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...
21.02.2013BOC Hong Kong Holdings LtdBOC Hong Kong (Holdings) Limited provides a comprehensive range of financial          ...
21.02.2013BOC Hong Kong Holdings LtdHoldings By:         All            Holder Name                   Portfolio Name      ...
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
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Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 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 S&P ASIA 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 - - - - - - - -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 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 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 STEEL CORP TWD 14355 25769 14972 3 0 0 0 17.91 8113 7397 7062 7058 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 - - - -CHUNGHWA TELECOM CO LTD TWD 24322 8760 7757 0 0 0 2 23.04 6496 6395 6909 7285 2806 2656 - - 0.20 0.17 0.17 0.18 0.61 - 0.60 0.60 - 0.00 - -0.11 1.40 AA 30.12.2010 - -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! 9K 9K 7K 8K - - - - 1.26 1.27 1.14 1.19 7.75 7.78 8.64 8.29 11.08 2.70 - - - - - - -FORMOSA CHEMICALS & FIBRE TWD 14865 6615 5673 3 0 0 2 16.49 9477 9278 9628 9728 1077 322 163 163 - 0.01 0.04 0.13 10.53 - 2.17 0.70 -0.03 -0.01 -0.48 0.25 0.12 BBB+ 30.12.2010 - -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 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 - -JARDINE MATHESON HLDGS LTD USD 41977 346 362 10 0 23 4 72.61 37967 40001 40863 46048 4690 9080 5138 5138 9.77 5.60 4.26 4.78 11.18 - 14.71 13.09 26.33 18.89 5.87 24.58 22.70 - - - -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 17.01.2008KT&G CORP KRW 9644 370 126 0 0 0 1 8.83 2428 2428 2499 2540 1003 1003 - - - 5.62 5.34 5.77 0.01 - 0.01 0.01 0.01 0.00 0.01 0.00 0.04 NR 03.12.2004 - -LG ELECTRONICS INC KRW 11661 1684 163 5 0 0 1 15.24 23408 23403 #VALUE! #VALUE! 422 837 - - -1.43 1.11 #VALUE! #VALUE! 0.06 - #VALUE! #VALUE! -0.01 0.00 - -0.02 0.00 BBB- 14.10.2011 Baa2 21.01.2010LI & 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 - -QUANTA COMPUTER INC TWD 8618 7157 3833 3 0 0 2 8.67 35792 33790 35004 37420 522 563 172 172 0.19 0.21 0.21 0.22 0.36 - 0.37 0.35 -0.01 0.18 0.87 0.39 0.06 NR 28.07.2005 - -SAMSUNG C&T CORP KRW 9521 378 147 3 0 0 1 12.31 15872 15872 26235 #VALUE! 337 337 - - 0.57 1.85 #VALUE! 4.62 0.03 0.10 #VALUE! 0.01 0.01 0.01 - 0.00 0.00 - - - -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 14.07.2005SANDS CHINA LTD HKD 36669 11677 8055 0 0 0 0 4.90 840 840 1085 1244 229 229 78 78 0.02 0.02 0.03 0.04 3.83 - 2.49 1.96 4.31 - 2.05 4.74 3.51 - - - -SHINHAN 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 INNOVATION CO LTD KRW 15024 377 92 1 #VALUE! 0 1 14.66 2163 2163 1341 #VALUE! 574 574 - - - 16.83 16.99 #VALUE! 0.01 - 0.01 #VALUE! 0.05 0.03 - - 0.04 BBB 12.03.2008 Baa3 12.03.2009SUN 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 19.07.2000TAIWAN 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 09.06.2010WANT WANT CHINA HOLDINGS LTD HKD 17297 18217 13220 0 0 0 0 2.20 380 412 455 555 77 95 - - 0.00 0.00 0.01 0.01 4.61 - 4.11 3.31 4.04 3.20 2.42 3.27 2.98 - - - - 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%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 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 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 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%CHUNGHWA TELECOM CO LTD 1.96 1.95 1.93 3.57 3.52 3.34 8.45 8.51 8.14 17.61 17.92 17.70 18.40 5.33 5.26 5.37 5.78 86.63 -6.7%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 CHEMICALS & FIBRE 1.64 1.96 1.84 1.74 1.54 1.55 1.54 1.53 1.47 9.46 24.04 19.13 15.39 12.83 37.37 22.39 22.09 12.23 64.34 20.78 18.89 7.34 1.96 2.96 3.89 79.34 2.5%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 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%JARDINE MATHESON HLDGS LTD 1.67 1.50 1.42 1.33 1.21 1.03 0.91 0.81 6.54 6.32 5.96 5.62 13.15 14.13 12.59 11.54 16.00 14.71 13.09 11.76 1.96 2.08 2.26 2.45 69.14 10.4%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%KT&G CORP 3.94 3.86 3.80 11.25 9.68 9.11 13.56 13.15 12.18 4.29 4.40 4.57 4.88 4.69 89600.00 17.4%LG ELECTRONICS INC 0.44 0.50 0.58 0.31 0.27 88313.34 14.1%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%QUANTA COMPUTER INC 2.10 1.98 1.79 1.67 0.23 0.25 0.23 0.22 4.72 6.82 16.57 7.77 12.51 10.95 8.75 7.73 11.75 10.82 10.34 9.55 9.03 5.66 6.03 6.19 6.46 65.77 -0.9%SAMSUNG C&T CORP 0.36 13.21 0.82 0.81 0.84 0.91 0.87 79552.17 20.2%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%SANDS CHINA LTD 6.59 6.00 5.32 4.79 5.66 4.36 3.80 3.43 18.43 13.75 10.84 20.17 14.84 12.45 10.92 28.99 19.29 15.22 12.75 3.60 4.22 4.79 4.06 41.73 18.2%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 INNOVATION CO LTD 11.20 13.55 9.56 1.49 1.56 1.61 1.51 1.51 199695.66 13.1%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%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%WANT WANT CHINA HOLDINGS LTD 14.37 10.80 9.14 7.74 6.88 6.01 4.90 4.02 3.39 2.82 36.32 25.64 21.79 18.16 13.91 30.98 21.36 17.09 14.31 10.69 43.58 31.89 25.64 21.43 16.98 1.53 1.91 2.37 2.91 3.52 10.90 7.5% 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. 21.02.2013BOC Hong Kong Holdings LtdBOC Hong Kong (Holdings) Limited provides a comprehensive range of financial Price/Volumeproducts and services to retail and corporate customers. Its products include 30 45.0 Mretail banking, corporate banking, and treasury services. The Company operates 40.0 Mits branches in Hong Kong and China. 25 35.0 M 20 30.0 M 25.0 M 15 Valuation Analysis 20.0 MLatest Fiscal Year: 12/2011 10 15.0 M 10.0 MLTM as of: 01/yy 5 5.0 M52-Week High (04.02.2013) 27.10 0 .0 M52-Week Low (07.03.2012) 20.80 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 15112052.00 Current Price (2/dd/yy) 26 Market Data 52-Week High % Change -4.06% Dividend Yield 4.24 52-Week Low % Change 25.00% Beta 0.97 % 52 Week Price Range High/Low 89.68% Equity Float 3588.38Shares Out 30.09.2012 10572.8 Short Int - Market Capitalization 274892.28 1 Yr Total Return 24.38%Total Debt 274572.00 YTD Return 7.88%Preferred Stock 0.0 Adjusted BETA 0.969Minority Interest 3418.0 Analyst Recs 32Cash and Equivalents 419465.00 Consensus Rating 4.219Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 72277102388 HK EQUITY YTD Change - Average Volume 30 Day 141737302388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12552750 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 - - Total Revenue 65258.0 50394.0 40414.0 42891.0 50675.0 - - 35700.1 39151.7 - - TEV/Revenue - - - - - - - - - - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 15446.0 3343.0 13930.0 16196.0 20430.0 - - 20251.3 21525.9 - - P/E 14.96x 27.77x 13.36x 17.27x 9.52x - - 13.46x 12.74x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 55.20% Long-Term Outlook -Pretax Margin 60.60% Short-Term Rating Date -Return on Assets 1.12% Short-Term Rating -Return on Common Equity 14.75% Credit RatiosReturn on Capital 4.72% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 211.6%Net Income Margin 50.2% Total Debt/Capital 67.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 1.34Quick Ratio - Accounts receivable turnover-days -Debt to Assets 15.79% Inventory Days -Tot Debt to Common Equity 211.59% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 70000.0 50.00 60000.0 50000.0 40.00 40000.0 30.00 30000.0 20.00 20000.0 10.00 10000.0 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 |
  7. 7. 21.02.2013BOC Hong Kong Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBOC HONG KONG BVI LT n/a Co File 6984274213 66.06 - 31.12.2011 GovernmentFMR LLC n/a ULT-AGG 122013446 1.15 8458812 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 73023052 0.69 (1919500) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 65111630 0.62 744022 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 37849000 0.36 (1227500) 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 30823067 0.29 (1715438) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 30708000 0.29 3581000 31.10.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 24178500 0.23 (1861500) 30.11.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 21989321 0.21 (568700) 31.12.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18105500 0.17 - 31.12.2010 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16483500 0.16 (13000) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 15627000 0.15 5500 31.12.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15494500 0.15 - 14.09.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 11636000 0.11 (1152500) 28.09.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 11200000 0.11 - 30.06.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 10444500 0.1 (387000) 25.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10327000 0.1 2034500 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 9455000 0.09 (16000) 31.10.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 6932500 0.07 73000 28.09.2012 BankNOMURA n/a ULT-AGG 6721500 0.06 - 15.10.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays SHARNIE WONG overweight 5 M 29 Not Provided 21.02.2013Citic Securities Co., Ltd STEVEN CHAN hold 3 M 26 6 month 18.02.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 24 12 month 06.02.2013China International Capital Corp SALLY NG accumulate 4 M 29 12 month 01.02.2013JPMorgan JOSHUA KLACZEK overweight 5 M 27 Not Provided 31.01.2013Deutsche Bank SOPHIA LEE buy 5 M 32 12 month 30.01.2013Bank of China International PATRICK PONG buy 5 M 29 12 month 29.01.2013UOB Kay Hian EDMOND LAW buy 5 M 31 Not Provided 29.01.2013CCB International Securities Ltd ADAM CHAN outperform 5 M 31 Not Provided 28.01.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 33 12 month 25.01.2013ABC International JOHANNES AU buy 5 N 34 12 month 23.01.2013DBS Vickers ALEXANDER LEE buy 5 M 29 12 month 21.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Core Pacific TIMOTHY LI buy 5 U 30 12 month 15.01.2013Nomura DAVID CHUNG buy 5 M 28 Not Provided 10.01.2013Credit Suisse SANJAY JAIN outperform 5 M 28 Not Provided 09.01.2013Daiwa Securities Co. Ltd. GRACE WU buy 5 M 30 Not Provided 20.12.2012Mizuho Securities JIM ANTOS buy 5 M 29 12 month 14.12.2012Standard Chartered JOHN CAPARUSSO in-line 3 M 24 12 month 06.12.2012Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 M 24 12 month 04.12.2012Kim Eng Securities IVAN LI buy 5 M 28 12 month 26.10.2012Goldman Sachs GURPREET SINGH SAHI Buy/Neutral 5 M 29 12 month 25.10.2012Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 D 24 12 month 17.09.2012President Securities HK Ltd HUNG YIN CHEN neutral 3 N 27 Not Provided 12.09.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 27 Not Provided 24.08.2012HSBC TODD DUNIVANT overweight 5 M 29 Not Provided 23.08.2012Guotai Junan WILSON LI neutral 3 M 20 Not Provided 09.07.2012Macquarie ISMAEL PILI underperform 1 M 18 12 month 27.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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