This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
Valuation Measures I/II                                                       Market Capitalization & Asset Liability data...
Valuation Measures II/II                                         Price to Book Ratio                      Price to Sales R...
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Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members
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Fundamental Analysis & Analyst Recommendations - MXEF50 Index (MSCI EM 50) Members

  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 MSCI EM 50 Index - MXEF50 Index October 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 Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys 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 Moodys 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 DateS&P 500 INDEX USD 13319369 1851.307 1092 1092 202 212 212 98.94 105.02 105.02 14.56 14.56 13.71 13.71 19.13Euro Stoxx 50 Pr EUR 2389912 5545.264 4642 4642 764 790 790 154.55 307.12 307.12 27.85 14.77 14.02 14.01 21.02NIKKEI 225 JPY 2116769 167.1154 227 227 23 24 24 5.14 7.59 7.59 0.27 0.22 0.18 0.18 0.14FTSE 100 INDEX GBP 2593232 11355.09 9623 9623 1569 1647 1647 718.72 826.16 826.16 21.17 19.99 18.42 18.42 26.07SWISS MARKET INDEX CHF 911923 10685.77 3992 3992 814 796 796 389.66 525.43 525.43 20.16 19.85 14.95 14.95 22.48S&P/TSX COMPOSITE INDEX CAD 1668638 16877.13 7806 7806 1953 1983 1983 821.02 845.22 845.22 15.34 15.34 14.90 14.90 25.46S&P/ASX 200 INDEX AUD 1244677 6119.921 2877 2877 637 708 708 269.66 346.65 346.65 17.59 14.80 13.68 13.68 23.51HANG SENG INDEX HKD 1584425 3139.939 1449 1449 346 362 362 256.70 245.96 245.96 1.38 1.50 1.44 1.44 3.13MSCI EM USD 7310309 1379.294 965 965 182 182 182 79.49 87.18 87.18 12.52 12.92 11.42 11.42 18.97SAMSUNG ELECTR-GDR REG S USD 178085 36 4797 119 0 14630 #VALUE! 120815977 131592518 #VALUE! #VALUE! 18987465 21893496 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 7.63 16.73 -6.68 8.52 15.72 A 25.01.2006 A1 14.07.2005TAIWAN SEMICONDUCTOR-SP ADR USD 79252 13757 48 0 0 89 #VALUE! 418245 438601 #VALUE! #VALUE! 241831 254952 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.77 13.24 1.52 4.61 57.82 A+ 20.04.2010 - -CHINA MOBILE LTD HKD 217060 21078 20072 4 0 0 43 128.70 68124 70246 72456 77053 33185 33043 8840 8840 0.83 0.82 0.80 0.81 1.38 - 1.40 1.38 1.14 1.28 0.82 1.24 6.29 AA- 16.12.2010 WR 03.11.2005CHINA CONSTRUCTION BANK-H HKD 182590 322939 250011 156 0 1 357 #VALUE! 74257 84450 57862 63007 - - - - 0.09 0.10 0.10 0.10 0.80 0.80 0.80 0.78 3.61 2.70 - - - A 29.11.2011 - -GAZPROM OAO-SPON ADR USD 117125 13540 1540 0 297 525 #VALUE! 4637090 4545221 4708414 4948964 1970093 1783269 457803 457803 - - 103.08 102.46 - - 2.96 2.98 28.91 16.79 40.73 15.57 42.49 BBB 29.11.2006 Baa1 03.04.2009AMERICA MOVIL-ADR SERIES L USD 99406 4054 381 0 10 59 #VALUE! 665302 733604 746540 783292 248773 259750 65745 65745 - - 24.58 27.32 - - 13.62 12.25 9.45 22.29 2.21 23.67 37.39 A- 22.03.2010 A2 26.03.2010PETROLEO BRASILEIRO-SPON ADR USD 148665 7236 156 2 58 #VALUE! 244176 262088 283172 295086 61582 56472 16947 16947 - - 4.47 5.47 - - 10.17 8.30 15.26 11.56 3.82 2.90 25.22 BBB 17.11.2011 - -IND & COMM BK OF CHINA-H HKD 214731 294400 349084 248 0 0 463 #VALUE! 90881 101847 68179 74432 - - - - 0.08 0.08 0.08 0.09 0.81 - 0.80 0.76 3.80 2.45 - - - A 28.08.2012 - -CNOOC LTD HKD 91820 37823 44659 5 0 0 13 66.42 31087 30274 30070 31266 15359 14707 6959 6959 0.20 0.18 0.19 0.19 1.19 - 1.14 1.14 4.36 4.46 2.77 2.43 6.37 AA- 16.12.2010 - -VALE SA-SP PREF ADR USD 97211 5545 49 0 3 8 #VALUE! 103195 98143 94656 103328 57579 48392 9068 9068 - - 4.52 5.35 - - 7.98 6.74 24.00 57.41 24.55 25.11 55.80 A- 23.11.2011 Baa2 29.08.2008ITAU UNIBANCO HLDNG-PREF ADR USD 66919 9865 331 0 1 137 #VALUE! 129875 136108 82519 91287 - - - - - - 3.27 3.78 - - 9.10 7.89 22.04 32.61 - - - BBB 30.04.2008 (P)Baa1 20.06.2011TENCENT HOLDINGS LTD HKD 62085 1400 1822 2 0 0 3 47.77 3677 4592 5585 7206 1723 2008 619 619 0.71 0.78 0.93 1.18 4.47 - 3.76 2.96 5.81 8.44 3.70 7.80 6.05 BBB+ 14.11.2011 Baa1 14.11.2011LUKOIL OAO-SPON ADR USD 53500 1273 9 0 0 3 #VALUE! 134 K 137 K 130 K 130 K 17628 16139 18342 18342 - - 13.98 13.58 - - 4.50 4.63 55.27 24.87 9.83 7.90 13.19 BBB- 12.11.2010 - -HYUNDAI MOTOR CO KRW 45261 584 209 4 0 0 9 37.44 38633 38633 40855 41821 5638 5638 - - - 15.77 33.51 34.73 0.01 - 0.01 0.01 0.01 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010COMPANHIA DE BEBIDAS-PRF ADR USD 114628 1996 4 0 0 9 #VALUE! 27127 28814 31471 34614 13164 - 3467 3467 - - 3.33 3.66 - - 24.85 22.62 7.50 8.72 13.58 15.49 48.53 A 05.07.2012 A3 27.04.2010MTN GROUP LTD ZAr 33712 3278 1848 4 0 0 5 34.57 14006 15142 15638 16604 6017 6567 6819 6819 1.21 1.30 1.42 1.58 1.58 1.59 1.45 1.30 0.72 1.73 1.19 2.14 4.94 - - - -BANK OF CHINA LTD-H HKD 118641 316596 279136 247 0 4 404 #VALUE! 66335 74603 46915 51178 - - - - 0.06 0.06 0.06 0.06 0.69 - 0.70 0.70 3.88 2.35 - - - A 29.11.2011 - -BANCO BRADESCO-ADR USD 54293 6940 27 0 94 #VALUE! 98695 159025 69298 77454 - - - - - - 3.21 3.47 - - 9.84 9.11 26.44 19.15 - - - BBB 30.04.2008 Baa1 20.06.2011HON HAI PRECISION-GDR REG S USD 35241 101 155 0 0 75 #VALUE! 2773311 3105477 #VALUE! #VALUE! 41133 50360 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 19.89 24.17 -8.71 2.71 1.48 A- 09.11.2007 - -PETROCHINA CO LTD-H HKD 258392 102772 183021 41 0 10 8 264.86 258540 270722 267239 286183 41722 41850 - - 0.10 0.09 0.10 0.11 1.57 1.54 1.48 1.34 4.74 3.34 0.84 0.55 2.08 - - - -SBERBANK-SPONSORED ADR USD #VALUE! 9 1349 4 3 762 #VALUE! 1058036 1196188 856001 947006 - - - - - - 91.18 95.26 - - 4.01 3.84 7.84 23.67 - - - - - A3 24.02.2009NASPERS LTD-N SHS ZAr 25889 580 412 2 0 0 1 26.83 4537 4537 5406 6179 825 825 823 823 1.31 1.49 2.19 2.66 4.84 5.51 3.28 2.71 2.22 1.84 1.75 0.91 2.09 - - - -SASOL LTD ZAr 28469 1159 664 2 0 0 2 29.16 19471 19471 20187 20444 4304 - - - 4.40 4.86 5.02 5.00 1.04 1.15 1.01 1.01 2.18 1.05 - 1.36 3.02 - - - -CHINA LIFE INSURANCE CO-H HKD 83661 17821 28265 6 0 0 7 #VALUE! 47784 45392 47597 52618 - - - - 0.08 0.07 0.11 0.15 4.60 4.60 2.89 2.15 -0.51 2.64 - - - AA- 16.12.2010 - -POSCO-ADR USD 27900 119 11641 0 0 2187 #VALUE! 39171703 39171703 #VALUE! #VALUE! 6100453 6100453 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 20.22 15.57 -18.68 2.28 15.57 A- 31.10.2011 A3 *- 25.07.2012INFOSYS LTD-SP ADR USD 25594 2270 574 0 0 0 208 1127.70 337340 337340 389029 421229 107490 107490 27929 27929 145.82 145.83 159.25 167.19 16.15 16.16 14.79 14.09 22.66 19.71 19.77 18.94 31.86 BBB+ 07.05.2010 - -FOMENTO ECONOMICO MEX-SP ADR USD 33195 424 30 0 58 28 #VALUE! 203044 220972 234228 264876 33445 33690 9808 9808 - - 43.94 52.37 - - 27.00 22.66 19.65 12.68 19.31 6.27 16.47 - - - -HYUNDAI MOBIS KRW 26376 139 96 2 0 0 2 25.35 14348 14348 21757 24004 2093 2093 - - 16.47 16.49 33.23 37.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 BBB+ 20.03.2012 - -ICICI BANK LTD-SPON ADR USD 22991 980 1769 14 412 #VALUE! 666620 666620 218285 259993 - - - - - - 142.75 172.19 - - 14.81 12.28 8.28 11.32 - - - NR 27.10.2003 Baa2 25.05.2006CHINA PETROLEUM & CHEMICAL-H HKD 85239 57159 86703 31 0 5 3 111.50 317881 332141 326599 342847 22058 20247 - - 0.11 0.08 0.09 0.11 1.25 - 1.19 0.94 4.04 3.11 -0.52 1.20 0.90 A+ 16.12.2010 - -KIA MOTORS CORPORATION KRW 24530 1496 404 3 0 0 2 24.23 25056 25056 27175 28534 2346 2346 - - 4.15 4.09 9.71 10.57 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008STANDARD BANK GROUP LTD ZAr 19355 2140 1589 16 1 1 19 #VALUE! 12393 13154 7649 8471 - - - - 0.95 1.05 1.09 1.24 1.32 1.38 1.27 1.12 0.22 1.18 - - - - - - -SHINHAN FINANCIAL GROUP-ADR USD 16014 28 7039 274 0 2220 #VALUE! 2124112 2124112 #VALUE! #VALUE! 2051750 2051750 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 103.58 12.35 112.50 1.01 96.59 - - - -PING AN INSURANCE GROUP CO-H HKD 56680 7556 7916 42 0 5 12 31.57 35182 41221 38020 43784 - - - - 0.32 0.34 0.41 0.48 2.45 - 2.01 1.71 5.14 2.87 - - - - - - -CHINA SHENHUA ENERGY CO-H HKD 73310 8504 19890 8 0 5 8 64.80 26862 29543 30234 33058 10872 11202 - - 0.30 0.32 0.30 0.33 1.31 1.31 1.40 1.29 4.14 3.44 2.16 2.55 5.22 - - - -LG CHEM LTD KRW 18944 244 66 1 0 0 1 19.91 17892 18483 #VALUE! #VALUE! 2796 2353 - - 25.46 19.33 23.73 29.64 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.03 0.01 A- 24.11.2010 - -ANGLOGOLD ASHANTI LTD ZAr 13333 407 383 2 0 0 1 14.86 5498 6175 6761 8253 2349 2674 717 717 2.72 3.77 3.57 5.00 1.05 1.26 1.11 0.79 2.67 2.17 12.68 3.42 4.91 BBB- 09.04.2010 - -KB FINANCIAL GROUP INC-ADR USD 13236 84 180 0 #VALUE! #VALUE! #VALUE! 26999 26999 #VALUE! #VALUE! -19210 -19210 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! -79.46 - - - -71.15 - - - -MEDIATEK INC TWD 14646 9935 1140 0 0 0 1 13.61 1841 1876 #VALUE! #VALUE! 227 195 - - 0.42 0.39 0.44 0.64 0.94 - 0.84 0.58 -0.86 -0.08 -2.25 -0.80 0.42 - - - -CHUNGHWA TELECOM LTD-ADR USD 24335 171 0 0 0 64 #VALUE! 192462 191292 #VALUE! #VALUE! 83155 79916 - - - - 52.06 54.40 - - 17.60 16.84 3.25 -0.13 -6.99 -3.28 43.21 AA 30.12.2010 - -GRUPO TELEVISA SA-SPON ADR USD 13526 2209 57 0 7 22 #VALUE! 62582 66397 67983 73650 24252 26056 7128 7128 - - 12.49 14.95 - - 24.25 20.25 8.17 - 9.43 8.10 38.75 BBB+ 02.10.2007 Baa1 02.05.2007BRF - BRASIL FOODS SA-ADR USD 15923 1624 8 0 0 3 #VALUE! 25706 26571 27845 30341 2878 2412 492 492 - - 0.98 1.85 - - 37.80 20.09 13.34 41.54 24.04 52.90 11.20 BBB- 04.04.2012 Baa3 31.05.2012NOVATEK OAO-SPONS GDR REG S USD 36679 180 95 0 1 24 #VALUE! 176064 190145 217832 275608 88917 91324 22409 22409 - - 234.71 298.31 - - 15.89 12.50 50.45 - 58.22 31.24 50.50 BBB- 19.11.2010 - -FORMOSA PLASTICS CORP TWD 16740 6815 6121 2 0 0 2 16.83 6414 5996 6115 6596 1123 712 181 181 - 0.07 0.12 0.17 1.27 - 0.80 0.54 -0.12 -0.01 -0.37 0.39 0.60 BBB+ 30.12.2010 - -URALKALI-SPON GDR-REG S USD 23788 986 3 0 0 1 #VALUE! 3496 4465 4247 5012 2068 2809 - - - - 2.80 3.57 - - 14.48 11.36 105.72 55.16 158.40 45.69 59.16 BBB- 18.06.2012 - -SK HYNIX INC KRW 14325 3902 596 5 0 0 1 17.15 9202 8769 9000 10372 2120 1189 - - 0.25 -1.73 -0.44 1.15 - - #VALUE! 0.02 -0.01 0.01 -0.05 -0.01 0.02 BB- 14.02.2012 Ba3 15.02.2012CHINA STEEL CORP TWD 13575 7880 14972 3 0 0 0 16.66 8218 7894 7424 7669 1050 632 174 174 0.05 0.01 0.02 0.04 2.68 - 1.55 0.87 0.02 0.30 -1.35 -0.29 0.44 - - - -HYUNDAI HEAVY INDUSTRIES KRW 16131 239 61 4 0 0 1 20.12 22597 22597 27010 29201 2815 2815 498 498 24.98 28.68 26.69 25.54 0.01 0.01 0.01 0.01 0.01 0.01 -0.02 0.02 0.01 - - - -GOLD FIELDS LTD ZAr 9042 793 724 2 0 0 1 10.53 4812 5274 5313 6407 2424 2681 - - 1.17 1.33 1.29 1.95 1.07 1.00 1.10 0.73 3.75 2.15 9.80 3.97 5.79 BBB- 19.03.2009 - -IMPALA PLATINUM HOLDINGS LTD ZAr 10974 921 607 0 0 0 0 11.36 3171 3171 3640 4334 1329 - - - 0.79 0.79 0.71 0.97 2.54 2.52 2.80 2.07 -1.92 0.28 - 1.06 4.01 - - - - 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 2.13 2.13 1.94 1.78 2.13 1.32 1.32 1.27 1.21 1.32 9.37 9.37 8.53 8.18 9.37 8.73 8.73 8.12 7.55 8.73 13.71 13.71 12.35 11.07 13.71 2.19 2.19 2.38 2.56 2.19 1589.7 10.4%Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.71 0.71 0.69 0.67 0.71 5.17 5.17 4.87 4.53 5.17 7.02 7.02 6.67 6.35 7.02 10.74 10.74 9.78 8.88 10.74 4.26 4.26 4.72 5.08 4.26 2711.6 7.3%NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.20 6.20 5.69 5.45 6.20 6.88 6.88 6.29 5.94 6.88 14.52 14.52 12.80 10.48 14.52 2.32 2.32 2.34 2.75 2.32 9887.1 13.6%FTSE 100 INDEX 1.63 1.63 1.51 1.40 1.63 0.98 0.98 0.95 0.94 0.98 7.51 7.51 6.86 6.33 7.51 6.89 6.89 6.34 5.98 6.89 11.43 11.43 10.35 9.53 11.43 4.03 4.03 4.29 4.58 4.03 6360.3 8.6%SWISS MARKET INDEX 2.15 2.15 2.00 1.85 2.15 1.82 1.82 1.72 1.63 1.82 11.85 11.85 10.24 9.18 11.85 13.43 13.43 12.35 11.49 13.43 13.86 13.86 12.41 11.30 13.86 3.47 3.47 3.83 4.16 3.47 7089.0 5.0%S&P/TSX COMPOSITE INDEX 1.72 1.72 1.59 1.46 1.72 1.59 1.59 1.48 1.42 1.59 8.71 8.71 7.79 7.12 8.71 8.51 8.51 7.41 6.95 8.51 14.69 14.69 12.78 11.62 14.69 2.98 2.98 3.12 3.31 2.98 14140.3 15.6%S&P/ASX 200 INDEX 1.68 1.68 1.59 1.50 1.68 1.60 1.60 1.49 1.41 1.60 9.77 9.77 8.91 8.28 9.77 8.64 8.64 7.66 7.11 8.64 13.32 13.32 11.91 10.97 13.32 4.86 4.86 5.22 5.62 4.86 4684.7 4.3%HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.89 1.89 1.74 1.61 1.89 7.01 7.01 6.50 6.18 7.01 8.67 8.67 7.89 7.26 8.67 11.12 11.12 10.30 9.30 11.12 3.48 3.48 3.72 4.07 3.48 22628.3 6.7%MSCI EM 1.51 1.51 1.36 1.23 1.51 1.03 1.03 0.95 0.89 1.03 7.08 7.08 6.38 5.73 7.08 7.58 7.58 6.78 6.20 7.58 11.42 11.42 9.91 8.96 11.42 2.89 2.89 3.10 3.43 2.89 1131.7 13.7%SAMSUNG ELECTR-GDR REG S 940.00 55.5%TAIWAN SEMICONDUCTOR-SP ADR 17.53 15.07 -1.4%CHINA MOBILE LTD 2.10 1.89 1.71 1.57 1.43 2.59 2.42 2.28 2.13 2.01 5.95 5.79 5.58 5.25 5.03 3.96 3.95 3.85 3.70 3.63 10.88 10.86 10.72 10.37 9.66 3.97 4.02 4.09 4.32 4.66 86.49 3.3%CHINA CONSTRUCTION BANK-H 1.42 1.23 1.08 0.95 2.86 2.55 2.34 2.10 1.92 4.46 3.99 3.73 3.38 6.82 6.19 6.04 5.48 4.99 5.40 5.42 5.53 6.23 10.02 6.44 13.4%GAZPROM OAO-SPON ADR 0.46 0.42 0.38 0.35 0.31 0.81 0.77 0.73 0.73 0.69 2.72 2.24 2.63 2.31 2.07 3.08 2.96 2.98 3.28 3.06 4.68 5.08 5.31 5.30 6.06 13.98 41.3%AMERICA MOVIL-ADR SERIES L 3.67 4.12 3.43 2.94 1.94 1.70 1.62 1.55 1.45 7.03 6.52 5.75 5.45 14.00 13.62 12.25 11.46 12.10 1.13 1.17 1.76 2.20 2.70 29.26 11.8%PETROLEO BRASILEIRO-SPON ADR 0.91 0.87 0.83 0.81 1.23 1.07 1.02 1.12 1.09 5.01 4.19 4.15 7.63 10.17 8.30 7.91 10.55 3.09 3.60 3.31 3.22 29.65 32.8%IND & COMM BK OF CHINA-H 1.44 1.24 1.09 0.95 2.86 2.55 2.33 2.11 1.90 4.59 4.02 3.72 3.37 6.67 6.16 5.90 5.40 4.87 5.45 5.55 5.78 6.29 9.13 5.48 12.4%CNOOC LTD 2.18 1.86 1.62 1.44 1.30 2.49 2.47 2.37 2.38 2.18 5.73 5.97 5.87 5.86 6.75 4.22 4.21 4.10 4.09 3.92 8.34 8.85 8.86 8.93 8.44 3.95 2.72 2.90 2.87 3.57 17.27 8.4%VALE SA-SP PREF ADR 1.42 1.06 0.95 0.86 1.96 2.09 1.91 1.78 1.76 5.97 5.50 6.23 4.82 7.98 6.74 6.50 7.08 7.64 6.82 5.04 5.47 3.80 22.05 24.4%ITAU UNIBANCO HLDNG-PREF ADR 1.92 1.62 1.41 1.26 1.82 1.65 1.49 1.32 1.15 9.11 9.10 7.89 6.44 2.98 3.48 4.00 5.17 19.23 31.4%TENCENT HOLDINGS LTD 12.48 9.38 6.83 5.09 3.77 13.77 8.98 6.96 5.58 4.35 31.59 23.98 20.24 16.87 10.65 27.83 20.18 16.01 13.08 11.02 36.96 29.13 22.94 18.49 16.09 0.29 0.36 0.50 0.65 0.66 266.29 2.4%LUKOIL OAO-SPON ADR 0.72 0.66 0.61 0.61 0.40 0.41 0.41 0.43 0.42 3.21 3.14 3.14 2.98 4.39 4.50 4.63 4.74 3.52 4.03 4.27 4.63 4.74 7.11 80.24 27.6%HYUNDAI MOTOR CO 1.74 1.52 1.25 1.04 1.24 1.11 1.08 1.01 9.22 6.58 5.96 5.99 5.61 7.99 6.13 5.92 5.55 0.75 0.82 0.85 0.90 0.85 314477.41 38.2%COMPANHIA DE BEBIDAS-PRF ADR 9.39 9.08 8.70 8.27 7.41 6.73 6.20 5.37 24.61 20.64 19.19 29.20 24.85 22.62 21.10 3.31 3.88 3.83 40.25 -1.1%MTN GROUP LTD 3.56 3.00 2.80 2.60 2.42 2.16 2.03 1.89 1.66 8.11 7.02 6.51 5.90 5.60 5.08 4.82 4.51 3.89 14.31 12.65 11.35 10.51 9.62 4.53 5.61 6.51 7.11 10.40 16990.77 9.2%BANK OF CHINA LTD-H 0.96 0.87 0.79 0.71 0.59 2.26 2.04 1.87 1.70 1.51 3.65 3.45 3.18 2.89 2.39 5.76 5.41 5.41 4.99 4.21 6.17 6.29 6.25 6.81 7.66 3.47 12.9%BANCO BRADESCO-ADR 2.23 1.69 1.48 1.33 1.81 1.59 1.43 1.26 10.84 9.84 9.11 7.78 3.21 3.47 3.78 4.47 18.88 21.6%HON HAI PRECISION-GDR REG SPETROCHINA CO LTD-H 1.56 1.47 1.36 1.26 1.12 0.86 0.78 0.73 0.71 0.67 5.24 5.03 4.61 4.46 4.06 6.17 5.86 5.34 4.99 4.39 11.52 11.45 10.36 9.55 8.01 3.86 3.91 4.31 4.57 5.63 11.25 5.1%SBERBANK-SPONSORED ADR 28.89 2.19 1.85 0.97 0.83 6.39 4.01 3.84 3.45 2.39 0.90 2.06 1.88 1.97NASPERS LTD-N SHS 4.56 3.98 3.59 3.13 5.75 4.79 4.19 3.68 3.54 31.77 26.33 20.90 12.05 32.51 32.62 28.11 23.19 30.85 28.57 23.59 18.82 0.61 0.72 0.86 1.06 56613.00 3.7%SASOL LTD 1.82 1.62 1.46 1.33 1.45 1.41 1.39 1.32 1.28 6.04 5.65 5.38 5.95 5.03 5.12 5.09 4.96 4.60 8.22 8.78 8.81 8.55 12.18 4.40 4.72 5.18 5.53 4.87 40019.23 4.3%CHINA LIFE INSURANCE CO-H 2.69 2.42 2.17 1.94 1.52 1.45 1.42 1.29 1.16 24.82 22.41 16.66 13.81 8.26 1.28 1.43 1.88 2.14 4.07 23.29 -0.4%POSCO-ADRINFOSYS LTD-SP ADR 3.84 3.69 3.37 3.08 3.76 3.48 3.21 3.07 13.79 12.76 12.44 12.49 10.11 10.03 9.30 8.86 15.35 14.79 14.09 13.43 1.66 2.47 2.60 3.15 45.24 1.5%FOMENTO ECONOMICO MEX-SP ADR 3.53 2.88 2.69 2.63 2.14 1.81 1.60 1.43 1.35 14.66 16.71 18.58 26.39 27.00 22.66 19.82 1.26 1.47 1.55 1.64 97.46 5.1%HYUNDAI MOBIS 2.20 1.75 1.44 1.31 1.83 1.21 1.10 0.85 10.89 10.51 8.41 7.63 6.28 9.00 8.15 7.32 7.40 0.53 0.60 0.63 0.67 0.58 391225.81 30.4%ICICI BANK LTD-SPON ADR 6.79 5.57 4.67 4.00 18.53 14.81 12.28 1.74 2.13 2.57 44.00 10.0%CHINA PETROLEUM & CHEMICAL-H 1.16 1.07 0.98 0.89 0.79 0.23 0.21 0.20 0.20 0.18 3.81 3.82 3.27 3.21 2.47 4.94 5.22 4.48 4.19 3.85 7.29 9.19 7.31 6.93 7.13 3.53 3.59 4.24 4.59 4.24 8.15 4.2%KIA MOTORS CORPORATION 2.09 1.58 1.24 1.01 1.01 0.90 0.86 0.82 8.74 9.61 9.29 8.93 8.93 7.91 6.23 5.73 5.33 0.89 0.99 1.07 1.10 1.16 99570.97 48.6%STANDARD BANK GROUP LTD 1.66 1.51 1.39 1.27 2.75 2.53 2.28 2.05 7.15 9.19 8.08 6.86 12.35 11.08 9.71 8.51 7.91 3.76 4.33 4.81 5.47 11446.42 9.1%SHINHAN FINANCIAL GROUP-ADR 97.00 187.2%PING AN INSURANCE GROUP CO-H 2.97 2.46 2.04 1.90 2.39 1.63 1.20 1.05 0.90 0.96 19.70 15.59 13.22 11.52 8.90 0.95 1.04 1.25 1.44 1.85 71.02 15.8%CHINA SHENHUA ENERGY CO-H 2.20 1.97 1.75 1.57 1.49 2.25 1.96 1.79 1.68 1.55 7.58 7.61 6.56 6.47 5.97 5.80 5.44 5.17 5.37 11.07 10.84 10.02 9.61 10.06 3.29 3.53 3.88 4.04 3.68 34.36 9.3%LG CHEM LTD 2.16 0.96 9.11 5.81 9.74 12.05 9.65 8.75 1.35 1.31 1.36 1.42 1.33 384448.28 21.5%ANGLOGOLD ASHANTI LTD 2.91 2.36 1.76 1.47 2.38 1.97 1.62 1.53 1.90 6.63 5.78 4.84 4.62 6.12 5.64 5.01 3.76 3.48 5.06 10.56 9.68 6.91 6.89 7.78 1.02 1.37 1.68 1.81 1.33 37058.57 23.2%KB FINANCIAL GROUP INC-ADR 51.00 48.9%MEDIATEK INC 3.51 20.70 25.31 24.44 17.03 14.67 5.17 4.40 3.02 3.67 4.60 3.23 350.77 10.5%CHUNGHWA TELECOM LTD-ADR 15.75 17.60 16.84 27.33 -12.9%GRUPO TELEVISA SA-SPON ADR 4.48 3.01 2.68 2.43 2.88 2.54 2.35 2.18 2.07 20.01 38.14 33.61 58.65 64.24 23.12 24.25 20.26 20.19 11.83 0.96 0.34 0.74 0.96 0.72 25.06 5.8%BRF - BRASIL FOODS SA-ADR 2.20 2.11 2.11 1.20 1.16 1.07 0.94 0.88 11.49 10.71 11.44 17.33 37.80 20.09 13.03 11.43 0.28 0.78 1.45 2.02 18.40 0.8%NOVATEK OAO-SPONS GDR REG S 5.78 3.93 3.16 2.62 2.06 6.41 5.20 4.11 3.44 2.90 17.42 13.31 10.82 9.42 7.48 18.29 15.89 12.50 10.67 8.48 1.39 1.83 2.16 2.54 3.95 148.95 23.3%FORMOSA PLASTICS CORP 1.89 2.12 1.97 1.87 1.73 2.56 2.74 2.54 2.43 9.73 12.14 11.66 11.36 12.73 19.34 15.14 14.56 12.95 23.49 15.83 14.00 6.91 3.46 4.30 5.40 78.37 -2.0%URALKALI-SPON GDR-REG S 2.52 2.98 2.64 2.38 2.14 6.52 5.60 4.75 4.52 3.95 16.01 11.70 9.54 8.95 8.60 15.60 14.48 11.36 10.67 9.50 2.93 3.52 4.50 4.93 5.65 44.92 10.9%SK HYNIX INC 1.55 1.62 1.49 1.30 1.46 1.59 1.38 1.18 4.25 5.39 6.03 3.98 3.04 17.66 17.95 10.03 0.46 0.13 0.24 0.35 29000.00 26.9%CHINA STEEL CORP 1.39 1.38 1.34 1.32 1.46 1.66 1.83 1.77 1.74 1.59 11.11 11.93 11.29 10.18 14.85 20.60 15.87 14.57 14.68 19.82 45.22 25.32 20.17 17.11 4.80 2.13 2.93 3.94 4.85 23.46 -9.8%HYUNDAI HEAVY INDUSTRIES 1.04 0.97 0.88 0.76 0.71 0.60 0.55 0.45 7.73 6.34 6.01 4.61 5.83 7.70 7.43 5.74 5.15 7.95 8.31 6.55 2.90 1.79 1.84 1.80 1.70 314961.53 34.0%GOLD FIELDS LTD 1.64 1.51 1.27 1.18 1.90 1.70 1.41 1.43 1.71 5.66 5.41 4.42 5.90 6.12 4.86 4.28 3.22 3.53 5.78 10.07 9.58 6.35 6.88 15.47 2.61 3.10 4.31 3.92 3.06 13038.07 20.9%IMPALA PLATINUM HOLDINGS LTD 1.84 1.72 1.60 1.49 1.31 3.42 3.02 2.53 2.18 1.70 16.61 14.67 13.02 11.01 8.29 14.44 13.69 10.38 7.76 5.54 22.56 24.36 17.91 11.31 7.48 1.62 1.38 2.61 4.55 8.35 14257.14 -5.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 16.10.2012Samsung Electronics Co LtdSamsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volumeindustrial electronic equipment and products such as semiconductors, personal 700 .3 Mcomputers, peripherals, monitors, televisions, and home appliances including air 600conditioners and microwave ovens. The Company also produces Internet access .2 Mnetwork systems and telecommunications equipment including mobile phones. 500 400 .2 M Valuation Analysis 300 .1 MLatest Fiscal Year: 12/2011 200LTM as of: 06/yy .1 M 10052-Week High (05.10.2012) 630.00 0 .0 M52-Week Low (18.10.2011) 380.00 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 35663.00 Current Price (10/dd/yy) 604.5 Market Data 52-Week High % Change -4.05% Dividend Yield - 52-Week Low % Change 59.08% Beta 1.09 % 52 Week Price Range High/Low 84.60% Equity Float -Shares Out 30.09.2012 294.6 Short Int - Market Capitalization 178084.89 1 Yr Total Return 55.34%Total Debt 4796865.00 YTD Return 31.27%Preferred Stock 119467.0 Adjusted BETA 1.086Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 14630145.00 Consensus Rating 3.667Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 91594SMSN LI EQUITY YTD Change - Average Volume 30 Day 68965SMSN LI EQUITY YTD % CHANGE - Average Volume 3 Month 59524 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 06/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 63175968.0 72952991.0 89772834.0 112249475.0 120815977.0 ######### ######### - - - - TEV/Revenue 0.99x 0.70x 1.05x 1.02x 1.06x 3.63x 4.11x - - - - EBITDA 12999646.0 11753254.0 14207387.0 20345636.0 18987465.0 ######### ######### - - - - TEV/EBITDA 4.82x 4.32x 6.61x 5.60x 6.75x 5.18x 6.88x - - - - Net Income 7425016.0 5525904.0 6208140.0 13236461.0 10029152.0 ######### ######### - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 18987465.00 Long-Term Rating Date 25.01.2006EBIT 9679775.00 Long-Term Rating AOperating Margin 8.01% Long-Term Outlook POSPretax Margin 9.51% Short-Term Rating Date 25.01.2006Return on Assets 8.93% Short-Term Rating A-1Return on Common Equity 11.76% Credit RatiosReturn on Capital 11.50% EBITDA/Interest Exp. 75.22Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 23.73Margin Analysis Net Debt/EBITDA -0.52Gross Margin 25.2% Total Debt/EBITDA 0.25EBITDA Margin 15.7% ReferenceEBIT Margin 8.0% Total Debt/Equity 5.4%Net Income Margin 8.3% Total Debt/Capital 5.1%Structure Asset Turnover 1.08Current Ratio 1.46 Net Fixed Asset Turnover 2.96Quick Ratio 1.11 Accounts receivable turnover-days 43.19Debt to Assets 4.08% Inventory Days 20.60Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 26.05Accounts Receivable Turnover 8.45 Cash Conversion Cycle 37.74Inventory Turnover 17.72Price/ Cash Flow Sales/Revenue/Turnover 1.20 140000000.0 120000000.0 1.00 100000000.0 0.80 80000000.0 0.60 60000000.0 0.40 40000000.0 20000000.0 0.20 0.0 0.00 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. 5. 16.10.2012Samsung Electronics Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 5409994 1.84 76650 30.06.2012 Investment AdvisorSPRUCEGROVE INVESTME SPRUCEGROVE INVESTME 13F 711813 0.24 (65557) 30.06.2012 Investment AdvisorUNIVERSAL INVEST CON Multiple Portfolios MF-AGG 168000 0.06 - 28.09.2012 Investment AdvisorCARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 155869 0.05 - 29.06.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 105969 0.04 (16300) 30.09.2011 Mutual Fund ManagerDELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 92488 0.03 511 29.06.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 86926 0.03 3521 30.06.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 82850 0.03 (92130) 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 81497 0.03 (7038) 31.08.2012 Investment AdvisorODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 78436 0.03 (2644) 31.08.2012 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 75105 0.03 - 29.06.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 71600 0.02 (20100) 30.06.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 49595 0.02 (7724) 30.03.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 46900 0.02 1300 31.12.2011 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 38412 0.01 (2925) 30.06.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 37870 0.01 - 31.08.2012 Investment AdvisorPOLARIS CAPITAL MANA POLARIS CAPITAL MANA 13F 37652 0.01 - 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 34444 0.01 (1421) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34170 0.01 - 12.10.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 29109 0.01 (100) 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 955 12 month 16.10.2012Jyske Bank ROBERT JAKOBSEN sell 1 M 325 Not Provided 28.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 16.10.2012Taiwan Semiconductor Manufacturing Co LtdTaiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits Price/Volumebased on its proprietary designs. The Company offers a comprehensive set of 18 35.0 Mintegrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, 16 30.0 Mvolatile and non-volatile memory and BiCMOS chips. Taiwan Semiconductor is an 14affiliate of Philips Electronics N.V. 25.0 M 12 10 20.0 M Valuation Analysis 8 15.0 MLatest Fiscal Year: 12/2011 6 10.0 M 4LTM as of: 06/yy 5.0 M 252-Week High (05.10.2012) 16.31 0 .0 M52-Week Low (20.10.2011) 11.64 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 13756826.00 Current Price (10/dd/yy) 15.29 Market Data 52-Week High % Change -6.25% Dividend Yield - 52-Week Low % Change 31.36% Beta 1.02 % 52 Week Price Range High/Low 78.16% Equity Float -Shares Out 30.06.2012 5183.2 Short Int 21.77 Market Capitalization 79251.81 1 Yr Total Return 28.84%Total Debt 48426.53 YTD Return 22.75%Preferred Stock 0.0 Adjusted BETA 1.020Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 88580.79 Consensus Rating 2.750Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10626979TSM US EQUITY YTD Change - Average Volume 30 Day 11880975TSM US EQUITY YTD % CHANGE - Average Volume 3 Month 12421711 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 313647.6 321767.1 285742.9 406963.3 418245.5 426546.8 438601.0 - - - - TEV/Revenue 4.76x 3.13x 5.41x 4.32x 4.60x 16.14x 18.09x - - - - EBITDA 185072.6 180859.8 168850.2 238212.6 241831.2 250111.8 254951.6 - - - - TEV/EBITDA 8.07x 5.56x 9.16x 7.37x 7.96x 7.23x 8.06x - - - - Net Income 109177.1 99933.2 89217.8 161605.0 134201.3 159888.1 137260.0 - - - - P/E 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 241831.19 Long-Term Rating Date 20.04.2010EBIT 138905.76 Long-Term Rating A+Operating Margin 33.21% Long-Term Outlook STABLEPretax Margin 34.60% Short-Term Rating Date -Return on Assets 18.35% Short-Term Rating -Return on Common Equity 22.30% Credit RatiosReturn on Capital 20.91% EBITDA/Interest Exp. 542.36Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 87.63Margin Analysis Net Debt/EBITDA -0.17Gross Margin 44.4% Total Debt/EBITDA 0.20EBITDA Margin 57.8% ReferenceEBIT Margin 33.2% Total Debt/Equity 7.7%Net Income Margin 32.1% Total Debt/Capital 7.1%Structure Asset Turnover 0.57Current Ratio 1.45 Net Fixed Asset Turnover 1.02Quick Ratio 0.94 Accounts receivable turnover-days 12.63Debt to Assets 6.36% Inventory Days 38.04Tot Debt to Common Equity 7.69% Accounts Payable Turnover Day 15.94Accounts Receivable Turnover 28.90 Cash Conversion Cycle 34.73Inventory Turnover 9.60Price/ Cash Flow Sales/Revenue/Turnover 1.20 450000.0 400000.0 1.00 350000.0 0.80 300000.0 250000.0 0.60 200000.0 150000.0 0.40 100000.0 0.20 50000.0 0.0 0.00 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. 7. 16.10.2012Taiwan Semiconductor Manufacturing Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 75524649 1.46 (3838000) 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 69432502 1.34 4991966 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 67807123 1.31 (500000) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 65746762 1.27 58116167 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 65725842 1.27 416130 30.06.2012 Investment AdvisorNOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 51495325 0.99 49760715 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 48725236 0.94 4892963 30.06.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 45745375 0.88 (3483737) 30.06.2012 Investment AdvisorNORTHERN CROSS LLC NORTHERN CROSS LLC 13F 40810190 0.79 15033 30.06.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38036197 0.73 (416002) 30.06.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 35388173 0.68 1469989 30.06.2012 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 32366695 0.62 (169093) 30.06.2012 Investment AdvisorCI INVESTMENTS INC CI INVESTMENTS INC 13F 30218522 0.58 (1625450) 30.06.2012 Hedge Fund ManagerBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28163795 0.54 (141100) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 18193267 0.35 (15562794) 30.06.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 14876854 0.29 1989920 30.06.2012 Investment AdvisorSANDERSON ASSET MANA SANDERSON ASSET MANA 13F 14251179 0.27 (161200) 30.06.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 12840171 0.25 3648620 30.06.2012 Hedge Fund ManagerFISHER INVESTMENTS I FISHER INVESTMENTS 13F 11700231 0.23 2660890 30.06.2012 Investment AdvisorMONDRIAN INVESTMENT MONDRIAN INVESTMENT 13F 10759297 0.21 (2164952) 30.06.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DatePacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 11.10.2012Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 17 12 month 10.10.2012Sanford C. Bernstein & Co MARK LI market perform 3 M 15 12 month 09.10.2012Jefferies ROBERT LEA underperform 1 D 12 12 month 07.08.2012HSBC STEVEN C PELAYO overweight 5 M 17 Not Provided 19.07.2012Goldman Sachs DONALD LU neutral/neutral 3 M 14 12 month 31.05.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 02.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 16.10.2012China Mobile LtdChina Mobile Limited, through its subsidiaries, provides cellular Price/Volumetelecommunications and related services in the Peoples Republic of China and 100 70.0 MHong Kong SAR. 90 60.0 M 80 70 50.0 M 60 40.0 M 50 Valuation Analysis 40 30.0 MLatest Fiscal Year: 12/2011 30 20.0 MLTM as of: 03/yy 20 10.0 M 1052-Week High (14.08.2012) 92.60 0 .0 M52-Week Low (19.12.2011) 72.20 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12Daily Volume 21077927.00 Current Price (10/dd/yy) 83.7 Market Data 52-Week High % Change -9.61% Dividend Yield 4.06 52-Week Low % Change 15.93% Beta 0.64 % 52 Week Price Range High/Low 58.33% Equity Float 5212.77Shares Out 30.09.2012 20099.7 Short Int - Market Capitalization 1682343.88 1 Yr Total Return 15.64%Total Debt 30301.00 YTD Return 14.88%Preferred Stock 0.0 Adjusted BETA 0.642Minority Interest 1355.0 Analyst Recs 33Cash and Equivalents 332946.00 Consensus Rating 3.424Enterprise Value 997518.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 17087210941 HK EQUITY YTD Change - Average Volume 30 Day 17744940941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17679090 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 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 356959.0 411810.0 452103.0 485231.0 527999.0 494316.0 537272.0 561577.2 597207.5 141691.3 142930.0 TEV/Revenue 6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.81x 1.60x - - EBITDA 197093.0 219788.0 233788.0 241758.0 257202.0 0.0 0.0 252444.5 259235.2 68511.8 65976.5 TEV/EBITDA 12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 3.95x 3.85x - - Net Income 87062.0 112627.0 115166.0 119640.0 125870.0 121026.0 126806.0 125427.1 127035.0 35359.8 31142.5 P/E 29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 10.86x 10.72x - - Profitability S&P Issuer RatingsEBITDA 257202.00 Long-Term Rating Date 16.12.2010EBIT 159710.00 Long-Term Rating AA-Operating Margin 30.25% Long-Term Outlook STABLEPretax Margin 31.55% Short-Term Rating Date -Return on Assets 13.87% Short-Term Rating -Return on Common Equity 20.55% Credit RatiosReturn on Capital 19.56% EBITDA/Interest Exp. 455.22Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 235.02Margin Analysis Net Debt/EBITDA -1.18Gross Margin - Total Debt/EBITDA 0.12EBITDA Margin 48.7% ReferenceEBIT Margin 30.2% Total Debt/Equity 4.7%Net Income Margin 23.8% Total Debt/Capital 4.5%Structure Asset Turnover 0.58Current Ratio 1.40 Net Fixed Asset Turnover 1.14Quick Ratio 1.25 Accounts receivable turnover-days 5.81Debt to Assets 3.18% Inventory Days -Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -Accounts Receivable Turnover 62.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 600000.0 1.00 500000.0 0.80 400000.0 300000.0 0.60 200000.0 0.40 100000.0 0.20 0.0 0.00 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 |

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