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Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
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
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 |
4. 21.02.2013
AIA Group Ltd
AIA Group Ltd. offers insurance and financial services. The Company writes Price/Volume
life insurance for individuals and businesses, accident and health insurance,
35 2500.0 M
retirement planning, and wealth management services.
30
2000.0 M
25
20 1500.0 M
Valuation Analysis 15 1000.0 M
Latest Fiscal Year: 11/2011 10
LTM as of: 01/yy 500.0 M
5
52-Week High (21.02.2013) 32.50
0 .0 M
52-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-13
Daily Volume 43'064'252.00
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 12'039.65
Shares Out 30.11.2012 12'044.0 Short Int -
Market Capitalization 386'612.38 1 Yr Total Return 19.97%
Total Debt 1'229.00 YTD Return 6.12%
Preferred Stock 0.0 Adjusted BETA 0.847
Minority Interest 102.0 Analyst Recs 23
Cash and Equivalents 4'303.00 Consensus Rating 4.304
Enterprise Value 48'107.84 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 35'651'890
1299 HK EQUITY YTD Change - Average Volume 30 Day 39'619'360
1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'483'780
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 15'226.0 3'810.0 19'016.0 18'394.0 14'385.0 - - 18'251.3 20'560.8 - -
TEV/Revenue - - - 1.85x 2.33x - - 2.64x 2.46x - -
EBITDA - - - - - - - - - - -
TEV/EBITDA - - - - - - - - - - -
Net Income 1'914.0 408.0 1'754.0 2'701.0 1'600.0 - - 2'659.0 2'842.2 - -
P/E - - - 13.14x 23.31x - - 19.07x 17.24x - -
Profitability S&P Issuer Ratings
EBITDA - 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 Ratios
Return 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 - Reference
EBIT Margin - Total Debt/Equity 5.8%
Net Income Margin 11.1% Total Debt/Capital 5.4%
Structure Asset Turnover 0.12
Current 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 20'000.0
18'000.0
120.00
16'000.0
100.00 14'000.0
12'000.0
80.00
10'000.0
60.00 8'000.0
6'000.0
40.00
4'000.0
20.00 2'000.0
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. 21.02.2013
AIA Group Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 1'431'991'813 11.89 75'997'000 10.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 947'131'193 7.86 (27'400) 17.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 872'440'983 7.24 2'199'200 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 607'474'500 5.04 - 23.01.2013 Unclassified
FMR LLC n/a ULT-AGG 306'826'224 2.55 52'083'324 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 298'181'135 2.48 41'460'521 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 279'263'500 2.32 33'684'200 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 219'402'776 1.82 67'540'336 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132'900'800 1.1 8'571'000 31.12.2012 Investment Advisor
LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119'148'250 0.99 119'148'250 30.09.2012 Insurance Company
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107'408'000 0.89 852'800 31.10.2012 Bank
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 104'143'762 0.86 50'914'552 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 104'087'200 0.86 3'339'200 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86'696'300 0.72 1'568'200 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 85'271'979 0.71 11'139'725 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84'229'621 0.7 1'779'400 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'225'000 0.66 - 30.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'373'800 0.64 50'369'000 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50'209'800 0.42 (2'170'000) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 44'959'365 0.37 (1'172'032) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies BARON NIE buy 5 M 35 12 month 20.02.2013
HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013
ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013
Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013
Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013
China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013
Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013
Standard Chartered PETER O'BRIEN outperform 5 M 38 12 month 30.01.2013
CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013
Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013
BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012
Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012
ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012
Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012
AMTD 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. 21.02.2013
BOC Hong Kong Holdings Ltd
BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial Price/Volume
products and services to retail and corporate customers. Its products include
30 45.0 M
retail banking, corporate banking, and treasury services. The Company operates 40.0 M
its branches in Hong Kong and China. 25
35.0 M
20 30.0 M
25.0 M
15
Valuation Analysis 20.0 M
Latest Fiscal Year: 12/2011 10 15.0 M
10.0 M
LTM as of: 01/yy 5
5.0 M
52-Week High (04.02.2013) 27.10
0 .0 M
52-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-13
Daily Volume 15'112'052.00
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 3'588.38
Shares Out 30.09.2012 10'572.8 Short Int -
Market Capitalization 274'892.28 1 Yr Total Return 24.38%
Total Debt 274'572.00 YTD Return 7.88%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 3'418.0 Analyst Recs 32
Cash and Equivalents 419'465.00 Consensus Rating 4.219
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 7'227'710
2388 HK EQUITY YTD Change - Average Volume 30 Day 14'173'730
2388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'552'750
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 65'258.0 50'394.0 40'414.0 42'891.0 50'675.0 - - 35'700.1 39'151.7 - -
TEV/Revenue - - - - - - - - - - -
EBITDA - - - - - - - - - - -
TEV/EBITDA - - - - - - - - - - -
Net Income 15'446.0 3'343.0 13'930.0 16'196.0 20'430.0 - - 20'251.3 21'525.9 - -
P/E 14.96x 27.77x 13.36x 17.27x 9.52x - - 13.46x 12.74x - -
Profitability S&P Issuer Ratings
EBITDA - 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 Ratios
Return 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 - Reference
EBIT Margin - Total Debt/Equity 211.6%
Net Income Margin 50.2% Total Debt/Capital 67.3%
Structure Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 1.34
Quick 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 70'000.0
50.00 60'000.0
50'000.0
40.00
40'000.0
30.00
30'000.0
20.00
20'000.0
10.00 10'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 21.02.2013
BOC Hong Kong Holdings Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BOC HONG KONG BVI LT n/a Co File 6'984'274'213 66.06 - 31.12.2011 Government
FMR LLC n/a ULT-AGG 122'013'446 1.15 8'458'812 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 73'023'052 0.69 (1'919'500) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 65'111'630 0.62 744'022 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 37'849'000 0.36 (1'227'500) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 30'823'067 0.29 (1'715'438) 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 30'708'000 0.29 3'581'000 31.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 24'178'500 0.23 (1'861'500) 30.11.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 21'989'321 0.21 (568'700) 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18'105'500 0.17 - 31.12.2010 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16'483'500 0.16 (13'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 15'627'000 0.15 5'500 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'494'500 0.15 - 14.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'636'000 0.11 (1'152'500) 28.09.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 11'200'000 0.11 - 30.06.2012 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 10'444'500 0.1 (387'000) 25.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10'327'000 0.1 2'034'500 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 9'455'000 0.09 (16'000) 31.10.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 6'932'500 0.07 73'000 28.09.2012 Bank
NOMURA n/a ULT-AGG 6'721'500 0.06 - 15.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays SHARNIE WONG overweight 5 M 29 Not Provided 21.02.2013
Citic Securities Co., Ltd STEVEN CHAN hold 3 M 26 6 month 18.02.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 24 12 month 06.02.2013
China International Capital Corp SALLY NG accumulate 4 M 29 12 month 01.02.2013
JPMorgan JOSHUA KLACZEK overweight 5 M 27 Not Provided 31.01.2013
Deutsche Bank SOPHIA LEE buy 5 M 32 12 month 30.01.2013
Bank of China International PATRICK PONG buy 5 M 29 12 month 29.01.2013
UOB Kay Hian EDMOND LAW buy 5 M 31 Not Provided 29.01.2013
CCB International Securities Ltd ADAM CHAN outperform 5 M 31 Not Provided 28.01.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 33 12 month 25.01.2013
ABC International JOHANNES AU buy 5 N 34 12 month 23.01.2013
DBS Vickers ALEXANDER LEE buy 5 M 29 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Core Pacific TIMOTHY LI buy 5 U 30 12 month 15.01.2013
Nomura DAVID CHUNG buy 5 M 28 Not Provided 10.01.2013
Credit Suisse SANJAY JAIN outperform 5 M 28 Not Provided 09.01.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 30 Not Provided 20.12.2012
Mizuho Securities JIM ANTOS buy 5 M 29 12 month 14.12.2012
Standard Chartered JOHN CAPARUSSO in-line 3 M 24 12 month 06.12.2012
Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 M 24 12 month 04.12.2012
Kim Eng Securities IVAN LI buy 5 M 28 12 month 26.10.2012
Goldman Sachs GURPREET SINGH SAHI Buy/Neutral 5 M 29 12 month 25.10.2012
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 D 24 12 month 17.09.2012
President Securities HK Ltd HUNG YIN CHEN neutral 3 N 27 Not Provided 12.09.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 27 Not Provided 24.08.2012
HSBC TODD DUNIVANT overweight 5 M 29 Not Provided 23.08.2012
Guotai Junan WILSON LI neutral 3 M 20 Not Provided 09.07.2012
Macquarie 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 |