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 d...
Valuation Measures II/II                                         Price to Book Ratio                      Price to Sales R...
21.02.2013AIA Group LtdAIA Group Ltd. offers insurance and financial services. The Company writes                         ...
21.02.2013AIA Group LtdHoldings By:         All           Holder Name                    Portfolio Name               Sour...
21.02.2013Bank of China LtdBank of China Ltd provides a complete range of banking and other financial                     ...
21.02.2013Bank of China LtdHoldings By:         All            Holder Name                   Portfolio Name               ...
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components
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Fundamental Equity Analysis & Analyst Recommendations - MSCI APEX 50 Index Components

  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 APEX 50 Index Components February 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. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Common Total Debt Stock 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 mio USD) (M) Shares (M) (USD) (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 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -BANK OF CHINA LTD-H HKD 133070 432700 279136 247 0 4 403 #VALUE! 66300 74564 46416 50283 - - - - 0.06 0.06 0.06 0.06 0.82 - 0.82 0.80 3.88 2.35 - - - A 29.11.2011 - -BOC HONG KONG HOLDINGS LTD HKD 35448 15112 10573 35 0 0 54 #VALUE! 6535 6900 4604 5049 - - - - 0.23 0.24 0.25 0.26 1.80 1.96 1.74 1.64 2.34 0.51 - - - - - - -CATHAY FINANCIAL HOLDING CO TWD 13379 43979 10300 1 0 0 1 13.58 1042 1042 2319 2565 - - - - 0.10 0.10 0.05 0.05 0.41 - 0.88 0.76 - - - - - BBB+ 29.04.2009 - -CHEUNG KONG HOLDINGS LTD HKD 35632 8473 2316 6 0 1 3 39.33 4252 2954 4099 5039 1434 1164 1870 1870 - 1.57 1.34 1.51 1.26 - 1.48 1.32 4.83 6.14 4.30 1.94 5.08 NR 28.12.2011 - -CHINA CONSTRUCTION BANK-H HKD 203738 324150 250011 156 0 1 357 #VALUE! 74218 88030 58767 63904 - - - - 0.09 0.10 0.10 0.10 0.86 - 0.86 0.82 3.60 2.10 - - - A 29.11.2011 - -CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -CHINA MERCHANTS BANK-H HKD 46584 17228 21577 47 0 0 87 #VALUE! 18419 21253 14578 16104 - - - - 0.22 0.24 0.24 0.24 0.95 0.95 0.94 0.95 5.49 3.90 - - - BBB+ 06.12.2011 - -CHINA MOBILE LTD HKD 222656 22612 20072 4 0 0 43 132.45 68088 70209 72403 76969 33167 33025 8172 8172 0.83 0.81 0.80 0.80 1.41 - 1.43 1.43 1.14 1.28 0.82 1.23 6.07 AA- 16.12.2010 WR 03.11.2005CHINA OVERSEAS LAND & INVEST HKD 23080 40010 8173 6 0 0 2 26.51 6265 6703 8550 10252 2453 2592 - - 0.24 0.26 0.25 0.29 1.39 - 1.48 1.25 1.24 5.78 2.23 5.86 4.99 BBB 25.03.2010 - -CHINA PETROLEUM & CHEMICAL-H HKD 101740 110902 86703 31 0 5 3 121.44 317713 331965 329171 344924 22046 20236 - - 0.11 0.08 0.09 0.11 1.40 - 1.32 1.08 4.03 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -CHINA SHENHUA ENERGY CO-H HKD 73463 18425 19890 8 0 5 8 64.34 26848 29527 30317 33003 10867 11196 - - 0.30 0.32 0.31 0.32 1.22 1.22 1.29 1.24 4.13 3.44 2.16 2.55 4.89 - - - -CHINA STEEL CORP TWD 14355 25769 14972 3 0 0 0 17.91 8K 7K 7K 7K 1036 567 199 199 0.04 0.00 0.01 0.03 7.61 - 2.41 1.20 0.02 0.22 -1.33 -0.28 0.26 - - - -CHINA UNICOM HONG KONG LTD HKD 33974 38063 23565 14 0 0 2 40.41 26973 29589 32411 37106 8253 8777 2377 2377 0.02 0.03 0.04 0.06 5.27 - 3.91 2.46 2.84 4.79 0.78 1.85 3.82 - - - -CLP HOLDINGS LTD HKD 21714 3547 2406 13 0 0 0 32.82 11817 12579 12353 13312 2722 2824 1532 1532 0.60 0.37 0.51 0.59 3.03 2.35 2.17 1.88 7.33 1.94 2.59 0.51 2.89 A- 02.03.2011 - -CNOOC LTD HKD 89469 51694 44659 5 0 0 13 64.20 31071 30258 30525 31450 15351 14699 - - 0.20 0.18 0.19 0.18 1.15 - 1.11 1.14 4.36 4.46 2.77 2.43 6.26 AA- 16.12.2010 - -DBS GROUP HOLDINGS LTD SGD 29783 6063 2437 40 0 3 38 #VALUE! 8899 8898 7044 7747 - - - - 1.26 1.27 1.14 1.19 7.75 7.78 8.64 8.29 11.08 2.70 - - - - - - -FORMOSA PLASTICS CORP TWD 16154 7918 6121 2 0 0 2 16.58 6332 5797 5831 6099 1109 531 96 96 - 0.07 0.08 0.14 1.28 - 1.08 0.63 -0.12 -0.07 -0.36 0.39 0.31 BBB+ 30.12.2010 - -HANG LUNG PROPERTIES LTD HKD 17289 6324 4477 4 0 1 5 17.26 951 951 1459 1647 941 941 1065 1065 0.24 0.24 0.18 0.21 2.07 - 2.71 2.41 5.51 0.75 12.49 3.12 12.77 - - - -HANG SENG BANK LTD HKD 31015 1388 1912 7 0 0 20 #VALUE! 5081 5347 3148 3454 - - - - - 1.21 1.18 1.33 1.73 - 1.77 1.57 0.61 -0.30 - - - AA- 29.11.2011 - -HON HAI PRECISION INDUSTRY TWD 33235 33446 11757 5 0 0 3 36.87 93598 106341 104052 117788 1388 1696 - - 0.23 0.27 0.27 0.31 0.35 - 0.36 0.31 0.67 0.72 -0.29 0.09 0.05 A- 09.11.2007 - -HONG KONG & CHINA GAS HKD 24151 8790 8691 4 0 1 2 27.29 2892 3158 3359 3791 914 963 521 521 0.09 0.10 0.11 0.11 3.43 3.46 3.40 3.18 2.03 2.47 2.72 0.74 3.93 A+ 23.07.2008 A1 23.07.2008HONG KONG EXCHANGES & CLEAR HKD 21129 6321 1078 0 0 0 6 15.18 886 840 929 1122 722 663 - - 0.58 0.57 0.50 0.60 4.19 4.44 4.72 3.95 0.45 0.74 1.20 2.34 10.18 - - - -HUTCHISON WHAMPOA LTD HKD 46896 6330 4263 29 0 5 9 72.63 30137 30574 31324 33559 4462 4664 - - 0.61 0.60 0.69 0.80 2.36 2.00 2.05 1.76 1.51 0.53 -0.37 0.00 1.97 A- 09.11.2010 A3 29.10.2010HYUNDAI HEAVY INDUSTRIES KRW 15567 272 61 4 0 0 1 19.95 23094 23094 22838 24651 2869 2869 - - 25.46 29.23 #VALUE! 29.03 0.01 0.01 #VALUE! 0.01 0.00 0.01 - 0.02 0.01 - - - -HYUNDAI MOBIS CO LTD KRW 27557 182 96 2 0 0 2 25.90 15527 15527 20562 #VALUE! 2133 2133 - - 16.79 16.81 32.67 29.93 0.02 0.02 0.01 0.01 0.01 0.01 - 0.02 0.01 BBB+ 20.03.2012 - -HYUNDAI MOTOR CO KRW 43802 411 209 4 0 0 9 35.22 39378 39378 54178 45629 5747 5747 - - - 16.07 33.86 36.37 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010IND & COMM BK OF CHINA-H HKD 238178 316927 349084 248 0 0 463 #VALUE! 90833 101793 68581 74938 - - - - 0.08 0.08 0.08 0.09 0.91 - 0.87 0.84 3.80 2.45 - - - A 28.08.2012 - -KB FINANCIAL GROUP INC KRW 13694 1601 386 0 0 #VALUE! #VALUE! 13.60 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -KEPPEL CORP LTD SGD 16894 5602 1798 6 0 3 4 22.59 11251 11251 10730 11255 2035 2035 - - 0.87 1.01 0.71 0.74 7.53 8.12 10.60 10.17 31.48 0.42 18.02 12.98 14.57 - - - -KIA MOTORS CORPORATION KRW 20562 1976 404 3 0 0 2 20.04 25784 25784 34058 30376 2392 2392 - - 4.23 4.17 9.64 10.49 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008LG CHEM LTD KRW 18516 170 66 1 0 0 1 19.02 18820 18820 #VALUE! #VALUE! 2849 2295 - - 25.96 18.85 24.56 25.78 0.01 0.01 0.01 0.01 0.00 0.04 - 0.03 0.01 A- 24.11.2010 - -LI & FUNG LTD HKD 11212 22711 8104 0 0 0 0 1.67 2583 2625 2693 2943 136 136 62 62 0.01 0.01 0.01 0.01 1.86 - 2.79 2.11 3.27 1.83 2.73 3.53 0.67 A- *- 15.01.2013 A3 10.05.2007MEDIATEK INC TWD 14846 4829 1140 0 0 0 1 13.77 1817 1999 #VALUE! 4443 224 234 - - 0.41 0.43 0.41 0.59 0.86 - 0.90 0.63 -0.85 -0.09 -2.22 -0.79 0.40 - - - -NAN YA PLASTICS CORP TWD 15874 8262 7852 3 0 0 1 18.93 6548 6138 6190 6427 989 557 132 132 - 0.00 0.02 0.08 22.02 - 4.30 0.85 -0.29 -0.15 -0.55 0.10 0.31 BBB+ 30.12.2010 - -OVERSEA-CHINESE BANKING CORP SGD 27649 5365 3431 30 0 2 37 #VALUE! 7142 7201 5452 5894 - - - - 0.95 0.91 0.63 0.67 7.12 10.06 10.38 9.64 14.31 3.72 - - - AA- 01.12.2011 Aa1 04.05.2007PETROCHINA CO LTD-H HKD 263843 94654 183021 41 0 10 8 266.17 258404 270579 266867 284450 41700 41828 11010 11010 0.10 0.09 0.09 0.10 1.56 1.53 1.68 1.45 4.74 3.34 0.84 0.57 1.99 - - - -PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -POSCO KRW 29257 197 77 11 0 0 2 37.00 32833 32833 31142 31767 5619 5619 1163 1163 - 38.00 31.33 30.43 0.01 - 0.01 0.01 -0.01 0.01 - 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012POWER ASSETS HOLDINGS LTD HKD 19238 2330 2134 3 0 0 1 21.64 1315 1344 1365 1396 855 860 502 502 0.55 0.56 0.58 0.61 2.06 2.05 2.00 1.91 -0.21 -0.39 -1.42 -0.82 8.25 A+ 09.11.2010 - -SAMSUNG ELECTRONICS CO LTD KRW 210187 262 130 4 0 0 13 201.33 129996 129991 202820 219082 17480 22705 - - 61.43 94.82 193.35 204.83 0.01 0.01 0.01 0.01 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005SHINHAN FINANCIAL GROUP LTD KRW 18379 1501 474 6 0 0 2 24.99 914 914 #VALUE! #VALUE! 1890 1890 - - 2.68 2.71 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! -0.05 -0.01 - 0.00 0.09 - - - -SINGAPORE TELECOM LTD SGD 45344 11470 15929 7 0 0 1 51.11 15167 14890 14885 15082 4178 4210 1122 1122 0.20 0.20 0.18 0.20 11.53 11.47 12.53 11.70 3.36 3.31 1.68 3.18 22.78 A+ 05.08.2003 Aa3 15.08.2012SK HYNIX INC KRW 16999 2826 698 5 0 0 1 20.89 9208 9208 10447 11302 1501 1501 - - -0.61 -0.67 1.06 1.42 - - 0.02 0.02 0.00 0.02 -0.03 0.00 0.02 BB- 14.02.2012 Ba3 15.02.2012SUN HUNG KAI PROPERTIES HKD 41320 5648 2616 9 0 1 2 49.14 8820 8820 8147 8865 3397 3397 3446 3446 2.15 2.14 1.07 1.12 0.94 - 1.87 1.79 1.21 2.39 2.28 2.19 4.97 A+ 15.06.2012 - -SWIRE PACIFIC LTD-A HKD 19026 1407 1505 5 0 1 1 29.68 4679 4977 5444 5762 1303 1337 1736 1736 2.77 1.43 0.82 0.82 1.16 1.13 2.03 2.03 3.13 1.79 1.50 1.70 3.46 A- 16.08.2005 A3 19.07.2000TENCENT HOLDINGS LTD HKD 64981 3830 1822 2 0 0 3 50.48 3675 5115 5644 7282 1722 2163 617 617 0.71 0.84 0.91 1.15 4.35 - 3.99 3.16 5.81 8.01 3.69 7.79 5.45 BBB+ 14.11.2011 Baa1 14.11.2011TAIWAN SEMICONDUCTOR MANUFAC TWD 93605 30552 25924 4 0 0 4 93.71 16870 15978 #VALUE! #VALUE! 10165 9483 - - 0.22 0.22 0.24 0.27 0.56 - 0.52 0.45 0.66 0.37 0.83 0.35 2.00 A+ 20.04.2010 - -UNITED OVERSEAS BANK LTD SGD 24690 2385 1574 27 2 0 35 #VALUE! 6106 6917 5173 5423 - - - - 1.14 1.31 1.35 1.36 9.63 9.66 9.37 9.30 5.83 1.43 - - - AA- 01.12.2011 Aa1 09.06.2010WHARF HOLDINGS LTD HKD 25157 5904 3029 10 0 1 4 33.03 3095 4192 4141 4242 1598 2019 2119 2119 1.36 1.70 0.45 0.48 0.63 - 2.37 2.23 3.08 2.60 2.13 1.41 6.21 NR 22.06.2010 - - 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 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 SpotS&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%BANK OF CHINA LTD-H 1.15 1.02 0.93 0.83 2.53 2.31 2.13 1.93 1.61 4.39 4.20 4.04 3.83 6.93 6.34 6.21 5.76 4.94 5.13 5.39 5.39 5.76 6.70 4.09 10.3%BOC HONG KONG HOLDINGS LTD 2.16 1.95 1.83 1.73 1.66 8.52 7.70 7.02 6.42 6.17 11.82 13.00 12.81 12.04 14.37 13.46 12.74 11.81 11.28 4.47 4.64 4.91 5.35 5.99 29.00 11.5%CATHAY FINANCIAL HOLDING CO 1.63 1.55 1.51 5.77 5.22 4.84 26.19 22.53 21.12 24.06 1.25 1.51 1.53 2.32 33.58 -7.9%CHEUNG KONG HOLDINGS LTD 0.92 0.84 0.79 0.74 7.40 8.69 7.07 6.26 19.70 16.08 13.23 17.66 21.03 17.47 16.52 12.52 11.45 10.21 9.43 2.62 2.70 2.82 2.99 139.20 16.7%CHINA CONSTRUCTION BANK-H 1.58 1.36 1.19 1.05 3.17 2.79 2.57 2.30 1.99 4.95 4.48 4.18 4.05 7.58 6.68 6.38 5.93 5.55 4.86 5.16 5.33 5.68 9.01 7.28 14.9%CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%CHINA MERCHANTS BANK-H 1.83 1.54 1.35 1.16 1.07 3.05 2.57 2.33 2.07 1.78 8.49 7.32 7.37 6.76 7.27 2.62 3.33 3.33 3.77 3.60 17.70 2.5%CHINA MOBILE LTD 2.15 1.93 1.76 1.61 1.46 2.65 2.48 2.33 2.19 2.01 6.08 6.13 6.04 5.72 5.28 4.08 4.07 4.00 3.85 3.71 11.11 11.11 11.09 10.79 10.82 3.88 3.90 3.91 4.12 4.64 92.62 7.8%CHINA OVERSEAS LAND & INVEST 2.76 2.15 1.83 1.57 3.15 2.70 2.25 1.89 12.01 12.51 7.32 6.36 9.49 8.43 7.32 6.16 14.35 11.51 9.72 8.30 1.36 1.73 2.00 2.36 25.88 18.2%CHINA PETROLEUM & CHEMICAL-H 1.30 1.18 1.09 0.99 0.91 0.27 0.25 0.24 0.23 0.19 4.27 4.21 3.84 3.62 3.11 5.38 5.67 4.91 4.55 4.12 8.17 10.25 8.41 7.76 7.40 3.15 3.35 3.84 4.12 4.38 9.18 4.3%CHINA SHENHUA ENERGY CO-H 2.04 1.83 1.63 1.46 1.38 2.25 1.95 1.79 1.67 1.39 7.04 7.01 6.21 5.83 5.94 5.85 5.53 5.22 5.49 10.29 9.98 9.61 9.06 9.23 3.54 3.88 4.00 4.23 3.81 36.65 24.9%CHINA STEEL CORP 1.49 1.51 1.47 1.45 1.35 1.78 2.03 2.03 1.91 1.75 11.90 12.76 14.01 12.67 10.59 16.17 25.42 18.96 17.62 14.45 21.23 71.41 35.61 26.03 26.78 4.48 1.52 2.10 2.80 2.41 22.51 -19.2%CHINA UNICOM HONG KONG LTD 1.02 1.00 0.96 0.92 0.87 1.00 0.84 0.74 0.67 0.58 2.96 3.33 2.50 2.28 2.00 4.79 4.26 3.66 3.25 2.83 39.81 30.29 19.10 13.57 10.84 1.10 1.45 2.16 2.91 2.56 14.73 31.7%CLP HOLDINGS LTD 1.96 1.88 1.79 1.69 1.56 2.20 1.76 1.63 1.53 1.57 10.32 8.86 8.72 8.33 10.72 12.94 12.35 11.08 10.60 9.76 16.55 16.84 14.57 13.78 13.49 3.74 3.83 3.91 4.05 3.78 64.34 -3.5%CNOOC LTD 2.12 1.79 1.56 1.38 1.29 2.42 2.36 2.29 2.05 2.18 5.56 5.77 5.67 5.30 5.61 4.08 4.03 3.91 3.66 3.62 8.09 8.58 8.83 8.52 9.10 4.07 2.54 2.77 2.86 2.91 17.99 15.8%DBS GROUP HOLDINGS LTD 1.19 1.11 1.04 0.99 4.48 4.23 3.84 3.39 10.31 10.59 9.90 9.02 11.04 10.72 10.29 9.16 3.80 3.89 3.99 4.03 16.65 9.9%FORMOSA PLASTICS CORP 1.84 2.17 2.02 1.89 1.69 2.50 2.77 2.65 2.49 9.52 16.86 16.54 15.87 12.70 27.86 21.20 20.20 12.66 32.01 18.75 16.36 7.07 2.73 3.40 4.44 82.86 6.0%HANG LUNG PROPERTIES LTD 1.16 1.09 1.04 0.98 16.59 11.85 10.50 10.52 25.21 18.66 15.56 14.15 21.88 16.20 14.35 14.20 26.91 20.99 18.70 17.66 2.39 2.48 2.52 2.53 32.45 8.3%HANG SENG BANK LTD 3.15 2.75 2.48 2.33 2.09 9.60 9.85 8.98 8.29 7.83 12.93 26.26 30.95 28.27 15.17 13.71 12.18 13.95 12.44 4.12 4.16 4.21 4.37 19.62 117.59 -6.5%HON HAI PRECISION INDUSTRY 1.80 1.34 1.18 1.12 0.29 0.32 0.28 17.32 8.96 6.86 5.70 4.67 13.49 10.56 9.05 8.05 6.36 1.36 1.84 2.17 2.14 1.08 105.90 27.3%HONG KONG & CHINA GAS 4.47 4.12 3.82 3.59 3.13 8.52 7.19 6.37 5.70 5.12 30.44 25.65 24.08 21.77 32.12 24.80 22.59 20.80 22.13 32.02 26.38 24.63 23.17 21.19 1.53 1.80 1.93 2.10 2.74 20.14 -6.6%HONG KONG EXCHANGES & CLEAR 17.35 11.07 9.74 9.26 21.00 22.74 18.84 16.78 26.91 31.84 25.68 22.35 19.44 23.16 18.31 16.36 30.25 36.58 30.66 28.22 2.98 2.49 2.93 3.24 127.55 -10.5%HUTCHISON WHAMPOA LTD 1.03 0.98 0.94 0.89 1.62 1.50 1.40 1.31 8.84 9.97 9.16 8.16 14.12 12.87 11.52 9.93 18.92 15.90 13.69 11.98 2.44 2.59 2.81 3.02 95.23 11.6%HYUNDAI HEAVY INDUSTRIES 0.68 0.68 0.63 0.57 9.62 7.06 1.86 1.68 1.71 1.80 1.91 277809.53 24.9%HYUNDAI MOBIS CO LTD 1.76 1.39 1.59 1.34 9.94 8.40 10.00 8.66 9.46 0.59 0.63 0.64 0.57 0.57 368251.72 19.8%HYUNDAI MOTOR CO 1.44 1.18 0.99 1.07 0.81 0.96 5.50 5.53 5.18 6.06 5.87 5.47 0.87 0.90 0.94 1.01 0.93 276250.00 27.9%IND & COMM BK OF CHINA-H 1.63 1.40 1.22 1.07 3.16 2.79 2.56 2.32 2.06 5.19 4.65 4.30 4.17 7.56 6.78 6.48 5.98 5.88 4.81 4.97 5.22 5.60 8.51 6.48 16.8%KB FINANCIAL GROUP INC 2.08 2.08 46596.30 21.0%KEPPEL CORP LTD 2.40 2.14 2.00 1.81 1.52 1.57 1.50 1.37 14.58 10.81 10.47 10.57 10.61 12.70 12.08 11.08 10.81 13.16 12.62 11.79 4.11 3.90 3.98 4.21 12.78 9.6%KIA MOTORS CORPORATION 1.30 1.04 0.85 0.74 0.60 0.68 7.54 7.25 7.25 5.43 5.26 4.83 1.18 1.24 1.34 1.32 1.41 67435.48 22.4%LG CHEM LTD 9.22 7.82 13.55 11.38 10.84 1.32 1.37 1.42 1.32 1.32 379041.66 24.9%LI & FUNG LTD 2.57 2.32 2.18 2.03 1.94 0.55 0.54 0.49 0.45 0.33 16.16 14.27 11.17 9.79 13.08 16.11 11.19 9.52 6.72 17.41 21.63 16.35 13.41 8.65 4.77 3.06 4.55 5.44 11.94 14.8%MEDIATEK INC 3.61 3.43 3.40 3.34 2.53 21.25 13.82 9.99 25.99 26.54 18.55 15.13 15.29 4.28 2.82 3.47 4.26 3.95 363.05 11.4%NAN YA PLASTICS CORP 1.70 1.89 1.79 1.71 1.58 2.37 2.56 2.47 2.42 10.93 20.46 21.15 14.95 17.26 35.69 27.42 25.92 17.07 127.45 25.12 20.29 5.57 1.22 2.40 3.46 57.80 -3.5%OVERSEA-CHINESE BANKING CORP 1.45 1.37 1.30 1.21 4.68 5.07 4.69 4.28 18.62 20.28 17.95 9.52 12.63 12.89 11.96 10.72 3.39 3.38 3.60 3.91 10.34 3.4%PETROCHINA CO LTD-H 1.55 1.47 1.37 1.27 1.15 0.88 0.80 0.75 0.71 0.72 5.19 5.52 4.81 4.59 4.60 6.20 6.24 5.58 5.18 4.96 11.42 13.00 11.24 10.26 10.40 3.89 3.51 3.95 4.30 4.31 12.10 13.5%PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%POSCO 0.79 0.72 0.70 0.88 0.94 0.92 7.53 6.28 6.15 8.94 8.06 7.35 12.15 10.71 11.03 2.55 2.58 2.63 2.69 2.74 421000.00 15.5%POWER ASSETS HOLDINGS LTD 2.48 2.39 2.22 2.08 1.98 14.02 14.09 13.78 13.48 13.61 16.42 16.91 16.40 16.04 25.89 19.62 19.92 19.38 18.70 20.08 16.66 15.54 14.85 14.21 15.33 3.27 3.60 3.78 3.87 3.85 66.69 -4.6%SAMSUNG ELECTRONICS CO LTD 1.52 1.26 1.04 0.96 3.90 3.69 7.38 6.97 0.49 0.57 0.62 0.64 0.70 1900052.63 22.6%SHINHAN FINANCIAL GROUP LTD 2.01 2.12 2.56 2.75 3.09 47785.18 13.5%SINGAPORE TELECOM LTD 2.31 2.28 2.17 2.07 3.00 3.05 3.01 2.95 11.54 11.57 11.14 10.86 11.06 11.24 10.99 10.94 15.09 15.55 14.53 13.37 4.39 4.50 4.79 5.04 3.54 0.2%SK HYNIX INC 1.75 1.59 1.63 1.50 5.54 4.61 23.01 17.28 0.04 0.28 0.49 31281.25 17.6%SUN HUNG KAI PROPERTIES 0.96 0.88 0.84 0.80 5.15 5.07 4.66 4.13 4.17 11.08 15.16 20.40 14.64 15.11 14.26 13.32 12.64 14.93 14.49 13.87 12.78 13.44 2.84 2.84 2.94 3.06 134.95 11.9%SWIRE PACIFIC LTD-A 0.68 0.70 0.68 0.67 4.48 3.50 3.30 3.06 13.75 13.13 13.94 12.51 23.50 17.10 17.89 16.31 15.53 15.76 15.78 13.86 5.12 2.97 3.27 3.68 100.62 0.9%TENCENT HOLDINGS LTD 12.99 9.85 7.21 5.39 4.07 14.36 9.27 7.18 5.72 4.81 32.88 25.89 21.29 17.38 11.95 29.42 21.45 17.09 13.69 11.74 38.47 30.97 24.48 19.39 16.60 0.28 0.34 0.46 0.59 0.63 295.16 8.6%TAIWAN SEMICONDUCTOR MANUFAC 16.72 15.27 13.21 11.32 2.80 2.81 2.78 2.88 114.68 7.2%UNITED OVERSEAS BANK LTD 1.44 1.35 1.26 1.18 1.15 5.39 4.77 4.55 4.23 4.19 9.63 12.09 12.32 11.31 13.19 11.62 11.54 10.75 10.72 3.40 3.39 3.51 3.74 3.44 20.95 7.6%WHARF HOLDINGS LTD 1.04 0.85 0.82 0.78 8.69 6.08 5.93 5.28 58.97 20.35 22.72 12.91 20.84 15.59 15.47 13.79 24.22 18.41 17.26 14.81 1.59 1.98 2.09 2.34 66.77 3.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 21.02.2013AIA Group LtdAIA Group Ltd. offers insurance and financial services. The Company writes Price/Volumelife insurance for individuals and businesses, accident and health insurance, 35 2500.0 Mretirement planning, and wealth management services. 30 2000.0 M 25 20 1500.0 M Valuation Analysis 15 1000.0 MLatest Fiscal Year: 11/2011 10LTM as of: 01/yy 500.0 M 552-Week High (21.02.2013) 32.50 0 .0 M52-Week Low (04.06.2012) 24.05 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 43064252.00 Current Price (2/dd/yy) 32.1 Market Data 52-Week High % Change -1.23% Dividend Yield 1.07 52-Week Low % Change 33.47% Beta 0.85 % 52 Week Price Range High/Low 100.00% Equity Float 12039.65Shares Out 30.11.2012 12044.0 Short Int - Market Capitalization 386612.38 1 Yr Total Return 19.97%Total Debt 1229.00 YTD Return 6.12%Preferred Stock 0.0 Adjusted BETA 0.847Minority Interest 102.0 Analyst Recs 23Cash and Equivalents 4303.00 Consensus Rating 4.304Enterprise Value 48107.84 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 356518901299 HK EQUITY YTD Change - Average Volume 30 Day 396193601299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67483780 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - - Total Revenue 15226.0 3810.0 19016.0 18394.0 14385.0 - - 18251.3 20560.8 - - TEV/Revenue - - - 1.85x 2.33x - - 2.64x 2.46x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1914.0 408.0 1754.0 2701.0 1600.0 - - 2659.0 2842.2 - - P/E - - - 13.14x 23.31x - - 19.07x 17.24x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 15.24% Long-Term Outlook -Pretax Margin 15.07% Short-Term Rating Date -Return on Assets 1.47% Short-Term Rating -Return on Common Equity 7.84% Credit RatiosReturn on Capital 7.34% EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 5.8%Net Income Margin 11.1% Total Debt/Capital 5.4%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 1.07% Inventory Days -Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 140.00 20000.0 18000.0 120.00 16000.0 100.00 14000.0 12000.0 80.00 10000.0 60.00 8000.0 6000.0 40.00 4000.0 20.00 2000.0 0.00 0.0 05.12.2008 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012 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 |
  5. 5. 21.02.2013AIA Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 1431991813 11.89 75997000 10.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 947131193 7.86 (27400) 17.12.2012 UnclassifiedBLACKROCK n/a ULT-AGG 872440983 7.24 2199200 19.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 607474500 5.04 - 23.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 306826224 2.55 52083324 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 298181135 2.48 41460521 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 279263500 2.32 33684200 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 219402776 1.82 67540336 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132900800 1.1 8571000 31.12.2012 Investment AdvisorLEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119148250 0.99 119148250 30.09.2012 Insurance CompanyCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107408000 0.89 852800 31.10.2012 BankTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 104143762 0.86 50914552 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 104087200 0.86 3339200 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86696300 0.72 1568200 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 85271979 0.71 11139725 30.06.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84229621 0.7 1779400 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79225000 0.66 - 30.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 77373800 0.64 50369000 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50209800 0.42 (2170000) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 44959365 0.37 (1172032) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies BARON NIE buy 5 M 35 12 month 20.02.2013HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013Standard Chartered PETER OBRIEN outperform 5 M 38 12 month 30.01.2013CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 21.02.2013Bank of China LtdBank of China Ltd provides a complete range of banking and other financial Price/Volumeservices to individual and corporation customers worldwide. The banks services 5 4500.0 Minclude retail banking, Great Wall credit card and debit card services, consumer 4 4000.0 Mcredit, foreign currency transaction, corporate banking, settlement and 4 3500.0 Mclearing,investment banking, and fund management businesses. 3 3000.0 M 3 2500.0 M Valuation Analysis 2 2000.0 MLatest Fiscal Year: 12/2011 2 1500.0 M 1 1000.0 MLTM as of: 09/yy 1 500.0 M52-Week High (04.02.2013) 4.00 0 .0 M52-Week Low (06.09.2012) 2.73 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 432699615.00 Current Price (2/dd/yy) 3.71 Market Data 52-Week High % Change -7.25% Dividend Yield 5.19 52-Week Low % Change 35.90% Beta 1.10 % 52 Week Price Range High/Low 84.25% Equity Float 72987.26Shares Out 31.12.2012 83622.3 Short Int - Market Capitalization 1031917.31 1 Yr Total Return 17.09%Total Debt 1916969.00 YTD Return 7.23%Preferred Stock 0.0 Adjusted BETA 1.098Minority Interest 32732.0 Analyst Recs 40Cash and Equivalents 3128981.00 Consensus Rating 4.250Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########3988 HK EQUITY YTD Change - Average Volume 30 Day #########3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month ######### 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 305131.0 355641.0 337018.0 395271.0 514133.0 481959.0 600914.0 359939.7 389926.4 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 56248.0 64360.0 80819.0 104418.0 124182.0 121518.0 134244.0 132276.9 135322.9 26023.0 34739.0 P/E 16.08x 7.47x 11.62x 8.91x 5.27x 4.52x 5.07x 6.34x 6.21x 6.22x 6.09x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 49.70% Long-Term Outlook STABLEPretax Margin 51.24% Short-Term Rating Date 29.11.2011Return on Assets 1.06% Short-Term Rating A-1Return on Common Equity 18.13% Credit RatiosReturn on Capital 4.46% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 265.1%Net Income Margin 37.7% Total Debt/Capital 71.7%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 4.06Quick Ratio - Accounts receivable turnover-days -Debt to Assets 16.20% Inventory Days -Tot Debt to Common Equity 265.08% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 500.00 600000.0 450.00 500000.0 400.00 350.00 400000.0 300.00 250.00 300000.0 200.00 200000.0 150.00 100.00 100000.0 50.00 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 |
  7. 7. 21.02.2013Bank of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8617225126 10.3 2728000 19.02.2013 Investment AdvisorSOCIAL SECURITY FUND n/a EXCH 7518157041 8.99 - 28.01.2013 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 6215526846 7.43 (718311000) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 4086780221 4.89 340300 20.11.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 3866697268 4.62 (22802100) 31.12.2012 Investment AdvisorTEMASEK HOLDINGS PRI n/a ULT-AGG 3116864905 3.73 - 04.05.2012 GovernmentDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1069156835 1.28 - 31.07.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 607250200 0.73 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 592048548 0.71 (31815851) 30.06.2012 Investment AdvisorMITSUBISHI UFJ FINAN n/a ULT-AGG 544901200 0.65 330000 20.09.2012 Holding CompanyFMR LLC n/a ULT-AGG 371727330 0.44 29048284 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 315788100 0.38 20592000 31.12.2012 Investment AdvisorASIAN DEVELOPMENT BA n/a Co File 304007461 0.36 - 31.12.2011 BankPICTET & CIE Multiple Portfolios MF-AGG 285010100 0.34 2094000 31.10.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 277062108 0.33 40712016 19.02.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 251303000 0.3 (6140000) 31.12.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248698686 0.3 89135000 28.09.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 241146900 0.29 (36939000) 30.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 212362668 0.25 5851000 20.02.2013 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191503000 0.23 - 14.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 5 12 month 20.02.2013ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 20.02.2013JPMorgan KATHERINE LEI neutral 3 M 4 12 month 19.02.2013Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 14.02.2013BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 12 month 06.02.2013Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013Jefferies TAN MING buy 5 M 4 12 month 28.01.2013UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 25.01.2013CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 24.01.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 22.01.2013Mizuho Securities JIM ANTOS neutral 3 M 4 12 month 21.01.2013Nomura LUCY FENG buy 5 M 4 Not Provided 21.01.2013CIMB TREVOR KALCIC neutral 3 M 4 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013Religare Capital Markets SOPHIE JIANG buy 5 M 4 12 month 11.01.2013SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 09.01.2013Deutsche Bank TRACY YU buy 5 M 4 12 month 07.01.2013Macquarie VICTOR WANG outperform 5 M 4 12 month 19.12.2012Barclays MAY YAN overweight 5 M 4 Not Provided 18.12.2012ABC International JOHANNES AU hold 3 M 4 12 month 07.12.2012Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 06.12.2012HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 26.11.2012BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012Masterlink Securities RAINY YUAN hold 3 M 4 6 month 30.10.2012Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012Bank of China International JINHUA YIN buy 5 M 4 Not Provided 26.10.2012DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 26.10.2012Kim Eng Securities IVAN LI buy 5 M 4 12 month 26.10.2012China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 26.10.2012Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 3 Not Provided 26.10.2012Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 3 12 month 25.10.2012Goldman Sachs NING MA neutral/neutral 3 D 4 12 month 05.07.2012Mirae Asset Securities NAN LI buy 5 M 4 12 month 03.07.2012Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012KGI Securities MICHELLE CHEN neutral 3 M 4 12 month 25.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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