01 0.00 0.00 0.01 0.00 0.01 0.01 BBB+ 20.03.2012 NR 11.08.2010 ITAU UNIBANCO HOLDING S-PREF BRL 59663 10075 4965 193 0 0 45 57662 54889 34050 37321 - - - - 1.12 1.14 1.34 1.53 4.58 4.61 3.91 3.42 0.22 7.28 - - - BBB 30.04.2008 (P)Baa1 20.06.2011 MTN GROUP LTD ZAr 34107 2201 1861 3 0 0 3 34.47 13436 13436 13936 15008 5723 5723 6063 6063 1.10 1.08 1.29 1.47 1.66 1.64 1.39 1.22 1.08 1.30 0.99 1.23 4.24 - - - - LUKOIL OAO RUB 49247 0 755 0 0 0 0 1.63 3528 3628 4115 4081 572 560 145 145 - 0.39 0.43 0.43 0.14 - 0.12 0.12 0.13 0.45 -0.07 0.13 0.47 BBB 15.04.2013 - - NASPERS LTD-N SHS ZAr 31257 338 394 3 0 0 2 32.78 4997 4997 5992 6948 713 713 847 847 1.66 1.71 2.78 3.48 4.36 4.49 2.69 2.15 2.71 2.30 -0.01 0.74 1.42 - - - - PETROBRAS - PETROLEO BRAS-PR BRL 81624 22431 13044 87 1 22 148.90 124306 127134 130200 138770 23484 23128 7260 7260 0.72 0.67 1.01 1.09 4.39 4.39 2.90 2.68 6.73 4.27 -6.04 0.11 8.04 BBB 17.11.2011 - - CIA DE BEBIDAS DAS AME-PREF BRL 112904 1703 3127 1 0 0 4 112.81 14239 14476 15386 16969 6904 6996 1423 1423 1.48 1.49 1.58 1.80 10.78 10.82 10.12 8.93 8.31 4.43 8.27 7.57 21.35 A 05.07.2012 A3 27.04.2010 PETROCHINA CO LTD-H HKD 238392 60040 183021 57 0 15 6 261.96 283005 269297 291365 306571 42496 - - - 0.08 0.08 0.09 0.10 1.46 - 1.30 1.20 1.23 2.74 0.25 0.53 - - - - - HON HAI PRECISION INDUSTRY TWD 29285 29857 11835 5 0 0 2 31.99 106906 106906 125632 152773 1815 1815 - - 0.26 0.27 0.26 0.29 0.30 - 0.32 0.28 0.53 0.69 1.09 0.16 0.06 A- 09.11.2007 - - BANCO BRADESCO SA-PREF BRL 50686 10077 4199 136 0 0 37 44373 70734 28612 30792 - - - - 1.39 1.21 1.33 1.49 4.19 - 3.81 3.40 0.78 6.10 - - - BBB 30.04.2008 Baa1 20.06.2011 SASOL LTD ZAr 27983 475 673 1 0 0 1 29.14 16850 17063 17581 18152 4591 4617 - - 3.81 4.26 4.54 4.62 1.01 1.21 0.94 0.93 1.89 1.23 1.99 0.86 2.69 - - - - VALE SA-PREF BRL 65140 15538 5153 27 0 1 5 87.82 41311 42287 44575 47595 15182 15926 4894 4894 1.90 0.79 2.09 2.11 6.45 2.76 2.44 2.42 -3.68 3.93 -17.57 1.24 16.64 A- 23.11.2011 Baa2 29.08.2008 FOMENTO ECONOMICO MEXICA-UBD MXN 34683 2612 3578 3 0 4 3 39.17 18532 18577 20110 22390 2886 2856 773 773 - 0.45 0.42 0.49 1.76 - 1.92 1.64 1.42 0.76 1.64 0.50 1.20 BBB+ 24.04.2013 - - HOUSING DEVELOPMENT FINANCE INR 21425 3477 1546 27 0 0 0 48.53 5975 5975 4103 4872 3630 3630 - - 0.73 0.73 0.32 0.32 0.31 0.61 0.37 0.37 1.01 - - - - RELIANCE INDUSTRIES LTD INR 46920 3417 2936 18 0 0 11 53.90 65945 65945 62973 64651 5544 5544 - - 1.18 1.18 1.16 1.29 0.21 0.21 0.21 0.19 0.18 0.40 -0.08 0.14 0.14 BBB+ 29.05.2013 Baa2 07.02.2006 PETROBRAS - PETROLEO BRAS BRL 81624 8400 13044 87 1 22 148.90 124306 127134 130200 138770 23484 23128 7260 7260 0.72 0.67 1.01 1.09 3.97 3.97 2.62 2.43 6.73 4.27 -6.04 0.11 8.04 BBB 17.11.2011 - - CHINA LIFE INSURANCE CO-H HKD 60969 27272 28265 18 0 0 9 47883 47883 55033 60676 - - - - 0.05 0.05 0.13 0.16 4.58 4.58 1.74 1.48 0.04 2.91 - - - AA- 16.12.2010 - - INFOSYS LTD INR 23825 1190 574 0 0 0 3 20.43 6702 6702 7369 8070 1917 2058 484 484 2.74 2.74 2.79 3.07 0.25 0.25 0.25 0.22 0.33 0.30 0.12 0.28 0.51 BBB+ 07.05.2010 - - CHINA PETROLEUM & CHEMICAL-H HKD 81750 68191 112866 37 0 5 1 105.14 352402 352402 366519 382555 21858 21858 - - 0.07 0.07 0.08 0.09 0.95 - 0.85 0.80 1.41 2.32 -0.11 0.76 0.80 A+ 16.12.2010 - - HDFC BANK LIMITED INR 26592 1813 2379 8 0 0 5 7141 7141 - - - - - 0.48 0.38 - 0.43 0.49 - - - BBB- 17.01.2008 Baa2 30.04.2012 POSCO KRW 22947 101 77 8 0 0 2 29.01 31238 31238 28542 30267 4091 4091 991 991 - 28.34 23.01 26.15 0.01 - 0.01 0.01 -0.01 0.01 -0.02 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012 VALE SA BRL 65140 3025 5153 27 0 1 5 87.82 41311 42287 44575 47595 15182 15926 4894 4894 1.90 0.79 2.09 2.11 7.02 3.00 2.66 2.63 -3.68 3.93 -17.57 1.24 16.64 A- 23.11.2011 Baa2 29.08.2008 WALMART DE MEXICO-SER V MXN 50140 7227 17722 1 0 0 2 48.89 32509 32898 34861 38771 3172 3213 735 735 - 0.10 0.11 0.13 2.14 - 1.97 1.72 0.76 0.96 0.70 0.99 0.76 - - - - HYUNDAI MOBIS CO LTD KRW 21656 369 96 1 0 0 3 19.17 14772 14772 2195 2195 - - 20.44 20.63 31.74 34.27 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 BBB+ 20.03.2012 - - SHINHAN FINANCIAL GROUP LTD KRW 15990 437 474 6 0 0 0 22.31 869 869 815 815 - - 0.90 0.90 0.03 0.03 -0.05 -0.01 -0.05 -0.02 0.08 - - - - ASTRA INTERNATIONAL TBK PT IDR 26359 17568 40484 6 0 2 1 32.48 18837 18870 20229 22962 2663 2628 - - 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BBB- 11.05.2011 - - BRF SA BRL 18308 1398 870 4 0 0 1 21.49 12598 12983 14053 15566 1031 1184 357 357 0.41 0.52 0.95 1.21 17.92 17.92 9.76 7.63 4.83 12.19 -8.37 11.20 4.03 BBB- 04.04.2012 Baa3 31.05.2012 MAGNIT OJSC-SPON GDR REGS USD 25744 118 2 0 0 0 14430 14430 18526 23251 1488 1488 406 406 - - 2.01 2.50 - - 27.08 21.77 26.32 31.23 66.06 46.99 10.31 BB 08.04.2013 - - KIA MOTORS CORPORATION KRW 21445 913 405 3 0 0 3 21.14 24531 24531 24180 25570 2086 2086 - - 4.59 4.62 7.65 8.21 0.01 0.01 0.01 0.01 0.00 0.01 -0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008 GRUPO TELEVISA SAB-SER CPO MXN 13794 3044 2395 5 0 1 2 17.00 5388 5416 5676 6062 2070 2134 548 548 0.28 0.24 0.24 0.28 1.55 - 1.59 1.35 0.83 0.81 0.98 0.66 3.06 BBB+ 02.10.2007 Baa1 02.05.2007 MEDIATEK INC TWD 15842 5189 1342 0 0 0 1 14.89 2108 2108 4350 5266 273 273 203 203 0.41 0.42 0.62 0.77 0.92 - 0.63 0.50 0.59 0.07 0.79 -0.81 0.43 - - - - CHUNGHWA TELECOM CO LTD TWD 25609 13202 7757 0 0 0 2 23.79 6342 6992 6498 2597 - - - 0.18 - 0.17 0.17 - - 0.66 0.65 -0.03 - -0.20 -0.16 - AA 30.12.2010 - - BANK CENTRAL ASIA TBK PT IDR 22845 10667 24456 0 0 0 11 3525 3627 3314 3912 - - - - - 0.05 0.05 0.07 0.00 - 0.00 0.00 0.00 0.00 - - - NR 11.07.2006 - - STANDARD BANK GROUP LTD ZAr 17334 594 1606 15 1 1 17 12477 12477 7370 8113 - - - - 0.89 0.96 1.06 1.20 1.11 1.20 1.01 0.89 1.63 0.58 - - - - - - - SAMSUNG ELECTRONICS-PREF KRW 16099 20 3 0 0 15 0.44 123678 124910 200517 215776 24263 25581 - - - - 154.77 162.95 - - 0.00 0.00 0.01 0.01 0.04 0.01 0.02 A 25.01.2006 A1 14.07.2005 MALAYAN BANKING BHD MYR 28450 7104 8440 21 0 1 20 7169 7302 5683 6218 - - - - 0.21 0.23 0.23 0.24 4.48 4.48 4.47 4.19 7.81 3.48 - - - A- 11.07.2005 - - SK HYNIX INC KRW 17250 5276 698 5 0 0 1 20.79 8760 9117 12564 14093 1429 1921 - - -0.59 -0.13 3.39 3.93 - - 0.01 0.01 0.00 0.02 -0.03 0.00 0.02 BB 22.02.2013 Ba3 15.02.2012 KB FINANCIAL GROUP INC KRW 11522 889 386 0 0 0 0 11.52 608 608 569 569 - - 1.46 1.47 0.02 0.02 2.16 - - - 0.08 - - - - ITC LTD INR 45598 4888 7902 0 0 0 1 44.18 5202 5202 6037 7067 1855 1855 - - 0.16 0.16 0.19 0.22 0.60 0.60 0.51 0.43 0.33 0.27 0.33 0.32 0.59 - - - - Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Currency Market Capitalization (in mio USD) Daily Volume (M) Total Common Shares (M) Total Debt (USD) Preferred Stock (USD) Minority Interest (USD) Cash and Equivalents (USD) Enterprise Value (USD) Tot. Rev. - LFY Est. Tot. Rev. - Tr. 12M Est. Tot. Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Est. EBITDA - Tr. 12M Est. EBITDA - 2013 Est. EBITDA - 2014 EPS - LFY Est. EPS - Tr. 12M Est. EPS - 2013 Est. EPS - 2014 P/E Ratio - LFY Est. P/E Ratio - Tr. 12M Est. P/E Ratio - 2013 Est. P/E Ratio - 2014 Est. Revenue Growth - 1Y Est. Revenue Growth - 5Y Est. EBITDA Growth - 1Y Est. Est. EBITDA Growth - 5Y Est. EBITDA Margin - S&P LT Credit Rating - S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 15.99 15.99 14.89 14.89 18.61 Euro Stoxx 50 Pr EUR 2560708 5279.664 4548 4548 733 764 764 203.02 296.15 296.15 21.82 17.26 14.96 14.96 20.21 NIKKEI 225 JPY 2702709 192.4604 189 189 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11 FTSE 100 INDEX GBP 2644447 11424.18 10089 10089 1399 1645 1645 578.69 803.66 803.66 24.97 21.92 17.98 17.98 21.06 SWISS MARKET INDEX CHF 1029358 10706.31 4058 4058 850 823 823 411.05 552.23 552.23 20.70 17.15 15.40 15.40 21.86 S&P/TSX COMPOSITE INDEX CAD 1570670 16391.44 8326 8326 1779 1968 1968 735.25 818.04 818.04 14.92 14.92 13.41 13.41 23.22 S&P/ASX 200 INDEX AUD 1212809 5828.591 2682 2682 550 684 684 224.81 323.31 323.31 18.23 14.78 12.68 12.68 20.21 HANG SENG INDEX HKD 1583362 3022.909 1673 1673 355 399 399 278.77 271.53 271.53 1.23 1.40 1.27 1.27 2.91 MSCI EM USD 6879381 1274.567 971 971 188 179 179 82.64 90.29 90.29 10.96 11.12 10.03 10.03 19.20 PING AN INSURANCE GROUP CO-H HKD 46055 9273 7916 79 0 6 22 99.92 44029 44029 48797 55918 - - - - 0.33 0.33 0.46 0.54 1.97 1.97 1.40 1.20 3.26 13.54 - - - - - - - TATA CONSULTANCY SVCS LTD INR 48918 611 1957 0 0 0 1 47.81 10461 10461 12117 13740 2996 3004 817 817 1.18 1.18 1.34 1.51 0.35 0.35 0.31 0.27 0.48 0.37 0.41 0.43 0.48 BBB+ 07.05.2010 - - CEMEX SAB-CPO MXN 11867 28080 11374 17 0 1 1 28.06 15322 15060 15270 16257 2674 2191 752 752 -0.08 -0.10 -0.02 0.01 - - 6.49 0.29 -0.42 1.26 -0.56 1.13 B 25.01.2013 WR 19.10.2006 CIMB GROUP HOLDINGS BHD MYR 19686 9823 7433 16 0 0 13 5970 5968 4612 5100 - - - - 0.18 0.20 0.20 0.22 4.07 4.41 4.14 3.73 2.90 2.69 - - - BBB- 10.09.2008 - - GRUPO MEXICO SAB DE CV-SER B MXN 22829 10472 7785 0 0 0 0 2.08 792 769 791 868 366 347 83 83 - 0.02 0.02 0.02 0.79 - 0.87 0.81 -0.21 1.40 -0.74 0.07 3.50 - - - - CHINA OVERSEAS LAND & INVEST HKD 20987 16720 8173 8 0 0 5 23.44 8325 8325 10530 12409 2980 2980 - - 0.30 0.30 0.30 0.36 1.12 - 1.09 0.93 3.33 5.24 2.77 3.58 4.61 BBB+ 22.04.2013 - - NOVATEK OAO-SPONS GDR REG S USD 36618 45 132 0 1 18 210973 237165 291791 353740 97218 105373 27916 27916 - - 294.91 346.36 - - 13.49 11.49 19.83 35.16 9.34 27.23 44.43 BBB- 19.11.2010 - - GRUPO FINANCIERO BANORTE-O MXN 13389 4532 2326 23 0 1 5 35.71 7578 8082 4184 4762 3585 3773 - - - 0.39 0.46 0.55 1.16 - 0.98 0.81 1.28 1.32 1.69 0.57 3.63 - - - - ECOPETROL SA COP 85614 2606 41117 8 0 1 5 90.23 35752 35086 34540 35194 15329 14644 3349 3349 - 0.18 0.17 0.18 0.01 - 0.01 0.01 0.00 0.01 0.00 0.01 0.02 BBB 24.04.2013 Baa2 13.07.2009 TELEKOMUNIKASI INDONESIA PER IDR 22214 26267 19149 2 0 2 2 23.66 7727 7903 8287 8822 3982 4025 - - 0.07 0.07 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 NR 15.10.2008 - - NHN CORP KRW 12456 108 44 0 0 0 1 11.88 1324 1324 618 618 - - 10.90 10.68 0.02 0.02 0.00 0.01 0.00 0.01 0.04 - - - - LG CHEM LTD KRW 14946 150 66 2 0 0 1 15.37 17905 17899 20988 2113 2153 - - 17.13 17.11 18.74 22.98 0.01 0.01 0.01 0.01 0.00 0.01 -0.02 0.02 0.01 A- 24.11.2010 - - NAN YA PLASTICS CORP TWD 15491 6756 7852 4 0 0 1 17.86 6079 6079 6324 6412 541 541 164 164 - 0.02 0.10 0.12 3.67 - 0.66 0.55 -0.19 -0.05 -1.48 -0.60 0.30 BBB+ 30.12.2010 - - FORMOSA PLASTICS CORP TWD 14697 15353 6121 3 0 0 2 15.54 5747 5747 6130 6551 450 450 174 174 - 0.08 0.13 0.15 1.00 - 0.62 0.53 -0.26 0.06 -1.95 -0.46 0.26 BBB+ 30.12.2010 - - ADVANCED INFO SERVICE-NVDR THB 25931 5663 1 0 0 1 4523 4597 4823 5194 1956 1975 512 512 - - 0.42 0.49 - - 0.66 0.56 0.38 0.19 0.25 0.22 1.37 A- 24.10.2005 - - CHINA STEEL CORP TWD 12021 13247 14963 3 0 0 0 15.35 6881 6881 6964 7431 679 679 211 211 0.01 0.01 0.03 0.03 2.66 - 0.94 0.75 -0.46 -0.09 -1.11 -0.65 0.33 - - - - BM&FBOVESPA SA BRL 10733 5522 1932 1 0 0 2 9.45 912 920 1002 1101 616 624 185 185 0.25 0.24 0.36 0.41 9.87 9.90 6.67 5.82 3.71 3.42 8.82 - 29.95 BBB+ 21.06.2010 Baa1 20.06.2011 FIRSTRAND LTD ZAr 16186 2904 5463 1 0 0 4 7043 6487 5685 6279 - - - - 0.24 0.26 0.27 0.30 1.10 1.11 1.07 0.95 0.45 -0.43 - - - BBB- 16.10.2012 - - ITAUSA-INVESTIMENTOS ITAU-PR BRL 23108 17267 5373 0 1 85 24.79 2497 2544 2549 3065 -5051 -5160 - - 0.37 0.38 0.44 0.54 4.02 4.02 3.41 2.82 4.85 -3.76 -98.92 - -89.62 - - Baa2 27.06.2012 MOBILE TELESYSTEMS-SP ADR USD 19569 1021 8 0 0 1 12436 12488 12879 13473 4898 5476 1260 1260 - - 2.31 2.50 - - 8.21 7.58 0.95 7.53 -5.13 0.08 43.85 BB 03.02.2012 - - PTT PCL-NVDR THB 31574 3381 15 0 4 5 89260 89510 90085 94122 6776 6762 1985 1985 - - 1.30 1.38 - - 0.27 0.26 0.48 0.38 0.13 0.24 0.24 BBB+ 15.04.2009 Baa1 21.02.2011 DELTA ELECTRONICS INC TWD 11763 5482 2421 1 0 0 0 12.10 1205 1205 60 86 86 - - 0.22 0.24 0.23 0.25 0.68 - 0.70 0.64 0.36 -0.14 0.27 0.01 0.24 - - - - BANK RAKYAT INDONESIA PERSER IDR 17916 21527 24669 2 0 0 14 5810 5954 4993 5742 - - - - 0.08 0.08 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 02.05.2012 Baa3 15.03.2013 TURKIYE GARANTI BANKASI TRY 16361 16613 4197 23 0 0 14 9108 9322 5082 5386 - - - - - 0.44 0.45 0.48 4.60 - 4.49 4.22 7.41 5.46 - - - BB+ 05.04.2013 Baa2 03.07.2012 CATHAY FINANCIAL HOLDING CO TWD 15012 65153 10300 1 0 0 1 15.21 1025 1025 2833 2881 - - - - 0.10 0.10 0.08 0.08 0.46 - 0.56 0.54 - - - - - BBB+ 29.04.2009 - - SANLAM LTD ZAr 9656 988 1936 1 0 0 1 9.01 8827 8827 3775 4114 - - - - - 0.30 0.31 0.34 1.54 - 1.47 1.33 6.26 4.86 - - - - - - - CHINA SHENHUA ENERGY CO-H HKD 51042 20032 19890 11 0 6 7 47.22 32262 32262 32900 34912 11346 11346 - - 0.32 0.32 0.30 0.32 0.81 0.80 0.85 0.81 2.53 3.27 0.48 2.09 4.53 - - - - CIELO SA BRL 19274 1699 785 1 0 0 0 20.04 2398 2542 3094 3353 1362 1409 471 471 1.30 1.35 1.46 1.60 8.05 8.06 7.44 6.75 12.79 - 12.84 - 24.49 - - Baa2 01.11.2012 TATNEFT-CLS RUB 12288 0 2123 2 0 0 1 13.60 13466 17303 17113 3682 - 952 952 - 0.71 0.95 0.92 0.24 - 0.18 0.19 -0.85 0.13 0.54 0.33 - NR 25.08.2006 - - SIAM COMMERCIAL BANK P-NVDR THB 16807 8864 8 0 0 6 5872 5854 3854 4271 - - - - - - 0.46 0.53 - - 0.34 0.30 0.87 0.50 - - - BBB+ 23.12.2010 (P)A3 27.04.2011 PKO BANK POLSKI SA PLN 12884 901 1250 5 0 0 4 5281 5172 3154 3402 - - - - 0.89 0.84 0.73 0.85 3.65 3.65 4.21 3.63 2.66 1.92 - - - A- *- 14.06.2013 A2 18.06.2009 UNI-PRESIDENT ENTERPRISES CO TWD 9544 13763 4862 1 0 0 0 10.40 1556 1556 1620 1700 95 95 - - 0.08 0.09 0.09 0.10 0.76 - 0.70 0.63 -0.32 0.00 0.11 -0.01 0.20 - - - - SHOPRITE HOLDINGS LTD ZAr 10631 929 535 0 0 0 1 10.33 8227 8791 9459 10830 583 636 - - 0.60 0.64 0.69 0.80 2.90 2.93 2.69 2.31 1.43 1.50 1.74 2.22 0.72 - - - - SIME DARBY BERHAD MYR 17777 4080 6010 3 0 0 1 20.29 14933 15104 14915 15814 2095 1949 - - - 0.18 0.17 0.19 5.10 - 5.35 4.97 4.30 1.80 0.86 3.40 4.05 A 11.01.2013 - - WANT WANT CHINA HOLDINGS LTD HKD 17971 11085 13228 0 0 0 0 2.25 433 433 524 622 104 104 - - 0.01 0.01 0.01 0.01 4.18 - 3.50 2.97 1.80 3.43 4.67 3.22 3.11 - - - - TENAGA NASIONAL BHD MYR 15032 23575 5502 8 0 0 3 20.08 11245 11452 11633 12227 3276 3249 - - 0.17 0.25 0.21 0.23 3.39 3.34 4.08 3.67 3.51 2.48 25.87 1.35 8.90 BBB+ 10.12.2009 - - AGRICULTURAL BANK OF CHINA-H HKD 131456 74706 324794 167 0 0 399 84119 86270 60533 67655 - - - - 0.06 0.06 0.06 0.07 0.68 - 0.62 0.56 2.46 - - - - A 17.12.2012 - - HINDUSTAN UNILEVER LTD INR 21727 1158 2162 0 0 0 1 21.12 4485 4485 5061 5766 702 702 - - 0.26 0.29 0.28 0.30 0.57 0.64 0.60 0.55 0.25 - 0.34 - 0.26 - - - - CREDICORP LTD USD 9515 732 79 7 0 0 9 4136 4229 3286 3794 - - - - 9.90 9.80 10.48 12.32 12.17 12.17 11.38 9.68 27.26 14.59 - - - - - - - ROSNEFT OAO RUB 74735 8 9238 1 0 0 0 4.22 2978 3033 3616 3806 565 555 273 273 - 0.03 0.03 0.03 0.19 - 0.19 0.19 0.39 0.61 -0.32 0.30 0.55 BBB 16.04.2013 WR 20.11.2006 URALKALI RUB 19330 1352 2846 0 0 0 0 0.66 120 120 122 137 70 70 - - - 0.02 0.01 0.02 0.37 - 0.41 0.33 0.39 1.52 0.36 1.13 1.77 BBB- 18.06.2012 - - FUBON FINANCIAL HOLDING CO TWD 12118 33144 9041 1 0 0 0 12.71 531 531 980 1201 520 520 - - 0.06 0.06 0.11 0.12 0.74 0.74 0.39 0.36 - - - - 3.25 BBB+ 16.12.2008 - - ALFA S.A.B.-A MXN 12425 4890 5200 4 0 1 1 16.06 15566 15582 15447 16266 1887 1887 500 500 0.14 0.13 0.13 0.15 1.48 - 1.42 1.24 0.73 0.93 1.86 1.40 0.94 - - - - BANK MANDIRI PERSERO TBK PT IDR 17530 33718 23333 3 0 0 13 5701 5915 4880 5709 - - - - 0.07 0.07 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 21.04.2011 WR 20.12.2004 REMGRO LTD ZAr 10374 204 514 0 0 0 1 10.00 1346 1443 1477 1601 112 -65 128 128 0.94 0.81 1.03 1.34 2.31 2.44 1.81 1.40 1.07 1.12 1.68 -0.09 -0.45 - - - - CHINA PACIFIC INSURANCE GR-H HKD 24417 11890 9062 8 0 0 3 5.27 21547 21547 24378 27490 - - - - 0.08 0.08 0.14 0.16 4.16 4.18 2.28 1.95 0.97 2.81 - - - - - - - SAMSUNG FIRE & MARINE INS KRW 10104 72 42 0 0 0 1 9.30 12266 12266 15202 16675 - - - - 15.31 15.32 16.41 18.82 0.01 0.01 0.01 0.01 0.07 0.01 - - - AA- 29.05.2013 - - TAIWAN MOBILE CO LTD TWD 12440 3993 2690 1 0 0 0 13.15 2239 2239 3610 3651 623 623 - - 0.19 0.18 0.20 0.21 0.67 - 0.61 0.57 0.29 0.21 -0.08 -0.14 0.92 - - - - BANCO BRADESCO S.A. BRL 50686 1037 4199 136 0 0 37 44373 70734 28612 30792 - - - - 1.39 1.21 1.33 1.49 4.60 - 4.18 3.74 0.78 6.10 - - - BBB 30.04.2008 Baa1 20.06.2011 BIDVEST GROUP LTD ZAr 7952 121 312 1 0 0 1 8.20 13279 14078 14840 16035 875 908 - - 1.33 1.45 1.55 1.73 1.67 1.83 1.56 1.40 1.26 0.72 1.20 0.95 0.64 - - - - Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Q.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 Spot S&P 500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.35 1.47 10.34 10.34 9.65 10.01 10.34 9.10 9.10 8.39 7.84 9.10 14.89 14.89 13.32 12.13 14.89 2.14 2.14 2.30 2.40 2.14 1778.7 8.4% Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.76 0.76 0.74 0.72 0.76 5.77 5.77 5.30 4.82 5.77 6.91 6.91 6.53 6.18 6.91 11.62 11.62 10.36 9.34 11.62 4.30 4.30 4.58 4.92 4.30 2970.0 11.1% NIKKEI 225 1.57 1.57 1.47 1.37 1.57 0.75 0.75 0.73 0.71 0.75 9.28 9.28 8.56 7.84 9.28 8.98 8.98 8.31 7.83 8.98 18.31 18.31 16.25 14.66 18.31 1.59 1.59 1.74 1.88 1.59 14922.4 3.1% FTSE 100 INDEX 1.70 1.70 1.59 1.48 1.70 0.96 0.96 0.93 0.96 0.96 8.36 8.36 7.68 7.02 8.36 6.94 6.94 6.41 6.04 6.94 12.08 12.08 11.00 10.19 12.08 3.88 3.88 4.18 4.52 3.88 7105.8 9.0% SWISS MARKET INDEX 2.37 2.37 2.20 2.05 2.37 2.03 2.03 1.93 1.85 2.03 12.17 12.17 11.10 9.90 12.17 13.01 13.01 11.98 11.22 13.01 14.89 14.89 13.41 12.22 14.89 3.26 3.26 3.64 4.17 3.26 8622.8 8.5% S&P/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.21 8.21 7.41 6.14 8.21 8.33 8.33 7.37 6.80 8.33 14.15 14.15 12.48 11.35 14.15 3.30 3.30 3.45 3.61 3.30 14134.3 15.8% S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.51 1.67 10.08 10.08 9.10 8.68 10.08 8.52 8.52 7.74 7.21 8.52 13.83 13.83 12.55 11.60 13.83 4.82 4.82 5.16 5.51 4.82 5201.8 6.6% HANG SENG INDEX 1.23 1.23 1.13 1.07 1.23 1.59 1.59 1.47 1.36 1.59 7.38 7.38 7.02 6.52 7.38 7.57 7.57 6.94 6.30 7.57 9.82 9.82 9.03 8.29 9.82 3.92 3.92 4.23 4.64 3.92 24805.7 19.9% MSCI EM 1.31 1.31 1.20 1.09 1.31 0.93 0.93 0.87 0.81 0.93 6.48 6.48 5.94 5.47 6.48 7.10 7.10 6.46 5.93 7.10 10.03 10.03 9.02 8.26 10.03 3.09 3.09 3.41 3.71 3.09 1120.1 23.6% SAMSUNG ELECTRONICS CO LTD 1.21 0.97 0.82 0.77 0.69 0.61 2.86 2.55 2.31 4.90 4.52 0.61 0.75 0.82 0.83 0.87 1901750.00 53.7% TAIWAN SEMICONDUCTOR MANUFAC 16.57 14.50 12.87 11.68 2.83 2.85 2.87 2.83 121.96 15.1% CHINA MOBILE LTD 1.77 1.60 1.47 1.36 2.27 2.15 2.05 1.93 1.76 5.63 5.52 5.53 5.84 3.58 3.52 3.45 3.35 10.14 10.07 10.42 10.35 8.66 4.31 4.37 4.26 4.95 88.69 10.4% CHINA CONSTRUCTION BANK-H 1.10 0.95 0.84 0.75 2.28 2.05 1.85 1.67 3.61 4.88 5.06 5.12 5.38 4.89 4.50 4.19 6.44 6.92 7.30 8.17 7.17 36.5% IND & COMM BK OF CHINA-H 1.17 1.01 0.88 0.78 2.56 2.34 2.11 1.91 3.86 4.80 5.06 5.06 5.64 5.12 4.77 4.37 6.22 6.73 7.18 7.90 6.42 35.4% AMERICA MOVIL SAB DE C-SER L 3.19 3.11 3.35 3.07 1.28 1.25 1.21 1.19 1.17 5.18 5.19 4.96 4.68 5.11 5.32 5.22 5.19 5.12 10.23 10.90 11.13 10.75 10.04 1.57 1.43 1.66 1.61 1.48 14.56 7.7% TENCENT HOLDINGS LTD 10.73 7.80 5.89 4.61 7.05 10.06 7.40 5.84 4.76 4.45 26.48 22.91 17.93 15.85 17.77 23.15 18.90 15.81 13.59 11.86 33.77 26.45 21.76 17.78 24.35 0.31 0.40 0.47 0.61 0.35 302.85 0.5% GAZPROM OAO 0.33 0.27 0.26 0.24 0.17 0.58 0.55 0.54 0.52 0.51 1.86 1.76 1.89 1.98 1.55 2.43 2.45 2.55 2.53 2.43 2.29 2.52 2.66 2.65 3.58 6.61 6.33 7.22 7.68 9.22 182.88 60.2% BANK OF CHINA LTD-H 0.83 0.73 0.66 0.59 1.99 1.82 1.65 1.47 3.36 4.17 4.40 4.32 5.11 4.64 4.33 3.93 6.62 7.32 7.90 8.73 4.13 35.1% CNOOC LTD 1.48 1.28 1.14 1.03 1.03 1.94 1.80 1.67 1.57 1.56 4.79 4.67 4.32 4.10 3.91 3.15 2.97 2.75 2.48 2.71 7.17 7.54 7.31 6.86 8.00 3.07 3.49 3.70 3.99 3.89 16.74 27.2% SBERBANK 1.07 1.06 0.91 0.79 0.59 2.15 1.80 1.59 1.41 1.28 5.28 5.24 4.92 4.59 5.85 5.56 5.16 4.58 4.68 2.86 3.31 3.88 4.54 6.80 133.36 44.7% HYUNDAI MOTOR CO 1.45 1.19 0.99 1.08 1.08 1.01 5.42 5.44 5.10 6.10 5.94 5.51 0.86 0.90 0.93 0.97 0.91 269441.19 23.9% ITAU UNIBANCO HOLDING S-PREF 1.66 1.62 1.43 1.28 1.71 1.75 1.60 1.46 1.51 9.54 9.08 7.98 7.03 9.32 8.85 7.75 6.80 5.93 3.36 3.57 3.96 4.56 5.54 36.89 37.7% MTN GROUP LTD 3.58 3.47 3.27 3.07 2.53 2.45 2.27 2.10 1.95 8.57 7.41 6.73 6.11 5.90 5.69 5.34 4.92 4.47 15.70 13.99 12.31 11.12 10.05 4.66 5.19 5.85 6.61 7.91 18879.92 3.7% LUKOIL OAO 0.60 0.55 0.50 0.46 0.37 0.36 0.36 0.37 0.36 0.32 2.75 2.96 2.42 2.47 1.91 2.84 2.87 2.61 2.63 2.45 4.02 4.10 4.12 4.23 3.44 4.72 5.51 6.06 6.58 7.88 2409.94 26.2% NASPERS LTD-N SHS 5.64 4.96 4.19 3.48 6.42 5.22 4.50 3.65 35.56 26.30 21.35 12.87 42.38 38.72 32.23 25.90 17.63 35.20 27.03 21.59 16.87 0.54 0.67 0.85 1.01 80072.09 6.1% PETROBRAS - PETROLEO BRAS-PR 0.54 0.54 0.51 0.49 0.46 0.65 0.63 0.59 0.58 0.61 3.44 3.37 3.06 2.78 2.06 5.61 4.88 4.31 3.78 3.61 9.25 6.56 6.07 5.41 4.24 4.23 4.79 5.31 5.41 5.27 23.60 57.5% CIA DE BEBIDAS DAS AME-PREF 9.18 8.86 8.45 8.17 8.11 7.34 6.65 6.12 5.30 24.51 21.47 17.48 15.99 16.74 14.95 13.48 12.30 24.57 22.91 20.22 18.28 15.37 3.10 3.56 3.86 4.16 91.51 11.4% PETROCHINA CO LTD-H 1.21 1.14 1.06 1.00 0.71 0.65 0.61 0.60 0.66 4.58 4.19 3.88 3.80 3.58 6.13 5.53 5.10 4.83 4.79 10.90 10.05 9.32 8.85 6.51 4.19 4.41 4.75 5.24 5.21 10.93 21.7% HON HAI PRECISION INDUSTRY 1.20 0.29 0.23 0.19 5.72 4.85 4.37 9.40 9.49 8.47 8.11 2.04 2.11 2.24 2.30 4.03 86.31 15.9% BANCO BRADESCO SA-PREF 1.57 1.39 1.24 1.12 1.85 1.77 1.65 1.53 1.59 9.39 8.78 7.76 6.90 9.40 8.62 7.70 6.73 5.59 3.63 3.96 4.35 5.00 5.91 36.13 38.9% SASOL LTD 2.05 1.87 1.67 1.52 1.65 1.59 1.54 1.50 1.42 6.83 6.33 5.87 6.17 4.76 5.81 5.79 5.55 5.70 5.16 9.29 9.49 9.33 9.48 8.83 3.89 4.24 4.47 4.64 4.61 42972.00 -0.9% VALE SA-PREF 0.85 0.80 0.73 0.70 1.62 1.46 1.37 1.29 1.25 3.85 3.88 3.90 4.10 4.90 5.24 4.42 4.29 4.30 4.51 6.11 5.53 5.47 5.72 5.65 8.45 6.08 5.44 5.26 6.61 45.21 73.3% FOMENTO ECONOMICO MEXICA-UBD 4.46 2.96 2.78 2.15 1.88 1.72 1.55 1.42 1.28 26.16 16.75 15.83 11.17 13.49 12.14 10.68 9.65 8.33 29.56 24.65 21.07 18.50 1.31 1.62 1.74 1.83 2.24 147.13 11.2% HOUSING DEVELOPMENT FINANCE 5.22 4.40 3.72 1.48 1.73 1.97 2.28 906.51 9.2% RELIANCE INDUSTRIES LTD 1.49 1.35 1.23 1.11 0.76 0.75 0.73 0.64 8.47 8.20 7.18 6.47 9.76 9.26 8.14 6.79 13.29 12.57 11.26 9.95 6.58 1.02 1.11 1.20 1.32 927.55 6.0% PETROBRAS - PETROLEO BRAS 0.49 0.49 0.46 0.44 0.42 0.65 0.63 0.59 0.58 0.61 3.11 3.05 2.76 2.51 1.86 5.61 4.88 4.31 3.78 3.61 8.37 5.94 5.49 4.90 3.84 3.93 4.61 5.17 6.45 24.78 82.8% CHINA LIFE INSURANCE CO-H 1.84 1.60 1.44 1.26 1.15 0.98 0.88 0.79 0.74 35.23 13.48 11.50 9.22 8.00 1.20 2.20 2.65 3.00 2.46 25.36 44.7% INFOSYS LTD 3.70 3.14 2.72 2.37 3.54 3.23 2.95 2.63 1.92 13.79 13.76 12.53 11.44 10.43 10.26 9.35 8.56 15.28 14.87 13.50 12.01 1.93 1.98 2.18 2.45 2569.76 2.9% CHINA PETROLEUM & CHEMICAL-H 0.93 0.85 0.78 0.72 0.60 0.19 0.18 0.17 0.16 3.06 2.87 2.81 2.74 2.35 4.88 4.22 3.88 3.68 3.39 7.78 6.57 6.23 6.10 5.24 4.44 5.49 5.85 5.99 5.97 7.18 35.5% HDFC BANK LIMITED 0.81 1.01 1.23 1.40 738.22 10.1% POSCO 0.65 0.62 0.60 0.57 0.73 0.80 0.76 0.77 6.20 6.28 5.89 5.61 7.37 7.25 6.39 6.24 10.02 11.44 10.07 9.94 3.09 2.67 2.72 2.67 2.46 382875.00 27.4% VALE SA 0.93 0.87 0.80 0.76 1.62 1.46 1.37 1.29 1.25 4.19 4.22 4.25 4.46 5.34 5.24 4.42 4.29 4.30 4.51 6.66 6.01 5.95 6.23 6.15 7.72 5.14 5.30 6.19 5.88 51.26 80.6% WALMART DE MEXICO-SER V 4.65 4.47 4.07 3.58 1.53 1.44 1.29 1.17 1.07 22.66 18.98 17.86 13.50 15.20 14.08 12.37 10.95 10.07 27.34 25.29 22.13 19.10 17.27 1.50 2.26 2.14 2.15 3.05 40.65 11.5% HYUNDAI MOBIS CO LTD 1.45 1.31 7.73 8.26 7.01 6.49 6.13 0.71 0.78 0.82 0.83 0.78 339514.72 33.7% SHINHAN FINANCIAL GROUP LTD 2.20 2.04 2.40 2.62 3.38 47096.55 22.3% ASTRA INTERNATIONAL TBK PT 3.72 3.20 2.77 2.41 1.41 1.30 1.15 1.03 11.42 9.89 8.95 8.08 12.59 11.97 10.47 9.51 13.69 13.23 11.57 10.38 3.30 3.41 3.86 4.23 7857.69 20.9% BRF SA 2.87 2.60 2.41 2.16 2.04 1.46 1.30 1.18 1.07 0.99 20.56 13.97 11.92 10.72 9.40 19.28 12.29 10.14 8.99 8.05 63.16 22.10 17.28 14.89 12.25 0.74 1.23 1.65 1.85 2.06 52.04 9.6% MAGNIT OJSC-SPON GDR REGS 8.37 6.42 5.26 4.30 3.49 1.79 1.39 1.11 0.91 0.75 23.87 17.96 14.51 11.93 9.49 35.29 27.08 21.77 17.45 13.75 0.46 0.95 1.17 1.46 2.78 57.39 5.4% KIA MOTORS CORPORATION 1.42 1.12 0.91 0.81 0.89 0.84 8.36 5.96 6.91 6.44 6.13 1.09 1.12 1.18 1.23 1.14 70029.41 15.9% GRUPO TELEVISA SAB-SER CPO 2.90 2.55 2.30 2.09 1.87 2.59 2.43 2.28 2.20 2.13 13.02 17.15 14.99 8.73 19.27 8.25 7.73 7.28 7.06 6.99 20.85 20.40 17.33 16.01 14.73 0.52 0.61 0.66 0.93 1.16 69.25 11.3% MEDIATEK INC 3.65 3.64 3.64 3.01 2.78 16.45 12.57 14.68 28.77 19.08 15.18 14.39 2.60 3.08 4.04 4.48 21.77 409.84 15.9% CHUNGHWA TELECOM CO LTD 2.10 2.10 2.08 2.04 3.82 3.66 3.94 8.87 9.13 8.94 8.59 18.84 19.84 19.49 19.03 4.98 4.99 4.96 5.16 86.21 -13.3% BANK CENTRAL ASIA TBK PT 4.50 3.71 3.13 2.62 2.58 8.18 6.89 5.84 5.02 60.90 17.38 15.47 13.40 19.63 16.87 14.11 12.00 11.86 1.37 1.43 1.72 2.09 2.16 10343.94 11.8% STANDARD BANK GROUP LTD 1.52 1.38 1.27 1.16 2.65 2.35 2.14 1.95 9.65 8.27 7.66 6.64 11.57 10.11 8.92 7.77 4.16 4.70 5.32 6.03 11922.33 10.7% SAMSUNG ELECTRONICS-PREF 0.92 0.77 0.08 0.07 11.97 14.49 0.01 0.01 4.56 4.33 1.50 1.81 1550000.00 92.5% MALAYAN BANKING BHD 2.14 1.96 1.84 1.74 5.47 5.01 4.58 4.17 13.36 13.53 12.71 11.45 15.10 14.25 13.36 12.39 5.07 4.94 5.11 5.57 10.72 2.8% SK HYNIX INC 1.57 1.27 1.04 1.37 1.22 1.15 3.48 2.98 3.05 7.32 6.32 5.94 0.04 0.17 0.41 0.48 38941.18 37.4% KB FINANCIAL GROUP INC 2.35 2.20 2.94 3.52 44560.71 30.9% ITC LTD 12.34 10.59 9.35 9.06 8.96 7.55 6.45 5.48 33.57 28.37 23.96 22.56 24.22 20.07 16.95 14.14 36.53 30.55 25.80 22.10 1.66 1.92 2.32 2.75 357.69 2.9% Price to Earnings Ratio Valuation Measures II/II Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target Q.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 Spot S&P 500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.35 1.47 10.34 10.34 9.65 10.01 10.34 9.10 9.10 8.39 7.84 9.10 14.89 14.89 13.32 12.13 14.89 2.14 2.14 2.30 2.40 2.14 1778.7 8.4% Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.76 0.76 0.74 0.72 0.76 5.77 5.77 5.30 4.82 5.77 6.91 6.91 6.53 6.18 6.91 11.62 11.62 10.36 9.34 11.62 4.30 4.30 4.58 4.92 4.30 2970.0 11.1% NIKKEI 225 1.57 1.57 1.47 1.37 1.57 0.75 0.75 0.73 0.71 0.75 9.28 9.28 8.56 7.84 9.28 8.98 8.98 8.31 7.83 8.98 18.31 18.31 16.25 14.66 18.31 1.59 1.59 1.74 1.88 1.59 14922.4 3.1% FTSE 100 INDEX 1.70 1.70 1.59 1.48 1.70 0.96 0.96 0.93 0.96 0.96 8.36 8.36 7.68 7.02 8.36 6.94 6.94 6.41 6.04 6.94 12.08 12.08 11.00 10.19 12.08 3.88 3.88 4.18 4.52 3.88 7105.8 9.0% SWISS MARKET INDEX 2.37 2.37 2.20 2.05 2.37 2.03 2.03 1.93 1.85 2.03 12.17 12.17 11.10 9.90 12.17 13.01 13.01 11.98 11.22 13.01 14.89 14.89 13.41 12.22 14.89 3.26 3.26 3.64 4.17 3.26 8622.8 8.5% S&P/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.21 8.21 7.41 6.14 8.21 8.33 8.33 7.37 6.80 8.33 14.15 14.15 12.48 11.35 14.15 3.30 3.30 3.45 3.61 3.30 14134.3 15.8% S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.51 1.67 10.08 10.08 9.10 8.68 10.08 8.52 8.52 7.74 7.21 8.52 13.83 13.83 12.55 11.60 13.83 4.82 4.82 5.16 5.51 4.82 5201.8 6.6% HANG SENG INDEX 1.23 1.23 1.13 1.07 1.23 1.59 1.59 1.47 1.36 1.59 7.38 7.38 7.02 6.52 7.38 7.57 7.57 6.94 6.30 7.57 9.82 9.82 9.03 8.29 9.82 3.92 3.92 4.23 4.64 3.92 24805.7 19.9% MSCI EM 1.31 1.31 1.20 1.09 1.31 0.93 0.93 0.87 0.81 0.93 6.48 6.48 5.94 5.47 6.48 7.10 7.10 6.46 5.93 7.10 10.03 10.03 9.02 8.26 10.03 3.09 3.09 3.41 3.71 3.09 1120.1 23.6% PING AN INSURANCE GROUP CO-H 1.97 1.64 1.40 1.21 0.84 0.75 0.65 0.57 13.72 10.83 9.27 8.04 1.15 1.44 1.75 2.05 74.96 53.5% TATA CONSULTANCY SVCS LTD 7.39 5.87 4.80 3.97 4.68 4.04 3.56 3.08 2.37 20.32 17.39 15.56 14.34 15.84 13.72 12.24 10.76 21.17 18.60 16.54 14.40 1.51 1.76 1.95 2.26 1570.79 4.4% CEMEX SAB-CPO 0.49 1.05 1.02 1.02 0.98 0.79 0.78 0.73 0.69 0.64 8.38 9.08 7.69 6.60 10.88 9.90 8.75 8.05 6.63 83.48 30.97 22.40 0.31 0.00 0.00 0.00 0.00 15.00 11.6% CIMB GROUP HOLDINGS BHD 2.16 1.95 1.76 1.58 4.75 4.27 3.86 3.49 39.24 25.35 22.89 20.60 14.23 13.18 11.89 10.62 3.09 3.05 3.35 3.83 8.87 7.7% GRUPO MEXICO SAB DE CV-SER B 3.05 2.37 2.08 1.84 2.24 2.24 2.04 1.85 1.59 6.59 6.66 6.66 6.11 5.50 5.56 4.99 4.57 4.08 10.04 11.23 10.36 9.10 7.52 5.83 3.48 3.48 4.88 6.82 48.91 29.7% CHINA OVERSEAS LAND & INVEST 1.96 1.58 1.34 1.17 2.45 1.99 1.69 1.47 6.91 6.23 4.85 4.17 7.48 6.34 5.41 4.61 10.44 8.44 7.21 6.26 1.89 2.32 2.72 3.19 25.22 26.6% NOVATEK OAO-SPONS GDR REG S 4.21 3.41 3.01 2.59 2.06 5.58 4.14 3.41 2.95 2.64 15.47 11.92 10.93 9.74 8.51 17.21 13.49 11.49 10.22 9.20 1.76 2.44 2.58 2.98 3.02 138.33 14.7% GRUPO FINANCIERO BANORTE-O 2.13 1.81 1.60 1.38 3.71 3.20 2.81 2.50 1.62 15.75 12.80 9.99 8.62 38.46 15.55 12.60 10.38 8.80 6.61 0.95 1.35 1.71 2.20 2.97 98.76 33.4% ECOPETROL SA 2.85 2.36 2.22 2.11 1.93 2.48 2.48 2.43 2.41 2.12 7.76 7.52 7.61 8.08 7.03 5.60 6.02 5.84 5.69 5.49 10.58 12.04 11.66 11.78 9.91 6.04 5.81 5.41 4.88 6.88 4644.82 15.8% TELEKOMUNIKASI INDONESIA PER 3.94 3.50 3.18 2.91 2.91 2.68 2.52 2.36 7.03 6.34 5.99 5.66 5.94 5.49 5.15 4.82 16.43 14.71 13.56 12.37 3.65 4.39 4.97 5.57 12401.04 12.7% NHN CORP 0.21 0.23 0.27 0.30 0.42 341677.41 15.6% LG CHEM LTD 0.71 7.82 11.50 12.03 9.82 1.55 1.59 1.69 1.63 1.55 323185.19 25.5% NAN YA PLASTICS CORP 1.89 1.74 1.68 1.62 2.54 2.45 2.42 2.25 20.38 21.55 15.12 21.68 34.77 25.64 22.94 28.71 135.62 19.73 16.63 14.57 1.18 2.83 3.78 4.44 66.10 11.3% FORMOSA PLASTICS CORP 1.97 1.84 1.76 1.63 2.56 2.40 2.24 2.15 15.39 13.80 15.12 10.94 31.41 24.21 21.09 21.16 30.31 18.70 15.85 14.24 3.00 2.89 3.80 4.61 77.04 6.6% ADVANCED INFO SERVICE-NVDR 18.63 17.21 16.18 15.31 5.84 5.38 4.99 4.62 5.40 16.82 15.17 13.22 11.13 22.76 20.79 17.67 15.34 CHINA STEEL CORP 1.29 1.24 1.22 1.07 0.69 1.73 1.73 1.62 1.56 1.35 10.86 13.80 11.66 11.45 8.91 22.17 16.81 15.35 13.29 9.69 62.20 28.35 22.64 18.68 11.45 1.76 2.40 2.97 3.50 2.49 23.39 -1.3% BM&FBOVESPA SA 1.21 1.21 1.20 1.19 11.70 10.71 9.75 8.88 7.99 17.83 14.82 13.48 11.63 14.60 12.87 11.46 10.36 9.52 14.42 15.09 13.18 11.41 9.40 3.63 4.25 5.37 6.30 8.72 15.48 26.2% FIRSTRAND LTD 2.63 2.24 1.95 1.72 3.33 2.85 2.58 2.32 11.84 9.51 8.78 8.20 13.40 10.76 9.58 8.57 7.92 3.58 4.39 5.04 5.71 3357.90 16.3% ITAUSA-INVESTIMENTOS ITAU-PR 1.27 1.37 1.21 10.55 9.06 7.54 6.57 8.31 7.71 6.38 5.20 4.00 4.39 5.55 6.71 11.02 42.2% MOBILE TELESYSTEMS-SP ADR 5.17 4.02 3.68 3.21 3.15 1.57 1.52 1.45 1.38 1.30 4.04 4.32 4.17 4.00 4.45 11.42 8.21 7.58 7.89 6.61 6.05 7.28 8.02 8.92 10.59 22.62 19.4% PTT PCL-NVDR 1.52 1.41 1.28 1.15 0.36 0.35 0.34 0.34 5.46 5.18 5.04 4.71 9.11 8.53 8.01 7.84 DELTA ELECTRONICS INC 4.29 3.87 196.23 18.60 20.89 16.63 12.73 23.96 21.11 19.38 3.01 3.92 4.45 5.05 161.04 10.3% BANK RAKYAT INDONESIA PERSER 2.82 2.23 1.85 1.56 4.09 3.59 3.12 2.67 21.83 9.17 9.59 7.85 10.46 8.90 7.84 6.74 1.95 2.70 2.91 3.67 9708.75 33.9% TURKIYE GARANTI BANKASI 1.52 1.32 1.19 1.06 3.68 3.22 3.04 2.68 2.44 5.91 5.18 4.42 3.94 9.78 8.71 8.19 7.31 6.41 2.08 2.43 3.07 3.53 4.63 10.48 38.6% CATHAY FINANCIAL HOLDING CO 1.86 1.66 1.62 6.57 5.30 5.21 29.52 16.92 16.26 16.52 23.11 1.13 1.88 1.90 1.96 42.83 3.0% SANLAM LTD 2.03 1.86 1.69 1.54 3.30 2.56 2.35 2.15 18.40 15.61 14.17 12.43 15.53 14.80 13.36 12.05 11.95 3.45 4.09 4.51 4.98 4.94 4631.60 0.2% CHINA SHENHUA ENERGY CO-H 1.19 1.08 0.97 0.89 0.84 1.32 1.23 1.16 1.11 1.13 4.55 4.47 4.04 4.17 4.31 4.18 3.93 3.76 4.35 6.48 6.58 6.27 6.22 7.63 5.96 5.88 6.20 6.25 5.15 31.25 60.9% CIELO SA 18.81 14.67 11.93 10.38 7.21 6.23 5.75 5.39 5.21 17.69 14.31 13.54 11.32 11.82 11.41 10.42 9.86 9.40 18.73 16.84 15.28 14.03 12.59 3.64 4.18 4.80 5.52 7.56 57.82 4.2% TATNEFT-CLS 0.87 0.87 0.88 0.90 0.57 0.64 0.71 0.72 0.71 0.63 4.46 4.91 5.06 5.47 4.72 3.86 3.89 4.01 4.22 3.90 5.77 5.94 6.16 7.15 5.31 4.47 4.18 3.80 3.33 4.14 197.60 6.2% SIAM COMMERCIAL BANK P-NVDR 2.46 2.10 1.83 1.59 1.40 5.05 4.36 3.93 3.48 3.11 26.23 10.55 9.13 7.96 12.94 10.66 9.28 8.21 7.23 PKO BANK POLSKI SA 1.75 1.68 1.57 1.45 1.37 3.74 4.09 3.79 3.51 3.30 6.19 12.06 10.69 10.06 11.52 14.12 12.18 10.39 8.66 4.00 4.15 4.28 5.08 6.05 38.60 11.5% UNI-PRESIDENT ENTERPRISES CO 3.49 3.24 3.02 2.75 6.05 5.89 5.61 5.43 29.49 25.53 24.32 63.59 65.44 61.56 78.07 22.95 20.99 19.03 17.59 2.04 2.51 2.92 3.18 62.49 5.7% SHOPRITE HOLDINGS LTD 8.40 6.85 5.97 5.19 1.29 1.12 0.98 0.86 0.76 22.30 21.12 18.16 16.37 18.20 15.49 13.33 11.49 29.97 27.06 23.19 19.81 16.68 1.74 1.87 2.19 2.58 3.00 20391.50 8.8% SIME DARBY BERHAD 2.17 2.06 1.93 1.81 1.48 1.26 1.19 1.12 1.06 0.89 14.03 14.07 15.33 11.76 10.48 9.32 10.65 9.68 9.07 8.85 14.10 17.05 15.85 14.46 9.34 3.57 3.12 3.26 3.44 4.51 10.12 7.3% WANT WANT CHINA HOLDINGS LTD 11.23 9.44 7.85 7.04 5.09 4.42 3.73 3.17 26.64 20.90 18.61 16.78 21.92 18.26 15.47 13.14 33.14 27.18 23.03 19.14 1.84 2.36 2.80 3.31 11.30 7.2% TENAGA NASIONAL BHD 1.38 1.23 1.14 1.08 1.37 1.29 1.23 1.17 6.69 5.19 4.85 4.92 7.40 6.40 6.04 5.75 17.67 13.00 11.69 10.97 1.87 2.61 2.82 3.14 9.29 9.3% AGRICULTURAL BANK OF CHINA-H 1.03 0.90 0.79 0.69 1.89 1.72 1.54 1.38 3.24 4.43 4.43 4.43 5.24 4.78 4.35 3.89 6.43 7.10 7.77 8.65 4.16 37.2% HINDUSTAN UNILEVER LTD 32.53 33.64 28.96 22.97 4.88 4.29 3.77 3.31 42.17 36.86 33.83 35.97 31.01 27.52 24.45 40.00 36.22 33.15 29.30 2.24 1.92 2.11 2.47 525.19 -13.2% CREDICORP LTD 2.29 2.02 1.76 1.57 3.28 2.90 2.51 2.21 11.79 11.67 9.86 8.85 12.00 11.38 9.68 8.45 2.26 2.44 2.90 3.69 160.91 34.9% ROSNEFT OAO 0.90 0.87 0.78 0.71 0.50 0.75 0.63 0.60 0.59 0.53 3.41 3.15 3.29 3.47 6.93 5.35 5.05 5.10 4.09 6.11 6.11 6.12 6.37 5.14 3.63 4.16 4.16 4.00 5.82 261.48 12.4% URALKALI 2.44 2.32 2.12 1.98 1.55 4.81 4.79 4.29 3.92 3.45 11.06 10.38 9.15 8.35 6.19 9.17 9.52 8.26 7.43 6.34 13.68 13.43 10.86 9.75 7.82 4.04 4.09 4.47 5.15 7.35 288.31 32.8% FUBON FINANCIAL HOLDING CO 1.21 1.13 13.43 12.36 10.09 13.87 11.66 10.94 10.18 9.16 2.60 2.85 3.08 3.31 45.77 19.5% ALFA S.A.B.-A 3.03 2.75 2.40 2.25 0.80 0.80 0.76 0.71 0.69 10.85 10.04 9.28 8.83 8.40 8.49 7.87 7.34 7.01 17.03 18.25 15.98 14.94 15.16 0.80 1.25 1.21 1.00 30.25 -2.7% BANK MANDIRI PERSERO TBK PT 2.37 1.98 1.68 1.47 1.19 4.27 3.59 3.07 2.61 2.18 11.89 10.88 9.21 8.28 11.92 9.88 8.45 7.27 5.66 1.97 2.49 2.87 3.42 4.52 10899.57 45.3% REMGRO LTD 1.81 1.76 1.70 8.20 7.02 6.49 6.00 15.23 13.51 12.15 87.34 78.39 70.12 62.44 17.30 18.21 14.07 12.30 10.44 2.89 1.92 2.24 2.57 2.74 19361.67 2.5% CHINA PACIFIC INSURANCE GR-H 1.85 1.65 1.51 1.33 1.25 0.91 0.79 0.70 0.63 29.53 17.65 15.10 12.05 9.87 1.34 1.90 2.15 2.59 2.10 33.57 39.3% SAMSUNG FIRE & MARINE INS 1.31 1.19 1.08 0.96 0.74 0.66 0.61 0.57 14.45 13.00 11.33 10.42 1.81 1.98 2.22 2.27 1.77 261580.77 7.4% TAIWAN MOBILE CO LTD 6.82 7.07 3.45 3.41 13.44 13.56 19.85 18.31 17.04 16.10 4.71 5.07 5.48 5.89 108.19 -1.2% BANCO BRADESCO S.A. 1.72 1.53 1.37 1.23 1.85 1.77 1.65 1.53 1.59 10.30 9.64 8.52 7.57 10.32 9.47 8.46 7.39 6.14 BIDVEST GROUP LTD 3.70 3.05 2.71 2.41 0.60 0.54 0.50 0.46 16.46 10.46 9.79 7.95 9.20 8.66 7.87 7.18 17.78 15.67 14.03 12.77 2.58 2.85 3.19 3.53 26238.67 7.5% Price to Earnings Ratio Valuation Measures II/II Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 09.07.2013 Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (03.01.2013) 1'584'000.00 52-Week Low (12.07.2012) 1'091'000.00 Daily Volume 1237000 52-Week High % Change -21.91% Dividend Yield - 52-Week Low % Change 13.38% Beta 1.14 % 52 Week Price Range High/Low 27.38% Equity Float 106.62 Shares Out 30.06.2013 147.3 Short Int - 182'209'280.00 1 Yr Total Return 10.41% Total Debt 3'111'874.00 YTD Return -18.73% Preferred Stock 119'467.0 Adjusted BETA 1.142 Minority Interest 0.0 Analyst Recs 53 Cash and Equivalents 16'911'345.00 Consensus Rating 4.830 Enterprise Value 164'325'687.87 Average Volume 5 Day 355'768 005930 KS EQUITY YTD Change - Average Volume 30 Day 393'773 005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 306'787 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 ######### ######### ######### ######### - - 0.70x 1.05x 1.02x 1.06x 1.31x 3.81x 4.80x 0.61x 0.49x - - 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 ######### ######### ######### ######### - - 4.32x 6.61x 5.60x 6.75x 6.70x 7.82x 6.23x 2.86x 2.55x - - 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 ######### ######### - ######### - - 11.97x 18.96x 10.69x 15.82x 13.17x 16.30x 13.00x - 4.90x - - EBITDA 27'701'730.00 Long-Term Rating Date 25.01.2006 EBIT 18'510'436.00 Long-Term Rating A Operating Margin 13.11% Long-Term Outlook POS Pretax Margin 14.69% Short-Term Rating Date 25.01.2006 Return on Assets 13.65% Short-Term Rating A-1 Return on Common Equity 17.00% Return on Capital 17.16% EBITDA/Interest Exp. 205.30 Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Gross Margin 29.6% Total Debt/EBITDA 0.06 EBITDA Margin 20.5% EBIT Margin 14.1% Total Debt/Equity 2.9% Net Income Margin 12.3% Total Debt/Capital 2.9% Asset Turnover 1.10 Current Ratio 1.77 Net Fixed Asset Turnover 3.36 Quick Ratio 1.38 Accounts receivable turnover-days 46.56 Debt to Assets 2.34% Inventory Days 20.87 Tot Debt to Common Equity 2.94% Accounts Payable Turnover Day 25.67 Accounts Receivable Turnover 7.84 Cash Conversion Cycle 38.44 Inventory Turnover 17.49 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Samsung Electronics Co Ltd Price/Volume Valuation Analysis 393'899.00 Current Price (7/dd/yy) Market Data 0 200000 400000 600000 800000 1000000 1200000 1400000 1600000 1800000 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M .2 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 0.0 20'000'000.0 40'000'000.0 60'000'000.0 80'000'000.0 100'000'000.0 120'000'000.0 140'000'000.0 160'000'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type SAMSUNG ELECTRONICS n/a Co File 16'513'149 11.21 (399'465) 30.09.2012 Corporation SAMSUNG LIFE INSURAN n/a EXCH 11'118'693 7.55 46'942 21.03.2013 Insurance Company NATIONAL PENSION SER n/a EXCH 10'316'789 7 1'473'927 20.11.2012 Government CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank SAMSUNG C&T CORP n/a EXCH 5'976'362 4.06 - 21.03.2013 Corporation KUN HEE LEE n/a EXCH 4'985'464 3.38 - 21.03.2013 n/a KOREA INVESTMENT TRU n/a EXCH 3'989'329 2.71 - 30.11.2012 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 3'788'829 2.57 (439'096) 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 2'796'732 1.9 (33'075) 05.07.2013 Investment Advisor SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'559'330 1.06 (285'318) 31.03.2013 Investment Advisor SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'510'613 1.03 94'994 31.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'231'444 0.84 - 31.12.2012 Government FMR LLC n/a ULT-AGG 1'220'791 0.83 (188'072) 31.05.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 1'044'152 0.71 87'673 31.12.2012 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 944'595 0.64 2'237 10.05.2013 Investment Advisor MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 939'474 0.64 31'047 31.03.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 911'299 0.62 10'558 30.04.2013 Investment Advisor JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a JP MORGAN n/a ULT-AGG 690'219 0.47 119'705 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Tong Yang Investment Bank HYUN PARK buy 5 M 1'700'000 12 month 09.07.2013 BNP Paribas Equity Research PETER YU buy 5 M 2'500'000 12 month 09.07.2013 Nomura CHANG-WON CHUNG buy 5 M 2'200'000 Not Provided 09.07.2013 BMO Capital Markets TIMOTHY P LONG outperform 5 M 1'800'000 Not Provided 08.07.2013 Daewoo Securities JAMES SONG buy 5 M 2'100'000 12 month 08.07.2013 NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 08.07.2013 Korea Investment & Securities KEVIN SUNG-HYUK LEE buy 5 M 2'000'000 12 month 08.07.2013 Samsung Securities MINSEONG HWANG buy 5 M 1'900'000 12 month 08.07.2013 Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'900'000 12 month 08.07.2013 HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'850'000 6 month 08.07.2013 Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'800'000 12 month 08.07.2013 Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'750'000 12 month 08.07.2013 Maybank Kim Eng WARREN LAU buy 5 M 1'800'000 12 month 08.07.2013 Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'900'000 6 month 08.07.2013 KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 08.07.2013 Mirae Asset Securities DOH HYUN-WOO buy 5 M 1'800'000 12 month 08.07.2013 IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'770'000 Not Provided 08.07.2013 Ji Asia STEVE MYERS sell 1 M 1'040'000 12 month 08.07.2013 HSBC RICKY JUIL SEO overweight 5 M 1'950'000 Not Provided 07.07.2013 HI Investment Securities SONG MYUNG-SUP buy 5 M 1'800'000 6 month 07.07.2013 Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 2'040'000 12 month 07.07.2013 Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'750'000 12 month 05.07.2013 Hyundai Securities KIM JEFF buy 5 M 1'800'000 Not Provided 05.07.2013 Jefferies SUNDEEP BAJIKAR buy 5 M 2'100'000 12 month 05.07.2013 Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'500'000 12 month 05.07.2013 Macquarie DANIEL KIM outperform 5 M 1'900'000 12 month 05.07.2013 CIMB DO-HOON LEE outperform 5 M 2'000'000 12 month 05.07.2013 Mizuho Securities CHARLES PARK buy 5 M 1'800'000 12 month 05.07.2013 Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1'800'000 Not Provided 05.07.2013 S&P Capital IQ JAMES CRAWSHAW strong buy 5 M #N/A N/A Not Provided 04.07.2013 KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 2'100'000 6 month 03.07.2013 KTB Securities JIN SUNG-HAE buy 5 M 1'900'000 12 month 02.07.2013 Woori Investment & Securities YOUNG PARK buy 5 M 2'000'000 12 month 28.06.2013 Credit Suisse KEON HAN outperform 5 M 1'900'000 Not Provided 26.06.2013 Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.06.2013 Goldman Sachs MICHAEL BANG buy/attractive 5 M 1'800'000 12 month 12.06.2013 Deutsche Bank SEUNGHOON HAN buy 5 M 2'100'000 12 month 10.06.2013 Barclays BAE SEUNG-CHUL overweight 5 M 2'100'000 Not Provided 10.06.2013 JPMorgan JJ Park overweight 5 M 1'900'000 6 month 06.06.2013 Standard Chartered SUN CHUNG outperform 5 M 2'100'000 12 month 05.06.2013 Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 03.06.2013 Hana Daetoo Securities CHUN SUNG-HOON buy 5 M 1'750'000 12 month 27.05.2013 Taurus Investment Securities Co Ltd YOUNG DAE KIM buy 5 M 1'900'000 6 month 27.05.2013 Holdings By: Samsung Electronics Co Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 09.07.2013 Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (14.05.2013) 116.50 52-Week Low (23.07.2012) 73.80 Daily Volume 106 52-Week High % Change -9.01% Dividend Yield - 52-Week Low % Change 43.63% Beta 0.85 % 52 Week Price Range High/Low 73.07% Equity Float 16'951.88 Shares Out 31.03.2013 25'924.4 Short Int 28.33 2'747'990.25 1 Yr Total Return 36.21% Total Debt 114'714.93 YTD Return 12.34% Preferred Stock 0.0 Adjusted BETA 0.846 Minority Interest 0.0 Analyst Recs 32 Cash and Equivalents 111'697.01 Consensus Rating 4.531 Enterprise Value 2'751'008.10 Average Volume 5 Day 35'054'070 2330 TT EQUITY YTD Change - Average Volume 30 Day 36'267'730 2330 TT EQUITY YTD % CHANGE - Average Volume 3 Month 35'423'880 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 321'767.1 285'742.9 406'963.3 418'245.5 499'871.9 418'245.5 499'871.9 - - - - 3.13x 5.41x 4.32x 4.60x 5.04x 17.46x 18.17x - - - - 180'859.8 168'850.2 238'212.6 241'831.2 301'201.6 241'831.2 301'201.6 - - - - 5.56x 9.16x 7.37x 7.96x 8.36x 7.96x 8.36x - - - - 99'933.2 89'217.8 161'605.0 134'201.3 166'158.8 134'201.3 166'158.8 190'152.2 214'762.9 49'103.7 53'349.2 11.50x 18.70x 11.38x 14.63x 15.13x 14.64x 15.14x 14.50x 12.87x 14.24x 13.97x EBITDA 301'201.65 Long-Term Rating Date 20.04.2010 EBIT 176'801.77 Long-Term Rating A+ Operating Margin 35.37% Long-Term Outlook STABLE Pretax Margin 36.74% Short-Term Rating Date - Return on Assets 19.46% Short-Term Rating - Return on Common Equity 24.57% Return on Capital 22.03% EBITDA/Interest Exp. 318.69 Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 62.57 Net Debt/EBITDA 0.01 Gross Margin 46.9% Total Debt/EBITDA 0.38 EBITDA Margin 60.3% EBIT Margin 35.4% Total Debt/Equity 15.9% Net Income Margin 33.2% Total Debt/Capital 13.7% Asset Turnover 0.59 Current Ratio 1.50 Net Fixed Asset Turnover 0.96 Quick Ratio 0.87 Accounts receivable turnover-days 8.80 Debt to Assets 12.12% Inventory Days 40.07 Tot Debt to Common Equity 15.86% Accounts Payable Turnover Day 15.08 Accounts Receivable Turnover 41.58 Cash Conversion Cycle 33.79 Inventory Turnover 9.13 Fiscal Year Ended Taiwan Semiconductor Manufacturing Co Ltd Price/Volume Valuation Analysis 35'511'970.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 70.0 M 80.0 M 90.0 M 0.0 100'000.0 200'000.0 300'000.0 400'000.0 500'000.0 600'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type TAIWAN SEMICONDUCTOR n/a Co File 5'458'510'828 21.06 - 31.12.2012 Corporation CAPITAL GROUP COMPAN n/a ULT-AGG 2'188'192'999 8.44 949'000 31.03.2013 Investment Advisor NATIONAL DEVELOP FUN n/a EXCH 1'653'709'980 6.38 3'709'980 31.05.2013 Government SAUDI ARABIAN MONETA n/a Co File 813'105'396 3.14 - 31.12.2012 Government ABERDEEN n/a ULT-AGG 718'570'063 2.77 (48'412'257) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 579'539'879 2.24 (2'893'333) 05.07.2013 Investment Advisor GOVT OF SINGAPORE IN n/a ULT-AGG 496'005'919 1.91 - 31.12.2012 Government VANGUARD GROUP INC Multiple Portfolios MF-AGG 381'705'014 1.47 36'479'965 31.03.2013 Investment Advisor COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 347'558'212 1.34 (4'421'000) 28.02.2013 Bank ABU DHABI INVESTMENT n/a Co File 271'795'529 1.05 - 31.12.2012 Government NORGES BANK Multiple Portfolios MF-AGG 264'833'400 1.02 - 31.12.2012 Government CATHAY LIFE INSURANC n/a Co File 255'515'235 0.99 - 31.12.2012 Insurance Company FIL LIMITED n/a ULT-AGG 236'003'960 0.91 (2'620'135) 31.12.2012 Investment Advisor WESTMINSTER FS PACIF n/a Co File 226'137'807 0.87 - 31.12.2012 Other POLARIS SEC INVESTME Multiple Portfolios MF-AGG 218'802'958 0.84 (29'556'042) 31.05.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 182'149'743 0.7 9'600'000 10.05.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 169'718'342 0.65 14'532'000 30.04.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 164'490'474 0.63 6'126'741 31.05.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 159'054'876 0.61 (7'633'900) 30.04.2013 Investment Advisor JP MORGAN n/a ULT-AGG 146'464'572 0.56 32'054'118 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank MICHAEL CHOU buy 5 M 138 12 month 09.07.2013 Nomura AARON JENG buy 5 M 130 Not Provided 07.07.2013 BNP Paribas Equity Research SZEHO NG buy 5 M 122 12 month 03.07.2013 Capital Securities Corp LIYAN CHEN neutral 3 M #N/A N/A Not Provided 02.07.2013 President Capital Management TSUNG-YUEH CHEN buy 5 U 117 6 month 02.07.2013 Fubon Securities CARLOS PENG add 4 M 125 6 month 01.07.2013 IBT Securities Co Ltd HONG YI CHEN buy 5 M #N/A N/A Not Provided 28.06.2013 Jih Sun Securities JOE LAI buy 5 M 120 Not Provided 24.06.2013 Sanford C. Bernstein & Co MARK LI market perform 3 M 107 12 month 21.06.2013 Morgan Stanley BILL LU Equalwt/In-Line 3 M 105 12 month 11.06.2013 JPMorgan JJ Park overweight 5 M 135 12 month 10.06.2013 KGI Securities MICHAEL LIU outperform 5 M 125 12 month 10.06.2013 SinoPac STEFAN CHANG buy 5 M 125 Not Provided 05.06.2013 Goldman Sachs DONALD LU Buy/Neutral 5 M 125 12 month 27.05.2013 Mega Securities DANIEL LU buy on weakness 5 M 124 6 month 23.04.2013 Ji Asia STEVE MYERS buy 5 M 126 12 month 22.04.2013 Credit Suisse RANDY ABRAMS outperform 5 M 116 Not Provided 19.04.2013 Masterlink Securities SARENA HSU buy 5 M 130 3 month 19.04.2013 Macquarie JEFFREY SU outperform 5 M 131 12 month 19.04.2013 Mizuho Securities CHARLES PARK buy 5 M 120 12 month 19.04.2013 HSBC STEVEN C PELAYO overweight 5 M 115 Not Provided 18.04.2013 Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 125 Not Provided 18.04.2013 Maybank Kim Eng WARREN LAU buy 5 U 113 12 month 18.04.2013 Daiwa Securities Co. Ltd. ERIC CHEN hold 3 M 101 Not Provided 18.04.2013 Barclays ANDREW LU overweight 5 M 128 Not Provided 18.04.2013 E Sun Securities DAVID LAI buy 5 M #N/A N/A Not Provided 18.04.2013 RBS JEFFREY TODER hold 3 D 100 12 month 18.01.2013 EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013 Holdings By: Taiwan Semiconductor Manufacturing Co Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 09.07.2013 China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (14.08.2012) 92.60 52-Week Low (21.06.2013) 74.90 Daily Volume 80.3 52-Week High % Change -13.28% Dividend Yield 4.37 52-Week Low % Change 7.21% Beta 0.62 % 52 Week Price Range High/Low 27.68% Equity Float 5'209.98 Shares Out 30.06.2013 20'101.0 Short Int - 1'614'107.75 1 Yr Total Return -1.63% Total Debt 29'846.00 YTD Return -9.06% Preferred Stock 0.0 Adjusted BETA 0.618 Minority Interest 1'862.0 Analyst Recs 38 Cash and Equivalents 402'903.00 Consensus Rating 3.553 Enterprise Value 904'297.10 Average Volume 5 Day 18'033'090 941 HK EQUITY YTD Change - Average Volume 30 Day 20'849'050 941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'463'330 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 411'810.0 452'103.0 485'231.0 527'999.0 560'413.0 537'272.0 567'668.0 591'926.8 622'765.0 155'022.5 - 2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.56x 1.48x - - 219'788.0 233'788.0 241'758.0 257'206.0 256'811.0 0.0 0.0 256'966.7 261'854.6 64'710.0 - 5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.52x 3.45x - - 112'627.0 115'166.0 119'640.0 125'870.0 129'274.0 126'806.0 129'354.0 127'522.8 123'189.9 39'697.0 - 12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.07x 10.42x - - EBITDA 256'811.00 Long-Term Rating Date 16.12.2010 EBIT 155'549.00 Long-Term Rating AA- Operating Margin 27.76% Long-Term Outlook STABLE Pretax 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. 658.49 Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 337.92 Net Debt/EBITDA -1.45 Gross Margin - Total Debt/EBITDA 0.12 EBITDA Margin 45.8% EBIT Margin 27.8% Total Debt/Equity 4.1% Net Income Margin 23.1% Total Debt/Capital 4.0% Asset Turnover 0.56 Current Ratio 1.50 Net Fixed Asset Turnover 1.15 Quick Ratio 1.39 Accounts receivable turnover-days 6.82 Debt 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 Ended China Mobile Ltd Price/Volume Valuation Analysis 15'875'306.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 100 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 70.0 M 0.0 100'000.0 200'000.0 300'000.0 400'000.0 500'000.0 600'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CHINA MOBILE HK BVI n/a Co File 14'890'116'842 74.08 - 31.12.2012 Corporation ABERDEEN n/a ULT-AGG 214'809'256 1.07 (19'544'000) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 176'608'252 0.88 (3'379'500) 05.07.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 162'179'052 0.81 (6'798'104) 31.03.2013 Investment Advisor STATE STREET n/a ULT-AGG 64'676'421 0.32 (2'720'871) 08.07.2013 Investment Advisor JP MORGAN n/a ULT-AGG 58'165'633 0.29 (794'279) 06.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.03.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 51'875'169 0.26 4'132'500 30.04.2013 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 44'508'755 0.22 292'500 08.07.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 37'789'538 0.19 - 31.12.2012 Government GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'895'774 0.16 (15'493'726) 31.05.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 29'089'838 0.14 1'796'272 08.07.2013 Investment Advisor HANG SENG INVESTMENT Multiple Portfolios MF-AGG 29'042'693 0.14 - 30.06.2012 Investment Advisor PICTET FUNDS n/a ULT-AGG 28'091'937 0.14 (2'706'971) 31.03.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 23'813'731 0.12 (7'949'533) 31.12.2012 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 22'804'255 0.11 (5'627'000) 31.03.2013 Investment Advisor BARING INTERNATIONAL Multiple Portfolios MF-AGG 16'763'500 0.08 (1'366'000) 31.05.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 16'448'300 0.08 (550'600) 31.05.2013 Investment Advisor COMGEST S A MAGELLAN MF-PART 15'521'798 0.08 1'521'798 31.05.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Nomura JIN YOON neutral 3 M 86 Not Provided 09.07.2013 Deutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 05.07.2013 HSBC TUCKER GRINNAN overweight 5 M 94 Not Provided 05.07.2013 Macquarie DANNY CHU neutral 3 M 87 12 month 03.07.2013 China Merchants Securities QIN ZHEN neutral 3 M 80 Not Provided 02.07.2013 Yuanta Securities Investment ConsultingNICE WANG buy 5 U 91 Not Provided 27.06.2013 China International Capital Corp CHEN HAOFEI hold 3 U 86 12 month 27.06.2013 JPMorgan LUCY LIU neutral 3 U 85 6 month 26.06.2013 Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.06.2013 DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 20.06.2013 Standard Chartered STEVEN LIU outperform 5 M 98 12 month 19.06.2013 BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 27.05.2013 Goldman Sachs DONALD LU neutral/neutral 3 D 92 12 month 23.05.2013 SWS Research Co Ltd ASHLEY SHENG outperform 5 U 87 Not Provided 23.05.2013 Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.05.2013 Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 13.05.2013 CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013 Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013 Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013 BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013 Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013 New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013 Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013 Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013 Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013 Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013 Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013 Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013 Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013 Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013 UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013 ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013 GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012 AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012 Holdings By: China Mobile Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 09.07.2013 China Construction Bank Corporation provides a complete range of banking services and other financial services to individual and corporate customers. The bank's services include retail banking, international settlement, project finance, and credit card services. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (28.01.2013) 6.75 52-Week Low (12.07.2012) 4.71 Daily Volume 5.25 52-Week High % Change -22.22% Dividend Yield - 52-Week Low % Change 11.46% Beta 1.15 % 52 Week Price Range High/Low 26.47% Equity Float 73'180.76 Shares Out 31.03.2013 240'417.3 Short Int - 1'315'730.75 1 Yr Total Return 9.47% Total Debt 1'305'403.00 YTD Return -10.42% Preferred Stock 0.0 Adjusted BETA 1.150 Minority Interest 7'877.0 Analyst Recs 38 Cash and Equivalents 3'173'620.00 Consensus Rating 4.763 Enterprise 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+2 31.12.2008 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 Q3 388'058.0 396'529.0 449'841.0 575'537.0 713'433.0 615'870.0 728'529.0 506'646.8 562'470.9 128'636.0 126'505.0 - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 173'585.0 201'247.0 210'808.9 228'140.3 59'035.0 57'641.5 9.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 4.89x 4.50x - - EBITDA - Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A Operating Margin 54.22% Long-Term Outlook STABLE Pretax Margin 54.26% Short-Term Rating Date 29.11.2011 Return on Assets 1.44% Short-Term Rating A-1 Return on Common Equity 21.57% 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 138.6% Net Income Margin 41.7% Total Debt/Capital 57.9% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 6.95 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 9.34% Inventory Days - Tot Debt to Common Equity 138.62% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended China Construction Bank Corp Price/Volume Valuation Analysis 132'063'712.00 Current Price (7/dd/yy) Market Data 0 1 2 3 4 5 6 7 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 200.0 M 400.0 M 600.0 M 800.0 M 1000.0 M 1200.0 M 1400.0 M 1600.0 M 1800.0 M 2000.0 M 0.0 100'000.0 200'000.0 300'000.0 400'000.0 500'000.0 600'000.0 700'000.0 800'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CHINA INVESTMENT COR n/a ULT-AGG 142'590'494'651 59.31 - 17.06.2013 Investment Advisor TEMASEK HOLDINGS PRI n/a ULT-AGG 17'878'670'050 7.44 - 31.12.2012 Government BLACKROCK n/a ULT-AGG 2'213'330'498 0.92 (44'294'000) 05.07.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'137'262'411 0.89 159'713'814 31.03.2013 Investment Advisor BANK OF AMERICA CORP n/a Co File 2'000'000'000 0.83 - 31.12.2012 Investment Advisor BAOSTEEL GROUP CORP n/a Co File 2'000'000'000 0.83 (810'000'000) 31.12.2012 Government STATE GRID INTERNATI n/a Co File 1'315'282'730 0.55 - 31.12.2012 Corporation CHINA YANGTZE POWER n/a Co File 1'015'613'000 0.42 - 31.12.2012 Government CAPITAL GROUP COMPAN n/a ULT-AGG 921'243'233 0.38 23'700'000 31.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 907'349'635 0.38 - 31.12.2012 Government STATE STREET n/a ULT-AGG 902'989'976 0.38 69'264'800 08.07.2013 Investment Advisor RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2012 Private Equity YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2012 Holding Company LAZARD ASSET MANAGEM n/a ULT-AGG 779'380'662 0.32 (677'000) 31.05.2013 Unclassified JP MORGAN n/a ULT-AGG 756'059'111 0.31 13'115'324 31.05.2013 Investment Advisor HANG SENG INVESTMENT Multiple Portfolios MF-AGG 745'923'963 0.31 - 30.06.2012 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 542'295'875 0.23 51'787'265 31.05.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 379'871'582 0.16 (199'884'208) 31.12.2012 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 375'065'047 0.16 - 08.07.2013 Investment Advisor SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 9 12 month 05.07.2013 Standard Chartered DORRIS CHEN outperform 5 M 7 12 month 04.07.2013 DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 04.07.2013 Mizuho Securities JIM ANTOS buy 5 M 6 12 month 04.07.2013 Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 26.06.2013 BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 25.06.2013 Core Pacific TIMOTHY LI buy 5 M 8 12 month 24.06.2013 Jefferies TAN MING buy 5 M 8 12 month 21.06.2013 UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 21.06.2013 SWS Research Co Ltd XUE HUIRU outperform 5 M 7 Not Provided 19.06.2013 CIMB TREVOR KALCIC outperform 5 M 8 12 month 17.06.2013 Phillip Securities CHEN XINGYU buy 5 U 6 Not Provided 14.06.2013 Nomura LUCY FENG buy 5 M 8 Not Provided 12.06.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 8 Not Provided 03.06.2013 Macquarie VICTOR WANG outperform 5 M 8 12 month 30.05.2013 Deutsche Bank TRACY YU buy 5 M 7 12 month 21.05.2013 Barclays MAY YAN overweight 5 M 8 Not Provided 19.05.2013 ABC International JOHANNES AU buy 5 M 7 12 month 13.05.2013 Bank of China International YUAN LIN buy 5 M 7 Not Provided 02.05.2013 Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013 AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 29.04.2013 JPMorgan KATHERINE LEI overweight 5 M 8 6 month 28.04.2013 Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013 HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013 Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013 Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013 Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013 China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013 Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013 Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013 BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012 Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012 Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012 Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012 ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010 Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009 Holdings By: China Construction Bank Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 09.07.2013 Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China. The Bank's businesses include deposit, loan, credit card, fund underwriting and trust, and foreign currency settlement and trading. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (23.01.2013) 6.00 52-Week Low (12.07.2012) 3.97 Daily Volume 4.74 52-Week High % Change -21.00% Dividend Yield - 52-Week Low % Change 19.40% Beta 1.35 % 52 Week Price Range High/Low 37.93% Equity Float 69'386.00 Shares Out 30.06.2013 86'794.0 Short Int - 1'725'320.38 1 Yr Total Return 20.51% Total Debt 2'277'630.00 YTD Return -8.42% Preferred Stock 0.0 Adjusted BETA 1.352 Minority Interest 3'462.0 Analyst Recs 36 Cash and Equivalents 4'355'972.00 Consensus Rating 4.639 Enterprise 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+2 31.12.2008 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 Q3 469'928.0 470'638.0 544'045.0 704'382.0 840'810.0 753'881.0 861'113.0 582'257.1 645'641.6 142'405.0 141'197.0 - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 215'813.0 245'940.0 254'223.4 273'813.7 62'563.0 71'625.0 10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 5.12x 4.77x - - EBITDA - Long-Term Rating Date 09.12.2010 EBIT - Long-Term Rating A Operating Margin 56.75% Long-Term Outlook STABLE Pretax Margin 57.46% Short-Term Rating Date 09.12.2010 Return on Assets 1.41% Short-Term Rating A-1 Return 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 202.5% Net Income Margin 44.4% Total Debt/Capital 66.9% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 6.86 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 12.98% Inventory Days - Tot Debt to Common Equity 202.46% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Industrial & Commercial Bank of China Ltd Price/Volume Valuation Analysis 192'304'247.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 1 2 3 4 5 6 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 500.0 M 1000.0 M 1500.0 M 2000.0 M 2500.0 M 0.0 100'000.0 200'000.0 300'000.0 400'000.0 500'000.0 600'000.0 700'000.0 800'000.0 900'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government TEMASEK HOLDINGS PRI n/a ULT-AGG 7'002'665'393 8.07 - 26.06.2013 Government JP MORGAN n/a ULT-AGG 5'920'894'436 6.82 - 31.05.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 5'406'405'870 6.23 (165'676'750) 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 5'141'730'522 5.92 - 05.07.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'094'766'710 2.41 253'057'524 31.03.2013 Investment Advisor NOMURA n/a ULT-AGG (1'379'862'087) -1.59 (1'770'816) 31.05.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 1'158'363'069 1.33 - 31.12.2012 Government THORNBURG INVESTMENT Multiple Portfolios MF-AGG 848'834'688 0.98 50'000'000 30.04.2013 Investment Advisor STATE STREET n/a ULT-AGG 716'595'277 0.83 (29'533'185) 08.07.2013 Investment Advisor HANG SENG INVESTMENT Multiple Portfolios MF-AGG 693'459'282 0.8 - 30.06.2012 Investment Advisor FIL LIMITED n/a ULT-AGG 685'290'395 0.79 (227'897'401) 31.12.2012 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 618'416'556 0.71 33'289'626 31.05.2013 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 537'335'000 0.62 403'447'000 31.03.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 435'478'937 0.5 (20'695'929) 08.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 384'474'061 0.44 3'795'985 31.03.2013 Investment Advisor BARING INTERNATIONAL Multiple Portfolios MF-AGG 383'146'655 0.44 (25'874'000) 31.03.2013 Investment Advisor FMR LLC n/a ULT-AGG 373'021'860 0.43 (2'645'904) 31.05.2013 Investment Advisor SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309'841'776 0.36 41'383'000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Nomura LUCY FENG buy 5 M 7 Not Provided 07.07.2013 Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 05.07.2013 Standard Chartered DORRIS CHEN outperform 5 M 6 12 month 04.07.2013 DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 04.07.2013 Mizuho Securities JIM ANTOS buy 5 M 5 12 month 04.07.2013 Guotai Junan WILSON LI buy 5 M 6 Not Provided 02.07.2013 Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 26.06.2013 Phillip Securities CHEN XINGYU accumulate 4 D 5 Not Provided 25.06.2013 BOCOM International Holdings LI SHANSHAN neutral 3 M 5 Not Provided 25.06.2013 Core Pacific TIMOTHY LI buy 5 M 7 12 month 24.06.2013 Jefferies TAN MING buy 5 M 7 12 month 21.06.2013 UOB Kay Hian EDMOND LAW buy 5 M 6 Not Provided 21.06.2013 SWS Research Co Ltd XUE HUIRU neutral 3 M 6 Not Provided 19.06.2013 Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 12.06.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 07.06.2013 Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 03.06.2013 Macquarie VICTOR WANG outperform 5 M 7 12 month 30.05.2013 Barclays MAY YAN overweight 5 M 6 Not Provided 19.05.2013 ABC International JOHANNES AU buy 5 M 9 12 month 13.05.2013 Deutsche Bank TRACY YU buy 5 M 7 12 month 10.05.2013 Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013 Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013 Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013 CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013 JPMorgan KATHERINE LEI overweight 5 M 7 6 month 28.04.2013 CIMB TREVOR KALCIC outperform 5 M 6 12 month 27.04.2013 HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 07.04.2013 Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013 Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013 China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 28.03.2013 AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 28.03.2013 Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012 BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012 Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012 Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012 ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010 Holdings By: Industrial & Commercial Bank of China Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 09.07.2013 America Movil SAB de C.V. provides wireless communications in 18 countries across Latin America, the Caribbean and the U.S. The company also offers fixed-line phone, Internet and pay-TV services in most parts of the region. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (18.07.2012) 18.21 52-Week Low (15.03.2013) 11.53 Daily Volume 13.52 52-Week High % Change -25.76% Dividend Yield - 52-Week Low % Change 17.26% Beta 1.09 % 52 Week Price Range High/Low 29.79% Equity Float - Shares Out 05.07.2013 47'969.4 Short Int - 975'277.19 1 Yr Total Return -22.00% Total Debt 417'670.09 YTD Return -9.26% Preferred Stock 0.0 Adjusted BETA 1.086 Minority Interest 10'525.6 Analyst Recs 14 Cash and Equivalents 45'487.20 Consensus Rating 3.214 Enterprise Value 1'348'245.18 Average Volume 5 Day 91'116'970 AMXL MM EQUITY YTD Change - Average Volume 30 Day ######### AMXL MM EQUITY YTD % CHANGE - Average Volume 3 Month ######### LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 345'654.9 561'254.6 607'855.7 665'301.5 775'069.6 734'122.4 773'999.4 778'021.0 805'408.2 189'485.8 195'094.1 2.29x 2.28x 2.73x 2.33x 1.95x 8.23x 7.99x 1.73x 1.65x 7.11x 6.89x 137'313.5 228'715.8 243'392.7 248'772.5 260'894.9 261'513.8 257'189.4 253'378.1 258'109.9 62'579.7 64'242.6 5.78x 5.60x 6.82x 6.23x 5.80x 5.92x 5.24x 5.32x 5.22x 5.35x 5.33x 59'485.5 92'697.6 91'123.1 82'853.5 91'440.9 91'689.1 85'670.8 90'684.7 89'164.3 21'730.4 22'641.0 12.21x 12.94x 15.38x 15.01x 12.40x 10.71x 11.55x 10.90x 11.13x 11.52x 11.35x EBITDA 260'894.92 Long-Term Rating Date 22.03.2010 EBIT 157'310.19 Long-Term Rating A- Operating Margin 20.30% Long-Term Outlook STABLE Pretax Margin 17.87% Short-Term Rating Date - Return on Assets 9.15% Short-Term Rating - Return on Common Equity 32.67% Return on Capital 15.53% EBITDA/Interest Exp. 10.47 Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 1.42 Gross Margin 42.3% Total Debt/EBITDA 1.56 EBITDA Margin 33.2% EBIT Margin 19.9% Total Debt/Equity 138.4% Net Income Margin 11.8% Total Debt/Capital 57.2% Asset Turnover 0.83 Current Ratio 0.83 Net Fixed Asset Turnover 1.62 Quick Ratio 0.66 Accounts receivable turnover-days 27.30 Debt to Assets 41.60% Inventory Days 23.46 Tot Debt to Common Equity 138.39% Accounts Payable Turnover Day 88.95 Accounts Receivable Turnover 13.37 Cash Conversion Cycle -66.73 Inventory Turnover 15.56 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended America Movil SAB de CV Price/Volume Valuation Analysis 101'398'155.00 Current Price (7/dd/yy) Market Data 0 2 4 6 8 10 12 14 16 18 20 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 .0 M 50.0 M 100.0 M 150.0 M 200.0 M 250.0 M 300.0 M 350.0 M 400.0 M 0.0 100'000.0 200'000.0 300'000.0 400'000.0 500'000.0 600'000.0 700'000.0 800'000.0 900'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type SLIM HELU CARLOS n/a 13D 9'531'092'739 19.87 - 30.05.2013 n/a SLIM FAMILY CONTROL n/a 13D 5'998'110'014 12.5 - 30.05.2013 Other BLACKROCK n/a ULT-AGG 3'816'448'145 7.96 - 05.07.2013 Investment Advisor INMOBILIARIA CARSO n/a 13D 2'698'490'986 5.63 - 30.05.2013 Corporation TELMEX TRUST n/a 13D 1'570'020'348 3.27 - 30.05.2013 Other NACIONAL FINANCIERA Multiple Portfolios MF-AGG 1'421'178'880 2.96 17'344'608 05.07.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'070'296'983 2.23 23'509'470 31.03.2013 Investment Advisor AT&T INC n/a 13D 963'722'656 2.01 (540'000'000) 04.06.2013 Corporation DODGE & COX Multiple Portfolios MF-AGG 672'317'800 1.4 268'945'800 31.03.2013 Investment Advisor OPERADORA INBURSA SA Multiple Portfolios MF-AGG 658'063'225 1.37 11'452'099 31.05.2013 Investment Advisor GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 486'193'573 1.01 (5'950'660) 31.05.2013 Bank AHORRO CORP GESTION AHORRO CORPORACION I MF-PART 400'331'081 0.83 400'331'081 31.03.2013 Investment Advisor FUNDACION CARLOS SLI n/a 13D 374'514'510 0.78 - 30.05.2013 Other NORGES BANK Multiple Portfolios MF-AGG 356'255'147 0.74 - 31.12.2012 Government FUNDACION TELMEX n/a 13D 168'049'532 0.35 - 30.05.2013 Other GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 136'864'363 0.29 5'234'399 08.07.2013 Investment Advisor CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 104'553'450 0.22 - 31.12.2012 Investment Advisor GRUPO FINANCIERO SCO Multiple Portfolios MF-AGG 90'883'451 0.19 (5'128'400) 31.05.2013 Investment Advisor OPERADORA GBM SA DE Multiple Portfolios MF-AGG 68'832'455 0.14 134'909 31.05.2013 Investment Advisor ACTINVER SA DE CV/ME Multiple Portfolios MF-AGG 66'167'783 0.14 520'720 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 10 12 month 08.07.2013 Actinver SA MARTIN LARA buy 5 M 15 12 month 08.07.2013 Itau BBA Securities SUSANA SALARU market perform 3 M 13 Not Provided 07.07.2013 BBVA ALEJANDRO GALLOSTRA outperform 5 M 14 12 month 27.06.2013 GBM ANDRES MEDINA-MORA market outperform 4 M 16 Not Provided 21.06.2013 Banorte-IXE MANUEL JIMENEZ ZALDIVAR hold 3 M 14 Not Provided 21.05.2013 Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO neutral 3 M 14 12 month 02.05.2013 Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 18 12 month 18.04.2013 Vector Servicios Financieros JULIO ZETINA buy 5 M 17 Not Provided 11.04.2013 Interacciones Casa de Bolsa RAUL OCHOA hold 3 M 15 12 month 05.04.2013 Scotia Capital ANDRES COELLO sector underperform 1 M 12 Not Provided 22.03.2013 HSBC RICHARD DINEEN neutral 3 D 14 Not Provided 13.03.2013 EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.02.2013 Grupo Santander VALDER NOGUEIRA hold 3 M 17 Not Provided 10.04.2012 Holdings By: America Movil SAB de CV All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 09.07.2013 Tencent Holdings Limited provides Internet, mobile, and telecommunication value-added services in China. The Company has an instant messaging community in China. Tencent also provides online advertising services. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (03.06.2013) 315.00 52-Week Low (12.07.2012) 219.40 Daily Volume 301.4 52-Week High % Change -4.32% Dividend Yield 0.34 52-Week Low % Change 37.37% Beta 1.05 % 52 Week Price Range High/Low 86.82% Equity Float 961.54 Shares Out 30.06.2013 1'852.5 Short Int - 558'338.19 1 Yr Total Return 32.04% Total Debt 10'699.52 YTD Return 21.44% Preferred Stock 0.0 Adjusted BETA 1.047 Minority Interest 850.8 Analyst Recs 33 Cash and Equivalents 27'189.07 Consensus Rating 4.182 Enterprise Value 421'970.60 Average Volume 5 Day 3'617'276 700 HK EQUITY YTD Change - Average Volume 30 Day 4'201'256 700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'255'899 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'154.5 12'440.0 19'646.0 28'496.1 43'893.7 31'805.5 47'793.4 59'633.1 75'499.9 14'412.6 15'773.6 10.35x 20.68x 12.43x 7.61x 8.10x 33.51x 29.43x 7.02x 5.36x - - 3'539.9 6'415.5 10'382.4 13'357.0 17'569.2 14'434.1 18'269.9 22'321.6 26'697.3 5'619.0 5'821.3 20.91x 40.10x 23.52x 16.23x 20.24x 21.09x 18.98x 18.90x 15.81x 17.50x 16.67x 2'784.6 5'155.6 8'053.6 10'203.1 12'731.9 10'282.2 13'826.2 16'511.9 20'051.0 4'101.3 4'292.9 28.37x 51.84x 32.31x 22.57x 28.76x 31.08x 26.16x 26.45x 21.76x 25.03x 24.01x EBITDA 17'569.23 Long-Term Rating Date 24.06.2013 EBIT 14'948.99 Long-Term Rating A- Operating Margin 34.06% Long-Term Outlook STABLE Pretax Margin 34.29% Short-Term Rating Date - Return on Assets 19.50% Short-Term Rating - Return on Common Equity 35.89% Return on Capital 28.84% EBITDA/Interest Exp. 53.80 Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 41.64 Net Debt/EBITDA -1.10 Gross Margin 58.5% Total Debt/EBITDA 0.57 EBITDA Margin 38.2% EBIT Margin 33.0% Total Debt/Equity 25.9% Net Income Margin 29.0% Total Debt/Capital 20.2% Asset Turnover 0.67 Current Ratio 1.77 Net Fixed Asset Turnover 6.13 Quick Ratio 1.43 Accounts receivable turnover-days 18.97 Debt to Assets 14.22% Inventory Days 7.37 Tot Debt to Common Equity 25.91% Accounts Payable Turnover Day 79.40 Accounts Receivable Turnover 19.24 Cash Conversion Cycle -38.97 Inventory Turnover 49.50 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Tencent Holdings Ltd Price/Volume Valuation Analysis 2'764'217.00 Current Price (7/dd/yy) Market Data 0 50 100 150 200 250 300 350 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 20.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 50'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00 0.20 0.40 0.60 0.80 1.00 1.20 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34.02 - 24.01.2013 Other HUATENG MA n/a EXCH 189'892'880 10.25 - 03.06.2013 n/a JP MORGAN n/a ULT-AGG 83'513'804 4.51 - 31.05.2013 Investment Advisor ZHIDONG ZHANG n/a EXCH 65'000'000 3.51 (250'000) 17.06.2013 n/a VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'126'582 2.27 411'865 31.03.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 36'113'000 1.95 6'000'000 31.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 30'033'909 1.62 (61'352) 05.07.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 21'894'074 1.18 (492'906) 31.12.2012 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'411'700 1.1 3'856'500 30.04.2013 Investment Advisor WADDELL & REED FINAN Multiple Portfolios MF-AGG 17'607'600 0.95 (1'007'100) 31.03.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'215'600 0.88 (1'776'300) 10.05.2013 Investment Advisor STATE STREET n/a ULT-AGG 11'600'730 0.63 (477'895) 08.07.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 11'051'780 0.6 - 31.12.2012 Government FMR LLC n/a ULT-AGG 9'437'873 0.51 141'776 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'794'130 0.47 309'930 31.05.2013 Investment Advisor SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'974'783 0.32 72'300 31.12.2012 Investment Advisor CHI PING LAU n/a EXCH 5'703'600 0.31 (100'000) 28.06.2013 n/a HANG SENG INVESTMENT Multiple Portfolios MF-AGG 5'280'826 0.29 - 30.06.2012 Investment Advisor BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4'657'000 0.25 - 28.02.2013 Investment Advisor BARING INTERNATIONAL Multiple Portfolios MF-AGG 4'507'000 0.24 604'700 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Capital Securities Corp TEAM COVERAGE buy 5 M 325 Not Provided 09.07.2013 SWS Research Co Ltd Roy Shen buy 5 U 335 Not Provided 08.07.2013 AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 330 Not Provided 04.07.2013 Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 317 12 month 03.07.2013 Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 03.07.2013 CCB International Securities Ltd RONNIE HO outperform 5 N 335 Not Provided 28.06.2013 Bank of China International THOMAS CHONG buy 5 M 320 Not Provided 27.06.2013 Brean Capital LLC FAWNE JIANG buy 5 M 300 12 month 25.06.2013 Deutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 20.06.2013 Core Pacific KEVIN TAM hold 3 M 310 12 month 19.06.2013 Barclays ALICIA YAP overweight 5 M 330 Not Provided 14.06.2013 Yuanta Securities Investment ConsultingNICE WANG hold 3 M 325 Not Provided 07.06.2013 Haitong International Securities ALEX LEE hold 3 M 285 12 month 05.06.2013 Avior Research RICHARD TESSENDORF neutral 3 M 332 Not Provided 04.06.2013 Guotai Junan RICKY LAI buy 5 M 320 Not Provided 29.05.2013 HSBC CHI TSANG neutral 3 U 320 Not Provided 28.05.2013 First Shanghai Securities Ltd TSOI HO hold 3 M 300 12 month 21.05.2013 Macquarie JIONG SHAO underperform 1 M 195 12 month 20.05.2013 Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 16.05.2013 RHB Research Institute Sdn Bhd BILLY LEUNG sell 1 M 215 Not Provided 16.05.2013 China International Capital Corp CHEN HAOFEI buy 5 M 300 12 month 16.05.2013 Piper Jaffray MARK A MAROSTICA neutral 3 M 291 12 month 16.05.2013 BOCOM International Holdings MA YUAN buy 5 M 297 Not Provided 16.05.2013 Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 320 12 month 15.05.2013 Nomura JIN YOON reduce 2 M 180 Not Provided 15.05.2013 DBS Vickers BILL HUANG suspended coverage #N/A N/A M #N/A N/A Not Provided 30.04.2013 Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013 JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013 CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013 Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013 Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013 ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012 Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012 Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010 PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010 Holdings By: Tencent Holdings Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 09.07.2013 Gazprom OAO operates gas pipeline systems, produces and explores gas, and transports high pressure gas in the Russian Federation and European countries. The Company is also engaged in oil production, oil refining, gas storage, and electric and heat energy generation. Latest Fiscal Year: 12/2010 LTM as of: 12/yy 52-Week High (19.09.2012) 176.00 52-Week Low (17.06.2013) 104.31 Daily Volume 114.15 52-Week High % Change -35.14% Dividend Yield - 52-Week Low % Change 9.43% Beta 0.80 % 52 Week Price Range High/Low 13.63% Equity Float 5'448.66 Shares Out 31.05.2013 23'673.5 Short Int - 2'702'331.50 1 Yr Total Return -22.58% Total Debt 1'504'741.00 YTD Return -16.86% Preferred Stock 0.0 Adjusted BETA 0.799 Minority Interest 309'363.0 Analyst Recs 19 Cash and Equivalents 436'498.00 Consensus Rating 3.842 Enterprise Value 4'079'937.53 Average Volume 5 Day 65'034 GAZPS RU EQUITY YTD Change - Average Volume 30 Day 147'856 GAZPS RU EQUITY YTD % CHANGE - Average Volume 3 Month 604'746 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'518'960.0 2'990'971.0 3'597'054.0 4'637'090.0 4'764'411.0 ######### ######### ######### ######### ######### ######### 1.10x 2.00x 1.60x 1.16x 0.98x 4.91x 4.22x 0.83x 0.83x - - 1'554'286.0 1'115'242.0 1'399'892.0 1'970'093.0 1'620'130.0 ######### ######### ######### ######### - - 2.48x 5.37x 4.10x 2.73x 2.89x 2.73x 2.89x 2.45x 2.55x - - 742'928.0 779'585.0 968'557.0 1'307'018.0 1'182'625.0 ######### ######### ######### 976'245.0 228'811.0 208'010.0 3.39x 5.52x 4.58x 3.00x 2.79x 3.11x 2.79x 2.52x 2.66x - - EBITDA 1'620'130.00 Long-Term Rating Date 29.11.2006 EBIT 1'285'968.00 Long-Term Rating BBB Operating Margin 26.99% Long-Term Outlook STABLE Pretax Margin 31.73% Short-Term Rating Date 20.08.2010 Return on Assets 10.30% Short-Term Rating A-2 Return on Common Equity 14.92% Return on Capital 12.72% EBITDA/Interest Exp. 15.60 Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 2.70 Net Debt/EBITDA 0.66 Gross Margin - Total Debt/EBITDA 0.93 EBITDA Margin 34.0% EBIT Margin 27.0% Total Debt/Equity 17.9% Net Income Margin 24.8% Total Debt/Capital 14.7% Asset Turnover 0.41 Current Ratio 1.62 Net Fixed Asset Turnover 0.66 Quick Ratio 0.73 Accounts receivable turnover-days 45.77 Debt to Assets 12.47% Inventory Days - Tot Debt to Common Equity 17.93% Accounts Payable Turnover Day - Accounts Receivable Turnover 8.00 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Gazprom OAO Price/Volume Valuation Analysis 27'872.00 Current Price (7/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 160 180 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 1'000'000.0 2'000'000.0 3'000'000.0 4'000'000.0 5'000'000.0 6'000'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  21. 21. 09.07.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type RUSSIAN FEDERATION n/a ULT-AGG 11'836'520'101 50 - 18.03.2013 Government BANK OF NEW YORK MEL n/a Co File 6'382'379'286 26.96 - 31.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 157'934'545 0.67 7'265'331 05.07.2013 Investment Advisor VANGUARD GROUP INC Multiple Portfolios MF-AGG 103'277'914 0.44 34'595'559 31.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 45'311'554 0.19 (2'234'294) 31.03.2013 Investment Advisor SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 33'088'629 0.14 10'571'531 31.03.2013 Investment Advisor CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 28'900'196 0.12 - 31.12.2012 Investment Advisor BNP PARIBAS INV PART n/a ULT-AGG 13'987'991 0.06 - 31.03.2013 Investment Advisor DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 9'890'000 0.04 500'000 28.03.2013 Investment Advisor HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 9'598'662 0.04 13'640 30.06.2013 Investment Advisor EAST CAPITAL ASSET M EAST CAPITAL LUX-RUS MF-PART 4'535'949 0.02 4'535'949 31.05.2013 Investment Advisor URALSIB JSC Multiple Portfolios MF-AGG 4'106'000 0.02 (509'000) 31.05.2012 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 3'870'000 0.02 10'000 31.03.2013 Investment Advisor NOMURA n/a ULT-AGG 3'141'784 0.01 678'985 31.12.2012 Unclassified AIG GLOBAL INVESTMEN AIG EMERGING EUROPE MF-PART 2'714'285 0.01 2'714'285 31.05.2013 Investment Advisor MANULIFE FUNDS DIREC MANULIFE EMERGING EA MF-PART 2'445'836 0.01 2'445'836 30.04.2013 Unclassified ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'363'800 0.01 - 31.03.2013 Investment Advisor VAZHENIN YURI IVANOV n/a Research 2'248'984 0.01 - 31.12.2010 n/a SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 2'158'247 0.01 (335'125) 30.06.2011 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 2'000'000 0.01 (1'198'000) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UFS-Finance Investment Company ILYA BALAKIREV hold 3 M 185 Not Provided 08.07.2013 VTB Capital DMITRY LOUKASHOV buy 5 M 163 12 month 04.07.2013 Infina Investment Company ALEXANDER IVANISCHEV buy 5 M 204 Not Provided 02.07.2013 Gazprombank IVAN KHROMUSHIN overweight 5 M 267 12 month 01.07.2013 Uralsib ALEXEI KOKIN hold 3 M 138 Not Provided 01.07.2013 Deutsche Bank PAVEL KUSHNIR hold 3 M 120 12 month 28.06.2013 AK Bars Finance ALEXANDER SIDOROV hold 3 N 213 Not Provided 28.06.2013 Nomos Bank MIKHAIL LYAMIN hold 3 N 167 Not Provided 19.06.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 JPMorgan ARTEM KONCHIN neutral 3 M 157 6 month 28.05.2013 Sberbank CIB OLEG MAXIMOV hold 3 M 189 Not Provided 15.04.2013 Raiffeisenbank AG ANDREY POLISCHUK hold 3 M 145 12 month 13.03.2013 RMG Securities MIKHAIL LOSHININ buy 5 M 184 Not Provided 26.02.2013 Energocapital Brokerage Vasiliy Koposov hold 3 N 170 Not Provided 20.01.2013 Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 170 Not Provided 17.01.2013 Alfa-Bank ALEXANDER KORNILOV Under Review #N/A N/A M #N/A N/A Not Provided 06.12.2012 Aton LLC ELENA SAVCHIK buy 5 M 228 12 month 22.11.2012 Otkritie Capital ALEXANDER BURGANSKY buy 5 M 369 12 month 01.11.2012 Holdings By: Gazprom OAO All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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