This document provides financial analysis and valuation metrics for several companies listed on the Hang Seng Index, including market capitalization, revenue, earnings per share, price-earnings ratios, debt levels, credit ratings, and growth estimates. Financial data is presented for the most recent fiscal year as well as projections for future periods.
Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
DAILY FOREX REPORT BY EPIC RESEARCH- 21 NOVEMBER 2012Epic Research
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Currency Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack NCDEX Tips and Free Stock Tips. We provide services in equity, commodity and Forex market.
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack and NCDEX Tips. We provide services in equity, commodity and Forex market.
Sensex closed down 92.66pts@19691.432;Nifty closed down 27.75pts@5988.40.The
Market fell on Monday, posting its first losing session, as investors booked profits in
recent out-performers such as SBI after a four-day winning streak had sent indices to
two year highs. Oil eased to $111 a barrel on Monday as some investors booked profits.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
Mit der Zinswende steigt überall die Volatilität, und daraus lässt sich Kapital schlagen.
Am meisten Gewinnpotenzial bieten im heutigen Umfeld Arbitragestrategien.
Des performances stables avec les certificats de primes de risqueBCV
L'environnement fait craindre une réévaluation massive et simultanée de l'ensemble des classes d'actifs. Concevoir des solutions aux performances stables reste pourtant possible.
Erfolg ohne Absturzrisiko - Derivate machen es möglichBCV
Investition in Risikoprämien
Selektion von für Investitionen zugänglichen Risikofaktoren mit attraktivem risikoadjustiertem Performanceprofil.
Die Finanzkrisen von 2001 und 2008 haben das Bewusstsein für die latente Instabilität der Kapitalmärkte und das Ausmass der damit verbundenen Risiken geschärft. Diese Risiken sind zwar sehr unterschiedlicher Natur, aufgrund ihrer starken Vernetzung neigen sie jedoch dazu, gleichzeitig aufzutreten, was die Schockwellen verstärkt. Als Folge kommt es in allen Anlagekategorien gleichzeitig zu heftigen Kursausschlägen, sodass die grosse Mehrheit der Anleger massive Verluste erleidet.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
qCIO Global Macro Hedge Fund Strategy - November 2014BCV
qCIO seeks to exploit evolving economic conditions and the temporary mispricings that result among individual geographies and asset classes, opportunistically adjusting our investment views in response to the changing patterns of risk and reward in the markets.
Le Temps - 20 Octobre 2014 - Eclairage psychologique d'un choix rationnelBCV
Eclairage psychologique d'un choix rationnel
> Comportement Les investisseurs s'intéressent toujours autant aux produits structurés dits d'optimisation de la performance, au premier
rang desquels figurent les Barrier Reverse Convertible (BRC). Une analyse rationnelle ne suffit cependant pas à expliquer cette préférence.
2014-10 Eclairage Psychologique d'Un Choix Rationnel - Sacha Duparc
Dans un contexte de taux
d'intérêt très bas et de risques de
crédit peu rémunérateurs, la
recherche de rendements attrayants
alliés à une protection
partielle du capital incite gérants
et investisseurs à s'intéresser aux
produits structurés dits d'optimisation
de la performance, au
premier rang desquels figurent
les Barrier Reverse Convertible
(BRC). Hors produits à effet de
levier, ces structurés représentent
à ce jour plus des deux tiers des
produits cotés à la SIX.
Au-delà du manque d'alternatives
d'investissement attractives,
la popularité de ces instruments
s'explique par des facteurs rationnels,
et d'autres qui le sont moins.
Au chapitre rationnel, les structurés
d'optimisation de la performance
sont recherchés par nombre
d'investisseurs afin
d'exploiter une des anomalies de
marché les plus persistantes, à
savoir la surévaluation historique
de la volatilité implicite par rapport
à la volatilité subséquemment
réalisée. Cette anomalie leur permet d'offrir une espérance
de rendement comparé au
risque encouru potentiellement
supérieure à un investissement
direct sur une stratégie ou un
sous-jacent donné. La préférence
pour ces structures s'inscrit donc
pleinement dans la théorie classique
de l'utilité espérée, qui est
généralement appliquée comme
modèle descriptif du comportement
économique et reconnue
comme modèle normatif du
choix rationnel.
Une analyse purement rationnelle
ne suffit cependant pas à
expliquer à elle seule cette préférence
marquée pour cette classe
de produits par rapport à l'ensemble
des solutions d'investissement
envisageables. Tenir compte
des biais psychologiques des
individus permet de compléter la
compréhension des décisions
prises dans un environnement à
la fois risqué et incertain. A ce
titre, les théories d'économie
comportementale décrivent la
façon dont les agents choisissent
entre les alternatives impliquant
des risques dont les probabilités
de résultats sont connues. En particulier, la théorie des perspectives,
issue des travaux de
recherche de Daniel Kahneman et
Amos Tvers4 à la fin des années
1970, travaux qui ont été récompensés
par un Prix Nobel d'économie,
décrit de multiples situations
de choix dans des contextes
risqués, où les préférences des
agents transgressent invariablement
les principes de la théorie
de l'utilité espérée. C'est donc à la
lumière de ces principes que nous
tentons d'expliquer les comportements
des investisseurs face aux
produits d'opt
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 10...BCV
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
This assessment plan proposal is to outline a structured approach to evaluati...
Fundamental Equity Analysis - Hong Kong Hang Seng 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
Hang Seng Index - HSI Index
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 |
4. 27.02.2013
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: 11/2012 10
LTM as of: 01/yy 500.0 M
5
52-Week High (27.02.2013) 32.95
0 .0 M
52-Week Low (04.06.2012) 24.05 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 94'653'532.00
Current Price (2/dd/yy) 32.85 Market Data
52-Week High % Change -0.30% Dividend Yield 1.04
52-Week Low % Change 36.59% Beta 0.84
% 52 Week Price Range High/Low 88.76% Equity Float 12'039.65
Shares Out 30.11.2012 12'044.0 Short Int -
Market Capitalization 395'645.38 1 Yr Total Return 13.55%
Total Debt 1'229.00 YTD Return 8.60%
Preferred Stock 0.0 Adjusted BETA 0.835
Minority Interest 102.0 Analyst Recs 22
Cash and Equivalents 4'303.00 Consensus Rating 4.273
Enterprise Value 49'261.33 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 35'619'150
1299 HK EQUITY YTD Change - Average Volume 30 Day 39'421'770
1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 68'123'060
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 01/yy 01/yy 11/13 Y 11/14 Y - -
Total Revenue #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 21'566.5 24'330.0 - -
TEV/Revenue #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - - 1.93x - -
EBITDA #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - - - - -
TEV/EBITDA#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - - - - -
Net Income#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 2'858.4 3'215.0 - -
P/E #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 17.72x 15.74x - -
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 14.8% 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
120.00 20'000.0
18'000.0
100.00
16'000.0
14'000.0
80.00
12'000.0
60.00 10'000.0
8'000.0
40.00 6'000.0
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 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. 27.02.2013
AIA Group Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AIA AURORA LLC n/a Research 2'240'184'000 18.6 - 06.03.2012 Other
JP MORGAN CHASE & CO n/a EXCH 692'523'609 5.75 - 08.02.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 398'438'707 3.31 - 02.11.2010 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 316'662'500 2.63 7'325'000 31.12.2011 Investment Advisor
FAIRHOLME CAPITAL MA Multiple Portfolios MF-AGG 302'221'000 2.51 - 30.11.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 192'143'000 1.6 13'958'600 31.12.2011 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 184'257'800 1.53 2'443'600 31.01.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 159'991'900 1.33 11'111'200 30.09.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 128'036'453 1.06 5'411'217 31.01.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 116'484'600 0.97 (127'000) 08.03.2012 Investment Advisor
MORGAN STANLEY n/a EXCH 112'935'375 0.94 - 02.11.2010 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 89'970'263 0.75 1'810'776 31.12.2011 Investment Advisor
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 89'544'200 0.74 (5'450'600) 31.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 86'553'200 0.72 3'395'600 31.12.2011 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 82'193'600 0.68 - 31.10.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 81'169'270 0.67 2'500'838 31.12.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 80'476'655 0.67 72'426'065 30.12.2011 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 75'648'400 0.63 3'913'400 29.12.2011 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 75'157'642 0.62 75'157'642 30.06.2011 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 68'617'560 0.57 5'382'600 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CHAN BAO LING overweight 5 M 34 12 month 09.03.2012
Credit Suisse ARJAN VAN VEEN neutral 3 M 30 Not Provided 06.03.2012
BOCOM International Holdings LI WENBING long-term buy 5 M 34 12 month 06.03.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012
Keefe, Bruyette & Woods STANLEY TSAI outperform 5 M 33 12 month 29.02.2012
Mizuho Securities THOMAS J MONACO buy 5 M 34 12 month 28.02.2012
Deutsche Bank ESTHER CHWEI buy 5 M 32 12 month 27.02.2012
Morgan Stanley BEN LIN Overwt/Attractive 5 M 32 12 month 27.02.2012
Yuanta Securities Investment Consulting
BARON NIE buy 5 M 33 Not Provided 27.02.2012
Macquarie SCOTT G RUSSELL restricted #N/A N/A M #N/A N/A Not Provided 27.02.2012
CIMB BERTRAM LAI outperform 5 M 34 12 month 27.02.2012
Citic Securities Co., Ltd FRANCIS CHAN sell 1 M 25 6 month 27.02.2012
HSBC MICHAEL P CHANG overweight 5 M 35 Not Provided 26.02.2012
CLSA Asia Pacific Markets PATRICIA CHENG underperform 1 M 28 Not Provided 26.02.2012
CCB International Securities Ltd KENNETH YUE neutral 3 M 30 Not Provided 26.02.2012
Standard Chartered PETER O'BRIEN outperform 5 M 35 12 month 24.02.2012
Societe Generale WILLIAM ELDERKIN hold 3 M 26 12 month 24.02.2012
Citi DARWIN LAM buy 5 M 34 Not Provided 24.02.2012
China International Capital Corp SALLY NG accumulate 4 M 35 12 month 24.02.2012
Nomura DAVID CHUNG buy 5 M 35 Not Provided 24.02.2012
Barclays Capital MARK KELLOCK equalwt/positive 3 M 32 Not Provided 24.02.2012
ICBC International Securities PIUS CHENG buy 5 M 33 Not Provided 24.02.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 24.02.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 36 12 month 08.02.2012
Daiwa Securities Capital Markets Co. JENNIFER LAW buy 5 M 31 Not Provided 30.01.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 27.02.2013
Aluminum Corp of China Ltd
Aluminum Corporation of China Limited, also known as Chalco, is a producer of Price/Volume
alumina and primary aluminum in China. The Company refines bauxite into
9 120.0 M
alumina and smelts aluminato to produce primary aluminum. 8
100.0 M
7
6 80.0 M
5
60.0 M
Valuation Analysis 4
Latest Fiscal Year: 12/2011 3 40.0 M
2
LTM as of: 01/yy 20.0 M
1
52-Week High (27.02.2012) 4.41
0 .0 M
52-Week Low (05.09.2012) 2.86 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 15'842'870.00
Current Price (2/dd/yy) 3.3 Market Data
52-Week High % Change -25.17% Dividend Yield -
52-Week Low % Change 15.38% Beta 1.46
% 52 Week Price Range High/Low 30.32% Equity Float 3'943.97
Shares Out 30.09.2012 3'944.0 Short Int -
Market Capitalization 70'783.45 1 Yr Total Return -20.86%
Total Debt 74'375.05 YTD Return -7.04%
Preferred Stock 0.0 Adjusted BETA 1.457
Minority Interest 6'301.3 Analyst Recs 22
Cash and Equivalents 11'644.74 Consensus Rating 1.500
Enterprise Value 149'629.23 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 16'284'240
2600 HK EQUITY YTD Change - Average Volume 30 Day 20'196'900
2600 HK EQUITY YTD % CHANGE - Average Volume 3 Month 23'679'940
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 12/12 Q4 03/13 Q1
Total Revenue
#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 145'071.2 150'924.2 34'679.0 36'105.0
TEV/Revenue#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 1.03x 1.03x - -
EBITDA #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 3'410.8 6'986.8 1'621.0 -
TEV/EBITDA#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - 43.87x 21.42x - -
Net Income#N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - (5'212.4) (2'689.7) (841.5) (627.0)
P/E #N/A Requesting #N/A Requesting#N/A Requesting Data...
Data... Data... #N/A Requesting Data...
#N/A Requesting Data... - - - - - -
Profitability S&P Issuer Ratings
EBITDA 9'088.54 Long-Term Rating Date 12.09.2012
EBIT 3'228.38 Long-Term Rating -
Operating Margin 2.22% Long-Term Outlook NEG
Pretax Margin 0.56% Short-Term Rating Date -
Return on Assets -3.03% Short-Term Rating -
Return on Common Equity -10.11% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 2.17
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 0.06
Margin Analysis Net Debt/EBITDA -
Gross Margin 5.1% Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin -1.9% Total Debt/Equity 143.4%
Net Income Margin 0.2% Total Debt/Capital 56.1%
Structure Asset Turnover 0.88
Current Ratio 0.80 Net Fixed Asset Turnover 1.57
Quick Ratio 0.28 Accounts receivable turnover-days 17.29
Debt to Assets 47.33% Inventory Days 62.35
Tot Debt to Common Equity 143.43% Accounts Payable Turnover Day 15.22
Accounts Receivable Turnover 21.17 Cash Conversion Cycle 57.72
Inventory Turnover 5.87
Price/ Cash Flow Sales/Revenue/Turnover
25.00 140'000.0
120'000.0
20.00
100'000.0
15.00 80'000.0
60'000.0
10.00
40'000.0
5.00
20'000.0
0.00
0.0
04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 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. 27.02.2013
Aluminum Corp of China Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES I n/a EXCH 869'414'800 22.04 - 04.01.2012 Investment Advisor
BLACKROCK INC n/a EXCH 271'043'717 6.87 - 28.12.2011 Investment Advisor
JP MORGAN CHASE & CO n/a EXCH 186'643'700 4.73 - 16.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 173'336'000 4.39 (184'000) 08.03.2012 Investment Advisor
MORGAN STANLEY n/a Short (169'930'860) -4.31 - 09.01.2012 Investment Advisor
CREDIT SUISSE n/a EXCH 161'136'834 4.09 - 28.07.2011 Investment Advisor
MORGAN STANLEY n/a EXCH 156'702'435 3.97 - 09.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 144'357'584 3.66 196'000 31.12.2011 Investment Advisor
CREDIT SUISSE n/a Short (130'059'394) -3.3 - 28.07.2011 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 77'176'800 1.96 - 31.03.2011 Investment Advisor
JP MORGAN CHASE & CO n/a Short (44'124'781) -1.12 - 16.12.2011 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 35'257'848 0.89 410'190 30.06.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 33'122'300 0.84 (24'000) 08.03.2012 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 22'566'000 0.57 22'566'000 30.06.2011 Investment Advisor
BLACKROCK INC n/a Short (18'838'621) -0.48 - 28.12.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 10'126'000 0.26 (144'000) 26.01.2012 Mutual Fund Manager
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'502'000 0.24 9'502'000 30.06.2011 Mutual Fund Manager
STATE STREET CORP Multiple Portfolios MF-AGG 8'514'304 0.22 - 08.03.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'652'000 0.19 212'000 30.09.2011 Mutual Fund Manager
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 4'324'000 0.11 (2'378'000) 26.10.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 3 12 month 09.03.2012
Goldman Sachs JULIAN ZHU neutral/neutral 3 M 4 12 month 09.03.2012
Bank of China International ROBIN TSUI hold 3 M 4 Not Provided 08.03.2012
JPMorgan DANIEL KANG neutral 3 M 4 12 month 05.03.2012
BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 02.03.2012
Citi AARON GE sell 1 M 3 Not Provided 01.03.2012
ICBC International Securities DUNCAN CHAN hold 3 M 4 Not Provided 03.02.2012
Mizuho Securities KELVIN NG underperform 1 M 3 12 month 31.01.2012
Daiwa Securities Capital Markets Co. ALEXANDER LATZER underperform 1 M 3 Not Provided 31.01.2012
Macquarie CHRISTINA LEE underperform 1 M 3 12 month 19.01.2012
Barclays Capital EPHREM RAVI underwt/positive 1 M 4 Not Provided 19.01.2012
CLSA Asia Pacific Markets ANDREW DRISCOLL sell 1 M 4 Not Provided 17.01.2012
RBS JEANNETTE SIM sell 1 M 3 12 month 12.01.2012
First Global Stockbroking ADITYA WELEKAR underperform 1 N #N/A N/A Not Provided 24.12.2011
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 06.12.2011
Religare Capital Markets CATHERINE WANG sell 1 M 4 12 month 02.11.2011
Credit Suisse TRINA CHEN underperform 1 M 2 Not Provided 26.10.2011
Standard Chartered CHEN YAN underperform 1 M 4 12 month 25.10.2011
China International Capital Corp CAI HONGYU hold 3 M 6 12 month 29.08.2011
Masterlink Securities SARAH WANG buy 5 U 8 Not Provided 22.06.2011
UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 15.03.2011
HSBC SARAH MAK overweight 5 M 10 Not Provided 02.03.2011
SWS Research Co Ltd ZHENG DI buy 5 M 12 Not Provided 08.11.2010
Deutsche Bank NAM NGUYEN not rated #N/A N/A M #N/A N/A Not Provided 17.09.2010
Phillip Securities FAN GUOHE hold 3 D 10 12 month 29.11.2009
China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |