Fundamental Analysis & Analyst Recommendations - DAXglobal® China Urbanization

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
DAXglobal® China Urbanization
March 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Daily Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in Volume Total Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency mio USD) (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96
Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45
NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14
FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52
SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92
S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45
S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91
HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34
MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23
DATANG INTL POWER GEN CO-H HKD 9716.01 10110 12310 19.89 0.00 0.98 0.44 28.68 7820 8384 8945 10195 2125 2273 - - 0.03 0.03 0.02 0.03 1.40 - 2.25 1.30 3.42 3.33 2.10 2.28 3.50 - - - -
HUANENG POWER INTL INC-H HKD 11329.46 22914 14055 18.29 0.00 1.11 1.23 30.05 13426 15365 16710 18779 2496 2639 - - 0.04 0.03 0.02 0.04 2.57 - 4.21 1.53 4.61 3.49 0.50 0.97 2.40 NR 14.04.2010 - -
GUANGDONG INVESTMENT LTD HKD 4225.49 13530 6231 0.51 0.00 0.36 0.49 4.46 819 861 888 962 570 604 284 284 0.04 0.06 0.06 0.06 1.45 - 1.55 1.45 0.95 0.50 1.15 0.81 8.98 - - - -
CHINA RESOURCES POWER HOLDIN HKD 9399.83 4414 4720 9.80 0.00 1.04 0.88 20.90 6261 7275 7822 9345 1525 1944 800 800 0.13 0.14 0.13 0.18 1.88 - 1.90 1.41 5.96 6.77 1.44 5.72 3.14 BBB 19.04.2011 Baa3 14.09.2010
GUANGZHOU R&F PROPERTIES - H HKD 4186.29 9389 3222 3.59 0.00 0.03 0.73 6.16 3176 3698 3564 3970 1032 1400 - - 0.13 0.23 0.18 0.18 0.60 0.71 0.76 0.75 4.57 7.76 10.05 5.99 4.19 - - - -
FRANSHION PROPERTIES HKD 2337.90 5012 9161 2.35 0.00 0.46 1.45 5.04 818 527 1016 1865 321 223 - - 0.02 0.03 0.02 0.03 1.01 - 1.42 1.05 0.06 - 3.70 5.31 5.05 BB+ 29.11.2011 (P)Ba1 01.04.2011
CHINA RESOURCES LAND LTD HKD 10378.75 35018 5826 7.83 0.00 0.78 1.98 17.00 4613 4613 5632 6975 1555 1533 - - 0.19 0.19 0.15 0.17 1.21 - 1.53 1.32 5.04 8.14 4.57 8.45 4.34 BBB 03.05.2011 Baa2 03.05.2011
CHINA OVERSEAS LAND & INVEST HKD 16684.20 48001 8173 5.84 0.00 0.41 4.07 19.85 5711 6270 7329 8667 2090 2357 - - 0.18 0.22 0.20 0.22 1.18 - 1.34 1.21 2.41 6.18 6.95 7.42 4.72 BBB 25.03.2010 - -
SINOTRANS SHIPPING LTD HKD 1029.02 1998 3992 0.00 0.00 0.00 0.13 0.03 36 36 35 40 18 18 16 16 0.00 0.00 0.00 0.00 1.46 1.20 1.38 1.15 0.14 1.24 - -0.90 6.56 - - - -
CHINA COSCO HOLDINGS-H HKD 8477.07 13049 10216 7.94 0.00 1.86 6.00 11.74 12429 11973 10787 11548 1363 - - - 0.08 0.01 -0.07 -0.03 8.36 8.78 - - 5.27 3.75 - 0.70 1.41 - - - -
COSCO PACIFIC LTD HKD 4012.28 9691 2712 0.20 0.00 0.02 0.07 0.75 58 65 77 87 28 36 - - 0.01 0.02 0.02 0.02 1.25 - 1.30 1.31 3.58 1.84 2.94 -0.43 6.34 - - - -
CHINA MERCHANTS HLDGS INTL HKD 8547.02 5029 2458 2.87 0.00 1.33 0.87 11.78 749 1032 997 1013 409 511 - - 0.29 0.41 0.27 0.23 1.09 - 1.64 1.91 7.99 3.92 7.13 4.24 7.04 BBB 17.02.2005 - -
CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 63 K 59501 62 K 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -
SINO-OCEAN LAND HOLDINGS HKD 3035.35 3312 5617 3.76 0.00 0.26 1.83 5.29 1768 2174 2415 3129 426 540 - - 0.06 0.05 0.05 0.06 1.03 - 1.09 0.92 7.15 - 7.47 6.87 3.10 - - - -
CHINA COMMUNICATIONS CONST-H HKD 16358.09 14810 14825 10.48 0.00 1.41 5.01 22.41 35151 37570 40380 45713 2371 2622 - - 0.08 0.10 0.10 0.11 1.01 1.06 1.05 0.97 2.60 3.12 1.82 3.59 0.87 - - - -
CITIC PACIFIC LTD HKD 6424.98 5826 3649 10.79 0.00 0.75 3.17 15.65 12899 12899 13639 16155 903 1090 1437 1437 - 0.33 0.22 0.27 0.70 - 1.02 0.84 5.38 2.65 - 2.70 1.28 BB+ 18.07.2011 Ba1 06.04.2011
WEICHAI POWER CO LTD-H HKD 9138.66 2915 1666 0.89 0.00 0.63 1.13 7.82 8076 8552 7810 8424 1379 1401 - - 0.52 0.54 0.46 0.50 0.98 1.00 1.16 1.08 10.02 11.63 11.72 10.08 2.20 - - - -
SINOTRUK HONG KONG LTD HKD 1893.09 1131 2761 1.83 0.00 0.21 1.49 2.64 5111 5071 4900 5315 439 428 - - 0.07 0.08 0.06 0.07 0.95 0.94 1.14 1.10 5.43 - 11.45 6.64 1.11 - - - -
DONGFENG MOTOR GRP CO LTD-H HKD 15879.69 12441 8616 2.57 0.00 0.50 5.50 10.96 15775 16013 16979 19036 2305 2172 - - 0.17 0.15 0.16 0.18 1.26 0.79 1.19 1.08 4.30 3.09 8.09 4.66 1.88 - - - -
DENWAY MOTORS LTD HKD - 0 7519 0.01 0.00 0.01 0.94 - 82 82 94 99 -43 -50 - - 0.03 0.03 0.04 0.04 - - #VALUE! #VALUE! -1.56 -0.91 -42.15 - -6.72 - - - -
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3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%
Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%
NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%
FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%
SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%
S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%
S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%
HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%
MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%
DATANG INTL POWER GEN CO-H 0.92 0.82 0.78 0.72 0.61 1.03 0.89 0.78 0.70 0.68 2.25 2.33 2.16 1.74 1.66 13.97 12.95 10.11 8.89 7.68 13.42 17.44 10.08 8.16 6.08 3.40 2.38 3.53 4.50 6.31 3.02 8.7%
HUANENG POWER INTL INC-H 1.00 1.04 0.97 0.93 0.82 0.73 0.55 0.49 0.46 0.42 3.75 4.47 3.13 2.88 2.68 12.06 11.52 8.87 8.20 7.02 12.61 32.69 11.89 10.63 7.54 3.95 2.01 4.44 5.25 7.57 5.45 13.3%
GUANGDONG INVESTMENT LTD 1.76 1.57 1.44 1.30 1.27 5.21 4.76 4.39 4.01 3.45 9.48 8.09 8.58 6.83 6.66 7.91 7.17 6.61 6.15 6.02 14.57 12.06 11.29 10.50 10.31 2.36 3.12 3.31 3.67 3.80 5.53 5.1%
CHINA RESOURCES POWER HOLDIN 1.73 1.55 1.40 1.27 1.14 1.59 1.20 1.01 0.87 0.83 6.79 5.29 4.91 4.23 3.59 13.08 11.54 8.65 7.50 6.94 14.17 14.76 10.95 9.29 8.50 2.25 2.15 3.01 3.39 3.80 17.99 17.1%
GUANGZHOU R&F PROPERTIES - H 1.40 1.18 1.04 0.93 1.14 0.96 0.86 0.75 7.49 5.64 4.94 4.39 7.12 5.15 5.21 5.08 7.67 5.93 5.80 5.36 4.59 6.32 6.40 6.52 8.20 -18.6%
FRANSHION PROPERTIES 0.91 0.74 0.69 0.62 2.50 2.30 1.25 0.93 14.56 5.40 2.41 12.14 10.23 6.50 5.72 14.35 11.00 8.11 6.69 1.57 1.82 2.27 2.88 2.36 19.3%
CHINA RESOURCES LAND LTD 1.45 1.26 1.14 0.99 2.47 1.84 1.49 1.26 12.52 7.49 10.34 11.92 10.50 9.08 8.04 12.70 11.86 10.24 8.41 2.36 2.41 2.73 2.87 16.65 20.5%
CHINA OVERSEAS LAND & INVEST 2.60 1.99 1.71 1.48 2.88 2.28 1.92 1.56 25.02 8.68 5.40 5.11 10.17 7.11 6.62 5.67 14.89 10.40 9.35 7.95 1.55 1.88 2.09 2.40 17.45 10.2%
SINOTRANS SHIPPING LTD 0.46 0.45 0.43 0.43 0.40 3.89 3.76 3.31 2.71 2.28 6.44 7.81 6.61 5.48 3.68 1.53 1.61 1.34 1.12 0.80 10.74 10.74 8.89 7.36 5.15 3.49 3.49 3.88 3.88 7.76 2.47 23.4%
CHINA COSCO HOLDINGS-H 0.87 1.06 1.16 1.11 0.58 0.64 0.60 0.53 4.22 30.14 6.38 6.96 52.07 13.22 6.22 22.61 3.27 0.19 0.14 0.96 4.16 -18.5%
COSCO PACIFIC LTD 1.17 1.12 1.06 0.98 0.95 8.67 6.70 5.97 5.45 5.10 13.21 10.64 9.86 8.55 8.70 20.80 18.34 13.59 11.77 13.34 11.21 10.06 10.20 8.97 9.25 3.85 4.19 3.92 4.53 2.70 13.14 14.4%
CHINA MERCHANTS HLDGS INTL 1.82 1.55 1.47 1.40 0.92 14.79 8.58 8.44 7.69 7.23 17.53 12.58 14.79 13.06 25.77 27.43 18.54 17.70 15.97 21.01 15.46 12.72 14.80 13.32 11.58 2.77 3.75 2.91 3.30 3.53 28.53 6.5%
CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%
SINO-OCEAN LAND HOLDINGS 0.67 0.59 0.56 0.53 1.40 1.03 0.79 0.61 8.36 4.08 2.40 10.76 8.21 6.72 6.18 9.35 8.44 7.14 6.41 3.01 3.27 3.80 4.24 3.74 -10.1%
CHINA COMMUNICATIONS CONST-H 1.51 1.33 1.17 1.03 0.38 0.33 0.29 0.27 8.94 4.54 4.80 9.12 7.45 6.45 5.72 10.79 8.11 7.52 6.94 2.22 2.91 3.22 3.44 8.56 12.3%
CITIC PACIFIC LTD 0.65 0.59 0.55 0.57 0.57 0.47 0.40 0.34 5.25 6.29 4.40 4.07 11.03 10.90 7.63 6.68 5.71 7.88 6.50 5.55 3.39 3.11 3.40 3.54 15.43 13.0%
WEICHAI POWER CO LTD-H 3.12 2.21 1.77 1.51 1.25 0.97 0.95 0.88 0.81 0.72 8.36 8.65 7.30 6.09 5.71 6.08 6.56 6.08 5.38 6.32 8.50 8.99 8.39 7.85 8.47 1.26 1.22 1.39 1.66 1.24 41.80 5.7%
SINOTRUK HONG KONG LTD 0.66 0.63 0.59 0.57 0.52 0.31 0.32 0.29 0.28 0.24 13.03 4.96 4.22 4.34 4.38 6.24 6.61 6.26 5.68 5.32 8.36 8.87 8.52 8.23 6.20 1.68 2.77 2.90 3.20 4.61 5.04 -5.3%
DONGFENG MOTOR GRP CO LTD-H 2.71 2.15 1.75 1.44 0.82 0.76 0.68 0.61 9.22 6.45 5.36 4.80 4.70 4.76 4.20 3.78 8.92 9.23 8.37 7.53 1.41 1.49 1.64 1.78 16.51 15.4%
DENWAY MOTORS LTD 35.38 33.23 31.72 35.23
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 13.03.2012
Datang International Power Generation Co Ltd
Datang International Power Generation Company Limited develops and operates Price/Volume
power plants, sells electricity, repairs and maintains power equipment, and
4 160.0 M
provides power-related technical services.
3 140.0 M
120.0 M
3
100.0 M
2
80.0 M
Valuation Analysis 2
60.0 M
Latest Fiscal Year: 12/2010 1 40.0 M
LTM as of: 12/yy 1 20.0 M
52-Week High (09.05.2011) 3.12
0 .0 M
52-Week Low (04.10.2011) 1.80 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 10'109'913.00
Current Price (3/dd/yy) 2.78 Market Data
52-Week High % Change -10.90% Dividend Yield 3.09
52-Week Low % Change 54.44% Beta 0.84
% 52 Week Price Range High/Low 71.21% Equity Float 2'835.00
Shares Out 19.09.2011 3'315.7 Short Int -
Market Capitalization 75'386.51 1 Yr Total Return 2.19%
Total Debt 154'317.59 YTD Return 8.17%
Preferred Stock 0.0 Adjusted BETA 0.841
Minority Interest 7'582.8 Analyst Recs 27
Cash and Equivalents 3'442.98 Consensus Rating 3.259
Enterprise Value 222'535.71 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 12'890'340
991 HK EQUITY YTD Change - Average Volume 30 Day 19'651'040
991 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'787'110
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 09/10 Q3 12/10 Q4
Total Revenue 24'899 32'763 36'900 47'943 60'672 0 2'515 69'406 79'105 - -
TEV/Revenue 4.33x 8.24x 4.90x 4.76x 3.64x #DIV/0! 0.00x 3.20x 2.94x - -
EBITDA 10'159.6 12'873.1 9'069.3 14'183.6 16'490.8 0.0 0.0 17'186.3 22'002.6 - -
TEV/EBITDA 10.61x 20.97x 19.94x 16.09x 13.40x 0.00x 0.00x 12.95x 10.11x - -
Net Income 2'777.8 3'564.4 749.4 1'536.6 2'569.7 0 620 1'662 2'983 - -
P/E 30.10x 21.01x 56.42x 22.69x 11.02x 0.00x 0.00x 17.44x 10.08x - -
Profitability S&P Issuer Ratings
EBITDA 16'490.79 Long-Term Rating Date 25.02.2009
EBIT 9'109.11 Long-Term Rating -
Operating Margin 15.01% Long-Term Outlook -
Pretax Margin 7.75% Short-Term Rating Date -
Return on Assets 1.29% Short-Term Rating -
Return on Common Equity 9.02% Credit Ratios
Return on Capital 4.53% EBITDA/Interest Exp. 2.21
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -0.83
Margin Analysis Net Debt/EBITDA 9.15
Gross Margin - Total Debt/EBITDA 9.36
EBITDA Margin 27.2% Reference
EBIT Margin 15.0% Total Debt/Equity 500.2%
Net Income Margin 4.2% Total Debt/Capital 80.1%
Structure Asset Turnover 0.31
Current Ratio 0.37 Net Fixed Asset Turnover 0.36
Quick Ratio 0.21 Accounts receivable turnover-days 44.50
Debt to Assets 72.48% Inventory Days -
Tot Debt to Common Equity 500.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.20 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
1.20 70'000.0
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60 30'000.0
0.40 20'000.0
10'000.0
0.20
0.0
0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 13.03.2012
Datang International Power Generation Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA DATANG OVERSEA n/a EXCH 480'680'000 14.5 - 06.05.2011 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 165'748'812 5 - 27.02.2012 Investment Advisor
EDMOND DE ROTHSCHILD n/a EXCH 162'722'000 4.91 (3'278'000) 06.12.2011 Investment Advisor
BLACKROCK INC n/a EXCH 122'916'847 3.71 (155'399'542) 15.10.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 108'303'091 3.27 (2'030'000) 31.12.2011 Investment Advisor
DEUTSCHE BANK AG n/a Short (76'074'768) -2.29 - 27.02.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 57'588'640 1.74 - 30.09.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'422'000 1.25 (84'000) 08.03.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 34'322'000 1.04 28'000 08.03.2012 Investment Advisor
BLACKROCK INC n/a Short (12'082'445) -0.36 (24'458) 15.10.2010 Investment Advisor
DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11'998'862 0.36 - 31.01.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 10'358'000 0.31 (1'834'000) 31.12.2011 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 9'000'000 0.27 - 31.03.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'344'000 0.25 - 09.03.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 7'452'000 0.22 - 09.03.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'000'000 0.15 - 26.01.2012 Mutual Fund Manager
STB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'584'000 0.14 - 25.11.2011 Mutual Fund Manager
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'188'000 0.13 - 09.03.2012 Investment Advisor
KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 3'908'000 0.12 - 08.08.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'436'000 0.1 (2'668'000) 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 3 12 month 07.03.2012
DBS Vickers JUNE NG hold 3 M 3 12 month 06.03.2012
Deutsche Bank MICHAEL TONG buy 5 M 3 12 month 05.03.2012
Yuanta Securities Investment Consulting
MIN LI hold 3 N 3 Not Provided 05.03.2012
BNP Paribas Equity Research DAISY ZHANG buy 5 M 4 12 month 29.02.2012
CLSA Asia Pacific Markets ALEX WU sell 1 D 3 Not Provided 24.02.2012
JPMorgan ELAINE WU underweight 1 D 2 3 month 22.02.2012
UOB Kay Hian YAN SHI buy 5 N 4 Not Provided 21.02.2012
Jefferies JOSEPH FONG hold 3 D 3 12 month 20.02.2012
Guotai Junan LEO WU accumulate 4 U 3 Not Provided 19.02.2012
Standard Chartered LI EVAN in-line 3 M 3 12 month 18.02.2012
Nomura IVAN LEE neutral 3 M 3 Not Provided 17.02.2012
Bank of China International PETER YAO buy 5 M 3 Not Provided 16.02.2012
Mirae Asset Securities RICKY NG hold 3 M 3 12 month 15.02.2012
Credit Suisse EDWIN PANG neutral 3 M 3 Not Provided 13.02.2012
Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 3 12 month 18.01.2012
Citi PIERRE LAU buy 5 M 3 Not Provided 13.01.2012
Macquarie SERENA LI neutral 3 M 2 12 month 19.12.2011
Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 3 Not Provided 02.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Masterlink Securities LI YAN hold 3 D 3 6 month 10.11.2011
SWS Research Co Ltd HUANG ZHE neutral 3 M 2 Not Provided 02.11.2011
China International Capital Corp STEPHEN YU ZHANG hold 3 M 2 12 month 31.10.2011
Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 2 12 month 27.10.2011
Capital Securities Corp TEAM COVERAGE buy 5 U #N/A N/A Not Provided 29.08.2011
Macquarie CAROL CAO neutral 3 M 4 12 month 11.11.2009
Kim Eng Securities EDWARD FUNG hold 3 D 5 12 month 18.08.2009
SinoPac WENDY HUANG outperform 5 M 5 Not Provided 27.10.2008
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 13.03.2012
Huaneng Power International Inc
Huaneng Power International, Inc. develops, constructs, owns and operates Price/Volume
coal-fired power plants throughout China.
6 70.0 M
5 60.0 M
50.0 M
4
40.0 M
3
Valuation Analysis 30.0 M
Latest Fiscal Year: 12/2010 2
20.0 M
LTM as of: 03/yy 1 10.0 M
52-Week High (17.02.2012) 5.15
0 .0 M
52-Week Low (04.10.2011) 3.01 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 22'914'153.00
Current Price (3/dd/yy) 4.81 Market Data
52-Week High % Change -6.60% Dividend Yield 5.10
52-Week Low % Change 59.80% Beta 0.65
% 52 Week Price Range High/Low 84.58% Equity Float 3'035.18
Shares Out 06.02.2012 3'555.4 Short Int -
Market Capitalization 87'905.31 1 Yr Total Return 16.33%
Total Debt 141'916.03 YTD Return 16.46%
Preferred Stock 0.0 Adjusted BETA 0.653
Minority Interest 8'636.3 Analyst Recs 29
Cash and Equivalents 9'547.91 Consensus Rating 4.103
Enterprise Value 233'156.85 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 16'660'150
902 HK EQUITY YTD Change - Average Volume 30 Day 22'729'440
902 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19'192'830
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 03/yy 03/yy 12/11 Y 12/12 Y 12/10 Q4 03/11 Q1
Total Revenue 44'153.3 49'628.1 67'728.7 76'711.0 104'170.5 0.0 24'338.6 129'649.2 145'706.1 - -
TEV/Revenue 3.05x 4.33x 2.75x 2.33x 1.97x #DIV/0! 0.00x 1.73x 1.56x - -
EBITDA 15'398.9 14'929.8 6'911.4 18'639.8 19'363.9 0.0 0.0 20'230.6 26'281.3 - -
TEV/EBITDA 8.76x 14.40x 26.99x 9.59x 10.60x 0.00x 0.00x 11.52x 8.87x - -
Net Income 6'071.2 6'161.1 (3'937.7) 4'929.5 3'348.0 0.0 952.8 1'671.2 4'616.6 - -
P/E 13.95x 15.06x - 9.43x 12.44x 0.00x 0.00x 32.69x 11.89x - -
Profitability S&P Issuer Ratings
EBITDA 19'363.92 Long-Term Rating Date 14.04.2010
EBIT 8'698.29 Long-Term Rating NR
Operating Margin 8.35% Long-Term Outlook -
Pretax Margin 4.00% Short-Term Rating Date -
Return on Assets 1.57% Short-Term Rating -
Return on Common Equity 6.98% Credit Ratios
Return on Capital 3.92% EBITDA/Interest Exp. 3.18
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. -0.22
Margin Analysis Net Debt/EBITDA 6.84
Gross Margin - Total Debt/EBITDA 7.33
EBITDA Margin 18.6% Reference
EBIT Margin 8.4% Total Debt/Equity 263.8%
Net Income Margin 3.2% Total Debt/Capital 69.5%
Structure Asset Turnover 0.49
Current Ratio 0.38 Net Fixed Asset Turnover 0.69
Quick Ratio 0.24 Accounts receivable turnover-days 36.71
Debt to Assets 62.26% Inventory Days -
Tot Debt to Common Equity 263.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.94 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
1.20 120'000.0
1.00 100'000.0
0.80
80'000.0
60'000.0
0.60
40'000.0
0.40
20'000.0
0.20
0.0
0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 13.03.2012
Huaneng Power International Inc
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA HUA NENG GROUP n/a 20F 520'000'000 14.63 - 31.03.2011 Corporation
BLACKROCK INC n/a EXCH 210'175'924 5.91 - 22.02.2012 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 149'421'551 4.2 - 30.09.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 118'216'429 3.32 114'000 31.12.2011 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 59'376'100 1.67 16'279'600 30.11.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 47'782'000 1.34 24'000 08.03.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 25'404'000 0.71 1'658'000 31.12.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 20'571'500 0.58 (60'000) 08.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'328'000 0.57 14'000 31.01.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'980'000 0.42 2'964'000 30.12.2011 Mutual Fund Manager
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13'422'000 0.38 - 31.10.2011 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 10'204'900 0.29 372'000 31.01.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 10'153'800 0.29 - 30.11.2011 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 10'022'472 0.28 - 12.03.2012 Investment Advisor
HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 9'546'000 0.27 (8'186'000) 20.01.2011 Hedge Fund Manager
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9'493'136 0.27 2'094'432 31.12.2011 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'416'700 0.26 (88'000) 30.09.2011 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 9'344'000 0.26 - 30.09.2011 Mutual Fund Manager
BLACKROCK INC n/a Short (9'070'556) -0.26 - 22.02.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'358'000 0.24 (6'396'000) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp LAI SHENSHENG buy 5 M 7 Not Provided 13.03.2012
Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 6 12 month 07.03.2012
DBS Vickers JUNE NG buy 5 U 6 12 month 06.03.2012
Deutsche Bank MICHAEL TONG buy 5 M 6 12 month 05.03.2012
Yuanta Securities Investment Consulting
MIN LI buy 5 N 6 Not Provided 05.03.2012
BNP Paribas Equity Research DAISY ZHANG hold 3 M 5 12 month 29.02.2012
HSBC GIUSEPPE JACOBELLI neutral 3 N 6 Not Provided 27.02.2012
Nomura IVAN LEE buy 5 M 6 12 month 24.02.2012
JPMorgan BORIS KAN neutral 3 M 5 3 month 22.02.2012
UOB Kay Hian YAN SHI buy 5 N 6 Not Provided 21.02.2012
Jefferies JOSEPH FONG hold 3 M 5 12 month 20.02.2012
Guotai Junan LEO WU accumulate 4 U 6 Not Provided 19.02.2012
Standard Chartered LI EVAN in-line 3 D 6 12 month 18.02.2012
Bank of China International PETER YAO buy 5 U 6 Not Provided 16.02.2012
Mirae Asset Securities RICKY NG buy 5 M 6 12 month 15.02.2012
Credit Suisse EDWIN PANG outperform 5 M 6 Not Provided 13.02.2012
Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 U 5 12 month 18.01.2012
Citi PIERRE LAU buy 5 M 5 Not Provided 11.01.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011
KGI Securities CHEN JUDITH outperform 5 U 5 12 month 23.12.2011
Macquarie SERENA LI underperform 1 N 3 12 month 19.12.2011
CLSA Asia Pacific Markets ALEX WU sell 1 M 4 Not Provided 15.12.2011
Daiwa Securities Capital Markets Co. DAVE DAI outperform 5 M 5 Not Provided 02.12.2011
SWS Research Co Ltd HUANG ZHE neutral 3 D 3 Not Provided 02.11.2011
China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 4 12 month 31.10.2011
Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 4 12 month 27.10.2011
Masterlink Securities LI YAN buy 5 M 4 6 month 12.08.2011
Citic Securities Co., Ltd KYLIE KWOK not rated #N/A N/A M #N/A N/A Not Provided 09.05.2011
Kim Eng Securities EDWARD FUNG buy 5 M 5 12 month 02.12.2010
Celestial Securities Limited TEAM COVERAGE hold 3 M 6 12 month 15.04.2010
Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 13.03.2012
Guangdong Investment Ltd
Guangdong Investment Limited, through its subsidiaries, operates water supply, Price/Volume
power and electricity, and infrastructure businesses. The Company also invests
6 35.0 M
in and develops real estate properties, operates department stores, and provides
5 30.0 M
financial services.
25.0 M
4
20.0 M
3
Valuation Analysis 15.0 M
Latest Fiscal Year: 12/2010 2
10.0 M
LTM as of: 01/yy 1 5.0 M
52-Week High (16.11.2011) 5.38
0 .0 M
52-Week Low (17.03.2011) 3.66 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 13'530'000.00
Current Price (3/dd/yy) 5.26 Market Data
52-Week High % Change -2.23% Dividend Yield 3.23
52-Week Low % Change 43.72% Beta 0.63
% 52 Week Price Range High/Low 90.70% Equity Float 2'437.23
Shares Out 25.07.2011 6'233.0 Short Int -
Market Capitalization 32'785.57 1 Yr Total Return 37.99%
Total Debt 3'942.25 YTD Return 11.68%
Preferred Stock 0.0 Adjusted BETA 0.626
Minority Interest 2'791.9 Analyst Recs 19
Cash and Equivalents 3'840.65 Consensus Rating 4.632
Enterprise Value 34'613.87 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 10'802'470
270 HK EQUITY YTD Change - Average Volume 30 Day 10'250'480
270 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'596'817
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -
Total Revenue 6'056.3 6'689.1 5'913.2 5'915.8 6'351.7 - - 6'888.2 7'465.8 - -
TEV/Revenue 5.36x 5.41x 4.31x 5.51x 4.38x - - 5.10x 4.50x - -
EBITDA 3'523.0 3'663.7 4'367.7 4'062.7 4'425.2 - - 4'830.8 5'234.8 - -
TEV/EBITDA 9.21x 9.87x 5.84x 8.02x 6.29x - - 7.17x 6.61x - -
Net Income 1'506.9 1'697.0 1'876.7 2'044.3 2'420.2 - - 2'680.4 2'903.2 - -
P/E 14.04x 15.99x 10.18x 13.71x 10.27x - - 12.06x 11.29x - -
Profitability S&P Issuer Ratings
EBITDA 4'425.22 Long-Term Rating Date -
EBIT 3'440.33 Long-Term Rating -
Operating Margin 54.16% Long-Term Outlook -
Pretax Margin 59.20% Short-Term Rating Date -
Return on Assets 7.72% Short-Term Rating -
Return on Common Equity 13.39% Credit Ratios
Return on Capital 11.12% EBITDA/Interest Exp. 111.76
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 90.89
Margin Analysis Net Debt/EBITDA 0.02
Gross Margin 66.0% Total Debt/EBITDA 0.89
EBITDA Margin 69.7% Reference
EBIT Margin 54.2% Total Debt/Equity 20.6%
Net Income Margin 38.1% Total Debt/Capital 15.3%
Structure Asset Turnover 0.20
Current Ratio 1.21 Net Fixed Asset Turnover 0.74
Quick Ratio 1.07 Accounts receivable turnover-days 12.64
Debt to Assets 12.35% Inventory Days 9.22
Tot Debt to Common Equity 20.62% Accounts Payable Turnover Day 59.37
Accounts Receivable Turnover 28.88 Cash Conversion Cycle -37.51
Inventory Turnover 39.57
Price/ Cash Flow Sales/Revenue/Turnover
1.20 8'000.0
7'000.0
1.00
6'000.0
0.80 5'000.0
4'000.0
0.60
3'000.0
0.40 2'000.0
1'000.0
0.20
0.0
0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 13.03.2012
Guangdong Investment Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GDH LTD n/a EXCH 3'193'574'957 51.24 - 21.07.2011 Government
GUANGDONG TRUST n/a EXCH 527'548'742 8.46 - 21.07.2011 n/a
PICTET & CIE Multiple Portfolios MF-AGG 111'465'069 1.79 (9'044'650) 30.12.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 92'760'677 1.49 372'000 31.12.2011 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 76'514'000 1.23 290'000 30.12.2011 Investment Advisor
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 67'587'727 1.08 25'122 31.07.2011 Mutual Fund Manager
GD ASSETS MGMT CUSTO n/a EXCH 46'708'176 0.75 - 21.07.2011 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 37'262'110 0.6 22'000 08.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 34'904'000 0.56 (5'842'000) 31.01.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 33'411'025 0.54 - 18.11.2011 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26'972'000 0.43 - 31.12.2011 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 24'311'480 0.39 (1'438'000) 31.12.2011 Investment Advisor
RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 22'000'000 0.35 2'000'000 31.10.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 19'624'000 0.31 (46'000) 08.03.2012 Investment Advisor
HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 14'618'000 0.23 (7'222'000) 20.01.2011 Hedge Fund Manager
SAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 13'114'000 0.21 - 16.09.2011 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 12'383'727 0.2 (582'514) 30.12.2011 Mutual Fund Manager
LEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 11'221'501 0.18 308'000 30.12.2011 Investment Advisor
CREDIT SUISSE GROUP Multiple Portfolios MF-AGG 10'228'000 0.16 (234'000) 31.10.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'099'700 0.15 (52'000) 31.01.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haitong International Securities CHO FOOK TAT buy 5 M 6 12 month 08.03.2012
Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 21.02.2012
Nomura IVAN LEE neutral 3 M 5 Not Provided 20.02.2012
Yuanta Securities Investment Consulting
MIN LI buy 5 N 6 Not Provided 15.02.2012
Daiwa Securities Capital Markets Co. JACKIE JIANG outperform 5 N 5 Not Provided 15.02.2012
Bank of China International PETER YAO buy 5 U 5 Not Provided 13.02.2012
China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 5 12 month 13.02.2012
Standard Chartered LI EVAN in-line 3 M 5 12 month 09.02.2012
JPMorgan ELAINE WU overweight 5 M 6 3 month 09.02.2012
Piper Jaffray CHI MAN WONG overweight 5 M 6 12 month 09.02.2012
Jefferies RONG LI buy 5 M 6 12 month 03.02.2012
Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 5 12 month 02.02.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 5 Not Provided 06.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011
VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011
Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 20.10.2011
Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 6 12 month 14.09.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |