Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

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Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

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Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations DAXglobal® China Urbanization March 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Total Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency mio USD) (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23DATANG INTL POWER GEN CO-H HKD 9716.01 10110 12310 19.89 0.00 0.98 0.44 28.68 7820 8384 8945 10195 2125 2273 - - 0.03 0.03 0.02 0.03 1.40 - 2.25 1.30 3.42 3.33 2.10 2.28 3.50 - - - -HUANENG POWER INTL INC-H HKD 11329.46 22914 14055 18.29 0.00 1.11 1.23 30.05 13426 15365 16710 18779 2496 2639 - - 0.04 0.03 0.02 0.04 2.57 - 4.21 1.53 4.61 3.49 0.50 0.97 2.40 NR 14.04.2010 - -GUANGDONG INVESTMENT LTD HKD 4225.49 13530 6231 0.51 0.00 0.36 0.49 4.46 819 861 888 962 570 604 284 284 0.04 0.06 0.06 0.06 1.45 - 1.55 1.45 0.95 0.50 1.15 0.81 8.98 - - - -CHINA RESOURCES POWER HOLDIN HKD 9399.83 4414 4720 9.80 0.00 1.04 0.88 20.90 6261 7275 7822 9345 1525 1944 800 800 0.13 0.14 0.13 0.18 1.88 - 1.90 1.41 5.96 6.77 1.44 5.72 3.14 BBB 19.04.2011 Baa3 14.09.2010GUANGZHOU R&F PROPERTIES - H HKD 4186.29 9389 3222 3.59 0.00 0.03 0.73 6.16 3176 3698 3564 3970 1032 1400 - - 0.13 0.23 0.18 0.18 0.60 0.71 0.76 0.75 4.57 7.76 10.05 5.99 4.19 - - - -FRANSHION PROPERTIES HKD 2337.90 5012 9161 2.35 0.00 0.46 1.45 5.04 818 527 1016 1865 321 223 - - 0.02 0.03 0.02 0.03 1.01 - 1.42 1.05 0.06 - 3.70 5.31 5.05 BB+ 29.11.2011 (P)Ba1 01.04.2011CHINA RESOURCES LAND LTD HKD 10378.75 35018 5826 7.83 0.00 0.78 1.98 17.00 4613 4613 5632 6975 1555 1533 - - 0.19 0.19 0.15 0.17 1.21 - 1.53 1.32 5.04 8.14 4.57 8.45 4.34 BBB 03.05.2011 Baa2 03.05.2011CHINA OVERSEAS LAND & INVEST HKD 16684.20 48001 8173 5.84 0.00 0.41 4.07 19.85 5711 6270 7329 8667 2090 2357 - - 0.18 0.22 0.20 0.22 1.18 - 1.34 1.21 2.41 6.18 6.95 7.42 4.72 BBB 25.03.2010 - -SINOTRANS SHIPPING LTD HKD 1029.02 1998 3992 0.00 0.00 0.00 0.13 0.03 36 36 35 40 18 18 16 16 0.00 0.00 0.00 0.00 1.46 1.20 1.38 1.15 0.14 1.24 - -0.90 6.56 - - - -CHINA COSCO HOLDINGS-H HKD 8477.07 13049 10216 7.94 0.00 1.86 6.00 11.74 12429 11973 10787 11548 1363 - - - 0.08 0.01 -0.07 -0.03 8.36 8.78 - - 5.27 3.75 - 0.70 1.41 - - - -COSCO PACIFIC LTD HKD 4012.28 9691 2712 0.20 0.00 0.02 0.07 0.75 58 65 77 87 28 36 - - 0.01 0.02 0.02 0.02 1.25 - 1.30 1.31 3.58 1.84 2.94 -0.43 6.34 - - - -CHINA MERCHANTS HLDGS INTL HKD 8547.02 5029 2458 2.87 0.00 1.33 0.87 11.78 749 1032 997 1013 409 511 - - 0.29 0.41 0.27 0.23 1.09 - 1.64 1.91 7.99 3.92 7.13 4.24 7.04 BBB 17.02.2005 - -CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 63 K 59501 62 K 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -SINO-OCEAN LAND HOLDINGS HKD 3035.35 3312 5617 3.76 0.00 0.26 1.83 5.29 1768 2174 2415 3129 426 540 - - 0.06 0.05 0.05 0.06 1.03 - 1.09 0.92 7.15 - 7.47 6.87 3.10 - - - -CHINA COMMUNICATIONS CONST-H HKD 16358.09 14810 14825 10.48 0.00 1.41 5.01 22.41 35151 37570 40380 45713 2371 2622 - - 0.08 0.10 0.10 0.11 1.01 1.06 1.05 0.97 2.60 3.12 1.82 3.59 0.87 - - - -CITIC PACIFIC LTD HKD 6424.98 5826 3649 10.79 0.00 0.75 3.17 15.65 12899 12899 13639 16155 903 1090 1437 1437 - 0.33 0.22 0.27 0.70 - 1.02 0.84 5.38 2.65 - 2.70 1.28 BB+ 18.07.2011 Ba1 06.04.2011WEICHAI POWER CO LTD-H HKD 9138.66 2915 1666 0.89 0.00 0.63 1.13 7.82 8076 8552 7810 8424 1379 1401 - - 0.52 0.54 0.46 0.50 0.98 1.00 1.16 1.08 10.02 11.63 11.72 10.08 2.20 - - - -SINOTRUK HONG KONG LTD HKD 1893.09 1131 2761 1.83 0.00 0.21 1.49 2.64 5111 5071 4900 5315 439 428 - - 0.07 0.08 0.06 0.07 0.95 0.94 1.14 1.10 5.43 - 11.45 6.64 1.11 - - - -DONGFENG MOTOR GRP CO LTD-H HKD 15879.69 12441 8616 2.57 0.00 0.50 5.50 10.96 15775 16013 16979 19036 2305 2172 - - 0.17 0.15 0.16 0.18 1.26 0.79 1.19 1.08 4.30 3.09 8.09 4.66 1.88 - - - -DENWAY MOTORS LTD HKD - 0 7519 0.01 0.00 0.01 0.94 - 82 82 94 99 -43 -50 - - 0.03 0.03 0.04 0.04 - - #VALUE! #VALUE! -1.56 -0.91 -42.15 - -6.72 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%DATANG INTL POWER GEN CO-H 0.92 0.82 0.78 0.72 0.61 1.03 0.89 0.78 0.70 0.68 2.25 2.33 2.16 1.74 1.66 13.97 12.95 10.11 8.89 7.68 13.42 17.44 10.08 8.16 6.08 3.40 2.38 3.53 4.50 6.31 3.02 8.7%HUANENG POWER INTL INC-H 1.00 1.04 0.97 0.93 0.82 0.73 0.55 0.49 0.46 0.42 3.75 4.47 3.13 2.88 2.68 12.06 11.52 8.87 8.20 7.02 12.61 32.69 11.89 10.63 7.54 3.95 2.01 4.44 5.25 7.57 5.45 13.3%GUANGDONG INVESTMENT LTD 1.76 1.57 1.44 1.30 1.27 5.21 4.76 4.39 4.01 3.45 9.48 8.09 8.58 6.83 6.66 7.91 7.17 6.61 6.15 6.02 14.57 12.06 11.29 10.50 10.31 2.36 3.12 3.31 3.67 3.80 5.53 5.1%CHINA RESOURCES POWER HOLDIN 1.73 1.55 1.40 1.27 1.14 1.59 1.20 1.01 0.87 0.83 6.79 5.29 4.91 4.23 3.59 13.08 11.54 8.65 7.50 6.94 14.17 14.76 10.95 9.29 8.50 2.25 2.15 3.01 3.39 3.80 17.99 17.1%GUANGZHOU R&F PROPERTIES - H 1.40 1.18 1.04 0.93 1.14 0.96 0.86 0.75 7.49 5.64 4.94 4.39 7.12 5.15 5.21 5.08 7.67 5.93 5.80 5.36 4.59 6.32 6.40 6.52 8.20 -18.6%FRANSHION PROPERTIES 0.91 0.74 0.69 0.62 2.50 2.30 1.25 0.93 14.56 5.40 2.41 12.14 10.23 6.50 5.72 14.35 11.00 8.11 6.69 1.57 1.82 2.27 2.88 2.36 19.3%CHINA RESOURCES LAND LTD 1.45 1.26 1.14 0.99 2.47 1.84 1.49 1.26 12.52 7.49 10.34 11.92 10.50 9.08 8.04 12.70 11.86 10.24 8.41 2.36 2.41 2.73 2.87 16.65 20.5%CHINA OVERSEAS LAND & INVEST 2.60 1.99 1.71 1.48 2.88 2.28 1.92 1.56 25.02 8.68 5.40 5.11 10.17 7.11 6.62 5.67 14.89 10.40 9.35 7.95 1.55 1.88 2.09 2.40 17.45 10.2%SINOTRANS SHIPPING LTD 0.46 0.45 0.43 0.43 0.40 3.89 3.76 3.31 2.71 2.28 6.44 7.81 6.61 5.48 3.68 1.53 1.61 1.34 1.12 0.80 10.74 10.74 8.89 7.36 5.15 3.49 3.49 3.88 3.88 7.76 2.47 23.4%CHINA COSCO HOLDINGS-H 0.87 1.06 1.16 1.11 0.58 0.64 0.60 0.53 4.22 30.14 6.38 6.96 52.07 13.22 6.22 22.61 3.27 0.19 0.14 0.96 4.16 -18.5%COSCO PACIFIC LTD 1.17 1.12 1.06 0.98 0.95 8.67 6.70 5.97 5.45 5.10 13.21 10.64 9.86 8.55 8.70 20.80 18.34 13.59 11.77 13.34 11.21 10.06 10.20 8.97 9.25 3.85 4.19 3.92 4.53 2.70 13.14 14.4%CHINA MERCHANTS HLDGS INTL 1.82 1.55 1.47 1.40 0.92 14.79 8.58 8.44 7.69 7.23 17.53 12.58 14.79 13.06 25.77 27.43 18.54 17.70 15.97 21.01 15.46 12.72 14.80 13.32 11.58 2.77 3.75 2.91 3.30 3.53 28.53 6.5%CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%SINO-OCEAN LAND HOLDINGS 0.67 0.59 0.56 0.53 1.40 1.03 0.79 0.61 8.36 4.08 2.40 10.76 8.21 6.72 6.18 9.35 8.44 7.14 6.41 3.01 3.27 3.80 4.24 3.74 -10.1%CHINA COMMUNICATIONS CONST-H 1.51 1.33 1.17 1.03 0.38 0.33 0.29 0.27 8.94 4.54 4.80 9.12 7.45 6.45 5.72 10.79 8.11 7.52 6.94 2.22 2.91 3.22 3.44 8.56 12.3%CITIC PACIFIC LTD 0.65 0.59 0.55 0.57 0.57 0.47 0.40 0.34 5.25 6.29 4.40 4.07 11.03 10.90 7.63 6.68 5.71 7.88 6.50 5.55 3.39 3.11 3.40 3.54 15.43 13.0%WEICHAI POWER CO LTD-H 3.12 2.21 1.77 1.51 1.25 0.97 0.95 0.88 0.81 0.72 8.36 8.65 7.30 6.09 5.71 6.08 6.56 6.08 5.38 6.32 8.50 8.99 8.39 7.85 8.47 1.26 1.22 1.39 1.66 1.24 41.80 5.7%SINOTRUK HONG KONG LTD 0.66 0.63 0.59 0.57 0.52 0.31 0.32 0.29 0.28 0.24 13.03 4.96 4.22 4.34 4.38 6.24 6.61 6.26 5.68 5.32 8.36 8.87 8.52 8.23 6.20 1.68 2.77 2.90 3.20 4.61 5.04 -5.3%DONGFENG MOTOR GRP CO LTD-H 2.71 2.15 1.75 1.44 0.82 0.76 0.68 0.61 9.22 6.45 5.36 4.80 4.70 4.76 4.20 3.78 8.92 9.23 8.37 7.53 1.41 1.49 1.64 1.78 16.51 15.4%DENWAY MOTORS LTD 35.38 33.23 31.72 35.23 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 13.03.2012Datang International Power Generation Co LtdDatang International Power Generation Company Limited develops and operates Price/Volumepower plants, sells electricity, repairs and maintains power equipment, and 4 160.0 Mprovides power-related technical services. 3 140.0 M 120.0 M 3 100.0 M 2 80.0 M Valuation Analysis 2 60.0 MLatest Fiscal Year: 12/2010 1 40.0 MLTM as of: 12/yy 1 20.0 M52-Week High (09.05.2011) 3.12 0 .0 M52-Week Low (04.10.2011) 1.80 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 10109913.00 Current Price (3/dd/yy) 2.78 Market Data 52-Week High % Change -10.90% Dividend Yield 3.09 52-Week Low % Change 54.44% Beta 0.84 % 52 Week Price Range High/Low 71.21% Equity Float 2835.00Shares Out 19.09.2011 3315.7 Short Int - Market Capitalization 75386.51 1 Yr Total Return 2.19%Total Debt 154317.59 YTD Return 8.17%Preferred Stock 0.0 Adjusted BETA 0.841Minority Interest 7582.8 Analyst Recs 27Cash and Equivalents 3442.98 Consensus Rating 3.259Enterprise Value 222535.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12890340991 HK EQUITY YTD Change - Average Volume 30 Day 19651040991 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15787110 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q4 Total Revenue 24899 32763 36900 47943 60672 0 2515 69406 79105 - - TEV/Revenue 4.33x 8.24x 4.90x 4.76x 3.64x #DIV/0! 0.00x 3.20x 2.94x - - EBITDA 10159.6 12873.1 9069.3 14183.6 16490.8 0.0 0.0 17186.3 22002.6 - - TEV/EBITDA 10.61x 20.97x 19.94x 16.09x 13.40x 0.00x 0.00x 12.95x 10.11x - - Net Income 2777.8 3564.4 749.4 1536.6 2569.7 0 620 1662 2983 - - P/E 30.10x 21.01x 56.42x 22.69x 11.02x 0.00x 0.00x 17.44x 10.08x - - Profitability S&P Issuer RatingsEBITDA 16490.79 Long-Term Rating Date 25.02.2009EBIT 9109.11 Long-Term Rating -Operating Margin 15.01% Long-Term Outlook -Pretax Margin 7.75% Short-Term Rating Date -Return on Assets 1.29% Short-Term Rating -Return on Common Equity 9.02% Credit RatiosReturn on Capital 4.53% EBITDA/Interest Exp. 2.21Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -0.83Margin Analysis Net Debt/EBITDA 9.15Gross Margin - Total Debt/EBITDA 9.36EBITDA Margin 27.2% ReferenceEBIT Margin 15.0% Total Debt/Equity 500.2%Net Income Margin 4.2% Total Debt/Capital 80.1%Structure Asset Turnover 0.31Current Ratio 0.37 Net Fixed Asset Turnover 0.36Quick Ratio 0.21 Accounts receivable turnover-days 44.50Debt to Assets 72.48% Inventory Days -Tot Debt to Common Equity 500.22% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.20 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 70000.0 60000.0 1.00 50000.0 0.80 40000.0 0.60 30000.0 0.40 20000.0 10000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 13.03.2012Datang International Power Generation Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA DATANG OVERSEA n/a EXCH 480680000 14.5 - 06.05.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 165748812 5 - 27.02.2012 Investment AdvisorEDMOND DE ROTHSCHILD n/a EXCH 162722000 4.91 (3278000) 06.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 122916847 3.71 (155399542) 15.10.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 108303091 3.27 (2030000) 31.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (76074768) -2.29 - 27.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57588640 1.74 - 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41422000 1.25 (84000) 08.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34322000 1.04 28000 08.03.2012 Investment AdvisorBLACKROCK INC n/a Short (12082445) -0.36 (24458) 15.10.2010 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11998862 0.36 - 31.01.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 10358000 0.31 (1834000) 31.12.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 9000000 0.27 - 31.03.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8344000 0.25 - 09.03.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 7452000 0.22 - 09.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5000000 0.15 - 26.01.2012 Mutual Fund ManagerSTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4584000 0.14 - 25.11.2011 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4188000 0.13 - 09.03.2012 Investment AdvisorKOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 3908000 0.12 - 08.08.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3436000 0.1 (2668000) 30.09.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 3 12 month 07.03.2012DBS Vickers JUNE NG hold 3 M 3 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 3 12 month 05.03.2012Yuanta Securities Investment Consulting MIN LI hold 3 N 3 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG buy 5 M 4 12 month 29.02.2012CLSA Asia Pacific Markets ALEX WU sell 1 D 3 Not Provided 24.02.2012JPMorgan ELAINE WU underweight 1 D 2 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 4 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 D 3 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 3 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 M 3 12 month 18.02.2012Nomura IVAN LEE neutral 3 M 3 Not Provided 17.02.2012Bank of China International PETER YAO buy 5 M 3 Not Provided 16.02.2012Mirae Asset Securities RICKY NG hold 3 M 3 12 month 15.02.2012Credit Suisse EDWIN PANG neutral 3 M 3 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 3 12 month 18.01.2012Citi PIERRE LAU buy 5 M 3 Not Provided 13.01.2012Macquarie SERENA LI neutral 3 M 2 12 month 19.12.2011Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 3 Not Provided 02.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Masterlink Securities LI YAN hold 3 D 3 6 month 10.11.2011SWS Research Co Ltd HUANG ZHE neutral 3 M 2 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG hold 3 M 2 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 2 12 month 27.10.2011Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 29.08.2011Macquarie CAROL CAO neutral 3 M 4 12 month 11.11.2009Kim Eng Securities EDWARD FUNG hold 3 D 5 12 month 18.08.2009SinoPac WENDY HUANG outperform 5 M 5 Not Provided 27.10.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 13.03.2012Huaneng Power International IncHuaneng Power International, Inc. develops, constructs, owns and operates Price/Volumecoal-fired power plants throughout China. 6 70.0 M 5 60.0 M 50.0 M 4 40.0 M 3 Valuation Analysis 30.0 MLatest Fiscal Year: 12/2010 2 20.0 MLTM as of: 03/yy 1 10.0 M52-Week High (17.02.2012) 5.15 0 .0 M52-Week Low (04.10.2011) 3.01 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 22914153.00 Current Price (3/dd/yy) 4.81 Market Data 52-Week High % Change -6.60% Dividend Yield 5.10 52-Week Low % Change 59.80% Beta 0.65 % 52 Week Price Range High/Low 84.58% Equity Float 3035.18Shares Out 06.02.2012 3555.4 Short Int - Market Capitalization 87905.31 1 Yr Total Return 16.33%Total Debt 141916.03 YTD Return 16.46%Preferred Stock 0.0 Adjusted BETA 0.653Minority Interest 8636.3 Analyst Recs 29Cash and Equivalents 9547.91 Consensus Rating 4.103Enterprise Value 233156.85 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 16660150902 HK EQUITY YTD Change - Average Volume 30 Day 22729440902 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19192830 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 03/yy 03/yy 12/11 Y 12/12 Y 12/10 Q4 03/11 Q1 Total Revenue 44153.3 49628.1 67728.7 76711.0 104170.5 0.0 24338.6 129649.2 145706.1 - - TEV/Revenue 3.05x 4.33x 2.75x 2.33x 1.97x #DIV/0! 0.00x 1.73x 1.56x - - EBITDA 15398.9 14929.8 6911.4 18639.8 19363.9 0.0 0.0 20230.6 26281.3 - - TEV/EBITDA 8.76x 14.40x 26.99x 9.59x 10.60x 0.00x 0.00x 11.52x 8.87x - - Net Income 6071.2 6161.1 (3937.7) 4929.5 3348.0 0.0 952.8 1671.2 4616.6 - - P/E 13.95x 15.06x - 9.43x 12.44x 0.00x 0.00x 32.69x 11.89x - - Profitability S&P Issuer RatingsEBITDA 19363.92 Long-Term Rating Date 14.04.2010EBIT 8698.29 Long-Term Rating NROperating Margin 8.35% Long-Term Outlook -Pretax Margin 4.00% Short-Term Rating Date -Return on Assets 1.57% Short-Term Rating -Return on Common Equity 6.98% Credit RatiosReturn on Capital 3.92% EBITDA/Interest Exp. 3.18Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. -0.22Margin Analysis Net Debt/EBITDA 6.84Gross Margin - Total Debt/EBITDA 7.33EBITDA Margin 18.6% ReferenceEBIT Margin 8.4% Total Debt/Equity 263.8%Net Income Margin 3.2% Total Debt/Capital 69.5%Structure Asset Turnover 0.49Current Ratio 0.38 Net Fixed Asset Turnover 0.69Quick Ratio 0.24 Accounts receivable turnover-days 36.71Debt to Assets 62.26% Inventory Days -Tot Debt to Common Equity 263.84% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.94 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 120000.0 1.00 100000.0 0.80 80000.0 60000.0 0.60 40000.0 0.40 20000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 13.03.2012Huaneng Power International IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA HUA NENG GROUP n/a 20F 520000000 14.63 - 31.03.2011 CorporationBLACKROCK INC n/a EXCH 210175924 5.91 - 22.02.2012 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 149421551 4.2 - 30.09.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 118216429 3.32 114000 31.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 59376100 1.67 16279600 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 47782000 1.34 24000 08.03.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 25404000 0.71 1658000 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 20571500 0.58 (60000) 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20328000 0.57 14000 31.01.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14980000 0.42 2964000 30.12.2011 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13422000 0.38 - 31.10.2011 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 10204900 0.29 372000 31.01.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 10153800 0.29 - 30.11.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 10022472 0.28 - 12.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 9546000 0.27 (8186000) 20.01.2011 Hedge Fund ManagerBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9493136 0.27 2094432 31.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9416700 0.26 (88000) 30.09.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 9344000 0.26 - 30.09.2011 Mutual Fund ManagerBLACKROCK INC n/a Short (9070556) -0.26 - 22.02.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 8358000 0.24 (6396000) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCapital Securities Corp LAI SHENSHENG buy 5 M 7 Not Provided 13.03.2012Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 6 12 month 07.03.2012DBS Vickers JUNE NG buy 5 U 6 12 month 06.03.2012Deutsche Bank MICHAEL TONG buy 5 M 6 12 month 05.03.2012Yuanta Securities Investment Consulting MIN LI buy 5 N 6 Not Provided 05.03.2012BNP Paribas Equity Research DAISY ZHANG hold 3 M 5 12 month 29.02.2012HSBC GIUSEPPE JACOBELLI neutral 3 N 6 Not Provided 27.02.2012Nomura IVAN LEE buy 5 M 6 12 month 24.02.2012JPMorgan BORIS KAN neutral 3 M 5 3 month 22.02.2012UOB Kay Hian YAN SHI buy 5 N 6 Not Provided 21.02.2012Jefferies JOSEPH FONG hold 3 M 5 12 month 20.02.2012Guotai Junan LEO WU accumulate 4 U 6 Not Provided 19.02.2012Standard Chartered LI EVAN in-line 3 D 6 12 month 18.02.2012Bank of China International PETER YAO buy 5 U 6 Not Provided 16.02.2012Mirae Asset Securities RICKY NG buy 5 M 6 12 month 15.02.2012Credit Suisse EDWIN PANG outperform 5 M 6 Not Provided 13.02.2012Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 U 5 12 month 18.01.2012Citi PIERRE LAU buy 5 M 5 Not Provided 11.01.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011KGI Securities CHEN JUDITH outperform 5 U 5 12 month 23.12.2011Macquarie SERENA LI underperform 1 N 3 12 month 19.12.2011CLSA Asia Pacific Markets ALEX WU sell 1 M 4 Not Provided 15.12.2011Daiwa Securities Capital Markets Co. DAVE DAI outperform 5 M 5 Not Provided 02.12.2011SWS Research Co Ltd HUANG ZHE neutral 3 D 3 Not Provided 02.11.2011China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 4 12 month 31.10.2011Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 4 12 month 27.10.2011Masterlink Securities LI YAN buy 5 M 4 6 month 12.08.2011Citic Securities Co., Ltd KYLIE KWOK not rated #N/A N/A M #N/A N/A Not Provided 09.05.2011Kim Eng Securities EDWARD FUNG buy 5 M 5 12 month 02.12.2010Celestial Securities Limited TEAM COVERAGE hold 3 M 6 12 month 15.04.2010Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 13.03.2012Guangdong Investment LtdGuangdong Investment Limited, through its subsidiaries, operates water supply, Price/Volumepower and electricity, and infrastructure businesses. The Company also invests 6 35.0 Min and develops real estate properties, operates department stores, and provides 5 30.0 Mfinancial services. 25.0 M 4 20.0 M 3 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2010 2 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (16.11.2011) 5.38 0 .0 M52-Week Low (17.03.2011) 3.66 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 13530000.00 Current Price (3/dd/yy) 5.26 Market Data 52-Week High % Change -2.23% Dividend Yield 3.23 52-Week Low % Change 43.72% Beta 0.63 % 52 Week Price Range High/Low 90.70% Equity Float 2437.23Shares Out 25.07.2011 6233.0 Short Int - Market Capitalization 32785.57 1 Yr Total Return 37.99%Total Debt 3942.25 YTD Return 11.68%Preferred Stock 0.0 Adjusted BETA 0.626Minority Interest 2791.9 Analyst Recs 19Cash and Equivalents 3840.65 Consensus Rating 4.632Enterprise Value 34613.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10802470270 HK EQUITY YTD Change - Average Volume 30 Day 10250480270 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9596817 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - - Total Revenue 6056.3 6689.1 5913.2 5915.8 6351.7 - - 6888.2 7465.8 - - TEV/Revenue 5.36x 5.41x 4.31x 5.51x 4.38x - - 5.10x 4.50x - - EBITDA 3523.0 3663.7 4367.7 4062.7 4425.2 - - 4830.8 5234.8 - - TEV/EBITDA 9.21x 9.87x 5.84x 8.02x 6.29x - - 7.17x 6.61x - - Net Income 1506.9 1697.0 1876.7 2044.3 2420.2 - - 2680.4 2903.2 - - P/E 14.04x 15.99x 10.18x 13.71x 10.27x - - 12.06x 11.29x - - Profitability S&P Issuer RatingsEBITDA 4425.22 Long-Term Rating Date -EBIT 3440.33 Long-Term Rating -Operating Margin 54.16% Long-Term Outlook -Pretax Margin 59.20% Short-Term Rating Date -Return on Assets 7.72% Short-Term Rating -Return on Common Equity 13.39% Credit RatiosReturn on Capital 11.12% EBITDA/Interest Exp. 111.76Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 90.89Margin Analysis Net Debt/EBITDA 0.02Gross Margin 66.0% Total Debt/EBITDA 0.89EBITDA Margin 69.7% ReferenceEBIT Margin 54.2% Total Debt/Equity 20.6%Net Income Margin 38.1% Total Debt/Capital 15.3%Structure Asset Turnover 0.20Current Ratio 1.21 Net Fixed Asset Turnover 0.74Quick Ratio 1.07 Accounts receivable turnover-days 12.64Debt to Assets 12.35% Inventory Days 9.22Tot Debt to Common Equity 20.62% Accounts Payable Turnover Day 59.37Accounts Receivable Turnover 28.88 Cash Conversion Cycle -37.51Inventory Turnover 39.57Price/ Cash Flow Sales/Revenue/Turnover 1.20 8000.0 7000.0 1.00 6000.0 0.80 5000.0 4000.0 0.60 3000.0 0.40 2000.0 1000.0 0.20 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 13.03.2012Guangdong Investment LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGDH LTD n/a EXCH 3193574957 51.24 - 21.07.2011 GovernmentGUANGDONG TRUST n/a EXCH 527548742 8.46 - 21.07.2011 n/aPICTET & CIE Multiple Portfolios MF-AGG 111465069 1.79 (9044650) 30.12.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 92760677 1.49 372000 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 76514000 1.23 290000 30.12.2011 Investment AdvisorJULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 67587727 1.08 25122 31.07.2011 Mutual Fund ManagerGD ASSETS MGMT CUSTO n/a EXCH 46708176 0.75 - 21.07.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 37262110 0.6 22000 08.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 34904000 0.56 (5842000) 31.01.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 33411025 0.54 - 18.11.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26972000 0.43 - 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 24311480 0.39 (1438000) 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 22000000 0.35 2000000 31.10.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 19624000 0.31 (46000) 08.03.2012 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 14618000 0.23 (7222000) 20.01.2011 Hedge Fund ManagerSAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 13114000 0.21 - 16.09.2011 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 12383727 0.2 (582514) 30.12.2011 Mutual Fund ManagerLEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 11221501 0.18 308000 30.12.2011 Investment AdvisorCREDIT SUISSE GROUP Multiple Portfolios MF-AGG 10228000 0.16 (234000) 31.10.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 9099700 0.15 (52000) 31.01.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaitong International Securities CHO FOOK TAT buy 5 M 6 12 month 08.03.2012Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 21.02.2012Nomura IVAN LEE neutral 3 M 5 Not Provided 20.02.2012Yuanta Securities Investment Consulting MIN LI buy 5 N 6 Not Provided 15.02.2012Daiwa Securities Capital Markets Co. JACKIE JIANG outperform 5 N 5 Not Provided 15.02.2012Bank of China International PETER YAO buy 5 U 5 Not Provided 13.02.2012China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 5 12 month 13.02.2012Standard Chartered LI EVAN in-line 3 M 5 12 month 09.02.2012JPMorgan ELAINE WU overweight 5 M 6 3 month 09.02.2012Piper Jaffray CHI MAN WONG overweight 5 M 6 12 month 09.02.2012Jefferies RONG LI buy 5 M 6 12 month 03.02.2012Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 5 12 month 02.02.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 5 Not Provided 06.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 20.10.2011Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 6 12 month 14.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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