This document provides valuation measures and financial metrics for various stock market indices and companies in Southeast Asia. It includes data on market capitalization, revenue, earnings, price-earnings ratios, debt levels, credit ratings, and growth estimates for the period of 2012-2016. Analyst recommendations or investment advice are not provided.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
EM Frontier - Myanmar Basket
July 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. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. 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 Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 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 Date
S&P 500 INDEX USD 12800943 1877.403 1092 1092 200 211 211 99.20 104.54 104.54 13.85 13.85 13.14 13.14 19.04
Euro Stoxx 50 Pr EUR 2156738 9729.848 4477 4477 707 751 751 151.47 301.80 301.80 24.04 15.08 12.07 12.07 19.64
NIKKEI 225 JPY 2217151 179.3134 227 227 23 25 25 5.22 8.26 8.26 0.27 - 0.17 0.17 0.14
FTSE 100 INDEX GBP 2450223 13040.23 9401 9401 1622 1704 1704 799.46 864.65 864.65 17.40 16.61 16.09 16.09 26.25
SWISS MARKET INDEX CHF 816313 10776.38 3902 3902 815 772 772 392.33 518.56 518.56 17.24 16.87 13.04 13.04 22.37
S&P/TSX COMPOSITE INDEX CAD 1559768 17690.61 7337 7337 2015 2068 2068 844.57 879.37 879.37 13.67 13.67 13.13 13.13 26.27
S&P/ASX 200 INDEX AUD 1153264 7678.68 3000 3000 642 758 758 300.29 343.26 343.26 14.66 13.81 12.83 12.83 24.09
HANG SENG INDEX HKD 1473121 2248.501 1484 1484 348 374 374 266.08 249.51 249.51 1.23 1.34 1.31 1.31 3.21
MSCI EM USD 7000588 1253.836 960 960 179 187 187 84.61 93.05 93.05 11.31 11.45 10.28 10.28 19.45
YOMA STRATEGIC HLDGS LTD SGD 277.88 29334 647 0.00 0.00 0.00 0.02 0.26 31 31 - #VALUE! 6 6 - - 0.01 0.01 - - 31.46 31.46 - - 197.35 - - - 15.06 - - - -
PTT EXPLOR & PROD PUBLIC CO THB 18725.69 2988 3320 3.90 0.00 0.00 1.36 20.84 5391 5725 6304 7573 3841 4094 1113 1113 0.43 0.50 0.53 0.64 0.36 0.36 0.34 0.28 0.65 0.62 0.66 0.42 2.26 BBB+ 17.02.2011 Baa1 28.03.2011
ITALIAN-THAI DEVELOPMENT PCL THB 418.44 7997 4194 0.77 0.00 0.03 0.07 1.27 1406 1405 1575 1781 72 77 - - - -0.01 0.00 0.00 - - - - 0.72 0.07 0.94 0.35 0.16 - - - -
INTERRA RESOURCES LTD SGD 88.77 10025 295 - - - 0.01 0.06 20 22 - - 11 16 - - 0.02 0.03 - - 7.00 7.00 - - 53.08 26.73 150.09 24.69 45.62 - - - -
EZION HOLDINGS LTD SGD 632.91 5383 831 0.12 0.00 0.00 0.05 0.56 85 92 135 258 48 44 10 10 0.05 0.05 0.07 0.11 8.54 9.35 6.53 4.42 -2.92 - 37.17 139.22 44.48 - - - -
THAI AIRWAYS INTERNATIONAL THB 1449.63 6030 2183 4.52 0.00 0.01 0.54 3.92 6069 6164 6683 7082 589 575 130 130 - 0.05 0.06 0.09 0.40 - 0.34 0.24 0.18 0.11 -1.25 0.07 0.31 - - - -
THAI UNION FROZEN PROD PUB THB 2807.90 7559 1016 1.26 0.00 0.08 0.03 4.11 3135 3218 3599 4012 294 319 97 97 0.15 0.18 0.16 0.19 0.43 0.44 0.47 0.41 1.21 0.50 3.02 0.65 0.30 - - - -
CHAROEN POKPHAND FOODS PUB THB 8734.49 185034 6656 2.21 0.00 0.09 0.77 12.54 6549 7430 10543 12347 618 646 218 218 - 0.12 0.10 0.10 0.31 - 0.38 0.35 0.29 0.70 0.49 0.84 0.30 - - - -
AMATA CORP PUBLIC CO LTD THB 552.66 11275 1067 0.23 0.00 0.02 0.05 0.76 119 130 163 202 46 50 16 16 - 0.03 0.04 0.05 0.55 - 0.43 0.33 0.67 0.29 0.69 0.03 1.22 - - - -
BANGKOK BANK PUBLIC CO LTD THB 11524.63 1533 1909 6.83 0.00 0.03 13.16 - 3281 3432 2810 3118 - - - - - 0.48 0.55 0.64 0.40 - 0.35 0.30 0.21 0.15 - - - BBB+ 01.11.2006 - -
KASIKORNBANK PCL THB 12434.00 6110 2393 4.36 0.00 0.39 7.76 - 4922 5194 3350 3670 - - - - - 0.36 0.44 0.53 0.46 - 0.37 0.31 0.90 0.62 - - - BBB+ 06.12.2011 - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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 Spot
S&P 500 INDEX 2.04 2.04 1.85 1.69 2.04 1.26 1.26 1.20 1.15 1.26 8.96 8.96 8.09 7.42 8.96 8.90 8.90 8.22 7.65 8.90 13.14 13.14 11.70 10.50 13.14 2.19 2.19 2.44 2.65 2.19 1554.3 13.1%
Euro Stoxx 50 Pr 1.02 1.02 0.97 0.91 1.02 0.65 0.65 0.63 0.61 0.65 4.62 4.62 4.34 4.02 4.62 12.96 12.96 12.25 11.69 12.96 9.60 9.60 8.55 7.84 9.60 5.09 5.09 5.45 5.83 5.09 2679.2 16.2%
NIKKEI 225 1.10 1.10 1.02 0.95 1.10 0.50 0.50 0.48 0.48 0.50 6.17 6.17 5.76 5.48 6.17 7.15 7.15 6.58 6.25 7.15 13.80 13.80 12.55 10.36 13.80 2.29 2.29 2.34 2.67 2.29 10305.8 13.2%
FTSE 100 INDEX 1.50 1.50 1.38 1.27 1.50 0.95 0.95 0.92 0.91 0.95 6.68 6.68 6.17 5.73 6.68 7.65 7.65 7.15 6.87 7.65 10.28 10.28 9.36 8.73 10.28 4.21 4.21 4.53 4.87 4.21 6465.2 13.8%
SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.66 1.66 1.57 1.49 1.66 10.64 10.64 9.21 8.33 10.64 13.95 13.95 12.86 11.99 13.95 12.47 12.47 11.06 10.13 12.47 3.85 3.85 4.27 4.63 3.85 6782.1 9.8%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.50 1.37 1.65 1.59 1.59 1.47 1.43 1.59 8.67 8.67 7.23 6.56 8.67 8.55 8.55 7.41 6.94 8.55 13.30 13.30 11.55 10.56 13.30 3.08 3.08 3.22 3.41 3.08 14283.7 20.5%
S&P/ASX 200 INDEX 1.54 1.54 1.45 1.43 1.54 1.43 1.43 1.34 1.28 1.43 8.67 8.67 7.89 7.47 8.67 10.13 10.13 9.12 8.68 10.13 12.49 12.49 11.02 9.82 12.49 5.27 5.27 5.68 5.98 5.27 4752.4 13.9%
HANG SENG INDEX 1.29 1.29 1.18 1.09 1.29 1.71 1.71 1.57 1.45 1.71 6.20 6.20 5.59 5.40 6.20 6.00 6.00 5.47 5.08 6.00 10.19 10.19 9.21 8.34 10.19 3.85 3.85 4.18 4.62 3.85 22973.3 16.6%
MSCI EM 1.46 1.46 1.31 1.19 1.46 1.00 1.00 0.92 0.86 1.00 6.78 6.78 5.82 5.49 6.78 6.71 6.71 6.05 5.60 6.71 10.28 10.28 9.15 8.35 10.28 3.12 3.12 3.41 3.74 3.12 1137.2 18.9%
YOMA STRATEGIC HLDGS LTD
PTT EXPLOR & PROD PUBLIC CO 2.96 2.47 2.10 1.80 1.74 3.55 2.97 2.47 2.45 2.50 7.77 6.13 5.27 5.36 5.17 5.61 4.68 3.92 3.90 4.16 13.59 10.55 8.86 8.92 9.36 2.88 3.65 4.35 4.33 8.55 190.99 7.6%
ITALIAN-THAI DEVELOPMENT PCL 1.53 1.73 1.87 3.57 0.31 0.27 0.24 0.22 22.43 9.81 15.01 11.07 9.25 14.85 0.00 0.00 0.38 1.27 4.02 28.1%
INTERRA RESOURCES LTD 1.77 3.19 42.92 15.02
EZION HOLDINGS LTD 2.00 1.55 1.23 0.97 5.43 3.69 1.94 1.81 31.63 8.17 8.35 8.45 9.65 11.85 8.03 4.09 3.58 47.26 10.04 8.26 5.59 4.67 0.27 0.13 0.13 0.27 1.29 37.8%
THAI AIRWAYS INTERNATIONAL 0.64 0.67 0.62 0.57 0.24 0.22 0.20 0.19 2.78 1.68 1.63 1.64 5.81 3.89 3.44 3.26 10.61 7.46 5.10 0.00 3.06 3.59 4.54 27.94 33.7%
THAI UNION FROZEN PROD PUB 3.12 2.30 2.07 1.91 0.91 0.78 0.70 0.63 21.21 15.75 11.42 11.00 13.88 11.65 10.23 9.09 17.30 14.92 12.98 11.55 1.59 2.64 3.42 4.33 78.24 1.6%
CHAROEN POKPHAND FOODS PUB 3.72 2.88 2.52 2.14 1.31 0.83 0.71 0.62 13.48 15.12 10.41 8.59 17.36 12.13 10.61 9.64 15.72 11.86 11.05 9.54 3.45 4.20 4.55 5.33 45.62 28.5%
AMATA CORP PUBLIC CO LTD 2.67 2.35 2.02 1.99 5.18 3.40 2.74 2.57 3.17 20.00 7.28 7.79 17.64 11.55 9.48 9.36 23.87 13.67 10.26 9.49 1.72 3.03 3.99 4.40 20.31 24.6%
BANGKOK BANK PUBLIC CO LTD 1.48 1.37 1.26 1.15 4.35 4.10 3.70 3.39 7.80 10.89 9.05 7.83 12.91 11.02 9.50 8.58 3.03 3.59 4.08 4.62 210.76 10.9%
KASIKORNBANK PCL 2.52 2.15 1.83 1.60 4.04 3.71 3.39 2.97 8.19 11.28 9.00 7.56 14.90 11.79 9.74 8.52 1.98 2.20 2.64 3.08 183.52 12.2%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 04.07.2012
Yoma Strategic Holdings Ltd
Yoma Strategic Holdings Ltd. develops real estate, sells private residential Price/Volume
properties, and designs, constructs and project manages real estate
1 120.0 M
developments in Myanmar and the People's Republic of China.
1 100.0 M
0 80.0 M
0 60.0 M
Valuation Analysis
Latest Fiscal Year: 03/2012 0 40.0 M
LTM as of: 12/yy 0 20.0 M
52-Week High (12.04.2012) 0.52
0 .0 M
52-Week Low (11.08.2011) 0.05 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 29'334'000.00
Current Price (7/dd/yy) 0.37 Market Data
52-Week High % Change -28.57% Dividend Yield -
52-Week Low % Change 608.73% Beta 0.89
% 52 Week Price Range High/Low 68.23% Equity Float 447.98
Shares Out 03.07.2012 949.8 Short Int -
Market Capitalization 351.41 1 Yr Total Return 553.38%
Total Debt 0.00 YTD Return 112.73%
Preferred Stock 0.0 Adjusted BETA 0.894
Minority Interest (0.2) Analyst Recs 0
Cash and Equivalents 20.08 Consensus Rating -
Enterprise Value 331.15 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 25'834'000
YOMA SP EQUITY YTD Change - Average Volume 30 Day 18'451'270
YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 22'643'990
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2
Total Revenue 11 15 5 11 39 8 31 - - - -
TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x - - - -
EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 - - - -
TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x - - - -
Net Income 18.3 1.5 0.5 2.8 6.0 1 8 - - - -
P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x - - - -
Profitability S&P Issuer Ratings
EBITDA 7.47 Long-Term Rating Date -
EBIT 6.81 Long-Term Rating -
Operating Margin 17.35% Long-Term Outlook -
Pretax Margin 15.90% Short-Term Rating Date -
Return on Assets 4.21% Short-Term Rating -
Return on Common Equity 4.54% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 9.41
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 9.03
Margin Analysis Net Debt/EBITDA -2.69
Gross Margin 29.8% Total Debt/EBITDA 0.00
EBITDA Margin 19.0% Reference
EBIT Margin 17.4% Total Debt/Equity 0.0%
Net Income Margin 15.4% Total Debt/Capital 0.0%
Structure Asset Turnover 0.27
Current Ratio 3.51 Net Fixed Asset Turnover 0.58
Quick Ratio 2.10 Accounts receivable turnover-days 41.40
Debt to Assets 0.00% Inventory Days 87.87
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 65.37
Accounts Receivable Turnover 8.84 Cash Conversion Cycle 63.90
Inventory Turnover 4.17
Price/ Cash Flow Sales/Revenue/Turnover
400.00 18.0
350.00 16.0
300.00
14.0
12.0
250.00
10.0
200.00
8.0
150.00 6.0
100.00 4.0
50.00 2.0
0.00
0.0
04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 04.07.2012
Yoma Strategic Holdings Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUN SERGE n/a Co File 263'935'517 50.02 - 17.06.2011 n/a
NOBLE GRAND INVESTME n/a EXCH 26'000'000 4.93 (16'935'950) 06.01.2010 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 04.07.2012
PTT Exploration & Production PCL
PTT Exploration and Production Public Company Limited explores for crude oil and Price/Volume
natural gas, develops fields for production, and produces oil and natural gas.
250 16.0 M
The Company is a subsidiary of the Petroleum Authority of Thailand.
14.0 M
200
12.0 M
150 10.0 M
8.0 M
Valuation Analysis 100 6.0 M
Latest Fiscal Year: 12/2011
4.0 M
LTM as of: 12/yy 50
2.0 M
52-Week High (02.03.2012) 187.00
0 .0 M
52-Week Low (03.10.2011) 130.50 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 2'987'700.00
Current Price (7/dd/yy) 177.5 Market Data
52-Week High % Change -5.08% Dividend Yield -
52-Week Low % Change 36.02% Beta 1.02
% 52 Week Price Range High/Low 82.30% Equity Float 1'040.44
Shares Out 13.06.2012 3'320.0 Short Int -
Market Capitalization 589'297.44 1 Yr Total Return 2.63%
Total Debt 122'745.22 YTD Return 7.01%
Preferred Stock 0.0 Adjusted BETA 1.024
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 42'799.90 Consensus Rating 3.912
Enterprise Value 655'976.51 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 3'886'520
PTTEP TB EQUITY YTD Change - Average Volume 30 Day 3'783'197
PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'447'358
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 95'047.4 138'946.9 119'962.0 140'655.7 169'645.8 140'655.7 169'645.8 198'389.9 238'331.8 48'230.5 49'832.0
TEV/Revenue 5.63x 2.38x 4.16x 4.09x 3.77x 14.94x 14.70x 3.35x 2.72x - -
EBITDA 67'971.5 98'153.8 72'289.0 100'172.8 120'864.3 100'172.8 120'864.3 140'080.6 167'474.3 35'022.5 34'275.0
TEV/EBITDA 7.87x 3.38x 6.91x 5.75x 5.29x 5.75x 5.29x 4.68x 3.92x - -
Net Income 28'455.4 41'674.8 22'153.6 43'773.8 44'748.1 43'773.8 44'748.1 55'426.3 65'870.1 13'436.3 11'811.0
P/E 18.96x 8.48x 21.97x 12.72x 12.50x 12.72x 12.50x 10.55x 8.86x - -
Profitability S&P Issuer Ratings
EBITDA 120'864.31 Long-Term Rating Date 17.02.2011
EBIT 82'037.25 Long-Term Rating BBB+
Operating Margin 48.36% Long-Term Outlook NEG
Pretax Margin 47.04% Short-Term Rating Date -
Return on Assets 11.62% Short-Term Rating -
Return on Common Equity 24.65% Credit Ratios
Return on Capital 16.63% EBITDA/Interest Exp. 32.05
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 14.21
Margin Analysis Net Debt/EBITDA 0.66
Gross Margin 88.4% Total Debt/EBITDA 1.02
EBITDA Margin 71.2% Reference
EBIT Margin 48.4% Total Debt/Equity 61.4%
Net Income Margin 26.4% Total Debt/Capital 38.0%
Structure Asset Turnover 0.44
Current Ratio 0.87 Net Fixed Asset Turnover 0.68
Quick Ratio 0.63 Accounts receivable turnover-days 34.26
Debt to Assets 27.41% Inventory Days 156.87
Tot Debt to Common Equity 61.37% Accounts Payable Turnover Day 37.68
Accounts Receivable Turnover 10.65 Cash Conversion Cycle 153.45
Inventory Turnover 2.33
Price/ Cash Flow Sales/Revenue/Turnover
14.00 180'000.0
12.00
160'000.0
140'000.0
10.00
120'000.0
8.00 100'000.0
6.00
80'000.0
60'000.0
4.00
40'000.0
2.00 20'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 04.07.2012
PTT Exploration & Production PCL
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PTT PCL n/a EXCH 2'167'500'700 65.29 - 16.08.2011 Government
STATE STREET BANK AN n/a EXCH 70'150'493 2.11 - 16.08.2011 Bank
BNP PARIBAS SEC SERV n/a EXCH 69'183'045 2.08 - 16.08.2011 Investment Advisor
THAI NVDR CO LTD n/a EXCH 66'918'614 2.02 - 16.08.2011 Corporation
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48'623'245 1.46 (1'724'000) 29.02.2012 Investment Advisor
STATE STREET BANK EU n/a EXCH 42'840'022 1.29 - 16.08.2011 n/a
BNP PARIBAS SEC SERV n/a EXCH 38'780'300 1.17 - 16.08.2011 Investment Advisor
SOCIAL SECURITY OFFI n/a EXCH 31'938'700 0.96 - 16.08.2011 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'262'641 0.73 398'300 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 20'491'800 0.62 - 16.08.2011 Investment Advisor
GOVT OF SINGAPORE IN n/a EXCH 16'895'400 0.51 - 16.08.2011 Government
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'679'600 0.26 (587'700) 29.02.2012 Unclassified
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'700'950 0.11 - 31.01.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'787'810 0.08 - 31.01.2012 Unclassified
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'526'271 0.08 6'400 31.12.2011 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 31.12.2011 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837'100 0.03 237'000 31.10.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800'000 0.02 - 26.01.2012 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor
KWANGSUKSTITH CHITRA n/a Co File 382'000 0.01 - 01.01.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012
DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012
BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012
Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012
IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012
Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012
KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012
Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012
UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012
JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012
CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012
CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012
Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012
Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012
KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012
Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012
SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012
Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012
Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012
Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012
Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012
Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012
Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012
Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012
Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012
Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012
Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011
Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011
Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011
Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011
RBS AVIN SONY hold 3 M 180 12 month 19.07.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 04.07.2012
Italian-Thai Development PCL
Italian-Thai Development Public Company Limited involves in construction, Price/Volume
project management, and engineering and design of large-scale civil works and
5 700.0 M
infrastructure projects in Thailand and Southeast Asia. The Company's projects 5
600.0 M
include industrial plants, building, pipelines, transportation, airport work, 4
dams, tunnels, steel structures and telecommunications. 4 500.0 M
3 400.0 M
3
Valuation Analysis 2 300.0 M
Latest Fiscal Year: 12/2011 2 200.0 M
LTM as of: 12/yy 1
100.0 M
1
52-Week High (05.07.2011) 4.90
0 .0 M
52-Week Low (04.10.2011) 2.98 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 7'997'300.00
Current Price (7/dd/yy) 3.14 Market Data
52-Week High % Change -35.92% Dividend Yield -
52-Week Low % Change 5.37% Beta 1.32
% 52 Week Price Range High/Low 11.46% Equity Float 2'165.80
Shares Out 13.06.2012 4'193.7 Short Int -
Market Capitalization 13'168.15 1 Yr Total Return -31.74%
Total Debt 24'202.05 YTD Return -13.26%
Preferred Stock 0.0 Adjusted BETA 1.316
Minority Interest 827.0 Analyst Recs 16
Cash and Equivalents 2'173.27 Consensus Rating 2.438
Enterprise Value 39'862.35 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 16'471'300
ITD TB EQUITY YTD Change - Average Volume 30 Day 11'126'040
ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month 15'279'020
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 45'622.5 42'854.5 40'296.8 36'076.3 44'247.3 36'073.4 44'247.3 49'550.6 56'034.4 - -
TEV/Revenue 1.05x 0.68x 0.84x 1.13x 0.86x 4.21x 3.48x 0.74x 0.66x - -
EBITDA 3'906.4 816.6 1'859.8 1'748.1 2'266.7 1'722.8 2'266.7 3'600.9 4'307.8 - -
TEV/EBITDA 12.23x 35.93x 18.12x 23.40x 16.78x 23.74x 16.78x 11.07x 9.25x - -
Net Income 1'010.7 (2'655.9) (1'820.9) 297.9 (1'698.5) 263.8 (1'698.5) (405.2) (31.9) (157.0) -
P/E 34.38x - - 66.29x - 68.73x 0.00x - - - -
Profitability S&P Issuer Ratings
EBITDA 2'266.72 Long-Term Rating Date -
EBIT 442.13 Long-Term Rating -
Operating Margin 1.00% Long-Term Outlook -
Pretax Margin -3.21% Short-Term Rating Date -
Return on Assets -3.29% Short-Term Rating -
Return on Common Equity -17.95% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 1.04
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 0.09
Margin Analysis Net Debt/EBITDA 9.72
Gross Margin 7.1% Total Debt/EBITDA 10.68
EBITDA Margin 5.1% Reference
EBIT Margin 1.0% Total Debt/Equity 300.4%
Net Income Margin -3.8% Total Debt/Capital 73.2%
Structure Asset Turnover 0.86
Current Ratio 1.23 Net Fixed Asset Turnover 3.25
Quick Ratio 0.50 Accounts receivable turnover-days 82.52
Debt to Assets 46.18% Inventory Days 34.66
Tot Debt to Common Equity 300.44% Accounts Payable Turnover Day 68.67
Accounts Receivable Turnover 4.42 Cash Conversion Cycle 48.50
Inventory Turnover 10.53
Price/ Cash Flow Sales/Revenue/Turnover
35.00 50'000.0
45'000.0
30.00
40'000.0
25.00 35'000.0
30'000.0
20.00
25'000.0
15.00 20'000.0
15'000.0
10.00
10'000.0
5.00 5'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 04.07.2012
Italian-Thai Development PCL
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KARNASUTA PREMCHAI n/a EXCH 820'484'470 19.56 - 11.04.2011 n/a
CHARANACHITTA NIJAPO n/a EXCH 464'593'640 11.08 - 11.04.2011 n/a
STATE STREET BANK AN n/a EXCH 193'803'532 4.62 - 11.04.2011 Bank
THAI NVDR CO LTD n/a EXCH 107'152'509 2.56 - 11.04.2011 Corporation
VINICHBUTR DIREK n/a EXCH 54'000'000 1.29 - 11.04.2011 n/a
JURANGKOOL THAVEECHA n/a EXCH 45'500'000 1.08 - 11.04.2011 n/a
ROENGPITHYA CHAYAPOR n/a EXCH 44'088'000 1.05 - 11.04.2011 n/a
TFB FOR MFC-THAI FUN n/a EXCH 43'955'900 1.05 - 11.04.2011 n/a
KARNASUTA PIYACHAI n/a EXCH 41'591'750 0.99 - 11.04.2011 n/a
CPK INTERNATIONAL CO n/a EXCH 34'680'000 0.83 - 11.04.2011 n/a
KARNASUTA CHAMAIMAS n/a EXCH 34'112'150 0.81 - 11.04.2011 n/a
CHARANACHITTA JITRAP n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a
CHARANACHITTA WALAIT n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a
KARNASUTA PEETI n/a EXCH 33'274'790 0.79 - 11.04.2011 n/a
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32'065'500 0.76 (12'791'300) 31.12.2011 Investment Advisor
KARNASUTA PRATCHAYA n/a EXCH 32'064'000 0.76 - 11.04.2011 n/a
GOVT OF SINGAPORE IN n/a EXCH 28'824'400 0.69 - 11.04.2011 Government
PANSAICHUE PRAVIT n/a EXCH 28'369'400 0.68 - 11.04.2011 n/a
SAKULCHAIWANICH CHAI n/a EXCH 25'350'000 0.6 - 11.04.2011 n/a
PANRATTANAMONGKOL VI n/a EXCH 24'000'000 0.57 - 11.04.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012
Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012
IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012
Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012
Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012
Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012
DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012
CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012
Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012
Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012
TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012
JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012
Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011
AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011
Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011
RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011
Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010
Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 04.07.2012
Interra Resources Ltd
Interra Resources Limited's principal activities are mainly the exploration and Price/Volume
extraction of petroleum in Myanmar. The company owns the rights to operate two
0 90.0 M
oil fields in Myanmar. 80.0 M
0
0 70.0 M
60.0 M
0
50.0 M
0
Valuation Analysis 40.0 M
0
Latest Fiscal Year: 12/2011 30.0 M
0 20.0 M
LTM as of: 12/yy
0 10.0 M
52-Week High (12.04.2012) 0.52
0 .0 M
52-Week Low (25.11.2011) 0.09 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 10'025'000.00
Current Price (7/dd/yy) 0.38 Market Data
52-Week High % Change -26.92% Dividend Yield -
52-Week Low % Change 331.82% Beta 1.35
% 52 Week Price Range High/Low 68.75% Equity Float 203.57
Shares Out 03.07.2012 295.4 Short Int -
Market Capitalization 112.26 1 Yr Total Return 175.36%
Total Debt - YTD Return 291.75%
Preferred Stock - Adjusted BETA 1.355
Minority Interest - Analyst Recs 0
Cash and Equivalents 13.68 Consensus Rating -
Enterprise Value 75.09 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 20'451'800
ITRR SP EQUITY YTD Change - Average Volume 30 Day 14'325'600
ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 15'730'060
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 15.2 17.5 12.6 14.9 24.8 14.9 24.8 - - - -
TEV/Revenue 2.21x 0.15x 1.75x 0.67x - 3.10x 1.28x - - - -
EBITDA 4.3 4.7 3.2 4.9 - 9.4 6.3 - - - -
TEV/EBITDA 7.87x 0.57x 6.87x 2.01x - 0.99x 0.00x - - - -
Net Income 2.3 1.7 1.5 1.7 8.9 1.7 8.9 - - - -
P/E 22.10x 10.02x 24.76x 16.38x 2.41x 16.43x 2.48x - - - -
Profitability S&P Issuer Ratings
EBITDA 14.32 Long-Term Rating Date -
EBIT 10.88 Long-Term Rating -
Operating Margin 43.84% Long-Term Outlook -
Pretax Margin 43.84% Short-Term Rating Date -
Return on Assets 15.84% Short-Term Rating -
Return on Common Equity 20.70% Credit Ratios
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin 41.7% Total Debt/EBITDA -
EBITDA Margin 57.7% Reference
EBIT Margin 43.8% Total Debt/Equity 0.0%
Net Income Margin 35.8% Total Debt/Capital -
Structure Asset Turnover 0.44
Current Ratio 1.71 Net Fixed Asset Turnover 0.96
Quick Ratio 1.45 Accounts receivable turnover-days 93.64
Debt to Assets 0.00% Inventory Days 60.41
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 100.67
Accounts Receivable Turnover 3.90 Cash Conversion Cycle 53.38
Inventory Turnover 6.04
Price/ Cash Flow Sales/Revenue/Turnover
18.00 30.0
16.00
25.0
14.00
12.00 20.0
10.00
15.0
8.00
6.00 10.0
4.00
5.0
2.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11. 04.07.2012
Interra Resources Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLEUR ENTERPRISES LT n/a EXCH 51'349'000 17.38 12'961'000 22.07.2011 Other
ADRC LTD n/a Co File 38'426'214 13.01 - 23.03.2010 Corporation
SUMODIKORO SUBIANTO n/a EXCH 35'000'000 11.85 5'000'000 22.07.2011 n/a
BUCKLER ALLAN CHARLE n/a EXCH 3'945'600 1.34 - 06.02.2012 n/a
SARATOGA EQUITY PART n/a EXCH 1'560'000 0.53 - 22.07.2011 n/a
TARGETT LUKE CHRISTO n/a Co File 40'000 0.01 - 19.06.2009 n/a
ADM GALLEUS FUND I L n/a EXCH - 0 (17'961'000) 22.07.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |