This document provides a summary of valuation measures and financial metrics for several companies operating in the construction and mining machinery industry. Key metrics included are market capitalization, revenue, EBITDA, earnings per share, price-to-earnings ratios, credit ratings and growth estimates. Companies are listed with their country of domicile and currency, along with historical and estimated future financial figures.

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
Construction & Mining Machinery
March 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 |

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 14390791 1934.549 1119 1119 205 221 221 101.26 110.64 110.64 15.40 15.40 14.10 14.10 18.77
Euro Stoxx 50 Pr EUR 2642045 5674.976 4728 4728 772 800 800 200.68 312.97 312.97 23.11 16.49 14.82 14.82 19.96
NIKKEI 225 JPY 2555453 184.9733 185 185 19 19 19 5.21 5.46 5.46 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2744949 11849.45 9623 9623 1468 1684 1684 535.13 825.18 825.18 27.75 - 18.00 18.00 22.96
SWISS MARKET INDEX CHF 1052632 11145.75 4145 4145 854 848 848 412.02 557.89 557.89 21.53 19.15 15.90 15.90 22.19
S&P/TSX COMPOSITE INDEX CAD 1685770 17093.11 7888 7888 1848 2084 2084 795.93 890.15 890.15 15.46 15.46 13.83 13.83 24.32
S&P/ASX 200 INDEX AUD 1436679 6835.419 2859 2859 599 696 696 250.38 340.41 340.41 22.02 17.55 16.20 16.20 22.04
HANG SENG INDEX HKD 1699709 3318.738 1629 1629 360 409 409 259.40 265.67 265.67 1.44 1.54 1.41 1.41 3.07
MSCI EM USD 7865375 1554.869 1077 1077 200 216 216 87.10 95.63 95.63 12.03 13.69 10.96 10.96 20.04
ZOOMLION HEAVY INDUSTRY S-A CNY 10247 58511 7706 3 0 0 3 10.01 7451 7451 8192 9045 1643 1643 - - 0.17 0.17 0.18 0.20 1.30 1.28 1.23 1.11 7.19 9.54 10.36 11.82 3.55 BB+ 16.03.2012 - -
XCMG CONSTRUCTION MACHIN-A CNY 3789 8499 2063 2 0 0 1 5.38 5284 5211 5189 5692 691 - 0 0 0.26 0.20 0.22 0.24 1.51 - 1.37 1.23 4.51 14.46 3.30 16.70 - - - - -
KUNMING YUNNEI POWER CO-A CNY 555 5603 681 0 0 0 0 0.73 353 346 #VALUE! #VALUE! 17 - - - 0.00 0.02 #VALUE! #VALUE! 8.38 - #VALUE! #VALUE! -0.87 0.16 11.20 -1.85 - - - - -
DOOSAN INFRACORE CO LTD KRW 2315 1126 169 2 0 0 0 4.57 3820 3820 #VALUE! #VALUE! 411 411 - - 1.27 1.30 0.50 1.21 0.01 0.01 0.02 0.01 0.00 0.01 - 0.01 0.01 - - - -
STX ENGINE CO LTD KRW 212 147 29 1 0 0 0 0.79 968 968 #VALUE! #VALUE! 112 112 - - - 2.01 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! -0.02 0.00 - 0.02 0.01 - - - -
CHANGCHAI CO LTD-B HKD 523 529 561 0 0 0 0 0.38 404 385 #VALUE! #VALUE! 10 - - - 0.01 0.01 #VALUE! #VALUE! 4.99 - #VALUE! #VALUE! 1.32 0.98 -6.61 -1.48 - - - - -
SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -
DAIHATSU DIESEL MFG CO LTD JPY 164 98 32 0 0 0 0 0.12 604 588 #VALUE! #VALUE! 79 61 - - 0.80 0.78 #VALUE! #VALUE! 0.07 0.07 #VALUE! #VALUE! -0.01 0.00 -0.19 0.06 0.11 - - - -
KOMATSU LTD JPY 22782 7879 952 7 0 1 1 29.70 20751 20175 19997 21014 3628 3389 - - 1.81 1.52 1.54 1.92 0.16 - 0.16 0.13 0.08 0.02 0.11 0.02 0.18 A 26.10.2007 A2 01.10.2004
HITACHI CONSTRUCTION MACHINE JPY 4510 1795 212 4 0 0 1 8.48 8556 8682 8013 8301 989 978 - - 1.15 1.66 1.48 1.57 0.13 - 0.15 0.14 0.06 0.01 0.10 -0.02 0.12 - - - -
NITTAN VALVE CO LTD JPY 105 97 29 0 0 0 0 0.15 345 355 #VALUE! 419 35 41 - - -0.49 -0.12 #VALUE! 0.43 - - #VALUE! 0.09 0.02 0.02 -0.31 -0.13 0.12 - - - -
TOYO DENKI SEIZO -TOYO ELEC JPY 151 562 48 0 0 0 0 0.25 404 349 343 382 30 19 - - 0.17 0.02 0.07 0.15 1.85 1.84 0.50 0.22 0.02 -0.03 0.07 0.03 0.06 - - - -
ALTRA HOLDINGS INC USD 741 62 27 0 0 0 0 0.91 1K 1K 1K 1K 107 107 29 29 1.51 1.46 1.81 2.12 18.88 18.88 15.19 12.98 8.47 4.94 10.61 4.09 14.67 - - - -
ATLAS COPCO AB-A SHS SEK 34361 1447 1213 3 0 0 2 35.72 14156 14156 13964 14569 3423 3423 788 788 - 1.79 1.77 1.90 2.53 - 2.56 2.38 1.80 1.00 1.43 1.48 3.78 A 24.02.2011 A2 15.11.2012
BRIGGS & STRATTON USD 1197 134 48 0 0 0 0 1.43 2067 1969 2002 2080 155 146 94 94 1.24 1.08 1.42 1.65 23.01 23.01 17.56 15.06 -2.06 -1.13 -2.93 0.69 7.43 BB 20.10.2011 Ba3 04.03.2009
CATERPILLAR INC USD 58001 2997 655 10 0 0 3 65.23 65875 65875 63442 69087 11966 11966 2102 2102 8.62 8.63 8.04 9.42 10.26 10.26 11.02 9.40 9.54 11.51 23.62 12.24 18.16 A 24.06.2003 A2 15.06.1995
CUMMINS INC USD 22225 494 190 1 0 0 2 21.76 17334 17334 17251 18911 2225 2225 581 581 8.54 8.54 8.78 10.33 13.71 13.71 13.34 11.34 -3.96 4.95 -9.88 12.35 12.84 A 21.09.2011 Baa1 18.11.2011
CONCENTRIC AB SEK 493 15 44 0 0 0 0 0.48 333 333 338 366 55 55 14 14 - 0.55 0.74 0.85 3.17 - 2.36 2.05 -1.05 - -0.80 - 2.59 - - - -
CHINA YUCHAI INTL LTD USD 578 4 37 1 0 0 1 0.80 2140 2131 2265 2419 291 - 59 59 2.41 2.40 2.60 3.21 6.46 6.46 5.97 4.83 -12.69 - - - - - - - -
DEUTZ AG EUR 683 568 121 0 0 0 0 0.85 1995 1794 1717 1806 211 177 53 53 0.74 0.29 0.28 0.43 25.68 25.68 26.40 17.17 37.30 1.80 63.80 7.11 12.91 - - - -
FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -
JOY GLOBAL INC USD 6605 539 106 1 0 0 0 7.69 5661 5675 5084 5100 1325 1326 282 282 6.91 7.02 6.22 6.45 8.86 8.86 9.99 9.64 28.54 13.12 32.63 20.48 23.37 BBB 15.02.2011 Baa2 17.12.2010
METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009
MANITOWOC COMPANY INC USD 2735 912 133 2 0 0 0 4.46 3927 3952 4249 4607 400 477 92 92 0.77 0.75 1.28 1.75 27.47 27.47 16.14 11.77 8.50 8.39 16.80 -6.44 12.07 B+ 08.10.2010 B3 13.10.2010
OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -
ASTEC INDUSTRIES INC USD 822 59 23 0 0 0 0 0.74 936 975 1004 1082 73 75 23 23 1.45 1.51 1.93 2.41 23.87 23.87 18.64 14.98 3.04 1.88 -4.53 -6.40 7.73 - - - -
SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -
FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -
OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -
METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009
POWER SOLUTIONS INTERNATIONA USD 212 0 9 0 0 0 0 0.24 202 202 229 314 13 13 3 3 0.77 0.88 0.97 1.52 26.41 26.41 23.96 15.34 30.57 - 26.32 - 6.63 - - - -
SANDVIK AB SEK 20555 1583 1254 6 0 0 2 24.23 15406 15406 14715 15193 2785 2785 625 625 - 1.02 1.16 1.32 2.51 - 2.22 1.95 0.74 0.45 1.61 0.08 2.83 BBB+ 24.05.2011 - -
TEREX CORP USD 3787 456 110 2 0 0 1 5.48 7348 7348 8002 8674 552 664 129 129 1.83 1.95 2.62 3.44 17.54 17.54 13.07 9.94 12.97 -1.92 165.45 -11.87 9.03 BB- 22.05.2009 B3 07.11.2012
TOGNUM AG EUR 5353 4 131 0 0 0 0 5.29 3934 3934 #VALUE! #VALUE! 546 546 - - 1.80 1.80 #VALUE! #VALUE! 29.52 29.47 #VALUE! #VALUE! 1.86 4.39 1.80 -2.12 18.10 - - - -
TWIN DISC INC USD 284 18 11 0 0 0 0 0.30 356 333 279 294 59 43 5 5 2.61 1.64 0.67 0.94 15.38 15.38 37.66 26.98 14.65 0.20 32.14 4.81 13.03 - - - -
AMERCO USD 3256 24 20 1 0 0 1 3.18 2503 2509 #VALUE! #VALUE! 660 753 - - 11.70 12.72 12.85 14.00 13.06 13.06 12.92 11.86 11.66 5.01 10.02 9.38 30.01 NR 24.01.2012 WR 13.11.2003
WARTSILA OYJ ABP EUR 9176 270 197 1 0 0 0 9.95 6166 6165 6576 7050 800 796 191 191 - 2.24 2.62 3.01 27.15 - 23.16 20.14 16.00 6.34 16.82 7.89 16.85 - - - -
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
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 2.17 2.17 1.99 1.80 2.17 1.39 1.39 1.33 1.28 1.39 9.95 9.95 9.69 8.86 9.95 8.77 8.77 8.10 7.59 8.77 14.10 14.10 12.64 11.43 14.10 2.21 2.21 2.36 2.57 2.21 1674.5 7.4%
Euro Stoxx 50 Pr 1.17 1.17 1.11 1.04 1.17 0.75 0.75 0.73 0.70 0.75 5.48 5.48 5.10 4.87 5.48 7.10 7.10 6.72 6.36 7.10 11.36 11.36 10.18 9.31 11.36 4.22 4.22 4.54 4.84 4.22 2895.1 6.3%
NIKKEI 225 1.52 1.52 1.42 1.33 1.52 0.71 0.71 0.67 0.66 0.71 9.50 9.50 8.20 7.67 9.50 9.54 9.54 8.34 7.83 9.54 24.11 24.11 18.95 14.75 24.11 1.64 1.64 1.65 1.92 1.64 11810.1 -6.0%
FTSE 100 INDEX 1.69 1.69 1.57 1.26 1.69 1.02 1.02 0.98 1.01 1.02 7.95 7.95 7.32 5.32 7.95 7.04 7.04 6.60 6.30 7.04 11.90 11.90 10.81 9.89 11.90 3.85 3.85 4.15 4.60 3.85 6790.0 4.6%
SWISS MARKET INDEX 2.40 2.40 2.23 2.06 2.40 2.01 2.01 1.91 1.84 2.01 12.30 12.30 11.27 9.95 12.30 13.14 13.14 12.15 11.34 13.14 14.96 14.96 13.41 12.20 14.96 3.28 3.28 3.63 4.12 3.28 7996.8 1.8%
S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.43 1.59 8.47 8.47 7.62 7.15 8.47 8.20 8.20 7.26 6.87 8.20 14.12 14.12 12.45 11.47 14.12 3.09 3.09 3.24 3.43 3.09 14549.2 13.3%
S&P/ASX 200 INDEX 1.94 1.94 1.84 1.73 1.94 1.86 1.86 1.75 1.66 1.86 11.44 11.44 10.21 9.32 11.44 9.82 9.82 8.63 8.00 9.82 15.61 15.61 13.89 12.74 15.61 4.25 4.25 4.55 4.90 4.25 5136.0 0.3%
HANG SENG INDEX 1.35 1.35 1.25 1.18 1.35 1.78 1.78 1.64 1.52 1.78 7.12 7.12 6.59 6.20 7.12 8.11 8.11 7.36 6.86 8.11 10.93 10.93 10.00 9.20 10.93 3.52 3.52 3.82 4.54 3.52 25103.6 11.4%
MSCI EM 1.46 1.46 1.33 1.24 1.46 0.97 0.97 0.90 0.87 0.97 6.97 6.97 6.43 6.02 6.97 7.20 7.20 6.61 6.23 7.20 10.96 10.96 9.84 9.13 10.96 2.82 2.82 3.14 3.44 2.82 1193.8 13.9%
ZOOMLION HEAVY INDUSTRY S-A 1.88 1.55 1.32 1.12 1.38 1.25 1.13 0.98 26.97 8.26 5.16 7.54 6.51 5.43 5.26 4.40 8.63 7.65 6.91 5.87 5.84 2.35 3.16 3.40 3.96 11.08 30.8%
XCMG CONSTRUCTION MACHIN-A 1.45 1.39 1.21 1.05 0.74 0.73 0.67 0.61 5.60 8.65 7.27 6.14 7.04 10.19 8.31 7.11 6.66 8.54 7.65 7.24 0.60 0.96 1.14 1.40 14.09 23.4%
KUNMING YUNNEI POWER CO-A
DOOSAN INFRACORE CO LTD 11.39 27.39 11.35 0.00 0.04 0.05 0.00 0.00 19593.33 28.5%
STX ENGINE CO LTD 2.74 2.74 2.43
CHANGCHAI CO LTD-B
SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%
DAIHATSU DIESEL MFG CO LTD
KOMATSU LTD 2.06 1.95 1.75 1.59 1.07 1.14 1.08 1.04 8.16 9.26 8.33 7.67 7.83 8.75 7.42 6.92 11.85 15.06 12.07 10.80 10.26 1.90 2.13 2.27 2.41 2.26 2726.11 23.2%
HITACHI CONSTRUCTION MACHINE 1.32 1.23 1.16 1.10 0.53 0.56 0.54 0.52 6.62 6.01 6.19 6.80 8.28 9.18 7.73 6.93 17.51 14.13 13.35 11.56 1.49 1.97 2.08 2.26 2141.33 7.0%
NITTAN VALVE CO LTD 0.25 8.36
TOYO DENKI SEIZO -TOYO ELEC 0.97 0.93 0.91 0.87 0.37 0.44 0.39 0.36 7.33 5.38 9.22 7.51 8.61 13.98 9.51 7.54 20.99 47.36 21.14 14.65 2.03 2.03 2.03 2.03 230.00 -22.3%
ALTRA HOLDINGS INC 2.99 2.63 2.18 1.02 0.99 0.94 13.44 9.22 8.59 8.71 7.86 7.15 19.69 15.19 12.98 0.58 1.03 1.31 28.80 4.5%
ATLAS COPCO AB-A SHS 6.39 5.55 4.75 4.11 2.44 2.46 2.36 2.23 2.17 15.24 14.02 13.67 13.27 10.45 10.57 10.00 9.34 9.57 16.18 16.35 15.24 13.96 3.11 3.19 3.40 3.63 190.61 3.0%
BRIGGS & STRATTON 1.66 1.74 1.59 0.55 0.60 0.58 0.55 0.53 14.70 5.94 8.78 7.94 7.48 8.95 8.41 7.75 6.79 20.40 17.56 15.06 12.30 11.24 1.77 1.93 1.93 25.50 2.6%
CATERPILLAR INC 3.24 2.65 2.20 1.92 0.88 0.91 0.84 0.78 0.57 7.36 7.23 6.36 5.48 5.67 6.09 5.29 4.68 9.75 11.02 9.40 7.94 2.22 2.30 2.43 2.48 112.65 27.2%
CUMMINS INC 3.30 2.81 2.36 2.00 1.30 1.29 1.18 1.05 11.35 10.90 9.02 8.18 8.51 8.14 7.04 6.29 13.93 13.34 11.34 9.50 1.54 1.78 1.82 2.02 132.38 13.1%
CONCENTRIC AB 3.17 3.82 3.35 3.03 1.47 1.46 1.34 1.29 1.20 12.49 11.78 9.95 9.54 8.67 7.47 6.88 6.70 6.03 16.19 15.12 13.05 12.30 2.81 3.79 4.06 4.39 66.75 -6.3%
CHINA YUCHAI INTL LTD 0.26 0.26 0.24 3.09 3.07 2.77 5.97 4.83 16.00 3.2%
DEUTZ AG 1.18 1.10 1.01 0.93 0.82 0.35 0.40 0.38 0.35 0.35 4.47 5.24 4.65 4.22 3.27 4.06 5.33 4.80 4.25 3.59 8.02 20.23 13.16 10.09 7.73 0.25 0.00 4.16 1.27 1.73 4.13 -4.6%
FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%
JOY GLOBAL INC 2.52 2.14 1.80 1.49 1.20 1.30 1.30 1.19 0.97 8.22 8.03 8.20 6.86 5.79 6.72 6.59 5.96 8.76 9.99 9.64 8.39 1.13 1.13 1.15 1.17 76.40 22.8%
METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%
MANITOWOC COMPANY INC 4.61 3.57 2.94 2.37 0.70 0.64 0.59 0.57 12.40 9.92 8.34 7.83 11.00 8.91 7.73 6.87 28.05 16.14 11.77 10.14 0.39 0.39 0.40 0.44 22.00 6.8%
OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%
ASTEC INDUSTRIES INC 1.64 1.50 0.82 0.82 0.76 0.68 0.59 9.31 8.32 6.95 6.17 21.68 18.64 14.98 11.66 9.43 35.43 -1.7%
SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%
FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%
OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%
METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%
POWER SOLUTIONS INTERNATIONA 8.94 6.64 4.65 2.42 1.05 0.93 0.67 0.53 0.42 23.24 17.69 13.95 9.15 7.57 29.68 23.96 15.34 12.49 8.97 27.00 16.2%
SANDVIK AB 3.40 3.36 2.91 2.53 1.34 1.40 1.35 1.30 1.28 12.39 10.01 8.74 8.34 8.48 8.35 7.65 7.17 7.42 13.63 14.18 12.45 11.36 3.53 3.67 4.07 4.34 109.55 4.5%
TEREX CORP 1.59 1.53 1.31 1.11 0.51 0.47 0.44 0.40 9.67 8.02 6.48 5.44 8.35 7.02 5.93 5.00 16.87 13.07 9.94 7.81 38.15 11.5%
TOGNUM AG
TWIN DISC INC 2.05 1.99 1.80 0.80 1.02 0.97 0.87 4.84 12.29 10.11 6.25 9.08 37.66 26.98 14.42 1.35 1.43 1.43 23.00 -8.8%
AMERCO 15.10 12.92 11.86 167.00 0.6%
WARTSILA OYJ ABP 3.95 3.54 3.18 2.85 1.49 1.40 1.30 1.22 1.20 17.47 13.15 12.82 12.77 12.01 10.99 10.01 9.15 8.68 19.72 17.75 15.43 13.65 2.79 3.05 3.38 3.74 34.30 -3.8%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 15.03.2013
Zoomlion Heavy Industry Science and Technology Co Ltd
Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and Price/Volume
markets construction machinery. The Company's products include concrete
12 250.0 M
machinery, cranes, road machinery, drilling equipment, and other heavy
construction equipment. Zoomlion also produces environmental machinery and 10 200.0 M
satellite navigation products. 8
150.0 M
6
Valuation Analysis 100.0 M
Latest Fiscal Year: 12/2011 4
LTM as of: 09/yy 2 50.0 M
52-Week High (29.05.2012) 11.28
0 .0 M
52-Week Low (05.09.2012) 7.71 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13
Daily Volume 58'510'623.00
Current Price (3/dd/yy) 8.47 Market Data
52-Week High % Change -24.91% Dividend Yield 2.95
52-Week Low % Change 9.86% Beta 1.04
% 52 Week Price Range High/Low 18.77% Equity Float 3'237.84
Shares Out 30.09.2012 6'275.9 Short Int -
Market Capitalization 63'706.51 1 Yr Total Return -9.95%
Total Debt 18'105.00 YTD Return -8.03%
Preferred Stock 0.0 Adjusted BETA 1.037
Minority Interest 188.0 Analyst Recs 19
Cash and Equivalents 16'002.00 Consensus Rating 4.579
Enterprise Value 62'238.19 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 43'815'290
000157 CH EQUITY YTD Change - Average Volume 30 Day 75'699'920
000157 CH EQUITY YTD % CHANGE - Average Volume 3 Month 73'325'140
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 8'973.0 13'548.0 20'654.2 32'015.5 46'323.0 41'271.0 51'964.5 50'929.0 56'235.0 11'695.5 -
TEV/Revenue 5.00x 1.93x - 2.51x 1.30x 7.10x 4.31x 1.18x 1.11x 5.48x -
EBITDA 1'541.0 2'280.0 3'363.1 6'210.3 10'212.0 0.0 0.0 11'462.0 11'822.4 - -
TEV/EBITDA 29.12x 11.47x - 12.93x 5.90x 0.00x 0.00x 5.43x 5.26x - -
Net Income 1'439.0 1'544.0 2'446.4 4'665.6 8'066.0 7'500.8 9'063.9 8'568.1 9'395.6 730.0 2'246.0
P/E - - - 19.85x 6.46x 6.63x 6.10x 7.65x 6.91x 7.05x 5.84x
Profitability S&P Issuer Ratings
EBITDA 10'212.00 Long-Term Rating Date 16.03.2012
EBIT 9'756.00 Long-Term Rating BB+
Operating Margin 21.06% Long-Term Outlook STABLE
Pretax Margin 20.73% Short-Term Rating Date -
Return on Assets 11.98% Short-Term Rating -
Return on Common Equity 25.68% Credit Ratios
Return on Capital 16.60% EBITDA/Interest Exp. 19.91
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 17.04
Margin Analysis Net Debt/EBITDA 0.21
Gross Margin 32.4% Total Debt/EBITDA 1.77
EBITDA Margin 22.0% Reference
EBIT Margin 21.1% Total Debt/Equity 51.1%
Net Income Margin 17.4% Total Debt/Capital 33.7%
Structure Asset Turnover 0.69
Current Ratio 1.80 Net Fixed Asset Turnover 8.03
Quick Ratio 1.04 Accounts receivable turnover-days 76.28
Debt to Assets 25.31% Inventory Days 106.85
Tot Debt to Common Equity 51.13% Accounts Payable Turnover Day 79.24
Accounts Receivable Turnover 4.78 Cash Conversion Cycle 103.89
Inventory Turnover 3.42
Price/ Cash Flow Sales/Revenue/Turnover
350.00 50'000.0
45'000.0
300.00
40'000.0
250.00 35'000.0
30'000.0
200.00
25'000.0
150.00 20'000.0
15'000.0
100.00
10'000.0
50.00 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 02.07.2012 02.01.2013 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. 15.03.2013
Zoomlion Heavy Industry Science and Technology Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUNAN STE-OWNED ASSE n/a Co File 1'247'379'996 19.88 - 30.06.2011 Corporation
CHANGSHA HESHENG TEC n/a Co File 394'159'949 6.28 - 30.06.2011 Corporation
GOOD EXCEL GROUP LTD n/a EXCH 374'822'128 5.97 - 25.05.2012 Corporation
CHANGSHA YIFANG TECH n/a Co File 246'645'051 3.93 - 30.06.2011 Corporation
REAL SMART INTERNATI n/a EXCH 182'099'602 2.9 - 25.05.2012 Corporation
HONGYI INVESTMENT BJ n/a EXCH 171'047'500 2.73 - 25.05.2012 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 153'521'507 2.45 76'417'065 30.06.2012 Investment Advisor
CHINA CONSTRUCTION I n/a EXCH 151'164'554 2.41 - 30.06.2012 Government
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 150'569'738 2.4 56'672'629 30.06.2012 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 111'766'269 1.78 76'609'078 30.06.2012 Investment Advisor
YOUNGOR INVESTMENT C n/a Co File 97'500'000 1.55 - 30.06.2010 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 89'163'931 1.42 38'225'084 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 88'437'001 1.41 78'958'247 30.06.2012 Investment Advisor
XIANGJIANG INDUS INV n/a Co File 87'790'815 1.4 - 30.06.2011 Other
GUANGDONG HENGJIAN I n/a Co File 82'719'000 1.32 - 30.06.2011 Government
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 50'951'711 0.81 33'231'800 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 45'094'113 0.72 22'304'456 30.06.2012 Investment Advisor
SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 35'449'870 0.56 13'230'082 30.06.2012 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 32'433'829 0.52 1'759'803 30.06.2012 Investment Advisor
CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 30'991'430 0.49 - 15.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities GUOJI YE buy 5 M #N/A N/A Not Provided 04.03.2013
Guotai Junan LU JUAN buy 5 M 13 12 month 26.02.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 M 12 6 month 25.02.2013
Goldman Sachs TIAN LU Buy/Neutral 5 M 12 12 month 13.02.2013
Northeast Securities Co Ltd JIANGTAO WU buy 5 M 12 12 month 31.01.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M 31 6 month 30.01.2013
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 24.01.2013
Jefferies JULIAN BU underperform 1 M 7 12 month 08.01.2013
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Fortune CLSA Securities Limited YANG YAN buy 5 M 13 12 month 15.11.2012
Capital Securities Corp HAN WEIQI buy 5 M 10 Not Provided 01.11.2012
Bank of China International LEVI SHI hold 3 M 9 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONGYA GUANG add 4 N #N/A N/A Not Provided 03.09.2012
China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012
China Securities Co., Ltd FUZHANG FENG add 4 M 13 Not Provided 25.06.2012
China Merchants Securities LIU RONG strong buy 5 M #N/A N/A Not Provided 27.04.2012
Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 26.04.2012
Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 23.03.2012
Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 06.02.2012
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 26.05.2011
Guodu Securities Co Ltd WEI JING buy 5 D #N/A N/A Not Provided 13.05.2011
Hong Yuan Securities XUN JIAN add 4 N #N/A N/A Not Provided 29.03.2011
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 09.06.2010
China Minzu Securities Co Ltd CAIXIA FU buy 5 M #N/A N/A Not Provided 08.03.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 15.03.2013
XCMG Construction Machinery Co Ltd
XCMG Construction Machinery Co., Ltd. manufactures and markets a variety of Price/Volume
construction machinery including road construction machinery, scrapers, concrete
1 .0 M
mixers and other related products. 1 .0 M
1 .0 M
1 .0 M
1 .0 M
1 .0 M
Valuation Analysis 0 .0 M
Latest Fiscal Year: 12/2011 0 .0 M
LTM as of: 01/yy 0 .0 M
0 .0 M
52-Week High (29.05.2012) 16.06
0 .0 M
52-Week Low (04.12.2012) 9.58 m-12
Daily Volume 8'498'964.00
Current Price (3/dd/yy) 11.42 Market Data
52-Week High % Change -28.89% Dividend Yield -
52-Week Low % Change 19.21% Beta 1.04
% 52 Week Price Range High/Low 26.54% Equity Float 758.37
Shares Out 30.09.2012 2'062.8 Short Int -
Market Capitalization 23'556.70 1 Yr Total Return -23.60%
Total Debt 12'276.30 YTD Return -0.95%
Preferred Stock 0.0 Adjusted BETA 1.036
Minority Interest 12.8 Analyst Recs 7
Cash and Equivalents 8'367.64 Consensus Rating 4.000
Enterprise Value 33'430.55 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 6'701'713
000425 CH EQUITY YTD Change - Average Volume 30 Day 13'140'860
000425 CH EQUITY YTD % CHANGE - Average Volume 3 Month 16'357'180
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 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 3'255.9 15'840.3 20'617.9 25'662.3 32'850.4 0.0 0.0 32'258.3 35'385.0 7'888.5 -
TEV/Revenue 3.92x 0.63x 1.49x 2.19x 1.01x #DIV/0! #DIV/0! 0.84x 0.82x 2.99x -
EBITDA 111.5 1'760.7 2'240.6 3'565.8 4'297.0 0.0 0.0 3'280.0 4'024.0 0.0 -
TEV/EBITDA 114.53x 5.69x 13.68x 15.74x 7.74x 0.00x 0.00x 10.19x 8.31x - -
Net Income 24.7 1'495.7 1'741.3 2'934.9 3'378.6 0.0 0.0 2'413.0 2'852.0 347.0 -
P/E 445.00x 9.04x 17.47x 17.65x 8.67x 0.00x 0.00x 8.54x 7.65x - -
Profitability S&P Issuer Ratings
EBITDA 4'296.98 Long-Term Rating Date -
EBIT 3'976.15 Long-Term Rating -
Operating Margin 12.10% Long-Term Outlook -
Pretax Margin 12.02% Short-Term Rating Date -
Return on Assets 6.87% Short-Term Rating -
Return on Common Equity 16.13% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 21.95
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 7.53
Margin Analysis Net Debt/EBITDA -
Gross Margin 20.4% Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin 9.8% Total Debt/Equity 81.1%
Net Income Margin 10.3% Total Debt/Capital 44.8%
Structure Asset Turnover 0.88
Current Ratio 1.71 Net Fixed Asset Turnover 5.80
Quick Ratio 1.16 Accounts receivable turnover-days 162.72
Debt to Assets 35.36% Inventory Days 82.42
Tot Debt to Common Equity 81.07% Accounts Payable Turnover Day 64.85
Accounts Receivable Turnover 2.25 Cash Conversion Cycle 118.68
Inventory Turnover 4.44
Price/ Cash Flow Sales/Revenue/Turnover
1.20 1.0
0.9
1.00 0.8
0.7
0.80
0.6
0.5
0.60
0.4
0.3
0.40
0.2
0.20 0.1
0.0
0.00 2000
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 15.03.2013
XCMG Construction Machinery Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
XUGONG GROUP MACHINE n/a Co File 1'014'941'488 49.2 - 30.06.2011 Corporation
YOUNGOR INVESTMENT C n/a Co File 78'600'000 3.81 - 30.06.2011 Investment Advisor
SH RURAL COMM BANK C n/a Co File 70'808'930 3.43 - 30.06.2011 Bank
ZHONGCAI MINGYUAN IN n/a Co File 65'600'000 3.18 - 30.06.2011 Other
SZ PINGAN VEN CAP n/a Co File 65'400'000 3.17 - 30.06.2011 n/a
SH ZHONGCHUANGXIN IN n/a Co File 32'800'000 1.59 - 30.06.2011 Other
JS HIGH HOPE INTL n/a Co File 26'000'000 1.26 - 30.07.2011 Corporation
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 25'497'616 1.24 15'172'311 30.06.2012 Investment Advisor
AEROSPACE SCI & TECH n/a Co File 21'000'000 1.02 - 30.06.2011 Corporation
E FUND MANAGEMENT Multiple Portfolios MF-AGG 20'979'251 1.02 4'716'014 30.06.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 18'471'496 0.9 15'377'596 30.06.2012 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 14'397'800 0.7 2'203'428 30.06.2012 Investment Advisor
SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 9'595'650 0.47 5'195'878 30.06.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 6'530'817 0.32 2'015'977 30.06.2012 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 6'404'319 0.31 3'370'794 30.06.2012 Investment Advisor
CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 6'229'599 0.3 (1'432'744) 30.06.2012 Investment Advisor
HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 5'742'763 0.28 5'473'545 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 5'250'976 0.25 387'623 30.06.2012 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 3'691'366 0.18 - 15.03.2013 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 3'538'411 0.17 3'538'211 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JULIAN BU underperform 1 M 14 12 month 06.03.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013
Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 08.06.2012
Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011
Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011
Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 28.04.2011
China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011
China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010
Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 10.05.2010
China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010
Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010
ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 15.03.2013
Kunming Yunnei Power Co Ltd
Kunming Yunnei Power Co., Ltd. manufactures and markets a variety of diesel Price/Volume
engines and related parts. The Company also manufactures and sells light duty
7 60.0 M
trucks.
6 50.0 M
5
40.0 M
4
30.0 M
Valuation Analysis 3
Latest Fiscal Year: 12/2011 20.0 M
2
LTM as of: 09/yy 1 10.0 M
52-Week High (21.02.2013) 5.85
0 .0 M
52-Week Low (09.07.2012) 4.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13
Daily Volume 5'603'114.00
Current Price (3/dd/yy) 5.07 Market Data
52-Week High % Change -13.33% Dividend Yield -
52-Week Low % Change 26.75% Beta 1.03
% 52 Week Price Range High/Low 57.30% Equity Float 411.51
Shares Out 30.06.2012 680.8 Short Int -
Market Capitalization 3'451.45 1 Yr Total Return 10.95%
Total Debt 460.08 YTD Return 9.03%
Preferred Stock 0.0 Adjusted BETA 1.027
Minority Interest 9.3 Analyst Recs 0
Cash and Equivalents 602.22 Consensus Rating -
Enterprise Value 4'560.75 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 7'722'485
000903 CH EQUITY YTD Change - Average Volume 30 Day 13'674'780
000903 CH EQUITY YTD % CHANGE - Average Volume 3 Month 11'543'880
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 1'942.6 1'786.3 2'481.3 2'318.5 2'193.2 2'280.2 2'150.3 - - - -
TEV/Revenue 3.14x 0.73x 1.87x 2.72x 1.19x 8.90x 5.60x - - - -
EBITDA 232.5 106.1 111.4 61.0 103.4 0.0 0.0 - - - -
TEV/EBITDA 26.21x 12.26x 41.58x 103.58x 25.30x 0.00x 0.00x - - - -
Net Income 201.6 135.6 169.9 134.5 39.9 88.1 66.1 - - - -
P/E 27.89x 14.02x 30.36x 49.44x 68.47x 44.88x 42.66x - - - -
Profitability S&P Issuer Ratings
EBITDA 103.45 Long-Term Rating Date -
EBIT 5.31 Long-Term Rating -
Operating Margin 0.24% Long-Term Outlook -
Pretax Margin 0.79% Short-Term Rating Date -
Return on Assets 1.35% Short-Term Rating -
Return on Common Equity 2.57% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 3.28
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -6.67
Margin Analysis Net Debt/EBITDA -
Gross Margin 13.4% Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin 2.0% Total Debt/Equity 17.9%
Net Income Margin 1.8% Total Debt/Capital 15.1%
Structure Asset Turnover 0.44
Current Ratio 1.17 Net Fixed Asset Turnover 1.11
Quick Ratio 0.86 Accounts receivable turnover-days 150.33
Debt to Assets 10.35% Inventory Days 98.77
Tot Debt to Common Equity 17.88% Accounts Payable Turnover Day 158.97
Accounts Receivable Turnover 2.43 Cash Conversion Cycle 86.46
Inventory Turnover 3.71
Price/ Cash Flow Sales/Revenue/Turnover
160.00 3'000.0
140.00
2'500.0
120.00
2'000.0
100.00
80.00 1'500.0
60.00 1'000.0
40.00
500.0
20.00
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 02.07.2012 02.01.2013 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. 15.03.2013
Kunming Yunnei Power Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YUNNAN INTERNAL COMB n/a Co File 259'640'640 38.14 - 30.06.2012 Corporation
CHINA SECURITIES CO n/a Co File 13'556'624 1.99 - 30.06.2012 Corporation
HUANG ZHAO n/a Co File 2'258'487 0.33 - 30.06.2012 n/a
CHINA MERCHANTS SECU n/a Co File 1'860'000 0.27 - 30.06.2012 Corporation
HUANG MIN n/a Co File 1'676'359 0.25 - 30.06.2012 n/a
YANG MINGXIAO n/a Co File 1'535'299 0.23 - 30.06.2012 n/a
CHEN LILI n/a Co File 1'436'405 0.21 - 30.06.2012 n/a
WANG XUFEN n/a Co File 1'432'360 0.21 - 30.06.2012 n/a
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'394'074 0.2 103'459 30.06.2012 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'369'966 0.2 645'090 30.06.2012 Investment Advisor
XIONG YINHUA n/a Co File 1'269'900 0.19 - 30.06.2012 n/a
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 969'372 0.14 44'478 30.06.2012 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 277'081 0.04 (1'692) 30.06.2012 Investment Advisor
WANJIA ASSET MANAGEM Multiple Portfolios MF-AGG 261'161 0.04 49'731 30.06.2012 Investment Advisor
BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 91'307 0.01 (4'698) 30.06.2012 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 71'627 0.01 (42'100) 30.06.2012 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 31'929 0 (26'573) 30.06.2012 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'570 0 (1'167'100) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sealand Securities JULIAN BU underperform 1 M 14 12 month 06.03.2013
Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013
Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013
Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012
Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012
SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 08.06.2012
Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011
Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011
Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011
China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011
Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011
First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 28.04.2011
China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011
China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010
Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010
China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 10.05.2010
China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010
Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010
ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |