fundamental equity analysis & recommandations - the hang seng mainland 100
DESCRIPTION
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China.pdfTRANSCRIPT
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
CHINA CONSTRUCTION BANK-H HKD 208593 251808 250011 147 0 1 450 91935 92014 64985 72073 - - - - 0.10 0.10 0.11 0.11 0.82 - 0.80 0.75 3.09 - - - - A 29.11.2011 - -
CHINA MOBILE LTD HKD 220019 15563 20100 4 0 0 52 126.95 72210 72210 76257 80120 33087 33087 - - 0.83 0.83 0.81 0.78 1.35 - 1.38 1.43 0.79 1.17 -0.02 0.70 5.90 AA- 16.12.2010 WR 03.11.2005
IND & COMM BK OF CHINA-H HKD 233730 263220 349620 264 0 0 561 109571 110691 75124 83200 - - - - 0.09 0.09 0.09 0.10 0.79 - 0.78 0.72 2.67 1.91 - - - A 28.08.2012 - -
TENCENT HOLDINGS LTD HKD 63578 4940 1853 1 0 0 4 48.49 5656 5656 7476 9294 2264 2242 679 679 0.88 0.90 1.15 1.41 3.91 - 3.06 2.49 6.96 7.97 4.06 7.46 5.11 BBB+ 14.11.2011 Baa1 14.11.2011
BANK OF CHINA LTD-H HKD 130132 356119 279142 289 0 5 407 79771 79771 50747 55617 - - - - 0.06 0.06 0.07 0.07 0.74 - 0.73 0.69 2.63 1.78 - - - A 29.11.2011 - -
CNOOC LTD HKD 83299 66687 44646 7 0 0 17 56.40 31907 31907 32354 34662 15166 15166 - - 0.18 0.18 0.18 0.18 1.04 - 1.08 1.04 0.36 2.90 -0.15 2.45 6.12 AA- 16.12.2010 - -
PETROCHINA CO LTD-H HKD 249549 55777 183021 58 0 15 6 271.78 251159 261024 299875 313785 41935 - - - 0.08 0.08 0.09 0.10 1.63 - 1.38 1.28 -0.35 2.74 0.08 0.49 - - - - -
CHINA PETROLEUM & CHEMICAL-H HKD 97926 78686 86820 37 0 5 1 118.31 352230 352230 364921 377404 21848 21848 - - 0.09 0.09 0.11 0.12 1.18 - 1.01 0.96 1.41 2.34 -0.11 0.76 0.80 A+ 16.12.2010 - -
CHINA LIFE INSURANCE CO-H HKD 76935 38036 28265 18 0 0 9 47860 47860 55033 60707 - - - - 0.05 0.05 0.14 0.16 5.56 5.56 2.06 1.77 0.04 2.90 - - - AA- 16.12.2010 - -
PING AN INSURANCE GROUP CO-H HKD 55688 17662 7916 79 0 6 22 82.52 44008 44008 47122 53896 - - - - 0.33 0.33 0.47 0.54 2.49 2.49 1.73 1.50 3.25 13.53 - - - - - - -
CHINA OVERSEAS LAND & INVEST HKD 24957 13287 8173 8 0 0 5 27.41 8321 8321 10373 12206 2978 2978 - - 0.30 0.30 0.30 0.35 1.33 - 1.32 1.13 3.33 5.24 2.77 3.58 4.61 BBB+ 22.04.2013 - -
CHINA SHENHUA ENERGY CO-H HKD 66829 20268 19890 11 0 6 7 63.60 32246 32246 33748 36514 11341 11341 - - 0.32 0.32 0.31 0.32 1.14 1.14 1.16 1.12 2.53 3.26 0.48 2.09 4.53 - - - -
WANT WANT CHINA HOLDINGS LTD HKD 20964 8762 13228 0 0 0 0 2.64 433 433 528 629 104 104 - - 0.01 0.01 0.01 0.01 4.87 - 4.00 3.35 1.80 3.42 4.67 3.22 3.10 - - - -
AGRICULTURAL BANK OF CHINA-H HKD 142997 104266 324794 167 0 0 504 83737 83858 60528 67710 - - - - - 0.06 0.06 0.07 0.84 - 0.76 0.69 2.40 - - - - A 17.12.2012 - -
CHINA MERCHANTS BANK-H HKD 43149 21450 21577 79 0 0 124 22745 22760 16379 18668 - - - - 0.27 0.27 0.26 0.28 0.81 0.82 0.83 0.77 3.04 2.85 - - - BBB+ 06.12.2011 - -
HENGAN INTL GROUP CO LTD HKD 12701 3034 1229 1 0 0 1 12.96 2387 2387 2905 3460 685 685 - - 0.37 0.37 0.43 0.52 3.61 - 3.08 2.58 1.11 3.48 6.36 3.79 3.70 - - - -
BELLE INTERNATIONAL HOLDINGS HKD 13758 16863 8434 0 0 0 1 10.14 4234 4234 4890 5579 812 772 892 892 0.07 0.07 0.07 0.08 2.51 2.51 2.26 1.97 1.74 2.77 0.57 3.23 2.35 - - - -
CHINA PACIFIC INSURANCE GR-H HKD 29107 6463 9062 8 0 0 3 9.10 21537 21537 24536 27658 - - - - 0.08 0.08 0.14 0.17 4.84 4.86 2.62 2.21 0.97 2.81 - - - - - - -
CHINA TELECOM CORP LTD-H HKD 41296 44469 80932 13 0 0 4 41.57 36474 36474 40829 44589 9128 9268 - - 0.02 0.02 0.03 0.04 2.19 2.19 1.80 1.48 2.00 1.26 -0.77 -0.61 3.27 - - - -
CHINA MINSHENG BANKING-H HKD 43400 30060 28366 136 0 1 189 23118 24527 14985 17361 - - - - 0.17 0.18 0.18 0.20 0.72 - 0.72 0.66 4.17 4.24 - - - NR 11.07.2006 - -
BANK OF COMMUNICATIONS CO-H HKD 57312 33392 74263 134 0 0 172 34925 34967 21025 23309 - - - - - 0.11 0.11 0.11 0.71 - 0.76 0.73 3.08 2.60 - - - A- 06.12.2011 WR 02.12.1999
CHINA UNICOM HONG KONG LTD HKD 33825 20410 23565 18 0 0 2 43.03 32074 32074 36778 40672 9482 9482 - - 0.04 0.04 0.06 0.08 3.80 - 2.49 1.80 2.45 0.51 1.93 -0.14 3.81 - - - -
KUNLUN ENERGY CO LTD HKD 15748 17993 8051 4 0 2 3 19.59 4246 4246 5598 7093 1992 1992 2504 2504 0.11 0.11 0.13 0.15 2.33 - 1.92 1.65 3.50 8.43 3.59 7.37 6.05 - - - -
CHINA RESOURCES POWER HOLDIN HKD 15622 6069 4763 10 0 2 1 27.31 8045 8045 9348 10461 2360 2360 - - 0.22 0.20 0.26 0.28 2.06 - 1.64 1.48 0.37 3.41 4.41 3.29 3.78 BBB 19.04.2011 Baa3 14.09.2010
CHINA RESOURCES LAND LTD HKD 17645 5390 5827 7 0 1 3 22.59 5716 5716 7730 9460 1812 1802 - - 0.23 0.23 0.20 0.25 1.66 - 1.93 1.53 3.08 8.09 2.32 6.70 4.06 BBB 03.05.2011 Baa1 11.04.2013
LENOVO GROUP LTD HKD 9537 34514 10336 0 0 0 1 0.78 3811 4321 4394 4864 108 127 27 27 0.01 0.01 0.01 0.01 2.11 - 1.96 1.63 4.76 2.28 5.48 2.41 0.38 - - - -
TINGYI (CAYMAN ISLN) HLDG CO HKD 15461 6506 5593 0 0 0 0 2.20 1187 1187 1402 1603 129 129 - - 0.01 0.01 0.01 0.01 4.38 - 3.91 3.21 2.20 2.52 1.37 2.08 1.40 BBB+ 05.06.2012 - -
CHINA CITIC BANK CORP LTD-H HKD 30477 53125 46787 59 0 1 114 19810 19809 12704 14217 - - - - 0.08 0.08 0.09 0.10 0.68 0.68 0.63 0.58 3.93 3.54 - - - - - - -
GREAT WALL MOTOR COMPANY-H HKD 16176 5215 3042 1 0 0 1 12.54 5356 5356 6659 7833 971 971 - - - 0.24 0.29 0.34 1.84 - 1.52 1.31 5.56 6.18 7.61 - 2.34 - - - -
ANHUI CONCH CEMENT CO LTD-H HKD 16130 6615 5299 3 0 0 1 14.95 5866 5879 7104 7924 1454 1524 - - 0.14 0.15 0.21 0.24 2.42 2.56 1.73 1.51 -0.83 2.68 -5.13 2.13 3.34 - - - -
ENN ENERGY HOLDINGS LTD HKD 6265 3143 1083 1 0 1 5.89 2323 2323 2845 3468 476 476 528 528 0.18 0.18 0.23 0.27 3.31 - 2.63 2.20 2.53 2.98 3.48 3.50 2.64 BBB- 18.10.2012 Baa3 18.10.2012
CHINA COMMUNICATIONS CONST-H HKD 13670 25231 16175 19 0 1 12 24.37 37170 37551 42959 47152 3200 3235 3607 3607 0.09 0.10 0.11 0.12 1.00 1.02 0.91 0.81 0.06 1.67 2.21 2.11 1.11 - - - -
COUNTRY GARDEN HOLDINGS CO HKD 10335 15785 18230 5 0 0 2 11.49 5398 5398 6349 7451 1557 1557 - - 0.05 0.05 0.06 0.06 1.18 - 1.05 0.90 2.65 2.76 2.91 1.60 3.72 BB 03.09.2009 Ba3 23.03.2010
CHINA RESOURCES ENTERPRISE HKD 8234 3332 2401 2 0 2 2 10.14 16266 16266 18759 21651 920 802 - - 0.11 0.21 0.11 0.13 2.09 3.71 4.07 3.28 1.88 2.60 0.02 1.27 0.64 - - - -
DONGFENG MOTOR GRP CO LTD-H HKD 12834 10776 8616 2 0 0 4 8.65 15982 15982 17848 19439 1876 1876 - - 0.14 0.14 0.15 0.16 1.12 1.12 1.05 0.98 -0.73 2.00 -1.26 2.59 1.51 - - - -
CHINA MERCHANTS HLDGS INTL HKD 7882 2896 2491 2 0 1 1 10.77 1420 1420 1171 1222 574 574 694 694 0.17 0.20 0.22 0.25 2.06 - 1.85 1.65 2.11 5.86 0.53 2.44 5.21 BBB 17.02.2005 - -
BEIJING ENTERPRISES HLDGS HKD 8561 1768 1138 3 0 1 2 11.43 4583 4583 5335 6371 535 535 815 815 0.32 0.37 0.44 0.53 2.61 3.02 2.19 1.82 2.16 2.52 -0.07 1.57 1.50 A- 28.04.2011 - -
CHINA MENGNIU DAIRY CO HKD 5014 4578 1768 0 0 0 1 3.36 4649 4649 5371 6140 318 316 202 202 0.09 0.09 0.12 0.14 3.15 2.72 2.46 2.03 -0.45 1.37 -0.60 1.14 0.88 - - - -
HUANENG POWER INTL INC-H HKD 14958 10301 14055 17 0 1 1 28.10 17175 17175 18339 19376 3756 3750 - - 0.05 0.05 0.09 0.09 2.24 2.22 1.38 1.25 0.03 2.71 4.83 1.85 2.81 NR 14.04.2010 - -
BRILLIANCE CHINA AUTOMOTIVE HKD 6152 11268 5026 0 0 0 0 5.03 762 762 777 826 3 3 - - 0.06 0.06 0.08 0.09 2.12 - 1.61 1.34 -1.05 27.90 -12.12 -6.69 0.05 - - - -
AAC TECHNOLOGIES HOLDINGS IN HKD 5989 3766 1228 0 0 0 0 4.77 810 810 1071 1271 290 290 68 68 0.19 0.18 0.24 0.29 2.70 2.69 2.09 1.75 7.06 3.74 7.28 3.45 4.62 - - - -
PICC PROPERTY & CASUALTY -H HKD 15729 17177 12256 3 0 0 2 13.24 20997 20997 26312 29865 - - - - 0.11 0.11 0.12 0.13 1.20 1.20 1.11 1.02 2.45 2.31 - - - - - - -
CHINA NATIONAL BUILDING MA-H HKD 6372 57226 5399 20 0 2 1 25.34 11238 11238 14406 16361 3399 3399 - - 0.13 0.13 0.17 0.20 0.91 - 0.72 0.60 1.15 7.04 3.78 8.78 3.90 - - - -
SUN ART RETAIL GROUP LTD HKD 13325 3875 9540 0 0 0 1 9.71 10031 10031 11743 13976 671 677 - - 0.03 0.03 0.04 0.04 4.44 4.41 3.85 3.30 1.85 - 4.03 - 0.87 - - - -
CHINA OILFIELD SERVICES-H HKD 10483 4406 4495 4 0 0 2 11.08 2848 2848 3247 3507 1148 1148 - - 0.13 0.13 0.15 0.16 1.54 1.51 1.34 1.24 2.57 2.91 1.19 2.32 5.19 A- 20.12.2012 - -
CHINA COAL ENERGY CO-H HKD 13268 47417 13259 6 0 2 3 15.41 11248 11248 11720 13123 2267 2267 - - 0.09 0.09 0.08 0.08 0.91 0.91 1.01 0.94 -0.51 2.41 -0.95 1.97 2.60 - - - -
SHIMAO PROPERTY HOLDINGS LTD HKD 7481 6556 3473 5 0 1 2 9.82 3692 3692 5133 6101 1055 1019 - - 0.22 0.21 0.22 0.26 1.03 - 0.99 0.84 1.30 3.27 -0.36 2.71 3.70 BB- 09.07.2012 B1 15.12.2008
KERRY PROPERTIES LTD HKD 6512 1558 1439 4 0 2 2 10.36 4447 4447 4299 4627 910 910 - - 0.62 0.62 0.41 0.41 0.94 - 1.44 1.43 8.64 2.77 12.31 2.26 2.64 BBB- 16.11.1998 - -
JIANGXI COPPER CO LTD-H HKD 9704 11202 3463 3 0 0 3 7.90 20359 20359 19436 19859 897 908 - - 0.16 0.20 0.18 0.18 1.00 - 1.08 1.08 4.50 3.90 -2.56 0.16 0.57 - - - -
SINOPHARM GROUP CO-H HKD 7628 3274 2403 3 0 1 1 8.73 17496 17496 21493 26180 728 727 - - 0.10 0.11 0.13 0.16 2.88 3.18 2.39 1.95 4.23 - 4.84 5.65 0.54 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
CHINA RESOURCES GAS GROUP LT HKD 6233 2635 2224 2 0 2 6.60 2524 2524 3189 4107 490 490 - - 0.11 0.11 0.12 0.15 3.42 - 2.95 2.35 4.88 11.69 5.31 5.21 2.50 - - (P)Baa1 21.03.2012
TSINGTAO BREWERY CO LTD-H HKD 8658 1297 1351 0 0 0 1 6.11 3038 3122 3771 4318 360 - 156 156 0.14 0.17 0.20 0.23 4.01 - 3.50 3.03 1.49 1.59 -0.05 1.35 - - - - -
GUANGDONG INVESTMENT LTD HKD 6036 8924 6234 0 0 1 1 6.32 997 997 1066 1169 641 634 - - 0.07 0.07 0.07 0.07 1.77 - 1.89 1.76 1.03 1.04 0.84 0.81 8.20 - - - -
SINO-OCEAN LAND HOLDINGS HKD 3869 10293 5826 4 0 0 1 6.30 3693 3693 4254 4840 766 766 - - 0.09 0.09 0.06 0.07 0.79 - 1.14 0.93 5.67 - 3.27 4.01 2.67 - - - -
CHINA LONGYUAN POWER GROUP-H HKD 7415 12014 8036 8 0 1 1 13.65 2228 2228 2500 2877 1253 1482 - - 0.05 0.04 0.05 0.06 2.10 - 1.89 1.52 0.55 - 2.85 4.30 8.57 BBB+ 29.11.2012 - -
EVERGRANDE REAL ESTATE GROUP HKD 6546 52460 14991 8 0 0 2 11.12 8409 8409 10793 12420 1630 1947 - - 0.08 0.08 0.07 0.08 0.53 0.44 0.61 0.52 0.70 - -2.61 12.74 2.91 BB 29.11.2009 B2 10.01.2011
GEELY AUTOMOBILE HOLDINGS LT HKD 4157 26017 8259 0 0 0 1 3.28 3173 3173 3872 4563 451 451 - - 0.03 0.03 0.04 0.05 1.48 - 1.34 1.13 2.25 159.41 2.40 - 1.83 - - - -
LONGFOR PROPERTIES HKD 9070 3783 5429 4 0 0 2 9.41 3594 3594 5783 6430 1249 1249 - - 0.15 0.16 0.15 0.18 1.10 - 1.12 0.97 2.03 - 1.86 8.90 4.48 BB+ 02.03.2011 Ba2 20.03.2013
CHINA GAS HOLDINGS LTD HKD 4504 3859 4383 2 0 0 1 5.93 2440 2524 2772 3354 371 391 - - 0.03 0.04 0.04 0.05 3.12 - 3.09 2.66 2.50 8.30 3.07 6.97 2.00 - - - -
COSCO PACIFIC LTD HKD 3691 6364 2786 0 0 0 0 0.77 95 95 104 114 51 51 58 58 0.02 0.02 0.02 0.02 1.36 - 1.22 1.06 2.93 2.57 3.06 2.22 6.89 - - - -
NEW CHINA LIFE INSURANCE C-H HKD 11966 1649 3120 10 0 0 25 14615 14615 16572 18642 - - - - - 0.12 0.18 0.22 3.14 - 2.09 1.73 0.60 - - - - - - - -
CHINA RAILWAY GROUP LTD-H HKD 9952 37351 21300 24 0 1 9 22.73 60405 60220 66185 71168 2530 2528 2729 2729 - 0.04 0.05 0.05 1.21 - 1.10 1.00 0.77 2.97 0.45 2.84 0.54 BBB+ 23.01.2013 - -
HAITONG SECURITIES CO LTD-H HKD 16231 15825 9585 3 0 0 7 9.70 1272 1272 1579 1922 654 654 722 722 - 0.04 0.06 0.07 3.47 - 2.63 2.12 -0.57 0.56 0.19 -1.05 6.62 - - - -
YANZHOU COAL MINING CO-H HKD 9322 17850 4918 6 0 0 2 12.91 7492 7566 7091 7788 1252 1206 - - 0.18 0.15 0.08 0.10 0.70 - 1.26 1.11 2.35 4.11 -4.83 1.39 2.05 BBB- 27.04.2012 Baa3 27.04.2012
CHOW TAI FOOK JEWELLERY GROU HKD 13452 3252 10000 2 0 0 1 14.28 7289 7289 7721 9208 1204 1204 - - 0.09 0.09 0.07 0.09 1.96 1.92 2.36 1.91 7.92 - 7.84 - 2.13 - - - -
CITIC SECURITIES CO LTD-H HKD 22492 9972 11017 3 0 0 7 14.31 1788 1788 2100 2591 932 932 1081 1081 0.05 0.05 0.07 0.09 4.74 4.79 3.19 2.50 2.30 -1.24 24.46 -2.52 6.72 BBB+ 18.10.2012 - -
CITIC PACIFIC LTD HKD 4416 8145 3649 15 1 1 4 16.91 12018 12018 13142 15119 740 740 1255 1255 - 0.23 0.13 0.18 0.68 - 1.16 0.88 -0.48 1.93 -4.44 0.50 0.79 BB+ 18.07.2011 Ba1 06.04.2011
BYD CO LTD-H HKD 9047 3426 2354 2 0 0 0 11.08 5719 5719 6804 7410 585 585 - - 0.01 0.00 0.06 0.08 82.05 60.20 6.59 4.67 -0.54 1.95 -0.81 - 1.32 - - - -
GUANGZHOU AUTOMOBILE GROUP-H HKD 5749 6345 6435 1 0 0 2 4.18 1624 1636 2064 2351 -106 -101 - - 0.02 0.02 0.05 0.07 3.52 - 1.60 1.17 2.13 - 1.08 - -0.80 - - - -
HAIER ELECTRONICS GROUP CO HKD 4532 2630 2449 0 0 0 1 3.10 7166 7166 8090 9387 311 310 376 376 0.09 0.09 0.11 0.13 2.01 2.14 1.70 1.46 1.48 7.16 2.63 5.23 0.56 - - - -
AGILE PROPERTY HOLDINGS LTD HKD 4462 5449 3449 4 0 0 1 6.65 3875 3875 4334 4873 1375 1262 - - 0.16 0.19 0.18 0.20 0.71 - 0.73 0.65 4.00 3.32 - 4.35 5.47 BB 04.09.2006 Ba2 13.04.2011
ZIJIN MINING GROUP CO LTD-H HKD 9796 29322 21812 3 0 1 1 10.45 6169 6169 6392 6485 1373 1373 - - 0.03 0.03 0.03 0.03 0.98 1.00 1.04 1.09 2.78 3.71 -0.09 1.93 2.87 - - - -
WEICHAI POWER CO LTD-H HKD 7084 3728 1999 2 0 1 2 6.85 6182 6182 6991 7713 646 646 - - 0.17 0.19 0.23 0.27 1.85 2.41 1.52 1.30 -2.55 1.74 -5.29 0.43 1.35 - - - -
AIR CHINA LTD-H HKD 10921 8637 12892 13 0 0 2 17.38 12642 12488 14416 15939 2357 2362 - - 0.04 0.05 0.06 0.07 1.69 - 1.37 1.14 0.66 2.22 0.20 3.63 2.44 - - - -
KINGBOARD CHEMICAL HOLDINGS HKD 2324 2519 855 2 0 1 0 4.95 4805 4805 5194 5655 630 630 - - 0.31 0.32 0.37 0.42 1.11 - 0.95 0.83 0.26 1.81 -1.20 0.39 1.69 BBB- 15.06.2012 - -
GCL-POLY ENERGY HOLDINGS LTD HKD 3131 71435 15476 5 0 0 1 7.77 2880 2880 3186 3893 424 417 - - -0.02 -0.03 0.00 0.01 - - 2.09 -1.60 - -8.20 6.76 1.87 NR 03.02.2012 - -
XINYI GLASS HOLDINGS LTD HKD 2594 10914 3786 1 0 0 0 3.05 1261 1261 1521 1802 258 258 - - 0.04 0.04 0.06 0.07 2.16 - 1.53 1.24 2.44 3.65 0.49 2.50 2.64 - - - -
SHANGHAI INDUSTRIAL HLDG LTD HKD 3426 595 1080 5 0 2 3 7.49 2485 2485 2579 3049 693 696 818 818 0.23 0.41 0.31 0.36 1.00 2.13 1.33 1.13 3.72 15.44 4.91 2.83 3.61 - - - -
SHANDONG WEIGAO GP MEDICAL-H HKD 4297 6083 4476 0 0 0 0 3.28 475 475 586 712 129 - - - 0.03 0.03 0.04 0.04 3.41 - 2.80 2.30 2.06 2.84 - 4.54 - - - - -
SOHO CHINA LTD HKD 4301 4662 5080 3 0 0 3 3.97 1972 1972 1885 1227 1126 1126 - - 0.24 0.27 0.08 0.06 0.33 - 1.05 1.54 21.81 - 29.69 2.95 7.36 BB+ 26.10.2012 Ba1 27.11.2012
ALUMINUM CORP OF CHINA LTD-H HKD 7674 11030 13524 14 0 1 1 21.87 19261 19299 19601 20816 222 - 137 137 -0.07 -0.08 -0.04 -0.02 - - 0.35 2.64 -10.44 -5.06 - - - - -
CHINA TAIPING INSURANCE HOLD HKD 2906 1560 1706 6 0 1 2 7.88 8290 8290 9408 11031 - - - - 0.07 0.07 0.12 0.16 3.10 - 1.82 1.40 2.48 2.56 - - - BBB- 03.06.2009 - -
NINE DRAGONS PAPER HOLDINGS HKD 4044 6013 4663 4 0 0 1 6.59 3501 3770 4008 4533 576 652 - - 0.04 0.03 0.04 0.06 2.60 - 1.97 1.41 1.47 2.42 0.58 1.52 2.23 NR 14.06.2011 - -
CHINA EVERBRIGHT LTD HKD 2736 2828 1721 0 0 0 0 2.82 249 249 292 328 199 199 - - 0.09 0.09 0.14 0.16 2.40 2.36 1.46 1.25 5.54 15.81 6.35 0.01 10.27 - - - -
ZOOMLION HEAVY INDUSTRY - H HKD 9138 13018 7706 3 0 0 3 7.96 6160 6179 6585 7312 1278 1260 - - 0.12 0.12 0.13 0.14 0.84 - 0.82 0.73 0.41 4.03 -0.37 5.81 2.63 BB+ 16.03.2012 - -
FRANSHION PROPERTIES HKD 3128 2144 9161 4 0 1 2 5.82 2213 2213 2669 3350 794 794 - - 0.02 0.05 0.04 0.05 0.93 - 1.04 0.82 20.69 10.83 16.46 5.30 4.62 BB+ 29.11.2011 (P)Ba1 01.04.2011
SHOUGANG FUSHAN RESOURCES GR HKD 2070 35589 5302 0 0 0 1 1.82 728 728 720 769 423 423 - - 0.04 0.04 0.04 0.04 1.16 - 1.31 1.31 -2.69 437.54 -2.89 - 7.49 - - - -
INTIME DEPARTMENT STORE HKD 2386 4324 2003 1 0 0 0 2.36 503 503 610 763 157 166 - - 0.06 0.06 0.07 0.07 1.96 - 1.84 1.63 3.27 4.34 1.96 3.21 4.26 BB 25.04.2013 - -
UNI-PRESIDENT CHINA HOLDINGS HKD 3914 9501 3599 1 0 0 0 3.33 2758 2758 3371 4032 211 258 283 283 0.03 0.03 0.04 0.05 3.63 - 2.80 2.47 3.40 2.78 15.34 1.65 1.21 - - - -
GOLDEN EAGLE RETAIL GROUP HKD 3340 4584 1935 0 0 0 1 2.40 467 467 540 637 230 229 - - 0.08 0.08 0.09 0.10 2.22 - 1.98 1.73 1.63 3.27 0.83 2.97 6.33 BBB- 25.04.2013 - -
CHINA AGRI-INDUSTRIES HLDGS HKD 2577 11425 5250 4 0 0 1 5.81 11767 11767 13951 16001 300 392 601 601 0.01 0.04 0.05 0.06 1.78 - 1.33 1.07 1.40 3.21 66.24 1.55 0.43 - - - -
CHINA RESOURCES CEMENT HKD 3755 9426 6519 3 0 0 0 6.23 3266 3266 3677 4159 663 663 - - 0.05 0.05 0.05 0.06 1.62 1.63 1.37 1.17 1.17 - -2.22 5.96 2.62 - - Aa1 05.11.2012
CHINA COSCO HOLDINGS-H HKD 5264 6759 10216 12 0 2 6 12.58 11381 11381 11159 11810 -958 - - - -0.12 -0.12 -0.02 0.01 - - 5.01 0.56 0.99 1.91 - - - - - -
CHINA SHANSHUI CEMENT GROUP HKD 1593 8874 2816 2 0 0 0 2.96 2082 2082 2335 2592 534 534 593 593 0.10 0.07 0.08 0.09 0.83 0.73 0.69 0.63 -0.54 - -1.69 4.66 3.31 BB 08.05.2011 - -
GOME ELECTRICAL APPLIANCES HKD 1696 22659 16873 2 0 0 1 2.12 6168 6168 7047 8106 -96 -96 - - 0.00 0.00 0.00 0.01 - 18.94 3.47 1.77 -2.57 0.49 - 3.17 -0.20 - - - -
ZHONGSHENG GROUP HOLDINGS HKD 2651 1214 1908 3 0 0 1 4.22 6449 6449 7846 9309 335 335 - - 0.05 0.05 0.09 0.13 2.83 2.85 1.55 1.10 2.50 - -1.98 5.17 0.67 - - - -
HUABAO INTERNATIONAL HOLDING HKD 1423 5942 3160 0 0 0 0 1.24 427 447 491 560 272 271 - - 0.07 0.07 0.07 0.08 0.84 - 0.84 0.76 2.07 2.78 1.48 3.81 7.82 - - - -
ANTA SPORTS PRODUCTS LTD HKD 2089 2258 2494 0 0 0 1 1.07 982 982 820 847 194 194 163 163 0.07 0.07 0.05 0.05 1.22 - 1.65 1.62 -1.85 2.44 -2.96 3.09 2.54 - - - -
CHINA YURUN FOOD GROUP LTD HKD 1085 5170 1823 1 0 0 0 1.67 3451 3451 4067 5118 10 10 - - -0.04 -0.04 -0.01 0.07 - - 1.16 -2.21 3.16 -12.47 -5.07 0.04 - - - -
PARKSON RETAIL GROUP LTD HKD 1521 8231 2810 0 0 0 1 0.89 586 586 692 765 172 171 - - 0.05 0.04 0.04 0.05 1.42 - 1.34 1.22 0.54 1.24 -3.03 1.12 3.76 BB+ 21.04.2011 (P)Ba1 21.04.2013
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 Spot
S&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
CHINA CONSTRUCTION BANK-H 1.37 1.20 1.06 0.93 2.82 2.55 2.30 2.05 4.49 6.07 6.30 6.37 6.70 6.24 5.81 5.26 5.17 5.42 5.79 6.57 7.34 13.0%
CHINA MOBILE LTD 1.88 1.70 1.56 1.44 2.42 2.29 2.18 2.05 1.87 5.99 5.90 5.84 6.04 3.90 3.84 3.77 3.64 10.79 10.74 11.12 10.94 9.21 4.05 4.08 4.01 4.08 86.13 1.4%
IND & COMM BK OF CHINA-H 1.36 1.17 1.03 0.90 2.71 2.47 2.23 2.01 4.47 5.56 5.86 5.86 6.53 6.04 5.60 5.10 5.37 5.65 6.09 6.85 6.54 19.7%
TENCENT HOLDINGS LTD 9.52 7.08 5.33 4.24 6.41 8.93 6.76 5.43 4.38 4.11 23.51 22.05 16.71 15.97 15.75 20.65 17.16 13.87 12.25 10.51 29.99 23.75 19.29 16.56 22.17 0.35 0.47 0.54 0.69 0.39 282.49 6.1%
BANK OF CHINA LTD-H 0.99 0.87 0.79 0.70 2.22 2.04 1.86 1.65 4.01 4.97 5.24 5.15 6.10 5.67 5.34 4.74 5.55 5.93 6.35 7.18 4.09 12.8%
CNOOC LTD 1.64 1.42 1.26 1.13 1.05 2.15 2.05 1.91 1.86 1.77 5.30 5.30 4.87 4.95 4.32 3.55 3.45 3.21 2.95 2.88 7.93 8.39 8.10 7.96 8.71 2.77 3.19 3.32 3.43 3.74 16.89 16.6%
PETROCHINA CO LTD-H 1.33 1.25 1.17 1.09 0.99 0.75 0.66 0.63 0.63 0.69 5.06 4.51 4.13 4.12 3.96 6.36 5.69 5.27 5.09 4.98 12.04 10.68 9.92 9.74 7.19 3.79 4.18 4.44 4.45 4.72 11.34 14.9%
CHINA PETROLEUM & CHEMICAL-H 1.15 1.06 0.96 0.89 0.75 0.23 0.21 0.21 0.19 0.26 3.80 3.45 3.38 3.30 3.04 5.49 4.66 4.37 4.10 3.80 9.65 7.81 7.46 7.31 6.81 3.59 4.49 4.70 4.82 4.60 9.82 15.7%
CHINA LIFE INSURANCE CO-H 2.24 1.94 1.74 1.49 1.25 1.11 1.01 0.96 42.85 16.01 13.74 11.06 0.99 1.88 2.27 2.71 25.46 20.1%
PING AN INSURANCE GROUP CO-H 2.49 2.11 1.82 1.52 1.03 0.94 0.82 0.72 17.35 13.43 11.64 9.84 0.91 1.13 1.37 1.81 76.49 24.5%
CHINA OVERSEAS LAND & INVEST 2.33 1.90 1.62 1.39 2.91 2.41 2.04 1.77 8.22 7.49 5.71 5.00 8.75 7.57 6.47 5.48 12.42 10.23 8.73 7.42 1.59 1.91 2.24 2.69 25.18 6.2%
CHINA SHENHUA ENERGY CO-H 1.69 1.52 1.39 1.24 1.19 1.73 1.57 1.45 1.40 1.45 6.47 6.04 5.47 5.34 5.81 5.48 5.08 4.78 5.86 9.21 9.02 8.72 8.28 10.85 4.19 4.34 4.53 4.73 3.62 34.71 26.5%
WANT WANT CHINA HOLDINGS LTD 13.10 11.01 9.27 8.17 5.94 5.11 4.30 3.65 31.08 24.38 21.42 19.57 25.67 21.06 17.77 15.14 38.66 31.08 25.98 22.01 1.58 2.02 2.40 2.90 11.41 -7.2%
AGRICULTURAL BANK OF CHINA-H 1.26 1.09 0.97 0.84 2.07 1.88 1.68 1.50 3.98 5.46 5.46 5.46 6.45 5.92 5.36 4.78 5.23 5.73 6.04 7.06 4.25 14.7%
CHINA MERCHANTS BANK-H 1.44 1.24 1.07 0.92 0.92 2.34 2.09 1.84 1.58 6.66 6.41 5.97 5.37 6.81 3.73 4.06 4.36 5.07 4.41 18.18 9.9%
HENGAN INTL GROUP CO LTD 7.14 6.24 5.53 4.90 5.06 4.37 3.67 3.11 27.63 22.88 18.78 16.51 19.97 16.80 14.16 12.14 28.13 23.88 20.00 17.40 2.19 2.55 3.02 3.46 84.08 4.8%
BELLE INTERNATIONAL HOLDINGS 3.76 3.27 2.83 2.51 2.55 2.23 1.96 1.73 18.59 17.31 15.10 13.37 12.53 11.37 9.86 8.74 19.23 17.52 15.26 13.36 1.65 1.75 2.01 2.75 14.81 17.0%
CHINA PACIFIC INSURANCE GR-H 2.15 1.94 1.78 1.56 1.09 0.94 0.84 0.75 34.36 20.32 17.11 14.49 1.16 1.71 1.97 2.64 33.63 20.5%
CHINA TELECOM CORP LTD-H 0.96 0.92 0.88 0.83 0.77 0.90 0.80 0.74 0.68 0.63 3.60 3.27 2.59 2.50 2.14 4.45 3.41 3.13 2.90 2.68 17.38 13.98 11.52 9.59 8.74 2.23 2.57 2.99 3.53 3.81 4.73 19.4%
CHINA MINSHENG BANKING-H 1.36 1.15 0.96 0.81 2.62 2.30 1.99 1.70 5.21 6.04 5.56 5.09 4.41 3.90 4.05 4.43 5.57 10.66 6.9%
BANK OF COMMUNICATIONS CO-H 0.96 0.85 0.77 0.68 2.41 2.17 1.95 1.72 3.80 5.45 5.77 5.70 5.93 5.92 5.63 5.04 3.55 4.18 4.47 5.08 6.46 4.6%
CHINA UNICOM HONG KONG LTD 0.98 0.95 0.90 0.85 0.82 0.83 0.73 0.66 0.61 0.50 3.27 2.51 2.34 2.25 2.01 4.55 3.95 3.56 3.19 2.99 30.10 19.32 14.00 10.97 10.06 1.49 1.94 2.59 3.46 2.82 13.70 23.0%
KUNLUN ENERGY CO LTD 2.68 2.39 2.07 1.84 1.59 3.52 2.81 2.22 1.91 1.45 9.14 7.76 6.78 5.82 9.60 7.83 6.58 5.78 6.09 16.96 14.88 12.79 11.24 9.35 1.59 1.90 2.22 2.52 3.36 17.78 17.2%
CHINA RESOURCES POWER HOLDIN 2.24 1.95 1.73 1.53 1.41 1.88 1.67 1.49 1.34 1.28 7.83 6.76 5.79 5.03 11.45 8.91 7.97 7.01 5.79 17.02 12.75 11.51 10.23 9.10 1.84 2.46 2.78 3.18 4.02 26.23 3.3%
CHINA RESOURCES LAND LTD 1.99 1.75 1.54 1.36 2.95 2.28 1.87 1.59 16.10 10.02 9.69 8.41 12.69 10.48 8.38 7.24 18.25 14.96 11.87 10.37 1.34 1.72 2.11 2.41 23.58 0.3%
LENOVO GROUP LTD 4.15 3.49 2.93 2.62 0.34 0.28 0.25 0.23 0.20 8.23 8.70 9.14 6.97 8.17 6.21 5.25 4.61 3.42 19.44 15.23 12.69 11.01 7.61 1.42 2.19 2.74 3.17 8.56 20.7%
TINGYI (CAYMAN ISLN) HLDG CO 6.17 5.69 5.03 4.48 1.62 1.42 1.24 1.11 10.47 10.31 8.48 10.09 14.07 13.05 11.05 9.50 34.12 30.37 24.90 21.59 1.66 1.56 1.95 2.24 20.68 -3.6%
CHINA CITIC BANK CORP LTD-H 0.81 0.71 0.64 0.56 2.12 1.91 1.70 1.51 2.92 4.96 5.42 5.11 4.84 4.88 4.51 3.92 5.07 4.84 5.27 6.31 5.01 14.7%
GREAT WALL MOTOR COMPANY-H 3.77 3.11 2.53 2.09 2.32 1.93 1.64 1.40 1.30 15.43 10.23 9.22 7.20 12.96 10.49 8.77 7.51 7.29 14.36 11.77 10.16 8.48 8.23 1.50 2.17 2.60 3.36 34.33 2.0%
ANHUI CONCH CEMENT CO LTD-H 2.39 2.08 1.82 1.61 1.39 2.14 1.80 1.62 1.50 1.42 10.54 9.68 8.95 7.98 9.56 7.35 6.50 6.19 7.16 18.33 13.45 11.75 10.95 11.60 0.99 1.38 1.59 1.75 1.10 30.10 7.1%
ENN ENERGY HOLDINGS LTD 4.46 3.70 3.15 2.77 2.70 2.11 1.75 1.43 1.18 1.34 14.23 12.73 10.71 7.52 12.86 11.16 9.63 8.44 7.61 24.48 20.41 17.05 14.40 15.58 1.03 1.22 1.51 1.93 2.61 44.16 -1.7%
CHINA COMMUNICATIONS CONST-H 1.14 0.99 0.90 0.77 0.29 0.25 0.23 0.21 9.63 5.86 5.30 4.71 7.71 6.76 6.06 5.38 8.26 7.05 6.27 5.62 2.96 3.41 3.76 4.10 8.85 19.1%
COUNTRY GARDEN HOLDINGS CO 1.75 1.48 1.28 1.10 1.61 1.29 1.10 0.98 16.03 15.67 7.39 8.76 7.74 6.34 5.37 4.87 9.66 8.17 6.95 6.26 3.75 4.43 5.01 5.61 4.62 5.0%
CHINA RESOURCES ENTERPRISE 1.67 1.48 1.39 1.33 0.50 0.44 0.38 0.33 8.82 6.03 6.76 4.94 8.96 8.42 7.31 6.58 34.19 31.55 25.48 20.80 1.94 1.55 1.84 1.79 25.20 -5.3%
DONGFENG MOTOR GRP CO LTD-H 1.48 1.27 1.11 0.94 0.63 0.57 0.52 0.48 0.45 7.84 5.13 5.71 4.11 4.63 4.11 3.82 3.51 9.29 8.13 7.59 6.60 6.20 1.64 1.81 1.94 2.33 13.30 15.0%
CHINA MERCHANTS HLDGS INTL 1.35 1.27 1.20 1.12 6.41 6.73 6.45 6.09 8.93 11.69 9.93 8.96 16.18 15.51 14.08 15.70 16.36 14.39 12.79 11.24 2.65 3.08 3.54 3.94 27.60 12.4%
BEIJING ENTERPRISES HLDGS 1.65 1.55 1.42 1.31 1.21 1.87 1.60 1.34 1.14 1.16 11.58 7.42 9.43 9.79 15.64 14.02 12.35 11.30 10.19 20.21 17.03 14.10 11.79 1.42 1.66 1.98 2.23 2.52 64.39 10.9%
CHINA MENGNIU DAIRY CO 2.41 2.25 2.03 1.83 0.81 0.74 0.65 0.58 12.42 10.44 8.92 6.51 9.65 8.56 7.15 6.06 21.94 19.10 15.72 13.48 1.01 1.17 1.45 1.87 24.66 12.9%
HUANENG POWER INTL INC-H 1.76 1.60 1.50 1.35 1.02 0.68 0.65 0.61 0.58 0.46 4.80 4.23 3.89 3.70 7.13 6.18 5.84 5.33 3.39 16.69 10.70 9.71 8.46 7.20 2.98 4.81 5.15 6.08 12.49 9.24 3.0%
BRILLIANCE CHINA AUTOMOTIVE 4.04 3.01 2.35 1.82 6.33 6.29 5.92 5.51 3.19 61.36 53.15 38.70 503.13 137.03 348.39 273.17 278.38 15.99 12.47 10.44 8.21 5.24 0.03 0.30 0.45 2.35 10.59 11.5%
AAC TECHNOLOGIES HOLDINGS IN 6.16 4.90 3.99 3.34 5.97 4.44 3.74 3.08 21.71 15.19 13.79 12.05 16.67 12.47 10.55 8.78 21.59 16.18 13.57 11.17 1.76 2.41 2.85 3.51 37.77 -0.2%
PICC PROPERTY & CASUALTY -H 2.16 1.80 1.52 1.24 0.50 0.47 0.42 0.38 9.45 8.60 7.92 6.87 3.21 2.79 3.03 3.79 12.22 22.7%
CHINA NATIONAL BUILDING MA-H 1.26 1.07 0.90 0.80 0.69 0.43 0.35 0.31 0.28 0.32 3.70 3.14 2.19 1.94 10.78 8.12 7.01 6.39 8.85 7.16 5.59 4.69 4.24 4.23 2.01 2.54 3.09 3.15 3.57 11.82 29.1%
SUN ART RETAIL GROUP LTD 4.90 4.45 3.99 3.49 1.03 0.90 0.76 0.67 0.52 13.60 12.87 10.25 10.04 14.39 12.34 10.48 9.01 34.45 29.90 25.63 21.80 14.35 1.14 1.21 1.43 1.64 11.13 2.7%
CHINA OILFIELD SERVICES-H 1.70 1.49 1.33 1.23 3.04 2.56 2.37 2.18 7.00 6.24 5.80 5.53 9.35 8.38 7.85 7.88 11.99 10.41 9.59 9.30 1.69 2.24 2.43 2.65 16.97 10.9%
CHINA COAL ENERGY CO-H 0.72 0.67 0.63 0.59 0.58 0.93 0.90 0.80 0.74 0.63 4.87 4.77 3.78 3.45 6.94 6.54 5.87 5.28 5.82 7.20 7.86 7.27 7.05 10.78 4.17 3.90 4.13 4.36 2.53 7.31 22.4%
SHIMAO PROPERTY HOLDINGS LTD 1.35 1.16 1.03 0.93 1.42 1.16 0.97 0.85 5.64 4.87 3.34 2.06 8.07 6.60 5.50 4.99 10.19 7.71 6.50 5.69 2.76 4.01 4.67 5.43 18.68 11.7%
KERRY PROPERTIES LTD 0.74 0.69 0.66 0.64 1.54 1.51 1.41 1.36 13.16 15.18 10.08 11.15 11.23 10.98 12.77 10.89 11.15 11.10 10.40 2.63 2.72 2.81 2.95 41.69 18.8%
JIANGXI COPPER CO LTD-H 0.96 0.88 0.82 0.76 0.47 0.40 0.39 0.39 9.57 6.83 6.78 6.35 7.98 8.03 7.83 8.54 8.01 8.38 8.37 9.09 3.14 3.31 3.26 3.16 18.24 21.3%
SINOPHARM GROUP CO-H 2.13 2.04 1.81 1.56 0.35 0.28 0.23 0.19 0.17 113.03 15.89 11.80 8.77 12.67 10.00 8.28 6.98 5.61 22.95 18.55 15.12 12.69 11.20 1.31 1.59 1.93 2.14 28.19 22.3%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 Spot
S&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
CHINA RESOURCES GAS GROUP LT 4.09 3.50 3.03 2.74 2.37 2.73 1.95 1.52 1.16 1.09 13.56 16.26 9.43 7.23 15.46 11.77 9.64 8.05 7.19 28.25 22.89 18.25 13.96 13.18 0.67 0.84 1.10 1.50 1.38 20.68 -4.9%
TSINGTAO BREWERY CO LTD-H 4.41 3.97 3.49 3.12 2.06 1.82 1.59 1.46 21.32 19.46 15.41 14.71 15.78 13.88 12.05 10.54 31.30 27.18 23.53 19.97 0.62 0.96 1.12 1.35 47.88 -8.0%
GUANGDONG INVESTMENT LTD 2.01 1.85 1.72 1.61 6.05 5.66 5.16 4.70 5.05 11.13 11.13 9.27 8.73 9.48 8.92 8.37 8.00 15.05 14.64 13.65 12.82 2.52 2.68 2.89 3.20 7.19 -4.3%
SINO-OCEAN LAND HOLDINGS 0.65 0.61 0.57 0.54 0.90 0.72 0.63 0.56 16.14 6.48 3.96 3.89 8.12 7.01 5.91 4.91 10.22 8.84 7.24 5.89 3.49 4.70 5.41 6.37 5.48 7.0%
CHINA LONGYUAN POWER GROUP-H 1.47 1.40 1.27 1.16 1.09 2.60 2.36 2.05 1.80 1.64 5.90 4.69 4.33 3.90 11.09 9.52 7.97 6.92 5.91 15.02 14.63 11.82 9.74 9.26 1.22 1.27 1.61 2.07 3.01 7.72 8.5%
EVERGRANDE REAL ESTATE GROUP 0.96 0.81 0.69 0.62 0.54 0.48 0.42 0.38 12.53 14.15 5.24 3.06 5.47 5.37 4.51 4.12 4.62 4.75 4.07 3.66 6.47 5.68 6.51 7.23 4.11 29.5%
GEELY AUTOMOBILE HOLDINGS LT 2.08 1.70 1.42 1.17 1.05 0.85 0.72 0.62 0.52 10.19 7.96 6.55 5.57 8.01 6.35 5.51 4.67 5.53 13.18 10.36 8.75 7.26 11.47 0.97 1.26 1.52 1.84 4.63 18.7%
LONGFOR PROPERTIES 1.90 1.58 1.35 1.16 1.74 1.25 1.12 1.01 228.79 65.16 13.76 7.13 6.68 5.59 4.68 9.84 8.67 7.56 6.58 2.01 2.19 2.68 3.04 15.31 18.1%
CHINA GAS HOLDINGS LTD 3.45 3.08 2.67 2.41 2.39 1.78 1.62 1.34 1.20 1.22 19.87 14.63 14.17 10.98 15.74 13.41 11.66 10.24 10.14 37.32 23.98 20.68 17.31 22.17 0.37 0.84 1.12 1.45 0.92 7.74 1.1%
COSCO PACIFIC LTD 0.94 0.87 0.81 0.76 5.04 4.59 4.15 3.84 7.79 7.32 6.59 4.73 14.23 13.18 12.43 12.39 10.11 9.46 8.23 7.66 4.00 4.15 4.83 5.13 13.14 27.8%
NEW CHINA LIFE INSURANCE C-H 1.99 1.77 1.57 1.41 0.63 0.57 0.51 0.44 22.21 16.20 13.39 11.66 0.95 0.99 1.15 1.26 32.69 13.3%
CHINA RAILWAY GROUP LTD-H 0.90 0.81 0.75 0.67 0.13 0.12 0.11 0.10 10.55 4.10 5.70 6.84 9.39 8.33 7.77 7.56 9.79 8.57 7.77 7.38 1.60 1.85 2.06 2.19 4.60 12.5%
HAITONG SECURITIES CO LTD-H 1.47 1.38 1.31 1.21 9.91 8.16 6.71 5.98 23.62 19.95 16.94 14.96 17.18 13.43 11.58 10.30 26.32 20.40 16.44 13.32 1.37 1.80 2.23 2.68 14.01 24.0%
YANZHOU COAL MINING CO-H 0.69 0.67 0.64 0.60 1.09 1.04 0.95 0.89 3.68 4.99 3.88 3.44 10.62 11.29 9.96 8.72 6.00 9.77 8.62 8.57 5.37 3.30 3.40 3.29 8.74 8.2%
CHOW TAI FOOK JEWELLERY GROU 3.43 3.08 2.66 2.27 1.87 1.74 1.46 1.24 0.89 15.63 34.12 28.06 12.65 13.79 11.10 9.10 16.19 18.35 14.79 12.13 2.40 1.39 1.69 2.01 12.28 17.6%
CITIC SECURITIES CO LTD-H 1.75 1.70 1.59 1.55 11.77 8.51 6.90 5.60 32.51 24.97 20.87 18.16 18.78 13.23 9.84 10.41 34.87 24.79 19.42 16.07 1.20 1.55 1.98 2.63 19.93 13.2%
CITIC PACIFIC LTD 0.41 0.41 0.39 0.38 0.33 0.34 0.29 0.25 6.98 5.49 4.10 13.37 13.47 10.45 7.54 7.35 8.97 6.83 5.40 4.23 4.79 4.87 4.93 10.56 12.5%
BYD CO LTD-H 2.43 2.26 2.12 1.63 1.19 1.06 0.97 0.82 15.00 9.26 8.19 7.01 20.09 15.70 13.95 10.80 536.70 51.17 36.25 18.60 0.06 0.05 0.09 0.79 17.61 -36.4%
GUANGZHOU AUTOMOBILE GROUP-H 1.07 0.98 0.92 0.84 2.78 2.21 1.94 1.72 1.79 203.37 72.63 31.78 23.22 12.40 9.05 8.52 9.97 1.26 2.26 3.25 3.72 5.93 -7.3%
HAIER ELECTRONICS GROUP CO 4.75 3.49 2.74 2.20 0.51 0.45 0.38 0.34 12.91 11.71 9.92 8.95 9.97 8.24 6.91 5.75 15.53 13.20 11.32 9.70 0.64 0.98 1.12 1.70 14.32 3.3%
AGILE PROPERTY HOLDINGS LTD 1.09 0.90 0.79 0.71 1.01 0.82 0.73 0.64 11.71 6.11 3.77 5.12 4.74 4.26 3.96 6.57 5.67 5.04 4.60 3.90 4.29 4.79 5.09 11.88 18.4%
ZIJIN MINING GROUP CO LTD-H 1.38 1.26 1.19 1.13 1.29 1.22 1.20 1.23 5.98 5.48 6.10 6.86 7.97 7.98 7.64 7.66 7.68 8.09 8.46 9.47 3.79 4.40 4.07 3.63 2.91 27.2%
WEICHAI POWER CO LTD-H 1.59 1.48 1.30 1.14 0.94 0.80 0.73 0.67 17.26 9.72 8.24 5.85 9.82 8.41 7.49 6.61 13.09 11.80 10.09 8.48 0.57 1.17 1.26 1.55 26.51 -2.0%
AIR CHINA LTD-H 1.29 1.17 1.05 0.93 0.66 0.60 0.54 0.51 4.24 3.18 2.95 2.82 7.87 6.50 5.84 5.46 15.12 10.66 8.81 7.52 1.18 1.58 1.88 1.96 7.16 14.0%
KINGBOARD CHEMICAL HOLDINGS 0.60 0.55 0.52 0.49 0.52 0.45 0.41 0.38 4.91 6.33 3.22 3.07 6.69 6.44 5.75 5.32 8.40 7.38 6.41 5.68 2.64 2.96 3.39 3.65 29.03 37.6%
GCL-POLY ENERGY HOLDINGS LTD 1.22 1.42 1.31 1.21 1.16 0.98 0.80 0.81 10.90 10.47 4.66 3.35 20.03 14.15 10.15 8.54 16.19 15.39 0.19 0.06 0.57 0.45 1.76 11.8%
XINYI GLASS HOLDINGS LTD 2.11 1.84 1.65 1.49 2.07 1.71 1.44 1.30 13.86 9.73 8.21 6.90 11.67 8.69 7.09 6.20 5.95 17.35 11.91 9.64 8.35 2.67 3.99 4.86 5.59 6.58 23.9%
SHANGHAI INDUSTRIAL HLDG LTD 0.81 0.77 0.72 0.70 1.52 1.33 1.12 0.96 13.74 7.40 8.53 10.17 9.16 7.82 6.16 12.11 10.34 8.75 8.52 4.44 4.38 4.51 4.39 28.44 15.6%
SHANDONG WEIGAO GP MEDICAL-H 3.03 2.73 2.45 2.18 6.83 5.83 4.80 4.08 3.69 23.86 20.62 15.14 12.08 22.78 19.02 15.42 12.75 24.56 21.76 17.88 15.41 14.43 1.01 1.18 1.47 1.66 7.60 2.0%
SOHO CHINA LTD 1.11 0.85 0.77 0.71 1.66 1.81 2.79 4.35 17.51 11.67 10.44 12.73 4.20 4.51 7.09 12.06 7.63 8.16 11.96 21.72 4.66 4.66 4.64 4.40 6.48 -3.2%
ALUMINUM CORP OF CHINA LTD-H 0.67 0.79 0.84 0.90 0.33 0.31 0.29 0.29 9.86 10.39 5.92 4.19 46.96 34.21 21.40 18.42 0.00 0.00 0.00 0.00 2.67 -8.9%
CHINA TAIPING INSURANCE HOLD 1.64 1.44 1.26 1.16 0.37 0.31 0.26 0.22 20.43 14.12 10.86 8.97 0.10 0.17 0.45 0.56 16.65 26.0%
NINE DRAGONS PAPER HOLDINGS 1.13 1.09 1.01 0.92 0.90 0.80 0.71 0.65 0.62 9.81 5.43 5.97 4.84 11.82 10.10 8.54 7.66 14.93 15.32 10.96 9.05 1.57 1.50 2.11 2.54 7.69 14.2%
CHINA EVERBRIGHT LTD 0.76 0.71 0.68 0.63 11.18 9.36 8.35 7.32 14.02 13.87 11.43 10.20 14.25 11.32 9.72 8.21 2.45 2.82 3.19 3.71 15.73 27.5%
ZOOMLION HEAVY INDUSTRY - H 1.13 1.01 0.89 0.80 1.10 1.10 0.99 0.95 9.99 9.28 7.73 5.85 5.72 6.44 5.67 5.68 5.54 6.36 5.63 5.73 4.26 3.73 3.82 3.86 9.50 22.3%
FRANSHION PROPERTIES 0.89 0.79 0.74 0.64 1.58 1.17 0.93 0.85 29.78 34.42 7.37 6.22 5.29 4.24 10.00 8.10 6.39 5.76 2.15 2.87 3.62 4.45 3.35 26.6%
SHOUGANG FUSHAN RESOURCES GR 0.81 0.80 0.76 0.74 2.68 2.87 2.69 2.75 5.71 5.61 6.62 6.93 4.48 4.80 4.66 4.55 9.13 10.17 10.13 10.38 4.39 3.99 4.13 4.09 3.35 10.5%
INTIME DEPARTMENT STORE 2.03 1.88 1.71 1.55 1.37 3.95 3.11 2.48 2.04 1.66 11.73 7.82 6.46 5.77 4.72 14.03 11.80 9.99 8.47 8.34 16.92 14.27 12.62 10.75 10.29 2.46 2.80 3.13 3.63 2.87 10.85 18.0%
UNI-PRESIDENT CHINA HOLDINGS 3.17 2.79 2.46 2.28 1.15 0.92 0.77 0.65 11.21 10.14 9.22 8.17 14.54 11.73 9.58 8.22 26.82 21.70 19.16 16.12 1.07 1.12 1.30 1.33 8.95 6.0%
GOLDEN EAGLE RETAIL GROUP 3.90 3.47 2.94 2.53 1.92 5.54 4.91 4.16 3.56 2.68 13.51 11.45 9.54 7.88 5.05 10.65 9.39 7.93 6.93 5.18 16.96 15.39 13.43 11.71 8.41 1.71 1.87 2.16 2.50 3.59 15.69 14.9%
CHINA AGRI-INDUSTRIES HLDGS 0.67 0.69 0.64 0.62 0.20 0.18 0.16 0.15 6.57 7.57 7.02 5.15 11.80 9.68 8.33 8.53 12.06 10.35 8.34 8.02 1.73 2.31 2.91 3.07 5.44 42.7%
CHINA RESOURCES CEMENT 1.42 1.23 1.10 0.98 1.01 1.14 1.02 0.90 0.82 0.84 10.59 6.70 6.04 4.84 10.01 8.06 7.04 6.41 6.87 14.90 10.64 9.05 7.98 10.64 0.92 1.50 1.77 2.08 1.34 5.01 12.2%
CHINA COSCO HOLDINGS-H 0.98 1.10 1.07 1.04 0.37 0.37 0.35 0.34 8.69 4.69 3.38 34.57 15.05 11.22 38.89 12.01 0.00 0.12 0.23 1.65 3.13 -4.5%
CHINA SHANSHUI CEMENT GROUP 1.14 1.00 0.88 0.79 0.61 0.54 0.49 0.46 3.95 3.53 2.97 2.82 5.85 5.00 4.50 4.16 6.26 5.35 4.91 4.66 4.47 5.48 6.34 6.85 5.79 31.9%
GOME ELECTRICAL APPLIANCES 0.70 0.71 0.69 0.67 0.21 0.19 0.17 0.15 10.87 7.75 5.63 25.04 13.19 10.98 26.94 13.77 11.47 0.16 0.81 1.78 1.94 0.91 16.2%
ZHONGSHENG GROUP HOLDINGS 2.05 1.82 1.54 1.33 0.32 0.27 0.23 0.20 73.19 6.28 4.96 5.52 11.72 8.88 7.21 6.10 18.46 12.06 8.56 7.58 0.93 1.53 2.03 2.51 10.90 1.1%
HUABAO INTERNATIONAL HOLDING 1.79 1.45 1.24 1.06 3.21 2.90 2.54 2.24 6.98 7.42 8.09 5.16 4.56 4.40 3.95 3.58 6.62 6.50 5.89 5.33 6.32 5.11 4.55 4.94 5.31 49.2%
ANTA SPORTS PRODUCTS LTD 1.89 1.84 1.76 1.63 1.43 1.65 2.02 1.96 1.79 1.35 9.35 11.08 11.20 9.65 8.07 4.84 6.54 6.30 5.64 3.71 9.35 12.81 12.59 11.37 7.59 6.91 5.60 5.17 5.64 7.94 5.89 -9.4%
CHINA YURUN FOOD GROUP LTD 0.52 0.53 0.52 0.51 0.29 0.27 0.21 0.19 0.15 10.74 5.57 5.25 42.43 15.37 8.37 5.78 9.01 8.49 0.41 0.63 1.52 2.58 4.76 3.1%
PARKSON RETAIL GROUP LTD 1.64 1.52 1.39 1.23 1.08 1.84 1.74 1.58 1.42 1.12 7.28 7.01 6.30 5.59 4.07 4.91 4.75 4.29 3.72 2.77 10.14 10.36 9.45 8.12 6.42 4.35 4.17 4.50 4.95 7.19 4.76 13.4%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Construction Bank Corporation provides a complete range of banking
services and other financial services to individual and corporate customers. The
bank's services include retail banking, international settlement, project
finance, and credit card services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 6.75
52-Week Low (12.07.2012) 4.71
Daily Volume
6.5
52-Week High % Change -3.70% Dividend Yield -
52-Week Low % Change 38.00% Beta 1.12
% 52 Week Price Range High/Low 87.75% Equity Float 69'156.38
Shares Out 31.03.2013 240'417.3 Short Int -
1'618'869.00 1 Yr Total Return 13.65%
Total Debt 1'143'635.00 YTD Return 4.50%
Preferred Stock 0.0 Adjusted BETA 1.116
Minority Interest 7'877.0 Analyst Recs 37
Cash and Equivalents 3'490'305.00 Consensus Rating 4.703
Enterprise Value -
Average Volume 5 Day #########
939 HK EQUITY YTD Change - Average Volume 30 Day #########
939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
388'058.0 396'529.0 449'841.0 575'537.0 713'496.0 615'870 540'635 504'345 559'351 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 173'585.0 201'247.0 208'007.9 225'782.1 59'570.0 58'822.0
9.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 6.24x 5.81x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 54.37% Long-Term Outlook STABLE
Pretax Margin 54.25% Short-Term Rating Date 29.11.2011
Return on Assets 1.47% Short-Term Rating A-1
Return on Common Equity 22.04%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 121.4%
Net Income Margin 41.7% Total Debt/Capital -
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.18% Inventory Days -
Tot Debt to Common Equity 121.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Construction Bank CorpPrice/Volume
Valuation Analysis
251'808'033.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA INVESTMENT COR n/a ULT-AGG 142'590'494'651 59.31 - 14.11.2011 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 17'878'670'050 7.44 - 04.05.2012 Government
BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor
BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government
CHINA INVESTMENT COR n/a ULT-AGG 2'760'000'000 1.15 - 14.11.2011 Government
BLACKROCK n/a ULT-AGG 2'548'089'428 1.06 3'851'540 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'991'111'597 0.83 (24'785'185) 31.03.2013 Investment Advisor
STATE GRID INTERNATI n/a Co File 1'315'282'730 0.55 - 31.12.2010 Corporation
STATE STREET n/a ULT-AGG 1'074'985'497 0.45 70'918'800 30.04.2013 Investment Advisor
CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 921'243'233 0.38 23'700'000 31.03.2013 Investment Advisor
RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 Private Equity
YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 Holding Company
LAZARD ASSET MANAGEM n/a ULT-AGG 782'570'662 0.33 (7'882'000) 31.03.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 745'923'963 0.31 - 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 703'140'350 0.29 (194'897'331) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 635'309'327 0.26 1'114'688 29.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 539'376'610 0.22 68'432'000 31.03.2013 Investment Advisor
SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 359'744'032 0.15 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 30.04.2013
Jefferies TAN MING buy 5 M 8 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013
Mizuho Securities JIM ANTOS neutral 3 M 7 12 month 29.04.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 7 Not Provided 29.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 8 12 month 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 8 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 27.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013
Nomura LUCY FENG buy 5 M 8 Not Provided 26.04.2013
Macquarie VICTOR WANG outperform 5 M 7 12 month 19.04.2013
ABC International JOHANNES AU buy 5 M 7 12 month 12.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 11.04.2013
HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013
Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013
Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013
Bank of China International YUAN LIN buy 5 M 7 Not Provided 25.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013
UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.03.2013
Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013
Barclays MAY YAN overweight 5 U 7 Not Provided 27.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013
Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012
Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012
Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012
Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012
ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010
Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009
Holdings By:
China Construction Bank Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in the People's Republic of China and
Hong Kong SAR.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.08.2012) 92.60
52-Week Low (04.06.2012) 76.50
Daily Volume
84.95
52-Week High % Change -8.26% Dividend Yield 4.11
52-Week Low % Change 11.05% Beta 0.61
% 52 Week Price Range High/Low 52.48% Equity Float 5'209.58
Shares Out 31.03.2013 20'100.6 Short Int -
1'707'547.25 1 Yr Total Return 2.96%
Total Debt 29'846.00 YTD Return -5.87%
Preferred Stock 0.0 Adjusted BETA 0.608
Minority Interest 1'862.0 Analyst Recs 36
Cash and Equivalents 402'903.00 Consensus Rating 3.333
Enterprise Value 985'275.95
Average Volume 5 Day 13'193'680
941 HK EQUITY YTD Change - Average Volume 30 Day 15'135'070
941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'710'970
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
411'810.0 452'103.0 485'231.0 527'999.0 560'413.0 537'272.0 567'668.0 591'821.9 621'800.8 - -
2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.71x 1.62x - -
219'788.0 233'788.0 241'758.0 257'202.0 256'783.0 0.0 0.0 256'723.8 261'339.5 - -
5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.84x 3.77x - -
112'627.0 115'166.0 119'640.0 125'870.0 129'274.0 126'806.0 129'354.0 126'694.5 122'443.3 - -
12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.74x 11.12x - -
EBITDA 256'783.00 Long-Term Rating Date 16.12.2010
EBIT 155'521.00 Long-Term Rating AA-
Operating Margin 27.75% Long-Term Outlook STABLE
Pretax Margin 30.57% Short-Term Rating Date -
Return on Assets 12.90% Short-Term Rating -
Return on Common Equity 18.84%
Return on Capital 18.06% EBITDA/Interest Exp. 658.42
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 337.84
Net Debt/EBITDA -1.45
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 45.8%
EBIT Margin 27.8% Total Debt/Equity 4.1%
Net Income Margin 23.1% Total Debt/Capital 4.0%
Asset Turnover 0.56
Current Ratio 1.50 Net Fixed Asset Turnover 1.15
Quick Ratio 1.39 Accounts receivable turnover-days 6.82
Debt to Assets 2.84% Inventory Days -
Tot Debt to Common Equity 4.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover 53.66 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Mobile LtdPrice/Volume
Valuation Analysis
15'563'362.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,.,0,1,2,3,4,5,6,
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400'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MOBILE HK BVI n/a Co File 14'890'116'842 74.08 - 31.12.2012 Corporation
ABERDEEN n/a ULT-AGG 234'353'256 1.17 5'556'000 31.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 196'402'752 0.98 239'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 170'106'656 0.85 (450'567) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 76'143'989 0.38 (2'773'371) 30.04.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 49'564'408 0.25 4'171'000 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 43'343'135 0.22 406'635 29.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 34'311'500 0.17 (14'679'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'462'235 0.16 (9'031'747) 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 29'042'693 0.14 - 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'431'255 0.14 1'697'000 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'402'066 0.14 2'571'466 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 19'549'707 0.1 (109'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'876'500 0.09 6'452'500 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'393'276 0.09 (763'471) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 16'389'300 0.08 (1'234'600) 31.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 15'537'281 0.08 (673'001) 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'005'931 0.07 319'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 30.04.2013
SWS Research Co Ltd JIM TANG underperform 1 M 75 Not Provided 25.04.2013
Haitong International Securities ALEX LEE hold 3 M 90 12 month 23.04.2013
DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 23.04.2013
CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013
Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013
Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013
BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013
Standard Chartered STEVEN LIU outperform 5 M 93 12 month 22.04.2013
Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.04.2013
JPMorgan LUCY LIU underweight 1 M 78 6 month 22.04.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 91 Not Provided 22.04.2013
BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 22.04.2013
Nomura JIN YOON neutral 3 M 86 Not Provided 22.04.2013
New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013
Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013
Macquarie LISA SOH underperform 1 M 72 12 month 08.04.2013
Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013
HSBC TUCKER GRINNAN overweight 5 M 101 Not Provided 02.04.2013
Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013
Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013
Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013
Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013
Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013
China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 15.03.2013
Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013
UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013
ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012
Goldman Sachs DONALD LU Buy/Neutral 5 M 105 12 month 09.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012
Holdings By:
China Mobile Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking services all over China. The Bank's businesses
include deposit, loan, credit card, fund underwriting and trust, and foreign
currency settlement and trading.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.01.2013) 6.00
52-Week Low (12.07.2012) 3.97
Daily Volume
5.46
52-Week High % Change -9.00% Dividend Yield -
52-Week Low % Change 37.53% Beta 1.33
% 52 Week Price Range High/Low 73.40% Equity Float 71'813.62
Shares Out 19.04.2013 86'794.0 Short Int -
1'813'951.50 1 Yr Total Return 11.24%
Total Debt 2'045'444.00 YTD Return -0.73%
Preferred Stock 0.0 Adjusted BETA 1.331
Minority Interest 3'462.0 Analyst Recs 37
Cash and Equivalents 4'355'972.00 Consensus Rating 4.622
Enterprise Value -
Average Volume 5 Day #########
1398 HK EQUITY YTD Change - Average Volume 30 Day #########
1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
469'928.0 470'638.0 544'045.0 704'382.0 850'373.0 753'881.0 859'058.0 583'027.4 645'703.4 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 215'813.0 245'940.0 252'115.9 271'878.1 - -
10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 6.04x 5.60x - -
EBITDA - Long-Term Rating Date 09.12.2010
EBIT - Long-Term Rating A
Operating Margin 56.45% Long-Term Outlook STABLE
Pretax Margin 56.46% Short-Term Rating Date 09.12.2010
Return on Assets 1.41% Short-Term Rating A-1
Return on Common Equity 22.20%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 181.8%
Net Income Margin 43.6% Total Debt/Capital -
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.77
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.66% Inventory Days -
Tot Debt to Common Equity 181.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Industrial & Commercial Bank of China LtdPrice/Volume
Valuation Analysis
263'219'558.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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1
2
3
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200'000.0
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500'000.0
600'000.0
700'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government
BLACKROCK n/a ULT-AGG 6'928'335'051 7.98 (36'157'445) 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'941'259'181 6.85 (595'000) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'386'435'920 6.21 (162'044'750) 31.03.2013 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 4'575'047'470 5.27 - 30.05.2012 Government
GOLDMAN SACHS GROUP n/a Research 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'853'341'186 2.14 (21'524'000) 31.03.2013 Investment Advisor
NOMURA n/a ULT-AGG (1'397'779'606) -1.61 43'000 29.01.2013 Unclassified
FMR LLC n/a ULT-AGG 1'066'765'789 1.23 (212'553'193) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 874'068'348 1.01 (28'115'185) 30.04.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 798'834'688 0.92 57'800'616 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 693'459'282 0.8 - 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 532'867'930 0.61 (42'371'000) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 418'663'901 0.48 (29'532'504) 30.04.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 403'715'655 0.47 36'944'000 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309'841'776 0.36 41'383'000 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 297'404'935 0.34 (3'227'000) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 279'904'280 0.32 1'745'000 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 271'966'732 0.31 440'176 29.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 270'488'219 0.31 24'006'670 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 8 12 month 30.04.2013
Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 30.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013
Jefferies TAN MING buy 5 M 7 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013
Mizuho Securities JIM ANTOS buy 5 M 7 12 month 29.04.2013
Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 29.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 7 12 month 28.04.2013
Nomura LUCY FENG buy 5 M 7 Not Provided 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 6 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 27.04.2013
ABC International JOHANNES AU buy 5 M 9 12 month 12.04.2013
HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 07.04.2013
Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 28.03.2013
UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 28.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 28.03.2013
Barclays MAY YAN overweight 5 M 6 Not Provided 27.02.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 26.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 25.02.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012
Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012
Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011
ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010
Holdings By:
Industrial & Commercial Bank of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Tencent Holdings Limited provides Internet, mobile, and telecommunication
value-added services in China. The Company has an instant messaging community
in China. Tencent also provides online advertising services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 286.00
52-Week Low (23.05.2012) 203.60
Daily Volume
266.2
52-Week High % Change -6.92% Dividend Yield -
52-Week Low % Change 30.75% Beta 1.09
% 52 Week Price Range High/Low 75.97% Equity Float 962.81
Shares Out 10.04.2013 1'853.6 Short Int -
493'425.38 1 Yr Total Return 9.55%
Total Debt 10'699.52 YTD Return 6.91%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 850.8 Analyst Recs 35
Cash and Equivalents 27'189.07 Consensus Rating 4.229
Enterprise Value 376'337.01
Average Volume 5 Day 3'671'843
700 HK EQUITY YTD Change - Average Volume 30 Day 6'119'982
700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'886'696
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'154.5 12'440.0 19'646.0 28'496.1 43'893.7 28'496.1 43'893.7 58'017.7 72'127.2 12'901.4 13'981.1
10.35x 20.68x 12.43x 7.61x 8.10x 36.37x 31.08x 6.33x 4.88x - -
3'539.9 6'415.5 10'382.4 13'357.0 17'569.2 13'357.0 17'398.8 21'930.5 27'134.1 5'269.5 5'452.8
20.91x 40.10x 23.52x 16.23x 20.24x 16.23x 20.44x 17.16x 13.87x 17.12x 16.32x
2'784.6 5'155.6 8'053.6 10'203.1 12'731.9 10'203.1 12'731.9 16'293.3 20'057.0 3'991.2 4'127.3
28.37x 51.84x 32.31x 22.57x 28.76x 22.57x 28.76x 23.75x 19.29x 23.17x 21.90x
EBITDA 17'569.23 Long-Term Rating Date 14.11.2011
EBIT 14'948.99 Long-Term Rating BBB+
Operating Margin 34.06% Long-Term Outlook STABLE
Pretax Margin 34.29% Short-Term Rating Date -
Return on Assets 19.28% Short-Term Rating -
Return on Common Equity 36.50%
Return on Capital 27.89% EBITDA/Interest Exp. 53.80
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 41.64
Net Debt/EBITDA -0.95
Gross Margin 58.5% Total Debt/EBITDA 0.61
EBITDA Margin 39.6%
EBIT Margin 34.1% Total Debt/Equity 25.9%
Net Income Margin 29.0% Total Debt/Capital 20.2%
Asset Turnover 0.66
Current Ratio 1.77 Net Fixed Asset Turnover 5.84
Quick Ratio 1.43 Accounts receivable turnover-days 18.24
Debt to Assets 14.22% Inventory Days 5.71
Tot Debt to Common Equity 25.91% Accounts Payable Turnover Day 62.92
Accounts Receivable Turnover 20.07 Cash Conversion Cycle -38.97
Inventory Turnover 64.10
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tencent Holdings LtdPrice/Volume
Valuation Analysis
4'940'443.00
Current Price (5/dd/yy) Market Data
,
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
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40'000.0
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50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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-),,
-).,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34 - 24.01.2013 Other
HUATENG MA n/a EXCH 189'892'880 10.24 - 09.04.2013 n/a
JP MORGAN n/a ULT-AGG 83'853'904 4.52 800 31.12.2012 Investment Advisor
ZHIDONG ZHANG n/a Co File 66'000'000 3.56 - 31.12.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'864'402 2.26 (452'815) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 36'113'000 1.95 6'000'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'829'061 1.83 319'700 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'307'167 1.69 (2'555'651) 31.03.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 18'614'700 1 1'189'900 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'215'600 0.87 (1'776'300) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15'521'800 0.84 486'800 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'809'851 0.75 (522'595) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'509'100 0.46 (909'700) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'313'082 0.34 61'103 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'974'783 0.32 72'300 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 5'280'826 0.28 - 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4'657'000 0.25 - 31.01.2013 Investment Advisor
CHI PING LAU n/a Co File 4'603'600 0.25 - 31.12.2012 n/a
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'891'429 0.21 214'300 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'873'000 0.21 (625'700) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 30.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 280 Not Provided 30.04.2013
SWS Research Co Ltd JIM TANG outperform 5 M 275 Not Provided 25.04.2013
Brean Murray Carret & Co FAWNE JIANG buy 5 M 297 12 month 23.04.2013
Barclays ALICIA YAP overweight 5 M 290 Not Provided 19.04.2013
HSBC CHI TSANG underweight 1 M 223 Not Provided 17.04.2013
Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013
Nomura JIN YOON reduce 2 M 180 12 month 11.04.2013
Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 10.04.2013
Haitong International Securities ALEX LEE hold 3 M 265 12 month 08.04.2013
BOCOM International Holdings MA YUAN buy 5 M 293 Not Provided 03.04.2013
China International Capital Corp CHEN HAOFEI buy 5 M 286 12 month 02.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013
First Shanghai Securities Ltd TSOI HO hold 3 D 260 12 month 27.03.2013
Avior Research RICHARD TESSENDORF neutral 3 M 299 Not Provided 26.03.2013
Capital Securities Corp HU JIAMING buy 5 M 290 Not Provided 22.03.2013
Core Pacific KEVIN TAM buy 5 M 295 Not Provided 22.03.2013
Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 316 12 month 21.03.2013
JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 21.03.2013
Macquarie JIONG SHAO underperform 1 M 180 12 month 21.03.2013
Bank of China International THOMAS CHONG buy 5 M 293 Not Provided 21.03.2013
DBS Vickers BILL HUANG hold 3 M 260 12 month 21.03.2013
CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013
Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 304 12 month 20.03.2013
Piper Jaffray MARK A MAROSTICA neutral 3 M 220 12 month 20.03.2013
Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013
Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013
Credit Suisse WALLACE CHEUNG outperform 5 M 301 Not Provided 31.01.2013
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012
Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012
ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012
Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012
Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010
PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010
Holdings By:
Tencent Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Bank of China Ltd provides a complete range of banking and other financial
services to individual and corporation customers worldwide. The bank's services
include retail banking, Great Wall credit card and debit card services, consumer
credit, foreign currency transaction, corporate banking, settlement and
clearing,investment banking, and fund management businesses.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 4.00
52-Week Low (06.09.2012) 2.73
Daily Volume
3.63
52-Week High % Change -9.25% Dividend Yield 6.07
52-Week Low % Change 32.97% Beta 1.12
% 52 Week Price Range High/Low 70.87% Equity Float 72'987.26
Shares Out 31.03.2013 83'622.3 Short Int -
1'009'942.06 1 Yr Total Return 19.15%
Total Debt 2'243'457.00 YTD Return 4.91%
Preferred Stock 0.0 Adjusted BETA 1.116
Minority Interest 36'865.0 Analyst Recs 39
Cash and Equivalents 3'157'170.00 Consensus Rating 4.077
Enterprise Value -
Average Volume 5 Day #########
3988 HK EQUITY YTD Change - Average Volume 30 Day #########
3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
355'641.0 337'018.0 395'271.0 514'133.0 619'095.0 551'001.0 460'542.0 393'840.9 431'641.5 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
64'360.0 80'819.0 104'418.0 124'276.0 139'432.0 127'600.0 142'484.0 142'817.9 152'145.5 - -
7.47x 11.62x 8.91x 5.16x 5.57x 5.57x 5.67x 5.67x 5.34x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 50.02% Long-Term Outlook STABLE
Pretax Margin 50.71% Short-Term Rating Date 29.11.2011
Return on Assets 1.14% Short-Term Rating A-1
Return on Common Equity 18.01%
Return on Capital 5.04% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 272.0%
Net Income Margin 37.7% Total Debt/Capital 72.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.03
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.69% Inventory Days -
Tot Debt to Common Equity 272.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of China LtdPrice/Volume
Valuation Analysis
356'119'091.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'164'115'320 9.76 44'624'000 29.04.2013 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 7'518'157'041 8.99 - 28.01.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 5'385'933'846 6.44 - 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'087'482'221 4.89 702'000 31.12.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 3'116'864'905 3.73 - 04.05.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'019'069'988 2.41 (19'461'100) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'064'669'933 1.27 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 960'629'200 1.15 (29'415'851) 30.04.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 951'146'461 1.14 - 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 692'199'106 0.83 311'393'890 31.03.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 548'954'200 0.66 1'383'000 22.01.2013 Holding Company
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 328'263'100 0.39 12'475'000 31.03.2013 Investment Advisor
ASIAN DEVELOPMENT BA n/a Co File 304'007'461 0.36 - 31.12.2011 Bank
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 301'735'882 0.36 516'608 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 300'179'500 0.36 (36'674'000) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 267'659'000 0.32 (12'092'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 252'617'700 0.3 71'550'000 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 250'834'100 0.3 (4'008'000) 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248'698'686 0.3 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191'503'000 0.23 - 14.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 4 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 5 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 4 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 30.04.2013
Jefferies TAN MING buy 5 M 5 12 month 29.04.2013
JPMorgan KATHERINE LEI neutral 3 M 4 12 month 28.04.2013
Bank of China International YUAN LIN buy 5 M 5 Not Provided 26.04.2013
UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 26.04.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 4 12 month 26.04.2013
BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 Not Provided 26.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 26.04.2013
Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 25.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 25.04.2013
CIMB TREVOR KALCIC neutral 3 M 4 12 month 25.04.2013
Nomura LUCY FENG buy 5 M 4 Not Provided 25.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 25.04.2013
ABC International JOHANNES AU hold 3 M 4 12 month 12.04.2013
HSBC TODD DUNIVANT neutral 3 M 4 Not Provided 07.04.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013
Mizuho Securities JIM ANTOS neutral 3 M 3 12 month 27.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 4 12 month 27.03.2013
Mirae Asset Securities NAN LI buy 5 M 4 12 month 27.03.2013
Barclays MAY YAN overweight 5 M 4 Not Provided 27.02.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 26.02.2013
Goldman Sachs NING MA neutral/neutral 3 M 4 12 month 25.02.2013
ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 20.02.2013
Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 09.01.2013
BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012
Masterlink Securities RAINY YUAN hold 3 M 4 6 month 30.10.2012
Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012
Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Holdings By:
Bank of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells
crude oil and natural gas. The Group's core operation areas are Bohai, Western
South China Sea, Eastern South China Sea and East China Sea in offshore China.
Internationally, the Group has oil and gas assets in Asia, Africa, North
America, South America and Oceania.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (04.01.2013) 17.38
52-Week Low (05.06.2012) 13.18
Daily Volume
14.48
52-Week High % Change -16.69% Dividend Yield 3.28
52-Week Low % Change 9.86% Beta 1.25
% 52 Week Price Range High/Low 30.95% Equity Float 15'873.58
Shares Out 28.02.2013 44'646.3 Short Int -
646'478.50 1 Yr Total Return -9.78%
Total Debt 57'886.00 YTD Return -13.71%
Preferred Stock 0.0 Adjusted BETA 1.249
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 133'709.00 Consensus Rating 4.121
Enterprise Value 437'734.49
Average Volume 5 Day 60'515'140
883 HK EQUITY YTD Change - Average Volume 30 Day 65'280'120
883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 63'290'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
125'977.4 105'195.1 180'036.0 240'944.0 247'627.0 - - 251'097.4 269'009.9 - -
1.95x 4.24x 3.71x 1.79x 2.13x - - 2.09x 1.89x - -
65'262.9 56'272.8 97'993.0 119'044.0 117'702.0 - - 127'019.2 136'301.2 - -
3.77x 7.93x 6.82x 3.62x 4.48x - - 3.45x 3.21x - -
44'375.3 29'485.6 54'410.0 70'255.0 63'691.0 - - 62'601.1 65'080.1 - -
6.44x 16.28x 12.81x 7.02x 9.44x - - 8.39x 8.10x - -
EBITDA 117'702.00 Long-Term Rating Date 16.12.2010
EBIT 84'799.00 Long-Term Rating AA-
Operating Margin 34.24% Long-Term Outlook STABLE
Pretax Margin 36.41% Short-Term Rating Date -
Return on Assets 15.16% Short-Term Rating -
Return on Common Equity 22.24%
Return on Capital - EBITDA/Interest Exp. 71.42
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 33.25
Net Debt/EBITDA -0.64
Gross Margin - Total Debt/EBITDA 0.49
EBITDA Margin 47.5%
EBIT Margin 34.2% Total Debt/Equity 18.7%
Net Income Margin 25.7% Total Debt/Capital 15.7%
Asset Turnover 0.59
Current Ratio 2.07 Net Fixed Asset Turnover 1.05
Quick Ratio 1.91 Accounts receivable turnover-days 32.73
Debt to Assets 12.69% Inventory Days -
Tot Debt to Common Equity 18.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.18 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CNOOC LtdPrice/Volume
Valuation Analysis
66'687'176.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2012 Government
BLACKROCK n/a ULT-AGG 590'469'601 1.32 7'235'000 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 532'935'247 1.19 (6'030'000) 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 528'716'724 1.18 (13'460'500) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 265'808'980 0.6 (28'785'000) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 237'922'779 0.53 (52'889'505) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 229'365'203 0.51 (8'344'101) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 229'247'200 0.51 (21'188'000) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 181'137'000 0.41 - 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 157'408'000 0.35 8'151'000 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139'327'500 0.31 1'058'000 31.01.2013 Bank
JP MORGAN n/a ULT-AGG 128'788'000 0.29 (8'768'000) 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 86'396'000 0.19 (1'001'000) 31.03.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 86'312'291 0.19 - 30.06.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 78'661'957 0.18 8'004'000 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 76'599'000 0.17 10'176'000 31.03.2013 Unclassified
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 76'087'000 0.17 3'949'000 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 71'342'468 0.16 (30'335'907) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 70'168'164 0.16 (2'224'700) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 68'538'000 0.15 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU hold 3 M 13 12 month 30.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 30.04.2013
Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 29.04.2013
Bank of China International LAWRENCE LAU buy 5 M 17 Not Provided 29.04.2013
UOB Kay Hian YAN SHI sell 1 M 14 Not Provided 29.04.2013
BOCOM International Holdings WU FEI buy 5 M 17 Not Provided 29.04.2013
Deutsche Bank DAVID HURD hold 3 M 15 12 month 26.04.2013
Morgan Stanley ANDY MENG Overwt/Attractive 5 M 17 12 month 26.04.2013
Nomura SONIA SONG neutral 3 M 15 Not Provided 26.04.2013
VTB Capital COLIN SMITH buy 5 U 17 12 month 24.04.2013
Mizuho Securities ANDREW S F CHAN buy 5 U 16 12 month 16.04.2013
SWS Research Co Ltd ALBERT MIAO outperform 5 M 19 Not Provided 27.03.2013
China International Capital Corp BIN GUAN buy 5 U 18 12 month 25.03.2013
Mirae Asset Securities GORDON KWAN buy 5 U 16 12 month 25.03.2013
ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.03.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 23.03.2013
Macquarie JAMES HUBBARD outperform 5 M 20 12 month 23.03.2013
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 6 month 22.03.2013
BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 22.03.2013
Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 21.03.2013
Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 18 12 month 18.03.2013
HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 07.03.2013
Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013
Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Citic Securities Co., Ltd HUANG LILI overweight 5 N 19 6 month 18.12.2012
Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012
JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 24.07.2012
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012
Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
CNOOC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
PetroChina Company Limited explores, develops, and produces crude oil and
natural gas. The Company also refines, transports, and distributes crude oil
and petroleum products, produces and sells chemicals, and transmits, markets
and sells natural gas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 11.82
52-Week Low (05.09.2012) 9.03
Daily Volume
9.87
52-Week High % Change -16.50% Dividend Yield -
52-Week Low % Change 9.30% Beta 0.93
% 52 Week Price Range High/Low 30.11% Equity Float 20'807.38
Shares Out 31.03.2013 21'098.9 Short Int -
1'936'725.13 1 Yr Total Return -12.60%
Total Debt 447'286.00 YTD Return -10.11%
Preferred Stock 0.0 Adjusted BETA 0.934
Minority Interest 116'619.0 Analyst Recs 32
Cash and Equivalents 49'953.00 Consensus Rating 3.563
Enterprise Value 2'109'286.31
Average Volume 5 Day 71'054'550
857 HK EQUITY YTD Change - Average Volume 30 Day 68'013'610
857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 68'100'180
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 1'949'218.0 ######### ######### ######### ######### 608'986.0 652'358.0
1.78x 2.57x 1.54x 1.04x 1.11x 4.13x 4.09x 0.91x 0.89x - -
256'680.0 237'168.0 303'643.0 323'368.0 325'453.0 157'781.0 71'646.0 370'951.4 400'123.0 - -
7.45x 11.04x 7.43x 6.43x 6.65x 0.00x 0.00x 5.69x 5.27x - -
114'453.0 103'387.0 139'992.0 132'961.0 115'323.0 135'143.0 112'189.0 134'299.3 144'471.8 32'281.0 30'063.0
9.49x 14.65x 11.33x 10.74x 14.02x 12.20x 13.14x 10.68x 9.92x - -
EBITDA 325'453.00 Long-Term Rating Date -
EBIT 174'918.00 Long-Term Rating -
Operating Margin 8.97% Long-Term Outlook -
Pretax Margin 8.56% Short-Term Rating Date -
Return on Assets 5.18% Short-Term Rating -
Return on Common Equity 10.46%
Return on Capital - EBITDA/Interest Exp. 14.19
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.24
Net Debt/EBITDA -
Gross Margin 16.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 8.6% Total Debt/Equity 42.0%
Net Income Margin 5.9% Total Debt/Capital 27.5%
Asset Turnover 0.94
Current Ratio 0.73 Net Fixed Asset Turnover 2.57
Quick Ratio 0.22 Accounts receivable turnover-days 15.76
Debt to Assets 20.62% Inventory Days -
Tot Debt to Common Equity 42.03% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.15 Cash Conversion Cycle 14.58
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
PetroChina Co LtdPrice/Volume
Valuation Analysis
55'776'963.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'964'964'108 9.31 2'382'000 29.04.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 1'909'262'023 9.05 - 16.04.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'506'858'769 7.14 250'000 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'470'551'067 6.97 224'000 21.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 562'558'554 2.67 (15'095'200) 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 - 31.12.2012 Investment Advisor
CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 277'448'830 1.31 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 277'091'176 1.31 (9'760'632) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 201'301'800 0.95 (33'685'999) 31.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 78'740'272 0.37 (364'000) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 77'038'000 0.37 10'000'000 29.04.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59'934'000 0.28 (14'076'000) 30.06.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 59'346'335 0.28 1'406'000 31.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 58'757'243 0.28 (10'296'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 54'274'000 0.26 (72'000) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 53'337'703 0.25 16'205'700 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 45'153'121 0.21 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 41'892'000 0.2 10'046'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU buy 5 M 15 12 month 30.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 30.04.2013
UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 29.04.2013
Deutsche Bank DAVID HURD hold 3 M 11 12 month 26.04.2013
Morgan Stanley ANDY MENG Equalwt/Attractive 3 M 10 12 month 26.04.2013
Bank of China International LAWRENCE LAU buy 5 M 12 Not Provided 26.04.2013
Nomura SONIA SONG neutral 3 M 11 Not Provided 25.04.2013
Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 08.04.2013
Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 04.04.2013
BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 27.03.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 22.03.2013
Mizuho Securities ANDREW S F CHAN underperform 1 M 9 12 month 22.03.2013
China International Capital Corp BIN GUAN accumulate 4 U 11 12 month 22.03.2013
BOCOM International Holdings WU FEI long-term buy 5 M 11 Not Provided 22.03.2013
ICBC International Securities ANNA YU hold 3 M 10 Not Provided 22.03.2013
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 6 month 21.03.2013
HSBC THOMAS C HILBOLDT underweight 1 M 10 Not Provided 21.03.2013
Macquarie JAMES HUBBARD neutral 3 M 11 12 month 21.03.2013
VTB Capital COLIN SMITH sell 1 M 9 12 month 21.03.2013
Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 18.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013
Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012
Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 30.11.2012
Masterlink Securities LI XIN hold 3 D 12 Not Provided 28.11.2012
Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012
Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012
Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012
Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012
Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012
SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011
Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
PetroChina Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades
petroleum and petrochemical products such as gasoline, diesel, jet fuel,
kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and
chemical fertilizers. Also, The company explores for and produces crude oil and
natural gas in China.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 9.57
52-Week Low (11.07.2012) 6.38
Daily Volume
8.49
52-Week High % Change -11.29% Dividend Yield 4.45
52-Week Low % Change 33.07% Beta 0.81
% 52 Week Price Range High/Low 66.14% Equity Float 18'405.32
Shares Out 31.03.2013 19'625.7 Short Int -
759'992.06 1 Yr Total Return 6.85%
Total Debt 284'546.00 YTD Return -3.30%
Preferred Stock 0.0 Adjusted BETA 0.811
Minority Interest 37'122.0 Analyst Recs 30
Cash and Equivalents 10'864.00 Consensus Rating 3.900
Enterprise Value 918'193.81
Average Volume 5 Day 92'013'100
386 HK EQUITY YTD Change - Average Volume 30 Day 90'820'000
386 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0
0.59x 1.09x 0.48x 0.35x 0.34x 1.39x 1.32x 0.32x 0.32x - -
29'228.0 151'545.0 178'098.0 170'962.0 169'557.0 0.0 0.0 196'859.4 210'220.4 - -
27.82x 8.73x 5.03x 5.05x 5.45x 0.00x 0.00x 4.66x 4.37x - -
28'445.0 62'677.0 71'782.0 73'225.0 63'879.0 64'025.0 66'501.0 77'451.9 81'160.5 18'164.0 18'745.0
12.59x 8.42x 7.62x 7.84x 9.60x 9.29x 9.60x 7.81x 7.46x - -
EBITDA 169'557.00 Long-Term Rating Date 16.12.2010
EBIT 99'101.00 Long-Term Rating A+
Operating Margin 3.63% Long-Term Outlook STABLE
Pretax Margin 3.32% Short-Term Rating Date -
Return on Assets 5.30% Short-Term Rating -
Return on Common Equity 12.99%
Return on Capital 9.42% EBITDA/Interest Exp. 14.05
Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 1.98
Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.68
EBITDA Margin 6.2%
EBIT Margin 3.6% Total Debt/Equity 55.7%
Net Income Margin 2.3% Total Debt/Capital 34.2%
Asset Turnover 2.27
Current Ratio 0.71 Net Fixed Asset Turnover 3.65
Quick Ratio 0.22 Accounts receivable turnover-days 12.59
Debt to Assets 22.46% Inventory Days -
Tot Debt to Common Equity 55.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 29.06 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Petroleum & Chemical CorpPrice/Volume
Valuation Analysis
78'686'338.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'230'756'982 11.37 21'478'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'884'174'190 9.6 28'000 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'206'497'203 6.15 (784'000) 15.02.2013 Investment Advisor
CITIGROUP INCORPORAT #N/A N/A EXCH 802'957'526 4.09 - 23.04.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 794'152'154 4.05 - 15.01.2013 Government
CREDIT SUISSE AG n/a EXCH 521'252'296 2.66 - 07.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 455'801'810 2.32 (4'877'100) 31.03.2013 Investment Advisor
CHINA PETROLEUM SHEN n/a EXCH 425'500'000 2.17 - 09.01.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 277'602'000 1.41 48'888'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 233'941'831 1.19 (7'758'128) 30.04.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 224'643'644 1.14 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 147'230'289 0.75 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 141'497'150 0.72 54'095'800 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (119'014'506) -0.61 - 07.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 105'700'731 0.54 (156'218'743) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 104'509'351 0.53 - 31.05.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 88'107'588 0.45 1'111'998 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 84'918'000 0.43 - 31.01.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 79'426'000 0.4 1'964'000 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 75'892'000 0.39 71'358'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU underperform 1 M 7 12 month 30.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 10 12 month 30.04.2013
UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 29.04.2013
Deutsche Bank DAVID HURD buy 5 M 10 12 month 26.04.2013
Bank of China International LAWRENCE LAU buy 5 M 10 Not Provided 26.04.2013
Nomura SONIA SONG buy 5 M 11 Not Provided 26.04.2013
Morgan Stanley ANDY MENG Overwt/Attractive 5 M 11 12 month 25.04.2013
ICBC International Securities ANNA YU buy 5 M 10 Not Provided 12.04.2013
Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 04.04.2013
Masterlink Securities LI XIN buy 5 U 11 6 month 01.04.2013
Macquarie JAMES HUBBARD underperform 1 M 7 12 month 27.03.2013
BNP Paribas Equity Research CHENG KHOO buy 5 M 12 12 month 27.03.2013
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 9 12 month 26.03.2013
BOCOM International Holdings WU FEI buy 5 U 11 Not Provided 26.03.2013
VTB Capital COLIN SMITH hold 3 U 10 12 month 26.03.2013
JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 6 month 25.03.2013
HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 25.03.2013
Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 25.03.2013
Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 8 Not Provided 25.03.2013
Mirae Asset Securities GORDON KWAN buy 5 M 11 12 month 25.03.2013
Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 11 12 month 18.03.2013
SWS Research Co Ltd ALBERT MIAO buy 5 M 11 Not Provided 06.03.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 30.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 U 11 Not Provided 29.10.2012
Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 15.06.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.02.2012
Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012
China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011
China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 30.10.2009
Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
China Petroleum & Chemical Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.01.2013) 27.35
52-Week Low (04.06.2012) 17.00
Daily Volume
21.2
52-Week High % Change -22.49% Dividend Yield 0.83
52-Week Low % Change 24.71% Beta 1.25
% 52 Week Price Range High/Low 38.16% Equity Float 7'441.18
Shares Out 31.03.2013 7'441.2 Short Int -
597'085.44 1 Yr Total Return 2.54%
Total Debt 136'480.00 YTD Return -16.21%
Preferred Stock 0.0 Adjusted BETA 1.251
Minority Interest 2'016.0 Analyst Recs 28
Cash and Equivalents 69'452.00 Consensus Rating 3.571
Enterprise Value -
Average Volume 5 Day 34'602'740
2628 HK EQUITY YTD Change - Average Volume 30 Day 39'425'960
2628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 37'676'900
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
299'478.0 339'262.0 385'446.0 370'352.0 371'436.0 375'303.0 403'381.0 427'106.1 471'139.0 - -
1.74x 2.68x 1.61x 1.27x 1.73x 0.26x 0.00x 1.03x 0.91x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
19'137.0 32'881.0 33'626.0 18'331.0 11'061.0 15'985.0 15'513.0 28'679.6 34'252.5 - -
30.50x 29.11x 22.62x 23.96x 52.18x 0.00x 29.32x 16.01x 13.74x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 2.83% Long-Term Outlook NEG
Pretax Margin 2.95% Short-Term Rating Date -
Return on Assets 0.64% Short-Term Rating -
Return on Common Equity 5.36%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 61.7%
Net Income Margin 3.0% Total Debt/Capital 38.0%
Asset Turnover 0.21
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.19% Inventory Days -
Tot Debt to Common Equity 61.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Life Insurance Co LtdPrice/Volume
Valuation Analysis
38'035'932.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 756'024'288 10.16 1'078'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 302'552'816 4.07 (3'000) 16.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 198'024'363 2.66 (2'964'000) 31.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 111'470'500 1.5 (19'400'000) 29.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 99'573'646 1.34 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 91'846'907 1.23 (3'436'832) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 62'099'992 0.83 23'826'319 31.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 38'019'528 0.51 (12'520'516) 29.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 36'018'680 0.48 14'712'000 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 32'889'300 0.44 (12'215'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 32'082'000 0.43 (6'692'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 27'556'000 0.37 (4'333'000) 28.03.2013 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26'080'000 0.35 5'080'000 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 25'349'500 0.34 234'000 31.03.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 22'689'000 0.3 844'000 30.11.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 22'022'342 0.3 (3'005'000) 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 16'541'000 0.22 1'088'000 28.02.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 15'733'000 0.21 - 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 14'989'000 0.2 (370'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.04.2013
Deutsche Bank ESTHER CHWEI buy 5 M 28 12 month 26.04.2013
DBS Vickers PING CHENG hold 3 M 24 12 month 26.04.2013
Nomura JESSE WANG neutral 3 M 27 Not Provided 26.04.2013
Religare Capital Markets STEVEN LAM buy 5 M 24 12 month 26.04.2013
BOCOM International Holdings LI WENBING neutral 3 M 25 Not Provided 26.04.2013
Standard Chartered JENNIFER LAW in-line 3 M 27 12 month 25.04.2013
Morgan Stanley BEN LIN Equalwt/In-Line 3 M 25 12 month 25.04.2013
Credit Suisse ARJAN VAN VEEN neutral 3 M 24 Not Provided 25.04.2013
Jefferies BARON NIE hold 3 M 23 12 month 25.04.2013
HSBC JAMES GARNER neutral 3 M 23 Not Provided 25.04.2013
Guotai Junan DAYTON WANG accumulate 4 M 26 Not Provided 18.04.2013
Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 28.03.2013
China International Capital Corp TANG SHENGBO accumulate 4 M 29 12 month 28.03.2013
UOB Kay Hian EDMOND LAW buy 5 U 27 12 month 28.03.2013
Core Pacific OLIVE XIA hold 3 M #N/A N/A Not Provided 28.03.2013
JPMorgan CHAN BAO LING neutral 3 M 23 6 month 27.03.2013
CCB International Securities Ltd KENNETH YUE outperform 5 U 25 Not Provided 27.03.2013
Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012
Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012
Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 27.03.2012
Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012
Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011
Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009
Holdings By:
China Life Insurance Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Ping An Insurance (Group) Company of China Limited provides a variety of
insurance service in China. The Company writes property, casualty, and life
insurance. Ping An Insurance also offers financial services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 72.70
52-Week Low (04.06.2012) 53.00
Daily Volume
61.45
52-Week High % Change -15.47% Dividend Yield 0.92
52-Week Low % Change 15.94% Beta 1.46
% 52 Week Price Range High/Low 42.89% Equity Float 1'564.20
Shares Out 31.03.2013 3'129.7 Short Int -
432'187.16 1 Yr Total Return -4.54%
Total Debt 614'085.00 YTD Return -5.32%
Preferred Stock 0.0 Adjusted BETA 1.463
Minority Interest 50'032.0 Analyst Recs 28
Cash and Equivalents 169'047.00 Consensus Rating 4.393
Enterprise Value 640'412.12
Average Volume 5 Day 11'321'090
2318 HK EQUITY YTD Change - Average Volume 30 Day 12'027'950
2318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 30'653'770
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
87'666.0 152'961.0 195'052.0 272'683.0 341'539.0 281'854.0 320'245.0 365'708.9 418'277.7 - -
3.19x 3.24x 3.37x 2.06x 2.66x 7.11x 7.19x 1.56x 1.40x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'418.0 13'883.0 17'311.0 19'475.0 20'050.0 19'725.0 21'379.0 28'251.2 32'711.9 - -
173.82x 31.68x 32.03x 16.61x 20.64x 18.85x 17.87x 13.43x 11.64x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 22.41% Long-Term Outlook -
Pretax Margin 9.47% Short-Term Rating Date -
Return on Assets 0.78% Short-Term Rating -
Return on Common Equity 13.80%
Return on Capital 9.61% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 384.7%
Net Income Margin 5.9% Total Debt/Capital 74.5%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.59% Inventory Days -
Tot Debt to Common Equity 384.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ping An Insurance Group Co of China LtdPrice/Volume
Valuation Analysis
17'661'647.00
Current Price (5/dd/yy) Market Data
,
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100'000.0
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250'000.0
300'000.0
350'000.0
400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHAROEN POKPHAND GRO n/a ULT-AGG 1'232'815'614 39.39 1 06.02.2013 Holding Company
JP MORGAN n/a ULT-AGG 281'012'937 8.98 139'000 18.02.2013 Investment Advisor
DIAMOND EPOCH LTD n/a EXCH 256'694'218 8.2 - 01.02.2013 Other
BLACKROCK n/a ULT-AGG 229'845'827 7.34 165'500 29.04.2013 Investment Advisor
JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 50'357'936 1.61 (2'867'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 50'233'863 1.61 (1'468'561) 31.03.2013 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 41'353'477 1.32 - 26.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 27'236'813 0.87 - 30.06.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'480'000 0.81 (152'500) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 25'206'800 0.81 4'316'500 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 24'454'627 0.78 (994'024) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG (20'650'341) -0.66 (172'400) 22.04.2013 Unclassified
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 18'079'308 0.58 186'619 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 9'630'000 0.31 4'305'000 28.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 9'049'500 0.29 (1'400'500) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'822'000 0.28 625'500 31.03.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8'274'000 0.26 330'000 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT n/a Short (6'721'467) -0.21 - 26.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 6'628'202 0.21 (4'537'500) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered JENNIFER LAW outperform 5 M 81 12 month 29.04.2013
Deutsche Bank ESTHER CHWEI buy 5 M 84 12 month 29.04.2013
Credit Suisse ARJAN VAN VEEN outperform 5 M 83 Not Provided 29.04.2013
Jefferies BARON NIE buy 5 M 83 12 month 29.04.2013
DBS Vickers PING CHENG buy 5 M 79 12 month 29.04.2013
BOCOM International Holdings LI WENBING long-term buy 5 M 77 Not Provided 29.04.2013
Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 28.04.2013
Religare Capital Markets STEVEN LAM buy 5 M 74 12 month 27.04.2013
Nomura JESSE WANG neutral 3 M 67 Not Provided 26.04.2013
HSBC JAMES GARNER neutral 3 M 71 Not Provided 25.04.2013
Capital Securities Corp XIE JIYONG buy 5 M 70 Not Provided 15.04.2013
Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 11.04.2013
Goldman Sachs MANCY SUN Buy/Neutral 5 M 80 12 month 18.03.2013
Core Pacific OLIVE XIA buy 5 M 78 12 month 18.03.2013
Bank of China International SUN PENG hold 3 N 65 Not Provided 15.03.2013
UOB Kay Hian EDMOND LAW buy 5 M 84 Not Provided 15.03.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 76 Not Provided 15.03.2013
ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 15.03.2013
JPMorgan CHAN BAO LING overweight 5 M 76 6 month 14.03.2013
JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 11.01.2013
Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012
Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012
China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011
Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011
China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009
Holdings By:
Ping An Insurance Group Co of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Overseas Land & Investment Limited, through its subsidiaries, develops and
invests in properties, constructs buildings, invests in treasury securities, and
infrastructure projects. The Company also provides civil engineering,
foundation engineering, and real estate agency and management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.01.2013) 25.60
52-Week Low (18.05.2012) 14.62
Daily Volume
23.7
52-Week High % Change -7.42% Dividend Yield 1.65
52-Week Low % Change 62.07% Beta 1.46
% 52 Week Price Range High/Low 81.32% Equity Float 3'800.68
Shares Out 23.04.2013 8'172.6 Short Int -
193'691.02 1 Yr Total Return 44.06%
Total Debt 59'613.84 YTD Return 2.60%
Preferred Stock 0.0 Adjusted BETA 1.456
Minority Interest 312.8 Analyst Recs 37
Cash and Equivalents 40'880.41 Consensus Rating 4.243
Enterprise Value 212'737.25
Average Volume 5 Day 17'097'940
688 HK EQUITY YTD Change - Average Volume 30 Day 22'690'960
688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 25'145'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
18'892.4 37'321.6 44'313.0 51'332.3 64'580.7 0.0 39'298.6 80'506.4 94'730.4 20'056.0 -
5.45x 3.60x 3.03x 2.53x 3.22x #DIV/0! 0.00x 2.67x 2.21x - -
6'867.9 10'532.8 16'214.3 19'021.7 23'113.1 0.0 0.0 28'118.6 32'904.7 - -
14.98x 12.76x 8.29x 6.83x 8.99x 0.00x 0.00x 7.57x 6.47x - -
5'048.6 7'468.9 12'373.2 15'464.1 18'722.2 0.0 0.0 18'882.5 22'075.6 4'918.0 -
16.64x 17.90x 9.52x 6.87x 10.09x 0.00x 0.00x 10.23x 8.73x - -
EBITDA 23'113.08 Long-Term Rating Date 22.04.2013
EBIT 23'060.58 Long-Term Rating BBB+
Operating Margin 35.71% Long-Term Outlook STABLE
Pretax Margin 45.56% Short-Term Rating Date -
Return on Assets 9.23% Short-Term Rating -
Return on Common Equity 23.57%
Return on Capital 14.49% EBITDA/Interest Exp. 12.82
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 11.87
Net Debt/EBITDA 0.81
Gross Margin 41.8% Total Debt/EBITDA 2.58
EBITDA Margin 35.8%
EBIT Margin 35.7% Total Debt/Equity 68.3%
Net Income Margin 29.0% Total Debt/Capital 40.5%
Asset Turnover 0.32
Current Ratio 2.15 Net Fixed Asset Turnover 3.01
Quick Ratio 0.51 Accounts receivable turnover-days 9.27
Debt to Assets 25.94% Inventory Days 990.32
Tot Debt to Common Equity 68.33% Accounts Payable Turnover Day 81.19
Accounts Receivable Turnover 39.50 Cash Conversion Cycle 918.39
Inventory Turnover 0.37
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Overseas Land & Investment LtdPrice/Volume
Valuation Analysis
13'286'925.00
Current Price (5/dd/yy) Market Data
,
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50'000.0
60'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA OVERSEAS HOLDI n/a EXCH 3'837'380'380 46.95 - 31.12.2012 Government
SILVER LOT DEVELOPME n/a EXCH 509'136'928 6.23 - 31.12.2012 Other
JP MORGAN n/a ULT-AGG 469'773'048 5.75 (578'000) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 301'486'252 3.69 - 17.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 204'330'320 2.5 (554'000) 29.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (155'321'624) -1.9 - 17.05.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 148'531'969 1.82 - 29.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 127'037'698 1.55 (51'285'262) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 113'867'052 1.39 (5'937'800) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 70'402'356 0.86 (9'309'000) 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 60'432'000 0.74 34'412'000 31.12.2012 Investment Advisor
EUROPEAN INVESTORS I n/a Research 53'716'230 0.66 (738'720) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 50'816'788 0.62 (1'887'426) 30.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 32'904'874 0.4 - 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 26'955'652 0.33 (6'276'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 21'020'954 0.26 (12'847'086) 31.12.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 19'638'000 0.24 - 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 19'543'939 0.24 - 30.06.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 18'794'260 0.23 (3'836'000) 31.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'240'491 0.21 (2'007'900) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TONY TSANG buy 5 M 28 12 month 30.04.2013
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 31 12 month 29.04.2013
Jefferies CHRISTIE JU buy 5 M 28 12 month 23.04.2013
Standard Chartered RAYMOND CHENG underperform 1 M 23 12 month 22.04.2013
Nomura ALVIN WONG buy 5 M 24 Not Provided 22.04.2013
Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 21 12 month 19.04.2013
CIMB JOHNSON HU outperform 5 M 26 12 month 19.04.2013
SWS Research Co Ltd KRIS LI neutral 3 M 25 Not Provided 19.04.2013
JPMorgan LUCIA KWONG neutral 3 M 23 6 month 18.04.2013
Ji Asia WU GONGLIANG buy 5 U 25 12 month 11.04.2013
DBS Vickers CAROL WU buy 5 M 25 12 month 10.04.2013
Credit Suisse JINSONG DU neutral 3 M 21 Not Provided 09.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.03.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 27 12 month 25.03.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 24 Not Provided 19.03.2013
KGI Securities ALICE JI outperform 5 M 24 12 month 19.03.2013
Mizuho Securities ALAN JIN buy 5 M 28 12 month 19.03.2013
Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 24 6 month 19.03.2013
UOB Kay Hian SYLVIA WONG buy 5 M 25 Not Provided 19.03.2013
Mirae Asset Securities STEPHANIE LAU hold 3 M 23 12 month 19.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 23 Not Provided 19.03.2013
Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 22 12 month 18.03.2013
Goldman Sachs WANG YI neutral/attractive 3 M 25 12 month 18.03.2013
HSBC MICHELLE KWOK overweight 5 M 31 Not Provided 18.03.2013
Bank of China International CHRISTINA NGAI hold 3 M 20 Not Provided 18.03.2013
China International Capital Corp ERIC YU ZHANG buy 5 M 26 12 month 18.03.2013
Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 26 Not Provided 07.03.2013
CCB International Securities Ltd EDISON BIAN outperform 5 M 27 Not Provided 06.03.2013
Barclays WENDY LUO equalweight 3 M 24 Not Provided 28.02.2013
Guotai Junan DONALD YU buy 5 M 26 Not Provided 04.01.2013
Maybank Kim Eng IVAN CHEUNG hold 3 M 20 12 month 27.09.2012
Macquarie DAVID NG neutral 3 D 19 12 month 13.08.2012
Capital Securities Corp LANTIS LI strong buy 5 U 25 12 month 27.06.2012
Everbright Securities Co., Ltd TIMOTHY YEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 18 12 month 26.04.2012
Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011
Holdings By:
China Overseas Land & Investment Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Shenhua Energy Company Limited is an integrated coal-based energy company
focusing on the coal and power businesses in China. The Company also owns and
operates an integrated coal transportation network consisting of dedicated rail
lines and port facilities.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.01.2013) 35.45
52-Week Low (07.06.2012) 24.15
Daily Volume
27.45
52-Week High % Change -22.57% Dividend Yield 4.40
52-Week Low % Change 13.66% Beta 1.14
% 52 Week Price Range High/Low 29.20% Equity Float 3'388.20
Shares Out 31.12.2012 3'398.6 Short Int -
518'649.44 1 Yr Total Return -17.12%
Total Debt 87'184.00 YTD Return -19.15%
Preferred Stock 0.0 Adjusted BETA 1.142
Minority Interest 49'968.0 Analyst Recs 38
Cash and Equivalents 55'599.00 Consensus Rating 4.579
Enterprise Value 493'564.07
Average Volume 5 Day 23'945'000
1088 HK EQUITY YTD Change - Average Volume 30 Day 20'929'930
1088 HK EQUITY YTD % CHANGE - Average Volume 3 Month 20'712'090
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
104'416.0 117'526.0 157'662.0 209'225.0 250'260.0 216'800.0 247'274.0 261'915.4 283'379.6 - 73'050.0
3.62x 6.12x 3.31x 2.69x 2.37x 10.30x 6.51x 1.78x 1.60x - -
50'621.0 58'355.0 72'181.0 84'836.0 88'014.0 0.0 0.0 90'119.0 97'119.4 - -
7.47x 12.32x 7.22x 6.64x 6.73x 0.00x 0.00x 5.48x 5.08x - -
25'959.0 30'276.0 38'834.0 45'846.0 48'858.0 45'707.0 48'103.0 48'030.5 50'395.4 - 13'414.0
11.07x 21.98x 14.16x 11.86x 11.12x 11.56x 9.34x 9.02x 8.72x - -
EBITDA 88'014.00 Long-Term Rating Date -
EBIT 69'864.00 Long-Term Rating -
Operating Margin 27.92% Long-Term Outlook -
Pretax Margin 27.18% Short-Term Rating Date -
Return on Assets 11.31% Short-Term Rating -
Return on Common Equity 20.16%
Return on Capital 16.18% EBITDA/Interest Exp. 23.62
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 9.30
Net Debt/EBITDA 0.36
Gross Margin 33.0% Total Debt/EBITDA 0.99
EBITDA Margin 35.2%
EBIT Margin 27.9% Total Debt/Equity 34.0%
Net Income Margin 19.5% Total Debt/Capital 22.1%
Asset Turnover 0.58
Current Ratio 1.05 Net Fixed Asset Turnover 0.86
Quick Ratio 0.72 Accounts receivable turnover-days 24.60
Debt to Assets 19.06% Inventory Days 30.66
Tot Debt to Common Equity 33.98% Accounts Payable Turnover Day 58.40
Accounts Receivable Turnover 14.88 Cash Conversion Cycle -3.13
Inventory Turnover 11.94
Fiscal Year Ended
China Shenhua Energy Co LtdPrice/Volume
Valuation Analysis
20'268'046.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 414'875'747 12.21 576'500 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 347'037'088 10.21 (84'000) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 103'944'802 3.06 (3'769'900) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 54'365'630 1.6 4'738'430 28.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 45'577'836 1.34 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 43'714'586 1.29 (1'570'272) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'966'199 1.09 (4'176'671) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 34'709'000 1.02 - 28.02.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 34'314'000 1.01 2'826'000 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 28'516'400 0.84 5'285'500 29.04.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 25'480'000 0.75 (84'000) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'821'025 0.73 - 31.01.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 21'245'036 0.63 1'855'500 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19'010'000 0.56 6'685'000 14.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 18'997'500 0.56 7'731'826 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'519'000 0.52 32'500 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 16'085'130 0.47 (4'556'500) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 15'011'804 0.44 (230'000) 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'945'000 0.38 (974'500) 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 12'043'500 0.35 - 30.06.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JAMES KAN buy 5 M 31 12 month 29.04.2013
Credit Suisse TRINA CHEN outperform 5 M 40 Not Provided 29.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 36 Not Provided 29.04.2013
Bank of China International LAWRENCE LAU buy 5 M 36 Not Provided 29.04.2013
Haitong International Securities CHO FOOK TAT hold 3 D 36 Not Provided 29.04.2013
DBS Vickers JUNE NG buy 5 M 36 12 month 29.04.2013
UOB Kay Hian HELEN LAU buy 5 M 35 Not Provided 29.04.2013
Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 28.04.2013
JPMorgan DANIEL KANG overweight 5 M 35 12 month 28.04.2013
Barclays EPHREM RAVI overweight 5 M 40 Not Provided 26.04.2013
Guotai Junan LEO WU buy 5 U 35 Not Provided 24.04.2013
ABC International MARK YIBIAO CHEN buy 5 M 33 12 month 22.04.2013
Jefferies LABAN YU hold 3 U 25 12 month 18.04.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 33 12 month 11.04.2013
Macquarie MATTY ZHAO neutral 3 M 30 12 month 10.04.2013
HSBC SIMON FRANCIS overweight 5 M 37 Not Provided 25.03.2013
BNP Paribas Equity Research JAMES CLARKE buy 5 M 37 12 month 25.03.2013
Mirae Asset Securities SHIRLEY ZHAO buy 5 M 40 12 month 25.03.2013
Core Pacific KENNY CHEUNG buy 5 M 39 12 month 25.03.2013
BOCOM International Holdings HE WEI buy 5 U 36 Not Provided 25.03.2013
China International Capital Corp CAI HONGYU buy 5 M 37 12 month 24.03.2013
Standard Chartered CHEN YAN outperform 5 M 37 12 month 18.03.2013
Nomura JOSEPH C LAM neutral 3 M 30 Not Provided 15.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 38 Not Provided 19.11.2012
Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 05.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 34 Not Provided 30.10.2012
Masterlink Securities LI XIN buy 5 M 39 6 month 30.10.2012
Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 29.10.2012
Ji Asia SAMUEL THAWLEY neutral 3 D #N/A N/A Not Provided 29.10.2012
KGI Securities FLANNERY HUEI-CHEN neutral 3 M 36 12 month 13.08.2012
ICBC International Securities ANNA YU buy 5 M 33 Not Provided 16.07.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 16.07.2012
GuoSen Securities Co Ltd DAVID LAM buy 5 M 38 12 month 14.05.2012
SWS Research Co Ltd HUANG ZHE neutral 3 M 35 Not Provided 13.04.2012
Cinda Securities Ltd CASTOR PANG buy 5 N 35 Not Provided 07.07.2010
Holdings By:
China Shenhua Energy Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Want Want China Holdings Limited manufactures and trades rice crackers, snack
food, beverages, and packing materials. The Company also manufactures wheat,
flour, and raw materials for the manufacture of snack foods. Most of the
company's production facilities are located in China and Taiwan.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (26.04.2013) 12.52
52-Week Low (16.05.2012) 8.56
Daily Volume
12.3
52-Week High % Change -1.76% Dividend Yield 1.80
52-Week Low % Change 43.69% Beta 0.64
% 52 Week Price Range High/Low 94.44% Equity Float 5'608.11
Shares Out 31.03.2013 13'227.7 Short Int -
162'701.20 1 Yr Total Return 31.64%
Total Debt 1'003.00 YTD Return 15.17%
Preferred Stock 0.0 Adjusted BETA 0.643
Minority Interest 8.1 Analyst Recs 34
Cash and Equivalents 1'499.21 Consensus Rating 3.471
Enterprise Value 20'476.91
Average Volume 5 Day 11'611'730
151 HK EQUITY YTD Change - Average Volume 30 Day 12'390'410
151 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'202'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
1'553.9 1'710.9 2'244.1 2'946.5 3'358.7 0.0 510.7 4'100.6 4'879.2 - -
3.45x 5.22x 5.04x 4.34x 5.28x #DIV/0! 0.00x 4.97x 4.14x - -
333.9 398.6 500.1 594.0 809.2 0.0 110.1 972.4 1'152.2 - -
16.04x 22.39x 22.63x 21.52x 21.92x 0.00x 0.00x 21.06x 17.77x - -
262.7 312.6 358.4 419.5 553.8 0.0 73.6 680.0 804.3 - -
20.71x 29.60x 32.33x 31.48x 32.89x 0.00x 0.00x 31.08x 25.98x - -
EBITDA 809.16 Long-Term Rating Date -
EBIT 721.33 Long-Term Rating -
Operating Margin 21.48% Long-Term Outlook -
Pretax Margin 22.30% Short-Term Rating Date -
Return on Assets 16.82% Short-Term Rating -
Return on Common Equity 37.86%
Return on Capital 22.73% EBITDA/Interest Exp. 58.74
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 41.07
Net Debt/EBITDA -0.61
Gross Margin 39.5% Total Debt/EBITDA 1.24
EBITDA Margin 24.1%
EBIT Margin 21.5% Total Debt/Equity 62.9%
Net Income Margin 16.5% Total Debt/Capital 38.5%
Asset Turnover 1.02
Current Ratio 1.92 Net Fixed Asset Turnover 3.08
Quick Ratio 1.41 Accounts receivable turnover-days 17.75
Debt to Assets 28.98% Inventory Days 78.50
Tot Debt to Common Equity 62.87% Accounts Payable Turnover Day 38.93
Accounts Receivable Turnover 20.61 Cash Conversion Cycle 57.33
Inventory Turnover 4.66
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Want Want China Holdings LtdPrice/Volume
Valuation Analysis
8'761'589.00
Current Price (5/dd/yy) Market Data
,
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1
3
5
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENG-MENG TSAI n/a Co File 6'343'843'100 47.96 - 31.12.2011 n/a
IWATSUKA CONFECTIONE n/a Co File 616'434'480 4.66 - 31.03.2012 Corporation
MR BIG LTD n/a EXCH 299'490'000 2.26 - 10.04.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 239'496'992 1.81 - 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 198'078'213 1.5 1'868'159 31.03.2013 Investment Advisor
WEN-HSIEN CHENG n/a EXCH 158'644'640 1.2 19'150 10.04.2012 n/a
BLACKROCK n/a ULT-AGG 152'712'117 1.15 16'645'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 123'186'206 0.93 (40'202'163) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 117'297'000 0.89 17'631'000 31.03.2013 Investment Advisor
TSAI WANG-CHIA n/a EXCH 100'031'500 0.76 10'500 10.04.2012 n/a
SHAO-CHUNG TSAI n/a Co File 100'000'000 0.76 - 31.12.2011 n/a
STATE STREET n/a ULT-AGG 88'321'724 0.67 (1'856'452) 30.04.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 59'260'033 0.45 - 29.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 37'007'217 0.28 2'865'000 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 34'775'240 0.26 - 30.06.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 34'606'000 0.26 4'446'000 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 17'299'000 0.13 715'000 30.04.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 16'574'000 0.13 1'007'000 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 16'361'100 0.12 3'216'100 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'937'146 0.12 (426'854) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JESSIE GUO underperform 1 M 9 12 month 16.04.2013
Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 D 12 12 month 11.04.2013
SWS Research Co Ltd SEAN ZHANG outperform 5 M 12 Not Provided 08.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 8 12 month 05.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 12 Not Provided 28.03.2013
Nomura EMMA LIU neutral 3 M 11 Not Provided 27.03.2013
First Shanghai Securities Ltd PATRICK WONG hold 3 M 13 12 month 11.03.2013
China International Capital Corp FEIYANG YUAN hold 3 M 12 12 month 08.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 08.03.2013
Standard Chartered CHARLES YAN in-line 3 M 11 12 month 06.03.2013
KGI Securities ANSON CHAN neutral 3 D 12 12 month 06.03.2013
Bank of China International LI YAN hold 3 M 12 Not Provided 06.03.2013
Maybank Kim Eng JACQUELINE KO sell 1 M 10 12 month 06.03.2013
Citic Securities Co., Ltd MOHAN SINGH hold 3 M 12 6 month 06.03.2013
UOB Kay Hian TAI RENEE hold 3 M 11 Not Provided 06.03.2013
Oriental Patron Securities Ltd TRACY SUN hold 3 M 11 12 month 06.03.2013
Religare Capital Markets KA LEONG LO hold 3 D 12 12 month 06.03.2013
BOCOM International Holdings SUMMER WANG neutral 3 M 11 Not Provided 06.03.2013
Barclays VINEET SHARMA equalweight 3 M 10 Not Provided 06.03.2013
Goldman Sachs LISA DENG Buy/Neutral 5 M 13 12 month 05.03.2013
Credit Suisse KEVIN YIN neutral 3 M 12 Not Provided 05.03.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 10 6 month 05.03.2013
DBS Vickers TITUS WU fully valued 2 D 10 12 month 05.03.2013
CIMB Yang Lei outperform 5 M 13 12 month 05.03.2013
CCB International Securities Ltd FORREST CHAN outperform 5 M 12 Not Provided 05.03.2013
HSBC CHRISTOPHER K LEUNG overweight 5 U 12 Not Provided 25.02.2013
Macquarie LINDA HUANG outperform 5 M 12 12 month 08.02.2013
Haitong International Securities GLORIA WANG buy 5 M 11 12 month 29.10.2012
Capital Securities Corp TEAM COVERAGE hold 3 M 10 Not Provided 05.09.2012
ICBC International Securities ALEX CHENG buy 5 M 11 Not Provided 06.07.2012
Everbright Securities Co., Ltd DONGLIANG CHANG hold 3 N 7 6 month 21.07.2011
Phillip Securities BING WANG hold 3 D 7 12 month 17.03.2011
Holdings By:
Want Want China Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Agricultural Bank of China Limited provides a full range of commercial banking
services. The Banks services includes RMB and foreign currency deposit, loan,
international and domestic settlement, bill discount, currency trading, bank
guarantee, and treasury bill underwriting.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 4.44
52-Week Low (06.09.2012) 2.72
Daily Volume
3.71
52-Week High % Change -16.44% Dividend Yield -
52-Week Low % Change 36.40% Beta 1.32
% 52 Week Price Range High/Low 57.56% Equity Float 30'738.82
Shares Out 28.02.2013 30'738.8 Short Int -
1'109'782.00 1 Yr Total Return 6.07%
Total Debt 1'293'154.00 YTD Return -3.13%
Preferred Stock 0.0 Adjusted BETA 1.318
Minority Interest 1'539.0 Analyst Recs 39
Cash and Equivalents 3'913'344.00 Consensus Rating 4.231
Enterprise Value -
Average Volume 5 Day #########
1288 HK EQUITY YTD Change - Average Volume 30 Day #########
1288 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
335'717.0 339'235.0 409'295.0 547'924.0 649'877.0 584'132.0 491'372.0 469'749.8 525'491.8 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
51'474.0 64'992.0 94'873.0 121'927.0 145'094.0 131'314.0 148'651.0 161'471.3 178'867.7 - -
- - 10.02x 7.13x 6.85x 6.59x 6.60x 5.92x 5.36x - -
EBITDA - Long-Term Rating Date 17.12.2012
EBIT - Long-Term Rating A
Operating Margin 43.92% Long-Term Outlook STABLE
Pretax Margin 44.15% Short-Term Rating Date 17.12.2012
Return on Assets 1.16% Short-Term Rating A-1
Return on Common Equity 20.74%
Return on Capital 7.56% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 172.5%
Net Income Margin 34.1% Total Debt/Capital 63.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.05
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.76% Inventory Days -
Tot Debt to Common Equity 172.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Agricultural Bank of China LtdPrice/Volume
Valuation Analysis
104'265'581.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
200'000.0
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400'000.0
500'000.0
600'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a Co File 6'816'775'000 22.18 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 3'353'871'000 10.91 - 17.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'098'348'896 10.08 (13'061'130) 29.04.2013 Investment Advisor
CITIGROUP INCORPORAT #N/A N/A EXCH 2'362'586'953 7.69 - 23.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'475'884'382 4.8 2'522'000 12.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 1'153'222'513 3.75 - 11.10.2011 Investment Advisor
DEUTSCHE BANK AG n/a Short (1'024'915'664) -3.33 - 11.10.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 587'198'703 1.91 4'351'300 31.03.2013 Investment Advisor
CITIGROUP INCORPORAT n/a Short (326'678'566) -1.06 - 23.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 241'589'460 0.79 269'000 31.07.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 199'342'531 0.65 - 30.06.2012 Investment Advisor
SEB n/a ULT-AGG 149'071'000 0.48 36'368'000 28.03.2013 Unclassified
PICTET & CIE Multiple Portfolios MF-AGG 101'947'000 0.33 (37'484'000) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 100'084'046 0.33 (78'575'820) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 90'436'328 0.29 - 30.04.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 83'685'000 0.27 46'884'000 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 71'629'500 0.23 2'591'000 31.03.2013 Unclassified
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 71'103'000 0.23 - 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 67'187'000 0.22 (24'861'000) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 65'270'000 0.21 1'571'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 4 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 5 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 5 12 month 30.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 29.04.2013
Jefferies TAN MING buy 5 M 5 12 month 29.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 5 Not Provided 29.04.2013
BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 Not Provided 29.04.2013
JPMorgan KATHERINE LEI neutral 3 M 4 12 month 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 5 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG sell 1 M 2 12 month 27.04.2013
Nomura LUCY FENG buy 5 M 5 Not Provided 26.04.2013
ABC International JOHANNES AU buy 5 M 6 12 month 12.04.2013
Guotai Junan WILSON LI accumulate 4 N 4 Not Provided 09.04.2013
HSBC TODD DUNIVANT underweight 1 M 3 Not Provided 07.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 27.03.2013
Mizuho Securities JIM ANTOS neutral 3 M 4 12 month 27.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 4 12 month 27.03.2013
UOB Kay Hian EDMOND LAW buy 5 M 5 Not Provided 27.03.2013
Mirae Asset Securities NAN LI hold 3 M 3 12 month 27.03.2013
Core Pacific TIMOTHY LI buy 5 M 5 12 month 27.03.2013
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 4 12 month 26.03.2013
Barclays MAY YAN equalweight 3 M 4 Not Provided 27.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 5 12 month 25.02.2013
ICBC International Securities IVAN LIN buy 5 M 5 Not Provided 20.02.2013
Bank of China International YUAN LIN buy 5 M 4 Not Provided 29.01.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 5 Not Provided 22.01.2013
Masterlink Securities RAINY YUAN buy 5 U 5 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 06.12.2012
CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 4 12 month 22.11.2012
Phillip Securities CHEN XINGYU accumulate 4 D 4 12 month 07.11.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 3 Not Provided 29.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 29.10.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Holdings By:
Agricultural Bank of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Merchants Bank Co., Ltd. provides a wide range of commercial banking
services including deposit, loan, bill discount, government bonds underwriting
and trading, interbank lending, letter of credit, bank guarantee, and other
related services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 19.02
52-Week Low (06.09.2012) 12.02
Daily Volume
16.54
52-Week High % Change -13.04% Dividend Yield 4.79
52-Week Low % Change 37.60% Beta 1.50
% 52 Week Price Range High/Low 64.57% Equity Float 3'910.48
Shares Out 31.12.2012 3'910.5 Short Int -
334'877.69 1 Yr Total Return 1.66%
Total Debt 610'425.00 YTD Return -3.27%
Preferred Stock 0.0 Adjusted BETA 1.503
Minority Interest 73.0 Analyst Recs 39
Cash and Equivalents 962'670.00 Consensus Rating 3.692
Enterprise Value -
Average Volume 5 Day 20'926'400
3968 HK EQUITY YTD Change - Average Volume 30 Day 20'548'950
3968 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19'182'440
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
82'401.0 78'480.0 100'188.0 142'837.0 176'522.0 154'124.0 133'367.0 127'112.3 144'881.8 31'377.0 31'917.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
21'077.0 18'235.0 25'769.0 36'129.0 45'273.0 38'961.0 46'652.0 46'691.5 51'390.3 13'157.0 13'382.0
8.50x 19.00x 10.41x 7.11x 6.55x 6.60x 5.86x 6.41x 5.97x - -
EBITDA - Long-Term Rating Date 06.12.2011
EBIT - Long-Term Rating BBB+
Operating Margin 51.49% Long-Term Outlook STABLE
Pretax Margin 51.89% Short-Term Rating Date 15.04.2010
Return on Assets 1.46% Short-Term Rating A-2
Return on Common Equity 24.78%
Return on Capital 6.75% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 304.6%
Net Income Margin 39.4% Total Debt/Capital 75.3%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 9.38
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.91% Inventory Days -
Tot Debt to Common Equity 304.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Merchants Bank Co LtdPrice/Volume
Valuation Analysis
21'450'208.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 496'299'325 12.69 (902'442) 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 473'403'645 12.11 1'496'000 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 336'691'400 8.61 220'000 22.04.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 122'743'266 3.14 5'573'000 31.01.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 106'354'717 2.72 254'000 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 94'671'177 2.42 - 24.02.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (64'631'275) -1.65 - 24.02.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 60'670'080 1.55 (7'273'813) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 47'204'921 1.21 (6'928'806) 31.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 47'160'464 1.21 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 40'824'500 1.04 40'824'500 14.09.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 33'923'330 0.87 - 30.06.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 22'143'513 0.57 (1'879) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 19'083'804 0.49 (644'855) 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'595'016 0.42 11'500 30.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 14'053'714 0.36 (1'000'000) 28.02.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'236'000 0.31 11'190'500 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 12'046'500 0.31 11'329'500 28.02.2013 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 10'036'500 0.26 (13'200'000) 30.06.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 9'712'545 0.25 - 31.12.2010 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL WERNER underperform 1 M 16 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 23 12 month 30.04.2013
Bank of China International YUAN LIN buy 5 M 21 Not Provided 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 20 12 month 30.04.2013
Deutsche Bank TRACY YU buy 5 M 19 12 month 29.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 18 Not Provided 29.04.2013
Jefferies TAN MING buy 5 M 19 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 20 Not Provided 29.04.2013
CCB International Securities Ltd SHENG NAN neutral 3 M 17 Not Provided 29.04.2013
BOCOM International Holdings LI SHANSHAN buy 5 M 20 Not Provided 29.04.2013
JPMorgan KATHERINE LEI neutral 3 M 18 12 month 28.04.2013
CIMB TREVOR KALCIC neutral 3 M 18 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG sell 1 M 10 12 month 27.04.2013
Nomura LUCY FENG buy 5 M 20 Not Provided 26.04.2013
Guotai Junan WILSON LI accumulate 4 M 17 Not Provided 24.04.2013
ABC International JOHANNES AU hold 3 M 21 12 month 12.04.2013
Masterlink Securities RAINY YUAN hold 3 D 19 6 month 09.04.2013
HSBC TODD DUNIVANT neutral 3 M 17 Not Provided 07.04.2013
Mizuho Securities JIM ANTOS neutral 3 U 15 12 month 02.04.2013
UOB Kay Hian EDMOND LAW sell 1 M 16 Not Provided 02.04.2013
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 18 12 month 28.03.2013
Core Pacific TIMOTHY LI hold 3 M 19 12 month 13.03.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 19 Not Provided 04.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 18 Not Provided 04.03.2013
Barclays MAY YAN equalweight 3 M 18 Not Provided 27.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 22 12 month 25.02.2013
ICBC International Securities IVAN LIN hold 3 M 19 Not Provided 20.02.2013
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 20 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 19 Not Provided 09.01.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 16 12 month 06.12.2012
CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 16 12 month 22.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 17 12 month 07.11.2012
Mirae Asset Securities NAN LI hold 3 M 17 12 month 30.10.2012
Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012
Phillip Securities CHEN XINGYU buy 5 M 18 Not Provided 11.06.2012
China International Capital Corp MAO JUNHUA buy 5 U 27 12 month 19.07.2011
Holdings By:
China Merchants Bank Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Hengan International Group Company Limited, through its subsidiaries,
manufactures and sells personal hygiene products such as sanitary napkins and
disposable baby diapers in China. The Company's products are sold under the
Anerle brand name.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (02.05.2012) 83.10
52-Week Low (14.12.2012) 67.00
Daily Volume
80.2
52-Week High % Change -3.49% Dividend Yield 2.12
52-Week Low % Change 19.70% Beta 0.54
% 52 Week Price Range High/Low 81.99% Equity Float 722.34
Shares Out 28.02.2013 1'229.0 Short Int -
98'568.02 1 Yr Total Return -0.45%
Total Debt 11'227.80 YTD Return 14.65%
Preferred Stock 0.0 Adjusted BETA 0.541
Minority Interest 330.0 Analyst Recs 32
Cash and Equivalents 9'544.38 Consensus Rating 3.969
Enterprise Value 100'581.48
Average Volume 5 Day 3'353'648
1044 HK EQUITY YTD Change - Average Volume 30 Day 2'851'863
1044 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'635'035
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
8'001.5 10'833.8 13'431.7 17'050.6 18'524.2 - - 22'547.5 26'851.7 - -
3.63x 6.39x 6.08x 5.20x 4.75x - - 4.41x 3.70x - -
1'767.3 2'897.5 3'203.6 3'559.6 5'317.2 - - 5'988.1 7'102.1 - -
16.46x 23.88x 25.51x 24.90x 16.55x - - 16.80x 14.16x - -
1'340.9 2'117.5 2'438.3 2'648.8 3'518.7 - - 4'137.6 4'940.9 - -
21.25x 32.54x 33.59x 33.63x 24.43x - - 23.88x 20.00x - -
EBITDA 5'317.19 Long-Term Rating Date -
EBIT 4'756.44 Long-Term Rating -
Operating Margin 25.68% Long-Term Outlook -
Pretax Margin 24.50% Short-Term Rating Date -
Return on Assets 13.40% Short-Term Rating -
Return on Common Equity 26.64%
Return on Capital 16.34% EBITDA/Interest Exp. 22.19
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 7.95
Net Debt/EBITDA 0.32
Gross Margin 44.9% Total Debt/EBITDA 2.11
EBITDA Margin 28.7%
EBIT Margin 25.7% Total Debt/Equity 79.8%
Net Income Margin 19.0% Total Debt/Capital 43.8%
Asset Turnover 0.71
Current Ratio 1.50 Net Fixed Asset Turnover 2.03
Quick Ratio 1.05 Accounts receivable turnover-days 37.18
Debt to Assets 38.45% Inventory Days 121.26
Tot Debt to Common Equity 79.75% Accounts Payable Turnover Day 60.71
Accounts Receivable Turnover 9.85 Cash Conversion Cycle 97.72
Inventory Turnover 3.02
Fiscal Year Ended
Hengan International Group Co LtdPrice/Volume
Valuation Analysis
3'033'886.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TIN LEE INVESTMENTS n/a EXCH 228'228'999 18.57 - 27.07.2012 Investment Advisor
AN PING INVESTMENTS n/a EXCH 224'669'751 18.28 - 27.07.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 62'114'710 5.05 (21'000) 10.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 38'333'162 3.12 (1'204'990) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'459'500 1.99 2'968'500 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'309'088 1.65 28'895 31.03.2013 Investment Advisor
SKYFUL HOLDINGS LTD n/a Co File 17'270'000 1.41 - 31.12.2011 Holding Company
CHUN MAN XU n/a EXCH 16'167'445 1.32 - 27.07.2012 n/a
BLACKROCK n/a ULT-AGG 16'059'965 1.31 (776'500) 29.04.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 13'994'000 1.14 858'500 31.01.2013 Bank
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'658'500 0.95 (241'500) 31.12.2012 Investment Advisor
GO-AHEAD GROUP LTD n/a EXCH 10'000'000 0.81 - 21.07.2011 Other
STATE STREET n/a ULT-AGG 8'839'854 0.72 (380'234) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'489'300 0.69 2'032'800 31.03.2013 Investment Advisor
WAN LI CO LTD n/a EXCH 7'000'000 0.57 - 27.07.2012 Holding Company
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'901'521 0.48 - 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 4'844'500 0.39 (43'000) 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 4'003'500 0.33 - 31.12.2010 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 3'820'532 0.31 - 30.06.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 3'708'000 0.3 (898'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Guotai Junan SUNNY KWOK accumulate 4 U 85 Not Provided 29.04.2013
Religare Capital Markets KA LEONG LO buy 5 M 89 12 month 29.04.2013
Bank of China International TIFFANY FENG hold 3 M 76 Not Provided 25.04.2013
Maybank Kim Eng JACQUELINE KO buy 5 M 91 12 month 25.04.2013
Sun Hung Kai Securities STUWART CHEN buy 5 N 93 12 month 25.04.2013
SWS Research Co Ltd SEAN ZHANG outperform 5 M 82 Not Provided 25.04.2013
Goldman Sachs LISA DENG Sell/Neutral 1 M 76 12 month 23.04.2013
Ji Asia WU GONGLIANG sell 1 M 66 12 month 23.04.2013
Nomura EMMA LIU buy 5 M 98 Not Provided 19.04.2013
Daiwa Securities Co. Ltd. CRIS XU buy 5 M 90 Not Provided 16.04.2013
Deutsche Bank ANNE LING buy 5 M 84 12 month 09.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN hold 3 M 70 12 month 05.04.2013
Macquarie JAMIE ZHOU outperform 5 M 90 12 month 27.03.2013
DBS Vickers PATRICIA YEUNG buy 5 M 82 12 month 27.03.2013
CIMB Yang Lei outperform 5 M 84 12 month 27.03.2013
China International Capital Corp XUE GUAN buy 5 M 88 12 month 27.03.2013
JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013
BOCOM International Holdings SUMMER WANG buy 5 M 85 Not Provided 27.03.2013
Credit Suisse KEVIN YIN outperform 5 M 85 Not Provided 26.03.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 64 6 month 26.03.2013
HSBC WALDEN SHING neutral 3 D 82 Not Provided 26.03.2013
CCB International Securities Ltd FORREST CHAN outperform 5 M 82 Not Provided 26.03.2013
Barclays VINEET SHARMA overweight 5 M 83 Not Provided 26.03.2013
Capital Securities Corp LANTIS LI hold 3 D 84 12 month 22.03.2013
Standard Chartered JUNTUNG WU in-line 3 M 75 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
UOB Kay Hian TOMMY HO buy 5 U 90 Not Provided 03.01.2013
First Shanghai Securities Ltd WANG SHIZHEN hold 3 M 78 12 month 30.08.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
Citic Securities Co., Ltd ERIC NG sell 1 D 54 6 month 31.08.2011
Industrial Securities LUO YAMEI buy 5 N #N/A N/A Not Provided 03.08.2010
Holdings By:
Hengan International Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Belle International Holdings Limited retails woman's footwear. The Company
operates retail stores in the Peoples Republic of China, Hong Kong, Macau, and
the United States.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (19.02.2013) 18.58
52-Week Low (04.06.2012) 11.80
Daily Volume
12.66
52-Week High % Change -31.86% Dividend Yield 1.59
52-Week Low % Change 7.29% Beta 1.04
% 52 Week Price Range High/Low 12.68% Equity Float 4'475.75
Shares Out 31.12.2012 8'434.2 Short Int -
106'777.39 1 Yr Total Return -15.58%
Total Debt 2'176.30 YTD Return -24.73%
Preferred Stock 0.0 Adjusted BETA 1.038
Minority Interest 142.9 Analyst Recs 37
Cash and Equivalents 8'421.90 Consensus Rating 3.486
Enterprise Value 78'720.97
Average Volume 5 Day 22'893'250
1880 HK EQUITY YTD Change - Average Volume 30 Day 34'967'900
1880 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32'688'040
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
17'855.8 19'761.6 23'705.9 28'944.7 32'859.0 - - 37'952.8 43'298.4 - -
1.28x 3.17x 3.75x 3.04x 3.29x - - 2.09x 1.77x - -
2'867.7 3'465.1 4'642.1 6'034.6 6'303.0 - - 6'924.1 7'982.2 - -
7.96x 18.07x 19.14x 14.57x 17.14x - - 11.37x 9.86x - -
2'010.4 2'533.5 3'424.5 4'254.6 4'352.3 - - 4'842.5 5'541.2 - -
12.57x 26.56x 27.44x 21.77x 26.22x - - 17.52x 15.26x - -
EBITDA 6'303.00 Long-Term Rating Date -
EBIT 5'396.80 Long-Term Rating -
Operating Margin 16.42% Long-Term Outlook -
Pretax Margin 17.28% Short-Term Rating Date -
Return on Assets 16.04% Short-Term Rating -
Return on Common Equity 20.80%
Return on Capital 18.85% EBITDA/Interest Exp. 154.86
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 117.51
Net Debt/EBITDA -1.04
Gross Margin 56.6% Total Debt/EBITDA 0.36
EBITDA Margin 18.2%
EBIT Margin 15.5% Total Debt/Equity 9.7%
Net Income Margin 13.2% Total Debt/Capital 8.8%
Asset Turnover 1.21
Current Ratio 3.35 Net Fixed Asset Turnover 7.60
Quick Ratio 1.97 Accounts receivable turnover-days 32.75
Debt to Assets 7.61% Inventory Days 173.87
Tot Debt to Common Equity 9.71% Accounts Payable Turnover Day 29.74
Accounts Receivable Turnover 11.18 Cash Conversion Cycle 176.88
Inventory Turnover 2.11
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Belle International Holdings LtdPrice/Volume
Valuation Analysis
16'862'784.00
Current Price (5/dd/yy) Market Data
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35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PROFIT LEADER HOLDIN n/a EXCH 2'627'500'000 31.15 - 28.12.2012 Holding Company
JP MORGAN n/a ULT-AGG 626'211'181 7.42 37'501'905 05.04.2013 Investment Advisor
HANDY LTD n/a Co File 580'877'000 6.89 - 31.12.2011 Corporation
ESSEN WORLDWIDE HLDG n/a Co File 573'373'000 6.8 - 31.12.2011 Other
BLACKROCK n/a ULT-AGG 234'893'624 2.79 759'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 153'350'528 1.82 (840'383) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 145'918'648 1.73 (45'225'376) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 110'590'000 1.31 - 31.03.2013 Investment Advisor
TANG WING SZE n/a EXCH 81'842'500 0.97 - 20.09.2011 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 79'369'000 0.94 14'921'000 31.03.2013 Investment Advisor
BAIJIAO SHENG n/a Co File 75'000'000 0.89 - 31.12.2011 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 62'829'000 0.74 567'000 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 58'384'000 0.69 - 31.01.2013 Bank
STATE STREET n/a ULT-AGG 51'383'644 0.61 (2'150'437) 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 31'477'490 0.37 (637'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 30'470'000 0.36 (242'000) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'519'000 0.34 (814'000) 30.04.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 27'379'000 0.32 - 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 23'657'698 0.28 (1'855'070) 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 22'186'687 0.26 - 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BOCOM International Holdings PHOEBE WONG neutral 3 M 12 Not Provided 25.04.2013
Deutsche Bank ANNE LING hold 3 M 15 12 month 22.04.2013
Everbright Securities Co., Ltd TEAM COVERAGE buy 5 M 16 6 month 19.04.2013
BNP Paribas Equity Research SARAH LIU hold 3 M 14 12 month 17.04.2013
Nomura EMMA LIU neutral 3 M 16 Not Provided 16.04.2013
Kingsway SW Securities STEVE CHOW buy 5 M 15 Not Provided 16.04.2013
Credit Suisse KEVIN YIN outperform 5 M 17 Not Provided 15.04.2013
KGI Securities FLANNERY HUEI-CHEN neutral 3 M 14 12 month 09.04.2013
Haitong International Securities WANG ELYSE hold 3 M 14 12 month 09.04.2013
DBS Vickers ALICE HUI hold 3 M 14 12 month 09.04.2013
China International Capital Corp HAIYAN GUO buy 5 M 15 12 month 09.04.2013
Morgan Stanley ROBERT LIN Overwt/Attractive 5 M 18 12 month 08.04.2013
First Shanghai Securities Ltd TRACY CHENG buy 5 M 16 12 month 02.04.2013
Macquarie LINDA HUANG outperform 5 M 15 12 month 28.03.2013
Capital Securities Corp LIU HUI hold 3 M 14 Not Provided 27.03.2013
SWS Research Co Ltd JOYCE JIA neutral 3 M 12 Not Provided 27.03.2013
Guotai Junan JERRY PENG buy 5 M 17 Not Provided 27.03.2013
UOB Kay Hian KEN LEE sell 1 M 11 Not Provided 27.03.2013
Standard Chartered EMILY LEE outperform 5 M 17 12 month 26.03.2013
Goldman Sachs CAROLINE LI buy/attractive 5 M 18 12 month 26.03.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 13 6 month 26.03.2013
HSBC CHRIS ZEE underweight 1 D 10 Not Provided 26.03.2013
CIMB KATHERINE CHAN neutral 3 U 13 12 month 26.03.2013
Mizuho Securities PETER TANG neutral 3 M 14 12 month 26.03.2013
Daiwa Securities Co. Ltd. BING ZHOU underperform 1 M 13 Not Provided 26.03.2013
CCB International Securities Ltd FORREST CHAN neutral 3 M 14 Not Provided 26.03.2013
Barclays CANDY HUANG overweight 5 M 17 Not Provided 26.03.2013
Mirae Asset Securities JANEY DILLON buy 5 M 18 12 month 25.03.2013
GuoSen Securities Co Ltd MAGGIE ZHENG neutral 3 N 16 12 month 19.03.2013
Ji Asia YUANYUAN JI sell 1 M 10 12 month 23.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 18 Not Provided 14.01.2013
ABC International JUDY HU sell 1 N 13 12 month 10.05.2012
Holdings By:
Belle International Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Pacific Insurance (Group) Company, Ltd. is an integrated insurance
services provider. The Company offers life and property insurance products
through its subsidiaries.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (18.01.2013) 32.50
52-Week Low (04.06.2012) 21.25
Daily Volume
27.9
52-Week High % Change -14.15% Dividend Yield 1.58
52-Week Low % Change 31.29% Beta 1.31
% 52 Week Price Range High/Low 59.11% Equity Float 1'855.18
Shares Out 31.03.2013 2'775.3 Short Int -
225'893.73 1 Yr Total Return 12.10%
Total Debt 65'643.00 YTD Return -2.62%
Preferred Stock 0.0 Adjusted BETA 1.310
Minority Interest 1'392.0 Analyst Recs 31
Cash and Equivalents 23'875.00 Consensus Rating 4.452
Enterprise Value 70'638.38
Average Volume 5 Day 9'319'741
2601 HK EQUITY YTD Change - Average Volume 30 Day 11'390'150
2601 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'059'160
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
76'135.0 104'175.0 141'127.0 155'446.0 167'146.0 161'973.0 176'042.0 190'418.2 214'649.0 - -
1.02x 1.92x 1.45x 1.21x 1.48x 2.32x 1.95x 1.01x 0.91x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'569.0 7'356.0 8'557.0 8'313.0 5'077.0 5'516.0 6'650.0 9'765.2 11'524.4 - -
33.70x 26.97x 22.90x 19.80x 38.14x 30.08x 24.26x 20.32x 17.11x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 5.01% Long-Term Outlook -
Pretax Margin 3.66% Short-Term Rating Date -
Return on Assets 0.81% Short-Term Rating -
Return on Common Equity 5.87%
Return on Capital 5.01% EBITDA/Interest Exp. -
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 68.3%
Net Income Margin 3.0% Total Debt/Capital 40.2%
Asset Turnover 0.27
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.63% Inventory Days -
Tot Debt to Common Equity 68.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Pacific Insurance Group Co LtdPrice/Volume
Valuation Analysis
6'463'344.00
Current Price (5/dd/yy) Market Data
,
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40'000.0
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120'000.0
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160'000.0
180'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 359'343'092 12.95 - 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 342'508'992 12.34 2'837'200 29.04.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 293'830'400 10.59 - 15.11.2012 Government
NORGES BANK n/a EXCH 231'734'200 8.35 - 14.11.2012 Government
AZ EURO INVESTMENTS n/a EXCH 191'940'303 6.92 - 14.11.2012 Other
BERKOWITZ BRUCE R n/a EXCH 114'665'400 4.13 - 29.11.2011 n/a
CARLYLE HOLDINGS MAU n/a EXCH 113'323'498 4.08 - 10.01.2013 Other
MORGAN STANLEY n/a ULT-AGG 102'535'438 3.69 199'400 31.12.2012 Investment Advisor
PARALLEL INVESTORS H n/a EXCH 90'384'102 3.26 - 10.01.2013 Holding Company
ABU DHABI INVESTMENT n/a Research 76'187'483 2.75 55'160'000 14.11.2012 Government
FMR LLC n/a ULT-AGG 70'098'873 2.53 (9'325'373) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 68'629'000 2.47 18'255'200 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'380'548 2.18 6'085'400 31.03.2013 Investment Advisor
ALLIANZ FINANCE II L n/a EXCH 41'517'800 1.5 - 14.11.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 32'735'800 1.18 12'834'000 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 23'541'303 0.85 61'600 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 23'486'806 0.85 - 19.11.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 21'534'400 0.78 (70'000) 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 20'355'800 0.73 - 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 19'039'200 0.69 12'541'800 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp TEAM COVERAGE buy 5 M 32 Not Provided 30.04.2013
Nomura JESSE WANG neutral 3 M 32 Not Provided 26.04.2013
Deutsche Bank ESTHER CHWEI buy 5 M 35 12 month 25.04.2013
Credit Suisse ARJAN VAN VEEN outperform 5 M 38 Not Provided 25.04.2013
HSBC JAMES GARNER overweight 5 M 36 Not Provided 25.04.2013
DBS Vickers PING CHENG hold 3 M 26 12 month 25.04.2013
Religare Capital Markets STEVEN LAM buy 5 M 32 12 month 25.04.2013
BOCOM International Holdings LI WENBING buy 5 M 35 Not Provided 25.04.2013
Standard Chartered JENNIFER LAW outperform 5 M 41 12 month 24.04.2013
Morgan Stanley BEN LIN Overwt/In-Line 5 M 37 12 month 24.04.2013
Jefferies BARON NIE buy 5 M 33 12 month 24.04.2013
China International Capital Corp TANG SHENGBO buy 5 U 33 12 month 09.04.2013
Haitong International Securities CHEN FANNY buy 5 M 38 12 month 27.03.2013
Macquarie SCOTT G RUSSELL outperform 5 M 35 12 month 25.03.2013
UOB Kay Hian EDMOND LAW buy 5 M 36 Not Provided 25.03.2013
Core Pacific OLIVE XIA buy 5 M 29 Not Provided 25.03.2013
CCB International Securities Ltd KENNETH YUE outperform 5 U 30 Not Provided 25.03.2013
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 36 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING overweight 5 M 34 6 month 16.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 30 Not Provided 14.01.2013
ICBC International Securities PIUS CHENG buy 5 M 32 Not Provided 14.12.2012
Bank of China International SUN PENG hold 3 M 25 Not Provided 06.12.2012
Phillip Securities CHEN XINGYU buy 5 M 28 Not Provided 16.11.2012
Goldman Sachs MANCY SUN neutral/neutral 3 D 29 12 month 13.11.2012
Guotai Junan FELIX LUO accumulate 4 M 31 Not Provided 30.10.2012
Masterlink Securities LI YAN buy 5 M 28 Not Provided 07.06.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 08.12.2011
Mirae Asset Securities IVAN CHEUNG buy 5 M 32 12 month 18.10.2011
RBS YANAN WANG buy 5 M 40 12 month 01.08.2011
Holdings By:
China Pacific Insurance Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Telecom Corporation Limited, through its subsidiaries, provides wireline
telephone, data, and Internet, as well as leased line services in China.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 4.92
52-Week Low (05.06.2012) 3.23
Daily Volume
3.96
52-Week High % Change -19.51% Dividend Yield -
52-Week Low % Change 22.60% Beta 0.67
% 52 Week Price Range High/Low 37.87% Equity Float 12'970.22
Shares Out 31.12.2012 13'877.4 Short Int -
320'492.19 1 Yr Total Return -2.83%
Total Debt 99'808.00 YTD Return -8.12%
Preferred Stock 0.0 Adjusted BETA 0.668
Minority Interest 961.0 Analyst Recs 36
Cash and Equivalents 32'712.00 Consensus Rating 4.028
Enterprise Value 322'655.14
Average Volume 5 Day 48'988'800
728 HK EQUITY YTD Change - Average Volume 30 Day 58'012'200
728 HK EQUITY YTD % CHANGE - Average Volume 3 Month 57'400'420
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
186'529.0 209'370.0 219'864.0 245'041.0 283'073.0 254'296.0 292'962.0 316'867.9 346'049.3 - -
1.62x 1.44x 1.48x 1.28x 1.23x 1.45x 1.99x 1.02x 0.91x - -
83'192.0 75'654.0 75'667.0 75'353.0 70'841.0 40'021.0 103'187.0 94'676.7 103'183.6 - -
3.64x 4.00x 4.30x 4.17x 4.92x 0.00x 0.00x 3.41x 3.13x - -
884.0 14'422.0 15'347.0 16'502.0 14'925.0 16'156.0 15'349.0 18'341.2 21'915.5 - -
254.52x 15.85x 18.16x 17.93x 19.26x 17.52x 0.00x 13.98x 11.52x - -
EBITDA 70'841.00 Long-Term Rating Date -
EBIT 21'186.00 Long-Term Rating -
Operating Margin 7.48% Long-Term Outlook -
Pretax Margin 6.99% Short-Term Rating Date -
Return on Assets 3.10% Short-Term Rating -
Return on Common Equity 5.73%
Return on Capital 4.94% EBITDA/Interest Exp. 28.58
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 8.86
Net Debt/EBITDA 0.93
Gross Margin - Total Debt/EBITDA 1.39
EBITDA Margin 25.4%
EBIT Margin 7.9% Total Debt/Equity 37.7%
Net Income Margin 5.3% Total Debt/Capital 27.3%
Asset Turnover 0.59
Current Ratio 0.34 Net Fixed Asset Turnover 0.76
Quick Ratio 0.27 Accounts receivable turnover-days 24.07
Debt to Assets 18.31% Inventory Days -
Tot Debt to Common Equity 37.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.20 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Telecom Corp LtdPrice/Volume
Valuation Analysis
44'468'659.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'139'653'202 15.42 (7'803'998) 29.04.2013 Investment Advisor
COMMONWEALTH BANK OF n/a EXCH 1'806'696'795 13.02 - 13.03.2013 Bank
JP MORGAN n/a ULT-AGG 1'234'586'278 8.9 (52'000) 28.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'085'436'563 7.82 (11'777'530) 28.03.2013 Investment Advisor
RFS HOLDINGS BV n/a 20F 907'191'530 6.54 - 23.04.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 690'412'000 4.98 - 21.06.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 377'899'051 2.72 (46'558'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 207'531'634 1.5 104'238'068 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 158'444'000 1.14 69'988'000 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 120'692'152 0.87 - 30.06.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 98'790'000 0.71 - 31.05.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 72'880'000 0.53 72'880'000 30.11.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 64'064'000 0.46 3'364'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 62'767'764 0.45 - 30.04.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 54'286'366 0.39 (32'168'000) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 53'502'000 0.39 20'034'000 31.03.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 52'184'000 0.38 (9'244'000) 31.12.2012 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 45'846'000 0.33 - 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 43'678'000 0.31 (14'414'000) 30.06.2012 Investment Advisor
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 40'520'000 0.29 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL buy 5 M 5 12 month 30.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 4 Not Provided 29.04.2013
Haitong International Securities ALEX LEE hold 3 M 4 12 month 29.04.2013
DBS Vickers TAM TSZ-WANG buy 5 M 5 12 month 29.04.2013
CIMB BERTRAM LAI outperform 5 M 4 12 month 29.04.2013
Maybank Kim Eng ANDY POON buy 5 U 5 12 month 29.04.2013
UOB Kay Hian VICTOR YIP hold 3 M 5 Not Provided 29.04.2013
BOCOM International Holdings LI ZHIWU neutral 3 M 4 Not Provided 29.04.2013
HSBC TUCKER GRINNAN overweight 5 M 5 Not Provided 28.04.2013
JPMorgan LUCY LIU neutral 3 M 5 6 month 27.04.2013
Standard Chartered STEVEN LIU outperform 5 M 5 12 month 26.04.2013
Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 5 12 month 26.04.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 5 Not Provided 26.04.2013
Jefferies CYNTHIA JINHONG MENG buy 5 M 5 12 month 26.04.2013
Sun Hung Kai Securities EVA YIP buy 5 M 5 12 month 26.04.2013
BNP Paribas Equity Research ALEN LIN hold 3 M 4 12 month 26.04.2013
Barclays ANAND RAMACHANDRAN equalweight 3 M 5 Not Provided 26.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 22.04.2013
Nomura JIN YOON buy 5 M 5 Not Provided 15.04.2013
Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013
Guotai Junan RICKY LAI accumulate 4 M 4 Not Provided 28.03.2013
New Street Research ALASTAIR JONES buy 5 M 5 Not Provided 26.03.2013
SWS Research Co Ltd JIM TANG neutral 3 M 4 Not Provided 25.03.2013
Ji Asia NEIL JUGGINS buy 5 M 5 12 month 25.03.2013
Citic Securities Co., Ltd JUNTAO GONG hold 3 D 4 12 month 22.03.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 21.03.2013
Macquarie LISA SOH outperform 5 U 4 12 month 21.03.2013
Bank of China International MICHAEL MENG buy 5 M 6 Not Provided 21.03.2013
China International Capital Corp CHEN HAOFEI buy 5 M 5 12 month 21.03.2013
ICBC International Securities KARY SEI buy 5 U 5 Not Provided 21.03.2013
Goldman Sachs DONALD LU neutral/neutral 3 M 5 12 month 09.12.2012
First Shanghai Securities Ltd TSOI HO hold 3 M 5 12 month 30.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 23.07.2012
Holdings By:
China Telecom Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.
The Bank provides deposit, loan, settlement, discount, financial bond issuance,
government bond underwriting and trading, letter of credit, bank guarantee, and
other related financial services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 12.32
52-Week Low (05.09.2012) 5.35
Daily Volume
9.97
52-Week High % Change -19.07% Dividend Yield -
52-Week Low % Change 86.36% Beta 1.18
% 52 Week Price Range High/Low 63.70% Equity Float 5'080.15
Shares Out 31.03.2013 5'778.0 Short Int -
336'824.75 1 Yr Total Return 33.82%
Total Debt 1'057'701.00 YTD Return 11.27%
Preferred Stock 0.0 Adjusted BETA 1.175
Minority Interest 5'467.0 Analyst Recs 37
Cash and Equivalents 1'469'323.00 Consensus Rating 3.919
Enterprise Value -
Average Volume 5 Day 66'091'940
1988 HK EQUITY YTD Change - Average Volume 30 Day 57'268'550
1988 HK EQUITY YTD % CHANGE - Average Volume 3 Month 52'879'360
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
61'198.0 63'580.0 80'034.0 135'546.0 179'413.0 151'116.0 190'349.0 116'299.5 134'740.1 - -
- - - - - 0.00x 0.00x 1.25x 0.60x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
7'885.0 12'104.0 17'581.0 27'920.0 37'563.0 30'882.0 39'406.0 40'196.1 44'569.4 9'916.0 10'616.0
9.69x 12.56x 7.61x 5.61x 5.87x 5.44x 6.82x 5.56x 5.09x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 49.29% Long-Term Outlook -
Pretax Margin 48.39% Short-Term Rating Date -
Return on Assets 1.38% Short-Term Rating -
Return on Common Equity 24.88%
Return on Capital 4.45% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 648.6%
Net Income Margin 35.9% Total Debt/Capital 86.3%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 17.99
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.93% Inventory Days -
Tot Debt to Common Equity 648.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Minsheng Banking Corp LtdPrice/Volume
Valuation Analysis
30'060'022.00
Current Price (5/dd/yy) Market Data
,
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40'000.0
60'000.0
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100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 719'123'077 12.45 (13'138'724) 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 599'496'103 10.38 418'500 23.04.2013 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 424'627'663 7.35 - 10.04.2013 Investment Advisor
WADDELL & REED FINAN n/a EXCH 406'493'740 7.04 - 25.07.2012 Investment Advisor
YUZHU SHI n/a EXCH 336'279'500 5.82 5'000'000 06.09.2012 n/a
UBS n/a ULT-AGG 301'067'232 5.21 - 25.04.2013 Unclassified
DEUTSCHE BANK AG n/a EXCH 286'227'564 4.95 - 10.12.2012 Investment Advisor
CITIGROUP INCORPORAT n/a Short (271'597'594) -4.7 - 10.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Short (267'744'413) -4.63 - 26.10.2012 Investment Advisor
FOSUN INTERNATIONAL n/a EXCH 254'316'500 4.4 - 17.12.2012 Corporation
DEUTSCHE BANK AG n/a Short (162'712'429) -2.82 - 10.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 140'686'217 2.43 384'000 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (139'694'185) -2.42 - 25.04.2013 Investment Advisor
TOPPER LINK LTD n/a EXCH 74'355'000 1.29 - 17.12.2012 Other
PRUDENTIAL OF AMERIC n/a ULT-AGG 68'469'000 1.18 469'000 31.12.2012 Insurance Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 64'403'000 1.11 200'000 31.07.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 52'226'080 0.9 (11'100'001) 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 47'694'202 0.83 - 30.06.2012 Investment Advisor
SEB n/a ULT-AGG 38'464'876 0.67 8'935'000 28.03.2013 Unclassified
STATE STREET n/a ULT-AGG 31'855'292 0.55 (246'000) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp XIE JIYONG buy 5 M 9 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 14 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 13 12 month 30.04.2013
Deutsche Bank TRACY YU hold 3 M 10 12 month 29.04.2013
Jefferies TAN MING buy 5 M 13 12 month 29.04.2013
JPMorgan KATHERINE LEI underweight 1 M 10 12 month 28.04.2013
Bank of China International YUAN LIN buy 5 M 10 Not Provided 25.04.2013
Mizuho Securities JIM ANTOS underperform 1 D 8 12 month 25.04.2013
Nomura LUCY FENG buy 5 M 11 Not Provided 25.04.2013
UOB Kay Hian EDMOND LAW hold 3 M 10 Not Provided 25.04.2013
Core Pacific TIMOTHY LI buy 5 M 11 Not Provided 25.04.2013
BOCOM International Holdings LI SHANSHAN buy 5 M 12 Not Provided 25.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 10 Not Provided 25.04.2013
Morgan Stanley RICHARD XU Underwt/In-Line 1 M 8 12 month 24.04.2013
Credit Suisse SANJAY JAIN underperform 1 M 10 Not Provided 24.04.2013
CIMB TREVOR KALCIC neutral 3 M 10 12 month 24.04.2013
Religare Capital Markets SOPHIE JIANG buy 5 U 11 12 month 24.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 12 Not Provided 24.04.2013
ABC International JOHANNES AU buy 5 M 14 12 month 12.04.2013
HSBC TODD DUNIVANT underweight 1 M 7 Not Provided 07.04.2013
ICBC International Securities IVAN LIN buy 5 M 11 Not Provided 02.04.2013
China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.03.2013
Guotai Junan WILSON LI buy 5 U 11 Not Provided 04.03.2013
Barclays MAY YAN equalweight 3 M 11 Not Provided 27.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 12 12 month 25.02.2013
Mirae Asset Securities NAN LI buy 5 M 12 12 month 08.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.02.2013
SWS Research Co Ltd ROBERT HU buy 5 M 9 Not Provided 29.01.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 U 13 Not Provided 22.01.2013
Masterlink Securities RAINY YUAN buy 5 U 12 Not Provided 18.01.2013
Standard Chartered JOHN CAPARUSSO in-line 3 M 7 12 month 06.12.2012
CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 9 12 month 22.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 8 12 month 07.11.2012
Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012
Phillip Securities CHEN XINGYU accumulate 4 D 9 Not Provided 08.02.2012
Holdings By:
China Minsheng Banking Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Bank of Communications Co. Ltd. provides a full range of commercial banking
services including RMB and foreign currency deposit, loan, international and
domestic settlement, discount, currency trading, letter of credit, bank
guarantee, and other related services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 6.70
52-Week Low (16.07.2012) 4.75
Daily Volume
6.17
52-Week High % Change -7.91% Dividend Yield 4.90
52-Week Low % Change 29.89% Beta 1.23
% 52 Week Price Range High/Low 72.82% Equity Float 12'658.61
Shares Out 31.03.2013 35'011.9 Short Int -
444'791.16 1 Yr Total Return 5.30%
Total Debt 1'037'971.00 YTD Return 5.65%
Preferred Stock 0.0 Adjusted BETA 1.230
Minority Interest 1'529.0 Analyst Recs 37
Cash and Equivalents 1'337'809.00 Consensus Rating 3.243
Enterprise Value -
Average Volume 5 Day 36'821'310
3328 HK EQUITY YTD Change - Average Volume 30 Day 34'670'620
3328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 36'650'120
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
129'757.0 132'775.0 164'124.0 218'749.0 271'051.0 235'961.0 276'987.0 163'170.1 180'900.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
28'524.0 30'118.0 39'042.0 50'735.0 58'373.0 53'332.0 60'199.0 60'252.3 63'915.0 - -
8.49x 13.01x 9.09x 5.37x 5.34x 5.53x 5.33x 5.92x 5.63x - -
EBITDA - Long-Term Rating Date 06.12.2011
EBIT - Long-Term Rating A-
Operating Margin 49.39% Long-Term Outlook STABLE
Pretax Margin 49.95% Short-Term Rating Date 28.11.2012
Return on Assets 1.18% Short-Term Rating A-2
Return on Common Equity 17.91%
Return on Capital 4.43% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 273.2%
Net Income Margin 38.8% Total Debt/Capital 73.1%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.48
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 19.68% Inventory Days -
Tot Debt to Common Equity 273.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of Communications Co LtdPrice/Volume
Valuation Analysis
33'392'192.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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0
1
2
3
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150'000.0
200'000.0
250'000.0
300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HSBC HOLDINGS PLC n/a EXCH 11'530'478'263 32.93 - 24.08.2012 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 7'027'777'777 20.07 - 30.06.2012 Government
CHINA MINISTRY OF FI n/a Co File 3'795'000'000 10.84 - 30.06.2012 Government
BLACKROCK n/a ULT-AGG 397'807'348 1.14 735'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 199'142'309 0.57 5'880'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 117'304'402 0.34 85'000 31.07.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 98'412'776 0.28 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 87'555'174 0.25 (3'382'084) 30.04.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 26'457'000 0.08 2'391'000 31.12.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 24'860'000 0.07 (6'740'000) 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'636'000 0.06 - 30.06.2012 Unclassified
SEB n/a ULT-AGG 16'349'224 0.05 (371'200) 28.03.2013 Unclassified
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 16'146'524 0.05 10'999'999 28.02.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14'876'400 0.04 (4'943'000) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 13'165'076 0.04 (1'599'000) 31.01.2013 Investment Advisor
NEUBERGER BERMAN EUR Multiple Portfolios MF-AGG 13'155'000 0.04 - 28.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'506'200 0.03 1'610'000 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'259'480 0.02 - 31.05.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 6'713'000 0.02 1'600'000 28.02.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'211'579 0.02 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 7 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 7 12 month 30.04.2013
DBS Vickers ALEXANDER LEE hold 3 M 7 12 month 30.04.2013
Deutsche Bank TRACY YU buy 5 M 7 12 month 29.04.2013
Jefferies JACLYN WANG hold 3 M 7 12 month 29.04.2013
JPMorgan KATHERINE LEI neutral 3 M 6 12 month 28.04.2013
Bank of China International YUAN LIN hold 3 M 8 Not Provided 26.04.2013
UOB Kay Hian EDMOND LAW sell 1 M 6 Not Provided 26.04.2013
Religare Capital Markets SOPHIE JIANG hold 3 D 7 12 month 26.04.2013
Core Pacific TIMOTHY LI hold 3 M 7 Not Provided 26.04.2013
Morgan Stanley RICHARD XU Underwt/In-Line 1 M 5 12 month 25.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 7 Not Provided 25.04.2013
CIMB TREVOR KALCIC neutral 3 M 6 12 month 25.04.2013
Nomura LUCY FENG neutral 3 M 6 Not Provided 25.04.2013
CCB International Securities Ltd SHENG NAN neutral 3 M 7 Not Provided 25.04.2013
ABC International JOHANNES AU hold 3 M 7 12 month 12.04.2013
HSBC TODD DUNIVANT neutral 3 M 6 Not Provided 07.04.2013
Capital Securities Corp XIE JIYONG buy 5 M 7 Not Provided 28.03.2013
Mizuho Securities JIM ANTOS neutral 3 M 6 12 month 28.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 7 12 month 28.03.2013
Barclays MAY YAN equalweight 3 D 7 Not Provided 27.02.2013
Standard Chartered JOHN CAPARUSSO underperform 1 M 5 12 month 26.02.2013
Goldman Sachs NING MA Sell/Neutral 1 M 6 12 month 25.02.2013
ICBC International Securities IVAN LIN hold 3 M 7 Not Provided 20.02.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 9 Not Provided 29.01.2013
Daiwa Securities Co. Ltd. GRACE WU hold 3 M 6 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012
Mirae Asset Securities NAN LI hold 3 M 6 12 month 03.07.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Masterlink Securities RAINY YUAN hold 3 M 6 Not Provided 13.06.2012
Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 10.05.2012
BOCOM International Holdings LI SHANSHAN buy 5 M #N/A N/A Not Provided 03.05.2012
Guotai Junan WILSON LI accumulate 4 M 6 Not Provided 09.04.2012
Holdings By:
Bank of Communications Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Unicom (Hong Kong) Limited, through its subsidiaries, provides
telecommunications services in the People's Republic of China. The Company's
services include cellular, paging, long distance, data, and Internet services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.05.2012) 13.96
52-Week Low (18.07.2012) 9.45
Daily Volume
11.14
52-Week High % Change -20.20% Dividend Yield 1.36
52-Week Low % Change 17.88% Beta 0.87
% 52 Week Price Range High/Low 35.25% Equity Float 4'576.91
Shares Out 31.03.2013 23'565.1 Short Int -
262'514.69 1 Yr Total Return -18.35%
Total Debt 141'776.00 YTD Return -10.31%
Preferred Stock 0.0 Adjusted BETA 0.873
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 18'282.00 Consensus Rating 4.086
Enterprise Value 333'958.97
Average Volume 5 Day 32'413'550
762 HK EQUITY YTD Change - Average Volume 30 Day 36'503'630
762 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32'810'840
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
159'792.0 153'945.0 171'370.0 209'167.0 248'926.0 221'352.0 258'333.0 285'433.1 315'648.7 - -
1.34x 1.81x 1.73x 1.93x 1.44x 6.86x 5.06x 1.13x 1.03x - -
70'301.0 59'317.0 60'349.0 63'996.0 73'587.0 51'445.0 76'699.0 84'500.2 93'913.4 - -
3.05x 4.69x 4.91x 6.31x 4.88x 0.00x 4.19x 3.95x 3.56x - -
35'398.0 9'556.0 3'701.0 4'227.0 7'096.0 5'033.0 7'988.0 10'840.6 15'014.0 - -
24.82x 22.63x 58.92x 73.63x 33.30x 51.62x 24.70x 19.32x 14.00x - -
EBITDA 73'587.00 Long-Term Rating Date -
EBIT 12'530.00 Long-Term Rating -
Operating Margin 5.03% Long-Term Outlook -
Pretax Margin 3.82% Short-Term Rating Date -
Return on Assets 1.46% Short-Term Rating -
Return on Common Equity 3.42%
Return on Capital 2.84% EBITDA/Interest Exp. 15.90
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. -2.85
Net Debt/EBITDA 1.68
Gross Margin - Total Debt/EBITDA 1.93
EBITDA Margin 29.6%
EBIT Margin 5.0% Total Debt/Equity 67.7%
Net Income Margin 2.9% Total Debt/Capital 40.4%
Asset Turnover 0.51
Current Ratio 0.16 Net Fixed Asset Turnover 0.60
Quick Ratio 0.11 Accounts receivable turnover-days 18.50
Debt to Assets 27.47% Inventory Days -
Tot Debt to Common Equity 67.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 19.78 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Unicom Hong Kong LtdPrice/Volume
Valuation Analysis
20'409'647.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA UNICOM BVI LTD n/a 13D 9'725'000'020 41.27 - 30.07.2012 Government
CHINA NETCOM GROUP C n/a 13D 8'082'130'236 34.3 - 30.07.2012 Government
TELEFONICA INTERNACI n/a 13D 1'180'601'587 5.01 - 30.07.2012 Corporation
BLACKROCK n/a ULT-AGG 259'422'856 1.1 8'754'000 29.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 152'076'000 0.65 (19'400'000) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 133'059'944 0.56 1'472'000 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 129'923'470 0.55 (653'800) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 88'603'756 0.38 (23'753'435) 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 78'380'230 0.33 10'718'880 27.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 58'760'250 0.25 (2'184'353) 30.04.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 38'466'000 0.16 8'234'000 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 30'808'104 0.13 30'725'705 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 23'239'941 0.1 - 30.06.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19'793'990 0.08 - 31.12.2010 Investment Advisor
UBS n/a ULT-AGG 18'138'519 0.08 (1'485'900) 31.01.2013 Unclassified
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 17'064'000 0.07 (16'000) 30.06.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 16'687'000 0.07 (1'194'000) 28.03.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'021'648 0.06 (8'700'000) 31.12.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 13'806'000 0.06 360'000 30.11.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 13'192'000 0.06 (2'402'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL buy 5 M 16 12 month 30.04.2013
JPMorgan LUCY LIU overweight 5 M 16 6 month 26.04.2013
Bank of China International MICHAEL MENG buy 5 M 14 Not Provided 26.04.2013
Haitong International Securities ALEX LEE hold 3 M 11 12 month 26.04.2013
DBS Vickers TAM TSZ-WANG buy 5 M 15 12 month 26.04.2013
CIMB BERTRAM LAI outperform 5 M 15 12 month 26.04.2013
Maybank Kim Eng ANDY POON buy 5 M 14 12 month 26.04.2013
SWS Research Co Ltd JIM TANG outperform 5 M 12 Not Provided 26.04.2013
UOB Kay Hian VICTOR YIP hold 3 M 12 Not Provided 26.04.2013
BOCOM International Holdings LI ZHIWU neutral 3 M 11 Not Provided 26.04.2013
Barclays ANAND RAMACHANDRAN overweight 5 U 13 Not Provided 26.04.2013
Standard Chartered STEVEN LIU in-line 3 M 12 12 month 25.04.2013
Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 15 12 month 25.04.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 18 Not Provided 25.04.2013
Jefferies CYNTHIA JINHONG MENG buy 5 M 16 12 month 25.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 14 Not Provided 25.04.2013
BNP Paribas Equity Research ALEN LIN buy 5 M 13 12 month 25.04.2013
Nomura JIN YOON buy 5 M 17 Not Provided 25.04.2013
Guotai Junan RICKY LAI accumulate 4 M 15 Not Provided 08.04.2013
Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013
HSBC TUCKER GRINNAN underweight 1 M 9 Not Provided 02.04.2013
New Street Research ALASTAIR JONES buy 5 M 15 Not Provided 26.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 26.03.2013
Macquarie LISA SOH neutral 3 M 12 12 month 22.03.2013
ICBC International Securities KARY SEI buy 5 U 13 Not Provided 22.03.2013
Core Pacific KEVIN TAM Positive 4 M #N/A N/A Not Provided 20.12.2012
Masterlink Securities LV HAN buy 5 M 17 6 month 14.12.2012
Goldman Sachs DONALD LU neutral/neutral 3 M 13 12 month 09.12.2012
Ji Asia NEIL JUGGINS sell 1 M 10 12 month 04.12.2012
Capital Securities Corp HU JIAMING hold 3 M #N/A N/A Not Provided 29.10.2012
China International Capital Corp CHEN HAOFEI buy 5 M 16 12 month 26.10.2012
First Shanghai Securities Ltd TSOI HO buy 5 M 15 12 month 30.08.2012
Everbright Securities Co., Ltd MICHAEL LI not rated #N/A N/A M #N/A N/A Not Provided 22.05.2012
Citic Securities Co., Ltd JUNTAO GONG buy 5 N 21 6 month 09.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 18 Not Provided 06.01.2012
Holdings By:
China Unicom Hong Kong Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Kunlun Energy Company Ltd, through its subsidiaries, explores and produces crude
oil and natural gas in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (23.01.2013) 17.32
52-Week Low (18.05.2012) 11.54
Daily Volume
15.18
52-Week High % Change -12.36% Dividend Yield 1.52
52-Week Low % Change 31.54% Beta 0.89
% 52 Week Price Range High/Low 62.98% Equity Float 3'018.67
Shares Out 31.12.2012 8'051.4 Short Int -
122'220.38 1 Yr Total Return 13.03%
Total Debt 31'671.00 YTD Return -6.18%
Preferred Stock 0.0 Adjusted BETA 0.889
Minority Interest 17'756.0 Analyst Recs 24
Cash and Equivalents 19'592.00 Consensus Rating 4.333
Enterprise Value 152'055.38
Average Volume 5 Day 20'574'200
135 HK EQUITY YTD Change - Average Volume 30 Day 21'550'270
135 HK EQUITY YTD % CHANGE - Average Volume 3 Month 19'443'190
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
6'787.9 6'164.0 17'336.0 25'915.0 32'953.0 - - 43'443.0 55'048.3 - -
1.46x 8.01x 4.61x 4.26x 4.86x - - 3.44x 2.62x - -
3'047.8 2'106.0 9'035.0 12'095.0 15'461.0 - - 19'431.3 23'103.1 - -
3.25x 23.43x 8.84x 9.13x 10.36x - - 7.83x 6.58x - -
3'385.2 1'234.0 4'194.0 5'621.0 6'518.0 - - 8'299.7 9'551.3 - -
3.39x 37.58x 20.54x 14.07x 19.37x - - 14.88x 12.79x - -
EBITDA 15'461.00 Long-Term Rating Date -
EBIT 11'027.00 Long-Term Rating -
Operating Margin 33.46% Long-Term Outlook -
Pretax Margin 40.38% Short-Term Rating Date -
Return on Assets 6.76% Short-Term Rating -
Return on Common Equity 17.43%
Return on Capital 12.46% EBITDA/Interest Exp. 10.88
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.05
Net Debt/EBITDA 0.78
Gross Margin 60.8% Total Debt/EBITDA 2.05
EBITDA Margin 46.9%
EBIT Margin 33.5% Total Debt/Equity 71.3%
Net Income Margin 19.8% Total Debt/Capital 33.7%
Asset Turnover 0.34
Current Ratio 1.48 Net Fixed Asset Turnover 0.51
Quick Ratio 1.14 Accounts receivable turnover-days 11.68
Debt to Assets 29.18% Inventory Days 18.14
Tot Debt to Common Equity 71.30% Accounts Payable Turnover Day 51.19
Accounts Receivable Turnover 31.34 Cash Conversion Cycle -21.37
Inventory Turnover 20.18
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kunlun Energy Co LtdPrice/Volume
Valuation Analysis
17'993'337.00
Current Price (5/dd/yy) Market Data
,.135
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN WORLD LTD n/a EXCH 4'708'302'133 58.48 - 16.04.2012 Government
FAIRY KING INVESTMEN n/a EXCH 277'432'000 3.45 - 16.04.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 113'000'000 1.4 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 87'043'930 1.08 305'600 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 77'821'615 0.97 (1'016'000) 29.04.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 61'944'000 0.77 (5'848'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 58'808'621 0.73 4'741'049 31.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 34'224'000 0.43 7'774'000 31.12.2012 Investment Advisor
HUALIN LI n/a EXCH 28'600'000 0.36 - 18.09.2012 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 26'716'000 0.33 (90'000) 31.03.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 23'140'000 0.29 8'822'000 30.11.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 21'140'000 0.26 2'960'000 30.04.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18'538'000 0.23 (12'000) 28.02.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 17'086'000 0.21 - 31.01.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 16'280'900 0.2 1'500'000 28.02.2013 Investment Advisor
BANK OF AMERICA CORP n/a EXCH 15'489'063 0.19 - 10.04.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'251'207 0.19 9'940'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 14'666'000 0.18 70'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'628'000 0.18 56'000 28.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 14'504'000 0.18 1'818'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JOSEPH C LAM buy 5 M 18 Not Provided 30.04.2013
HSBC KEVIN LIAN overweight 5 M 18 Not Provided 23.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 20 12 month 19.04.2013
Bank of China International LAWRENCE LAU hold 3 D 16 Not Provided 17.04.2013
Jefferies LABAN YU underperform 1 D 14 12 month 15.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 20 Not Provided 12.04.2013
Deutsche Bank ERIC CHENG buy 5 M 17 12 month 09.04.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 19 12 month 26.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.03.2013
Morgan Stanley VINCENT CHOW Equalwt/Attractive 3 M 17 12 month 25.03.2013
UOB Kay Hian YAN SHI hold 3 M 17 Not Provided 25.03.2013
Credit Suisse EDWIN PANG outperform 5 M 18 Not Provided 22.03.2013
JPMorgan BORIS KAN overweight 5 M 18 6 month 22.03.2013
Macquarie ADITYA SURESH outperform 5 M 18 12 month 22.03.2013
CIMB KEITH LI outperform 5 M 18 12 month 22.03.2013
Mizuho Securities ZENO TSE buy 5 M 19 12 month 22.03.2013
China International Capital Corp BIN GUAN buy 5 M 19 12 month 22.03.2013
Goldman Sachs FRANK HE Buy/Neutral 5 M 18 12 month 21.03.2013
GuoSen Securities Co Ltd STEVEN LU buy 5 M 19 12 month 07.03.2013
Standard Chartered LI EVAN outperform 5 M 19 12 month 01.03.2013
Citic Securities Co., Ltd HUANG LILI buy 5 N 16 6 month 06.07.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 14.03.2012
Guotai Junan GRACE LIU accumulate 4 M 11 Not Provided 20.06.2010
Holdings By:
Kunlun Energy Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Resources Power Holdings Company Limited is a power generation company.
The Company invests, develops, owns, and operates coal-fired power plants in
China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (29.04.2013) 25.80
52-Week Low (15.05.2012) 13.46
Daily Volume
25.4
52-Week High % Change -1.55% Dividend Yield 2.01
52-Week Low % Change 88.71% Beta 0.52
% 52 Week Price Range High/Low 96.76% Equity Float 1'739.33
Shares Out 31.03.2013 4'773.2 Short Int -
121'239.70 1 Yr Total Return 83.01%
Total Debt 80'267.04 YTD Return 28.41%
Preferred Stock 0.0 Adjusted BETA 0.519
Minority Interest 14'853.0 Analyst Recs 28
Cash and Equivalents 4'400.98 Consensus Rating 4.679
Enterprise Value 211'958.77
Average Volume 5 Day 5'156'124
836 HK EQUITY YTD Change - Average Volume 30 Day 8'171'282
836 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'006'280
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
26'771.7 33'213.7 48'578.3 60'708.7 62'435.5 - - 72'552.0 81'186.7 - -
3.68x 3.93x 2.96x 2.72x 2.96x - - 3.02x 2.71x - -
6'270.2 10'643.8 11'828.9 13'647.5 18'314.2 - - 23'797.7 26'589.9 - -
15.69x 12.26x 12.15x 12.12x 10.10x - - 8.91x 7.97x - -
1'717.4 5'317.4 4'903.7 4'450.6 7'478.9 - - 9'348.2 10'410.4 - -
36.08x 12.97x 13.41x 15.77x 12.44x - - 12.75x 11.51x - -
EBITDA 18'314.19 Long-Term Rating Date 19.04.2011
EBIT 12'131.05 Long-Term Rating BBB
Operating Margin 19.43% Long-Term Outlook STABLE
Pretax Margin 15.86% Short-Term Rating Date -
Return on Assets 4.32% Short-Term Rating -
Return on Common Equity 14.73%
Return on Capital 8.09% EBITDA/Interest Exp. 4.14
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 1.79
Net Debt/EBITDA 4.14
Gross Margin - Total Debt/EBITDA 4.38
EBITDA Margin 29.3%
EBIT Margin 19.4% Total Debt/Equity 148.5%
Net Income Margin 12.0% Total Debt/Capital 53.8%
Asset Turnover 0.36
Current Ratio 0.56 Net Fixed Asset Turnover 0.61
Quick Ratio 0.30 Accounts receivable turnover-days 55.71
Debt to Assets 45.15% Inventory Days -
Tot Debt to Common Equity 148.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.57 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Resources Power Holdings Co LtdPrice/Volume
Valuation Analysis
6'068'789.00
Current Price (5/dd/yy) Market Data
,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINETEX INTERNATIONA n/a Co File 3'024'999'999 63.37 - 31.12.2012 Government
COMMONWEALTH BANK OF n/a EXCH 236'443'900 4.95 - 01.11.2012 Bank
BLACKROCK n/a ULT-AGG 64'708'194 1.36 (13'745'000) 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 51'929'448 1.09 102'500 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 51'788'000 1.08 (6'882'000) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 29'778'000 0.62 (1'838'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 24'971'930 0.52 (3'325'019) 31.03.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 23'696'000 0.5 (1'248'000) 14.09.2012 Investment Advisor
STATE STREET n/a ULT-AGG 22'177'527 0.46 (851'677) 30.04.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 18'767'800 0.39 (1'216'000) 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 12'718'000 0.27 (52'000) 28.02.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'687'600 0.27 (2'618'000) 31.12.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 11'902'000 0.25 11'902'000 30.11.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 9'083'361 0.19 - 30.06.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 8'882'000 0.19 2'800'000 30.06.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5'826'000 0.12 - 31.12.2010 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'323'000 0.11 - 28.02.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'627'613 0.1 - 28.02.2013 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 4'418'000 0.09 348'000 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'166'000 0.09 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JOSEPH C LAM buy 5 M 25 Not Provided 29.04.2013
Credit Suisse EDWIN PANG outperform 5 M 28 Not Provided 26.04.2013
Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 M 28 12 month 24.04.2013
Macquarie IVAN LEE outperform 5 M 27 12 month 23.04.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.04.2013
Deutsche Bank MICHAEL TONG buy 5 M 28 12 month 19.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 24 12 month 19.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 26 Not Provided 15.04.2013
UOB Kay Hian YAN SHI buy 5 M 28 Not Provided 12.04.2013
Bank of China International PETER YAO buy 5 M 26 Not Provided 11.04.2013
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 28 12 month 11.04.2013
KGI Securities CHEN JUDITH outperform 5 M 27 12 month 10.04.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 27 12 month 08.04.2013
Masterlink Securities TEAM COVERAGE buy 5 M 25 6 month 29.03.2013
Guotai Junan LEO WU accumulate 4 M 27 Not Provided 25.03.2013
Standard Chartered LI EVAN outperform 5 M 27 12 month 19.03.2013
JPMorgan BORIS KAN overweight 5 M 28 6 month 19.03.2013
China International Capital Corp JUNHUA CHEN buy 5 M 25 12 month 19.03.2013
Mirae Asset Securities RICKY NG buy 5 M 24 12 month 19.03.2013
Jefferies JOSEPH FONG buy 5 M 25 12 month 18.03.2013
HSBC JENNY COSGROVE neutral 3 M 24 Not Provided 18.03.2013
DBS Vickers JUNE NG buy 5 M 24 12 month 18.03.2013
Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 25 Not Provided 18.03.2013
Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 21 12 month 04.12.2012
GuoSen Securities Co Ltd VIVIAN FU buy 5 M 17 12 month 11.04.2012
SWS Research Co Ltd HUANG ZHE neutral 3 M 14 Not Provided 05.07.2011
Maybank Kim Eng EDWARD FUNG hold 3 M 18 12 month 10.12.2010
Holdings By:
China Resources Power Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Resources Land Limited, through its subsidiaries, develops and invests in
properties. The Company also provides corporate financing and electrical
engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (30.01.2013) 24.50
52-Week Low (18.05.2012) 12.40
Daily Volume
23.5
52-Week High % Change -4.08% Dividend Yield 1.43
52-Week Low % Change 89.52% Beta 1.45
% 52 Week Price Range High/Low 91.74% Equity Float 1'856.44
Shares Out 31.12.2012 5'827.4 Short Int -
136'943.88 1 Yr Total Return 59.64%
Total Debt 52'902.82 YTD Return 11.37%
Preferred Stock 0.0 Adjusted BETA 1.453
Minority Interest 7'391.1 Analyst Recs 39
Cash and Equivalents 21'952.96 Consensus Rating 4.590
Enterprise Value 175'284.86
Average Volume 5 Day 6'413'188
1109 HK EQUITY YTD Change - Average Volume 30 Day 8'463'440
1109 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10'539'530
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
9'365.8 16'650.2 25'729.2 35'794.8 44'363.6 - - 59'990.4 73'421.0 - -
6.52x 5.86x 4.10x 3.56x 3.64x - - 3.01x 2.39x - -
2'554.7 4'888.1 8'877.5 11'920.0 14'061.6 - - 16'729.4 20'923.3 - -
23.89x 19.95x 11.88x 10.70x 11.47x - - 10.48x 8.38x - -
1'994.0 4'303.8 6'004.6 8'070.0 10'568.6 - - 9'177.8 11'541.3 - -
20.70x 20.02x 11.89x 8.45x 11.60x - - 14.96x 11.87x - -
EBITDA 14'061.63 Long-Term Rating Date 03.05.2011
EBIT 13'722.08 Long-Term Rating BBB
Operating Margin 30.93% Long-Term Outlook STABLE
Pretax Margin 39.44% Short-Term Rating Date -
Return on Assets 5.17% Short-Term Rating -
Return on Common Equity 16.33%
Return on Capital 8.99% EBITDA/Interest Exp. 21.00
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 2.21
Gross Margin 37.6% Total Debt/EBITDA 3.78
EBITDA Margin 31.5%
EBIT Margin 30.8% Total Debt/Equity 76.6%
Net Income Margin 23.8% Total Debt/Capital 40.9%
Asset Turnover 0.22
Current Ratio 1.76 Net Fixed Asset Turnover 1.04
Quick Ratio 0.25 Accounts receivable turnover-days 16.82
Debt to Assets 23.18% Inventory Days 1564.93
Tot Debt to Common Equity 76.55% Accounts Payable Turnover Day 69.94
Accounts Receivable Turnover 21.77 Cash Conversion Cycle 1511.81
Inventory Turnover 0.23
Fiscal Year Ended
China Resources Land LtdPrice/Volume
Valuation Analysis
5'390'479.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CRH LAND LTD n/a EXCH 3'959'501'021 67.95 - 03.04.2012 Government
JP MORGAN n/a ULT-AGG 271'001'600 4.65 (188'000) 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 73'930'000 1.27 (2'574'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 57'068'238 0.98 565'200 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 48'240'759 0.83 1'024'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 43'176'200 0.74 42'000 29.04.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 41'066'000 0.7 3'484'000 31.01.2013 Bank
FMR LLC n/a ULT-AGG 33'614'080 0.58 (30'404'889) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 29'658'408 0.51 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 29'187'500 0.5 236'500 31.03.2013 Investment Advisor
EUROPEAN INVESTORS I n/a Research 25'693'807 0.44 152'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'588'077 0.4 404'842 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 19'804'996 0.34 15'134'000 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 18'845'265 0.32 8'258'000 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 12'566'000 0.22 - 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'526'000 0.18 3'398'000 30.09.2011 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 10'148'000 0.17 4'088'000 30.06.2012 Investment Advisor
UBS n/a ULT-AGG 10'076'691 0.17 (482'000) 31.01.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 9'752'837 0.17 - 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 9'675'613 0.17 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TONY TSANG buy 5 M 25 12 month 30.04.2013
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 27 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 N 25 Not Provided 25.04.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 7 12 month 24.04.2013
DBS Vickers CAROL WU buy 5 M 24 12 month 23.04.2013
Standard Chartered RAYMOND CHENG outperform 5 M 27 12 month 22.04.2013
Sanford C. Bernstein & Co KENNETH TSANG underperform 1 M 15 12 month 12.04.2013
Credit Suisse JINSONG DU outperform 5 M 25 Not Provided 11.04.2013
Goldman Sachs WANG YI buy/attractive 5 M 30 12 month 07.04.2013
CIMB JOHNSON HU neutral 3 M 20 12 month 02.04.2013
Nomura ALVIN WONG buy 5 M 24 Not Provided 25.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 25.03.2013
Mizuho Securities ALAN JIN buy 5 M 26 12 month 19.03.2013
UOB Kay Hian SYLVIA WONG hold 3 M 18 Not Provided 19.03.2013
Core Pacific WILSON HO buy 5 M 24 12 month 19.03.2013
JPMorgan LUCIA KWONG overweight 5 M 24 6 month 18.03.2013
Macquarie DAVID NG outperform 5 M 25 12 month 18.03.2013
Bank of China International CHRISTINA NGAI buy 5 M 25 Not Provided 18.03.2013
China International Capital Corp ERIC YU ZHANG buy 5 M 25 12 month 18.03.2013
SWS Research Co Ltd KRIS LI outperform 5 M 22 Not Provided 18.03.2013
Mirae Asset Securities STEPHANIE LAU buy 5 M 22 12 month 18.03.2013
CMB International Capital Corp Ltd SAMSON MAN buy 5 U 22 12 month 18.03.2013
BOCOM International Holdings TONI HO CHI CHUNG long-term buy 5 M 23 Not Provided 18.03.2013
Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 26 12 month 17.03.2013
HSBC MICHELLE KWOK overweight 5 M 28 Not Provided 17.03.2013
Jefferies CHRISTIE JU buy 5 M 27 12 month 15.03.2013
CCB International Securities Ltd EDISON BIAN outperform 5 M 25 Not Provided 06.03.2013
Ji Asia WU GONGLIANG buy 5 M 25 12 month 06.03.2013
Barclays WENDY LUO equalweight 3 D 24 Not Provided 28.02.2013
Maybank Kim Eng KAREN KWAN hold 3 M 20 12 month 07.02.2013
Guotai Junan DONALD YU buy 5 M 24 Not Provided 12.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 23 Not Provided 03.12.2012
Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 22 Not Provided 20.11.2012
Citic Securities Co., Ltd GARRICK CHENG buy 5 M 18 6 month 17.08.2012
Capital Securities Corp LANTIS LI strong buy 5 N 21 12 month 20.06.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 15 12 month 11.01.2012
Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011
Holdings By:
China Resources Land Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal
computers and handheld device. The Company also provides Internet services and
IT services, and contracting manufacturing business.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (01.03.2013) 9.07
52-Week Low (01.08.2012) 5.35
Daily Volume
7.09
52-Week High % Change -21.83% Dividend Yield 2.05
52-Week Low % Change 32.52% Beta 0.83
% 52 Week Price Range High/Low 48.39% Equity Float 6'230.91
Shares Out 31.03.2013 10'439.2 Short Int -
74'013.59 1 Yr Total Return -2.73%
Total Debt 619.18 YTD Return 1.00%
Preferred Stock 0.0 Adjusted BETA 0.825
Minority Interest 86.7 Analyst Recs 37
Cash and Equivalents 4'171.32 Consensus Rating 4.405
Enterprise Value 6'038.03
Average Volume 5 Day 33'814'960
992 HK EQUITY YTD Change - Average Volume 30 Day 64'264'790
992 HK EQUITY YTD % CHANGE - Average Volume 3 Month 62'707'110
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
16'351.5 14'900.9 16'604.8 21'594.4 29'574.4 26'957.5 33'537.3 34'102.9 37'749.0 7'974.5 8'498.8
0.28x 0.08x 0.30x 0.14x 0.20x 0.41x 0.67x 0.17x 0.13x - -
810.6 28.4 337.6 586.3 835.8 612.0 982.9 972.5 1'149.4 211.0 278.0
5.61x 41.82x 14.82x 5.24x 6.99x 0.00x 5.95x 6.21x 5.25x 5.05x 4.87x
484.3 (226.4) 129.4 273.2 473.0 448.3 575.1 615.7 744.6 107.4 165.3
12.14x - 48.61x 20.06x 19.28x 14.99x 16.20x 15.23x 12.69x 13.44x 12.51x
EBITDA 835.84 Long-Term Rating Date -
EBIT 594.02 Long-Term Rating -
Operating Margin 2.01% Long-Term Outlook -
Pretax Margin 1.97% Short-Term Rating Date -
Return on Assets 3.44% Short-Term Rating -
Return on Common Equity 23.27%
Return on Capital 18.95% EBITDA/Interest Exp. 65.79
Asset Turnover 2.00% (EBITDA-Capex)/Interest Exp. 41.64
Net Debt/EBITDA -3.58
Gross Margin 11.7% Total Debt/EBITDA 0.98
EBITDA Margin 2.9%
EBIT Margin 2.2% Total Debt/Equity 26.2%
Net Income Margin 1.6% Total Debt/Capital 20.2%
Asset Turnover 2.00
Current Ratio 1.00 Net Fixed Asset Turnover 54.28
Quick Ratio 0.61 Accounts receivable turnover-days 40.22
Debt to Assets 3.90% Inventory Days 18.87
Tot Debt to Common Equity 26.22% Accounts Payable Turnover Day 51.47
Accounts Receivable Turnover 9.10 Cash Conversion Cycle 0.63
Inventory Turnover 19.40
Fiscal Year Ended
Lenovo Group LtdPrice/Volume
Valuation Analysis
34'514'165.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEGEND HOLDINGS LTD n/a EXCH 2'667'636'724 25.55 - 22.02.2013 Holding Company
RIGHT LANE LTD n/a EXCH 705'159'317 6.75 - 22.02.2013 Investment Advisor
SUREINVEST HOLDIGNS n/a EXCH 686'000'000 6.57 (85'000'000) 04.03.2013 Holding Company
FMR LLC n/a ULT-AGG 469'823'244 4.5 6'310'365 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 170'791'964 1.64 864'800 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 147'275'014 1.41 6'792'000 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 137'700'000 1.32 (5'944'000) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 136'522'000 1.31 20'320'000 31.01.2013 Bank
BLACKROCK n/a ULT-AGG 126'668'000 1.21 (416'000) 29.04.2013 Investment Advisor
RIGHT LANE LTD n/a Short (117'740'000) -1.13 - 22.02.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 93'062'000 0.89 - 28.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 70'948'000 0.68 (342'000) 31.12.2012 Investment Advisor
LOYAL TALENT HOLDING n/a EXCH 65'946'222 0.63 - 04.07.2011 Holding Company
YUANQING YANG n/a EXCH 57'661'876 0.55 - 04.03.2013 n/a
BNP PARIBAS INV PART n/a ULT-AGG 53'224'493 0.51 406'240 28.02.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 52'990'000 0.51 - 27.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 46'460'570 0.45 22'000 31.03.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 45'174'000 0.43 45'174'000 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 42'068'000 0.4 (292'000) 28.02.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 40'808'000 0.39 31'164'000 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank IVY LEE hold 3 M 7 12 month 30.04.2013
Nomura LEPING HUANG buy 5 M 10 Not Provided 28.04.2013
Sanford C. Bernstein & Co ALBERTO MOEL outperform 5 M 8 12 month 26.04.2013
Maybank Kim Eng WARREN LAU buy 5 M 9 12 month 22.04.2013
BNP Paribas Equity Research LAURA CHEN buy 5 M 10 12 month 22.04.2013
ICBC International Securities KARY SEI buy 5 M 9 Not Provided 22.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 22.04.2013
Morgan Stanley GRACE CHEN Overwt/In-Line 5 M 10 12 month 21.04.2013
Jefferies KEN HUI hold 3 M 7 12 month 19.04.2013
AM Capital Ltd TEAM COVERAGE buy 5 M 8 Not Provided 17.04.2013
Credit Suisse THOMPSON WU outperform 5 M 10 Not Provided 12.04.2013
Yuanta Securities Investment ConsultingVINCENT CHEN buy 5 M 9 Not Provided 12.04.2013
Haitong International Securities ALEX LEE buy 5 M 9 12 month 12.04.2013
Sun Hung Kai Securities STEPHEN YANG buy 5 M 9 12 month 12.04.2013
Mizuho Securities CHARLES PARK buy 5 M 8 12 month 12.04.2013
China International Capital Corp CHEN HAOFEI accumulate 4 M 9 12 month 12.04.2013
Goldman Sachs ROBERT YEN neutral/neutral 3 M 8 12 month 11.04.2013
JPMorgan GOKUL HARIHARAN overweight 5 M 9 3 month 11.04.2013
Ji Asia JEAN-LOUIS LAFAYEEDNEY sell 1 M 7 12 month 26.03.2013
Macquarie STEVE ZHANG outperform 5 M 10 12 month 20.03.2013
UOB Kay Hian MARK PO sell 1 M 7 Not Provided 15.03.2013
Guotai Junan RICKY LAI accumulate 4 N 9 Not Provided 08.03.2013
Barclays KIRK YANG overweight 5 M 9 Not Provided 05.03.2013
CIMB JONATHAN NG outperform 5 M 9 12 month 04.03.2013
BOCOM International Holdings JIANYING MILES XIE buy 5 M 9 12 month 20.02.2013
First Shanghai Securities Ltd TSOI HO buy 5 M 10 12 month 01.02.2013
HSBC JENNY LAI overweight 5 M 10 Not Provided 31.01.2013
Bank of China International YANG TONY buy 5 M 9 Not Provided 31.01.2013
DBS Vickers DENNIS LAM buy 5 M 9 12 month 31.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 9 Not Provided 31.01.2013
CCB International Securities Ltd RONNIE HO neutral 3 M 8 Not Provided 30.01.2013
Daiwa Securities Co. Ltd. CHRISTINE WANG outperform 5 M 9 Not Provided 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Standard Chartered DON SEE outperform 5 M 8 12 month 03.01.2013
Holdings By:
Lenovo Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries,
manufactures and sells instant noodles, baked goods, and beverages in China.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.10.2012) 25.00
52-Week Low (29.05.2012) 17.90
Daily Volume
21.45
52-Week High % Change -14.20% Dividend Yield 1.16
52-Week Low % Change 19.83% Beta 0.60
% 52 Week Price Range High/Low 47.18% Equity Float 1'870.98
Shares Out 31.03.2013 5'593.9 Short Int -
119'988.67 1 Yr Total Return 5.21%
Total Debt 1'484.47 YTD Return -0.46%
Preferred Stock 0.0 Adjusted BETA 0.596
Minority Interest 946.3 Analyst Recs 34
Cash and Equivalents 830.87 Consensus Rating 3.265
Enterprise Value 17'061.18
Average Volume 5 Day 7'504'827
322 HK EQUITY YTD Change - Average Volume 30 Day 6'973'281
322 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6'706'280
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'272.1 5'081.1 6'681.5 7'866.6 9'211.9 7'866.6 9'211.9 10'879.8 12'443.2 - -
1.64x 2.78x 2.19x 2.32x 1.86x 8.13x 7.35x 1.54x 1.32x - -
637.2 834.3 971.8 902.6 998.2 902.6 1'001.6 1'307.1 1'543.5 - -
10.97x 16.90x 15.03x 20.20x 17.18x 20.20x 17.12x 13.05x 11.05x - -
260.4 383.2 476.8 419.5 455.2 419.5 455.2 516.6 622.9 - -
24.86x 36.10x 30.01x 40.46x 34.16x 40.46x 34.16x 30.37x 24.90x - -
EBITDA 998.23 Long-Term Rating Date 05.06.2012
EBIT 610.47 Long-Term Rating BBB+
Operating Margin 6.63% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date -
Return on Assets 6.85% Short-Term Rating -
Return on Common Equity 19.57%
Return on Capital 13.99% EBITDA/Interest Exp. 27.05
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. -39.63
Net Debt/EBITDA 0.65
Gross Margin 29.9% Total Debt/EBITDA 1.48
EBITDA Margin 10.9%
EBIT Margin 6.6% Total Debt/Equity 58.2%
Net Income Margin 4.9% Total Debt/Capital 29.8%
Asset Turnover 1.39
Current Ratio 0.70 Net Fixed Asset Turnover 1.94
Quick Ratio 0.38 Accounts receivable turnover-days 7.71
Debt to Assets 19.86% Inventory Days 22.41
Tot Debt to Common Equity 58.19% Accounts Payable Turnover Day 55.74
Accounts Receivable Turnover 47.47 Cash Conversion Cycle -25.63
Inventory Turnover 16.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tingyi Cayman Islands Holding CorpPrice/Volume
Valuation Analysis
6'506'372.00
Current Price (5/dd/yy) Market Data
,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANYO FOODS CO LTD n/a Co File 1'854'827'866 33.16 - 31.12.2011 Corporation
TING HSIN CAYMAN ISL n/a EXCH 1'854'827'866 33.16 (4'948'500) 17.01.2012 Corporation
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 153'500'000 2.74 8'656'000 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 90'970'000 1.63 - 31.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 54'555'000 0.98 (440'000) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 41'844'000 0.75 4'438'000 31.01.2013 Bank
BLACKROCK n/a ULT-AGG 41'400'394 0.74 46'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 40'661'301 0.73 (13'200'335) 31.03.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 25'833'760 0.46 1'360'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 24'584'675 0.44 (498'263) 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 17'902'000 0.32 50'000 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'525'426 0.26 9'355'409 31.03.2013 Investment Advisor
ING-CHOU WEI n/a EXCH 13'242'000 0.24 - 26.04.2012 n/a
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 13'014'000 0.23 - 31.12.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 12'789'795 0.23 - 31.12.2012 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 12'095'651 0.22 - 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'840'000 0.19 10'770'000 31.03.2013 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 9'386'000 0.17 986'000 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 9'357'696 0.17 - 30.06.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 8'910'355 0.16 (1'831'336) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs LISA DENG neutral/neutral 3 M 21 12 month 23.04.2013
Jefferies JESSIE GUO hold 3 M 21 12 month 16.04.2013
SWS Research Co Ltd SEAN ZHANG underperform 1 M 18 Not Provided 08.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 18 12 month 05.04.2013
Nomura EMMA LIU neutral 3 M 21 Not Provided 27.03.2013
KGI Securities ANSON CHAN outperform 5 M 25 12 month 25.03.2013
First Shanghai Securities Ltd PATRICK WONG hold 3 M 7 12 month 25.03.2013
Standard Chartered CHARLES YAN outperform 5 M 25 12 month 20.03.2013
Deutsche Bank ANNE LING hold 3 D 21 12 month 19.03.2013
Macquarie LINDA HUANG outperform 5 M 25 12 month 19.03.2013
Bank of China International LI YAN buy 5 M 22 Not Provided 19.03.2013
Maybank Kim Eng JACQUELINE KO buy 5 U 24 12 month 19.03.2013
Citic Securities Co., Ltd MOHAN SINGH hold 3 M 20 6 month 19.03.2013
Guotai Junan SUNNY KWOK neutral 3 M 20 Not Provided 19.03.2013
UOB Kay Hian TAI RENEE buy 5 M 23 Not Provided 19.03.2013
Oriental Patron Securities Ltd TRACY SUN hold 3 M 19 12 month 19.03.2013
Religare Capital Markets KA LEONG LO hold 3 M 18 12 month 19.03.2013
BOCOM International Holdings SUMMER WANG sell 1 D 16 Not Provided 19.03.2013
Morgan Stanley ANGELA MOH Equalwt/Attractive 3 M 19 12 month 18.03.2013
Credit Suisse KEVIN YIN outperform 5 M 24 Not Provided 18.03.2013
JPMorgan KURUMLU EBRU SENER underweight 1 M 15 6 month 18.03.2013
HSBC CHRISTOPHER K LEUNG overweight 5 M 24 Not Provided 18.03.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 22 Not Provided 18.03.2013
DBS Vickers TITUS WU fully valued 2 D 17 12 month 18.03.2013
CIMB Yang Lei neutral 3 M 22 12 month 18.03.2013
China International Capital Corp FEIYANG YUAN accumulate 4 M 25 12 month 18.03.2013
Barclays VINEET SHARMA equalweight 3 M 19 Not Provided 18.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Haitong International Securities GLORIA WANG hold 3 M 22 12 month 20.11.2012
ICBC International Securities ALEX CHENG hold 3 M 17 Not Provided 29.05.2012
Capital Securities Corp TRACY SUN hold 3 M 22 12 month 23.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 23 Not Provided 07.11.2011
Holdings By:
Tingyi Cayman Islands Holding Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China CITIC Bank Corporation Limited provides a full range of commercial banking
services including RMB and foreign currency deposit, loan, international and
domestic settlement, currency trading, bank guarantee, and export credit.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (24.01.2013) 5.51
52-Week Low (05.09.2012) 3.50
Daily Volume
4.37
52-Week High % Change -20.69% Dividend Yield 4.32
52-Week Low % Change 24.86% Beta 1.30
% 52 Week Price Range High/Low 43.28% Equity Float 7'860.49
Shares Out 31.12.2012 14'882.2 Short Int -
236'530.97 1 Yr Total Return -7.41%
Total Debt 456'136.00 YTD Return -5.00%
Preferred Stock 0.0 Adjusted BETA 1.300
Minority Interest 4'730.0 Analyst Recs 37
Cash and Equivalents 885'643.00 Consensus Rating 3.459
Enterprise Value -
Average Volume 5 Day 43'145'820
998 HK EQUITY YTD Change - Average Volume 30 Day 53'954'670
998 HK EQUITY YTD % CHANGE - Average Volume 3 Month 49'730'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
66'493.0 61'458.0 80'283.0 117'780.0 153'743.0 130'716.0 117'019.0 98'590.7 110'335.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
13'296.0 14'320.0 21'509.0 30'819.0 31'032.0 32'877.0 31'687.0 33'789.6 36'604.9 10'721.0 10'847.0
5.83x 15.78x 7.77x 4.99x 5.61x 5.26x 5.48x 4.88x 4.51x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 46.23% Long-Term Outlook -
Pretax Margin 46.02% Short-Term Rating Date -
Return on Assets 1.08% Short-Term Rating -
Return on Common Equity 16.65%
Return on Capital 4.41% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 230.0%
Net Income Margin 34.3% Total Debt/Capital 69.2%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 13.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 15.41% Inventory Days -
Tot Debt to Common Equity 229.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China CITIC Bank Corp LtdPrice/Volume
Valuation Analysis
53'125'184.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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40'000.0
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100'000.0
120'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a Co File 7'018'099'055 47.16 - 30.06.2012 Bank
BLACKROCK n/a ULT-AGG 1'098'844'126 7.38 8'918'000 29.04.2013 Investment Advisor
LEHMAN BROTHERS ASIA n/a Co File 732'821'000 4.92 - 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 310'889'565 2.09 1'015'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 203'594'909 1.37 879'800 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 123'617'251 0.83 - 31.07.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 71'471'757 0.48 - 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 53'007'500 0.36 104'000 29.04.2013 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 40'752'000 0.27 40'472'000 30.06.2012 Investment Advisor
SEB n/a ULT-AGG 36'124'117 0.24 (715'200) 28.03.2013 Unclassified
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 30'104'000 0.2 (419'000) 27.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 29'356'264 0.2 - 30.04.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 28'688'000 0.19 1'334'000 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 27'845'000 0.19 - 31.05.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 25'473'000 0.17 (2'196'000) 31.03.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 20'718'200 0.14 3'989'000 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 17'001'000 0.11 2'022'000 28.03.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 15'106'000 0.1 11'305'000 31.12.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 14'451'000 0.1 114'000 31.01.2013 Investment Advisor
CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 13'220'000 0.09 4'200'000 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 5 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 6 12 month 30.04.2013
Deutsche Bank TRACY YU buy 5 M 6 12 month 29.04.2013
Jefferies TAN MING hold 3 M 5 12 month 29.04.2013
CCB International Securities Ltd SHENG NAN neutral 3 M 5 Not Provided 29.04.2013
BOCOM International Holdings LI SHANSHAN long-term buy 5 M 5 Not Provided 29.04.2013
JPMorgan KATHERINE LEI underweight 1 M 4 12 month 28.04.2013
CIMB TREVOR KALCIC neutral 3 M 5 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG sell 1 M 3 12 month 27.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 5 Not Provided 26.04.2013
Nomura LUCY FENG neutral 3 M 5 Not Provided 26.04.2013
Guotai Junan WILSON LI buy 5 M 6 Not Provided 22.04.2013
Macquarie VICTOR WANG outperform 5 M 6 12 month 19.04.2013
ABC International JOHANNES AU hold 3 M 6 12 month 12.04.2013
HSBC TODD DUNIVANT overweight 5 M 6 Not Provided 07.04.2013
Bank of China International YUAN LIN hold 3 M 6 Not Provided 02.04.2013
Mizuho Securities JIM ANTOS underperform 1 D 4 12 month 02.04.2013
Mirae Asset Securities NAN LI reduce 2 D 4 12 month 02.04.2013
Core Pacific TIMOTHY LI hold 3 D 5 12 month 02.04.2013
China International Capital Corp MAO JUNHUA buy 5 M 5 12 month 29.03.2013
Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 28.03.2013
Barclays MAY YAN underweight 1 M 5 Not Provided 27.02.2013
Goldman Sachs NING MA neutral/neutral 3 M 5 12 month 25.02.2013
ICBC International Securities IVAN LIN buy 5 M 6 Not Provided 20.02.2013
Daiwa Securities Co. Ltd. GRACE WU hold 3 M 5 Not Provided 22.01.2013
Masterlink Securities RAINY YUAN hold 3 M 5 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 6 Not Provided 09.01.2013
Standard Chartered JOHN CAPARUSSO in-line 3 M 4 12 month 06.12.2012
CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 5 12 month 22.11.2012
BNP Paribas Equity Research DORRIS CHEN hold 3 M 4 12 month 07.11.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Phillip Securities CHEN XINGYU buy 5 M 5 Not Provided 19.06.2012
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 05.04.2012
Holdings By:
China CITIC Bank Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Great Wall Motor Company Limited, through its subsidiaries, manufactures and
sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded
names. The Company also researches and develops, and manufactures principal
automotive parts and components for use in the assembly of pick-up trucks and
SUVs.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (26.04.2013) 36.20
52-Week Low (21.05.2012) 14.08
Daily Volume
33.65
52-Week High % Change -7.04% Dividend Yield -
52-Week Low % Change 138.99% Beta 1.21
% 52 Week Price Range High/Low 88.47% Equity Float 1'033.18
Shares Out 31.12.2012 1'033.2 Short Int -
125'542.49 1 Yr Total Return 105.32%
Total Debt 4'393.38 YTD Return 37.63%
Preferred Stock 0.0 Adjusted BETA 1.212
Minority Interest 129.1 Analyst Recs 36
Cash and Equivalents 6'348.63 Consensus Rating 3.889
Enterprise Value 97'352.78
Average Volume 5 Day 9'941'308
2333 HK EQUITY YTD Change - Average Volume 30 Day 11'231'830
2333 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'111'629
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
8'207.3 12'396.4 22'175.0 29'037.2 41'565.2 30'495.0 45'411.8 51'679.3 60'793.0 - -
0.26x 0.41x 0.71x 1.06x 1.40x 1.81x 4.53x 1.75x 1.43x - -
- 1'269.1 3'511.9 4'740.6 7'539.4 0.0 1'942.3 9'281.3 11'095.0 - -
- 4.00x 4.46x 6.48x 7.69x 0.00x 0.00x 10.49x 8.77x - -
514.1 1'022.6 2'700.7 3'426.2 5'692.4 3'583.5 6'495.1 6'956.1 8'064.7 - -
12.52x 9.17x 8.25x 7.54x 10.52x 0.00x 9.87x 11.77x 10.16x - -
EBITDA 7'539.45 Long-Term Rating Date -
EBIT 6'590.22 Long-Term Rating -
Operating Margin 15.86% Long-Term Outlook -
Pretax Margin 16.46% Short-Term Rating Date -
Return on Assets 15.04% Short-Term Rating -
Return on Common Equity 29.76%
Return on Capital - EBITDA/Interest Exp. 721.07
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 295.99
Net Debt/EBITDA -0.26
Gross Margin 24.1% Total Debt/EBITDA 0.58
EBITDA Margin 18.1%
EBIT Margin 15.9% Total Debt/Equity 20.4%
Net Income Margin 13.7% Total Debt/Capital 16.9%
Asset Turnover 1.10
Current Ratio 1.34 Net Fixed Asset Turnover 2.92
Quick Ratio 1.13 Accounts receivable turnover-days 109.47
Debt to Assets 10.32% Inventory Days 31.72
Tot Debt to Common Equity 20.42% Accounts Payable Turnover Day 85.63
Accounts Receivable Turnover 3.34 Cash Conversion Cycle 55.57
Inventory Turnover 11.54
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Great Wall Motor Co LtdPrice/Volume
Valuation Analysis
5'214'805.00
Current Price (5/dd/yy) Market Data
,
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 149'993'567 14.52 (290'000) 06.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 84'439'500 8.17 (569'000) 27.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 76'306'677 7.39 325'500 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 76'151'118 7.37 18'527'664 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 55'129'421 5.34 2'595'679 17.04.2013 Investment Advisor
INVESTEC ASSET MANAG n/a EXCH 51'632'000 5 (69'500) 29.11.2012 Investment Advisor
HSBC GLOBAL ASSET MA n/a EXCH 51'513'377 4.99 - 31.05.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 42'292'016 4.09 - 14.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'442'500 2.66 8'000 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23'482'000 2.27 2'466'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (19'378'271) -1.88 - 14.05.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (12'253'315) -1.19 - 24.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'156'664 1.18 (750'000) 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'223'500 1.09 - 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 10'106'000 0.98 2'803'500 31.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 8'713'590 0.84 5'606'500 31.12.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'282'750 0.8 - 30.06.2011 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 7'643'000 0.74 7'643'000 30.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'674'300 0.65 (3'500) 29.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'678'436 0.55 8'000 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp HAN WEIQI hold 3 M 38 Not Provided 29.04.2013
Goldman Sachs YIPENG YANG Buy/Neutral 5 M 35 12 month 28.04.2013
JPMorgan NICK LAI overweight 5 M 40 6 month 26.04.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 36 12 month 26.04.2013
HSBC CARSON NG overweight 5 U 41 Not Provided 26.04.2013
KGI Securities WEI SHEN outperform 5 M 42 12 month 26.04.2013
Bank of China International WANG YUSHENG buy 5 M 41 Not Provided 26.04.2013
CIMB CHEAM TZE SHEN neutral 3 U 33 12 month 26.04.2013
UOB Kay Hian KEN LEE buy 5 M 40 Not Provided 26.04.2013
Oriental Patron Securities Ltd VIVIEN CHAN hold 3 M 37 12 month 26.04.2013
Morgan Stanley KATE ZHU Underwt/In-Line 1 M 18 12 month 25.04.2013
Credit Suisse JACK YEUNG outperform 5 M 46 Not Provided 25.04.2013
Citic Securities Co., Ltd XU YINGBO buy 5 M 45 12 month 25.04.2013
Nomura BENJAMIN LO neutral 3 M 32 Not Provided 25.04.2013
Religare Capital Markets STANLEY CHAN hold 3 M 27 12 month 23.04.2013
BNP Paribas Equity Research TINA LI buy 5 M 35 12 month 22.04.2013
Core Pacific OLIVE XIA buy 5 N 36 12 month 22.04.2013
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 36 12 month 22.04.2013
Macquarie JANET B LEWIS outperform 5 U 33 12 month 16.04.2013
Ji Asia STEPHEN USHER neutral 3 M #N/A N/A Not Provided 16.04.2013
Haitong International Securities LIANG YONGHUO buy 5 M 35 12 month 11.04.2013
Standard Chartered REBECCA TANG in-line 3 U 30 12 month 27.03.2013
Yuanta Securities Investment ConsultingSAMUEL KWOK sell 1 M 25 Not Provided 26.03.2013
China International Capital Corp ZHENG DONG buy 5 M 35 12 month 25.03.2013
CCB International Securities Ltd RONNIE HO outperform 5 M 34 Not Provided 25.03.2013
SWS Research Co Ltd TITUS WU outperform 5 M 31 Not Provided 22.03.2013
Kingsway SW Securities FOO LEUNG not rated #N/A N/A M #N/A N/A Not Provided 11.03.2013
GuoSen Securities Co Ltd JOHN LUO buy 5 M 35 12 month 19.02.2013
Daiwa Securities Co. Ltd. JEFF CHUNG buy 5 M 36 Not Provided 15.02.2013
Mizuho Securities OLE HUI buy 5 U 35 12 month 22.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 33 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 17.01.2013
President Securities HK Ltd TEAM COVERAGE buy 5 U 21 Not Provided 31.08.2012
Everbright Securities Co., Ltd WEI YAO not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012
Maybank Kim Eng ROBERT WANG buy 5 M 17 12 month 23.08.2011
PingAn Securities YU BING not rated #N/A N/A M #N/A N/A Not Provided 12.08.2011
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 15 12 month 03.08.2011
Holdings By:
Great Wall Motor Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Anhui Conch Cement Company Limited produces and sells ordinary portland cement,
portland cement, portland blast furnace slag cement, compound cement, and
commercial clinker.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 31.70
52-Week Low (31.08.2012) 19.10
Daily Volume
28.1
52-Week High % Change -11.36% Dividend Yield -
52-Week Low % Change 47.12% Beta 1.42
% 52 Week Price Range High/Low 69.05% Equity Float 1'183.03
Shares Out 31.03.2013 1'299.6 Short Int -
125'183.16 1 Yr Total Return 10.12%
Total Debt 23'864.21 YTD Return -0.35%
Preferred Stock 0.0 Adjusted BETA 1.417
Minority Interest 2'274.9 Analyst Recs 37
Cash and Equivalents 8'340.03 Consensus Rating 4.027
Enterprise Value 116'008.73
Average Volume 5 Day 17'324'940
914 HK EQUITY YTD Change - Average Volume 30 Day 15'062'270
914 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13'806'630
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
24'228.3 24'998.0 34'508.3 48'653.8 45'525.7 47'932.3 46'558.3 55'133.2 61'493.7 - -
2.18x 10.56x 3.42x 2.13x 3.03x 11.01x 10.64x 2.07x 1.79x - -
5'396.1 6'530.7 10'630.0 18'761.2 11'287.0 0.0 0.0 15'792.1 17'851.7 - -
9.77x 40.43x 11.12x 5.51x 12.23x 0.00x 0.00x 7.35x 6.50x - -
2'607.2 3'505.9 6'159.6 11'586.4 6'307.6 10'622.8 6'030.6 8'722.7 10'005.8 - -
20.26x 22.19x 17.76x 8.54x 19.06x 9.92x 18.20x 13.45x 11.75x - -
EBITDA 11'286.99 Long-Term Rating Date -
EBIT 8'011.04 Long-Term Rating -
Operating Margin 17.60% Long-Term Outlook -
Pretax Margin 17.77% Short-Term Rating Date -
Return on Assets 7.37% Short-Term Rating -
Return on Common Equity 13.55%
Return on Capital 10.25% EBITDA/Interest Exp. 9.14
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 3.62
Net Debt/EBITDA 1.31
Gross Margin 27.4% Total Debt/EBITDA 2.02
EBITDA Margin 25.9%
EBIT Margin 18.7% Total Debt/Equity 48.8%
Net Income Margin 13.9% Total Debt/Capital 31.8%
Asset Turnover 0.53
Current Ratio 1.59 Net Fixed Asset Turnover 0.85
Quick Ratio 1.15 Accounts receivable turnover-days 77.56
Debt to Assets 27.27% Inventory Days 46.48
Tot Debt to Common Equity 48.80% Accounts Payable Turnover Day 56.77
Accounts Receivable Turnover 4.72 Cash Conversion Cycle 67.42
Inventory Turnover 7.87
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Anhui Conch Cement Co LtdPrice/Volume
Valuation Analysis
6'614'537.00
Current Price (5/dd/yy) Market Data
,
2
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02
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 208'520'248 16.04 (1'814'000) 08.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 161'014'254 12.39 (3'249'947) 29.04.2013 Investment Advisor
GENESIS ASSET MANAGE n/a EXCH 130'188'638 10.02 - 03.07.2012 Investment Advisor
TAIWAN CEMENT CORP n/a Co File 116'568'000 8.97 - 31.12.2011 Corporation
MORGAN STANLEY n/a ULT-AGG 67'738'373 5.21 60'625'013 23.03.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 57'079'859 4.39 - 04.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (48'668'456) -3.74 - 04.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 44'680'231 3.44 5'074'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 33'212'952 2.56 (556'200) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 22'621'500 1.74 (720'000) 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14'214'000 1.09 (4'032'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 14'080'000 1.08 (450'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 12'792'291 0.98 1'277'885 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 11'779'500 0.91 (4'500) 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 10'727'695 0.83 - 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'603'710 0.74 (8'147'891) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'592'620 0.51 - 30.04.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 6'266'000 0.48 6'266'000 30.06.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 5'665'000 0.44 5'665'000 30.06.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'122'500 0.39 12'000 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOHN FRASER-ANDREWS underweight 1 M 26 Not Provided 30.04.2013
Jefferies PO WEI hold 3 M 27 12 month 29.04.2013
Nomura YANG LUO buy 5 M 32 Not Provided 29.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 26.04.2013
Morgan Stanley JOHN LAM Overwt/Attractive 5 U 32 12 month 24.04.2013
Guotai Junan RAY ZHAO reduce 2 M 20 Not Provided 24.04.2013
ICBC International Securities DUNCAN CHAN buy 5 M 32 Not Provided 24.04.2013
Deutsche Bank JOHNSON WAN buy 5 M 34 12 month 23.04.2013
Capital Securities Corp ZHU JIXIANG buy 5 M 28 Not Provided 23.04.2013
Haitong International Securities ZHANG WEN XIAN hold 3 M 27 12 month 23.04.2013
DBS Vickers ADDISON DAI fully valued 2 M 23 12 month 23.04.2013
Sun Hung Kai Securities STUWART CHEN buy 5 M 33 12 month 23.04.2013
Citic Securities Co., Ltd TIMOTHY LEE hold 3 M 29 12 month 23.04.2013
SWS Research Co Ltd YE RONG buy 5 M 31 Not Provided 23.04.2013
Credit Suisse TRINA CHEN neutral 3 M 23 Not Provided 22.04.2013
JPMorgan NICK LAI overweight 5 M 32 6 month 22.04.2013
Bank of China International MICHELLE LEUNG buy 5 M 35 Not Provided 22.04.2013
CIMB KEVIN YOU neutral 3 M 29 12 month 22.04.2013
BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 34 12 month 22.04.2013
GuoSen Securities Co Ltd ETHANE CHENG buy 5 M #N/A N/A Not Provided 18.04.2013
Religare Capital Markets TRACY HUANG buy 5 U 32 12 month 10.04.2013
UOB Kay Hian MARK PO buy 5 M 35 Not Provided 27.03.2013
Macquarie IVAN LEE neutral 3 M 30 12 month 26.03.2013
China International Capital Corp LUO WEI buy 5 M 35 12 month 25.03.2013
KGI Securities XIAOQING YAN outperform 5 M 34 12 month 18.03.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 36 12 month 24.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 16.01.2013
SinoPac YU ZHOU neutral 3 M 26 12 month 18.12.2012
Standard Chartered BEN HARTWRIGHT outperform 5 M 30 12 month 06.12.2012
Mirae Asset Securities SHIRLEY ZHAO buy 5 N 30 12 month 06.12.2012
Barclays ADA DAI equalweight 3 N 26 Not Provided 21.11.2012
Daiwa Securities Co. Ltd. FELIX LAM hold 3 M 26 Not Provided 09.11.2012
Masterlink Securities DAI KAI-YU buy 5 U 30 6 month 29.10.2012
Hua Tai Securities Co., Ltd PAN LILI buy 5 M #N/A N/A Not Provided 12.09.2012
Holdings By:
Anhui Conch Cement Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
ENN Energy Holdings Ltd. distributes natural gas in China. The Company,
through its subsidiaries, invests in, operates, and manages gas pipelines, and
sells and distributes piped and bottled gas in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (30.04.2013) 46.00
52-Week Low (22.06.2012) 26.20
Daily Volume
44.9
52-Week High % Change -2.39% Dividend Yield 0.96
52-Week Low % Change 71.37% Beta 0.57
% 52 Week Price Range High/Low 94.44% Equity Float 755.97
Shares Out 31.12.2012 1'082.9 Short Int -
48'620.39 1 Yr Total Return 66.69%
Total Debt 11'242.00 YTD Return 33.04%
Preferred Stock - Adjusted BETA 0.568
Minority Interest 2'017.0 Analyst Recs 25
Cash and Equivalents 6'156.00 Consensus Rating 4.000
Enterprise Value 45'726.66
Average Volume 5 Day 2'424'149
2688 HK EQUITY YTD Change - Average Volume 30 Day 2'712'717
2688 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'387'946
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
8'265.5 8'412.9 11'215.1 15'068.0 18'027.0 - - 22'077.6 26'917.9 - -
1.47x 2.73x 2.29x 2.01x 2.02x - - 2.07x 1.67x - -
1'487.2 1'824.3 2'163.8 2'912.0 3'698.0 - - 4'098.7 4'750.6 - -
8.16x 12.59x 11.86x 10.42x 9.87x - - 11.16x 9.63x - -
630.7 802.9 1'013.1 1'253.0 1'482.0 - - 1'868.5 2'240.1 - -
11.51x 22.66x 20.47x 16.97x 19.53x - - 20.41x 17.05x - -
EBITDA 3'698.00 Long-Term Rating Date 18.10.2012
EBIT 3'057.00 Long-Term Rating BBB-
Operating Margin 16.96% Long-Term Outlook STABLE
Pretax Margin 15.82% Short-Term Rating Date -
Return on Assets 5.13% Short-Term Rating -
Return on Common Equity 18.88%
Return on Capital 11.72% EBITDA/Interest Exp. 5.95
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 1.32
Net Debt/EBITDA 1.38
Gross Margin 26.9% Total Debt/EBITDA 3.04
EBITDA Margin 20.5%
EBIT Margin 17.0% Total Debt/Equity 129.9%
Net Income Margin 8.2% Total Debt/Capital 51.3%
Asset Turnover 0.62
Current Ratio 0.83 Net Fixed Asset Turnover 1.21
Quick Ratio 0.71 Accounts receivable turnover-days 28.86
Debt to Assets 36.39% Inventory Days 13.38
Tot Debt to Common Equity 129.92% Accounts Payable Turnover Day 87.76
Accounts Receivable Turnover 12.68 Cash Conversion Cycle -45.52
Inventory Turnover 27.35
Fiscal Year Ended
ENN Energy Holdings LtdPrice/Volume
Valuation Analysis
3'142'681.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENN GROUP INTL INVES n/a EXCH 326'095'000 30.11 - 18.01.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 233'836'592 21.59 48'000 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 75'488'000 6.97 40'000 31.01.2013 Bank
FMR LLC n/a ULT-AGG 50'105'966 4.63 19'485'700 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 27'485'245 2.54 - 08.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'619'615 1.9 (7'600) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'046'930 1.3 118'000 29.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'710'000 0.9 (7'220'000) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 6'134'530 0.57 (264'000) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'398'000 0.5 1'904'000 30.11.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'273'800 0.49 602'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'147'900 0.38 (1'433'500) 29.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'146'515 0.38 (54'355) 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'550'000 0.33 (238'000) 28.02.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 3'482'000 0.32 56'000 31.12.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'742'000 0.25 - 28.02.2013 Investment Advisor
NOMURA n/a ULT-AGG 2'710'183 0.25 4'000 30.10.2012 Unclassified
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'488'000 0.23 52'000 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'384'000 0.22 - 31.07.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'382'000 0.22 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 49 Not Provided 22.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 26 12 month 19.04.2013
Standard Chartered LI EVAN outperform 5 M 51 12 month 16.04.2013
KGI Securities ZHANG GUO outperform 5 M 49 12 month 11.04.2013
Deutsche Bank ERIC CHENG hold 3 M 38 12 month 09.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 46 Not Provided 02.04.2013
UOB Kay Hian YAN SHI hold 3 D 46 Not Provided 28.03.2013
Core Pacific KENNY CHEUNG buy 5 M 53 Not Provided 28.03.2013
Morgan Stanley VINCENT CHOW Overwt/Attractive 5 M 45 12 month 27.03.2013
Credit Suisse EDWIN PANG underperform 1 M 36 Not Provided 27.03.2013
JPMorgan BORIS KAN overweight 5 M 40 6 month 27.03.2013
Jefferies JOSEPH FONG buy 5 M 50 Not Provided 27.03.2013
HSBC JENNY COSGROVE neutral 3 M 48 Not Provided 27.03.2013
China International Capital Corp BIN GUAN accumulate 4 M 48 12 month 27.03.2013
Nomura JOSEPH C LAM neutral 3 M 34 Not Provided 27.03.2013
Mirae Asset Securities RICKY NG hold 3 D 41 12 month 27.03.2013
Goldman Sachs FRANK HE neutral/neutral 3 M 42 12 month 26.03.2013
Macquarie SERENA LI outperform 5 M 46 12 month 13.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
BOCOM International Holdings WU FEI buy 5 M 39 12 month 13.12.2012
Bank of China International PETER YAO buy 5 M 38 Not Provided 27.11.2012
Holdings By:
ENN Energy Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Communications Construction Company Ltd. is a transportation
infrastructure group. The Company is involved in infrastructure construction,
infrastructure design, dredging, and port machinery manufacturing. China
Communications has operations worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.01.2013) 8.43
52-Week Low (05.09.2012) 5.75
Daily Volume
7.43
52-Week High % Change -11.86% Dividend Yield -
52-Week Low % Change 29.22% Beta 1.41
% 52 Week Price Range High/Low 55.60% Equity Float 4'427.50
Shares Out 11.03.2013 4'427.5 Short Int -
106'094.97 1 Yr Total Return -1.72%
Total Debt 146'158.69 YTD Return -0.67%
Preferred Stock 0.0 Adjusted BETA 1.406
Minority Interest 9'495.6 Analyst Recs 22
Cash and Equivalents 91'757.15 Consensus Rating 4.682
Enterprise Value 189'150.62
Average Volume 5 Day 20'217'320
1800 HK EQUITY YTD Change - Average Volume 30 Day 22'715'470
1800 HK EQUITY YTD % CHANGE - Average Volume 3 Month 20'333'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
176'054.1 226'920.0 272'734.0 287'122.1 288'474.3 49'005.7 292'862.1 333'399.5 365'944.6 - -
0.92x 0.64x 0.51x 0.46x 0.56x 3.64x 2.37x 0.55x 0.52x - -
13'432.1 16'122.0 18'384.0 21'197.9 24'837.1 0.0 0.0 27'995.5 31'208.9 - -
12.11x 9.02x 7.55x 6.21x 6.49x 0.00x 0.00x 6.76x 6.06x - -
5'875.4 7'200.0 9'599.0 11'595.0 11'950.3 1'527.8 12'213.3 13'512.2 14'947.1 - -
21.05x 13.35x 8.87x 6.31x 8.02x 0.00x 7.64x 7.05x 6.27x - -
EBITDA 24'837.05 Long-Term Rating Date -
EBIT 17'899.08 Long-Term Rating -
Operating Margin 6.20% Long-Term Outlook -
Pretax Margin 5.25% Short-Term Rating Date -
Return on Assets 3.05% Short-Term Rating -
Return on Common Equity 15.25%
Return on Capital 7.04% EBITDA/Interest Exp. 3.60
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 0.76
Net Debt/EBITDA 2.17
Gross Margin 11.3% Total Debt/EBITDA 5.82
EBITDA Margin 8.6%
EBIT Margin 6.2% Total Debt/Equity 166.7%
Net Income Margin 4.1% Total Debt/Capital 60.1%
Asset Turnover 0.73
Current Ratio 1.07 Net Fixed Asset Turnover 4.67
Quick Ratio 0.58 Accounts receivable turnover-days 67.41
Debt to Assets 33.68% Inventory Days 113.66
Tot Debt to Common Equity 166.69% Accounts Payable Turnover Day 130.57
Accounts Receivable Turnover 5.43 Cash Conversion Cycle 51.04
Inventory Turnover 3.22
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Communications Construction Co LtdPrice/Volume
Valuation Analysis
25'230'631.00
Current Price (5/dd/yy) Market Data
,-.0123456
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MERRILL LYNCH FAR EA n/a Co File 525'000'000 11.86 - 30.06.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 424'567'097 9.59 4'758'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 309'025'233 6.98 18'000 01.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 121'379'497 2.74 506'800 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 80'164'714 1.81 95'000 31.07.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 55'783'094 1.26 (3'000'000) 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 49'328'150 1.11 - 31.05.2012 Investment Advisor
FMR LLC n/a ULT-AGG 40'839'314 0.92 (25'896'127) 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 37'826'652 0.85 - 30.06.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 35'189'000 0.79 (1'421'000) 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 27'683'560 0.63 (812'000) 28.02.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 23'262'000 0.53 2'339'000 30.06.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 21'846'000 0.49 21'846'000 31.12.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 20'829'800 0.47 (500'000) 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 20'662'812 0.47 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'171'300 0.46 - 29.04.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 17'129'251 0.39 238'000 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 16'465'000 0.37 475'000 28.02.2013 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 16'356'000 0.37 1'347'000 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 15'979'000 0.36 (1'422'000) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DBS Vickers RACHEL MIU buy 5 M 8 12 month 29.04.2013
HSBC ANDERSON CHOW neutral 3 M 7 Not Provided 26.04.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 25.04.2013
Deutsche Bank PHYLLIS WANG buy 5 M 10 12 month 18.04.2013
Guotai Junan GARY WONG accumulate 4 U 9 Not Provided 08.04.2013
JPMorgan KAREN LI overweight 5 M 9 6 month 02.04.2013
Daiwa Securities Co. Ltd. JOSEPH HO outperform 5 M 8 Not Provided 28.03.2013
UOB Kay Hian MARK PO buy 5 M 10 Not Provided 28.03.2013
Barclays PATRICK XU overweight 5 M 12 Not Provided 28.03.2013
Jefferies JULIAN BU buy 5 U 9 Not Provided 27.03.2013
Bank of China International LI PAN buy 5 M 7 Not Provided 27.03.2013
China International Capital Corp YUE DING buy 5 U 8 12 month 27.03.2013
Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 9 12 month 26.03.2013
Goldman Sachs TIAN LU neutral/neutral 3 N 8 12 month 20.01.2013
Macquarie SAIYI HE outperform 5 M 9 12 month 11.01.2013
CCB International Securities Ltd ELIZA LIU outperform 5 M #N/A N/A Not Provided 17.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 7 Not Provided 04.10.2012
Citic Securities Co., Ltd BAO RONGFU buy 5 M #N/A N/A Not Provided 30.08.2012
SinoPac VIVIAN LIU buy 5 M 9 12 month 16.05.2012
Credit Suisse INGRID WEI neutral 3 M 7 Not Provided 31.01.2012
Holdings By:
China Communications Construction Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Country Garden Holdings Company Limited is a real estate developer. The Company
builds villas, townhouses and apartments in Mainland China. Country Gardens also
develops large-scale community facilities such as schools, hotels, hospitals,
and theme parks.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.01.2013) 4.60
52-Week Low (15.05.2012) 2.51
Daily Volume
4.4
52-Week High % Change -4.35% Dividend Yield 3.97
52-Week Low % Change 75.30% Beta 1.54
% 52 Week Price Range High/Low 88.04% Equity Float 4'337.10
Shares Out 31.03.2013 18'229.7 Short Int -
80'210.51 1 Yr Total Return 36.98%
Total Debt 35'968.79 YTD Return 8.37%
Preferred Stock 0.0 Adjusted BETA 1.535
Minority Interest 1'307.3 Analyst Recs 30
Cash and Equivalents 11'809.03 Consensus Rating 4.467
Enterprise Value 89'186.04
Average Volume 5 Day 19'054'740
2007 HK EQUITY YTD Change - Average Volume 30 Day 26'640'090
2007 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26'404'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'712.8 17'585.7 25'804.1 34'748.3 41'891.0 0.0 25'124.2 49'273.3 57'830.1 - -
2.32x 3.15x 2.24x 1.78x 2.03x #DIV/0! 6.21x 1.78x 1.52x - -
5'741.1 3'888.1 7'214.8 9'857.3 12'087.1 0.0 6'490.7 14'058.3 16'596.9 - -
6.34x 14.25x 8.01x 6.26x 7.03x 0.00x 0.00x 6.34x 5.37x - -
1'378.2 2'190.2 4'290.6 5'813.2 6'852.7 0.0 3'876.5 7'755.7 9'108.8 - -
19.80x 18.98x 9.76x 6.74x 8.58x 0.00x 0.00x 8.17x 6.95x - -
EBITDA 12'087.14 Long-Term Rating Date 03.09.2009
EBIT 11'660.27 Long-Term Rating BB
Operating Margin 27.83% Long-Term Outlook STABLE
Pretax Margin 27.55% Short-Term Rating Date -
Return on Assets 5.62% Short-Term Rating -
Return on Common Equity 20.59%
Return on Capital 10.54% EBITDA/Interest Exp. 3.90
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 2.87
Net Debt/EBITDA 2.00
Gross Margin 36.6% Total Debt/EBITDA 2.98
EBITDA Margin 28.9%
EBIT Margin 27.8% Total Debt/Equity 95.7%
Net Income Margin 16.4% Total Debt/Capital 48.1%
Asset Turnover 0.34
Current Ratio 1.40 Net Fixed Asset Turnover 1.12
Quick Ratio 0.22 Accounts receivable turnover-days 18.13
Debt to Assets 26.35% Inventory Days 693.06
Tot Debt to Common Equity 95.72% Accounts Payable Turnover Day 85.71
Accounts Receivable Turnover 20.19 Cash Conversion Cycle 625.49
Inventory Turnover 0.53
Fiscal Year Ended
Country Garden Holdings Co LtdPrice/Volume
Valuation Analysis
15'785'269.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,--..001122
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-,), C.,), C0,), C1,), C2,), C3,), C4,), C5,), C6,), C
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUIYAN YANG n/a EXCH 10'481'739'707 57.5 490'650'303 15.06.2012 n/a
ERZHU YANG n/a EXCH 1'019'733'743 5.59 47'733'743 15.06.2012 n/a
YAOYUAN ZHANG n/a EXCH 856'072'771 4.7 40'072'771 15.06.2012 n/a
XUEMING OU n/a EXCH 772'144'068 4.24 36'144'068 15.06.2012 n/a
RUBO SU n/a EXCH 751'129'497 4.12 14'523'388 18.06.2012 n/a
FMR LLC n/a ULT-AGG 163'687'289 0.9 (60'379'415) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 128'133'732 0.7 925'672 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 100'488'149 0.55 (2'407'473) 29.04.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 82'053'800 0.45 515'000 28.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 60'855'312 0.33 10'453'000 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 50'695'814 0.28 (1) 31.07.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 45'480'311 0.25 (422'000) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 29'218'470 0.16 629'000 28.02.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 28'541'092 0.16 (17'343'818) 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 21'160'641 0.12 2'214'995 31.05.2012 Investment Advisor
STATE STREET n/a ULT-AGG 20'324'409 0.11 - 30.04.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 19'607'000 0.11 (346'000) 31.03.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 14'498'000 0.08 1'632'000 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 11'075'238 0.06 396'000 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 10'012'349 0.05 202'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research RONNEY CHEUNG buy 5 M 4 12 month 29.04.2013
DBS Vickers DANIELLE WANG buy 5 M 5 12 month 23.04.2013
ICBC International Securities PHILIP TSE hold 3 M 4 Not Provided 23.04.2013
Standard Chartered ANDY SO outperform 5 M 5 12 month 22.04.2013
Nomura ALVIN WONG buy 5 M 4 Not Provided 22.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 15.04.2013
Deutsche Bank JASON CHING buy 5 M 4 12 month 10.04.2013
Maybank Kim Eng KAREN KWAN buy 5 M 4 12 month 02.04.2013
CCB International Securities Ltd EDISON BIAN neutral 3 D 4 Not Provided 27.03.2013
Jefferies VENANT CHIANG buy 5 M 5 12 month 21.03.2013
JPMorgan RYAN LI overweight 5 M 5 6 month 20.03.2013
Macquarie DAVID NG outperform 5 U 5 12 month 20.03.2013
Bank of China International CHRISTINA NGAI hold 3 U 3 Not Provided 20.03.2013
Mizuho Securities ALAN JIN buy 5 M 5 12 month 20.03.2013
Daiwa Securities Co. Ltd. FELIX LAM buy 5 U 6 Not Provided 20.03.2013
China International Capital Corp ERIC YU ZHANG accumulate 4 U 4 12 month 20.03.2013
CMB International Capital Corp Ltd SAMSON MAN buy 5 U 4 12 month 20.03.2013
Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 5 12 month 19.03.2013
Goldman Sachs WANG YI buy/attractive 5 M 5 12 month 19.03.2013
Credit Suisse JINSONG DU outperform 5 M 4 Not Provided 19.03.2013
HSBC DEREK KWONG overweight 5 M 5 Not Provided 19.03.2013
Guotai Junan DONALD YU accumulate 4 M 5 Not Provided 04.03.2013
Barclays WENDY LUO overweight 5 U 5 Not Provided 28.02.2013
SWS Research Co Ltd KRIS LI neutral 3 M 3 Not Provided 30.01.2013
Ji Asia WU GONGLIANG sell 1 N 3 12 month 11.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 4 Not Provided 10.12.2012
First Shanghai Securities Ltd MICHAEL KE hold 3 N 3 12 month 02.03.2012
Holdings By:
Country Garden Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Resources Enterprise Ltd, through its subsidiaries, focuses on the
consumer businesses in both Hong Kong and the Chinese Mainland, with core
activities being retail, beverage, food processing and distribution, textile,
and property investment.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.05.2012) 29.50
52-Week Low (26.07.2012) 18.88
Daily Volume
26.6
52-Week High % Change -9.83% Dividend Yield 1.13
52-Week Low % Change 40.89% Beta 0.94
% 52 Week Price Range High/Low 72.69% Equity Float 1'166.16
Shares Out 31.03.2013 2'402.4 Short Int -
63'904.08 1 Yr Total Return -3.89%
Total Debt 17'726.00 YTD Return -4.83%
Preferred Stock 0.0 Adjusted BETA 0.944
Minority Interest 13'042.0 Analyst Recs 25
Cash and Equivalents 16'005.00 Consensus Rating 3.440
Enterprise Value 78'667.08
Average Volume 5 Day 3'397'891
291 HK EQUITY YTD Change - Average Volume 30 Day 4'556'047
291 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'826'154
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
57'220.0 64'131.0 86'728.0 110'164.0 126'236.0 108'052.0 126'236.0 145'588.9 168'033.3 - -
0.84x 1.27x 0.98x 0.67x 0.65x 0.00x 0.00x 0.55x 0.46x - -
4'467.0 5'532.0 6'380.0 7'125.0 7'138.0 0.0 0.0 9'337.9 10'760.2 - -
10.76x 14.66x 13.34x 10.36x 11.47x 0.00x 0.00x 8.42x 7.31x - -
2'322.0 2'913.0 5'674.0 2'832.0 3'945.0 3'147.0 3'945.0 2'115.0 2'565.4 - -
15.72x 24.23x 28.44x 22.58x 17.04x 0.00x 0.00x 31.55x 25.48x - -
EBITDA 7'138.00 Long-Term Rating Date -
EBIT 3'846.00 Long-Term Rating -
Operating Margin 3.05% Long-Term Outlook -
Pretax Margin 5.27% Short-Term Rating Date -
Return on Assets 3.27% Short-Term Rating -
Return on Common Equity 10.23%
Return on Capital 7.71% EBITDA/Interest Exp. 22.10
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 0.56
Net Debt/EBITDA 0.28
Gross Margin 24.1% Total Debt/EBITDA 2.85
EBITDA Margin 4.9%
EBIT Margin 2.3% Total Debt/Equity 43.5%
Net Income Margin 3.1% Total Debt/Capital 24.8%
Asset Turnover 1.05
Current Ratio 0.89 Net Fixed Asset Turnover 2.35
Quick Ratio 0.30 Accounts receivable turnover-days 4.22
Debt to Assets 13.90% Inventory Days 80.12
Tot Debt to Common Equity 43.51% Accounts Payable Turnover Day 73.75
Accounts Receivable Turnover 86.70 Cash Conversion Cycle 10.59
Inventory Turnover 4.57
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Resources Enterprise LtdPrice/Volume
Valuation Analysis
3'332'245.00
Current Price (5/dd/yy) Market Data
,
2
-,
-2
.,
.2
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40'000.0
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120'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLOBE FAME INVESTMEN n/a Co File 1'232'764'380 51.31 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 159'046'000 6.62 - 31.03.2013 Investment Advisor
GENESIS ASSET MANAGE n/a Co File 144'188'662 6 - 31.12.2011 Investment Advisor
ARTIO GLOBAL MANAGEM n/a EXCH 119'860'360 4.99 - 14.10.2010 Investment Advisor
JP MORGAN n/a ULT-AGG 108'953'953 4.54 - 19.04.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'547'564 2.23 (2'447'600) 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 34'664'000 1.44 4'850'000 31.03.2013 Unclassified
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 32'932'000 1.37 2'990'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 29'536'000 1.23 214'000 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'324'000 1.05 2'570'000 28.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 25'070'900 1.04 (1'350'000) 31.01.2013 Bank
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 16'978'000 0.71 (404'000) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 15'229'538 0.63 (554'889) 30.04.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'896'243 0.41 47'977 28.02.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8'018'000 0.33 - 31.12.2010 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 7'001'862 0.29 (305'269) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'499'000 0.27 - 31.07.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 5'737'826 0.24 - 30.06.2012 Investment Advisor
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 4'682'017 0.19 - 31.01.2013 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 4'521'147 0.19 - 29.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Maybank Kim Eng JACQUELINE KO sell 1 M 18 12 month 29.04.2013
BOCOM International Holdings PHOEBE WONG sell 1 M 19 Not Provided 25.04.2013
DBS Vickers TITUS WU buy 5 M 26 12 month 24.04.2013
Goldman Sachs LISA DENG neutral/neutral 3 M 27 12 month 23.04.2013
Jefferies JESSIE GUO buy 5 M 32 12 month 16.04.2013
Deutsche Bank ANNE LING buy 5 M 25 12 month 08.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 29 12 month 05.04.2013
Nomura EMMA LIU neutral 3 M 27 Not Provided 27.03.2013
Macquarie LINDA HUANG neutral 3 M 22 12 month 25.03.2013
Standard Chartered CHARLES YAN outperform 5 M 29 12 month 22.03.2013
KGI Securities ANSON CHAN neutral 3 M 26 12 month 22.03.2013
Bank of China International TIFFANY FENG hold 3 M 24 Not Provided 22.03.2013
China International Capital Corp DAN WANG hold 3 D 23 12 month 22.03.2013
Guotai Junan FRANK XU accumulate 4 M 26 Not Provided 22.03.2013
Religare Capital Markets KA LEONG LO hold 3 D 25 12 month 22.03.2013
Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 23 12 month 21.03.2013
Barclays VINEET SHARMA equalweight 3 M 23 Not Provided 21.03.2013
JPMorgan KURUMLU EBRU SENER restricted #N/A N/A M #N/A N/A Not Provided 27.02.2013
Ji Asia WU GONGLIANG sell 1 D 23 12 month 05.02.2013
Haitong International Securities CHO FOOK TAT buy 5 M 31 12 month 30.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
SinoPac VIVIAN LIU neutral 3 M 24 12 month 23.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 30 12 month 21.11.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 31 Not Provided 22.03.2012
GuoSen Securities Co Ltd SEASON SUN buy 5 N 36 12 month 08.02.2012
Holdings By:
China Resources Enterprise Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Dongfeng Motor Group Company Limited, through joint ventures, designs,
manufactures, and markets diesel engines, light trucks, automobiles, castings,
and related spare parts.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.05.2012) 15.40
52-Week Low (04.10.2012) 8.54
Daily Volume
11.56
52-Week High % Change -24.94% Dividend Yield 1.63
52-Week Low % Change 35.36% Beta 1.15
% 52 Week Price Range High/Low 44.02% Equity Float 2'855.73
Shares Out 31.12.2012 2'855.7 Short Int -
99'602.35 1 Yr Total Return -23.09%
Total Debt 16'413.00 YTD Return -3.34%
Preferred Stock 0.0 Adjusted BETA 1.153
Minority Interest 3'715.0 Analyst Recs 35
Cash and Equivalents 32'101.00 Consensus Rating 3.771
Enterprise Value 67'150.33
Average Volume 5 Day 12'858'180
489 HK EQUITY YTD Change - Average Volume 30 Day 14'181'420
489 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'148'450
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
70'569.0 91'758.0 122'395.0 131'441.0 124'036.0 0.0 61'853.0 138'520.4 150'862.6 - -
0.35x 0.84x 0.65x 0.55x 0.57x #DIV/0! 0.00x 0.33x 0.25x - -
7'105.0 10'992.0 17'888.0 16'142.0 14'561.0 0.0 0.0 16'343.5 17'600.7 - -
3.43x 6.97x 4.41x 4.47x 4.87x 0.00x 0.00x 4.11x 3.82x - -
3'955.0 6'250.0 10'981.0 10'481.0 9'092.0 0.0 6'529.0 9'591.3 10'411.9 - -
4.80x 13.57x 8.91x 8.88x 9.12x 0.00x 0.00x 8.13x 7.59x - -
EBITDA 14'561.00 Long-Term Rating Date -
EBIT 11'305.00 Long-Term Rating -
Operating Margin 9.11% Long-Term Outlook -
Pretax Margin 10.24% Short-Term Rating Date -
Return on Assets 7.83% Short-Term Rating -
Return on Common Equity 18.13%
Return on Capital 14.04% EBITDA/Interest Exp. 44.94
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 22.26
Net Debt/EBITDA -1.08
Gross Margin 19.2% Total Debt/EBITDA 1.13
EBITDA Margin 11.7%
EBIT Margin 9.1% Total Debt/Equity 30.4%
Net Income Margin 7.3% Total Debt/Capital 22.2%
Asset Turnover 1.07
Current Ratio 1.35 Net Fixed Asset Turnover 4.81
Quick Ratio 0.96 Accounts receivable turnover-days 59.24
Debt to Assets 14.30% Inventory Days 43.66
Tot Debt to Common Equity 30.44% Accounts Payable Turnover Day 78.84
Accounts Receivable Turnover 6.18 Cash Conversion Cycle 24.07
Inventory Turnover 8.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dongfeng Motor Group Co LtdPrice/Volume
Valuation Analysis
10'776'386.00
Current Price (5/dd/yy) Market Data
,
.
1
3
5
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 427'413'465 14.97 (4'000) 11.04.2013 Investment Advisor
THIRD AVENUE MANAGEM n/a EXCH 384'047'056 13.45 - 14.01.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 304'172'756 10.65 (10'126'221) 29.04.2013 Investment Advisor
STANDARD CHARTERED B n/a Co File 242'282'000 8.48 - 31.12.2011 Bank
MATTHEWS INTERNATION n/a EXCH 173'664'000 6.08 - 05.03.2013 Investment Advisor
EDINBURGH PARTNERS L n/a Co File 153'514'000 5.38 - 31.12.2011 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 140'258'000 4.91 - 04.10.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 136'994'216 4.8 - 31.10.2012 Investment Advisor
UBS n/a ULT-AGG 125'280'643 4.39 (241'000) 31.01.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 98'056'000 3.43 39'690'000 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 74'060'314 2.59 (173'300) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 56'945'596 1.99 (7'488'541) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 52'156'408 1.83 538'000 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'874'000 1.19 - 31.03.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 33'718'000 1.18 - 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 26'096'000 0.91 26'096'000 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 23'178'063 0.81 - 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 20'304'000 0.71 15'632'000 28.02.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 19'792'000 0.69 (10'024'000) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 17'478'000 0.61 - 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 30.04.2013
Deutsche Bank VINCENT HA buy 5 M 14 12 month 29.04.2013
Credit Suisse JACK YEUNG outperform 5 M 14 Not Provided 29.04.2013
DBS Vickers RACHEL MIU buy 5 M 15 12 month 29.04.2013
UOB Kay Hian KEN LEE sell 1 M 9 Not Provided 29.04.2013
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 17 12 month 26.04.2013
Guotai Junan HARRY CHEN neutral 3 D 13 Not Provided 24.04.2013
Religare Capital Markets STANLEY CHAN buy 5 M 15 12 month 23.04.2013
Goldman Sachs YIPENG YANG Buy/Neutral 5 M 13 12 month 17.04.2013
BNP Paribas Equity Research TINA LI buy 5 M 14 12 month 16.04.2013
Ji Asia STEPHEN USHER buy 5 M 14 12 month 16.04.2013
KGI Securities WEI SHEN neutral 3 M 12 12 month 12.04.2013
Haitong International Securities LIANG YONGHUO hold 3 M 12 12 month 11.04.2013
CIMB CHEAM TZE SHEN outperform 5 M 16 12 month 09.04.2013
Sun Hung Kai Securities EVA YIP buy 5 M 15 12 month 03.04.2013
China International Capital Corp ZHENG DONG accumulate 4 M 14 12 month 02.04.2013
SWS Research Co Ltd TITUS WU outperform 5 M 13 Not Provided 02.04.2013
Oriental Patron Securities Ltd VIVIEN CHAN buy 5 M 14 12 month 02.04.2013
Standard Chartered REBECCA TANG outperform 5 M 14 12 month 28.03.2013
Macquarie JANET B LEWIS outperform 5 M 13 12 month 28.03.2013
Bank of China International ERIC HU buy 5 U 13 Not Provided 28.03.2013
CCB International Securities Ltd RONNIE HO outperform 5 U 13 Not Provided 28.03.2013
Morgan Stanley KATE ZHU Equalwt/In-Line 3 M 10 12 month 27.03.2013
JPMorgan NICK LAI underweight 1 M 8 6 month 27.03.2013
Nomura BENJAMIN LO buy 5 M 16 Not Provided 19.03.2013
Core Pacific OLIVE XIA hold 3 M 14 12 month 12.03.2013
HSBC CARSON NG underweight 1 N 11 Not Provided 17.02.2013
Daiwa Securities Co. Ltd. JEFF CHUNG underperform 1 M 11 Not Provided 15.02.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 13 Not Provided 08.02.2013
Mizuho Securities OLE HUI underperform 1 M 9 12 month 11.12.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 12 Not Provided 04.09.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 04.09.2012
Citic Securities Co., Ltd LI CHUNBO overweight 5 M 11 6 month 30.08.2012
Everbright Securities Co., Ltd WEI YAO not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012
Holdings By:
Dongfeng Motor Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Merchants Holdings International Company Limited, through its
subsidiaries and associated companies, operates container and cargo terminals,
port transportation, and airport cargo handling. The Company also manufactures
containers, paint, and trailers as well as operates toll road, shipping,
property, and dealing securities businesses.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (22.01.2013) 29.00
52-Week Low (05.06.2012) 21.00
Daily Volume
24.55
52-Week High % Change -15.34% Dividend Yield 2.85
52-Week Low % Change 16.90% Beta 1.11
% 52 Week Price Range High/Low 44.37% Equity Float 1'141.59
Shares Out 28.02.2013 2'491.9 Short Int -
61'175.00 1 Yr Total Return 1.88%
Total Debt 18'822.00 YTD Return -1.21%
Preferred Stock 0.0 Adjusted BETA 1.114
Minority Interest 8'140.0 Analyst Recs 23
Cash and Equivalents 4'561.00 Consensus Rating 3.348
Enterprise Value 83'576.00
Average Volume 5 Day 3'017'702
144 HK EQUITY YTD Change - Average Volume 30 Day 2'946'191
144 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'867'647
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
4'135.0 3'588.0 5'811.0 9'470.0 11'022.0 - - 9'087.1 9'483.6 - -
11.94x 20.81x 17.43x 8.88x 7.65x - - 10.09x 9.83x - -
2'445.0 2'044.0 3'174.0 4'277.0 4'453.0 - - 5'388.9 5'936.8 - -
20.19x 36.53x 31.92x 19.66x 18.93x - - 15.51x 14.08x - -
3'706.0 3'238.0 5'876.0 5'569.0 3'818.0 - - 4'222.2 4'760.1 - -
10.20x 22.36x 12.84x 10.02x 16.21x - - 14.39x 12.79x - -
EBITDA 4'453.00 Long-Term Rating Date 17.02.2005
EBIT 3'169.00 Long-Term Rating BBB
Operating Margin 28.75% Long-Term Outlook STABLE
Pretax Margin 62.34% Short-Term Rating Date -
Return on Assets 4.64% Short-Term Rating -
Return on Common Equity 8.58%
Return on Capital 8.96% EBITDA/Interest Exp. 3.11
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 2.02
Net Debt/EBITDA 3.20
Gross Margin 39.3% Total Debt/EBITDA 4.23
EBITDA Margin 40.4%
EBIT Margin 28.8% Total Debt/Equity 41.3%
Net Income Margin 34.6% Total Debt/Capital 26.0%
Asset Turnover 0.13
Current Ratio 0.69 Net Fixed Asset Turnover 0.37
Quick Ratio 0.62 Accounts receivable turnover-days 34.14
Debt to Assets 24.30% Inventory Days 128.87
Tot Debt to Common Equity 41.33% Accounts Payable Turnover Day 51.95
Accounts Receivable Turnover 10.72 Cash Conversion Cycle 111.06
Inventory Turnover 2.84
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Merchants Holdings International Co LtdPrice/Volume
Valuation Analysis
2'896'119.00
Current Price (5/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
02
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,),,
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1),,
3),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MERCHANTS UNIO n/a EXCH 1'344'024'687 53.94 - 20.07.2012 Government
DAVIS SELECTED ADVIS n/a Co File 145'910'554 5.86 - 31.12.2011 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 106'292'884 4.27 3'124'973 31.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 71'476'599 2.87 - 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 40'900'000 1.64 16'842'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'455'377 1.26 198'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'571'503 1.23 (62'900) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 22'844'776 0.92 - 28.02.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 18'839'133 0.76 - 14.09.2012 Investment Advisor
BEST WINNER INVESTME n/a EXCH 17'269'516 0.69 - 20.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 15'581'514 0.63 1'654'000 29.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'870'166 0.6 (1'590'686) 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 13'238'781 0.53 7'013 31.07.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 12'220'581 0.49 (44'000) 31.12.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 12'178'032 0.49 3'510'000 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 5'600'000 0.22 - 31.12.2012 Bank
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 5'397'701 0.22 24'701 31.05.2012 Investment Advisor
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 5'355'000 0.21 (1'108'000) 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 5'163'715 0.21 - 30.06.2012 Investment Advisor
CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 3'278'000 0.13 20'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Guotai Junan JASON SONG buy 5 M 33 Not Provided 24.04.2013
Nomura ANDREW LEE buy 5 M 32 Not Provided 16.04.2013
Barclays JON WINDHAM overweight 5 M 29 Not Provided 11.04.2013
DBS Vickers PAUL YONG buy 5 M 28 12 month 28.03.2013
China International Capital Corp NIE DIZHONG sell 1 M 20 12 month 28.03.2013
UOB Kay Hian LAWRENCE LI sell 1 M 18 Not Provided 28.03.2013
Morgan Stanley EDWARD XU Overwt/In-Line 5 M 32 12 month 27.03.2013
JPMorgan KAREN LI underweight 1 M 21 6 month 27.03.2013
Jefferies BOYONG LIU hold 3 M 25 Not Provided 27.03.2013
HSBC PARASH JAIN neutral 3 U 28 Not Provided 27.03.2013
Deutsche Bank SKY HONG buy 5 M 33 12 month 07.03.2013
Daiwa Securities Co. Ltd. KELVIN LAU buy 5 N 34 Not Provided 01.03.2013
Credit Suisse DAVIN CHUNPONG WU neutral 3 M 24 Not Provided 22.02.2013
Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 28 12 month 07.02.2013
Citic Securities Co., Ltd SIMON YEUNG hold 3 M 27 6 month 29.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 29 Not Provided 29.01.2013
Standard Chartered CLAIRE TENG in-line 3 M 24 12 month 28.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Macquarie BONNIE CHAN neutral 3 D 24 12 month 15.01.2013
Bank of China International MATTHEW XU hold 3 M 23 Not Provided 31.08.2012
SWS Research Co Ltd LEO FAN outperform 5 M 33 Not Provided 25.06.2010
China Merchants Securities YU HUANGYAN buy 5 M 17 Not Provided 23.02.2009
Holdings By:
China Merchants Holdings International Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Beijing Enterprises Holdings Ltd. is a diversified company. The Company brews
beer, distributes natural gas through pipelines, invests in, designs,
constructs and operates water supply and wastewater treatment plants, operates
toll roads, disposes of hazardous waste, and offers electronic payment systems.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (10.04.2013) 64.50
52-Week Low (05.06.2012) 41.25
Daily Volume
58.05
52-Week High % Change -10.00% Dividend Yield 1.29
52-Week Low % Change 40.73% Beta 0.59
% 52 Week Price Range High/Low 72.26% Equity Float 469.27
Shares Out 31.03.2013 1'144.6 Short Int -
66'442.40 1 Yr Total Return 35.80%
Total Debt 26'460.84 YTD Return 14.95%
Preferred Stock 0.0 Adjusted BETA 0.590
Minority Interest 8'030.2 Analyst Recs 22
Cash and Equivalents 12'236.96 Consensus Rating 4.273
Enterprise Value 88'696.49
Average Volume 5 Day 2'568'377
392 HK EQUITY YTD Change - Average Volume 30 Day 2'611'286
392 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'506'458
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
19'704.2 24'208.4 27'612.8 30'471.8 35'569.6 - - 41'401.3 49'447.2 - -
2.21x 3.04x 2.14x 2.23x 2.24x - - 2.12x 1.76x - -
3'391.0 4'209.3 4'257.0 4'174.1 4'152.2 - - 6'326.5 7'179.4 - -
12.83x 17.46x 13.90x 16.30x 19.19x - - 14.02x 12.35x - -
2'281.8 2'398.9 2'639.3 2'775.9 3'270.4 - - 3'927.9 4'788.2 - -
15.72x 26.66x 20.78x 19.10x 17.60x - - 17.03x 14.10x - -
EBITDA 4'152.23 Long-Term Rating Date 28.04.2011
EBIT 2'289.10 Long-Term Rating A-
Operating Margin 6.44% Long-Term Outlook STABLE
Pretax Margin 11.81% Short-Term Rating Date -
Return on Assets 3.92% Short-Term Rating -
Return on Common Equity 8.47%
Return on Capital 6.45% EBITDA/Interest Exp. 3.80
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -3.64
Net Debt/EBITDA 3.43
Gross Margin 20.7% Total Debt/EBITDA 6.37
EBITDA Margin 11.7%
EBIT Margin 6.4% Total Debt/Equity 66.8%
Net Income Margin 9.2% Total Debt/Capital 35.7%
Asset Turnover 0.43
Current Ratio 1.34 Net Fixed Asset Turnover 1.13
Quick Ratio 0.72 Accounts receivable turnover-days 20.53
Debt to Assets 29.56% Inventory Days 73.43
Tot Debt to Common Equity 66.80% Accounts Payable Turnover Day 28.72
Accounts Receivable Turnover 17.83 Cash Conversion Cycle 65.24
Inventory Turnover 4.98
Fiscal Year Ended
Beijing Enterprises Holdings LtdPrice/Volume
Valuation Analysis
1'768'329.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEIJING ENTERPRISES n/a EXCH 411'250'000 35.93 - 28.03.2013 Other
BEIJING ENTERPRISES n/a EXCH 163'730'288 14.3 - 28.03.2013 Other
MODERN ORIENT LTD n/a EXCH 100'050'000 8.74 - 28.03.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 54'208'750 4.74 - 21.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 41'846'243 3.66 - 24.04.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'982'869 3.23 (1'206'670) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 35'036'253 3.06 (868'000) 29.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 23'515'000 2.05 4'559'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'577'500 0.75 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'028'219 0.7 384'000 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'314'500 0.64 543'500 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'676'550 0.58 1'370'400 29.03.2013 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 3'525'000 0.31 - 31.12.2012 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 3'000'000 0.26 - 28.03.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'941'571 0.17 37'800 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'915'813 0.17 40'153 31.05.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'806'964 0.16 - 30.04.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'708'000 0.15 518'000 27.03.2013 Investment Advisor
MACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1'665'000 0.15 (137'000) 30.11.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'661'000 0.15 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JOSEPH C LAM buy 5 M 63 Not Provided 30.04.2013
Haitong International Securities CHO FOOK TAT buy 5 M 66 12 month 18.04.2013
Deutsche Bank ERIC CHENG buy 5 M 67 12 month 15.04.2013
Guotai Junan PETER SHENG buy 5 M 68 Not Provided 08.04.2013
Jefferies RONG LI hold 3 D 59 12 month 02.04.2013
UOB Kay Hian YAN SHI buy 5 M 68 Not Provided 02.04.2013
JPMorgan BORIS KAN overweight 5 M 60 Not Provided 01.04.2013
CIMB KEITH LI outperform 5 M 70 12 month 01.04.2013
China International Capital Corp BIN GUAN buy 5 M 70 12 month 01.04.2013
Goldman Sachs FRANK HE neutral/neutral 3 M 55 12 month 29.03.2013
Credit Suisse EDWIN PANG outperform 5 M 65 Not Provided 29.03.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 67 12 month 29.03.2013
Morgan Stanley VINCENT CHOW Equalwt/Attractive 3 M 62 12 month 28.03.2013
Bank of China International PETER YAO buy 5 M 72 Not Provided 07.03.2013
Standard Chartered LI EVAN in-line 3 M 55 12 month 01.03.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 59 Not Provided 17.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 52 Not Provided 31.08.2012
Holdings By:
Beijing Enterprises Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Mengniu Dairy Company Limited, through its subsidiaries, manufactures
and distributes quality dairy products in China. The principal products are
liquid milk products, ice cream, and other dairy products, such as milk powder.
The Company markets its products under its primary MENGNIU core brand.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (02.05.2012) 24.30
52-Week Low (15.06.2012) 19.52
Daily Volume
21.85
52-Week High % Change -10.08% Dividend Yield 0.92
52-Week Low % Change 11.94% Beta 0.55
% 52 Week Price Range High/Low 48.74% Equity Float 1'213.93
Shares Out 31.01.2013 1'781.1 Short Int -
38'916.13 1 Yr Total Return -7.94%
Total Debt 743.29 YTD Return -0.68%
Preferred Stock 0.0 Adjusted BETA 0.545
Minority Interest 628.6 Analyst Recs 30
Cash and Equivalents 6'178.39 Consensus Rating 3.733
Enterprise Value 26'108.12
Average Volume 5 Day 4'238'537
2319 HK EQUITY YTD Change - Average Volume 30 Day 4'998'665
2319 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'196'341
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
23'865.0 25'710.5 30'265.4 37'387.8 36'080.4 - - 41'680.4 47'651.6 - -
0.55x 1.46x 0.82x 0.56x 0.73x - - 0.62x 0.52x - -
(554.1) 1'985.6 2'108.0 2'586.0 2'464.6 - - 3'050.6 3'651.3 - -
- 18.86x 11.80x 8.03x 10.75x - - 8.56x 7.15x - -
(948.6) 1'115.8 1'237.3 1'589.3 1'257.1 - - 1'608.8 1'943.0 - -
- 35.88x 24.53x 16.22x 24.89x - - 19.10x 15.72x - -
EBITDA 2'464.63 Long-Term Rating Date -
EBIT 1'447.76 Long-Term Rating -
Operating Margin 4.01% Long-Term Outlook -
Pretax Margin 4.67% Short-Term Rating Date -
Return on Assets 6.10% Short-Term Rating -
Return on Common Equity 10.51%
Return on Capital 11.02% EBITDA/Interest Exp. 66.74
Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. 3.53
Net Debt/EBITDA -2.21
Gross Margin 25.1% Total Debt/EBITDA 0.30
EBITDA Margin 6.8%
EBIT Margin 4.0% Total Debt/Equity 6.0%
Net Income Margin 3.5% Total Debt/Capital 5.4%
Asset Turnover 1.75
Current Ratio 1.40 Net Fixed Asset Turnover 4.11
Quick Ratio 1.00 Accounts receivable turnover-days 8.30
Debt to Assets 3.54% Inventory Days 21.03
Tot Debt to Common Equity 5.97% Accounts Payable Turnover Day 33.68
Accounts Receivable Turnover 44.07 Cash Conversion Cycle -4.35
Inventory Turnover 17.41
Fiscal Year Ended
China Mengniu Dairy Co LtdPrice/Volume
Valuation Analysis
4'577'599.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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5'000.0
10'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COFCO DAIRY INVESTME n/a EXCH 347'600'000 19.52 - 15.06.2012 Other
COMMONWEALTH BANK OF n/a EXCH 176'299'821 9.9 - 19.04.2013 Bank
FARWILL LTD n/a EXCH 148'014'022 8.31 - 15.06.2012 Other
UBS n/a ULT-AGG 102'862'569 5.78 (924'000) 15.02.2013 Unclassified
FMR LLC n/a ULT-AGG 88'859'847 4.99 (19'515'000) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 83'650'965 4.7 (8'000) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 71'908'671 4.04 (2'429'000) 28.02.2013 Investment Advisor
YINNIU MILK INDUSTRY n/a EXCH 45'344'396 2.55 - 09.09.2011 Corporation
BLACKROCK n/a ULT-AGG 29'639'000 1.66 32'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'634'336 1.27 (10'825'700) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 14'159'000 0.79 1'550'000 31.12.2012 Investment Advisor
JINNIU MILK INDUSTRY n/a EXCH 12'654'292 0.71 - 09.09.2011 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 10'564'250 0.59 - 31.01.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 10'066'000 0.57 415'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 8'847'000 0.5 312'000 31.12.2012 Investment Advisor
COLONIAL FIRST STATE n/a EXCH 8'307'000 0.47 157'000 23.07.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 7'040'000 0.4 1'390'000 02.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'921'000 0.33 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 5'882'000 0.33 451'000 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'828'000 0.33 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB Yang Lei outperform 5 M 26 12 month 24.04.2013
Jefferies JESSIE GUO buy 5 M 27 Not Provided 16.04.2013
Nomura EMMA LIU buy 5 M 26 Not Provided 16.04.2013
Deutsche Bank ANNE LING hold 3 M 23 12 month 08.04.2013
SWS Research Co Ltd SEAN ZHANG buy 5 M 27 Not Provided 08.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 26 12 month 05.04.2013
Maybank Kim Eng JACQUELINE KO hold 3 D 24 12 month 02.04.2013
First Shanghai Securities Ltd PATRICK WONG buy 5 M 26 12 month 02.04.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 02.04.2013
KGI Securities ANSON CHAN neutral 3 M 19 12 month 29.03.2013
China International Capital Corp FEIYANG YUAN buy 5 M 27 12 month 29.03.2013
Standard Chartered CHARLES YAN outperform 5 M 27 12 month 28.03.2013
Goldman Sachs LISA DENG Buy/Neutral 5 M 29 12 month 28.03.2013
Guotai Junan SUNNY KWOK accumulate 4 M 25 Not Provided 28.03.2013
Oriental Patron Securities Ltd TRACY SUN hold 3 M 24 12 month 28.03.2013
ABC International LISA LEE buy 5 M 26 12 month 28.03.2013
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 26 12 month 27.03.2013
Credit Suisse KEVIN YIN outperform 5 M 27 Not Provided 27.03.2013
JPMorgan KURUMLU EBRU SENER overweight 5 M 24 6 month 27.03.2013
DBS Vickers TITUS WU hold 3 M 20 12 month 27.03.2013
Barclays VINEET SHARMA equalweight 3 D 22 Not Provided 27.03.2013
Mirae Asset Securities MAXWELL YANG reduce 2 M 19 12 month 05.03.2013
Citic Securities Co., Ltd HUANG WEI buy 5 M 27 6 month 15.01.2013
HSBC CHRISTOPHER K LEUNG underweight 1 M 19 Not Provided 03.01.2013
UOB Kay Hian TAI RENEE sell 1 M 20 Not Provided 09.11.2012
Bank of China International JENNY CHAN hold 3 M 21 Not Provided 26.10.2012
ICBC International Securities ALEX CHENG hold 3 M 22 Not Provided 02.05.2012
Capital Securities Corp TRACY SUN buy 5 M 26 12 month 29.03.2012
Core Pacific OLIVE XIA buy 5 M #N/A N/A Not Provided 28.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 24 Not Provided 13.02.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
Holdings By:
China Mengniu Dairy Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Huaneng Power International, Inc. develops, constructs, owns and operates
coal-fired power plants throughout China.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (29.04.2013) 9.07
52-Week Low (03.05.2012) 4.44
Daily Volume
8.97
52-Week High % Change -1.10% Dividend Yield 2.95
52-Week Low % Change 102.03% Beta 0.62
% 52 Week Price Range High/Low 97.84% Equity Float 3'058.98
Shares Out 31.03.2013 3'555.4 Short Int -
116'088.23 1 Yr Total Return 97.17%
Total Debt 132'091.81 YTD Return 25.10%
Preferred Stock 0.0 Adjusted BETA 0.624
Minority Interest 9'337.5 Analyst Recs 28
Cash and Equivalents 10'732.00 Consensus Rating 4.286
Enterprise Value 218'051.04
Average Volume 5 Day 21'729'590
902 HK EQUITY YTD Change - Average Volume 30 Day 21'656'920
902 HK EQUITY YTD % CHANGE - Average Volume 3 Month 20'107'690
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
67'728.7 76'711.0 104'170.5 132'936.8 133'294.6 136'732.4 131'081.6 142'323.5 150'378.7 - -
2.75x 2.33x 1.97x 1.77x 1.59x 5.90x 6.52x 1.80x 1.70x - -
6'911.4 18'639.8 19'363.9 21'207.5 29'152.8 0.0 0.0 35'305.4 37'352.6 - -
26.99x 9.59x 10.60x 11.08x 7.26x 0.00x 0.00x 6.18x 5.84x - -
(3'937.7) 4'929.5 3'348.0 1'180.5 5'868.7 1'961.3 7'503.0 9'358.5 10'311.0 - -
- 9.43x 12.44x 41.87x 13.73x 23.15x 12.49x 10.70x 9.71x - -
EBITDA 29'152.77 Long-Term Rating Date 14.04.2010
EBIT 18'062.83 Long-Term Rating NR
Operating Margin 13.55% Long-Term Outlook -
Pretax Margin 7.07% Short-Term Rating Date -
Return on Assets 2.25% Short-Term Rating -
Return on Common Equity 10.86%
Return on Capital 6.22% EBITDA/Interest Exp. 3.05
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 1.42
Net Debt/EBITDA 4.17
Gross Margin 15.9% Total Debt/EBITDA 4.54
EBITDA Margin 21.8%
EBIT Margin 13.5% Total Debt/Equity 237.7%
Net Income Margin 4.4% Total Debt/Capital 67.0%
Asset Turnover 0.52
Current Ratio 0.39 Net Fixed Asset Turnover 0.73
Quick Ratio 0.29 Accounts receivable turnover-days 42.12
Debt to Assets 51.43% Inventory Days -
Tot Debt to Common Equity 237.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.69 Cash Conversion Cycle 38.94
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Huaneng Power International IncPrice/Volume
Valuation Analysis
10'300'669.00
Current Price (5/dd/yy) Market Data
,-.0123456
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80'000.0
100'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA HUANENG GROUP n/a EXCH 496'400'000 13.96 - 03.08.2012 Corporation
BLACKROCK n/a ULT-AGG 292'184'901 8.22 (18'100'000) 29.04.2013 Investment Advisor
HSBC GLOBAL ASSET MA n/a EXCH 172'501'054 4.85 - 05.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 88'853'629 2.5 57'000 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 79'600'000 2.24 - 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 42'512'063 1.2 (42'031'922) 31.03.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 38'690'000 1.09 (244'000) 31.01.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 34'980'000 0.98 9'750'000 31.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 29'373'486 0.83 2'999'999 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 27'338'955 0.77 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 24'670'530 0.69 30'000 30.04.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 21'788'000 0.61 (880'000) 31.05.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 20'142'000 0.57 838'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 19'050'000 0.54 (598'000) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'209'657 0.46 (658'000) 29.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'376'000 0.4 24'000 31.03.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 13'826'000 0.39 3'626'000 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 11'250'000 0.32 - 31.12.2012 Bank
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 9'889'731 0.28 21'731 28.02.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 9'452'205 0.27 (13'491'800) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp LAI SHENSHENG buy 5 M 10 Not Provided 30.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 30.04.2013
Nomura JOSEPH C LAM buy 5 M 8 Not Provided 29.04.2013
KGI Securities CHEN JUDITH outperform 5 M 9 12 month 26.04.2013
Guotai Junan LEO WU accumulate 4 M 10 Not Provided 26.04.2013
Credit Suisse EDWIN PANG outperform 5 M 9 Not Provided 25.04.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 10 12 month 25.04.2013
Deutsche Bank MICHAEL TONG buy 5 M 10 12 month 24.04.2013
Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 9 12 month 24.04.2013
JPMorgan BORIS KAN underweight 1 M 7 6 month 24.04.2013
Jefferies JOSEPH FONG buy 5 M 9 12 month 24.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 9 12 month 24.04.2013
Bank of China International PETER YAO hold 3 U 10 Not Provided 24.04.2013
DBS Vickers JUNE NG buy 5 M 9 12 month 24.04.2013
SWS Research Co Ltd HUANG ZHE outperform 5 M 8 Not Provided 24.04.2013
UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 24.04.2013
Macquarie IVAN LEE outperform 5 M 9 12 month 23.04.2013
HSBC JENNY COSGROVE overweight 5 U 9 Not Provided 20.03.2013
China International Capital Corp JUNHUA CHEN accumulate 4 M 9 12 month 20.03.2013
Mirae Asset Securities RICKY NG buy 5 M 9 12 month 20.03.2013
Standard Chartered LI EVAN in-line 3 M 9 12 month 19.03.2013
Masterlink Securities LI YAN buy 5 M 8 Not Provided 01.02.2013
Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 8 12 month 27.01.2013
Daiwa Securities Co. Ltd. DAVE DAI underperform 1 M 6 Not Provided 17.12.2012
Everbright Securities Co., Ltd BARBARA HON not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012
Maybank Kim Eng EDWARD FUNG buy 5 M 5 12 month 02.12.2010
Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009
Holdings By:
Huaneng Power International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Brilliance China Automotive Holdings Limited, through its subsidiaries,
manufactures and distributes minibuses and sedans in the People's Republic of
China. The Company also manufactures and trades automotive components.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.02.2013) 11.40
52-Week Low (24.07.2012) 6.15
Daily Volume
9.5
52-Week High % Change -16.67% Dividend Yield 0.00
52-Week Low % Change 54.47% Beta 1.31
% 52 Week Price Range High/Low 63.81% Equity Float 2'881.14
Shares Out 31.12.2012 5'025.8 Short Int -
47'744.81 1 Yr Total Return 12.83%
Total Debt 2'827.16 YTD Return -0.42%
Preferred Stock 0.0 Adjusted BETA 1.310
Minority Interest (816.1) Analyst Recs 34
Cash and Equivalents 894.07 Consensus Rating 3.824
Enterprise Value 39'045.10
Average Volume 5 Day 9'391'954
1114 HK EQUITY YTD Change - Average Volume 30 Day 15'929'570
1114 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'569'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
5'472.7 6'149.0 8'948.7 6'442.9 5'916.0 - - 6'030.8 6'412.1 - -
0.83x 1.37x 3.03x 5.54x 6.71x - - 6.22x 5.79x - -
734.2 1'406.3 660.2 359.5 21.4 - - 112.1 142.9 - -
6.18x 5.99x 41.02x 99.32x 1855.86x - - 348.39x 273.17x - -
80.9 (1'639.8) 1'270.9 1'812.3 2'301.0 - - 3'011.9 3'638.4 - -
2.21x - 19.75x 18.74x 16.75x - - 12.47x 10.44x - -
EBITDA 21.38 Long-Term Rating Date -
EBIT -118.78 Long-Term Rating -
Operating Margin -2.01% Long-Term Outlook -
Pretax Margin 38.79% Short-Term Rating Date -
Return on Assets 15.94% Short-Term Rating -
Return on Common Equity 27.06%
Return on Capital 22.55% EBITDA/Interest Exp. 0.12
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 0.26
Net Debt/EBITDA 90.40
Gross Margin 11.8% Total Debt/EBITDA 132.21
EBITDA Margin 0.4%
EBIT Margin -2.0% Total Debt/Equity 28.2%
Net Income Margin 38.9% Total Debt/Capital 23.5%
Asset Turnover 0.41
Current Ratio 0.94 Net Fixed Asset Turnover 3.34
Quick Ratio 0.39 Accounts receivable turnover-days 99.90
Debt to Assets 17.61% Inventory Days 55.24
Tot Debt to Common Equity 28.23% Accounts Payable Turnover Day 192.10
Accounts Receivable Turnover 3.66 Cash Conversion Cycle -36.96
Inventory Turnover 6.63
Fiscal Year Ended
Brilliance China Automotive Holdings LtdPrice/Volume
Valuation Analysis
11'267'705.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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4'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUACHEN AUTOMOTIVE G n/a EXCH 2'135'074'988 42.48 (125'000'000) 10.09.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 890'373'347 17.72 20'000 28.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 284'577'031 5.66 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 91'808'000 1.83 50'566'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 66'562'700 1.32 204'700 31.03.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 59'110'000 1.18 (10'562'000) 31.12.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 51'090'000 1.02 - 30.06.2012 Unclassified
BLACKROCK n/a ULT-AGG 43'840'000 0.87 20'000 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 38'709'597 0.77 (10'412'525) 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 34'572'473 0.69 (734'330) 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 33'276'000 0.66 - 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 31'830'000 0.63 - 30.06.2011 Investment Advisor
VALUE PARTNERS GROUP n/a ULT-AGG 25'012'000 0.5 - 31.08.2012 Corporation
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 22'972'000 0.46 10'190'000 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 22'040'000 0.44 20'522'000 30.06.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 17'372'000 0.35 - 31.12.2010 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 16'902'000 0.34 12'014'000 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 15'980'000 0.32 - 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 13'538'000 0.27 (2'658'000) 31.12.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 12'254'000 0.24 12'254'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 13 12 month 26.04.2013
Deutsche Bank VINCENT HA buy 5 M 12 12 month 23.04.2013
Religare Capital Markets STANLEY CHAN hold 3 M 9 12 month 23.04.2013
BNP Paribas Equity Research TINA LI buy 5 M 10 12 month 19.04.2013
Goldman Sachs YIPENG YANG neutral/neutral 3 M 9 12 month 17.04.2013
BOCOM International Holdings WEI YAO long-term buy 5 N 10 Not Provided 17.04.2013
Morgan Stanley KATE ZHU Underwt/In-Line 1 M 7 12 month 15.04.2013
KGI Securities WEI SHEN neutral 3 M 10 12 month 12.04.2013
CIMB CHEAM TZE SHEN neutral 3 M 11 12 month 09.04.2013
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 10 12 month 08.04.2013
Standard Chartered REBECCA TANG outperform 5 M 11 12 month 28.03.2013
Credit Suisse JACK YEUNG outperform 5 M 12 Not Provided 28.03.2013
Macquarie JANET B LEWIS outperform 5 M 12 12 month 28.03.2013
Bank of China International ERIC HU hold 3 M 11 Not Provided 28.03.2013
Haitong International Securities LIANG YONGHUO hold 3 D 10 12 month 28.03.2013
DBS Vickers RACHEL MIU buy 5 M 12 12 month 28.03.2013
China International Capital Corp ZHENG DONG hold 3 D 10 12 month 28.03.2013
SWS Research Co Ltd TITUS WU neutral 3 D 10 Not Provided 28.03.2013
UOB Kay Hian KEN LEE sell 1 M 8 Not Provided 28.03.2013
JPMorgan NICK LAI overweight 5 M 11 6 month 27.03.2013
HSBC CARSON NG overweight 5 M 14 Not Provided 27.03.2013
Nomura BENJAMIN LO neutral 3 M 12 Not Provided 27.03.2013
CCB International Securities Ltd RONNIE HO neutral 3 D 11 Not Provided 27.03.2013
Guotai Junan HARRY CHEN neutral 3 D 11 Not Provided 07.03.2013
Daiwa Securities Co. Ltd. JEFF CHUNG outperform 5 D 12 Not Provided 15.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Mizuho Securities OLE HUI underperform 1 M 7 12 month 11.12.2012
Oriental Patron Securities Ltd VIVIEN CHAN buy 5 N 11 12 month 19.10.2012
Everbright Securities Co., Ltd WEI YAO buy 5 M 9 6 month 12.09.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 30.08.2012
Citic Securities Co., Ltd LI CHUNBO buy 5 N 9 6 month 30.08.2012
Hua Tai Securities Co., Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 8 Not Provided 25.05.2012
Holdings By:
Brilliance China Automotive Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
AAC Technologies Holdings Inc. designs and manufactures miniature acoustic
components. The Company's products are used in mobile telecommunications, IT
products, consumer electronics, home appliances, automobile and medical
applications and markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.04.2013) 39.45
52-Week Low (25.07.2012) 20.10
Daily Volume
37.85
52-Week High % Change -4.06% Dividend Yield 1.89
52-Week Low % Change 88.31% Beta 0.90
% 52 Week Price Range High/Low 91.73% Equity Float 726.32
Shares Out 31.12.2012 1'228.0 Short Int -
46'479.80 1 Yr Total Return 67.96%
Total Debt 1'354.25 YTD Return 39.67%
Preferred Stock 0.0 Adjusted BETA 0.904
Minority Interest 51.8 Analyst Recs 30
Cash and Equivalents 1'313.96 Consensus Rating 4.400
Enterprise Value 37'015.32
Average Volume 5 Day 3'633'508
2018 HK EQUITY YTD Change - Average Volume 30 Day 5'547'720
2018 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'325'973
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'256.0 2'203.1 3'349.0 4'059.7 6'282.9 4'059.7 6'282.9 8'311.6 9'866.3 1'823.2 1'897.0
1.19x 5.65x 6.15x 4.23x 4.28x 4.30x 7.82x 4.36x 3.63x - -
753.8 828.9 1'284.1 1'439.2 2'252.1 0.0 0.0 2'967.8 3'508.2 531.5 602.0
3.56x 15.02x 16.03x 11.92x 11.93x 0.00x 0.00x 12.47x 10.55x 14.81x -
590.4 615.0 986.7 1'036.2 1'762.6 1'036.2 1'762.6 2'306.7 2'727.7 487.6 526.3
6.38x 22.54x 21.89x 16.76x 15.19x 16.88x 15.19x 16.18x 13.57x 15.85x 14.72x
EBITDA 2'252.11 Long-Term Rating Date -
EBIT 1'949.28 Long-Term Rating -
Operating Margin 31.02% Long-Term Outlook -
Pretax Margin 32.08% Short-Term Rating Date -
Return on Assets 22.54% Short-Term Rating -
Return on Common Equity 32.56%
Return on Capital 26.39% EBITDA/Interest Exp. 187.16
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 47.63
Net Debt/EBITDA 0.02
Gross Margin 44.2% Total Debt/EBITDA 0.60
EBITDA Margin 35.8%
EBIT Margin 31.0% Total Debt/Equity 22.3%
Net Income Margin 28.1% Total Debt/Capital 18.1%
Asset Turnover 0.80
Current Ratio 1.67 Net Fixed Asset Turnover 1.92
Quick Ratio 1.17 Accounts receivable turnover-days 91.08
Debt to Assets 15.17% Inventory Days 79.08
Tot Debt to Common Equity 22.28% Accounts Payable Turnover Day 58.10
Accounts Receivable Turnover 4.02 Cash Conversion Cycle 112.06
Inventory Turnover 4.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AAC Technologies Holdings IncPrice/Volume
Valuation Analysis
3'766'247.00
Current Price (5/dd/yy) Market Data
,2
-,-2.,.20,021,12
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHUNYUAN WU INGRID n/a EXCH 262'820'525 21.4 (33'000'000) 04.09.2012 n/a
JP MORGAN n/a ULT-AGG 256'048'828 20.85 57'000 22.04.2013 Investment Advisor
PAN ZHENGMIN n/a EXCH 238'066'007 19.39 - 04.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 154'145'200 12.55 (1'309'000) 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a Co File 93'600'000 7.62 - 31.12.2011 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 60'375'375 4.92 - 15.04.2011 Investment Advisor
FMR LLC n/a ULT-AGG 24'872'085 2.03 (6'519'438) 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 18'916'000 1.54 (250'000) 31.01.2013 Bank
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 9'414'527 0.77 5'500 28.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 9'119'500 0.74 (1'984'500) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'093'500 0.74 (565'000) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'388'000 0.6 3'468'000 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 7'333'340 0.6 117'500 31.03.2013 Unclassified
UMB BANK N A Multiple Portfolios MF-AGG 6'155'270 0.5 - 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5'652'996 0.46 160'500 28.02.2013 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 5'576'500 0.45 (2'587'500) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'331'287 0.43 (629'500) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'987'732 0.32 93'930 31.03.2013 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 3'155'000 0.26 - 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'103'500 0.25 (896'000) 29.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie STEVE ZHANG outperform 5 M 42 12 month 25.04.2013
Nomura ANNE LEE buy 5 M 40 Not Provided 24.04.2013
Credit Suisse YAN TAW BOON outperform 5 M 39 Not Provided 21.04.2013
Daiwa Securities Co. Ltd. LU CHIA-LIN buy 5 M 45 Not Provided 19.04.2013
CCB International Securities Ltd RONNIE HO neutral 3 M 35 Not Provided 18.04.2013
Morgan Stanley JASMINE LU Equalwt/Attractive 3 D 38 12 month 10.04.2013
First Shanghai Securities Ltd TSOI HO buy 5 M 43 12 month 10.04.2013
Haitong International Securities ALEX LEE buy 5 M 37 12 month 08.04.2013
SWS Research Co Ltd LAN KUN buy 5 M 23 Not Provided 28.03.2013
KGI Securities RICHARD KO outperform 5 M 40 12 month 27.03.2013
DBS Vickers DENNIS LAM hold 3 M 34 12 month 27.03.2013
Maybank Kim Eng ANDY POON buy 5 M 37 12 month 27.03.2013
OSK (Asia) Securities KY NG neutral 3 M 36 12 month 27.03.2013
BOCOM International Holdings JIANYING MILES XIE buy 5 M 41 Not Provided 27.03.2013
Goldman Sachs ROBERT YEN Buy/Neutral 5 M 40 12 month 26.03.2013
Jefferies KEN HUI hold 3 M 31 12 month 26.03.2013
HSBC YOLANDA WANG neutral 3 M 36 Not Provided 26.03.2013
Bank of China International YANG TONY buy 5 M 39 Not Provided 26.03.2013
Barclays DALE GAI overweight 5 M 40 Not Provided 26.03.2013
CIMB JONATHAN NG outperform 5 M 36 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Standard Chartered DON SEE in-line 3 M 30 12 month 04.01.2013
Citic Securities Co., Ltd ZHENMIN LIN overweight 5 N 34 6 month 02.01.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 35 12 month 14.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 22.05.2012
Yuanta Securities Investment ConsultingBONNIE CHANG Under Review #N/A N/A M 26 Not Provided 08.05.2012
GuoSen Securities Co Ltd BILL FAN buy 5 N #N/A N/A Not Provided 15.07.2011
Holdings By:
AAC Technologies Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
PICC Property and Casualty Company Limited provides a broad range of property
and casualty insurance products for a wide variety of customers throughout
China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.01.2013) 12.28
52-Week Low (25.05.2012) 7.81
Daily Volume
9.96
52-Week High % Change -18.89% Dividend Yield 2.65
52-Week Low % Change 27.53% Beta 1.19
% 52 Week Price Range High/Low 48.10% Equity Float 3'801.58
Shares Out 31.03.2013 3'801.6 Short Int -
122'069.56 1 Yr Total Return 5.24%
Total Debt 19'427.00 YTD Return -8.29%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 13'631.00 Consensus Rating 3.615
Enterprise Value 102'767.11
Average Volume 5 Day 13'459'530
2328 HK EQUITY YTD Change - Average Volume 30 Day 20'790'770
2328 HK EQUITY YTD % CHANGE - Average Volume 3 Month 18'425'380
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
83'596.0 98'218.0 128'040.0 136'955.0 162'959.0 - - 204'203.2 231'778.0 - -
0.18x 0.45x 0.76x 0.79x 0.69x - - 0.51x 0.45x - -
- - - - - - - - - - -
- - - - - - - - - - -
109.0 1'783.0 5'288.0 8'027.0 10'405.0 - - 11'022.4 11'829.5 - -
368.13x 38.52x 21.12x 12.47x 10.29x - - 8.60x 7.92x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 9.08% Long-Term Outlook -
Pretax Margin 8.19% Short-Term Rating Date -
Return on Assets 3.74% Short-Term Rating -
Return on Common Equity 25.82%
Return on Capital 19.46% EBITDA/Interest Exp. -
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 42.7%
Net Income Margin 6.4% Total Debt/Capital 29.9%
Asset Turnover 0.59
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 6.69% Inventory Days -
Tot Debt to Common Equity 42.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
PICC Property & Casualty Co LtdPrice/Volume
Valuation Analysis
17'177'273.00
Current Price (5/dd/yy) Market Data
,
.
1
3
5
-,
-.
-1
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMERICAN INTERNATION n/a ULT-AGG 1'213'341'800 31.92 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 368'341'487 9.69 434'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 194'859'193 5.13 - 11.04.2013 Investment Advisor
OWL CREEK ASSET MANA n/a EXCH 153'967'500 4.05 (7'330'000) 11.04.2011 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 73'980'174 1.95 84'200 31.03.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 49'162'890 1.29 43'290 31.12.2012 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 36'878'000 0.97 - 27.12.2012 Hedge Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 31'100'000 0.82 2'042'000 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 23'243'486 0.61 - 30.06.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 22'702'600 0.6 8'466'600 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'874'350 0.44 - 30.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 14'514'800 0.38 - 31.05.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'012'141 0.37 (7'838'461) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'992'200 0.34 (7'330'000) 31.12.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'000'000 0.32 - 28.02.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 11'290'800 0.3 3'208'000 30.06.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 10'214'000 0.27 (280'000) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'418'600 0.25 1'526'000 29.04.2013 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 7'383'521 0.19 23'521 28.02.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 5'450'000 0.14 650'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JESSE WANG buy 5 M 14 Not Provided 28.04.2013
Morgan Stanley BEN LIN Overwt/In-Line 5 M 14 12 month 22.04.2013
Deutsche Bank ESTHER CHWEI hold 3 M 11 12 month 18.04.2013
Standard Chartered JENNIFER LAW underperform 1 M 11 12 month 17.04.2013
Jefferies BARON NIE hold 3 M 11 12 month 17.04.2013
Religare Capital Markets STEVEN LAM hold 3 N 10 12 month 16.04.2013
BOCOM International Holdings LI WENBING neutral 3 M 10 Not Provided 09.04.2013
Credit Suisse ARJAN VAN VEEN outperform 5 M 15 Not Provided 27.03.2013
Macquarie SCOTT G RUSSELL outperform 5 M 15 12 month 26.03.2013
DBS Vickers PING CHENG hold 3 M 12 12 month 26.03.2013
Core Pacific OLIVE XIA Positive 4 M 11 Not Provided 26.03.2013
HSBC JAMES GARNER neutral 3 M 12 Not Provided 25.03.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 13 Not Provided 25.03.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 11 Not Provided 27.02.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 13 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING underweight 1 M 10 6 month 16.01.2013
Daiwa Securities Co. Ltd. JERRY YANG hold 3 N 12 Not Provided 10.01.2013
Goldman Sachs MANCY SUN neutral/neutral 3 M 12 12 month 09.01.2013
GuoSen Securities Co Ltd ALBERT XU buy 5 M 12 12 month 12.12.2012
Guotai Junan FELIX LUO accumulate 4 U 11 Not Provided 23.08.2012
Masterlink Securities TEAM COVERAGE hold 3 N 9 Not Provided 25.05.2012
Bank of China International JINHUA YIN hold 3 M 10 Not Provided 29.03.2012
China International Capital Corp TANG SHENGBO buy 5 M 12 12 month 29.03.2012
UOB Kay Hian EDMOND LAW sell 1 M 9 Not Provided 29.03.2012
ICBC International Securities PIUS CHENG hold 3 D 11 Not Provided 29.03.2012
Mirae Asset Securities IVAN CHEUNG buy 5 M 14 12 month 30.11.2011
Phillip Securities CHEN XINGYU buy 5 M 12 12 month 19.10.2011
RBS YANAN WANG sell 1 M 9 12 month 01.08.2011
Holdings By:
PICC Property & Casualty Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China National Building Material Company Ltd. manufactures building materials.
The Company produces cement, dry wall, ceiling systems, and fiberglass.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 12.80
52-Week Low (25.07.2012) 7.07
Daily Volume
9.16
52-Week High % Change -28.44% Dividend Yield 2.13
52-Week Low % Change 29.56% Beta 1.58
% 52 Week Price Range High/Low 36.47% Equity Float 2'476.86
Shares Out 31.12.2012 2'879.2 Short Int -
49'455.08 1 Yr Total Return -10.09%
Total Debt 154'282.70 YTD Return -19.22%
Preferred Stock 0.0 Adjusted BETA 1.584
Minority Interest 13'568.7 Analyst Recs 33
Cash and Equivalents 10'469.72 Consensus Rating 3.818
Enterprise Value 196'668.46
Average Volume 5 Day 42'775'630
3323 HK EQUITY YTD Change - Average Volume 30 Day 52'032'980
3323 HK EQUITY YTD % CHANGE - Average Volume 3 Month 40'827'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
26'365.2 33'297.4 51'987.8 80'058.5 87'217.6 14'318.7 92'696.5 111'800.3 126'972.3 - -
1.75x 2.11x 1.84x 1.64x 2.37x 9.62x 0.00x 1.63x 1.44x - -
4'289.2 8'427.1 13'420.6 20'396.8 26'380.7 0.0 0.0 24'213.1 28'069.7 - -
10.75x 8.35x 7.12x 6.42x 7.83x 0.00x 0.00x 8.12x 7.01x - -
1'511.5 2'352.4 3'369.4 8'015.1 5'579.6 601.5 5'289.9 7'095.8 8'419.0 - -
12.06x 14.73x 11.36x 4.83x 8.86x 0.00x 7.98x 5.59x 4.69x - -
EBITDA 26'380.74 Long-Term Rating Date -
EBIT 21'917.44 Long-Term Rating -
Operating Margin 25.13% Long-Term Outlook -
Pretax Margin 11.38% Short-Term Rating Date -
Return on Assets 2.76% Short-Term Rating -
Return on Common Equity 19.64%
Return on Capital 8.15% EBITDA/Interest Exp. 3.46
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 1.92
Net Debt/EBITDA 5.45
Gross Margin 23.1% Total Debt/EBITDA 5.85
EBITDA Margin 30.2%
EBIT Margin 25.1% Total Debt/Equity 505.9%
Net Income Margin 6.4% Total Debt/Capital 77.8%
Asset Turnover 0.43
Current Ratio 0.54 Net Fixed Asset Turnover 0.89
Quick Ratio 0.26 Accounts receivable turnover-days 82.67
Debt to Assets 62.61% Inventory Days 62.95
Tot Debt to Common Equity 505.91% Accounts Payable Turnover Day 77.27
Accounts Receivable Turnover 4.43 Cash Conversion Cycle 68.35
Inventory Turnover 5.81
Fiscal Year Ended
China National Building Material Co LtdPrice/Volume
Valuation Analysis
57'226'048.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 422'187'649 14.66 28'000 05.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 218'167'604 7.58 (11'505'426) 29.04.2013 Investment Advisor
ATLANTIS INVESTMENT n/a EXCH 142'548'000 4.95 - 26.04.2011 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 141'605'502 4.92 - 28.12.2012 Government
T ROWE PRICE ASSOCIA n/a EXCH 140'460'758 4.88 - 17.05.2011 Investment Advisor
NORGES BANK n/a EXCH 138'944'000 4.83 - 24.08.2012 Government
DEUTSCHE BANK AG n/a EXCH 124'931'897 4.34 - 09.04.2013 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 123'989'979 4.31 - 17.04.2013 Investment Advisor
VALUE PARTNERS GROUP n/a ULT-AGG 121'760'000 4.23 - 31.03.2011 Corporation
DEUTSCHE BANK AG n/a Short (100'066'500) -3.48 - 09.04.2013 Investment Advisor
CREDIT SUISSE AG n/a EXCH 88'055'908 3.06 - 24.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 77'919'822 2.71 326'600 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 73'235'294 2.54 (14'663'480) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 72'599'000 2.52 6'214'000 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT n/a Short (57'857'914) -2.01 - 17.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (45'252'064) -1.57 - 25.04.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (39'469'176) -1.37 - 24.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 25'960'000 0.9 1'884'000 30.09.2011 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 24'599'571 0.85 - 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 22'613'420 0.79 4'000'000 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOHN FRASER-ANDREWS underweight 1 M 6 Not Provided 30.04.2013
Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 29.04.2013
JPMorgan NICK LAI neutral 3 D 10 6 month 29.04.2013
Jefferies PO WEI underperform 1 M 8 12 month 29.04.2013
Bank of China International MICHELLE LEUNG buy 5 M 11 Not Provided 29.04.2013
DBS Vickers ADDISON DAI fully valued 2 M 9 12 month 29.04.2013
Citic Securities Co., Ltd TIMOTHY LEE buy 5 M 12 12 month 29.04.2013
Nomura YANG LUO neutral 3 M 12 Not Provided 29.04.2013
Deutsche Bank JOHNSON WAN sell 1 M 7 12 month 28.04.2013
Morgan Stanley JOHN LAM Overwt/Attractive 5 M 12 12 month 28.04.2013
CIMB KEVIN YOU outperform 5 M 12 12 month 28.04.2013
Haitong International Securities ZHANG WEN XIAN buy 5 M 13 12 month 26.04.2013
BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 13 12 month 23.04.2013
GuoSen Securities Co Ltd ETHANE CHENG buy 5 M #N/A N/A Not Provided 18.04.2013
Standard Chartered BEN HARTWRIGHT outperform 5 M 13 12 month 15.04.2013
ICBC International Securities DUNCAN CHAN buy 5 M 15 Not Provided 12.04.2013
Religare Capital Markets TRACY HUANG hold 3 D 10 12 month 10.04.2013
Macquarie IVAN LEE outperform 5 M 18 12 month 28.03.2013
CCB International Securities Ltd ELIZA LIU outperform 5 M 13 Not Provided 27.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.03.2013
China International Capital Corp XUE GUAN buy 5 M 16 12 month 25.03.2013
SWS Research Co Ltd YE RONG outperform 5 D 12 Not Provided 25.03.2013
Guotai Junan RAY ZHAO sell 1 D 7 Not Provided 25.03.2013
UOB Kay Hian MARK PO buy 5 M 15 12 month 25.03.2013
Barclays ADA DAI overweight 5 M 12 Not Provided 24.03.2013
KGI Securities XIAOQING YAN outperform 5 M 15 12 month 28.01.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 16 12 month 24.01.2013
SinoPac YU ZHOU neutral 3 M 8 12 month 18.12.2012
Mirae Asset Securities SHIRLEY ZHAO buy 5 N 13 12 month 06.12.2012
Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 14 Not Provided 09.11.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 15 12 month 03.04.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 18 Not Provided 21.07.2011
Holdings By:
China National Building Material Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Sun Art Retail Group Ltd. operates hypermarkets. The Company retails food and
offers ammenities such as restaurants, automated teller machines, pharmacies
and dry cleaners.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.12.2012) 12.34
52-Week Low (29.06.2012) 8.47
Daily Volume
10.84
52-Week High % Change -12.16% Dividend Yield 1.16
52-Week Low % Change 27.98% Beta 0.72
% 52 Week Price Range High/Low 61.24% Equity Float 2'570.20
Shares Out 31.12.2012 9'539.7 Short Int -
103'410.40 1 Yr Total Return 6.33%
Total Debt 487.00 YTD Return -8.91%
Preferred Stock 0.0 Adjusted BETA 0.722
Minority Interest 528.0 Analyst Recs 23
Cash and Equivalents 7'827.00 Consensus Rating 3.391
Enterprise Value 75'336.42
Average Volume 5 Day 2'991'169
6808 HK EQUITY YTD Change - Average Volume 30 Day 6'705'626
6808 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'979'343
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
37'852.0 45'394.0 56'168.0 68'084.0 77'851.0 0.0 50'115.0 91'138.7 108'469.7 - 39'653.0
- - - 1.00x 1.09x #DIV/0! 0.00x 0.85x 0.70x - -
2'030.0 2'503.0 3'240.0 3'969.0 5'209.0 0.0 3'466.0 6'104.1 7'191.3 - 2'485.0
- - - 17.19x 16.22x 0.00x 0.00x 12.34x 10.48x - -
680.0 811.0 1'031.0 1'600.0 2'409.0 0.0 1'180.0 2'738.1 3'200.7 - -
- - - 39.38x 38.29x 0.00x 0.00x 29.90x 25.63x - -
EBITDA 5'209.00 Long-Term Rating Date -
EBIT 3'257.00 Long-Term Rating -
Operating Margin 4.18% Long-Term Outlook -
Pretax Margin 4.50% Short-Term Rating Date -
Return on Assets 5.61% Short-Term Rating -
Return on Common Equity 15.07%
Return on Capital 15.11% EBITDA/Interest Exp. 434.08
Asset Turnover 1.81% (EBITDA-Capex)/Interest Exp. -15.43
Net Debt/EBITDA -1.40
Gross Margin 20.7% Total Debt/EBITDA 0.09
EBITDA Margin 6.8%
EBIT Margin 4.2% Total Debt/Equity 2.9%
Net Income Margin 3.1% Total Debt/Capital 2.7%
Asset Turnover 1.81
Current Ratio 0.79 Net Fixed Asset Turnover 3.76
Quick Ratio 0.30 Accounts receivable turnover-days 1.26
Debt to Assets 1.09% Inventory Days 62.76
Tot Debt to Common Equity 2.89% Accounts Payable Turnover Day 88.42
Accounts Receivable Turnover 291.03 Cash Conversion Cycle -24.40
Inventory Turnover 5.83
Fiscal Year Ended
Sun Art Retail Group LtdPrice/Volume
Valuation Analysis
3'874'564.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
A-RT RETAIL HOLDINGS n/a Co File 4'865'338'686 51 - 31.12.2011 Corporation
AUCHANHYPER SA n/a Co File 926'418'766 9.71 - 31.12.2011 Other
CONCORD GREATER CHIN n/a Co File 807'024'010 8.46 - 31.12.2011 Other
KOFU INTERNATIONAL L n/a Co File 748'376'538 7.84 - 31.12.2011 Investment Advisor
MING TUAN HUANG n/a EXCH 116'784'074 1.22 100'000 29.06.2012 n/a
GAOLING FUND LP n/a Research 96'389'060 1.01 - 04.07.2011 Private Equity
GENERAL ATLANTIC FUN n/a Research 96'389'000 1.01 - 04.07.2011 Private Equity
ARISAIG ASIA CONSURE n/a Research 55'079'500 0.58 - 04.07.2011 n/a
TIGER GLOBAL MANAGEM n/a Research 55'079'500 0.58 - 04.07.2011 Hedge Fund Manager
OWL CREEK ASSET MANA n/a Research 55'079'500 0.58 - 04.07.2011 Hedge Fund Manager
CARMIGNAC GESTION n/a Research 55'079'500 0.58 - 04.07.2011 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 55'079'500 0.58 - 04.07.2011 Government
BROOKSIDE CAPITAL TR n/a Research 55'079'500 0.58 - 04.07.2011 Investment Advisor
MAXWELL HILL INVEST n/a Research 55'079'500 0.58 - 04.07.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'740'606 0.45 (11'729'153) 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 40'818'245 0.43 11'276'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 36'474'000 0.38 272'500 29.04.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 27'129'000 0.28 (764'000) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 15'458'500 0.16 - 31.05.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 14'788'000 0.16 1'819'500 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ji Asia WU GONGLIANG sell 1 M 9 12 month 17.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 15.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 13 Not Provided 19.03.2013
Macquarie LINDA HUANG neutral 3 M 10 12 month 19.03.2013
China International Capital Corp BING QIAN hold 3 M 10 12 month 19.03.2013
Citic Securities Co., Ltd ZHAO XUEQIN hold 3 D 11 6 month 19.03.2013
Guotai Junan FRANK XU accumulate 4 M 12 Not Provided 19.03.2013
Barclays VINEET SHARMA equalweight 3 D 11 Not Provided 19.03.2013
Standard Chartered CHARLES YAN outperform 5 M 13 12 month 18.03.2013
Deutsche Bank LYDIA LING hold 3 M 10 12 month 18.03.2013
Morgan Stanley ANGELA MOH Equalwt/Attractive 3 M 10 12 month 18.03.2013
Bank of China International TIFFANY FENG buy 5 U 13 Not Provided 18.03.2013
CIMB Yang Lei underperform 1 M 10 12 month 18.03.2013
HSBC LINA YAN overweight 5 M 13 Not Provided 26.02.2013
Religare Capital Markets STANLEY CHAN buy 5 M 11 12 month 18.01.2013
SinoPac VIVIAN LIU neutral 3 M 10 12 month 21.11.2012
GuoSen Securities Co Ltd FRANCO HONG buy 5 N 12 12 month 18.10.2012
SWS Research Co Ltd JOYCE JIA neutral 3 N 10 Not Provided 21.09.2012
CMB International Capital Corp Ltd TEAM COVERAGE hold 3 M 9 12 month 29.08.2012
Goldman Sachs JOSHUA LU Buy/Neutral 5 M 13 12 month 28.08.2012
Holdings By:
Sun Art Retail Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Oilfield Services Limited provides drilling services, well services,
marine support and transportation services, and geophysical services to the oil
field industry in the offshore China market.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.01.2013) 17.66
52-Week Low (23.05.2012) 10.02
Daily Volume
15.3
52-Week High % Change -13.36% Dividend Yield 2.55
52-Week Low % Change 52.69% Beta 1.22
% 52 Week Price Range High/Low 69.11% Equity Float 1'534.34
Shares Out 31.03.2013 1'534.9 Short Int -
81'359.02 1 Yr Total Return 24.01%
Total Debt 33'369.96 YTD Return -4.26%
Preferred Stock 0.0 Adjusted BETA 1.218
Minority Interest 11.0 Analyst Recs 27
Cash and Equivalents 13'769.08 Consensus Rating 3.519
Enterprise Value 85'990.06
Average Volume 5 Day 6'415'778
2883 HK EQUITY YTD Change - Average Volume 30 Day 6'855'696
2883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'043'904
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
12'142.9 17'878.7 17'561.0 18'426.1 22'104.7 19'395.6 23'031.5 25'201.6 27'219.0 - -
5.57x 4.91x 6.90x 4.33x 3.50x 13.53x 12.59x 3.32x 2.98x - -
5'228.0 8'139.6 8'564.8 8'159.6 8'911.0 0.0 0.0 10'258.2 10'948.2 - -
12.93x 10.79x 14.14x 9.77x 8.69x 0.00x 0.00x 8.38x 7.85x - -
3'102.2 3'135.3 4'128.5 4'039.3 4'559.4 4'265.9 4'571.1 5'305.6 5'759.1 - -
7.98x 11.74x 15.55x 11.07x 12.67x 9.47x 12.75x 10.41x 9.59x - -
EBITDA 8'911.00 Long-Term Rating Date 20.12.2012
EBIT 5'737.54 Long-Term Rating A-
Operating Margin 25.96% Long-Term Outlook STABLE
Pretax Margin 24.60% Short-Term Rating Date -
Return on Assets 6.54% Short-Term Rating -
Return on Common Equity 15.03%
Return on Capital 8.18% EBITDA/Interest Exp. 14.19
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 8.39
Net Debt/EBITDA 2.20
Gross Margin - Total Debt/EBITDA 3.74
EBITDA Margin 40.3%
EBIT Margin 26.0% Total Debt/Equity 103.7%
Net Income Margin 20.6% Total Debt/Capital 50.9%
Asset Turnover 0.32
Current Ratio 2.80 Net Fixed Asset Turnover 0.47
Quick Ratio 2.34 Accounts receivable turnover-days 82.49
Debt to Assets 44.70% Inventory Days -
Tot Debt to Common Equity 103.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.44 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Oilfield Services LtdPrice/Volume
Valuation Analysis
4'405'817.00
Current Price (5/dd/yy) Market Data
,.135
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMMONWEALTH BANK OF n/a EXCH 215'034'000 14.01 - 22.04.2013 Bank
ALLIANZ GLOBAL INVES n/a EXCH 200'744'000 13.08 - 17.05.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 199'678'576 13.01 (136'000) 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 98'110'969 6.39 396'000 29.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 76'072'000 4.96 - 09.10.2012 Investment Advisor
VALUE PARTNERS GROUP n/a ULT-AGG 74'892'000 4.88 - 17.02.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 43'725'087 2.85 (2'200) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 33'312'000 2.17 - 28.02.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 23'016'000 1.5 (546'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 19'857'270 1.29 1'018'224 31.03.2013 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 18'986'000 1.24 18'986'000 30.06.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 13'113'002 0.85 - 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'161'000 0.79 (700'000) 31.03.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 10'340'000 0.67 10'340'000 30.11.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 9'827'000 0.64 194'000 31.01.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7'980'000 0.52 7'980'000 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 7'352'000 0.48 (4'150'000) 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 7'280'000 0.47 4'646'000 31.03.2013 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'082'000 0.4 834'000 31.12.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'078'000 0.4 - 17.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bank of China International LAWRENCE LAU buy 5 M 19 Not Provided 29.04.2013
BNP Paribas Equity Research GORDON WAI hold 3 M 17 12 month 29.04.2013
Nomura HANZHI DING buy 5 M 18 Not Provided 28.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 17 12 month 26.04.2013
Barclays CLEMENT CHEN equalweight 3 M 18 Not Provided 23.04.2013
Morgan Stanley WEE KIAT TAN Overwt/Attractive 5 M 19 12 month 22.04.2013
Standard Chartered LEONG WAI MUN in-line 3 M 16 12 month 16.04.2013
KGI Securities ZHANG GUO outperform 5 M 20 12 month 27.03.2013
Mirae Asset Securities GORDON KWAN buy 5 M 20 12 month 26.03.2013
BOCOM International Holdings WU FEI buy 5 U 18 Not Provided 26.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.03.2013
Credit Suisse HORACE TSE neutral 3 M 15 Not Provided 25.03.2013
Jefferies LABAN YU underperform 1 M 14 12 month 25.03.2013
Macquarie JAMES HUBBARD underperform 1 M 13 12 month 25.03.2013
Mizuho Securities ANDREW S F CHAN underperform 1 M 13 12 month 25.03.2013
China International Capital Corp BIN GUAN buy 5 M 20 12 month 25.03.2013
HSBC KEVIN LIAN underweight 1 M 14 Not Provided 24.03.2013
Goldman Sachs ARTHUR YAN neutral/neutral 3 M 17 12 month 18.03.2013
Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 19 Not Provided 01.02.2013
JPMorgan AKHIL HANDA neutral 3 M 15 6 month 31.01.2013
Deutsche Bank DAVID HURD hold 3 M 16 12 month 10.01.2013
Renaissance Capital BRADLEY WAY buy 5 M 14 12 month 20.06.2012
GuoSen Securities Co Ltd STEVEN LU buy 5 N 15 12 month 17.05.2012
SWS Research Co Ltd ALBERT MIAO outperform 5 M 16 Not Provided 27.04.2012
Guotai Junan GRACE LIU accumulate 4 M 15 Not Provided 06.04.2012
Citic Securities Co., Ltd YIN XIAODONG buy 5 M 16 6 month 28.11.2011
Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
China Oilfield Services Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Coal Energy Company Ltd mines and markets thermal coal and coking coal.
The Company also manufactures coal mining equipment and offers coal mine design
services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 9.14
52-Week Low (29.04.2013) 5.89
Daily Volume
5.97
52-Week High % Change -34.68% Dividend Yield 4.43
52-Week Low % Change 1.36% Beta 1.51
% 52 Week Price Range High/Low 2.46% Equity Float 3'820.18
Shares Out 31.12.2012 4'106.7 Short Int -
102'973.13 1 Yr Total Return -30.59%
Total Debt 48'092.09 YTD Return -29.10%
Preferred Stock 0.0 Adjusted BETA 1.507
Minority Interest 14'694.0 Analyst Recs 35
Cash and Equivalents 22'693.96 Consensus Rating 3.429
Enterprise Value 119'581.45
Average Volume 5 Day 47'021'000
1898 HK EQUITY YTD Change - Average Volume 30 Day 27'152'230
1898 HK EQUITY YTD % CHANGE - Average Volume 3 Month 27'141'720
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
51'753.1 53'187.0 70'302.6 90'864.7 87'291.7 90'531.9 84'156.3 90'957.6 101'844.9 - -
1.20x 3.06x 1.98x 1.35x 1.49x 4.39x 3.84x 1.44x 1.36x - -
12'819.2 12'138.8 14'723.9 18'996.1 17'593.0 0.0 0.0 18'289.5 20'379.6 - -
4.85x 13.40x 9.46x 6.46x 7.38x 0.00x 0.00x 6.54x 5.87x - -
7'131.0 7'409.3 7'466.4 9'955.3 8'842.2 10'003.6 8'299.4 8'120.4 8'744.0 2'518.0 2'288.0
10.06x 22.39x 18.38x 9.06x 10.11x 9.36x 8.87x 7.86x 7.27x - -
EBITDA 17'592.96 Long-Term Rating Date -
EBIT 12'895.77 Long-Term Rating -
Operating Margin 14.77% Long-Term Outlook -
Pretax Margin 14.65% Short-Term Rating Date -
Return on Assets 5.08% Short-Term Rating -
Return on Common Equity 10.45%
Return on Capital 7.53% EBITDA/Interest Exp. 7.75
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -4.39
Net Debt/EBITDA 1.44
Gross Margin 19.8% Total Debt/EBITDA 2.73
EBITDA Margin 20.2%
EBIT Margin 14.8% Total Debt/Equity 55.5%
Net Income Margin 10.1% Total Debt/Capital 32.2%
Asset Turnover 0.50
Current Ratio 1.45 Net Fixed Asset Turnover 1.14
Quick Ratio 1.00 Accounts receivable turnover-days 40.69
Debt to Assets 25.90% Inventory Days 36.64
Tot Debt to Common Equity 55.45% Accounts Payable Turnover Day 65.61
Accounts Receivable Turnover 9.00 Cash Conversion Cycle 11.72
Inventory Turnover 9.99
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Coal Energy Co LtdPrice/Volume
Valuation Analysis
47'416'516.00
Current Price (5/dd/yy) Market Data
,-.0123456
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 544'035'775 13.25 5'565'000 29.04.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 286'482'390 6.98 - 25.04.2013 Government
CITIGROUP INCORPORAT #N/A N/A EXCH 238'645'235 5.81 (1'443'000) 24.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 234'163'810 5.7 (392'000) 15.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 154'776'102 3.77 3'028'000 25.04.2013 Investment Advisor
DAVIS SELECTED ADVIS n/a EXCH 122'514'560 2.98 - 06.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 112'624'359 2.74 643'800 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 66'411'945 1.62 182'000 31.07.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 62'960'820 1.53 (6'783'000) 28.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 52'556'777 1.28 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 47'844'234 1.17 (1'768'090) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 32'860'000 0.8 (136'100) 31.01.2013 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 27'244'000 0.66 20'644'000 30.06.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 26'675'000 0.65 10'409'000 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 23'874'700 0.58 - 31.05.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22'522'000 0.55 2'269'000 29.04.2013 Investment Advisor
SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 18'686'000 0.46 18'686'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'281'841 0.4 15'600'065 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 13'042'047 0.32 (136'000) 29.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'907'170 0.31 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TRINA CHEN outperform 5 M 10 Not Provided 29.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 4 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013
Bank of China International LAWRENCE LAU hold 3 M 6 Not Provided 29.04.2013
Haitong International Securities CHO FOOK TAT buy 5 M 9 12 month 29.04.2013
DBS Vickers JUNE NG hold 3 D 7 12 month 29.04.2013
JPMorgan DANIEL KANG overweight 5 M 8 12 month 28.04.2013
Deutsche Bank JAMES KAN hold 3 M 7 12 month 26.04.2013
Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 7 12 month 26.04.2013
Barclays EPHREM RAVI overweight 5 M 8 Not Provided 26.04.2013
Jefferies LABAN YU underperform 1 M 4 12 month 18.04.2013
ABC International MARK YIBIAO CHEN hold 3 M 8 12 month 16.04.2013
Goldman Sachs JULIAN ZHU neutral/neutral 3 M 6 12 month 11.04.2013
Ji Asia SAMUEL THAWLEY buy 5 M 8 12 month 10.04.2013
Nomura JOSEPH C LAM reduce 2 M 5 Not Provided 27.03.2013
Guotai Junan LEO WU neutral 3 M 8 Not Provided 20.03.2013
Macquarie MATTY ZHAO outperform 5 M 10 12 month 19.03.2013
UOB Kay Hian HELEN LAU buy 5 M 9 Not Provided 19.03.2013
Mirae Asset Securities SHIRLEY ZHAO hold 3 M 7 12 month 19.03.2013
Standard Chartered CHEN YAN outperform 5 M 9 Not Provided 18.03.2013
HSBC SIMON FRANCIS underweight 1 D 7 Not Provided 18.03.2013
BNP Paribas Equity Research JAMES CLARKE hold 3 M 7 12 month 18.03.2013
Core Pacific KENNY CHEUNG hold 3 D 7 12 month 18.03.2013
BOCOM International Holdings HE WEI long-term buy 5 M 8 Not Provided 18.03.2013
China International Capital Corp CAI HONGYU neutral 3 M 9 12 month 17.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 9 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd HUANG ZHE neutral 3 M 12 Not Provided 04.01.2013
Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 10 Not Provided 28.12.2012
Masterlink Securities LI XIN hold 3 M 9 Not Provided 28.11.2012
Religare Capital Markets TRACY HUANG buy 5 M 9 12 month 24.10.2012
ICBC International Securities ANNA YU buy 5 M 8 Not Provided 17.07.2012
GuoSen Securities Co Ltd DAVID LAM buy 5 M 11 12 month 05.04.2012
Citic Securities Co., Ltd WALLACE CHENG buy 5 M 11 6 month 12.03.2012
KGI Securities YANG TAO neutral 3 M 11 12 month 21.12.2011
Cinda Securities Ltd CASTOR PANG neutral 3 N 10 Not Provided 07.07.2010
Holdings By:
China Coal Energy Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Shimao Property Holdings Limited develops real estate projects in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (10.01.2013) 17.64
52-Week Low (18.05.2012) 9.01
Daily Volume
16.72
52-Week High % Change -5.22% Dividend Yield 3.31
52-Week Low % Change 85.57% Beta 1.43
% 52 Week Price Range High/Low 89.34% Equity Float 1'251.83
Shares Out 31.03.2013 3'472.6 Short Int -
58'061.39 1 Yr Total Return 65.67%
Total Debt 40'993.94 YTD Return 14.36%
Preferred Stock 0.0 Adjusted BETA 1.428
Minority Interest 5'020.1 Analyst Recs 28
Cash and Equivalents 15'893.85 Consensus Rating 4.929
Enterprise Value 76'243.70
Average Volume 5 Day 5'515'677
813 HK EQUITY YTD Change - Average Volume 30 Day 10'517'910
813 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'810'466
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
7'196.3 17'032.1 21'789.4 26'031.4 28'652.2 - - 39'836.2 47'353.0 - -
3.94x 3.62x 2.78x 2.05x 2.48x - - 1.90x 1.52x - -
2'104.8 4'751.3 6'846.8 8'419.4 8'186.0 - - 11'549.4 13'850.9 - -
13.47x 12.98x 8.84x 6.33x 8.67x - - 6.60x 5.50x - -
841.2 3'511.2 4'671.5 5'722.8 5'764.6 - - 6'028.1 7'169.1 - -
18.51x 12.74x 7.55x 3.32x 7.07x - - 7.71x 6.50x - -
EBITDA 8'185.99 Long-Term Rating Date 09.07.2012
EBIT 7'796.59 Long-Term Rating BB-
Operating Margin 27.21% Long-Term Outlook STABLE
Pretax Margin 35.48% Short-Term Rating Date -
Return on Assets 4.65% Short-Term Rating -
Return on Common Equity 17.34%
Return on Capital 8.39% EBITDA/Interest Exp. 2.54
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 1.92
Net Debt/EBITDA 3.47
Gross Margin 33.5% Total Debt/EBITDA 5.21
EBITDA Margin 28.7%
EBIT Margin 24.4% Total Debt/Equity 114.2%
Net Income Margin 20.1% Total Debt/Capital 50.0%
Asset Turnover 0.23
Current Ratio 1.37 Net Fixed Asset Turnover 0.80
Quick Ratio 0.32 Accounts receivable turnover-days 25.28
Debt to Assets 31.33% Inventory Days 859.14
Tot Debt to Common Equity 114.17% Accounts Payable Turnover Day 260.50
Accounts Receivable Turnover 14.48 Cash Conversion Cycle 623.92
Inventory Turnover 0.43
Fiscal Year Ended
Shimao Property Holdings LtdPrice/Volume
Valuation Analysis
6'556'181.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WING MAU HUI n/a EXCH 2'216'437'442 63.83 324'000 12.06.2012 n/a
CITIGROUP INCORPORAT n/a EXCH 147'569'174 4.25 - 25.03.2013 Investment Advisor
UBS n/a ULT-AGG 135'155'912 3.89 118'000 31.01.2013 Unclassified
CITIGROUP INCORPORAT n/a Short (66'022'631) -1.9 - 25.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 51'456'100 1.48 (2'045'000) 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 43'051'548 1.24 12'379'302 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 38'810'398 1.12 182'901 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 29'633'589 0.85 - 31.07.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 25'093'000 0.72 24'347'000 30.11.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (22'647'884) -0.65 1'660'000 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 21'039'500 0.61 8'732'500 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'757'500 0.4 (1'655'500) 31.03.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 11'628'500 0.33 (5'848'500) 31.01.2013 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 10'906'000 0.31 276'500 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'599'500 0.31 610'500 30.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'031'598 0.29 (3'500) 30.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10'000'000 0.29 - 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 9'656'400 0.28 852'900 28.03.2013 Unclassified
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 8'369'000 0.24 (8'337'500) 30.06.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 7'116'128 0.2 1'089'145 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 21 12 month 29.04.2013
Guotai Junan DONALD YU accumulate 4 M 16 Not Provided 23.04.2013
ICBC International Securities PHILIP TSE buy 5 M 19 Not Provided 23.04.2013
Standard Chartered RAYMOND CHENG outperform 5 M 20 12 month 22.04.2013
Nomura ALVIN WONG buy 5 M 18 Not Provided 22.04.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 18.04.2013
Credit Suisse DUO CHEN outperform 5 M 19 Not Provided 08.04.2013
Goldman Sachs WANG YI buy/attractive 5 U 21 12 month 07.04.2013
CIMB JOHNSON HU outperform 5 M 19 12 month 02.04.2013
Maybank Kim Eng KAREN KWAN buy 5 M 20 12 month 02.04.2013
JPMorgan LUCIA KWONG overweight 5 M 17 6 month 27.03.2013
DBS Vickers CAROL WU buy 5 M 18 12 month 27.03.2013
China International Capital Corp ERIC YU ZHANG accumulate 4 M 17 12 month 27.03.2013
UOB Kay Hian CYNTHIA CHAN buy 5 U 16 Not Provided 27.03.2013
Mirae Asset Securities STEPHANIE LAU buy 5 M 16 12 month 27.03.2013
CMB International Capital Corp Ltd SAMSON MAN buy 5 U 17 12 month 27.03.2013
CCB International Securities Ltd EDISON BIAN outperform 5 M 19 Not Provided 27.03.2013
BOCOM International Holdings TONI HO CHI CHUNG buy 5 M 19 Not Provided 27.03.2013
Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 20 12 month 26.03.2013
Jefferies CHRISTIE JU buy 5 M 19 12 month 26.03.2013
HSBC MICHELLE KWOK overweight 5 M 22 Not Provided 26.03.2013
SWS Research Co Ltd KRIS LI buy 5 M 20 Not Provided 30.01.2013
Macquarie JEFFREY GAO outperform 5 M 22 12 month 23.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 10.07.2012
Holdings By:
Shimao Property Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Kerry Properties Limited, through its subsidiaries, invests in and develops
real estate. The Company also owns and operates logistics, freight and
warehouses business. In addition, Kerry Properties invests in
infrastructure-related projects and operates hotels.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (30.01.2013) 43.50
52-Week Low (15.06.2012) 29.50
Daily Volume
35.1
52-Week High % Change -19.31% Dividend Yield 2.71
52-Week Low % Change 18.98% Beta 0.90
% 52 Week Price Range High/Low 40.00% Equity Float 968.38
Shares Out 31.01.2013 1'439.9 Short Int -
50'539.37 1 Yr Total Return 1.46%
Total Debt 32'534.96 YTD Return -12.80%
Preferred Stock 0.0 Adjusted BETA 0.899
Minority Interest 13'562.1 Analyst Recs 18
Cash and Equivalents 16'241.97 Consensus Rating 3.667
Enterprise Value 80'394.43
Average Volume 5 Day 2'178'120
683 HK EQUITY YTD Change - Average Volume 30 Day 2'713'445
683 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'421'455
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
13'115.7 12'938.3 21'226.0 20'660.4 34'513.0 - - 33'363.1 35'909.1 - -
3.62x 5.62x 3.70x 2.92x 2.54x - - 2.68x 2.49x - -
3'554.0 3'649.7 4'387.6 3'612.7 7'063.3 - - 7'157.2 7'318.9 - -
13.34x 19.92x 17.91x 16.69x 12.43x - - 11.23x 10.98x - -
3'050.6 4'384.3 6'702.7 5'347.7 6'960.2 - - 4'464.4 4'402.9 - -
9.65x 12.87x 8.65x 6.91x 8.32x - - 11.15x 11.10x - -
EBITDA 7'063.28 Long-Term Rating Date 16.11.1998
EBIT 6'633.96 Long-Term Rating BBB-
Operating Margin 19.22% Long-Term Outlook POS
Pretax Margin 28.68% Short-Term Rating Date -
Return on Assets 5.34% Short-Term Rating -
Return on Common Equity 10.33%
Return on Capital 7.72% EBITDA/Interest Exp. 6.06
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -2.74
Net Debt/EBITDA 2.31
Gross Margin 25.5% Total Debt/EBITDA 4.61
EBITDA Margin 20.5%
EBIT Margin 19.2% Total Debt/Equity 46.0%
Net Income Margin 20.2% Total Debt/Capital 27.8%
Asset Turnover 0.26
Current Ratio 2.17 Net Fixed Asset Turnover 0.47
Quick Ratio 1.31 Accounts receivable turnover-days 44.25
Debt to Assets 23.73% Inventory Days 160.84
Tot Debt to Common Equity 45.96% Accounts Payable Turnover Day 24.74
Accounts Receivable Turnover 8.27 Cash Conversion Cycle 181.14
Inventory Turnover 2.28
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kerry Properties LtdPrice/Volume
Valuation Analysis
1'558'100.00
Current Price (5/dd/yy) Market Data
,2
-,-2.,.20,021,12
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KERRY GROUP LTD n/a ULT-AGG 791'941'086 55 - 14.03.2013 Other
JP MORGAN n/a ULT-AGG 70'806'848 4.92 - 11.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 37'310'500 2.59 4'133'500 31.03.2013 Investment Advisor
EUROPEAN INVESTORS I n/a Research 33'406'433 2.32 (877'000) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'726'979 1.3 56'000 29.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'804'522 1.24 27'000 30.04.2013 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 11'013'500 0.76 1'139'500 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'695'514 0.74 42'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'089'497 0.7 7'900'085 31.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'727'418 0.68 (103'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'018'926 0.56 276'431 31.03.2013 Investment Advisor
KHOON CHEN KUOK n/a EXCH 7'915'208 0.55 60'000 19.03.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'099'567 0.42 249'500 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SCHRODER GLOBAL PROP UT-UK 4'483'286 0.31 (175'000) 28.09.2012 Investment Advisor
SCHRODER INVESTMENT SISF - ASIAN EQUITY MF-LUX 4'417'000 0.31 4'417'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INSTITUTION UT-UK 3'854'520 0.27 - 31.10.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'331'677 0.23 (83'500) 30.04.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'240'706 0.23 33'000 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SISF GLOBAL PROPERTY MF-LUX 3'173'082 0.22 525'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SISF PACIFIC EQUITY MF-LUX 2'945'000 0.2 1'226'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies VENANT CHIANG hold 3 M 41 12 month 29.04.2013
Standard Chartered KAREN FAN outperform 5 N 44 12 month 26.04.2013
Morgan Stanley PRAVEEN K CHOUDHARY Underwt/In-Line 1 D 34 12 month 26.04.2013
DBS Vickers JEFF YAU buy 5 M 47 12 month 23.04.2013
Macquarie DAVID NG neutral 3 M 34 12 month 18.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013
Nomura PAUL LOUIE neutral 3 M 40 Not Provided 19.03.2013
JPMorgan AMY LUK neutral 3 D 35 6 month 15.03.2013
HSBC PERVEEN WONG overweight 5 M 47 Not Provided 15.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 39 Not Provided 15.03.2013
Credit Suisse CUSSON LEUNG outperform 5 M 50 Not Provided 14.03.2013
BNP Paribas Equity Research PATRICK WONG hold 3 M 39 12 month 14.03.2013
UOB Kay Hian SYLVIA WONG sell 1 M 37 Not Provided 15.01.2013
Goldman Sachs ANTHONY WU buy/attractive 5 M 46 12 month 06.11.2012
Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 20.09.2012
Holdings By:
Kerry Properties Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and
refining to produce copper cathode and other related products, including pyrite
concentrates, sulphuric acid and electrolytic gold and silver businesses. The
Company also provides smelting and refining services pursuant to tolling
arrangements for customers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.01.2013) 21.95
52-Week Low (16.04.2013) 14.74
Daily Volume
15.04
52-Week High % Change -31.48% Dividend Yield 4.18
52-Week Low % Change 2.04% Beta 1.69
% 52 Week Price Range High/Low 4.16% Equity Float 1'387.48
Shares Out 31.12.2012 1'387.5 Short Int -
75'309.55 1 Yr Total Return -17.02%
Total Debt 20'760.04 YTD Return -26.27%
Preferred Stock 0.0 Adjusted BETA 1.686
Minority Interest 1'087.8 Analyst Recs 23
Cash and Equivalents 20'363.40 Consensus Rating 3.870
Enterprise Value 61'309.77
Average Volume 5 Day 22'272'550
358 HK EQUITY YTD Change - Average Volume 30 Day 14'383'490
358 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'603'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
53'693.4 51'430.6 76'138.9 117'119.2 158'006.0 120'632.7 175'197.9 150'837.8 154'125.5 42'810.0 44'900.0
0.52x 1.87x 1.75x 0.61x 0.37x 1.86x 0.97x 0.40x 0.39x - -
5'583.5 4'522.3 7'575.6 8'684.2 6'960.8 0.0 0.0 7'631.5 7'827.1 - -
5.01x 21.25x 17.55x 8.20x 8.38x 0.00x 0.00x 8.03x 7.83x - -
2'285.1 2'383.2 4'987.6 6'586.9 5'215.9 6'396.4 4'752.3 4'873.9 4'935.9 1'395.0 1'680.0
6.58x 20.46x 13.62x 7.16x 10.87x 7.81x 10.01x 8.38x 8.37x - -
EBITDA 6'960.77 Long-Term Rating Date -
EBIT 5'679.87 Long-Term Rating -
Operating Margin 3.59% Long-Term Outlook -
Pretax Margin 3.97% Short-Term Rating Date -
Return on Assets 7.26% Short-Term Rating -
Return on Common Equity 12.93%
Return on Capital 9.78% EBITDA/Interest Exp. 8.37
Asset Turnover 2.16% (EBITDA-Capex)/Interest Exp. 5.13
Net Debt/EBITDA 0.06
Gross Margin 4.7% Total Debt/EBITDA 2.95
EBITDA Margin 4.5%
EBIT Margin 3.6% Total Debt/Equity 48.5%
Net Income Margin 3.3% Total Debt/Capital 32.1%
Asset Turnover 2.16
Current Ratio 1.93 Net Fixed Asset Turnover 8.12
Quick Ratio 1.09 Accounts receivable turnover-days 19.74
Debt to Assets 26.57% Inventory Days 36.52
Tot Debt to Common Equity 48.48% Accounts Payable Turnover Day 11.19
Accounts Receivable Turnover 18.54 Cash Conversion Cycle 45.06
Inventory Turnover 10.02
Fiscal Year Ended
Jiangxi Copper Co LtdPrice/Volume
Valuation Analysis
11'202'394.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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40'000.0
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120'000.0
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160'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 114'551'039 8.26 198'000 29.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 67'700'402 4.88 - 27.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 66'100'867 4.76 - 08.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (47'158'796) -3.4 - 27.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 41'778'636 3.01 (2'641'364) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'918'898 2.73 (38'700) 31.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 24'048'512 1.73 (748'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 19'475'420 1.4 (1'237'000) 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 11'854'667 0.85 - 30.06.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 11'602'000 0.84 (148'000) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'684'044 0.77 (173'000) 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 10'353'965 0.75 5'578'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 7'632'000 0.55 (314'000) 28.02.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 7'331'000 0.53 - 31.12.2010 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'638'516 0.41 3'804'000 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'541'650 0.4 (3'239'090) 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 5'357'000 0.39 - 31.03.2013 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 3'974'000 0.29 - 28.02.2013 Investment Advisor
HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 3'914'000 0.28 645'000 21.05.2012 Investment Advisor
MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 3'814'000 0.27 (588'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TRINA CHEN outperform 5 M 19 Not Provided 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 17 Not Provided 29.04.2013
UOB Kay Hian HELEN LAU sell 1 M 11 Not Provided 29.04.2013
BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 18 Not Provided 29.04.2013
Deutsche Bank JOHNSON WAN hold 3 M 18 12 month 28.04.2013
HSBC THOMAS J ZHU overweight 5 M 19 Not Provided 28.04.2013
Barclays EPHREM RAVI equalweight 3 M 20 Not Provided 27.04.2013
Morgan Stanley RACHEL L ZHANG Overwt/In-Line 5 M 20 12 month 26.04.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 18 12 month 25.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 25.04.2013
BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 12 12 month 24.04.2013
Standard Chartered CHEN YAN in-line 3 D 14 12 month 20.04.2013
SWS Research Co Ltd DIMI DU outperform 5 M 20 Not Provided 08.04.2013
Masterlink Securities SARAH WANG hold 3 D 19 6 month 02.04.2013
Guotai Junan KEVIN GUO neutral 3 M 16 Not Provided 28.03.2013
China International Capital Corp CAI HONGYU accumulate 4 M 21 12 month 27.03.2013
Ping An Of China Sec. (HK) Co. Ltd PATRICK CHOW buy 5 M 24 12 month 05.03.2013
Macquarie IVAN LEE outperform 5 M 22 12 month 22.02.2013
Bank of China International ROBIN TSUI hold 3 M 18 Not Provided 30.10.2012
ICBC International Securities DUNCAN CHAN buy 5 M 20 Not Provided 06.07.2012
GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 22 12 month 16.04.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 28 Not Provided 13.07.2011
Holdings By:
Jiangxi Copper Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Sinopharm Group Co is a pharmacy distribution company. The Company also owns
several pharmacy enterprise groups in different industries such as logistics,
retail stores, pharmaceutical manufacturing, and chemical testing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 28.10
52-Week Low (04.06.2012) 16.76
Daily Volume
23.05
52-Week High % Change -17.97% Dividend Yield 1.37
52-Week Low % Change 37.53% Beta 0.78
% 52 Week Price Range High/Low 55.47% Equity Float 915.63
Shares Out 10.04.2013 994.0 Short Int -
59'199.16 1 Yr Total Return 14.75%
Total Debt 24'775.26 YTD Return -4.95%
Preferred Stock 0.0 Adjusted BETA 0.781
Minority Interest 5'664.9 Analyst Recs 22
Cash and Equivalents 9'723.55 Consensus Rating 4.091
Enterprise Value 67'743.97
Average Volume 5 Day 7'271'686
1099 HK EQUITY YTD Change - Average Volume 30 Day 6'408'833
1099 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'939'000
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
38'191.9 52'668.2 69'233.7 102'224.8 135'786.8 0.0 135'786.8 166'806.1 203'180.6 - -
- 1.05x 0.82x 0.48x 0.50x #DIV/0! 0.42x 0.34x 0.29x - -
1'335.0 2'153.5 2'625.0 4'104.4 5'646.4 0.0 0.0 6'772.1 8'180.7 - -
- 25.68x 21.75x 11.86x 11.97x 0.00x 0.00x 10.00x 8.28x - -
587.6 967.2 1'208.8 1'560.6 1'973.8 0.0 1'973.8 2'456.4 3'043.8 - -
- 45.77x 43.35x 22.93x 23.79x 0.00x 23.79x 18.55x 15.12x - -
EBITDA 5'646.44 Long-Term Rating Date -
EBIT 4'733.54 Long-Term Rating -
Operating Margin 3.49% Long-Term Outlook -
Pretax Margin 2.96% Short-Term Rating Date -
Return on Assets 2.68% Short-Term Rating -
Return on Common Equity 12.05%
Return on Capital 9.24% EBITDA/Interest Exp. 4.18
Asset Turnover 1.84% (EBITDA-Capex)/Interest Exp. 3.41
Net Debt/EBITDA 2.67
Gross Margin 8.1% Total Debt/EBITDA 4.39
EBITDA Margin 4.2%
EBIT Margin 3.5% Total Debt/Equity 145.1%
Net Income Margin 1.5% Total Debt/Capital 52.1%
Asset Turnover 1.84
Current Ratio 1.32 Net Fixed Asset Turnover 22.46
Quick Ratio 0.94 Accounts receivable turnover-days 86.24
Debt to Assets 31.03% Inventory Days 37.87
Tot Debt to Common Equity 145.07% Accounts Payable Turnover Day 66.99
Accounts Receivable Turnover 4.24 Cash Conversion Cycle 57.12
Inventory Turnover 9.67
Fiscal Year Ended
Sinopharm Group Co LtdPrice/Volume
Valuation Analysis
3'273'503.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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40'000.0
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120'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THORNBURG INVESTMENT n/a EXCH 119'304'404 12 - 30.04.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 114'080'613 11.48 4'144'725 29.04.2013 Investment Advisor
OPPENHEIMERFUNDS INC n/a EXCH 100'503'000 10.11 - 24.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 68'085'872 6.85 441'200 10.04.2013 Investment Advisor
MATTHEWS INTERNATION n/a EXCH 66'286'800 6.67 - 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 63'226'800 6.36 - 10.04.2013 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 41'182'302 4.14 - 06.03.2013 Government
MIRAE ASSET GLOBAL I n/a Co File 40'648'000 4.09 - 31.12.2011 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 37'196'800 3.74 - 29.01.2013 Government
GOLDMAN SACHS GROUP n/a Short (33'432'741) -3.36 - 03.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'503'433 2.16 (124'700) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 15'154'000 1.52 - 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'786'717 1.19 - 15.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a EXCH 7'781'788 0.78 - 03.08.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 6'368'999 0.64 - 30.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 4'304'246 0.43 207'901 28.03.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'716'400 0.37 3'661'200 30.06.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'252'707 0.33 (354'092) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'937'300 0.3 (27'200) 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 2'913'200 0.29 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse IRIS WANG outperform 5 M 28 Not Provided 29.04.2013
Goldman Sachs DU WEI neutral/neutral 3 M 26 12 month 28.04.2013
JPMorgan SEAN WU overweight 5 M 31 6 month 28.04.2013
Deutsche Bank JACK HU buy 5 M 28 12 month 26.04.2013
Morgan Stanley BIN LI Overwt/In-Line 5 M 30 12 month 26.04.2013
Bank of China International DERRICK SUN hold 3 M 23 Not Provided 26.04.2013
Guotai Junan JOHNSON SUN sell 1 M 18 Not Provided 17.04.2013
SWS Research Co Ltd SHI MING outperform 5 M 30 Not Provided 15.04.2013
KGI Securities TE-JEN HSU outperform 5 M 28 12 month 09.04.2013
HSBC NAM PARK overweight 5 M 30 Not Provided 01.04.2013
CCB International Securities Ltd FORREST CHAN outperform 5 M 31 Not Provided 28.03.2013
Citic Securities Co., Ltd DONGHAN TAN buy 5 M 33 6 month 27.03.2013
China International Capital Corp JESSICA LI buy 5 M 31 12 month 25.03.2013
Oppenheimer & Co INGRID YIN market perform 3 M #N/A N/A Not Provided 25.03.2013
UOB Kay Hian CAROL XIAO QIN DOU hold 3 M 30 Not Provided 25.03.2013
BOCOM International Holdings WU BIN neutral 3 M 29 12 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
First Shanghai Securities Ltd WANG SHIZHEN buy 5 M 25 12 month 27.08.2012
Piper Jaffray ZHOU HAO overweight 5 N 26 12 month 15.08.2012
Capital Securities Corp TEAM COVERAGE hold 3 M 24 Not Provided 06.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 05.05.2011
Everbright Securities Co., Ltd YAO JIE buy 5 M #N/A N/A Not Provided 22.02.2010
Holdings By:
Sinopharm Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Resources Gas Group Ltd distributes natural gas and petroleum gas in the
cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The
Company also operates compressed natural gas filling stations in Chengdu,
Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas
distribution in cities of Fuyang, Suzhou and Wuxi.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (12.04.2013) 22.70
52-Week Low (29.06.2012) 13.16
Daily Volume
21.75
52-Week High % Change -4.19% Dividend Yield 2.12
52-Week Low % Change 65.27% Beta 0.52
% 52 Week Price Range High/Low 90.04% Equity Float 801.10
Shares Out 31.12.2012 2'224.0 Short Int -
48'372.24 1 Yr Total Return 45.44%
Total Debt 12'056.34 YTD Return 35.94%
Preferred Stock - Adjusted BETA 0.517
Minority Interest 3'099.8 Analyst Recs 27
Cash and Equivalents 12'285.56 Consensus Rating 4.037
Enterprise Value 51'242.77
Average Volume 5 Day 2'115'557
1193 HK EQUITY YTD Change - Average Volume 30 Day 3'628'258
1193 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'417'254
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
2'525.6 4'110.2 9'331.5 14'208.0 19'590.6 - - 24'750.8 31'873.5 - -
1.24x 4.15x 2.31x 1.72x 1.96x - - 2.24x 1.70x - -
631.0 762.4 1'823.2 2'690.5 3'799.1 - - 4'354.0 5'316.4 - -
4.96x 22.37x 11.80x 9.08x 10.12x - - 11.77x 9.64x - -
297.0 459.6 786.7 1'176.3 1'651.0 - - 2'092.6 2'621.5 - -
4.16x 34.55x 20.48x 18.20x 19.51x - - 22.89x 18.25x - -
EBITDA 3'799.10 Long-Term Rating Date -
EBIT 3'010.96 Long-Term Rating -
Operating Margin 15.37% Long-Term Outlook -
Pretax Margin 14.31% Short-Term Rating Date -
Return on Assets 4.64% Short-Term Rating -
Return on Common Equity 15.71%
Return on Capital 9.98% EBITDA/Interest Exp. 11.38
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -0.50
Net Debt/EBITDA -0.06
Gross Margin 30.7% Total Debt/EBITDA 3.17
EBITDA Margin 19.4%
EBIT Margin 15.4% Total Debt/Equity 103.0%
Net Income Margin 8.4% Total Debt/Capital 44.9%
Asset Turnover 0.55
Current Ratio 1.23 Net Fixed Asset Turnover 1.21
Quick Ratio 1.12 Accounts receivable turnover-days 69.70
Debt to Assets 28.44% Inventory Days 37.04
Tot Debt to Common Equity 103.01% Accounts Payable Turnover Day 140.06
Accounts Receivable Turnover 5.25 Cash Conversion Cycle -33.33
Inventory Turnover 9.88
Fiscal Year Ended
China Resources Gas Group LtdPrice/Volume
Valuation Analysis
2'635'371.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CRH GAS LTD n/a EXCH 1'407'828'991 63.3 - 30.11.2012 Government
JP MORGAN n/a ULT-AGG 129'181'998 5.81 96'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 105'509'806 4.74 (256'214) 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 55'568'000 2.5 - 31.01.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'498'008 0.92 928'100 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'036'000 0.9 (17'734'000) 29.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 14'972'000 0.67 28'000 28.02.2013 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'574'000 0.66 6'718'000 30.09.2011 Investment Advisor
COMMOTRA CO LTD n/a EXCH 14'470'000 0.65 - 30.11.2012 Other
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 13'662'000 0.61 3'560'000 31.12.2012 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 8'830'000 0.4 8'830'000 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'477'000 0.29 (86'000) 28.03.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'354'497 0.24 793'940 31.01.2013 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 3'552'000 0.16 - 17.12.2012 Investment Advisor
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'308'000 0.15 - 31.12.2010 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'932'000 0.13 160'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'832'000 0.13 - 30.04.2013 Investment Advisor
DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 2'666'000 0.12 - 31.12.2010 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'146'000 0.1 - 31.07.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'986'000 0.09 674'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp ALLEN NGAI buy 5 M 24 Not Provided 23.04.2013
HSBC JENNY COSGROVE underweight 1 D 21 Not Provided 12.04.2013
Deutsche Bank ERIC CHENG sell 1 M 13 12 month 09.04.2013
Nomura JOSEPH C LAM neutral 3 M 19 Not Provided 26.03.2013
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 23 12 month 20.03.2013
Goldman Sachs FRANK HE Buy/Neutral 5 U 25 12 month 19.03.2013
Guoyuan Securities (HK) Ltd YIQIONG YANG neutral 3 D 22 12 month 19.03.2013
Bank of China International PETER YAO buy 5 U 23 Not Provided 18.03.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 21 12 month 15.03.2013
Standard Chartered LI EVAN in-line 3 M 18 12 month 14.03.2013
Credit Suisse EDWIN PANG neutral 3 M 18 Not Provided 14.03.2013
Jefferies JOSEPH FONG buy 5 U 21 12 month 14.03.2013
CIMB KEITH LI outperform 5 M 20 12 month 14.03.2013
China International Capital Corp BIN GUAN buy 5 M 22 12 month 14.03.2013
UOB Kay Hian YAN SHI buy 5 M 22 Not Provided 14.03.2013
Core Pacific KENNY CHEUNG buy 5 U 22 12 month 14.03.2013
BOCOM International Holdings WU FEI buy 5 M 21 Not Provided 14.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 20 Not Provided 14.03.2013
Morgan Stanley VINCENT CHOW Overwt/Attractive 5 M 21 12 month 13.03.2013
JPMorgan BORIS KAN overweight 5 M 21 6 month 13.03.2013
Macquarie SERENA LI outperform 5 U 22 12 month 13.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 16 Not Provided 17.12.2012
Holdings By:
China Resources Gas Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Tsingtao Brewery Company Limited produces and distributes beer products. The
Company markets its products throughout China and around the world under the
Tsingtao Beer brand name.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 54.40
52-Week Low (29.10.2012) 40.30
Daily Volume
52.05
52-Week High % Change -4.32% Dividend Yield -
52-Week Low % Change 29.16% Beta 0.68
% 52 Week Price Range High/Low 83.33% Equity Float 327.93
Shares Out 31.03.2013 655.1 Short Int -
67'192.87 1 Yr Total Return 11.31%
Total Debt 2'094.09 YTD Return 13.77%
Preferred Stock 0.0 Adjusted BETA 0.679
Minority Interest 315.5 Analyst Recs 26
Cash and Equivalents 7'118.25 Consensus Rating 2.692
Enterprise Value 47'423.01
Average Volume 5 Day 1'490'280
168 HK EQUITY YTD Change - Average Volume 30 Day 1'479'369
168 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1'724'474
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
15'781.4 16'478.8 18'234.7 21'133.6 23'580.5 21'329.0 24'232.2 29'268.5 33'514.7 8'608.0 9'366.0
1.41x 2.87x 2.24x 2.00x 1.91x 8.07x 7.23x 1.64x 1.40x - -
1'887.7 2'418.9 2'775.0 2'807.2 2'795.3 0.0 0.0 3'416.4 3'934.3 1'214.0 1'430.0
11.75x 19.57x 14.72x 15.05x 16.10x 0.00x 0.00x 13.88x 12.05x 11.51x 11.07x
699.6 1'250.0 1'520.5 1'737.9 1'758.9 1'795.1 1'796.3 2'043.8 2'365.4 585.5 636.5
26.64x 39.86x 30.67x 27.12x 28.27x 25.61x 29.80x 27.18x 23.53x 26.76x 26.94x
EBITDA 2'795.28 Long-Term Rating Date -
EBIT 1'951.44 Long-Term Rating -
Operating Margin 8.28% Long-Term Outlook -
Pretax Margin 10.53% Short-Term Rating Date -
Return on Assets 7.57% Short-Term Rating -
Return on Common Equity 14.65%
Return on Capital - EBITDA/Interest Exp. 25.90
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 3.86
Net Debt/EBITDA -
Gross Margin 34.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 8.4% Total Debt/Equity 16.8%
Net Income Margin 7.5% Total Debt/Capital 14.1%
Asset Turnover 1.02
Current Ratio 1.38 Net Fixed Asset Turnover 2.83
Quick Ratio 0.99 Accounts receivable turnover-days 3.72
Debt to Assets 8.85% Inventory Days 51.65
Tot Debt to Common Equity 16.80% Accounts Payable Turnover Day 48.29
Accounts Receivable Turnover 98.06 Cash Conversion Cycle 18.40
Inventory Turnover 7.07
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tsingtao Brewery Co LtdPrice/Volume
Valuation Analysis
1'296'837.00
Current Price (5/dd/yy) Market Data
,
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ASAHI GROUP HOLDINGS n/a ULT-AGG 270'127'836 41.24 - 31.12.2012 Corporation
JP MORGAN n/a ULT-AGG 62'274'263 9.51 - 31.12.2012 Investment Advisor
FASHU CHEN n/a EXCH 49'069'342 7.49 - 21.06.2012 n/a
MARATHON ASSET MANAG n/a EXCH 32'746'500 5 - 15.11.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'248'091 1.72 1'654'000 31.03.2013 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 10'648'904 1.63 (1'351'043) 31.12.2012 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 9'886'000 1.51 3'690'000 28.02.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 9'059'649 1.38 196'704 31.12.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 8'390'000 1.28 458'000 28.02.2013 Investment Advisor
TSINGTAO BREWERY CO n/a Co File 7'944'000 1.21 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 6'558'000 1 190'000 29.04.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 6'171'000 0.94 (202'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'613'521 0.7 (978'848) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'054'000 0.62 (60'000) 28.02.2013 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 2'827'000 0.43 - 28.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 2'518'412 0.38 - 30.06.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 2'394'000 0.37 160'000 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'312'000 0.35 98'000 31.12.2012 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'896'859 0.29 6'000 28.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'552'000 0.24 1'552'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank WINNIE MAK buy 5 M 54 12 month 30.04.2013
KGI Securities ANSON CHAN outperform 5 M 55 12 month 29.04.2013
Religare Capital Markets KA LEONG LO sell 1 M 48 12 month 29.04.2013
Morgan Stanley LILLIAN LOU Underwt/Attractive 1 M 39 12 month 28.04.2013
JPMorgan KURUMLU EBRU SENER underweight 1 M 36 6 month 26.04.2013
CIMB Yang Lei neutral 3 M 48 12 month 26.04.2013
Goldman Sachs LISA DENG neutral/neutral 3 M 55 12 month 23.04.2013
Jefferies JESSIE GUO hold 3 M 43 12 month 16.04.2013
China International Capital Corp FEIYANG YUAN buy 5 M 60 12 month 11.04.2013
Guotai Junan SUNNY KWOK accumulate 4 M 55 Not Provided 10.04.2013
Barclays VINEET SHARMA underweight 1 M 38 Not Provided 09.04.2013
BNP Paribas Equity Research CHARLIE Y CHEN hold 3 M 43 12 month 05.04.2013
Masterlink Securities LIU WEI buy 5 U 58 6 month 02.04.2013
Capital Securities Corp LIU HUI hold 3 M 45 Not Provided 28.03.2013
DBS Vickers TITUS WU buy 5 M 54 12 month 28.03.2013
Nomura EMMA LIU reduce 2 M 39 Not Provided 27.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
SinoPac VIVIAN LIU neutral 3 M 46 12 month 21.11.2012
Bank of China International JENNY CHAN hold 3 M 44 Not Provided 31.10.2012
HSBC CHRISTOPHER K LEUNG underweight 1 N 35 Not Provided 03.10.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE sell 1 M 36 Not Provided 06.09.2012
Standard Chartered CHARLES YAN outperform 5 M 53 12 month 23.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 52 Not Provided 15.08.2011
Citic Securities Co., Ltd HUANG WEI overweight 5 N 44 6 month 20.06.2011
Core Pacific OLIVE XIA buy 5 M 46 Not Provided 17.09.2010
Holdings By:
Tsingtao Brewery Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Guangdong Investment Limited, through its subsidiaries, operates water supply,
power and electricity, and infrastructure businesses. The Company also invests
in and develops real estate properties, operates department stores, and provides
financial services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (23.04.2013) 7.75
52-Week Low (16.05.2012) 5.02
Daily Volume
7.51
52-Week High % Change -3.10% Dividend Yield 2.66
52-Week Low % Change 49.60% Beta 0.53
% 52 Week Price Range High/Low 91.21% Equity Float 2'390.02
Shares Out 11.04.2013 6'237.2 Short Int -
46'841.34 1 Yr Total Return 35.79%
Total Debt 2'785.41 YTD Return 23.32%
Preferred Stock 0.0 Adjusted BETA 0.532
Minority Interest 4'346.3 Analyst Recs 15
Cash and Equivalents 4'903.93 Consensus Rating 4.133
Enterprise Value 49'069.07
Average Volume 5 Day 7'197'424
270 HK EQUITY YTD Change - Average Volume 30 Day 7'254'132
270 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'353'397
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
5'913.2 5'915.8 6'351.7 7'161.4 7'736.1 - - 8'271.3 9'072.1 - -
4.31x 5.51x 4.38x 4.54x 5.20x - - 6.01x 5.24x - -
4'367.7 4'062.7 4'425.2 4'668.7 4'972.4 - - 5'498.2 5'862.0 - -
5.84x 8.02x 6.29x 6.96x 8.08x - - 8.92x 8.37x - -
1'876.7 2'044.3 2'420.2 2'994.1 3'413.8 - - 3'141.4 3'374.2 - -
10.18x 13.71x 10.27x 9.80x 11.12x - - 14.64x 13.65x - -
EBITDA 4'972.39 Long-Term Rating Date -
EBIT 3'913.01 Long-Term Rating -
Operating Margin 50.58% Long-Term Outlook -
Pretax Margin 63.62% Short-Term Rating Date -
Return on Assets 9.46% Short-Term Rating -
Return on Common Equity 14.96%
Return on Capital 13.45% EBITDA/Interest Exp. 93.49
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 120.20
Net Debt/EBITDA -0.43
Gross Margin 65.8% Total Debt/EBITDA 0.57
EBITDA Margin 63.6%
EBIT Margin 49.9% Total Debt/Equity 11.6%
Net Income Margin 44.1% Total Debt/Capital 8.9%
Asset Turnover 0.21
Current Ratio 2.27 Net Fixed Asset Turnover 0.67
Quick Ratio 1.47 Accounts receivable turnover-days 15.28
Debt to Assets 7.46% Inventory Days 8.15
Tot Debt to Common Equity 11.59% Accounts Payable Turnover Day 71.68
Accounts Receivable Turnover 23.95 Cash Conversion Cycle -48.25
Inventory Turnover 44.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Guangdong Investment LtdPrice/Volume
Valuation Analysis
8'924'127.00
Current Price (5/dd/yy) Market Data
,-.0123456
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GDH LTD n/a Co File 3'193'574'957 51.2 - 31.12.2011 Government
GUANGDONG TRUST n/a Co File 576'404'918 9.24 - 31.12.2011 n/a
PICTET & CIE Multiple Portfolios MF-AGG 97'870'123 1.57 (138'000) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 87'120'110 1.4 (264'000) 29.04.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 70'734'000 1.13 400'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 69'106'828 1.11 (1'759'600) 31.03.2013 Investment Advisor
GD ASSETS MGMT CUSTO n/a EXCH 46'708'176 0.75 - 21.07.2011 Other
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 44'338'137 0.71 (22'039) 29.02.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 29'214'000 0.47 (4'700'000) 30.04.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 22'250'000 0.36 - 28.02.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 22'000'000 0.35 - 31.12.2012 Bank
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 20'793'480 0.33 (1'590'000) 28.03.2013 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 18'716'000 0.3 - 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'490'904 0.3 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 13'746'808 0.22 380'000 29.04.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 13'480'000 0.22 1'580'000 28.02.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 12'936'000 0.21 170'000 31.01.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 12'317'375 0.2 433'015 31.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10'874'168 0.17 (1) 28.02.2013 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 10'632'000 0.17 (96'000) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 30.04.2013
Jefferies RONG LI buy 5 M 8 12 month 11.04.2013
Haitong International Securities CHO FOOK TAT hold 3 M 7 12 month 11.04.2013
Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 09.04.2013
JPMorgan ELAINE WU overweight 5 M 8 6 month 04.04.2013
Nomura ALAN HON neutral 3 M 6 Not Provided 02.04.2013
Morgan Stanley VINCENT CHOW Overwt/Attractive 5 M 8 12 month 01.04.2013
Standard Chartered LI EVAN in-line 3 M 6 12 month 28.01.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 28.12.2012
Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 7 12 month 04.09.2012
Bank of China International PETER YAO hold 3 M 6 Not Provided 27.08.2012
China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 6 12 month 27.08.2012
Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 26.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 5 Not Provided 06.12.2011
VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011
Holdings By:
Guangdong Investment Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Sino-Ocean Land Holdings Ltd. operates as a real estate holding company. The
Company develops residential, office, and commercial real estate in the
northern People's Republic of China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (17.01.2013) 6.34
52-Week Low (18.05.2012) 2.82
Daily Volume
5.12
52-Week High % Change -19.24% Dividend Yield 4.65
52-Week Low % Change 81.56% Beta 1.39
% 52 Week Price Range High/Low 65.34% Equity Float 4'876.68
Shares Out 31.03.2013 5'864.0 Short Int -
30'023.53 1 Yr Total Return 48.88%
Total Debt 32'393.05 YTD Return -11.57%
Preferred Stock 0.0 Adjusted BETA 1.391
Minority Interest 3'785.8 Analyst Recs 29
Cash and Equivalents 11'155.05 Consensus Rating 3.517
Enterprise Value 48'874.26
Average Volume 5 Day 4'844'046
3377 HK EQUITY YTD Change - Average Volume 30 Day 8'771'785
3377 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'520'971
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
6'487.4 8'823.7 13'720.7 19'896.9 28'657.8 - - 33'017.8 37'564.6 - -
3.33x 4.58x 3.01x 2.22x 1.82x - - 1.47x 1.23x - -
2'199.0 2'090.0 3'301.9 4'740.3 5'942.8 - - 6'968.5 8'268.1 - -
9.83x 19.32x 12.50x 9.33x 8.78x - - 7.01x 5.91x - -
1'387.9 1'582.1 2'444.1 2'570.7 3'796.0 - - 2'679.8 3'284.8 - -
9.94x 18.76x 9.97x 8.30x 6.99x - - 8.84x 7.24x - -
EBITDA 5'942.81 Long-Term Rating Date -
EBIT 5'895.75 Long-Term Rating -
Operating Margin 20.57% Long-Term Outlook -
Pretax Margin 25.25% Short-Term Rating Date -
Return on Assets 3.18% Short-Term Rating -
Return on Common Equity 10.33%
Return on Capital 5.90% EBITDA/Interest Exp. 2.02
Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. 1.94
Net Debt/EBITDA 3.57
Gross Margin 26.9% Total Debt/EBITDA 5.45
EBITDA Margin 20.7%
EBIT Margin 20.6% Total Debt/Equity 84.7%
Net Income Margin 13.2% Total Debt/Capital 43.5%
Asset Turnover 0.24
Current Ratio 1.80 Net Fixed Asset Turnover 4.37
Quick Ratio 0.19 Accounts receivable turnover-days 6.91
Debt to Assets 25.25% Inventory Days 1377.13
Tot Debt to Common Equity 84.66% Accounts Payable Turnover Day 93.98
Accounts Receivable Turnover 53.00 Cash Conversion Cycle 1290.06
Inventory Turnover 0.27
Fiscal Year Ended
Sino-Ocean Land Holdings LtdPrice/Volume
Valuation Analysis
10'292'664.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA LIFE INSURANCE n/a Co File 1'384'147'850 23.6 - 31.12.2011 Government
SPRING GLORY INVESTM n/a EXCH 695'692'130 11.86 - 06.02.2013 Investment Advisor
CRYSTAL WILL HOLDING n/a EXCH 362'411'187 6.18 21'430'687 18.03.2013 Holding Company
NAN FUNG FINANCE LTD n/a Co File 214'500'000 3.66 - 31.12.2011 Other
MING LI n/a EXCH 128'605'470 2.19 166'965 18.03.2013 n/a
GAVAST ESTATES LTD n/a EXCH 128'508'450 2.19 - 06.02.2013 Other
KEY SKY GROUP LTD n/a EXCH 102'355'189 1.75 - 18.03.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 85'487'533 1.46 272'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 81'974'945 1.4 (270'000) 29.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 68'808'115 1.17 - 31.07.2012 Investment Advisor
GRAND WAVE ENTERPRIS n/a EXCH 48'873'000 0.83 - 18.03.2013 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 34'594'000 0.59 - 31.03.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 28'054'000 0.48 28'054'000 30.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 15'911'322 0.27 - 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'109'000 0.21 - 31.12.2010 Investment Advisor
UBS n/a ULT-AGG 11'306'519 0.19 - 31.01.2013 Unclassified
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 9'647'000 0.16 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'548'530 0.15 (665'500) 31.01.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 8'302'000 0.14 7'763'500 30.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 5'129'467 0.09 (2) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ALVIN WONG buy 5 U 6 Not Provided 28.04.2013
DBS Vickers CAROL WU hold 3 M 5 12 month 23.04.2013
ICBC International Securities PHILIP TSE hold 3 M 5 Not Provided 23.04.2013
Standard Chartered RAYMOND CHENG underperform 1 M 4 12 month 22.04.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 7 12 month 15.04.2013
Maybank Kim Eng KAREN KWAN hold 3 M 6 12 month 11.04.2013
Credit Suisse JINSONG DU outperform 5 M 6 Not Provided 10.04.2013
Deutsche Bank JASON CHING sell 1 M 4 12 month 22.03.2013
Everbright Securities Co., Ltd TEAM COVERAGE accumulate 4 M 5 6 month 22.03.2013
JPMorgan LUCIA KWONG neutral 3 U 5 6 month 15.03.2013
Macquarie DAVID NG outperform 5 U 6 12 month 15.03.2013
Goldman Sachs WANG YI neutral/attractive 3 M 6 12 month 14.03.2013
Bank of China International CHRISTINA NGAI hold 3 M 5 Not Provided 14.03.2013
SWS Research Co Ltd KRIS LI neutral 3 M 5 Not Provided 14.03.2013
UOB Kay Hian CYNTHIA CHAN hold 3 M 5 Not Provided 14.03.2013
Mirae Asset Securities STEPHANIE LAU hold 3 M 5 12 month 14.03.2013
BOCOM International Holdings TONI HO CHI CHUNG neutral 3 M 5 Not Provided 14.03.2013
Morgan Stanley BRIAN LEUNG Underwt/Attractive 1 M 4 12 month 13.03.2013
Jefferies VENANT CHIANG buy 5 M 7 12 month 13.03.2013
HSBC DEREK KWONG overweight 5 U 7 Not Provided 13.03.2013
CIMB JOHNSON HU neutral 3 U 5 12 month 13.03.2013
China International Capital Corp ERIC YU ZHANG buy 5 M 8 12 month 13.03.2013
CCB International Securities Ltd EDISON BIAN outperform 5 M 6 Not Provided 13.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Citic Securities Co., Ltd CONG CHEN hold 3 N 6 6 month 08.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 12.11.2012
GuoSen Securities Co Ltd HUI CAO neutral 3 M 3 12 month 11.01.2012
Holdings By:
Sino-Ocean Land Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Longyuan Power Group Corp. designs, develops, manages, and operates wind
farms. The Company also sells the electricity generated by the wind farms.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (17.04.2013) 7.53
52-Week Low (23.05.2012) 4.47
Daily Volume
7.11
52-Week High % Change -5.58% Dividend Yield 1.13
52-Week Low % Change 59.06% Beta 0.98
% 52 Week Price Range High/Low 86.27% Equity Float 3'032.38
Shares Out 31.12.2012 3'340.0 Short Int -
57'545.49 1 Yr Total Return 18.11%
Total Debt 58'652.11 YTD Return 32.65%
Preferred Stock 0.0 Adjusted BETA 0.980
Minority Interest 6'992.5 Analyst Recs 25
Cash and Equivalents 5'439.32 Consensus Rating 4.080
Enterprise Value 105'918.97
Average Volume 5 Day 10'286'620
916 HK EQUITY YTD Change - Average Volume 30 Day 16'257'790
916 HK EQUITY YTD % CHANGE - Average Volume 3 Month 20'930'960
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
8'554.7 9'743.7 14'217.7 16'584.5 17'288.2 12'611.1 17'649.7 19'398.4 22'330.5 - -
- 9.05x 5.84x 5.30x 5.50x 0.00x 10.32x 5.70x 5.27x - -
3'440.8 5'452.2 6'178.8 7'967.4 9'727.9 0.0 0.0 11'130.1 13'289.4 - -
- 16.17x 13.43x 11.04x 9.78x 0.00x 0.00x 9.52x 7.97x - -
337.4 894.1 2'013.4 2'578.3 2'593.2 1'776.8 2'666.7 3'033.4 3'823.0 - -
- 50.81x 22.35x 14.25x 12.44x 0.00x 0.00x 14.63x 11.82x - -
EBITDA 9'727.93 Long-Term Rating Date 29.11.2012
EBIT 6'031.17 Long-Term Rating BBB+
Operating Margin 34.89% Long-Term Outlook STABLE
Pretax Margin 21.21% Short-Term Rating Date -
Return on Assets 2.56% Short-Term Rating -
Return on Common Equity 9.37%
Return on Capital 6.40% EBITDA/Interest Exp. 3.03
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -1.25
Net Debt/EBITDA 4.63
Gross Margin - Total Debt/EBITDA 5.10
EBITDA Margin 66.5%
EBIT Margin 34.9% Total Debt/Equity 199.3%
Net Income Margin 15.0% Total Debt/Capital 61.7%
Asset Turnover 0.17
Current Ratio 0.49 Net Fixed Asset Turnover 0.25
Quick Ratio 0.37 Accounts receivable turnover-days 142.13
Debt to Assets 54.39% Inventory Days -
Tot Debt to Common Equity 199.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.58 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Longyuan Power Group CorpPrice/Volume
Valuation Analysis
12'013'626.00
Current Price (5/dd/yy) Market Data
,
-
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0
1
2
3
4
5
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4'000.0
6'000.0
8'000.0
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14'000.0
16'000.0
18'000.0
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 332'227'824 9.95 (3'251'000) 15.04.2013 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 303'640'000 9.09 57'210'000 31.12.2012 Government
T ROWE PRICE ASSOCIA n/a EXCH 299'772'000 8.98 - 27.03.2013 Investment Advisor
CHINA LIFE INSURANCE n/a ULT-AGG 256'241'000 7.67 - 21.12.2012 Government
CHINA INVESTMENT COR n/a ULT-AGG 243'442'000 7.29 (150'000'000) 08.03.2013 Government
BLACKROCK n/a ULT-AGG 242'178'920 7.25 12'000 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 180'527'000 5.4 8'589'000 05.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 134'510'000 4.03 - 15.05.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 125'006'816 3.74 - 21.12.2012 Investment Advisor
UBS n/a ULT-AGG 92'567'906 2.77 - 08.03.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 61'630'800 1.85 1'553'800 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 22'619'000 0.68 (7'307'000) 28.02.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 20'724'000 0.62 - 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 16'211'525 0.49 - 30.06.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 15'420'000 0.46 4'628'000 30.11.2012 Bank
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'729'000 0.29 (1'286'000) 28.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'390'000 0.25 790'000 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'180'000 0.24 - 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'511'000 0.19 - 28.02.2013 Investment Advisor
CHINA LIFE INSURANCE n/a EXCH 5'950'000 0.18 - 21.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura DANIEL RAATS buy 5 M 7 Not Provided 30.04.2013
JPMorgan BORIS KAN overweight 5 M 9 6 month 29.04.2013
Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 9 12 month 29.04.2013
Bank of China International PETER YAO buy 5 M 9 Not Provided 29.04.2013
CIMB KEITH LI outperform 5 M 8 12 month 29.04.2013
ICBC International Securities KARL LIU hold 3 M 7 Not Provided 29.04.2013
Deutsche Bank KAI-TING WONG buy 5 M 9 12 month 28.04.2013
Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 8 12 month 28.04.2013
Credit Suisse EDWIN PANG neutral 3 M 7 Not Provided 26.04.2013
HSBC JENNY COSGROVE underweight 1 M 7 Not Provided 26.04.2013
BNP Paribas Equity Research DAISY ZHANG buy 5 M 8 12 month 26.04.2013
Guotai Junan LEO WU neutral 3 M 8 Not Provided 22.04.2013
KGI Securities JERRY WENG neutral 3 M 7 12 month 16.04.2013
China International Capital Corp RAN SHI accumulate 4 U 8 12 month 27.03.2013
Jefferies JOSEPH FONG buy 5 M 9 12 month 26.03.2013
SWS Research Co Ltd VINCENT YU buy 5 M 8 Not Provided 26.03.2013
Macquarie PATRICK DAI outperform 5 M 8 12 month 19.02.2013
Goldman Sachs FRANKLIN CHOW neutral/neutral 3 D 6 12 month 01.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 6 Not Provided 17.12.2012
BOCOM International Holdings PENG LIN buy 5 M 8 12 month 27.06.2012
Capital Securities Corp KATHERINE LIAO buy 5 M 7 Not Provided 17.02.2012
GuoSen Securities Co Ltd VIVIAN FU buy 5 M #N/A N/A Not Provided 16.02.2012
Masterlink Securities TEAM COVERAGE buy 5 N 9 Not Provided 25.07.2011
Guodu Securities Co Ltd DAVID XIE hold 3 M 7 12 month 19.07.2011
Holdings By:
China Longyuan Power Group Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Evergrande Real Estate Group Limited is an integrated residential property
developer. The Company operates in property development, investment, management,
and other related services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (04.05.2012) 4.81
52-Week Low (05.09.2012) 2.80
Daily Volume
3.17
52-Week High % Change -34.10% Dividend Yield 0.00
52-Week Low % Change 13.21% Beta 1.72
% 52 Week Price Range High/Low 18.41% Equity Float 5'864.94
Shares Out 28.02.2013 16'027.1 Short Int -
50'805.79 1 Yr Total Return -25.22%
Total Debt 60'273.86 YTD Return -25.41%
Preferred Stock 0.0 Adjusted BETA 1.721
Minority Interest 3'427.6 Analyst Recs 28
Cash and Equivalents 17'790.32 Consensus Rating 3.857
Enterprise Value 86'270.85
Average Volume 5 Day 50'697'910
3333 HK EQUITY YTD Change - Average Volume 30 Day 73'570'000
3333 HK EQUITY YTD % CHANGE - Average Volume 3 Month 72'151'150
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
3'606.8 5'722.7 45'801.4 61'918.2 65'260.8 - - 83'767.0 96'389.3 - -
- 11.15x 1.48x 1.17x 1.49x - - 0.93x 0.81x - -
78.5 133.0 10'485.9 15'860.8 12'651.3 - - 16'073.2 19'111.1 - -
- 479.75x 6.45x 4.58x 7.68x - - 5.37x 4.51x - -
524.8 1'046.4 7'588.8 11'381.7 9'170.8 - - 8'616.3 9'732.3 - -
- 51.05x 6.33x 3.43x 5.58x - - 4.75x 4.07x - -
EBITDA 12'651.30 Long-Term Rating Date 29.11.2009
EBIT 12'063.35 Long-Term Rating BB
Operating Margin 18.48% Long-Term Outlook STABLE
Pretax Margin 25.27% Short-Term Rating Date -
Return on Assets 4.39% Short-Term Rating -
Return on Common Equity 25.85%
Return on Capital 9.77% EBITDA/Interest Exp. 2.19
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 1.66
Net Debt/EBITDA 2.72
Gross Margin 27.9% Total Debt/EBITDA 3.95
EBITDA Margin 22.6%
EBIT Margin 18.3% Total Debt/Equity 157.5%
Net Income Margin 14.1% Total Debt/Capital 59.1%
Asset Turnover 0.31
Current Ratio 1.33 Net Fixed Asset Turnover 2.17
Quick Ratio 0.14 Accounts receivable turnover-days 15.73
Debt to Assets 25.22% Inventory Days 965.62
Tot Debt to Common Equity 157.52% Accounts Payable Turnover Day 164.96
Accounts Receivable Turnover 23.26 Cash Conversion Cycle 816.40
Inventory Turnover 0.38
Fiscal Year Ended
Evergrande Real Estate Group LtdPrice/Volume
Valuation Analysis
52'460'326.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,--..001122
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KA YAN HUI n/a EXCH 10'162'119'735 63.41 - 17.01.2013 n/a
VALUE PARTNERS GROUP n/a ULT-AGG 734'857'000 4.59 - 17.01.2012 Corporation
DEUTSCHE BANK AG n/a EXCH 708'086'434 4.42 - 17.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 505'369'000 3.15 (25'995'000) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 150'301'401 0.94 3'587'900 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (129'070'182) -0.81 - 17.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 113'383'388 0.71 203'000 29.04.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 89'767'379 0.56 10'977'297 28.02.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 61'530'000 0.38 - 31.12.2010 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 58'248'000 0.36 - 30.06.2012 Unclassified
FMR LLC n/a ULT-AGG 46'617'823 0.29 (116'601'037) 31.03.2013 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 45'496'000 0.28 33'812'000 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 38'163'134 0.24 - 30.04.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 36'465'000 0.23 940'000 28.02.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 34'508'000 0.22 6'008'000 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 32'887'000 0.21 (186'000) 31.01.2013 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 32'326'000 0.2 (330'000) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 29'191'000 0.18 1'741'000 30.06.2011 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 28'931'000 0.18 28'931'000 30.11.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 27'000'000 0.17 17'000'000 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research LEE WEE LIAT reduce 2 M 3 12 month 29.04.2013
DBS Vickers CAROL WU buy 5 M 5 12 month 23.04.2013
ICBC International Securities PHILIP TSE hold 3 M 5 Not Provided 23.04.2013
Standard Chartered RAYMOND CHENG in-line 3 M 4 12 month 22.04.2013
Guotai Junan DONALD YU accumulate 4 M 4 Not Provided 22.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 4 Not Provided 22.04.2013
Haitong International Securities KATIE CHAN buy 5 M 4 Not Provided 16.04.2013
Sanford C. Bernstein & Co KENNETH TSANG underperform 1 M 3 12 month 12.04.2013
Deutsche Bank JASON CHING buy 5 M 5 12 month 27.03.2013
Bank of China International CHRISTINA NGAI buy 5 M 5 Not Provided 27.03.2013
CIMB JOHNSON HU neutral 3 M 4 12 month 27.03.2013
Mizuho Securities ALAN JIN underperform 1 D 3 12 month 27.03.2013
China International Capital Corp ERIC YU ZHANG hold 3 M 4 12 month 27.03.2013
Mirae Asset Securities STEPHANIE LAU buy 5 M 4 12 month 27.03.2013
Goldman Sachs WANG YI buy/attractive 5 M 5 12 month 26.03.2013
Credit Suisse JINSONG DU neutral 3 M 5 Not Provided 26.03.2013
JPMorgan RYAN LI overweight 5 M 4 6 month 26.03.2013
Jefferies CHRISTIE JU hold 3 M 4 12 month 26.03.2013
Barclays WENDY LUO overweight 5 U 5 Not Provided 28.02.2013
SWS Research Co Ltd KRIS LI buy 5 M 6 Not Provided 30.01.2013
Ji Asia WU GONGLIANG buy 5 M 5 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Macquarie DAVID NG neutral 3 M 4 12 month 15.01.2013
ABC International VIVIAN LI buy 5 M 6 12 month 27.12.2012
BOCOM International Holdings TONI HO CHI CHUNG not rated #N/A N/A M #N/A N/A Not Provided 13.06.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 5 12 month 11.01.2012
South China Research Ltd KAISER CHOI buy 5 M 6 12 month 06.09.2011
Holdings By:
Evergrande Real Estate Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Geely Automobile Holdings Limited, through its subsidiaries, manufactures and
sells automobiles and related components.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (18.02.2013) 4.75
52-Week Low (03.08.2012) 2.35
Daily Volume
3.9
52-Week High % Change -17.89% Dividend Yield 1.01
52-Week Low % Change 65.96% Beta 1.32
% 52 Week Price Range High/Low 64.58% Equity Float 4'934.12
Shares Out 25.04.2013 8'272.9 Short Int -
32'264.23 1 Yr Total Return 36.42%
Total Debt 3'677.22 YTD Return 6.27%
Preferred Stock 0.0 Adjusted BETA 1.316
Minority Interest 317.4 Analyst Recs 35
Cash and Equivalents 4'201.54 Consensus Rating 4.114
Enterprise Value 25'423.50
Average Volume 5 Day 44'814'720
175 HK EQUITY YTD Change - Average Volume 30 Day 73'605'340
175 HK EQUITY YTD % CHANGE - Average Volume 3 Month 70'090'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
4'289.0 14'069.2 20'099.4 20'964.9 24'627.9 - - 30'052.8 35'411.8 - -
1.44x 2.11x 1.12x 0.65x 0.98x - - 0.77x 0.61x - -
566.3 1'966.6 2'614.0 2'947.5 3'496.6 - - 4'005.3 4'613.6 - -
10.91x 15.10x 8.60x 4.65x 6.91x - - 6.35x 5.51x - -
879.1 1'182.7 1'368.4 1'543.4 2'040.0 - - 2'432.5 2'891.7 - -
3.70x 21.99x 15.51x 6.66x 10.91x - - 10.36x 8.75x - -
EBITDA 3'496.65 Long-Term Rating Date -
EBIT 2'636.55 Long-Term Rating -
Operating Margin 10.71% Long-Term Outlook -
Pretax Margin 10.27% Short-Term Rating Date -
Return on Assets 6.92% Short-Term Rating -
Return on Common Equity 18.16%
Return on Capital 13.62% EBITDA/Interest Exp. 14.77
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 10.10
Net Debt/EBITDA -0.15
Gross Margin 18.5% Total Debt/EBITDA 1.05
EBITDA Margin 14.2%
EBIT Margin 10.7% Total Debt/Equity 28.5%
Net Income Margin 8.3% Total Debt/Capital 21.8%
Asset Turnover 0.84
Current Ratio 1.19 Net Fixed Asset Turnover 2.94
Quick Ratio 0.94 Accounts receivable turnover-days 164.36
Debt to Assets 11.72% Inventory Days 28.99
Tot Debt to Common Equity 28.54% Accounts Payable Turnover Day 135.33
Accounts Receivable Turnover 2.23 Cash Conversion Cycle 58.03
Inventory Turnover 12.62
Fiscal Year Ended
Geely Automobile Holdings LtdPrice/Volume
Valuation Analysis
26'016'920.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,--..001122
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-,,), C.,,), C0,,), C1,,), C2,,), C3,,), C4,,), C5,,), C6,,), C-,,,), C
0.0
5'000.0
10'000.0
15'000.0
20'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PROPER GLORY HOLDING n/a Co File 2'462'400'000 29.76 - 31.12.2011 Holding Company
GOLDMAN SACHS GROUP n/a EXCH 776'913'022 9.39 - 29.11.2012 Investment Advisor
ZHEJIANG GEELY MERRI n/a Co File 776'408'000 9.38 - 31.12.2011 n/a
JP MORGAN n/a ULT-AGG 446'379'977 5.4 6'573'580 19.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 175'935'300 2.13 (36'550'700) 31.03.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 77'400'000 0.94 5'000'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 66'590'001 0.8 1'140'000 29.04.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 60'455'000 0.73 (27'295'000) 31.12.2012 Investment Advisor
GEHICLE INVESTMENT H n/a EXCH 49'689'819 0.6 (635'132'509) 03.12.2012 Other
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 43'781'514 0.53 3'771'168 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 42'169'145 0.51 (150'855) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 40'111'772 0.48 (25'850'085) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 39'900'000 0.48 10'300'000 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 37'325'000 0.45 - 31.07.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 28'200'000 0.34 28'200'000 30.06.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 26'745'000 0.32 9'010'000 31.12.2012 Investment Advisor
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 19'945'118 0.24 679'505 28.02.2013 Hedge Fund Manager
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 18'205'000 0.22 5'245'000 30.06.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 17'335'000 0.21 (6'485'000) 31.03.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 15'695'000 0.19 (1'005'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp HAN WEIQI buy 5 M 5 Not Provided 30.04.2013
Nomura BENJAMIN LO buy 5 M 6 Not Provided 28.04.2013
Sanford C. Bernstein & Co MAX WARBURTON underperform 1 M 3 12 month 26.04.2013
Deutsche Bank VINCENT HA buy 5 M 5 12 month 23.04.2013
BNP Paribas Equity Research TINA LI buy 5 M 5 12 month 23.04.2013
Religare Capital Markets STANLEY CHAN buy 5 M 5 12 month 23.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 23.04.2013
JPMorgan NICK LAI overweight 5 M 7 6 month 19.04.2013
KGI Securities WEI SHEN outperform 5 M 5 12 month 19.04.2013
Goldman Sachs YIPENG YANG neutral/neutral 3 M 4 12 month 17.04.2013
CIMB CHEAM TZE SHEN outperform 5 M 5 12 month 15.04.2013
Daiwa Securities Co. Ltd. JEFF CHUNG buy 5 M 5 Not Provided 12.04.2013
UOB Kay Hian KEN LEE buy 5 M 5 Not Provided 12.04.2013
Credit Suisse JACK YEUNG neutral 3 M 4 Not Provided 11.04.2013
Macquarie JANET B LEWIS underperform 1 M 3 12 month 11.04.2013
Haitong International Securities LIANG YONGHUO strong buy 5 M 5 12 month 11.04.2013
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 5 12 month 02.04.2013
Rising Securities Co.,LTD WANG LIANG add 4 N #N/A N/A Not Provided 27.03.2013
Guotai Junan HARRY CHEN accumulate 4 M 5 Not Provided 25.03.2013
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 5 12 month 22.03.2013
Yuanta Securities Investment ConsultingSAMUEL KWOK buy 5 M 6 Not Provided 21.03.2013
Bank of China International WANG YUSHENG buy 5 M 6 Not Provided 21.03.2013
DBS Vickers RACHEL MIU hold 3 M 4 12 month 21.03.2013
China International Capital Corp ZHENG DONG accumulate 4 U 5 12 month 21.03.2013
SWS Research Co Ltd TITUS WU outperform 5 M 4 Not Provided 21.03.2013
Oriental Patron Securities Ltd VIVIEN CHAN buy 5 M 5 12 month 21.03.2013
Standard Chartered REBECCA TANG outperform 5 M 5 12 month 20.03.2013
HSBC CARSON NG neutral 3 M 4 Not Provided 20.03.2013
CCB International Securities Ltd RONNIE HO outperform 5 M 5 Not Provided 20.03.2013
Ji Asia STEPHEN USHER buy 5 M 5 12 month 11.03.2013
Mizuho Securities OLE HUI underperform 1 M 2 12 month 11.12.2012
BOCOM International Holdings GEOFFREY CHENG not rated #N/A N/A M #N/A N/A Not Provided 05.09.2012
Citic Securities Co., Ltd LI CHUNBO hold 3 N 3 Not Provided 13.07.2012
HuaChuang Securities WANG YANXUE buy 5 M #N/A N/A Not Provided 25.04.2012
Cinda Securities Ltd ALVIN FUNG neutral 3 N 5 Not Provided 13.01.2010
Holdings By:
Geely Automobile Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Longfor Properties operates in the property development, property investment
and property management businesses in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (04.01.2013) 16.10
52-Week Low (18.05.2012) 10.60
Daily Volume
12.96
52-Week High % Change -19.50% Dividend Yield 1.94
52-Week Low % Change 22.26% Beta 1.30
% 52 Week Price Range High/Low 42.91% Equity Float 1'175.28
Shares Out 07.03.2013 5'431.3 Short Int -
70'389.91 1 Yr Total Return 7.09%
Total Debt 32'836.77 YTD Return -14.62%
Preferred Stock 0.0 Adjusted BETA 1.301
Minority Interest 2'668.2 Analyst Recs 33
Cash and Equivalents 18'383.52 Consensus Rating 3.909
Enterprise Value 73'038.61
Average Volume 5 Day 3'810'938
960 HK EQUITY YTD Change - Average Volume 30 Day 7'688'388
960 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'120'705
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
4'475.2 11'374.0 15'093.1 24'092.9 27'892.8 - - 44'879.7 49'901.9 - -
- 3.85x 3.72x 2.02x 2.99x - - 1.76x 1.58x - -
496.6 3'007.2 4'390.2 8'470.9 9'696.7 - - 10'927.5 13'069.6 - -
- 14.56x 12.79x 5.75x 8.60x - - 6.68x 5.59x - -
331.6 2'209.2 4'130.2 6'327.6 6'301.1 - - 6'249.6 7'310.2 - -
- 14.40x 11.44x 5.79x 10.18x - - 8.67x 7.56x - -
EBITDA 9'696.73 Long-Term Rating Date 02.03.2011
EBIT 9'663.50 Long-Term Rating BB+
Operating Margin 34.65% Long-Term Outlook STABLE
Pretax Margin 40.52% Short-Term Rating Date -
Return on Assets 5.66% Short-Term Rating -
Return on Common Equity 24.31%
Return on Capital 12.15% EBITDA/Interest Exp. 4.68
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -0.27
Net Debt/EBITDA 1.49
Gross Margin 40.1% Total Debt/EBITDA 3.39
EBITDA Margin 34.8%
EBIT Margin 34.6% Total Debt/Equity 109.8%
Net Income Margin 22.6% Total Debt/Capital 50.2%
Asset Turnover 0.25
Current Ratio 1.40 Net Fixed Asset Turnover 1.17
Quick Ratio 0.30 Accounts receivable turnover-days 3.04
Debt to Assets 26.18% Inventory Days 1233.95
Tot Debt to Common Equity 109.79% Accounts Payable Turnover Day 48.35
Accounts Receivable Turnover 120.40 Cash Conversion Cycle 1188.64
Inventory Turnover 0.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Longfor Properties Co LtdPrice/Volume
Valuation Analysis
3'782'542.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHARM TALENT INTL LT n/a EXCH 2'343'736'600 43.15 260'000'000 25.09.2012 Other
JUNSON DEVELOPMENT I n/a EXCH 1'559'394'400 28.71 - 25.09.2012 Other
FENBOURNE INVESTMENT n/a EXCH 218'242'000 4.02 - 06.12.2012 Other
DENARIE ENTERPRISES n/a EXCH 43'341'000 0.8 - 06.12.2012 Other
FMR LLC n/a ULT-AGG 42'068'740 0.77 12'133'649 31.03.2013 Investment Advisor
MARGINGLE INTERNATIO n/a EXCH 38'637'000 0.71 - 06.12.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'700'933 0.69 2'161'300 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'192'500 0.63 - 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'296'500 0.54 55'500 29.04.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 28'062'000 0.52 (3'745'000) 31.12.2012 Investment Advisor
BRISTOL CHOICE LTD n/a EXCH 21'527'000 0.4 - 06.12.2012 Other
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'735'000 0.33 4'658'500 31.12.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 17'305'500 0.32 1'056'500 30.06.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 16'017'500 0.29 16'017'500 30.11.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 15'344'500 0.28 (3'696'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 12'302'500 0.23 - 31.12.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 11'723'500 0.22 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 11'427'000 0.21 286'000 31.12.2012 Investment Advisor
MINGXIAO SHAO n/a EXCH 9'220'000 0.17 - 02.11.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'794'500 0.13 257'500 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies VENANT CHIANG underperform 1 M 11 12 month 30.04.2013
BNP Paribas Equity Research RONNEY CHEUNG buy 5 M 18 12 month 29.04.2013
ICBC International Securities PHILIP TSE hold 3 M 14 Not Provided 23.04.2013
Standard Chartered RAYMOND CHENG outperform 5 M 19 12 month 22.04.2013
Maybank Kim Eng KAREN KWAN sell 1 D 12 12 month 15.04.2013
CIMB JOHNSON HU outperform 5 M 14 12 month 02.04.2013
Guotai Junan DONALD YU neutral 3 D 14 Not Provided 21.03.2013
Capital Securities Corp ZHU JIXIANG buy 5 M 16 Not Provided 19.03.2013
Nomura ALVIN WONG buy 5 M 14 Not Provided 19.03.2013
Deutsche Bank JASON CHING buy 5 M 17 12 month 18.03.2013
Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 17 12 month 18.03.2013
Bank of China International CHRISTINA NGAI sell 1 D 11 Not Provided 18.03.2013
Haitong International Securities KATIE CHAN buy 5 U 14 12 month 18.03.2013
China International Capital Corp ERIC YU ZHANG buy 5 M 20 12 month 18.03.2013
SWS Research Co Ltd KRIS LI neutral 3 D 11 Not Provided 18.03.2013
UOB Kay Hian CYNTHIA CHAN sell 1 M 11 Not Provided 18.03.2013
Mirae Asset Securities STEPHANIE LAU buy 5 M 14 12 month 18.03.2013
HSBC DEREK KWONG overweight 5 M 20 Not Provided 17.03.2013
JPMorgan RYAN LI neutral 3 M 13 6 month 16.03.2013
Macquarie DAVID NG outperform 5 M 18 12 month 16.03.2013
Goldman Sachs WANG YI buy/attractive 5 M 21 12 month 15.03.2013
Barclays WENDY LUO equalweight 3 D 15 Not Provided 28.02.2013
Ji Asia WU GONGLIANG buy 5 M 16 12 month 25.02.2013
KGI Securities ALICE JI outperform 5 M 15 12 month 21.02.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 18 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 16 Not Provided 28.12.2012
President Securities HK Ltd TEAM COVERAGE neutral 3 M 13 Not Provided 22.08.2012
Daiwa Securities Co. Ltd. JONAS KAN hold 3 M 12 Not Provided 20.08.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 10 12 month 11.01.2012
South China Research Ltd KAISER CHOI buy 5 M 15 12 month 23.08.2011
Holdings By:
Longfor Properties Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Gas Holdings Ltd. invests in, operates and manages natural gas
distribution pipelines. The Company distributes and sells natural gas to
residential, commercial and industrial users, and bottles and sells compressed
natural gas. China Gas also constructs and operates gas stations.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (06.03.2013) 8.99
52-Week Low (11.06.2012) 3.52
Daily Volume
7.65
52-Week High % Change -14.91% Dividend Yield 0.80
52-Week Low % Change 117.33% Beta 0.94
% 52 Week Price Range High/Low 75.50% Equity Float 1'488.06
Shares Out 31.03.2013 4'569.7 Short Int -
34'958.40 1 Yr Total Return 100.69%
Total Debt 15'375.33 YTD Return 25.82%
Preferred Stock 0.0 Adjusted BETA 0.942
Minority Interest 1'056.8 Analyst Recs 19
Cash and Equivalents 4'828.66 Consensus Rating 3.632
Enterprise Value 46'029.87
Average Volume 5 Day 3'483'122
384 HK EQUITY YTD Change - Average Volume 30 Day 8'144'656
384 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'950'744
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
2'552.1 6'323.8 10'212.0 15'861.9 18'933.6 - - 21'515.9 26'028.9 - -
4.53x 2.12x 2.50x 1.78x 1.48x - - 2.14x 1.75x - -
761.9 1'065.4 1'693.7 2'324.9 2'878.8 - - 3'431.7 3'949.2 - -
15.17x 12.58x 15.08x 12.16x 9.73x - - 13.41x 11.66x - -
141.1 103.7 875.6 625.9 953.9 - - 1'467.6 1'732.0 - -
43.96x 38.91x 16.65x 23.42x 17.19x - - 23.98x 20.68x - -
EBITDA 2'878.77 Long-Term Rating Date -
EBIT 2'241.60 Long-Term Rating -
Operating Margin 11.84% Long-Term Outlook -
Pretax Margin 8.56% Short-Term Rating Date -
Return on Assets 4.29% Short-Term Rating -
Return on Common Equity 14.04%
Return on Capital 8.97% EBITDA/Interest Exp. 2.93
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 1.11
Net Debt/EBITDA 3.25
Gross Margin 19.0% Total Debt/EBITDA 4.83
EBITDA Margin 15.5%
EBIT Margin 12.2% Total Debt/Equity 156.6%
Net Income Margin 5.0% Total Debt/Capital 58.6%
Asset Turnover 0.60
Current Ratio 0.77 Net Fixed Asset Turnover 1.23
Quick Ratio 0.44 Accounts receivable turnover-days 17.19
Debt to Assets 48.24% Inventory Days 46.43
Tot Debt to Common Equity 156.58% Accounts Payable Turnover Day 65.60
Accounts Receivable Turnover 21.29 Cash Conversion Cycle 7.78
Inventory Turnover 7.88
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Gas Holdings LtdPrice/Volume
Valuation Analysis
3'858'544.00
Current Price (5/dd/yy) Market Data
,-.0123456
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4'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEIJING ENTERPRISES n/a EXCH 964'902'132 21.12 75'000'000 28.02.2013 Corporation
CHINA GAS GROUP LTD n/a EXCH 702'446'000 15.37 - 10.04.2013 Corporation
SK E&S CO LTD n/a EXCH 614'595'000 13.45 - 21.11.2012 Corporation
DEUTSCHE BANK AG n/a EXCH 214'769'483 4.7 - 30.01.2012 Investment Advisor
GAIL INDIA LTD n/a Research 209'948'343 4.59 - 31.03.2011 Government
MING HUI LIU n/a EXCH 209'104'000 4.58 - 10.04.2013 n/a
SK GAS LTD n/a Co File 196'919'000 4.31 - 31.03.2012 Unclassified
ASIAN DEVELOPMENT BA n/a Research 150'000'000 3.28 - 31.03.2011 Bank
YING XU n/a EXCH 95'000'000 2.08 - 24.03.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 75'356'500 1.65 (14'250'100) 31.03.2013 Investment Advisor
PUSAN CITY GAS CO LT n/a EXCH 73'008'000 1.6 - 21.11.2012 Corporation
BLACKROCK n/a ULT-AGG 69'426'000 1.52 (106'000) 29.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (31'053'757) -0.68 - 30.01.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 19'780'000 0.43 (1'286'000) 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 17'850'000 0.39 8'972'000 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 16'392'000 0.36 (26'120'000) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 15'045'500 0.33 - 31.07.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'950'000 0.31 (1'550'000) 28.09.2012 Investment Advisor
XIAO YUN LI n/a EXCH 10'000'000 0.22 - 24.03.2011 n/a
MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 7'550'000 0.17 (2'636'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JOSEPH FONG buy 5 U 9 12 month 30.04.2013
Deutsche Bank ERIC CHENG hold 3 M 6 12 month 18.04.2013
CIMB MIKE YIP outperform 5 U 9 12 month 18.04.2013
Nomura JOSEPH C LAM neutral 3 M 4 Not Provided 26.03.2013
Macquarie SERENA LI outperform 5 M 10 12 month 13.03.2013
Bank of China International PETER YAO buy 5 U 10 Not Provided 07.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 06.03.2013
Goldman Sachs FRANK HE neutral/neutral 3 D 7 12 month 27.02.2013
Standard Chartered LI EVAN outperform 5 M 6 12 month 25.01.2013
UOB Kay Hian YAN SHI hold 3 M 7 Not Provided 16.01.2013
China International Capital Corp STEPHEN YU ZHANG hold 3 M 6 12 month 18.12.2012
Mirae Asset Securities RICKY NG hold 3 D 6 12 month 18.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 18.12.2012
JPMorgan BORIS KAN neutral 3 M 3 Not Provided 29.11.2012
Credit Suisse EDWIN PANG neutral 3 M 6 Not Provided 28.11.2012
Hua Tai Securities Co., Ltd WENQIAN CHEN buy 5 M #N/A N/A Not Provided 16.10.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 5 12 month 10.07.2012
Daiwa Securities Co. Ltd. DAVE DAI hold 3 U 4 Not Provided 03.01.2012
Holdings By:
China Gas Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
COSCO Pacific Limited, through its subsidiaries, provides shipping container
leasing services worldwide. The Company also operates container terminals and
provides container handling, storage, transportation and management services,
as well as depot handling and stevedoring services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.01.2013) 13.32
52-Week Low (05.06.2012) 8.82
Daily Volume
10.28
52-Week High % Change -22.82% Dividend Yield 3.78
52-Week Low % Change 16.55% Beta 1.45
% 52 Week Price Range High/Low 32.44% Equity Float 1'580.95
Shares Out 31.01.2013 2'786.2 Short Int -
28'642.40 1 Yr Total Return -5.44%
Total Debt 2'844.17 YTD Return -6.88%
Preferred Stock 0.0 Adjusted BETA 1.451
Minority Interest 263.4 Analyst Recs 25
Cash and Equivalents 848.42 Consensus Rating 4.440
Enterprise Value 5'949.84
Average Volume 5 Day 6'356'363
1199 HK EQUITY YTD Change - Average Volume 30 Day 8'772'422
1199 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'718'690
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
338.0 349.4 446.5 599.2 735.5 642.9 752.6 803.7 888.5 - -
10.23x 12.00x 13.22x 8.60x 8.47x 19.65x 23.36x 7.98x 7.40x - -
228.6 178.8 219.5 318.0 393.4 0.0 0.0 451.4 478.7 - -
15.12x 23.44x 26.89x 16.20x 15.83x 0.00x 0.00x 13.18x 12.43x - -
274.7 172.5 361.3 388.8 342.2 356.9 331.1 378.5 436.8 - -
9.18x 19.64x 16.06x 8.14x 11.39x 11.47x 11.95x 9.46x 8.23x - -
EBITDA 393.38 Long-Term Rating Date -
EBIT 225.51 Long-Term Rating -
Operating Margin 30.66% Long-Term Outlook -
Pretax Margin 51.99% Short-Term Rating Date -
Return on Assets 4.95% Short-Term Rating -
Return on Common Equity 9.03%
Return on Capital 6.37% EBITDA/Interest Exp. 4.41
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -4.96
Net Debt/EBITDA 5.07
Gross Margin 42.9% Total Debt/EBITDA 7.23
EBITDA Margin 53.5%
EBIT Margin 30.7% Total Debt/Equity 71.9%
Net Income Margin 46.5% Total Debt/Capital 40.3%
Asset Turnover 0.11
Current Ratio 0.96 Net Fixed Asset Turnover 0.20
Quick Ratio 0.82 Accounts receivable turnover-days 42.01
Debt to Assets 38.62% Inventory Days 9.61
Tot Debt to Common Equity 71.93% Accounts Payable Turnover Day 33.46
Accounts Receivable Turnover 8.71 Cash Conversion Cycle 18.16
Inventory Turnover 38.07
Fiscal Year Ended
COSCO Pacific LtdPrice/Volume
Valuation Analysis
6'363'754.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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5
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COSCO PACIFIC INVEST n/a EXCH 993'192'993 35.65 - 24.10.2012 Holding Company
COSCO INVESTMENTS LT n/a EXCH 210'538'143 7.56 - 24.10.2012 Other
BLACKROCK n/a ULT-AGG 187'511'147 6.73 9'781'743 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 136'919'673 4.91 - 06.03.2013 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 93'921'158 3.37 (109'699'158) 04.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 47'727'062 1.71 (29'844'718) 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 43'938'708 1.58 172'800 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 42'168'610 1.51 2'419'353 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28'131'532 1.01 4'914 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 27'820'129 1 (519'243) 30.04.2013 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 16'938'000 0.61 62'000 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 14'500'000 0.52 - 28.02.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'853'771 0.46 (300'795) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'740'000 0.46 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'286'700 0.41 - 29.04.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 10'920'200 0.39 4'158'000 02.04.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 9'338'113 0.34 1'182'906 31.05.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8'130'000 0.29 - 31.12.2010 Investment Advisor
FMR LLC n/a ULT-AGG 7'825'417 0.28 (1'740'062) 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 7'634'339 0.27 - 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Clarkson Capital Markets LLC URS M DUR outperform 5 M 13 12 month 29.04.2013
Deutsche Bank SKY HONG buy 5 M 16 12 month 26.04.2013
Daiwa Securities Co. Ltd. KELVIN LAU buy 5 M 12 Not Provided 26.04.2013
Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 14 12 month 26.04.2013
UOB Kay Hian LAWRENCE LI buy 5 M 15 Not Provided 26.04.2013
Morgan Stanley EDWARD XU Equalwt/In-Line 3 M 12 12 month 25.04.2013
Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 13 12 month 25.04.2013
Credit Suisse DAVIN CHUNPONG WU neutral 3 M 11 Not Provided 25.04.2013
Jefferies BOYONG LIU hold 3 M 11 12 month 25.04.2013
HSBC PARASH JAIN overweight 5 M 13 Not Provided 25.04.2013
Standard Chartered CLAIRE TENG outperform 5 M 13 12 month 16.04.2013
Barclays JON WINDHAM overweight 5 M 15 Not Provided 11.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 29.03.2013
DBS Vickers PAUL YONG buy 5 M 15 12 month 27.03.2013
China International Capital Corp XIN YANG hold 3 M 11 12 month 27.03.2013
JPMorgan KAREN LI overweight 5 M 14 6 month 26.03.2013
Guotai Junan JASON SONG buy 5 M 14 Not Provided 04.03.2013
BOCOM International Holdings GEOFFREY CHENG not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 18.02.2013
Macquarie BONNIE CHAN outperform 5 M 14 12 month 15.01.2013
Bank of China International MATTHEW XU buy 5 M 11 Not Provided 25.10.2012
Nomura ANDREW LEE buy 5 M 16 Not Provided 07.10.2012
Masterlink Securities TEAM COVERAGE buy 5 N 12 6 month 13.06.2012
Religare Capital Markets PETER WILLIAMSON buy 5 M 13 12 month 22.11.2011
Haitong International Securities CHO FOOK TAT buy 5 M 18 12 month 24.06.2011
China Merchants Securities YU HUANGYAN outperform 5 M 8 Not Provided 23.02.2009
Holdings By:
COSCO Pacific Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
New China Life Insurance Company Limited provides life insurance in local and
foreign currencies, acts as an insurance agent, provides checks, claims and
insurance consulting. The Company's main products include life insurance,
accident insurance, health insurance products and services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.05.2012) 36.81
52-Week Low (06.09.2012) 21.25
Daily Volume
28.85
52-Week High % Change -21.62% Dividend Yield 1.40
52-Week Low % Change 35.76% Beta -
% 52 Week Price Range High/Low 48.84% Equity Float 566.06
Shares Out 31.03.2013 1'034.1 Short Int -
92'865.07 1 Yr Total Return -16.06%
Total Debt 74'171.00 YTD Return -2.04%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 8.0 Analyst Recs 23
Cash and Equivalents 196'892.00 Consensus Rating 3.957
Enterprise Value -
Average Volume 5 Day 1'861'567
1336 HK EQUITY YTD Change - Average Volume 30 Day 1'609'643
1336 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'342'484
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
48'899.0 73'904.0 102'657.0 108'404.0 113'424.0 38'803.0 75'344.0 128'610.3 144'678.3 - -
- - - 0.75x - 0.00x 0.00x 0.30x 0.25x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
649.0 2'660.0 2'249.0 2'799.0 2'933.0 768.0 3'630.0 4'344.3 5'256.3 - -
- - - 16.81x 25.20x 0.00x 18.19x 16.20x 13.39x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 2.02% Short-Term Rating Date -
Return on Assets 0.67% Short-Term Rating -
Return on Common Equity 8.73%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 206.8%
Net Income Margin 2.6% Total Debt/Capital 67.4%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 15.02% Inventory Days -
Tot Debt to Common Equity 206.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
New China Life Insurance Co LtdPrice/Volume
Valuation Analysis
1'649'189.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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40'000.0
60'000.0
80'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZURICH INSURANCE CO n/a Co File 390'000'000 37.71 - 30.06.2012 Insurance Company
TEMASEK HOLDINGS PRI n/a ULT-AGG 78'000'000 7.54 - 30.06.2012 Government
DEUTSCHE BANK AG n/a Co File 76'935'575 7.44 - 30.06.2012 Investment Advisor
CICC SECURITIES HK L n/a Co File 65'000'000 6.29 - 30.06.2012 Investment Advisor
GREAT EASTERN LIFE A n/a Co File 63'158'500 6.11 - 30.06.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (53'763'000) -5.2 - 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 51'761'083 5.01 408'300 08.04.2013 Investment Advisor
GREAT EASTERN TRUST n/a Co File 31'061'600 3 - 30.06.2012 Investment Advisor
NOMURA n/a ULT-AGG 28'967'900 2.8 - 29.01.2013 Unclassified
OVERSEAS ASSURANCE C n/a Co File 9'318'500 0.9 - 30.06.2012 Insurance Company
BLACKROCK n/a ULT-AGG 8'260'700 0.8 511'900 29.04.2013 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 5'733'700 0.55 4'133'700 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 5'000'000 0.48 (500'000) 30.06.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 4'859'076 0.47 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'530'100 0.44 4'158'000 31.03.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 1'568'000 0.15 (1'232'000) 30.06.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 1'419'300 0.14 - 17.12.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'059'000 0.1 402'200 31.01.2013 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'017'300 0.1 (55'400) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 974'600 0.09 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 30.04.2013
Deutsche Bank ESTHER CHWEI buy 5 M 36 12 month 29.04.2013
Jefferies BARON NIE hold 3 M 27 12 month 29.04.2013
DBS Vickers PING CHENG hold 3 M 29 12 month 29.04.2013
Morgan Stanley BEN LIN Equalwt/In-Line 3 M 26 12 month 28.04.2013
Religare Capital Markets STEVEN LAM buy 5 M 35 12 month 27.04.2013
Standard Chartered JENNIFER LAW outperform 5 M 37 12 month 26.04.2013
Credit Suisse FRANCES FENG neutral 3 M 32 Not Provided 26.04.2013
HSBC MICHAEL P CHANG overweight 5 M 33 Not Provided 25.04.2013
China International Capital Corp TANG SHENGBO buy 5 U 34 12 month 09.04.2013
BOCOM International Holdings LI WENBING buy 5 M 40 Not Provided 09.04.2013
Macquarie JIAN LI outperform 5 M 39 12 month 28.03.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013
JPMorgan CHAN BAO LING neutral 3 M 34 6 month 26.03.2013
CCB International Securities Ltd KENNETH YUE neutral 3 M 31 Not Provided 26.03.2013
Bank of China International SUN PENG buy 5 M 30 Not Provided 23.01.2013
Phillip Securities CHEN XINGYU buy 5 N 37 Not Provided 14.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 30 Not Provided 11.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 14.12.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 41 12 month 13.11.2012
Holdings By:
New China Life Insurance Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Railway Group Ltd. offers transportation systems construction services.
The Company builds railroads, roads, tunnels, and bridges.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.01.2013) 4.98
52-Week Low (15.05.2012) 2.55
Daily Volume
4.09
52-Week High % Change -17.87% Dividend Yield -
52-Week Low % Change 60.39% Beta 1.68
% 52 Week Price Range High/Low 63.37% Equity Float 4'207.39
Shares Out 31.12.2012 4'207.4 Short Int -
77'239.16 1 Yr Total Return 35.03%
Total Debt 182'875.56 YTD Return -9.71%
Preferred Stock 0.0 Adjusted BETA 1.677
Minority Interest 10'198.7 Analyst Recs 26
Cash and Equivalents 73'641.59 Consensus Rating 3.885
Enterprise Value 176'420.47
Average Volume 5 Day 28'283'560
390 HK EQUITY YTD Change - Average Volume 30 Day 19'832'470
390 HK EQUITY YTD % CHANGE - Average Volume 3 Month 21'919'200
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
227'245.5 334'045.0 456'162.0 442'216.0 468'793.6 427'850.3 487'108.4 513'657.3 552'325.3 - -
0.55x 0.43x 0.29x 0.30x 0.42x 1.23x 1.51x 0.31x 0.30x - -
10'036.8 12'946.0 15'702.0 18'977.0 19'638.1 0.0 0.0 21'179.4 22'705.0 - -
12.52x 11.00x 8.38x 6.90x 10.03x 0.00x 0.00x 8.33x 7.77x - -
1'115.2 6'875.0 7'398.0 6'690.0 7'354.7 5'911.7 7'918.5 8'051.6 8'769.5 - -
94.59x 16.47x 13.71x 6.28x 10.56x 7.56x 8.46x 8.57x 7.77x - -
EBITDA 19'638.13 Long-Term Rating Date 23.01.2013
EBIT 13'507.82 Long-Term Rating BBB+
Operating Margin 2.88% Long-Term Outlook STABLE
Pretax Margin 2.26% Short-Term Rating Date -
Return on Assets 1.44% Short-Term Rating -
Return on Common Equity 9.79%
Return on Capital 5.29% EBITDA/Interest Exp. 1.92
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 0.98
Net Debt/EBITDA 5.57
Gross Margin 7.9% Total Debt/EBITDA 9.32
EBITDA Margin 4.2%
EBIT Margin 2.9% Total Debt/Equity 233.4%
Net Income Margin 1.6% Total Debt/Capital 67.4%
Asset Turnover 0.92
Current Ratio 1.19 Net Fixed Asset Turnover 9.79
Quick Ratio 0.48 Accounts receivable turnover-days 78.82
Debt to Assets 33.21% Inventory Days 148.53
Tot Debt to Common Equity 233.37% Accounts Payable Turnover Day 122.53
Accounts Receivable Turnover 4.64 Cash Conversion Cycle 104.49
Inventory Turnover 2.46
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Railway Group LtdPrice/Volume
Valuation Analysis
37'351'272.00
Current Price (5/dd/yy) Market Data
,
-
.
0
1
2
3
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Government
BLACKROCK n/a ULT-AGG 273'098'281 6.49 416'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 209'623'317 4.98 (1'727'000) 31.12.2012 Investment Advisor
LEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 106'109'947 2.52 129'800 31.03.2013 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 Bank
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 46'799'000 1.11 - 31.05.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 34'148'451 0.81 - 30.06.2012 Investment Advisor
LEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 Corporation
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'991'273 0.57 - 29.04.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 22'662'611 0.54 (2) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'659'019 0.54 (46'126'666) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 19'080'816 0.45 - 30.04.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'351'863 0.41 (146'685) 28.02.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 11'481'000 0.27 (96'000) 31.01.2013 Investment Advisor
HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 10'206'000 0.24 - 30.01.2013 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 9'794'000 0.23 4'183'000 31.12.2012 Investment Advisor
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'296'000 0.22 9'238'000 24.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'020'000 0.21 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 7'825'000 0.19 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 30.04.2013
DBS Vickers RACHEL MIU hold 3 M 4 12 month 29.04.2013
HSBC ANDERSON CHOW overweight 5 M 5 Not Provided 26.04.2013
Nomura GE WENJIE buy 5 M 7 Not Provided 19.04.2013
Deutsche Bank PHYLLIS WANG buy 5 M 5 12 month 18.04.2013
UOB Kay Hian MARK PO buy 5 M 5 Not Provided 11.04.2013
Jefferies JULIAN BU hold 3 M 3 12 month 10.04.2013
JPMorgan KAREN LI overweight 5 M 6 6 month 02.04.2013
Bank of China International LI PAN hold 3 M 4 Not Provided 02.04.2013
China International Capital Corp WU HUIMIN accumulate 4 M 4 12 month 29.03.2013
Capital Securities Corp LI XIAOLU buy 5 M 5 Not Provided 12.03.2013
Standard Chartered BEN HARTWRIGHT outperform 5 U 5 12 month 28.02.2013
Goldman Sachs TIAN LU Sell/Neutral 1 N 4 12 month 20.01.2013
Macquarie SAIYI HE neutral 3 M 4 12 month 11.01.2013
Daiwa Securities Co. Ltd. JOSEPH HO outperform 5 M 5 Not Provided 06.12.2012
Morgan Stanley KEVIN LUO Equalwt/Attractive 3 U 4 12 month 15.11.2012
Guotai Junan GARY WONG neutral 3 D 4 Not Provided 09.11.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 4 Not Provided 31.10.2012
GuoSen Securities Co Ltd ETHANE CHENG buy 5 M #N/A N/A Not Provided 22.10.2012
CCB International Securities Ltd ELIZA LIU neutral 3 N #N/A N/A Not Provided 17.10.2012
Religare Capital Markets PETER WILLIAMSON buy 5 N 5 12 month 15.10.2012
Barclays PATRICK XU overweight 5 N 6 Not Provided 12.10.2012
SinoPac VIVIAN LIU buy 5 U 3 12 month 16.05.2012
Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011
Holdings By:
China Railway Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Haitong Securities Co., Ltd. is a securities firm which acts as a broker, dealer
for securities. The Company also provides investment advisory, placing and
underwriting, nominee and custodian services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 14.08
52-Week Low (29.05.2012) 8.21
Daily Volume
11.3
52-Week High % Change -19.74% Dividend Yield 1.34
52-Week Low % Change 37.64% Beta -
% 52 Week Price Range High/Low 52.64% Equity Float 1'344.06
Shares Out 31.03.2013 1'492.6 Short Int -
125'964.42 1 Yr Total Return 4.05%
Total Debt 24'666.87 YTD Return -15.04%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 1'750.9 Analyst Recs 20
Cash and Equivalents 52'312.05 Consensus Rating 4.250
Enterprise Value 75'272.50
Average Volume 5 Day 13'899'000
6837 HK EQUITY YTD Change - Average Volume 30 Day 13'218'420
6837 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'614'840
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
7'926.5 11'309.5 11'299.1 10'329.3 9'874.1 10'081.5 10'375.5 12'256.2 14'914.3 - -
5.51x 12.24x 7.88x 2.29x 7.33x 11.93x 23.78x 4.60x 3.68x - -
4'148.7 6'394.0 5'478.0 5'000.3 5'074.0 1'805.9 1'243.1 5'604.0 6'500.0 - -
10.53x 21.65x 16.25x 4.74x 14.26x 0.00x 0.00x 13.43x 11.58x - -
3'301.7 4'548.2 3'686.3 3'103.0 3'019.8 2'967.0 3'404.6 4'251.1 5'200.6 - -
20.28x 34.89x 21.42x 19.50x 31.06x 24.81x 28.30x 20.40x 16.44x - -
EBITDA 5'073.98 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 44.20% Long-Term Outlook -
Pretax Margin 41.62% Short-Term Rating Date -
Return on Assets 2.68% Short-Term Rating -
Return on Common Equity 5.82%
Return on Capital 4.50% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -5.45
Gross Margin - Total Debt/EBITDA 4.86
EBITDA Margin 51.4%
EBIT Margin - Total Debt/Equity 42.0%
Net Income Margin 30.6% Total Debt/Capital 29.0%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 10.48
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 19.52% Inventory Days -
Tot Debt to Common Equity 42.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Haitong Securities Co LtdPrice/Volume
Valuation Analysis
15'825'200.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BARLEYLAND INVESTMEN n/a Research 163'875'600 10.98 - 26.04.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 132'236'773 8.86 2'154'800 29.04.2013 Investment Advisor
PAGAC HORSESHOE HOLD n/a EXCH 130'704'400 8.76 (89'000'000) 06.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 106'597'483 7.14 108'000 20.03.2013 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 105'503'200 7.07 1'080'800 01.03.2013 Government
VALUE PARTNERS GROUP n/a ULT-AGG 73'208'000 4.9 - 09.01.2013 Corporation
WELLINGTON MANAGEMEN n/a EXCH 72'982'600 4.89 - 14.02.2013 Investment Advisor
DE SHAW VALENCE INTE n/a Research 71'707'200 4.8 - 17.04.2012 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 71'090'072 4.76 (3'850'400) 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 58'700'000 3.93 (16'300'000) 05.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 50'567'416 3.39 - 20.05.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 41'368'400 2.77 (13'015'600) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 37'473'946 2.51 482'938 21.05.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 31'579'174 2.12 1'728'923 29.03.2013 Investment Advisor
CITIGROUP INCORPORAT n/a Short (24'776'471) -1.66 - 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'486'000 1.64 21'854'400 31.03.2013 Investment Advisor
SBI HOLDINGS INC n/a Research 21'512'000 1.44 - 17.04.2012 Corporation
OMAN INVESTMENT FUND n/a Research 21'512'000 1.44 - 17.04.2012 Investment Advisor
KGI FINANCE LTD n/a Research 21'512'000 1.44 - 17.04.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 21'294'436 1.43 - 19.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ICBC International Securities IVAN LIN buy 5 M 16 Not Provided 30.04.2013
Nomura LUCY FENG buy 5 M 14 Not Provided 25.04.2013
Credit Suisse FRANCES FENG outperform 5 M 16 Not Provided 24.04.2013
Jefferies JACLYN WANG buy 5 M 16 12 month 24.04.2013
Goldman Sachs BOWEI CHENG neutral/neutral 3 N 13 12 month 17.04.2013
Deutsche Bank PANDORA LEE hold 3 M 15 12 month 12.04.2013
HSBC YORK PUN overweight 5 U 13 Not Provided 03.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 27.03.2013
China International Capital Corp JIE HUANG accumulate 4 M 13 12 month 27.03.2013
CCB International Securities Ltd SILVIA FUN outperform 5 M 14 Not Provided 27.03.2013
BNP Paribas Equity Research KATHRYN DING buy 5 M 15 12 month 12.03.2013
JPMorgan JOSHUA KLACZEK overweight 5 M 11 6 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Bank of China International JINHUA YIN buy 5 N 15 12 month 09.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 31.12.2012
Macquarie VICTOR WANG neutral 3 D 12 12 month 19.12.2012
Holdings By:
Haitong Securities Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Yanzhou Coal Mining Company Limited operates underground mining and coal
preparation and operation businesses. Its products are sold in domestic and
international markets. The Company also provides railway transportation
services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 16.88
52-Week Low (29.04.2013) 8.02
Daily Volume
8.08
52-Week High % Change -52.13% Dividend Yield 5.61
52-Week Low % Change 0.75% Beta 1.34
% 52 Week Price Range High/Low 0.68% Equity Float 1'958.40
Shares Out 31.03.2013 1'958.4 Short Int -
72'349.10 1 Yr Total Return -47.36%
Total Debt 44'901.53 YTD Return -36.97%
Preferred Stock 0.0 Adjusted BETA 1.336
Minority Interest 3'264.8 Analyst Recs 30
Cash and Equivalents 15'904.32 Consensus Rating 2.367
Enterprise Value 100'193.09
Average Volume 5 Day 39'395'590
1171 HK EQUITY YTD Change - Average Volume 30 Day 29'425'290
1171 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26'690'970
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
25'956.7 20'677.1 33'944.3 49'170.7 58'146.2 54'188.6 55'457.4 55'033.4 60'442.3 - -
0.97x 5.26x 3.33x 2.28x 1.83x 7.10x 5.86x 1.65x 1.52x - -
10'119.3 7'221.7 10'248.0 15'539.0 9'713.9 0.0 0.0 8'871.3 10'061.0 - -
2.50x 15.06x 11.02x 7.22x 10.96x 0.00x 0.00x 11.29x 9.96x - -
6'324.0 4'117.3 9'281.4 8'530.2 6'219.0 8'246.4 3'804.2 3'151.4 3'493.5 - -
3.90x 17.99x 10.65x 7.75x 8.18x 8.14x 10.83x 9.77x 8.62x - -
EBITDA 9'713.88 Long-Term Rating Date 27.04.2012
EBIT 5'698.52 Long-Term Rating BBB-
Operating Margin 9.80% Long-Term Outlook STABLE
Pretax Margin 10.91% Short-Term Rating Date -
Return on Assets 5.32% Short-Term Rating -
Return on Common Equity 13.36%
Return on Capital 8.46% EBITDA/Interest Exp. 6.29
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 2.26
Net Debt/EBITDA 3.10
Gross Margin 22.0% Total Debt/EBITDA 4.80
EBITDA Margin 15.9%
EBIT Margin 9.3% Total Debt/Equity 98.0%
Net Income Margin 10.7% Total Debt/Capital 47.8%
Asset Turnover 0.53
Current Ratio 1.06 Net Fixed Asset Turnover 1.58
Quick Ratio 0.82 Accounts receivable turnover-days 48.08
Debt to Assets 36.59% Inventory Days 11.80
Tot Debt to Common Equity 97.98% Accounts Payable Turnover Day 19.70
Accounts Receivable Turnover 7.61 Cash Conversion Cycle 40.55
Inventory Turnover 31.02
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yanzhou Coal Mining Co LtdPrice/Volume
Valuation Analysis
17'850'041.00
Current Price (5/dd/yy) Market Data
,.135
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 255'952'032 13.07 25'276'000 25.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 159'431'592 8.14 - 19.04.2013 Investment Advisor
BNP PARIBAS INVESTME n/a Co File 117'641'207 6.01 - 30.06.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 107'759'838 5.5 - 27.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (94'857'908) -4.84 - 27.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 90'349'185 4.61 (10'143'865) 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'820'230 2.75 (61'400) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 34'822'655 1.78 - 25.04.2013 Investment Advisor
UBS n/a ULT-AGG 33'076'159 1.69 74'000 23.04.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 17'002'544 0.87 - 30.06.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 12'382'000 0.63 (4'526'000) 28.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'869'316 0.61 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'524'000 0.44 16'000 29.04.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 8'320'000 0.42 - 31.12.2010 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'456'000 0.38 - 31.05.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'720'000 0.29 2'688'000 30.09.2011 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'472'000 0.23 182'000 28.02.2013 Investment Advisor
DUPONT CAPITAL MANAG Multiple Portfolios MF-AGG 4'406'000 0.22 1'660'000 31.12.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 3'548'000 0.18 3'548'000 30.06.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'081'400 0.16 (3'349'359) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 6 12 month 29.04.2013
Bank of China International LAWRENCE LAU hold 3 M 9 Not Provided 29.04.2013
Haitong International Securities CHO FOOK TAT hold 3 M 13 12 month 29.04.2013
BOCOM International Holdings HE WEI neutral 3 M 8 Not Provided 29.04.2013
DBS Vickers JUNE NG hold 3 M 9 12 month 26.04.2013
UOB Kay Hian HELEN LAU sell 1 M 8 Not Provided 26.04.2013
ICBC International Securities ANNA YU sell 1 D 7 Not Provided 26.04.2013
Deutsche Bank JAMES KAN sell 1 M 9 12 month 25.04.2013
Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 25.04.2013
JPMorgan DANIEL KANG underweight 1 M 8 6 month 25.04.2013
Barclays EPHREM RAVI equalweight 3 M 11 Not Provided 25.04.2013
Jefferies LABAN YU underperform 1 M 5 12 month 18.04.2013
BNP Paribas Equity Research JAMES CLARKE buy 5 M 13 12 month 18.04.2013
Macquarie MATTY ZHAO underperform 1 M 7 12 month 16.04.2013
Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 7 12 month 11.04.2013
HSBC SIMON FRANCIS underweight 1 M 10 Not Provided 26.03.2013
Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 8 12 month 24.03.2013
China International Capital Corp CAI HONGYU hold 3 U 13 12 month 24.03.2013
Standard Chartered CHEN YAN in-line 3 M 11 12 month 18.03.2013
Guotai Junan LEO WU neutral 3 M 14 Not Provided 28.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd HUANG ZHE outperform 5 M 22 Not Provided 07.01.2013
Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 11 Not Provided 19.11.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 29.10.2012
Religare Capital Markets TRACY HUANG buy 5 M 12 12 month 29.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 22.10.2012
Ji Asia SAMUEL THAWLEY buy 5 M 16 12 month 28.08.2012
Mirae Asset Securities SHIRLEY ZHAO reduce 2 N 13 12 month 07.05.2012
KGI Securities YANG TAO neutral 3 M 18 12 month 21.12.2011
Masterlink Securities LI XIN buy 5 M 24 6 month 26.10.2011
Citic Securities Co., Ltd TEAM COVERAGE buy 5 M 26 6 month 04.10.2011
GuoSen Securities Co Ltd DAVID LAM buy 5 N #N/A N/A Not Provided 20.09.2011
Cinda Securities Ltd CASTOR PANG buy 5 M 19 Not Provided 07.07.2010
Holdings By:
Yanzhou Coal Mining Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Chow Tai Fook Jewellery Group Limited retails jewelry. The Company sells rings,
necklaces, earrings, pendants, bracelets, and small statues. Chow Tai Fook
Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia,
and Singapore.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 13.40
52-Week Low (26.07.2012) 8.40
Daily Volume
10.44
52-Week High % Change -22.09% Dividend Yield 0.96
52-Week Low % Change 24.29% Beta -
% 52 Week Price Range High/Low 40.80% Equity Float 1'064.09
Shares Out 30.09.2012 10'000.0 Short Int -
104'399.99 1 Yr Total Return -9.24%
Total Debt 14'807.20 YTD Return -16.08%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 594.7 Analyst Recs 29
Cash and Equivalents 9'987.80 Consensus Rating 3.897
Enterprise Value 110'832.00
Average Volume 5 Day 4'953'702
1929 HK EQUITY YTD Change - Average Volume 30 Day 5'313'651
1929 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'994'178
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
- 18'410.9 22'933.6 35'042.5 56'571.1 - - 59'921.4 71'459.5 - -
- - - - 2.27x - - 1.76x 1.48x - -
- 2'469.1 3'399.0 5'808.0 9'342.9 - - 8'034.7 9'988.4 - -
- - - - 13.74x - - 13.79x 11.10x - -
- 1'896.7 2'138.6 3'537.6 6'340.6 - - 5'582.2 7'013.0 - -
- - - - 17.96x - - 18.35x 14.79x - -
EBITDA 9'342.90 Long-Term Rating Date -
EBIT 8'941.40 Long-Term Rating -
Operating Margin 15.81% Long-Term Outlook -
Pretax Margin 14.43% Short-Term Rating Date -
Return on Assets 16.58% Short-Term Rating -
Return on Common Equity 31.48%
Return on Capital 21.70% EBITDA/Interest Exp. 25.73
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. 23.34
Net Debt/EBITDA 0.52
Gross Margin 29.1% Total Debt/EBITDA 1.58
EBITDA Margin 16.5%
EBIT Margin 15.8% Total Debt/Equity 51.1%
Net Income Margin 11.2% Total Debt/Capital 33.4%
Asset Turnover 1.48
Current Ratio 3.18 Net Fixed Asset Turnover 37.27
Quick Ratio 0.99 Accounts receivable turnover-days 18.34
Debt to Assets 31.23% Inventory Days 213.43
Tot Debt to Common Equity 51.10% Accounts Payable Turnover Day 2.88
Accounts Receivable Turnover 19.96 Cash Conversion Cycle 228.89
Inventory Turnover 1.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Chow Tai Fook Jewellery Group LtdPrice/Volume
Valuation Analysis
3'252'193.00
Current Price (5/dd/yy) Market Data
,
.
1
3
5
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20'000.0
30'000.0
40'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHOW TAI FOOK HOLDIN n/a Co File 8'933'937'400 89.34 - 31.03.2012 Holding Company
ONTARIO TEACHERS PEN n/a Research 130'700'000 1.31 - 31.12.2011 Pension Fund (ERISA)
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 30'634'800 0.31 6'401'000 31.12.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 22'663'400 0.23 (10'661'200) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'116'256 0.14 642'090 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'000'000 0.11 - 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'199'600 0.07 (2'645'200) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'871'000 0.06 (602'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'046'009 0.05 (2'181'791) 31.03.2013 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 4'601'600 0.05 - 28.02.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'289'172 0.04 15'000 30.04.2013 Investment Advisor
MIRAE ASSET GLOBAL I MIRAE ASSET KORCHIND MF-KOR 4'180'200 0.04 523'400 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'009'400 0.04 4'009'400 31.01.2013 Investment Advisor
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 3'058'400 0.03 3'058'400 15.02.2012 Investment Advisor
MIRAE ASSET GLOBAL I MIRAE ASSET CHINA DI MF-KOR 2'905'600 0.03 706'600 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'828'295 0.03 - 31.03.2013 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 2'680'800 0.03 2'507'800 31.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'487'422 0.02 154'209 28.02.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'482'800 0.02 163'400 27.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'261'600 0.02 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ANNE LING buy 5 M 12 12 month 28.04.2013
Standard Chartered EMILY LEE outperform 5 U 12 12 month 26.04.2013
UOB Kay Hian JAMIE SOO hold 3 U 11 Not Provided 26.04.2013
Morgan Stanley EDWARD LUI Equalwt/Attractive 3 M 12 12 month 25.04.2013
BOCOM International Holdings PHOEBE WONG neutral 3 M 10 Not Provided 25.04.2013
Yuanta Securities Investment ConsultingPETER CHU buy 5 M 13 Not Provided 23.04.2013
BNP Paribas Equity Research SARAH LIU buy 5 M 14 12 month 18.04.2013
Jefferies EDWIN FAN hold 3 M 11 12 month 16.04.2013
Kingsway SW Securities STEVE CHOW hold 3 M 11 Not Provided 16.04.2013
HSBC LINA YAN overweight 5 U 12 Not Provided 15.04.2013
Mirae Asset Securities JANEY DILLON hold 3 M 11 12 month 25.03.2013
Barclays CANDY HUANG overweight 5 M 13 Not Provided 21.03.2013
Credit Suisse GABRIEL CHAN neutral 3 M 12 Not Provided 18.03.2013
China International Capital Corp LIU BING buy 5 M 15 12 month 12.03.2013
Oriental Patron Securities Ltd TERENCE LOK hold 3 M 11 12 month 12.03.2013
CCB International Securities Ltd FORREST CHAN outperform 5 M 15 Not Provided 12.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 04.03.2013
Ji Asia YUANYUAN JI buy 5 U 14 12 month 19.02.2013
CIMB LARRY CHO outperform 5 M 15 12 month 18.01.2013
JPMorgan KURUMLU EBRU SENER overweight 5 M 14 9 month 16.01.2013
Haitong International Securities WANG ELYSE hold 3 M 13 12 month 14.01.2013
Essence Securities ZHAO ZHONGWEI sell 1 D 10 6 month 11.01.2013
Macquarie LINDA HUANG neutral 3 N 13 12 month 08.01.2013
Goldman Sachs JOSHUA LU buy/attractive 5 M 13 12 month 09.12.2012
Daiwa Securities Co. Ltd. BING ZHOU underperform 1 M 9 Not Provided 18.09.2012
Holdings By:
Chow Tai Fook Jewellery Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting,
investment banking, asset management, and investment consulting services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 21.40
52-Week Low (26.07.2012) 12.36
Daily Volume
17.6
52-Week High % Change -17.76% Dividend Yield 2.15
52-Week Low % Change 42.39% Beta -
% 52 Week Price Range High/Low 57.96% Equity Float 1'008.69
Shares Out 31.12.2012 1'178.3 Short Int -
174'560.78 1 Yr Total Return 11.49%
Total Debt 24'334.18 YTD Return -10.20%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 219.3 Analyst Recs 24
Cash and Equivalents 52'172.20 Consensus Rating 4.083
Enterprise Value 111'051.01
Average Volume 5 Day 9'208'985
6030 HK EQUITY YTD Change - Average Volume 30 Day 10'005'200
6030 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10'753'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
19'123.6 24'178.0 24'527.0 11'775.9 13'874.5 24'648.9 14'256.4 16'301.3 20'106.8 - -
8.38x 12.44x 7.01x 10.79x 8.62x 12.48x 21.87x 6.07x 5.36x - -
11'377.6 14'125.4 11'609.5 2'496.3 7'235.3 0.0 0.0 8'393.0 11'289.3 - -
14.08x 21.29x 14.81x 50.88x 16.53x 0.00x 0.00x 13.23x 9.84x - -
7'305.0 8'984.0 11'311.3 12'576.5 4'237.4 12'082.5 4'349.5 6'167.3 7'877.5 - -
16.31x 23.45x 11.04x 7.89x 35.16x 10.28x 31.25x 24.79x 19.42x - -
EBITDA 7'235.28 Long-Term Rating Date 18.10.2012
EBIT - Long-Term Rating BBB+
Operating Margin 45.35% Long-Term Outlook STABLE
Pretax Margin 39.55% Short-Term Rating Date 18.10.2012
Return on Assets 2.68% Short-Term Rating A-2
Return on Common Equity 4.90%
Return on Capital 3.44% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -3.85
Gross Margin - Total Debt/EBITDA 3.36
EBITDA Margin 52.1%
EBIT Margin - Total Debt/Equity 28.1%
Net Income Margin 30.5% Total Debt/Capital 21.9%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 4.17
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.44% Inventory Days -
Tot Debt to Common Equity 28.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CITIC Securities Co LtdPrice/Volume
Valuation Analysis
9'971'500.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 115'704'319 9.82 142'000 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 96'086'428 8.15 - 14.03.2013 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 87'938'000 7.46 - 30.06.2012 Government
SOCIAL SECURITY FUND n/a EXCH 81'699'000 6.93 - 30.01.2013 Government
CITIGROUP INCORPORAT #N/A N/A EXCH 78'525'336 6.66 (6'228'304) 24.04.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 61'757'000 5.24 - 22.01.2013 Unclassified
BANCO BTG PACTUAL SA n/a Co File 58'625'500 4.98 - 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 58'576'000 4.97 - 31.03.2013 Investment Advisor
OZ MANAGEMENT LP n/a EXCH 57'694'000 4.9 - 07.11.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 53'683'000 4.56 - 03.11.2011 Investment Advisor
CITIGROUP INCORPORAT n/a Short (42'840'099) -3.64 - 24.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'471'200 2.25 9'540'700 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 23'116'500 1.96 (13'090'500) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 19'227'609 1.63 (46'500) 05.12.2012 Unclassified
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 18'002'000 1.53 6'792'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'437'331 1.23 (21'267'729) 31.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'093'000 0.94 5'868'000 31.12.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 7'822'500 0.66 - 31.12.2012 Investment Advisor
WADDELL & REED FINAN n/a EXCH 7'822'500 0.66 - 07.09.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 7'646'600 0.65 (868'000) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.04.2013
ICBC International Securities IVAN LIN buy 5 M 22 Not Provided 30.04.2013
Nomura LUCY FENG buy 5 M 22 Not Provided 28.04.2013
Credit Suisse FRANCES FENG neutral 3 M 19 Not Provided 25.04.2013
Jefferies JACLYN WANG buy 5 M 23 12 month 25.04.2013
Haitong International Securities CHEN FANNY hold 3 M 19 12 month 24.04.2013
Goldman Sachs BOWEI CHENG neutral/neutral 3 N 19 12 month 17.04.2013
BOCOM International Holdings LI WENBING buy 5 U 20 Not Provided 17.04.2013
Deutsche Bank PANDORA LEE hold 3 M 22 12 month 12.04.2013
HSBC YORK PUN overweight 5 U 20 Not Provided 03.04.2013
Macquarie VICTOR WANG neutral 3 M 17 12 month 28.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 20 12 month 28.03.2013
CCB International Securities Ltd SILVIA FUN outperform 5 M 21 Not Provided 28.03.2013
BNP Paribas Equity Research KATHRYN DING buy 5 M 22 12 month 12.03.2013
Mirae Asset Securities NAN LI hold 3 D 19 12 month 07.02.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 07.02.2013
JPMorgan JOSHUA KLACZEK neutral 3 M 14 6 month 31.01.2013
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 24 12 month 28.01.2013
Bank of China International JINHUA YIN hold 3 M 14 Not Provided 24.01.2013
Morgan Stanley ANIL AGARWAL Equalwt/In-Line 3 M 15 12 month 17.09.2012
CIMB JAMES LIU outperform 5 M 18 12 month 01.06.2012
Holdings By:
CITIC Securities Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Citic Pacific Limited manufactures special steel used in bearings, gears,
springs, and high-pressurized piping steel. The Company also has operation in
iron ore mining which supplies the raw material in making of special steel and
property development in mainland China.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (07.01.2013) 14.12
52-Week Low (05.09.2012) 8.64
Daily Volume
9.39
52-Week High % Change -33.50% Dividend Yield 4.79
52-Week Low % Change 8.68% Beta 1.20
% 52 Week Price Range High/Low 12.77% Equity Float 1'309.35
Shares Out 31.12.2012 3'649.4 Short Int -
34'268.28 1 Yr Total Return -23.37%
Total Debt 116'629.00 YTD Return -18.77%
Preferred Stock 5'953.0 Adjusted BETA 1.199
Minority Interest 7'188.0 Analyst Recs 10
Cash and Equivalents 32'821.00 Consensus Rating 2.600
Enterprise Value 131'217.28
Average Volume 5 Day 7'338'466
267 HK EQUITY YTD Change - Average Volume 30 Day 7'600'422
267 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'659'454
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
46'420.0 46'409.0 70'614.0 96'890.0 93'272.0 0.0 0.0 101'994.8 117'337.3 - -
1.63x 2.70x 1.96x 1.36x 1.49x #DIV/0! #DIV/0! 1.40x 1.25x - -
5'223.0 5'205.0 6'652.0 8'770.0 5'746.0 0.0 0.0 9'740.0 12'557.8 - -
14.46x 24.08x 20.85x 15.04x 24.21x 0.00x 0.00x 13.47x 10.45x - -
(12'687.0) 5'950.0 8'893.0 9'233.0 6'954.0 0.0 0.0 3'605.3 4'836.5 - -
- 12.82x 8.28x 5.85x 6.53x 0.00x 0.00x 8.97x 6.83x - -
EBITDA 5'746.00 Long-Term Rating Date 18.07.2011
EBIT 2'648.00 Long-Term Rating BB+
Operating Margin 2.84% Long-Term Outlook NEG
Pretax Margin 9.75% Short-Term Rating Date 22.06.2006
Return on Assets 2.91% Short-Term Rating NR
Return on Common Equity 9.05%
Return on Capital 4.91% EBITDA/Interest Exp. 1.10
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -1.76
Net Debt/EBITDA 14.59
Gross Margin 10.4% Total Debt/EBITDA 20.30
EBITDA Margin 6.2%
EBIT Margin 2.8% Total Debt/Equity 148.1%
Net Income Margin 7.5% Total Debt/Capital 55.9%
Asset Turnover 0.39
Current Ratio 1.36 Net Fixed Asset Turnover 0.79
Quick Ratio 0.77 Accounts receivable turnover-days 27.51
Debt to Assets 47.14% Inventory Days 77.96
Tot Debt to Common Equity 148.15% Accounts Payable Turnover Day 54.68
Accounts Receivable Turnover 13.30 Cash Conversion Cycle 50.79
Inventory Turnover 4.69
Fiscal Year Ended
CITIC Pacific LtdPrice/Volume
Valuation Analysis
8'144'569.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CITIC GROUP n/a ULT-AGG 2'101'559'285 57.59 2'823'000 31.12.2011 Government
ROCKHAMPTON INVESTME n/a EXCH 181'581'000 4.98 - 22.08.2012 Other
GRAND LAND HLDS C n/a EXCH 43'266'000 1.19 - 27.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 34'292'674 0.94 64'800 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 27'913'000 0.76 189'000 29.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 22'412'567 0.61 36'000 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 17'303'022 0.47 (407'662) 30.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 12'372'400 0.34 - 31.05.2012 Investment Advisor
DESMARAIS ANDRE n/a Co File 8'145'000 0.22 - 31.12.2011 n/a
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 6'108'017 0.17 - 30.06.2012 Investment Advisor
FRANCIS MOORE VERNON n/a EXCH 4'200'000 0.12 - 16.10.2012 n/a
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'616'000 0.1 - 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'418'000 0.09 - 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 3'072'000 0.08 - 31.01.2013 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'512'000 0.07 25'000 28.02.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'710'000 0.05 - 30.06.2011 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'492'000 0.04 - 28.02.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'387'621 0.04 (1) 28.02.2013 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 1'187'000 0.03 296'000 28.02.2013 Investment Advisor
FIRST TRUST n/a ULT-AGG 1'068'405 0.03 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs FRANK HE neutral/neutral 3 M 11 12 month 23.04.2013
Morgan Stanley COREY CHAN Equalwt/In-Line 3 M 11 12 month 21.04.2013
Haitong International Securities CHO FOOK TAT hold 3 M 12 12 month 08.03.2013
Standard Chartered JEREMY GRAY underperform 1 D 10 12 month 01.03.2013
Jefferies CHRISTIE JU buy 5 M 14 12 month 28.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank MICHAEL TONG not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 12 Not Provided 19.12.2012
Guotai Junan SIMON JIANG neutral 3 M 9 Not Provided 12.07.2009
Holdings By:
CITIC Pacific Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
BYD Company Limited, through its subsidiaries, manufactures and sells
automobiles. The Company also researches, develops, manufactures and sells
batteries, which are applied on mobile phones, cordless phones, power tools and
other kinds of portable electronic devices.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.02.2013) 32.80
52-Week Low (16.07.2012) 12.54
Daily Volume
27.7
52-Week High % Change -15.55% Dividend Yield 0.00
52-Week Low % Change 120.89% Beta 1.43
% 52 Week Price Range High/Low 74.83% Equity Float 775.67
Shares Out 31.03.2013 793.1 Short Int -
70'210.21 1 Yr Total Return 35.45%
Total Debt 18'629.12 YTD Return 19.14%
Preferred Stock 0.0 Adjusted BETA 1.435
Minority Interest 2'947.4 Analyst Recs 19
Cash and Equivalents 3'486.56 Consensus Rating 1.947
Enterprise Value 86'014.96
Average Volume 5 Day 5'750'869
1211 HK EQUITY YTD Change - Average Volume 30 Day 3'748'157
1211 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'945'890
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
27'426.8 40'440.3 47'788.8 46'312.3 44'380.9 45'398.1 46'931.0 52'804.5 57'505.0 - -
1.28x 3.57x 2.04x 1.38x 1.46x 7.58x 5.57x 1.41x 1.29x - -
- - - 4'847.8 4'541.8 0.0 0.0 5'477.6 6'166.1 - -
- - - 13.19x 14.24x 0.00x 0.00x 15.70x 13.95x - -
1'021.2 3'793.6 2'523.4 1'384.6 81.4 206.6 166.7 1'007.6 1'424.3 - -
22.37x 34.05x 31.20x 22.77x 540.54x 0.00x 270.95x 51.17x 36.25x - -
EBITDA 4'541.78 Long-Term Rating Date -
EBIT 1'182.45 Long-Term Rating -
Operating Margin 2.66% Long-Term Outlook -
Pretax Margin 0.66% Short-Term Rating Date -
Return on Assets 0.12% Short-Term Rating -
Return on Common Equity 0.38%
Return on Capital 1.68% EBITDA/Interest Exp. 4.14
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. -1.12
Net Debt/EBITDA 3.33
Gross Margin 11.6% Total Debt/EBITDA 4.10
EBITDA Margin 10.2%
EBIT Margin 2.7% Total Debt/Equity 87.9%
Net Income Margin 0.2% Total Debt/Capital 43.6%
Asset Turnover 0.65
Current Ratio 0.63 Net Fixed Asset Turnover 1.17
Quick Ratio 0.36 Accounts receivable turnover-days 81.31
Debt to Assets 26.61% Inventory Days 64.99
Tot Debt to Common Equity 87.89% Accounts Payable Turnover Day 165.55
Accounts Receivable Turnover 4.50 Cash Conversion Cycle -19.24
Inventory Turnover 5.63
Fiscal Year Ended
Byd Co LtdPrice/Volume
Valuation Analysis
3'425'876.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIDAMERICAN ENERGY H n/a Co File 225'000'000 28.37 - 30.06.2012 Corporation
LL INVESTMENT PARTNE n/a Co File 55'511'200 7 - 30.06.2012 Other
FMR LLC n/a ULT-AGG 39'788'986 5.02 - 31.03.2013 Investment Advisor
BEGHELLI ASIA PAC LT n/a Co File 17'426'040 2.2 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'504'488 1.83 158'500 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'092'700 1.02 14'000 29.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'074'810 0.89 - 30.06.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 4'404'692 0.56 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'993'664 0.5 - 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'499'900 0.32 - 31.12.2010 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'428'686 0.18 - 31.07.2012 Investment Advisor
CHOU ASSOCIATES MANA Multiple Portfolios MF-AGG 1'383'500 0.17 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'182'200 0.15 - 28.02.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 819'000 0.1 - 29.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 726'800 0.09 (544'500) 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 462'000 0.06 53'000 28.02.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 380'000 0.05 - 28.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 361'000 0.05 (21'000) 31.01.2013 Investment Advisor
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 324'908 0.04 (142'276) 30.06.2011 Investment Advisor
OKASAN ASSET MANAGEM Multiple Portfolios MF-AGG 320'000 0.04 - 20.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura LEPING HUANG buy 5 M 30 12 month 26.04.2013
Deutsche Bank VINCENT HA sell 1 M 19 12 month 25.04.2013
Religare Capital Markets STANLEY CHAN sell 1 M 9 12 month 23.04.2013
Goldman Sachs YIPENG YANG Sell/Neutral 1 M 13 12 month 17.04.2013
Macquarie JANET B LEWIS underperform 1 M 11 12 month 11.04.2013
Credit Suisse JACK YEUNG neutral 3 M 20 Not Provided 26.03.2013
UOB Kay Hian KEN LEE sell 1 M 11 Not Provided 26.03.2013
CCB International Securities Ltd RONNIE HO neutral 3 M 25 Not Provided 25.03.2013
Haitong International Securities LIANG YONGHUO sell 1 N 23 12 month 08.03.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 U 24 12 month 13.12.2012
Mizuho Securities OLE HUI underperform 1 M 8 12 month 11.12.2012
Standard Chartered REBECCA TANG underperform 1 M 12 12 month 03.12.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 04.10.2012
SWS Research Co Ltd TITUS WU neutral 3 M 13 Not Provided 06.08.2012
Guotai Junan HARRY CHEN neutral 3 M 15 Not Provided 19.06.2012
Capital Securities Corp TEAM COVERAGE neutral 3 M 48 Not Provided 26.03.2012
JPMorgan ALVIN KWOCK underweight 1 M 42 3 month 01.03.2011
Bank of China International MICHAEL MENG buy 5 M 65 Not Provided 27.08.2010
PingAn Securities YU BING buy 5 M #N/A N/A Not Provided 01.07.2010
Holdings By:
Byd Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services
automobiles. The Company is also involved in automobile parts and components,
and auto finance and related services for both overseas and domestic markets.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 8.74
52-Week Low (04.10.2012) 4.75
Daily Volume
6.4
52-Week High % Change -26.77% Dividend Yield 1.77
52-Week Low % Change 34.74% Beta 1.09
% 52 Week Price Range High/Low 41.35% Equity Float 2'213.30
Shares Out 31.03.2013 2'213.3 Short Int -
44'616.65 1 Yr Total Return -20.99%
Total Debt 11'401.71 YTD Return -6.84%
Preferred Stock 0.0 Adjusted BETA 1.091
Minority Interest 921.8 Analyst Recs 23
Cash and Equivalents 15'575.67 Consensus Rating 2.435
Enterprise Value 32'465.82
Average Volume 5 Day 6'805'453
2238 HK EQUITY YTD Change - Average Volume 30 Day 7'626'707
2238 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'199'182
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
43'769.7 50'253.6 8'742.3 10'814.3 12'602.3 4'420.6 14'022.0 16'015.3 18'249.0 - -
- - 5.77x 2.61x 2.76x 8.43x 6.17x 2.32x 2.07x - -
3'793.7 4'346.2 99.6 (895.2) (820.0) 0.0 0.0 (389.2) (376.7) - -
- - 506.49x - - 0.00x 0.00x - - - -
1'566.8 2'031.8 4'295.1 4'271.6 1'133.6 2'251.1 709.9 2'560.9 3'568.8 - -
- - 9.89x 7.62x 30.70x 0.00x 47.60x 12.40x 9.05x - -
EBITDA -820.04 Long-Term Rating Date -
EBIT -1'488.04 Long-Term Rating -
Operating Margin -11.81% Long-Term Outlook -
Pretax Margin 7.93% Short-Term Rating Date -
Return on Assets 2.41% Short-Term Rating -
Return on Common Equity 3.76%
Return on Capital - EBITDA/Interest Exp. -1.59
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -7.37
Net Debt/EBITDA -
Gross Margin 5.5% Total Debt/EBITDA -14.53
EBITDA Margin -6.2%
EBIT Margin -11.5% Total Debt/Equity 36.7%
Net Income Margin 9.0% Total Debt/Capital 26.3%
Asset Turnover 0.27
Current Ratio 2.29 Net Fixed Asset Turnover 2.10
Quick Ratio 1.88 Accounts receivable turnover-days 27.52
Debt to Assets 23.09% Inventory Days 44.69
Tot Debt to Common Equity 36.67% Accounts Payable Turnover Day 71.93
Accounts Receivable Turnover 13.30 Cash Conversion Cycle 0.24
Inventory Turnover 8.19
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Guangzhou Automobile Group Co LtdPrice/Volume
Valuation Analysis
6'344'865.00
Current Price (5/dd/yy) Market Data
,-.0123456
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 593'993'280 26.84 882'000 12.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 310'448'000 14.03 - 14.01.2013 Investment Advisor
PLATINUM INVESTMENT n/a Co File 154'700'342 6.99 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 130'408'769 5.89 (34'000) 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 110'297'408 4.98 - 23.05.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 110'198'109 4.98 - 04.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (84'435'942) -3.81 - 04.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 77'848'800 3.52 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'545'103 2.69 135'500 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 36'599'170 1.65 - 31.07.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 33'946'157 1.53 - 21.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 29'199'323 1.32 - 29.04.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 18'911'454 0.85 - 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 18'353'181 0.83 130'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'571'426 0.61 - 30.04.2013 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 11'219'000 0.51 797'000 31.12.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 8'918'177 0.4 31'000 30.04.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (7'080'414) -0.32 - 21.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'641'675 0.25 - 31.01.2013 Investment Advisor
MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 4'366'000 0.2 (238'000) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JACK YEUNG neutral 3 M 6 Not Provided 26.04.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 7 12 month 26.04.2013
Deutsche Bank VINCENT HA hold 3 M 7 12 month 25.04.2013
JPMorgan NICK LAI underweight 1 M 5 6 month 25.04.2013
BNP Paribas Equity Research TINA LI reduce 2 M 5 12 month 23.04.2013
Religare Capital Markets STANLEY CHAN hold 3 M 6 12 month 23.04.2013
Haitong International Securities LIANG YONGHUO hold 3 M 6 12 month 18.04.2013
Goldman Sachs YIPENG YANG neutral/neutral 3 M 6 12 month 17.04.2013
KGI Securities WEI SHEN neutral 3 M 6 12 month 12.04.2013
CIMB CHEAM TZE SHEN neutral 3 M 6 12 month 02.04.2013
UOB Kay Hian KEN LEE sell 1 M 4 Not Provided 02.04.2013
CCB International Securities Ltd RONNIE HO neutral 3 M 7 Not Provided 01.04.2013
Macquarie JANET B LEWIS underperform 1 M 5 12 month 31.03.2013
Nomura BENJAMIN LO neutral 3 M 7 Not Provided 19.03.2013
Bank of China International WANG YUSHENG hold 3 N 7 Not Provided 19.02.2013
Daiwa Securities Co. Ltd. JEFF CHUNG sell 1 D 5 Not Provided 15.02.2013
Standard Chartered REBECCA TANG in-line 3 M 6 12 month 28.01.2013
HSBC CARSON NG underweight 1 M 4 Not Provided 25.01.2013
Mizuho Securities OLE HUI underperform 1 M 5 12 month 11.12.2012
First Shanghai Securities Ltd LI HANG buy 5 M 7 12 month 29.08.2012
Holdings By:
Guangzhou Automobile Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Haier Electronics Group Co Ltd., through its subsidiaries, manufactures and
sells washing machines and water heaters.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (14.02.2013) 14.32
52-Week Low (02.05.2012) 7.70
Daily Volume
13.86
52-Week High % Change -3.21% Dividend Yield 0.58
52-Week Low % Change 80.00% Beta 1.07
% 52 Week Price Range High/Low 93.05% Equity Float 1'294.30
Shares Out 31.03.2013 2'537.8 Short Int -
35'174.24 1 Yr Total Return 70.69%
Total Debt 1'150.37 YTD Return 22.22%
Preferred Stock 0.0 Adjusted BETA 1.075
Minority Interest 300.5 Analyst Recs 11
Cash and Equivalents 5'368.31 Consensus Rating 4.727
Enterprise Value 24'024.70
Average Volume 5 Day 3'368'510
1169 HK EQUITY YTD Change - Average Volume 30 Day 6'485'348
1169 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6'541'512
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
10'183.9 12'878.0 36'794.5 49'899.8 55'615.0 - - 62'782.9 72'853.8 - -
0.12x 0.61x 0.39x 0.21x 0.33x - - 0.35x 0.28x - -
311.3 760.3 1'561.9 2'003.9 2'412.5 - - 2'916.4 3'477.1 - -
3.98x 10.27x 9.29x 5.10x 7.63x - - 8.24x 6.91x - -
135.8 448.7 974.2 1'406.0 1'695.1 - - 2'077.1 2'468.4 - -
11.91x 20.00x 16.19x 9.22x 12.90x - - 13.20x 11.32x - -
EBITDA 2'412.50 Long-Term Rating Date -
EBIT 2'301.08 Long-Term Rating -
Operating Margin 4.14% Long-Term Outlook -
Pretax Margin 4.04% Short-Term Rating Date -
Return on Assets 10.43% Short-Term Rating -
Return on Common Equity 35.48%
Return on Capital 29.35% EBITDA/Interest Exp. 37.40
Asset Turnover 3.42% (EBITDA-Capex)/Interest Exp. 75.60
Net Debt/EBITDA -1.75
Gross Margin 16.1% Total Debt/EBITDA 0.48
EBITDA Margin 4.3%
EBIT Margin 4.1% Total Debt/Equity 20.8%
Net Income Margin 3.0% Total Debt/Capital 16.5%
Asset Turnover 3.42
Current Ratio 1.47 Net Fixed Asset Turnover 39.07
Quick Ratio 1.13 Accounts receivable turnover-days 41.12
Debt to Assets 6.32% Inventory Days 17.97
Tot Debt to Common Equity 20.77% Accounts Payable Turnover Day 18.42
Accounts Receivable Turnover 8.90 Cash Conversion Cycle 40.67
Inventory Turnover 20.37
Fiscal Year Ended
Haier Electronics Group Co LtdPrice/Volume
Valuation Analysis
2'629'600.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.
1
3
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAIER SHAREHOLDINGS n/a EXCH 831'762'110 32.77 - 21.03.2013 Other
QINGDAO HAIER CO LTD n/a EXCH 392'677'482 15.47 - 21.03.2013 Holding Company
QINGDAO HAIER INVEST n/a EXCH 336'600'000 13.26 - 21.03.2013 Investment Advisor
HAWAII ASIA HOLDINGS n/a EXCH 100'000'000 3.94 70'000'000 18.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 57'201'170 2.25 (6'953'000) 31.12.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 23'072'000 0.91 (973'000) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'552'101 0.85 348'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 19'912'001 0.78 5'257'000 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 16'706'000 0.66 4'689'000 28.03.2013 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'571'000 0.57 4'669'000 30.09.2011 Investment Advisor
HAISER ELECTRICAL AP n/a EXCH 12'091'000 0.48 - 21.03.2013 Holding Company
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 11'797'256 0.46 (4'584'471) 28.02.2013 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 9'515'000 0.37 (400'000) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 7'769'000 0.31 (450'000) 27.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'852'439 0.27 901'000 31.12.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 6'568'000 0.26 (1'405'000) 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'876'000 0.23 - 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 5'313'000 0.21 (377'000) 31.01.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 5'241'761 0.21 1'918'525 31.03.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 5'070'000 0.2 - 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013
DBS Vickers MARK LI buy 5 M 15 12 month 24.04.2013
Essence Securities ZHAO ZHONGWEI add 4 N 14 6 month 15.04.2013
Maybank Kim Eng ALEX YEUNG buy 5 M 15 12 month 20.03.2013
China International Capital Corp HAIYAN GUO buy 5 M 15 12 month 20.03.2013
Fortune CLSA Securities Limited KATHARINE SONG buy 5 M 14 12 month 20.03.2013
Standard Chartered AI-LIN KUO outperform 5 M 14 12 month 19.03.2013
Ji Asia SAMUEL THAWLEY buy 5 M 12 12 month 14.03.2013
Citic Securities Co., Ltd HU YALI overweight 5 N 14 6 month 31.01.2013
GuoSen Securities Co Ltd BILL FAN buy 5 N 11 12 month 21.02.2012
Holdings By:
Haier Electronics Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Agile Property Holdings Limited develops and operates real estate. The Company
primarily develops, owns and manages commercial and hotel properties. Agile
has projects in various states of completion in Hainan, Shanghai, Nanjing,
Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan,
Zhongshan, Huizhou and Heyuan.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 12.82
52-Week Low (21.05.2012) 8.05
Daily Volume
10.04
52-Week High % Change -21.68% Dividend Yield 3.87
52-Week Low % Change 24.72% Beta 1.63
% 52 Week Price Range High/Low 42.56% Equity Float 1'230.50
Shares Out 31.12.2012 3'449.5 Short Int -
34'632.48 1 Yr Total Return 3.47%
Total Debt 27'565.00 YTD Return -7.89%
Preferred Stock 0.0 Adjusted BETA 1.630
Minority Interest 2'298.3 Analyst Recs 36
Cash and Equivalents 5'803.79 Consensus Rating 4.222
Enterprise Value 51'571.32
Average Volume 5 Day 6'103'820
3383 HK EQUITY YTD Change - Average Volume 30 Day 10'687'520
3383 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10'560'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
9'326.3 13'330.8 20'520.2 22'944.6 30'074.0 - - 33'637.9 37'821.2 - -
2.25x 3.35x 2.42x 1.70x 1.81x - - 1.47x 1.32x - -
2'530.8 3'774.4 7'966.1 10'672.6 - - - 10'884.4 12'104.0 - -
8.30x 11.82x 6.23x 3.65x - - - 4.74x 4.26x - -
5'466.9 1'865.2 5'975.7 4'105.3 5'000.5 - - 4'976.3 5'596.3 - -
2.43x 19.38x 5.68x 4.77x 6.05x - - 5.67x 5.04x - -
EBITDA 10'672.58 Long-Term Rating Date 04.09.2006
EBIT 10'160.00 Long-Term Rating BB
Operating Margin 33.78% Long-Term Outlook STABLE
Pretax Margin 35.02% Short-Term Rating Date -
Return on Assets 5.76% Short-Term Rating -
Return on Common Equity 21.15%
Return on Capital 10.24% EBITDA/Interest Exp. 5.99
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 5.25
Net Debt/EBITDA 2.06
Gross Margin 41.4% Total Debt/EBITDA 2.98
EBITDA Margin 42.4%
EBIT Margin 33.8% Total Debt/Equity 107.6%
Net Income Margin 16.6% Total Debt/Capital 49.7%
Asset Turnover 0.35
Current Ratio 1.57 Net Fixed Asset Turnover 1.12
Quick Ratio 0.19 Accounts receivable turnover-days 20.57
Debt to Assets 30.05% Inventory Days 831.66
Tot Debt to Common Equity 107.62% Accounts Payable Turnover Day 137.31
Accounts Receivable Turnover 17.79 Cash Conversion Cycle 714.91
Inventory Turnover 0.44
Fiscal Year Ended
Agile Property Holdings LtdPrice/Volume
Valuation Analysis
5'448'701.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.
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5
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
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35'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOP COAST INVESTMENT #N/A N/A EXCH 2'180'530'000 63.21 - 26.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 166'710'278 4.83 256'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 43'312'481 1.26 132'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'402'004 1.14 170'304 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 37'487'050 1.09 3'863'315 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 23'585'610 0.68 (831'000) 28.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 22'283'525 0.65 (22'000) 31.07.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'620'000 0.54 1'398'000 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 16'995'000 0.49 1'514'000 30.09.2011 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 13'864'000 0.4 (130'000) 31.12.2012 Investment Advisor
CHEUK YIN CHAN n/a EXCH 12'700'000 0.37 300'000 26.04.2013 n/a
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 11'360'000 0.33 11'360'000 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'756'394 0.31 (1'058'000) 30.04.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 8'232'000 0.24 (976'000) 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7'473'565 0.22 50'000 31.05.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'334'850 0.21 102'000 31.12.2012 Investment Advisor
FAMOUS TONE INVESTME n/a Co File 7'190'000 0.21 - 31.12.2011 Other
CHEUK HEI CHAN n/a Co File 7'000'000 0.2 - 31.12.2011 n/a
JYSKE INVEST Multiple Portfolios MF-AGG 6'328'000 0.18 (612'000) 31.01.2013 Investment Advisor
CHEUK NAM CHAN n/a Co File 6'028'000 0.17 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research RONNEY CHEUNG buy 5 M 14 12 month 29.04.2013
Nomura ALVIN WONG buy 5 M 12 Not Provided 26.04.2013
DBS Vickers DANIELLE WANG buy 5 M 11 12 month 23.04.2013
ICBC International Securities PHILIP TSE buy 5 M 13 Not Provided 23.04.2013
Standard Chartered RAYMOND CHENG outperform 5 M 17 12 month 22.04.2013
Guotai Junan DONALD YU neutral 3 M 10 Not Provided 10.04.2013
Deutsche Bank TONY TSANG buy 5 M 14 12 month 26.03.2013
Credit Suisse JINSONG DU underperform 1 M 10 Not Provided 26.03.2013
JPMorgan RYAN LI overweight 5 M 13 6 month 26.03.2013
Bank of China International CHRISTINA NGAI hold 3 M 10 Not Provided 26.03.2013
Haitong International Securities KATIE CHAN buy 5 M 11 12 month 26.03.2013
CIMB JOHNSON HU neutral 3 M 10 12 month 26.03.2013
Mizuho Securities ALAN JIN buy 5 U 11 12 month 26.03.2013
China International Capital Corp ERIC YU ZHANG accumulate 4 M 12 12 month 26.03.2013
Citic Securities Co., Ltd ADRIAN NGAN buy 5 M 13 12 month 26.03.2013
UOB Kay Hian SYLVIA WONG buy 5 M 11 Not Provided 26.03.2013
Mirae Asset Securities STEPHANIE LAU hold 3 M 12 12 month 26.03.2013
Core Pacific WILSON HO Positive 4 M #N/A N/A Not Provided 26.03.2013
CMB International Capital Corp Ltd SAMSON MAN buy 5 U 13 12 month 26.03.2013
BOCOM International Holdings TONI HO CHI CHUNG buy 5 M 14 Not Provided 26.03.2013
Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 13 12 month 25.03.2013
Goldman Sachs WANG YI neutral/attractive 3 M 12 12 month 25.03.2013
Jefferies VENANT CHIANG hold 3 M 10 12 month 25.03.2013
HSBC DEREK KWONG overweight 5 M 14 Not Provided 25.03.2013
CCB International Securities Ltd EDISON BIAN neutral 3 D 10 Not Provided 25.03.2013
Maybank Kim Eng KAREN KWAN buy 5 M 12 12 month 13.03.2013
Barclays WENDY LUO equalweight 3 U 11 Not Provided 28.02.2013
SWS Research Co Ltd KRIS LI outperform 5 M 12 Not Provided 30.01.2013
Macquarie DAVID NG outperform 5 U 13 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
KGI Securities ALICE JI neutral 3 D 10 12 month 16.11.2012
First Shanghai Securities Ltd MICHAEL KE buy 5 U 11 12 month 17.08.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 9 12 month 11.01.2012
Holdings By:
Agile Property Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,
produces, refines, and sells gold and other mineral resources in China.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.10.2012) 3.30
52-Week Low (16.04.2013) 2.21
Daily Volume
2.29
52-Week High % Change -30.61% Dividend Yield -
52-Week Low % Change 3.62% Beta 1.44
% 52 Week Price Range High/Low 7.34% Equity Float 6'008.16
Shares Out 31.12.2012 6'008.2 Short Int -
76'027.55 1 Yr Total Return -5.35%
Total Debt 23'412.70 YTD Return -24.92%
Preferred Stock 0.0 Adjusted BETA 1.436
Minority Interest 5'401.4 Analyst Recs 23
Cash and Equivalents 8'144.34 Consensus Rating 4.565
Enterprise Value 81'065.43
Average Volume 5 Day 45'563'320
2899 HK EQUITY YTD Change - Average Volume 30 Day 49'537'990
2899 HK EQUITY YTD % CHANGE - Average Volume 3 Month 49'700'110
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
16'744.7 20'215.1 28'186.6 39'381.9 47'873.6 41'079.5 50'458.3 49'610.4 50'326.5 14'811.0 15'193.0
4.10x 6.50x 4.18x 2.12x 1.55x 6.36x 4.18x 1.50x 1.47x - -
5'615.7 6'038.3 8'635.6 10'731.6 10'658.6 0.0 0.0 10'163.9 10'614.6 - -
12.23x 21.75x 13.64x 7.78x 6.96x 0.00x 0.00x 7.98x 7.64x - -
3'005.3 3'552.3 4'827.9 5'712.6 5'211.2 5'217.7 4'860.8 4'820.1 4'697.8 1'670.0 1'817.0
19.71x 27.22x 18.41x 9.11x 10.22x 10.45x 9.18x 8.09x 8.46x - -
EBITDA 10'658.62 Long-Term Rating Date -
EBIT 8'978.60 Long-Term Rating -
Operating Margin 18.75% Long-Term Outlook -
Pretax Margin 17.87% Short-Term Rating Date -
Return on Assets 8.71% Short-Term Rating -
Return on Common Equity 19.59%
Return on Capital 13.91% EBITDA/Interest Exp. 11.30
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 2.82
Net Debt/EBITDA 1.43
Gross Margin 23.9% Total Debt/EBITDA 2.20
EBITDA Margin 22.3%
EBIT Margin 18.8% Total Debt/Equity 83.1%
Net Income Margin 10.9% Total Debt/Capital 41.1%
Asset Turnover 0.80
Current Ratio 1.06 Net Fixed Asset Turnover 2.19
Quick Ratio 0.42 Accounts receivable turnover-days 9.48
Debt to Assets 34.76% Inventory Days 94.29
Tot Debt to Common Equity 83.08% Accounts Payable Turnover Day 33.17
Accounts Receivable Turnover 38.60 Cash Conversion Cycle 70.60
Inventory Turnover 3.88
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Zijin Mining Group Co LtdPrice/Volume
Valuation Analysis
29'322'348.00
Current Price (5/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 459'144'626 7.64 (17'668'705) 29.04.2013 Investment Advisor
HSBC GLOBAL ASSET MA n/a EXCH 295'631'868 4.92 - 19.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 262'632'848 4.37 - 19.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (241'990'889) -4.03 - 25.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 159'416'861 2.65 621'500 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 92'842'100 1.55 - 28.02.2013 Bank
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 52'162'194 0.87 - 30.06.2012 Investment Advisor
XINGHANG INVEST HK C n/a EXCH 42'528'000 0.71 - 29.12.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 41'626'000 0.69 1'930'000 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 31'080'000 0.52 9'684'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 31'079'366 0.52 - 30.04.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 20'894'000 0.35 (24'852'000) 31.12.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 17'726'000 0.3 8'726'000 30.06.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 13'566'000 0.23 - 28.03.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 12'662'750 0.21 (80'000) 12.11.2012 Investment Advisor
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 12'518'000 0.21 - 31.01.2013 Investment Advisor
HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 11'560'000 0.19 - 30.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'892'000 0.16 - 31.07.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'468'000 0.16 320'000 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 9'207'936 0.15 (456'800) 28.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 3 Not Provided 30.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.04.2013
Deutsche Bank JAMES KAN buy 5 M 3 12 month 29.04.2013
Credit Suisse TRINA CHEN outperform 5 M 3 Not Provided 29.04.2013
Morgan Stanley RACHEL L ZHANG Overwt/Attractive 5 M 3 12 month 28.04.2013
HSBC THOMAS J ZHU overweight 5 M 3 Not Provided 28.04.2013
Macquarie MATTY ZHAO underperform 1 D 2 12 month 25.04.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 3 12 month 22.04.2013
Guotai Junan KEVIN GUO accumulate 4 D 3 Not Provided 22.04.2013
Standard Chartered CHEN YAN outperform 5 M 3 12 month 20.04.2013
BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 3 12 month 16.04.2013
SWS Research Co Ltd DIMI DU outperform 5 M 3 Not Provided 08.04.2013
Masterlink Securities SARAH WANG buy 5 M 3 6 month 02.04.2013
BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 3 Not Provided 02.04.2013
China International Capital Corp CAI HONGYU accumulate 4 M 3 12 month 28.03.2013
Capital Securities Corp LI XIAOLU hold 3 M 3 Not Provided 20.02.2013
Bank of China International ROBIN TSUI buy 5 M 4 Not Provided 29.10.2012
CCB International Securities Ltd KIN CHUNG LI outperform 5 M 3 Not Provided 28.10.2012
UOB Kay Hian HELEN LAU hold 3 M 3 Not Provided 13.08.2012
ICBC International Securities DUNCAN CHAN buy 5 M 4 Not Provided 18.06.2012
GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 4 12 month 16.04.2012
Holdings By:
Zijin Mining Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Weichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The
Company's products are used in heavy-duty vehicles, wheel-loaders, bulldozers,
and road-rollers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.01.2013) 38.90
52-Week Low (26.07.2012) 17.58
Daily Volume
27.05
52-Week High % Change -30.46% Dividend Yield 1.46
52-Week Low % Change 53.84% Beta 1.40
% 52 Week Price Range High/Low 42.30% Equity Float 485.76
Shares Out 31.12.2012 485.8 Short Int -
54'980.03 1 Yr Total Return -10.31%
Total Debt 17'374.75 YTD Return -21.37%
Preferred Stock 0.0 Adjusted BETA 1.395
Minority Interest 6'529.9 Analyst Recs 22
Cash and Equivalents 16'726.97 Consensus Rating 2.909
Enterprise Value 53'138.37
Average Volume 5 Day 3'544'841
2338 HK EQUITY YTD Change - Average Volume 30 Day 3'436'949
2338 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'004'581
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
32'567.2 35'260.9 62'665.5 59'797.3 47'978.2 54'923.7 47'588.5 54'257.7 59'857.9 - -
0.67x 1.68x 1.36x 0.88x 1.30x 4.10x 4.21x 0.81x 0.70x - -
3'874.3 5'603.3 10'697.6 8'502.9 5'010.8 0.0 0.0 6'317.9 7'095.9 - -
5.65x 10.59x 7.99x 6.22x 12.47x 0.00x 0.00x 8.41x 7.49x - -
1'929.0 3'406.9 6'780.9 5'596.9 2'991.0 4'772.5 2'779.3 3'639.6 4'241.9 - -
5.54x 13.50x 9.97x 9.22x 18.45x 10.24x 14.81x 11.80x 10.09x - -
EBITDA 5'010.83 Long-Term Rating Date -
EBIT 3'458.56 Long-Term Rating -
Operating Margin 7.21% Long-Term Outlook -
Pretax Margin 8.25% Short-Term Rating Date -
Return on Assets 4.68% Short-Term Rating -
Return on Common Equity 12.52%
Return on Capital - EBITDA/Interest Exp. 14.95
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.33
Net Debt/EBITDA 0.13
Gross Margin 19.0% Total Debt/EBITDA 3.47
EBITDA Margin 10.4%
EBIT Margin 7.2% Total Debt/Equity 69.9%
Net Income Margin 6.2% Total Debt/Capital 35.6%
Asset Turnover 0.75
Current Ratio 1.64 Net Fixed Asset Turnover 2.88
Quick Ratio 1.26 Accounts receivable turnover-days 105.65
Debt to Assets 26.20% Inventory Days 84.10
Tot Debt to Common Equity 69.86% Accounts Payable Turnover Day 117.03
Accounts Receivable Turnover 3.46 Cash Conversion Cycle 72.73
Inventory Turnover 4.35
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Weichai Power Co LtdPrice/Volume
Valuation Analysis
3'727'700.00
Current Price (5/dd/yy) Market Data
,
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BRANDES INVESTMENT P n/a EXCH 78'578'612 16.18 - 28.11.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 64'813'676 13.34 - 12.04.2013 Unclassified
JP MORGAN n/a ULT-AGG 40'062'602 8.25 - 17.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'203'280 6.84 - 31.01.2013 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 32'700'599 6.73 - 19.04.2013 Investment Advisor
LONE PINE CAPITAL LL n/a EXCH 23'386'576 4.81 - 01.11.2011 Hedge Fund Manager
EARNEST PARTNERS LLC n/a EXCH 23'134'576 4.76 - 19.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 23'017'456 4.74 - 09.04.2013 Investment Advisor
UBS n/a ULT-AGG 22'437'321 4.62 - 19.02.2013 Unclassified
CREDIT SUISSE AG n/a EXCH 22'266'795 4.58 - 03.11.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 21'949'171 4.52 (889'160) 29.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (20'098'639) -4.14 - 09.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'656'838 3.43 (348'100) 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (9'719'195) -2 - 03.11.2011 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 9'479'600 1.95 607'400 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'754'837 1.8 (32'522) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 7'320'198 1.51 - 19.04.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 5'280'201 1.09 (1'081'061) 28.09.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'260'720 0.88 - 31.05.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 4'151'594 0.85 - 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley KATE ZHU Equalwt/In-Line 3 M 24 12 month 29.04.2013
JPMorgan NICK LAI underweight 1 M 19 Not Provided 29.04.2013
Jefferies ZHI AIK YEO underperform 1 M 21 12 month 29.04.2013
Deutsche Bank VINCENT HA hold 3 M 32 12 month 26.04.2013
BNP Paribas Equity Research TINA LI hold 3 M 24 12 month 23.04.2013
Goldman Sachs YIPENG YANG Sell/Neutral 1 M 23 12 month 17.04.2013
Fortune CLSA Securities Limited YANG YAN sell 1 M 23 12 month 27.03.2013
KGI Securities ZAO YANG outperform 5 M 32 12 month 26.03.2013
Haitong International Securities LIANG YONGHUO buy 5 M 32 12 month 26.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.03.2013
Capital Securities Corp HAN WEIQI buy 5 M 35 Not Provided 25.03.2013
Oriental Patron Securities Ltd VIVIEN CHAN hold 3 U 23 12 month 25.03.2013
Barclays VICTORIA LI underweight 1 M 22 Not Provided 25.03.2013
Standard Chartered REBECCA TANG underperform 1 M 23 12 month 22.03.2013
Bank of China International ERIC HU buy 5 M 33 Not Provided 22.03.2013
CIMB CHEAM TZE SHEN neutral 3 M 29 12 month 22.03.2013
China International Capital Corp ZHENG DONG hold 3 M 29 12 month 22.03.2013
SWS Research Co Ltd TITUS WU buy 5 M 36 Not Provided 05.02.2013
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 35 12 month 27.11.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 03.09.2012
Citic Securities Co., Ltd LI CHUNBO overweight 5 M 23 6 month 03.09.2012
Credit Suisse HUNG BIN TOH neutral 3 M 35 Not Provided 31.01.2012
Everbright Securities Co., Ltd WEI YAO neutral 3 D 43 6 month 27.05.2011
Holdings By:
Weichai Power Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Air China Limited provides passenger, cargo, and airline-related services in
China. The Company is primarily based in Beijing and a major hub for domestic
and international air transportation. Air China's airline-related services
include aircraft maintenance, repair, overhaul service, ground services, and
in-flight catering services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.01.2013) 7.41
52-Week Low (14.06.2012) 4.40
Daily Volume
6.28
52-Week High % Change -15.25% Dividend Yield -
52-Week Low % Change 42.73% Beta 1.03
% 52 Week Price Range High/Low 60.80% Equity Float 1'815.82
Shares Out 31.03.2013 4'562.7 Short Int -
84'759.96 1 Yr Total Return 15.09%
Total Debt 98'443.36 YTD Return -4.12%
Preferred Stock 0.0 Adjusted BETA 1.025
Minority Interest 3'368.0 Analyst Recs 29
Cash and Equivalents 12'603.56 Consensus Rating 3.897
Enterprise Value 134'900.26
Average Volume 5 Day 8'478'425
753 HK EQUITY YTD Change - Average Volume 30 Day 13'747'010
753 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13'491'130
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
50'536.7 48'091.6 78'209.2 93'343.4 98'112.4 96'495.7 98'396.6 111'879.8 123'700.1 25'758.0 31'075.0
1.85x 3.35x 2.81x 1.61x 1.60x 5.16x 5.49x 1.42x 1.30x - -
3'154.8 9'985.1 19'185.1 18'022.4 18'295.3 0.0 0.0 20'759.7 23'103.3 - -
29.68x 16.14x 11.44x 8.36x 8.59x 0.00x 0.00x 6.50x 5.84x - -
(9'255.8) 4'854.2 12'005.0 7'082.4 4'948.0 6'044.6 4'957.6 5'697.7 7'004.1 723.0 3'757.0
- 13.03x 7.18x 8.00x 12.85x 8.99x 13.84x 10.66x 8.81x - -
EBITDA 18'295.31 Long-Term Rating Date -
EBIT 8'003.90 Long-Term Rating -
Operating Margin 8.16% Long-Term Outlook -
Pretax Margin 7.17% Short-Term Rating Date -
Return on Assets 2.67% Short-Term Rating -
Return on Common Equity 9.99%
Return on Capital 4.63% EBITDA/Interest Exp. 6.29
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 1.03
Net Debt/EBITDA 4.68
Gross Margin 17.7% Total Debt/EBITDA 5.37
EBITDA Margin 18.9%
EBIT Margin 8.1% Total Debt/Equity 194.6%
Net Income Margin 5.0% Total Debt/Capital 64.6%
Asset Turnover 0.54
Current Ratio 0.37 Net Fixed Asset Turnover 0.75
Quick Ratio 0.28 Accounts receivable turnover-days 10.71
Debt to Assets 53.01% Inventory Days -
Tot Debt to Common Equity 194.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover 34.18 Cash Conversion Cycle -32.33
Inventory Turnover -
Fiscal Year Ended
Air China LtdPrice/Volume
Valuation Analysis
8'636'525.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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1
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3
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CATHAY PACIFIC AIRWA n/a EXCH 2'523'011'455 55.3 - 30.01.2013 Corporation
CHINA NATIONAL AVIAT n/a EXCH 223'852'000 4.91 - 30.01.2013 Corporation
FMR LLC n/a ULT-AGG 64'023'547 1.4 (17'188'066) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 52'298'504 1.15 (324'800) 31.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 43'555'900 0.95 (1'472'000) 31.12.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 42'452'000 0.93 42'452'000 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 42'030'000 0.92 406'000 29.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 19'232'000 0.42 17'400'000 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 17'858'507 0.39 - 30.06.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 13'588'000 0.3 13'588'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 11'671'396 0.26 - 30.04.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 11'008'000 0.24 - 31.12.2010 Investment Advisor
FEDERATED INVESTORS Multiple Portfolios MF-AGG 10'808'000 0.24 4'824'000 31.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10'000'000 0.22 - 28.02.2013 Investment Advisor
MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 9'834'000 0.22 - 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 8'494'000 0.19 (868'000) 28.02.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 8'092'000 0.18 (28'798) 31.12.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'917'136 0.17 27'600 30.04.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7'646'000 0.17 372'000 31.01.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 7'290'000 0.16 (546'000) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Capital Securities Corp LI XIAOLU hold 3 M 5 Not Provided 30.04.2013
Standard Chartered CLAIRE TENG outperform 5 U 8 12 month 29.04.2013
Nomura SHIRLEY LAM buy 5 M 8 Not Provided 29.04.2013
UOB Kay Hian K AJITH hold 3 M 7 Not Provided 29.04.2013
HSBC WEI SIM neutral 3 U 7 Not Provided 28.04.2013
Deutsche Bank VINCENT HA buy 5 M 8 12 month 26.04.2013
Credit Suisse DAVIN CHUNPONG WU outperform 5 M 8 Not Provided 26.04.2013
SWS Research Co Ltd LEO FAN outperform 5 M 8 Not Provided 26.04.2013
BOCOM International Holdings GEOFFREY CHENG buy 5 M 7 Not Provided 26.04.2013
JPMorgan CORRINE PNG overweight 5 M 8 12 month 25.04.2013
Jefferies BOYONG LIU hold 3 M 6 12 month 25.04.2013
CIMB ANDREW ORCHARD neutral 3 M 7 12 month 25.04.2013
BNP Paribas Equity Research ARNAUD BOUCHET buy 5 N 7 12 month 16.04.2013
Guotai Junan HARRY CHEN neutral 3 M 5 Not Provided 09.04.2013
Macquarie BONNIE CHAN outperform 5 N 8 12 month 08.04.2013
Barclays PATRICK XU underweight 1 M 5 Not Provided 05.04.2013
Daiwa Securities Co. Ltd. KELVIN LAU buy 5 M 8 Not Provided 28.03.2013
DBS Vickers PAUL YONG buy 5 M 9 12 month 27.03.2013
China International Capital Corp SHEN XIAOFENG buy 5 M 8 12 month 27.03.2013
Morgan Stanley EDWARD XU Equalwt/Attractive 3 M 7 12 month 26.03.2013
Goldman Sachs HINO LAM neutral/neutral 3 M 7 12 month 26.03.2013
ICBC International Securities MOSES MA buy 5 M 8 Not Provided 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Bank of China International DU JIANPING buy 5 M 7 Not Provided 11.12.2012
Masterlink Securities DAI KAI-YU hold 3 M 6 6 month 01.11.2012
CCB International Securities Ltd WINNIE GUO neutral 3 M 5 Not Provided 03.07.2012
Citic Securities Co., Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 16.01.2012
Haitong International Securities CHO FOOK TAT buy 5 M 11 12 month 31.05.2011
China Merchants Securities YU HUANGYAN neutral 3 U 3 Not Provided 29.12.2008
Holdings By:
Air China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Kingboard Chemical Holdings Limited, through its subsidiaries, manufactures
laminates, copper foil, glass fabric, glass yarn, bleached kraft paper, printed
circuit boards, and chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 29.90
52-Week Low (03.07.2012) 13.86
Daily Volume
21.1
52-Week High % Change -29.43% Dividend Yield 2.46
52-Week Low % Change 52.24% Beta 1.27
% 52 Week Price Range High/Low 39.53% Equity Float 542.65
Shares Out 31.12.2012 854.7 Short Int -
18'033.47 1 Yr Total Return -1.02%
Total Debt 18'634.03 YTD Return -23.27%
Preferred Stock 0.0 Adjusted BETA 1.268
Minority Interest 5'503.5 Analyst Recs 9
Cash and Equivalents 3'752.10 Consensus Rating 3.889
Enterprise Value 38'418.92
Average Volume 5 Day 2'415'041
148 HK EQUITY YTD Change - Average Volume 30 Day 2'645'323
148 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'479'594
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
23'681.4 23'863.4 33'891.5 36'559.1 37'290.3 - - 40'308.2 43'887.6 - -
0.93x 1.56x 1.58x 1.10x 1.18x - - 0.88x 0.77x - -
3'875.8 4'793.6 6'860.5 5'386.7 4'887.1 - - 5'970.0 6'677.4 - -
5.68x 7.75x 7.83x 7.49x 8.98x - - 6.44x 5.75x - -
1'705.9 2'396.0 3'620.8 2'594.1 2'097.0 - - 2'520.0 3'009.3 - -
6.86x 10.86x 10.88x 7.57x 11.21x - - 7.38x 6.41x - -
EBITDA 4'887.10 Long-Term Rating Date 15.06.2012
EBIT 2'656.68 Long-Term Rating BBB-
Operating Margin 7.12% Long-Term Outlook NEG
Pretax Margin 7.85% Short-Term Rating Date -
Return on Assets 3.45% Short-Term Rating -
Return on Common Equity 7.15%
Return on Capital 5.20% EBITDA/Interest Exp. 13.69
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 8.05
Net Debt/EBITDA 3.05
Gross Margin 13.7% Total Debt/EBITDA 3.81
EBITDA Margin 13.1%
EBIT Margin 7.1% Total Debt/Equity 60.8%
Net Income Margin 5.6% Total Debt/Capital 34.0%
Asset Turnover 0.61
Current Ratio 2.31 Net Fixed Asset Turnover 1.54
Quick Ratio 0.89 Accounts receivable turnover-days 72.37
Debt to Assets 30.58% Inventory Days 145.93
Tot Debt to Common Equity 60.80% Accounts Payable Turnover Day 31.13
Accounts Receivable Turnover 5.06 Cash Conversion Cycle 187.17
Inventory Turnover 2.51
Fiscal Year Ended
Kingboard Chemical Holdings LtdPrice/Volume
Valuation Analysis
2'519'400.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HALLGAIN MANAGEMENT n/a EXCH 293'006'429 34.28 318'000 04.01.2013 Holding Company
FMR LLC n/a ULT-AGG 53'423'096 6.25 5'716'142 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 42'674'051 4.99 - 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'533'132 4.86 - 31.03.2013 Investment Advisor
VALUE PARTNERS GROUP n/a ULT-AGG 41'467'308 4.85 - 11.01.2013 Corporation
GRYPHON INTERNATIONA n/a EXCH 39'342'908 4.6 - 18.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 16'742'170 1.96 5'000 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'390'532 1.92 61'406 31.03.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 12'019'000 1.41 - 30.06.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'916'027 1.39 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'634'500 1.01 (1'198'000) 29.04.2013 Investment Advisor
WING YIU CHANG n/a EXCH 4'115'274 0.48 - 31.10.2012 n/a
STATE STREET n/a ULT-AGG 3'507'900 0.41 - 30.04.2013 Investment Advisor
KWOK WING CHEUNG n/a EXCH 3'465'725 0.41 400'000 17.04.2013 n/a
YIN SANG HO n/a EXCH 3'317'229 0.39 100'000 13.03.2013 n/a
CHAM HUNG MOK n/a EXCH 3'040'000 0.36 100'000 02.11.2012 n/a
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'970'000 0.35 (176'600) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'742'300 0.32 (11'245'500) 31.03.2013 Investment Advisor
KWONG KWAN CHEUNG n/a EXCH 2'468'200 0.29 50'000 15.03.2013 n/a
VALIC CO I Multiple Portfolios MF-AGG 1'995'000 0.23 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse KENNY LAU neutral 3 M 24 Not Provided 16.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 15.03.2013
UOB Kay Hian MARK PO buy 5 M 31 Not Provided 11.03.2013
HSBC TSE-YONG YAO neutral 3 M 26 Not Provided 10.03.2013
JPMorgan LEON CHIK overweight 5 M 34 6 month 09.03.2013
Capital Securities Corp TEAM COVERAGE buy 5 N 21 Not Provided 27.09.2012
Holdings By:
Kingboard Chemical Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar
grade polysilicon and operates cogeneration plants and in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (25.01.2013) 2.33
52-Week Low (25.07.2012) 1.11
Daily Volume
1.57
52-Week High % Change -32.62% Dividend Yield 0.00
52-Week Low % Change 41.44% Beta 1.54
% 52 Week Price Range High/Low 37.70% Equity Float 10'444.38
Shares Out 31.03.2013 15'478.4 Short Int -
24'301.04 1 Yr Total Return -19.56%
Total Debt 38'931.80 YTD Return 0.64%
Preferred Stock 0.0 Adjusted BETA 1.543
Minority Interest 1'560.4 Analyst Recs 30
Cash and Equivalents 4'511.03 Consensus Rating 3.067
Enterprise Value 60'282.24
Average Volume 5 Day 96'107'920
3800 HK EQUITY YTD Change - Average Volume 30 Day #########
3800 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
3'946.6 4'943.6 18'471.9 25'505.6 22'348.0 - - 24'726.6 30'213.8 - 11'600.0
0.66x 8.07x 2.95x 2.42x 2.69x - - 2.19x 1.76x - -
2'727.6 773.8 7'556.2 9'062.3 3'293.3 - - 4'261.6 5'937.0 - -
0.96x 51.55x 7.20x 6.82x 18.26x - - 14.15x 10.15x - -
2'155.0 (199.7) 4'023.6 4'274.9 (3'515.5) - - (348.1) 1'337.1 - (62.0)
0.27x - 11.00x 7.86x - - - - 16.19x - -
EBITDA 3'293.28 Long-Term Rating Date 03.02.2012
EBIT 158.54 Long-Term Rating NR
Operating Margin 0.71% Long-Term Outlook -
Pretax Margin -14.59% Short-Term Rating Date -
Return on Assets -5.20% Short-Term Rating -
Return on Common Equity -19.12%
Return on Capital 3.34% EBITDA/Interest Exp. 1.34
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. -4.11
Net Debt/EBITDA 10.64
Gross Margin 7.8% Total Debt/EBITDA 12.03
EBITDA Margin 14.5%
EBIT Margin 0.4% Total Debt/Equity 240.2%
Net Income Margin -15.7% Total Debt/Capital 68.7%
Asset Turnover 0.33
Current Ratio 0.73 Net Fixed Asset Turnover 0.52
Quick Ratio 0.37 Accounts receivable turnover-days 87.78
Debt to Assets 57.41% Inventory Days 52.19
Tot Debt to Common Equity 240.17% Accounts Payable Turnover Day 55.87
Accounts Receivable Turnover 4.17 Cash Conversion Cycle 84.10
Inventory Turnover 7.01
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GCL-Poly Energy Holdings LtdPrice/Volume
Valuation Analysis
71'434'721.00
Current Price (5/dd/yy) Market Data
,
-
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ASIA PACIFIC ENERGY n/a ULT-AGG 5'018'843'327 32.42 - 31.12.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 213'729'000 1.38 2'289'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 169'163'191 1.09 415'000 29.04.2013 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 150'000'000 0.97 (60'000'000) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 54'584'578 0.35 - 15.05.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 54'485'000 0.35 50'717'000 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 50'557'134 0.33 124'000 31.07.2012 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 47'780'768 0.31 - 29.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40'000'000 0.26 7'020'000 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 21'324'000 0.14 - 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 20'344'000 0.13 10'780'000 28.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 19'637'500 0.13 (403'000) 31.01.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 19'507'000 0.13 - 31.12.2010 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 18'313'000 0.12 (1'274'000) 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'606'312 0.11 - 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 15'869'000 0.1 - 28.02.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 12'724'000 0.08 - 29.04.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 12'017'800 0.08 1'555'000 31.05.2012 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 11'575'000 0.07 11'575'000 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'893'372 0.07 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ERIC CHENG hold 3 M 2 12 month 29.04.2013
SWS Research Co Ltd VINCENT YU neutral 3 M 1 Not Provided 26.04.2013
HSBC JENNY COSGROVE overweight 5 M 3 Not Provided 25.04.2013
Nomura NITIN KUMAR neutral 3 M 2 Not Provided 24.04.2013
Kingsway SW Securities JOHNNY LAU hold 3 M 1 Not Provided 17.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 U 2 Not Provided 10.04.2013
Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 N #N/A N/A Not Provided 10.04.2013
Capital Securities Corp HAN WEIQI hold 3 M 2 Not Provided 20.03.2013
KGI Securities JENNIFER LIANG neutral 3 M 2 12 month 20.03.2013
Guotai Junan PETER SHENG accumulate 4 U 2 Not Provided 19.03.2013
Bank of China International PETER YAO hold 3 M 2 Not Provided 15.03.2013
DBS Vickers DENNIS LAM fully valued 2 M 1 12 month 15.03.2013
CIMB KEITH LI underperform 1 M 2 12 month 15.03.2013
China International Capital Corp RAN SHI accumulate 4 M 3 12 month 15.03.2013
UOB Kay Hian JAMIE SOO sell 1 M 1 Not Provided 15.03.2013
Mirae Asset Securities RICKY NG hold 3 M 2 12 month 15.03.2013
ABC International LISA LEE sell 1 M 2 12 month 15.03.2013
Goldman Sachs AMY SONG neutral/neutral 3 M 2 12 month 17.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 2 Not Provided 04.01.2013
Macquarie PATRICK DAI underperform 1 M 1 12 month 23.11.2012
ICBC International Securities KARL LIU hold 3 M 1 Not Provided 16.11.2012
JPMorgan RICK HSU overweight 5 M 2 12 month 29.10.2012
Daiwa Securities Co. Ltd. PRANAB KUMAR SARMAH hold 3 M 1 Not Provided 06.09.2012
Hua Tai Securities Co., Ltd TEAM COVERAGE add 4 D #N/A N/A Not Provided 24.08.2012
Citic Securities Co., Ltd YANG FAN hold 3 N 1 6 month 26.07.2012
CCB International Securities Ltd CHRISTINE LEE outperform 5 M #N/A N/A Not Provided 28.06.2012
Guodu Securities Co Ltd TEAM COVERAGE hold 3 N 4 12 month 07.07.2011
Holdings By:
GCL-Poly Energy Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of
processed glass products for automobile, construction and household
applications. The Company also tenders for glass curtain wall projects and
conducts installation service of glass curtain wall in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.03.2013) 5.92
52-Week Low (06.09.2012) 3.25
Daily Volume
5.31
52-Week High % Change -10.30% Dividend Yield 2.82
52-Week Low % Change 63.38% Beta 1.37
% 52 Week Price Range High/Low 79.78% Equity Float 1'760.49
Shares Out 26.04.2013 3'791.6 Short Int -
20'133.43 1 Yr Total Return 8.50%
Total Debt 4'265.55 YTD Return 11.09%
Preferred Stock 0.0 Adjusted BETA 1.369
Minority Interest 4.2 Analyst Recs 13
Cash and Equivalents 703.49 Consensus Rating 4.538
Enterprise Value 23'699.67
Average Volume 5 Day 6'506'943
868 HK EQUITY YTD Change - Average Volume 30 Day 9'614'479
868 HK EQUITY YTD % CHANGE - Average Volume 3 Month 14'189'440
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
3'894.3 3'958.0 6'364.3 8'226.7 9'785.2 - - 11'800.8 13'987.0 - -
1.18x 3.41x 3.90x 2.48x 2.21x - - 2.04x 1.71x - -
943.7 1'063.9 2'244.1 1'927.1 2'000.6 - - 2'727.8 3'341.9 - -
4.85x 12.69x 11.06x 10.58x 10.83x - - 8.69x 7.09x - -
709.2 773.5 1'571.2 1'264.9 1'188.1 - - 1'707.5 2'114.2 - -
4.96x 15.76x 14.40x 12.69x 15.07x - - 11.91x 9.64x - -
EBITDA 2'000.59 Long-Term Rating Date -
EBIT 1'396.50 Long-Term Rating -
Operating Margin 14.27% Long-Term Outlook -
Pretax Margin 14.28% Short-Term Rating Date -
Return on Assets 7.56% Short-Term Rating -
Return on Common Equity 12.88%
Return on Capital 9.12% EBITDA/Interest Exp. 20.45
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. -17.51
Net Debt/EBITDA 1.78
Gross Margin 25.3% Total Debt/EBITDA 2.13
EBITDA Margin 20.5%
EBIT Margin 14.2% Total Debt/Equity 42.9%
Net Income Margin 12.1% Total Debt/Capital 30.0%
Asset Turnover 0.62
Current Ratio 1.24 Net Fixed Asset Turnover 0.87
Quick Ratio 0.67 Accounts receivable turnover-days 53.33
Debt to Assets 26.55% Inventory Days 61.34
Tot Debt to Common Equity 42.90% Accounts Payable Turnover Day 29.25
Accounts Receivable Turnover 6.86 Cash Conversion Cycle 85.42
Inventory Turnover 5.97
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Xinyi Glass Holdings LtdPrice/Volume
Valuation Analysis
10'914'354.00
Current Price (5/dd/yy) Market Data
,
-
.
0
1
2
3
4
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YIN YEE LEE n/a EXCH 753'529'193 19.87 238'000 28.06.2012 n/a
CHING SAI TUNG n/a EXCH 302'920'579 7.99 300'000 17.10.2012 n/a
LEE SING DIN n/a EXCH 271'365'089 7.16 228'000 04.06.2012 n/a
CHING BOR TUNG n/a EXCH 186'666'456 4.92 500'000 05.06.2012 n/a
OZ MANAGEMENT LP n/a EXCH 186'522'544 4.92 - 05.07.2012 Investment Advisor
CHING WAI LI n/a EXCH 118'562'868 3.13 - 11.05.2012 n/a
NANG SZE SZE n/a EXCH 108'800'781 2.87 - 11.05.2012 n/a
CHING LEUNG LI n/a EXCH 81'441'911 2.15 - 11.05.2012 n/a
NGAN HO NG n/a EXCH 81'241'912 2.14 - 11.05.2012 n/a
MAN YIN LI n/a EXCH 80'581'911 2.13 - 11.05.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 50'000'000 1.32 - 31.01.2013 Investment Advisor
FULL GUANG HLDGS LTD n/a EXCH 44'548'000 1.17 - 17.10.2012 Other
HARDING LOEVNER LP Multiple Portfolios MF-AGG 25'032'000 0.66 5'688'000 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 17'484'674 0.46 12'204'000 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'866'000 0.37 - 30.11.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 11'954'000 0.32 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'410'847 0.27 392'021 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'690'388 0.23 - 30.04.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'043'146 0.16 - 28.02.2013 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 6'000'000 0.16 - 27.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
OSK (Asia) Securities JOE CHAN buy 5 M 7 12 month 15.04.2013
GuoSen Securities Co Ltd ETHANE CHENG buy 5 M 8 12 month 19.03.2013
UOB Kay Hian MARK PO buy 5 M 7 Not Provided 08.03.2013
HSBC WALDEN SHING overweight 5 M 7 Not Provided 07.03.2013
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 U 7 12 month 07.03.2013
Oriental Patron Securities Ltd VIVIEN CHAN buy 5 U 6 12 month 04.03.2013
Maybank Kim Eng ALEX YEUNG buy 5 M 6 12 month 01.03.2013
China International Capital Corp ZHENG DONG hold 3 M 5 12 month 01.03.2013
Citic Securities Co., Ltd TIMOTHY LEE buy 5 U 6 6 month 01.03.2013
Kingsway SW Securities JOHNNY LAU buy 5 M 7 Not Provided 01.03.2013
JPMorgan LEON CHIK overweight 5 M 7 6 month 28.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
JF Apex Securities Bhd TEAM COVERAGE buy 5 M 5 Not Provided 13.04.2012
Capital Securities Corp TRACY SUN buy 5 M 7 Not Provided 08.08.2011
Holdings By:
Xinyi Glass Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Shanghai Industrial Holdings Limited, through its subsidiaries, manufactures and
sells cigarettes, Chinese medicine and health food, packaging materials, printed
products, commercial vehicles, and automobile components and spare parts. The
Company also operates a shopping center, infrastructure and modern logistic
business, information technology business, and medical technology business.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 28.15
52-Week Low (28.06.2012) 20.05
Daily Volume
24.6
52-Week High % Change -12.61% Dividend Yield 4.39
52-Week Low % Change 22.69% Beta 1.05
% 52 Week Price Range High/Low 50.62% Equity Float 595.04
Shares Out 31.03.2013 1'080.9 Short Int -
26'589.53 1 Yr Total Return -0.50%
Total Debt 35'578.58 YTD Return -9.72%
Preferred Stock 0.0 Adjusted BETA 1.048
Minority Interest 15'829.5 Analyst Recs 10
Cash and Equivalents 19'869.74 Consensus Rating 4.200
Enterprise Value 58'127.91
Average Volume 5 Day 657'884
363 HK EQUITY YTD Change - Average Volume 30 Day 1'006'455
363 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1'089'018
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
7'452.1 7'061.7 14'435.2 14'969.1 19'286.9 - - 20'015.6 23'662.8 - -
3.78x 8.56x 4.19x 3.76x 3.16x - - 3.09x 2.59x - -
2'356.4 2'830.0 3'895.4 3'894.9 5'378.9 - - 6'347.4 7'433.8 - -
11.96x 21.36x 15.54x 14.44x 11.34x - - 9.16x 7.82x - -
2'101.5 2'870.1 6'205.0 4'088.5 3'438.2 - - 2'522.9 2'988.5 - -
10.35x 19.15x 12.17x 5.69x 8.56x - - 10.34x 8.75x - -
EBITDA 5'378.88 Long-Term Rating Date -
EBIT 4'454.55 Long-Term Rating -
Operating Margin 23.10% Long-Term Outlook -
Pretax Margin 30.84% Short-Term Rating Date -
Return on Assets 2.98% Short-Term Rating -
Return on Common Equity 10.88%
Return on Capital 6.10% EBITDA/Interest Exp. 5.21
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 1.68
Net Debt/EBITDA 2.91
Gross Margin 28.9% Total Debt/EBITDA 6.59
EBITDA Margin 28.0%
EBIT Margin 23.2% Total Debt/Equity 109.8%
Net Income Margin 17.8% Total Debt/Capital 42.4%
Asset Turnover 0.17
Current Ratio 2.16 Net Fixed Asset Turnover 1.49
Quick Ratio 0.57 Accounts receivable turnover-days 14.25
Debt to Assets 30.85% Inventory Days 1406.67
Tot Debt to Common Equity 109.78% Accounts Payable Turnover Day 87.84
Accounts Receivable Turnover 25.68 Cash Conversion Cycle 1333.09
Inventory Turnover 0.26
Fiscal Year Ended
Shanghai Industrial Holdings LtdPrice/Volume
Valuation Analysis
594'732.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHANGHAI INVESTMENT n/a Co File 466'644'371 43.17 - 31.12.2011 Government
SIIC CAPITAL BVI LTD n/a EXCH 80'000'000 7.4 - 28.06.2012 Bank
SIIC TREASURY BVI LT n/a Co File 48'068'377 4.45 - 31.12.2011 Other
FRANKLIN RESOURCES n/a ULT-AGG 21'656'493 2 (960'000) 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'174'000 1.31 (5'000) 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'140'923 1.31 (3'600) 31.03.2013 Investment Advisor
SHANGHAI INDU FIN HO n/a EXCH 13'685'000 1.27 - 28.06.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 13'331'000 1.23 - 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'912'192 1.01 - 31.07.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 7'039'399 0.65 (411'000) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'778'500 0.63 971'000 29.04.2013 Investment Advisor
UBS n/a ULT-AGG 6'397'000 0.59 (86'000) 31.01.2013 Unclassified
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 6'146'000 0.57 468'000 28.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'769'864 0.53 (7'000) 30.04.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 5'235'000 0.48 19'000 31.01.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'933'000 0.36 3'933'000 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'921'800 0.36 114'000 31.01.2013 Investment Advisor
UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'808'000 0.26 - 20.04.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'580'000 0.24 (80'000) 02.04.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'588'000 0.15 174'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 29.04.2013
Haitong International Securities CHO FOOK TAT buy 5 M 28 12 month 11.04.2013
Morgan Stanley COREY CHAN Equalwt/In-Line 3 M 26 12 month 26.03.2013
Goldman Sachs FRANK HE Buy/Neutral 5 M 32 12 month 26.03.2013
Jefferies CHRISTIE JU buy 5 M 30 12 month 26.03.2013
Nomura BENJAMIN LO buy 5 M 29 Not Provided 26.03.2013
Deutsche Bank MICHAEL TONG not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013
HSBC STEPHEN WAN overweight 5 M 27 Not Provided 30.08.2012
Guotai Junan SIMON JIANG buy 5 M 38 Not Provided 11.09.2011
Maybank Kim Eng IVAN CHEUNG trading buy 5 M #N/A N/A Not Provided 28.02.2011
Holdings By:
Shanghai Industrial Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Shandong Weigao Group Medical Polymer Company Limited, through its
subsidiaries, researches and develops, produces, and sells single-use aseptic
polymer medical products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.10.2012) 11.38
52-Week Low (22.04.2013) 6.50
Daily Volume
7.45
52-Week High % Change -34.53% Dividend Yield 1.12
52-Week Low % Change 14.62% Beta 0.70
% 52 Week Price Range High/Low 19.06% Equity Float 1'628.08
Shares Out 31.12.2012 1'883.7 Short Int -
33'348.97 1 Yr Total Return -16.23%
Total Debt 231.90 YTD Return -3.37%
Preferred Stock 0.0 Adjusted BETA 0.696
Minority Interest 9.4 Analyst Recs 19
Cash and Equivalents 1'297.86 Consensus Rating 3.105
Enterprise Value 25'435.63
Average Volume 5 Day 13'803'880
1066 HK EQUITY YTD Change - Average Volume 30 Day 12'598'470
1066 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13'392'350
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'514.4 1'878.5 2'462.6 3'180.6 3'689.1 3'180.6 3'689.1 4'546.2 5'524.7 1'016.0 1'211.0
7.02x 7.00x 11.36x 7.54x 7.24x 20.20x 15.39x 5.48x 4.45x - -
527.1 618.0 755.6 1'001.4 - 0.0 0.0 1'337.5 1'649.8 - -
20.17x 21.28x 37.01x 23.94x - 0.00x 0.00x 19.02x 15.42x - -
482.4 633.9 799.1 3'462.2 996.5 3'462.2 996.5 1'227.4 1'502.8 229.0 284.0
21.58x 38.65x 50.52x 7.27x 28.19x 7.15x 27.77x 21.76x 17.88x 24.66x 23.67x
EBITDA 1'001.42 Long-Term Rating Date -
EBIT 909.59 Long-Term Rating -
Operating Margin 24.66% Long-Term Outlook -
Pretax Margin 30.53% Short-Term Rating Date -
Return on Assets 10.04% Short-Term Rating -
Return on Common Equity 11.65%
Return on Capital - EBITDA/Interest Exp. 225.65
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -72.93
Net Debt/EBITDA -
Gross Margin 57.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 24.2% Total Debt/Equity 2.6%
Net Income Margin 27.0% Total Debt/Capital 2.5%
Asset Turnover 0.37
Current Ratio 2.53 Net Fixed Asset Turnover 1.13
Quick Ratio 1.82 Accounts receivable turnover-days 138.45
Debt to Assets 2.21% Inventory Days 150.10
Tot Debt to Common Equity 2.60% Accounts Payable Turnover Day 111.47
Accounts Receivable Turnover 2.64 Cash Conversion Cycle 177.08
Inventory Turnover 2.44
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Shandong Weigao Group Medical Polymer Co LtdPrice/Volume
Valuation Analysis
6'082'980.00
Current Price (5/dd/yy) Market Data
,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 264'371'221 14.03 - 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC n/a EXCH 196'632'000 10.44 18'864'000 28.02.2013 Investment Advisor
NORGES BANK n/a EXCH 133'552'000 7.09 - 26.02.2013 Government
BAILLIE GIFFORD AND n/a EXCH 132'076'000 7.01 - 01.08.2012 Investment Advisor
ATLANTIS CAPITAL HOL n/a ULT-AGG 131'004'000 6.95 - 28.02.2013 Investment Advisor
MEDTRONIC HOLDING SW n/a EXCH 122'096'324 6.48 (84'000'000) 12.04.2013 Corporation
FMR LLC n/a ULT-AGG 115'324'114 6.12 220'000 11.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 95'815'924 5.09 316'600 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 93'861'000 4.98 - 04.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 93'756'214 4.98 - 15.08.2012 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 79'445'481 4.22 - 10.04.2013 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 30'324'000 1.61 - 10.04.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 28'284'000 1.5 14'092'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'264'000 1.29 (24'000) 29.04.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 19'841'000 1.05 1'001'000 30.06.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 17'224'964 0.91 7'614'735 28.02.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'544'000 0.83 (3'380'000) 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 15'216'000 0.81 - 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 12'877'235 0.68 - 30.06.2012 Investment Advisor
DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 10'624'000 0.56 - 31.12.2010 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BIN LI Equalwt/Attractive 3 M 8 12 month 29.04.2013
Guotai Junan JOHNSON SUN sell 1 M 4 Not Provided 24.04.2013
KGI Securities TE-JEN HSU neutral 3 M 7 12 month 22.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 03.04.2013
Bank of China International DERRICK SUN hold 3 M 7 Not Provided 27.03.2013
SWS Research Co Ltd SHI MING neutral 3 M 8 Not Provided 27.03.2013
Deutsche Bank JACK HU hold 3 D 7 12 month 26.03.2013
Credit Suisse JINSONG DU underperform 1 M 7 Not Provided 26.03.2013
JPMorgan SEAN WU overweight 5 M 10 6 month 26.03.2013
HSBC CAROLYN POON neutral 3 M 8 Not Provided 26.03.2013
China International Capital Corp JESSICA LI buy 5 M 9 12 month 26.03.2013
Oppenheimer & Co INGRID YIN market perform 3 M #N/A N/A Not Provided 26.03.2013
UOB Kay Hian CAROL XIAO QIN DOU buy 5 M 9 Not Provided 26.03.2013
Fortune CLSA Securities Limited ZEN ZHOU underperform 1 M 8 12 month 26.03.2013
Goldman Sachs DU WEI neutral/neutral 3 M 8 12 month 25.03.2013
GuoSen Securities Co Ltd HELENA QIU neutral 3 M 10 12 month 06.02.2013
Holdings By:
Shandong Weigao Group Medical Polymer Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Soho China Ltd. is a property developer. The Company develops properties in
central Beijing and Shanghai. Soho China collaborates with internationally
recognized architects, translating their designs into real estate which
possesses strong appeal to property investors and the local businesses and
customer bases they serve.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (29.01.2013) 7.10
52-Week Low (06.09.2012) 4.65
Daily Volume
6.7
52-Week High % Change -5.63% Dividend Yield 4.70
52-Week Low % Change 44.09% Beta 0.86
% 52 Week Price Range High/Low 84.90% Equity Float 1'650.35
Shares Out 29.04.2013 4'982.6 Short Int -
33'383.18 1 Yr Total Return 17.45%
Total Debt 23'004.41 YTD Return 7.72%
Preferred Stock 0.0 Adjusted BETA 0.856
Minority Interest 1'011.0 Analyst Recs 29
Cash and Equivalents 19'708.72 Consensus Rating 3.103
Enterprise Value 30'825.98
Average Volume 5 Day 7'388'680
410 HK EQUITY YTD Change - Average Volume 30 Day 9'091'472
410 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10'788'120
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
3'121.4 7'413.5 18'215.1 5'684.8 15'305.1 - - 14'626.4 9'520.1 - -
3.10x 2.49x 1.04x 4.39x 1.94x - - 2.21x 3.51x - -
1'102.4 3'402.7 8'621.3 2'645.1 8'738.8 - - 6'831.6 4'349.1 - -
8.78x 5.41x 2.21x 9.44x 3.40x - - 4.51x 7.09x - -
399.1 3'300.2 3'636.2 3'892.3 10'584.9 - - 3'389.7 2'318.7 - -
38.59x 5.81x 6.99x 5.58x 2.44x - - 8.16x 11.96x - -
EBITDA 8'738.85 Long-Term Rating Date 26.10.2012
EBIT 8'715.91 Long-Term Rating BB+
Operating Margin 56.95% Long-Term Outlook NEG
Pretax Margin 118.88% Short-Term Rating Date -
Return on Assets 15.09% Short-Term Rating -
Return on Common Equity 40.38%
Return on Capital 23.93% EBITDA/Interest Exp. 8.50
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. 2.77
Net Debt/EBITDA 0.38
Gross Margin 58.8% Total Debt/EBITDA 2.63
EBITDA Margin 57.1%
EBIT Margin 56.9% Total Debt/Equity 74.9%
Net Income Margin 69.2% Total Debt/Capital 42.0%
Asset Turnover 0.22
Current Ratio 1.41 Net Fixed Asset Turnover 0.58
Quick Ratio 0.79 Accounts receivable turnover-days 3.69
Debt to Assets 28.55% Inventory Days 972.66
Tot Debt to Common Equity 74.93% Accounts Payable Turnover Day -
Accounts Receivable Turnover 99.09 Cash Conversion Cycle -
Inventory Turnover 0.38
Fiscal Year Ended
SOHO China LtdPrice/Volume
Valuation Analysis
4'661'793.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
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0
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2
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4'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BOYCE LIMITED n/a EXCH 1'662'050'000 33.36 - 05.04.2013 Other
CAPEVALE LIMITED BVI n/a EXCH 1'662'050'000 33.36 - 05.04.2013 Other
JP MORGAN n/a ULT-AGG 254'523'042 5.11 - 17.05.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 143'167'992 2.87 - 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 109'663'057 2.2 4'565'500 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'399'902 1.19 (701'304) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 56'617'202 1.14 (504'500) 29.04.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 47'800'000 0.96 (22'125'000) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 42'620'500 0.86 660'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 37'464'490 0.75 - 31.07.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 22'119'500 0.44 - 31.12.2010 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16'645'500 0.33 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 16'592'719 0.33 16'592'719 28.02.2013 Investment Advisor
NOMURA n/a ULT-AGG 14'774'500 0.3 - 06.09.2012 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 13'688'000 0.27 13'688'000 31.12.2012 Investment Advisor
GUINNESS ATKINSON AS Multiple Portfolios MF-AGG 12'010'000 0.24 (958'000) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 11'733'162 0.24 - 28.03.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 10'715'500 0.22 (1'300'000) 02.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'974'482 0.2 4'965'637 31.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'050'000 0.14 (500'000) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered RAYMOND CHENG in-line 3 M 6 12 month 25.04.2013
Morgan Stanley JACKY CHAN Equalwt/Attractive 3 M 7 12 month 24.04.2013
Haitong International Securities KATIE CHAN hold 3 M 7 12 month 24.04.2013
DBS Vickers CAROL WU hold 3 M 6 12 month 23.04.2013
ICBC International Securities PHILIP TSE hold 3 M 6 Not Provided 23.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 16.04.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 8 12 month 13.03.2013
KGI Securities ALICE JI neutral 3 M 6 12 month 11.03.2013
UOB Kay Hian CYNTHIA CHAN sell 1 M 6 Not Provided 11.03.2013
SWS Research Co Ltd XUE HUIRU neutral 3 M 7 Not Provided 08.03.2013
Essence Securities XU HAITAO add 4 M 7 6 month 08.03.2013
Macquarie JEFFREY GAO neutral 3 M 6 12 month 07.03.2013
CIMB JOHNSON HU neutral 3 M 6 12 month 07.03.2013
China International Capital Corp ERIC YU ZHANG hold 3 M 6 12 month 07.03.2013
CMB International Capital Corp Ltd SAMSON MAN buy 5 M 8 12 month 07.03.2013
BOCOM International Holdings TONI HO CHI CHUNG sell 1 M 5 Not Provided 07.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 07.03.2013
Jefferies VENANT CHIANG hold 3 M 7 12 month 06.03.2013
HSBC MICHELLE KWOK neutral 3 M 7 Not Provided 06.03.2013
China Galaxy Securities JANUS CHAN take profits 1 D 7 Not Provided 03.01.2013
Mizuho Securities ALAN JIN underperform 1 M 5 12 month 13.12.2012
Goldman Sachs WANG YI neutral/attractive 3 M 7 12 month 03.12.2012
Maybank Kim Eng IVAN CHEUNG hold 3 M 6 12 month 27.09.2012
Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 6 6 month 17.08.2012
Deutsche Bank TONY TSANG buy 5 M 8 12 month 22.05.2012
GuoSen Securities Co Ltd HUI CAO buy 5 M 6 12 month 11.01.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 N 8 12 month 20.07.2011
Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 M 8 6 month 08.02.2011
Capital Securities Corp LANTIS LI buy 5 M 7 Not Provided 25.03.2010
Holdings By:
SOHO China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Aluminum Corporation of China Limited, also known as Chalco, is a producer of
alumina and primary aluminum in China. The Company refines bauxite into
alumina and smelts aluminato to produce primary aluminum.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.01.2013) 4.21
52-Week Low (05.04.2013) 2.77
Daily Volume
2.93
52-Week High % Change -30.40% Dividend Yield -
52-Week Low % Change 5.78% Beta 1.49
% 52 Week Price Range High/Low 11.11% Equity Float 3'943.97
Shares Out 31.12.2012 3'944.0 Short Int -
59'555.38 1 Yr Total Return -22.28%
Total Debt 106'726.54 YTD Return -17.46%
Preferred Stock 0.0 Adjusted BETA 1.495
Minority Interest 9'963.4 Analyst Recs 20
Cash and Equivalents 9'072.58 Consensus Rating 1.550
Enterprise Value 169'756.25
Average Volume 5 Day 12'805'000
2600 HK EQUITY YTD Change - Average Volume 30 Day 14'749'310
2600 HK EQUITY YTD % CHANGE - Average Volume 3 Month 18'287'140
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
76'728.1 70'268.0 120'994.8 145'514.9 149'478.8 150'899.7 149'776.7 152'118.2 161'552.0 41'002.5 40'836.5
1.58x 3.29x 1.56x 0.97x 0.98x 3.10x 3.62x 1.05x 1.01x - -
7'607.8 3'024.7 9'697.0 9'088.5 1'722.7 0.0 0.0 4'962.4 7'932.8 1'061.0 1'820.0
15.90x 76.49x 19.48x 15.55x 84.89x 0.00x 0.00x 34.21x 21.40x - -
19.5 (4'642.9) 778.0 238.0 (8'233.8) (1'181.6) (8'120.4) (4'717.9) (2'710.7) (1'140.0) (1'000.5)
2566.61x - 100.18x 137.08x - 0.00x 0.00x - - - -
EBITDA 1'722.70 Long-Term Rating Date 12.09.2012
EBIT -4'662.46 Long-Term Rating -
Operating Margin -3.12% Long-Term Outlook NEG
Pretax Margin -6.08% Short-Term Rating Date -
Return on Assets -4.23% Short-Term Rating -
Return on Common Equity -17.35%
Return on Capital - EBITDA/Interest Exp. 0.31
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. -1.34
Net Debt/EBITDA -
Gross Margin -0.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin -3.5% Total Debt/Equity 243.6%
Net Income Margin -5.5% Total Debt/Capital 66.5%
Asset Turnover 0.78
Current Ratio 0.58 Net Fixed Asset Turnover 1.42
Quick Ratio 0.14 Accounts receivable turnover-days 14.15
Debt to Assets 60.98% Inventory Days 68.55
Tot Debt to Common Equity 243.62% Accounts Payable Turnover Day 17.44
Accounts Receivable Turnover 25.80 Cash Conversion Cycle 57.05
Inventory Turnover 5.32
Fiscal Year Ended
Aluminum Corp of China LtdPrice/Volume
Valuation Analysis
11'029'536.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 1'058'354'800 26.83 36'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 206'619'410 5.24 (586'000) 29.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 195'253'168 4.95 - 14.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (143'875'810) -3.65 - 14.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 142'518'919 3.61 - 16.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 107'603'450 2.73 389'500 31.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 102'922'800 2.61 - 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 53'104'313 1.35 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 52'907'901 1.34 (1'192'718) 30.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 35'732'666 0.91 - 07.01.2013 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'508'000 0.37 14'508'000 30.09.2011 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 10'556'000 0.27 (250'000) 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'690'000 0.25 - 31.07.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'056'000 0.2 (270'000) 28.02.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'926'000 0.1 - 28.02.2013 Investment Advisor
BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 3'130'000 0.08 - 27.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'896'000 0.07 - 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'798'000 0.07 (216'000) 31.01.2013 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 2'558'348 0.06 - 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'177'435 0.06 172'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TRINA CHEN neutral 3 M 3 Not Provided 29.04.2013
BOCOM International Holdings BENJAMIN PEI neutral 3 M 3 Not Provided 29.04.2013
Deutsche Bank JOHNSON WAN hold 3 M 3 12 month 28.04.2013
JPMorgan DANIEL KANG underweight 1 M 3 12 month 28.04.2013
Barclays EPHREM RAVI underweight 1 M 3 Not Provided 26.04.2013
Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 2 12 month 23.04.2013
Standard Chartered CHEN YAN underperform 1 M 3 12 month 20.04.2013
Sanford C. Bernstein & Co VANESSA LAU underperform 1 M 3 12 month 19.04.2013
Masterlink Securities SARAH WANG hold 3 M 3 6 month 11.04.2013
SWS Research Co Ltd DIMI DU not rated #N/A N/A M #N/A N/A Not Provided 08.04.2013
China International Capital Corp CAI HONGYU hold 3 M 3 12 month 28.03.2013
HSBC SIMON FRANCIS underweight 1 M 2 Not Provided 27.03.2013
BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 3 12 month 18.03.2013
Macquarie IVAN LEE underperform 1 M 2 12 month 27.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 2 12 month 04.12.2012
ICBC International Securities DUNCAN CHAN sell 1 M 3 Not Provided 16.11.2012
Bank of China International ROBIN TSUI sell 1 D 3 Not Provided 31.10.2012
UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 15.03.2011
Guotai Junan KEVIN GUO sell 1 N 6 Not Provided 04.03.2011
China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009
Holdings By:
Aluminum Corp of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Taiping Insurance Holdings Company Ltd., through subsidiaries,
underwrites life and property/casualty insurance and reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (03.01.2013) 17.18
52-Week Low (31.08.2012) 10.06
Daily Volume
13.22
52-Week High % Change -23.05% Dividend Yield 0.00
52-Week Low % Change 31.41% Beta 1.11
% 52 Week Price Range High/Low 44.38% Equity Float 785.84
Shares Out 31.12.2012 1'705.9 Short Int -
22'551.67 1 Yr Total Return -18.29%
Total Debt 48'761.55 YTD Return -15.80%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 7'155.6 Analyst Recs 22
Cash and Equivalents 17'317.63 Consensus Rating 4.000
Enterprise Value 61'151.24
Average Volume 5 Day 1'344'369
966 HK EQUITY YTD Change - Average Volume 30 Day 2'257'852
966 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'265'537
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
16'403.1 34'287.8 52'174.2 53'965.8 64'336.9 - - 73'011.7 85'609.3 - -
1.46x 1.39x 0.96x 0.80x 1.02x - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
(486.1) 825.7 2'244.8 495.3 936.6 - - 1'628.7 2'188.7 - -
- 47.63x 18.11x 49.48x 28.55x - - 14.12x 10.86x - -
EBITDA - Long-Term Rating Date 03.06.2009
EBIT - Long-Term Rating BBB-
Operating Margin 3.50% Long-Term Outlook STABLE
Pretax Margin 1.92% Short-Term Rating Date 24.10.2003
Return on Assets 0.43% Short-Term Rating A-3
Return on Common Equity 7.41%
Return on Capital 2.74% EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 352.4%
Net Income Margin 1.5% Total Debt/Capital 69.9%
Asset Turnover 0.30
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 20.07% Inventory Days -
Tot Debt to Common Equity 352.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Taiping Insurance Holdings Co LtdPrice/Volume
Valuation Analysis
1'559'677.00
Current Price (5/dd/yy) Market Data
,.135
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA TAIPING INSURA n/a EXCH 643'425'705 37.72 - 22.03.2011 Government
EASIWELL LTD n/a Co File 138'924'700 8.14 - 31.12.2011 Other
COMMONWEALTH BANK OF n/a EXCH 102'440'688 6.01 - 06.02.2013 Bank
JP MORGAN n/a ULT-AGG 84'758'270 4.97 - 18.03.2013 Investment Advisor
GOLDEN WIN DEVELOPME n/a Co File 71'544'000 4.19 - 31.12.2011 Other
MANHOLD LTD n/a Co File 54'795'000 3.21 - 31.12.2011 Other
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 27'260'400 1.6 4'629'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'237'700 1.36 (13'100) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 21'228'400 1.24 (16'136'800) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'898'000 0.7 (7'000) 29.04.2013 Investment Advisor
SCHRODER INVESTMENT SISF PACIFIC EQUITY MF-LUX 7'543'600 0.44 3'717'400 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 7'235'200 0.42 2'025'400 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 6'696'200 0.39 - 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ASIAN ALPHA UT-UK 6'556'400 0.38 3'361'200 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'497'600 0.38 - 31.03.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 6'460'400 0.38 (25'000) 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5'697'800 0.33 - 31.12.2012 Investment Advisor
KOPING SHEN n/a Co File 4'301'000 0.25 - 31.12.2011 n/a
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 4'226'000 0.25 (2'083'000) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 4'094'800 0.24 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CHAN BAO LING restricted #N/A N/A M #N/A N/A Not Provided 26.04.2013
Nomura JESSE WANG buy 5 M 18 Not Provided 26.04.2013
HSBC JAMES GARNER neutral 3 M 16 Not Provided 25.04.2013
Deutsche Bank ESTHER CHWEI buy 5 M 18 12 month 22.04.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 15 Not Provided 21.04.2013
Standard Chartered JENNIFER LAW in-line 3 M 18 12 month 19.04.2013
Morgan Stanley BEN LIN Equalwt/In-Line 3 M 15 12 month 19.04.2013
Credit Suisse FRANCES FENG restricted #N/A N/A M #N/A N/A Not Provided 19.04.2013
Jefferies BARON NIE buy 5 M 16 12 month 19.04.2013
BOCOM International Holdings LI WENBING long-term buy 5 M 17 Not Provided 09.04.2013
DBS Vickers PING CHENG buy 5 M 18 12 month 22.03.2013
Macquarie JIAN LI neutral 3 M 15 12 month 20.03.2013
China International Capital Corp TANG SHENGBO accumulate 4 M 18 12 month 20.03.2013
UOB Kay Hian EDMOND LAW hold 3 M 16 Not Provided 20.03.2013
Bank of China International SUN PENG buy 5 N 19 Not Provided 18.02.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 17 Not Provided 15.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd ROBERT HU buy 5 M 19 Not Provided 11.01.2013
HuaChuang Securities GAO LI buy 5 N 17 6 month 12.12.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 U 20 12 month 13.11.2012
Guotai Junan FELIX LUO accumulate 4 M 16 Not Provided 03.09.2012
RBS YANAN WANG buy 5 M 26 12 month 01.08.2011
Everbright Securities Co., Ltd XIAO CHAOHU buy 5 N #N/A N/A Not Provided 25.10.2010
Holdings By:
China Taiping Insurance Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Nine Dragons Paper Holdings Limited produces a wide range of containerboard
products. The Company primarily produces linerboard, including kraft linerboard,
test linerboard, white top linerboard, high performance corrugating medium and
coated duplex board.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (06.03.2013) 7.94
52-Week Low (26.07.2012) 3.09
Daily Volume
6.73
52-Week High % Change -15.24% Dividend Yield 1.31
52-Week Low % Change 117.80% Beta 1.61
% 52 Week Price Range High/Low 75.05% Equity Float 1'547.29
Shares Out 14.03.2013 4'663.9 Short Int -
31'388.19 1 Yr Total Return 6.76%
Total Debt 29'477.36 YTD Return -3.86%
Preferred Stock 0.0 Adjusted BETA 1.609
Minority Interest 431.3 Analyst Recs 15
Cash and Equivalents 4'364.54 Consensus Rating 4.067
Enterprise Value 51'118.90
Average Volume 5 Day 8'516'606
2689 HK EQUITY YTD Change - Average Volume 30 Day 11'522'880
2689 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'253'760
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -
14'113.6 13'128.6 17'946.0 24'386.9 27'169.7 - - 31'102.6 35'178.7 - -
2.60x 2.46x 3.25x 2.03x 1.55x - - 1.54x 1.34x - -
2'663.9 2'546.0 4'005.6 4'280.9 4'472.6 - - 5'062.6 5'985.3 - -
13.78x 12.66x 14.58x 11.55x 9.39x - - 10.10x 8.54x - -
1'876.9 1'661.1 2'166.5 1'967.8 1'420.2 - - 1'632.4 2'279.0 - -
12.27x 11.77x 19.45x 13.30x 11.59x - - 15.32x 10.96x - -
EBITDA 4'472.57 Long-Term Rating Date 14.06.2011
EBIT 3'133.93 Long-Term Rating NR
Operating Margin 11.53% Long-Term Outlook -
Pretax Margin 7.02% Short-Term Rating Date -
Return on Assets 2.04% Short-Term Rating -
Return on Common Equity 5.77%
Return on Capital 4.32% EBITDA/Interest Exp. 2.73
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. -0.06
Net Debt/EBITDA 5.08
Gross Margin 16.0% Total Debt/EBITDA 6.60
EBITDA Margin 17.3%
EBIT Margin 11.7% Total Debt/Equity 136.8%
Net Income Margin 5.2% Total Debt/Capital 57.3%
Asset Turnover 0.48
Current Ratio 1.01 Net Fixed Asset Turnover 0.65
Quick Ratio 0.53 Accounts receivable turnover-days 54.71
Debt to Assets 50.64% Inventory Days 48.53
Tot Debt to Common Equity 136.78% Accounts Payable Turnover Day 40.50
Accounts Receivable Turnover 6.69 Cash Conversion Cycle 71.06
Inventory Turnover 7.54
Fiscal Year Ended
Nine Dragons Paper Holdings LtdPrice/Volume
Valuation Analysis
6'013'100.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-.0123456
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEST RESULT HOLDINGS n/a EXCH 2'992'120'000 64.15 - 23.04.2013 Other
FRANKLIN RESOURCES n/a ULT-AGG 74'256'000 1.59 32'407'000 31.12.2012 Investment Advisor
YAN CHEUNG n/a EXCH 67'214'758 1.44 1'064'000 23.04.2013 n/a
BLACKROCK n/a ULT-AGG 52'029'400 1.12 12'204'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'712'240 0.89 502'000 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 37'057'575 0.79 (26'823'442) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 27'987'000 0.6 75'000 31.07.2012 Investment Advisor
MING CHUNG LIU n/a EXCH 27'094'184 0.58 - 23.04.2013 n/a
CHENG FEI ZHANG n/a EXCH 25'883'821 0.55 1'101'000 02.04.2013 n/a
INVESCO LTD n/a ULT-AGG 25'083'000 0.54 19'505'000 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 20'524'400 0.44 - 31.01.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15'352'722 0.33 795'092 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 12'982'000 0.28 (1'044'000) 31.01.2013 Unclassified
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'944'200 0.17 - 31.05.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 7'731'000 0.17 7'731'000 31.12.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 6'933'000 0.15 6'933'000 31.01.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 6'875'000 0.15 6'875'000 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 6'476'923 0.14 1'656'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'041'744 0.13 33'000 30.04.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 5'888'000 0.13 4'576'000 12.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 8 Not Provided 11.04.2013
JPMorgan LEON CHIK overweight 5 M 10 6 month 20.03.2013
Nomura BENJAMIN LO buy 5 M 10 Not Provided 18.03.2013
UOB Kay Hian MARK PO buy 5 M 8 Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013
Deutsche Bank VIVIAN HAO buy 5 M 7 12 month 26.02.2013
Credit Suisse KENNY LAU underperform 1 M 5 Not Provided 26.02.2013
HSBC WALDEN SHING neutral 3 M 7 Not Provided 26.02.2013
China International Capital Corp XUE GUAN buy 5 M 8 12 month 26.02.2013
Standard Chartered JUNTUNG WU outperform 5 M 8 12 month 25.02.2013
DBS Vickers MARK KONG buy 5 M 9 12 month 25.02.2013
Macquarie IVAN LEE outperform 5 M 5 12 month 30.01.2013
Capital Securities Corp LANTIS LI strong sell 1 D 4 12 month 12.04.2012
GuoSen Securities Co Ltd MAGGIE ZHENG buy 5 N 8 12 month 20.03.2012
SWS Research Co Ltd SEAN ZHANG neutral 3 M 13 Not Provided 02.08.2011
Piper Jaffray TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 02.10.2009
Holdings By:
Nine Dragons Paper Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Everbright Limited, through its subsidiaries, provides investment banking,
commercial banking, corporate finance, and investment advisory services. The
Company also invests in properties and provides insurance, brokerage,
secretarial, and money lending services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 15.50
52-Week Low (06.09.2012) 9.02
Daily Volume
12.34
52-Week High % Change -20.39% Dividend Yield 2.11
52-Week Low % Change 36.81% Beta 1.49
% 52 Week Price Range High/Low 51.23% Equity Float 852.72
Shares Out 31.12.2012 1'720.6 Short Int -
21'231.73 1 Yr Total Return 4.18%
Total Debt 1'468.16 YTD Return -17.40%
Preferred Stock 0.0 Adjusted BETA 1.491
Minority Interest 1'844.3 Analyst Recs 8
Cash and Equivalents 2'664.80 Consensus Rating 5.000
Enterprise Value 21'879.37
Average Volume 5 Day 2'422'031
165 HK EQUITY YTD Change - Average Volume 30 Day 2'840'072
165 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'033'778
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'076.3 311.8 1'731.4 1'351.9 1'933.6 - - 2'268.5 2'544.0 - -
10.64x 95.98x 17.01x 15.54x 13.63x - - - - - -
718.4 105.4 1'416.7 1'031.8 1'540.6 - - - - - -
15.94x 283.96x 20.78x 20.36x 17.11x - - - - - -
1'014.8 4'757.6 1'927.2 1'922.7 1'141.6 - - 1'860.3 2'080.3 - -
14.90x 6.54x 15.65x 10.96x 22.53x - - 11.32x 9.72x - -
EBITDA 1'540.64 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 77.92% Long-Term Outlook -
Pretax Margin 81.80% Short-Term Rating Date -
Return on Assets 3.60% Short-Term Rating -
Return on Common Equity 4.18%
Return on Capital 4.44% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.78
Gross Margin - Total Debt/EBITDA 0.95
EBITDA Margin 79.7%
EBIT Margin - Total Debt/Equity 5.2%
Net Income Margin 59.0% Total Debt/Capital 4.7%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 3.53
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.55% Inventory Days -
Tot Debt to Common Equity 5.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Everbright LtdPrice/Volume
Valuation Analysis
2'827'573.00
Current Price (5/dd/yy) Market Data
,.135
-,-.-1-3-5
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HONORICH HOLDINGS LT n/a Co File 867'119'207 50.4 - 31.12.2011 Holding Company
EDMOND DE ROTHSCHILD n/a EXCH 30'600'000 1.78 - 21.07.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'965'116 1.39 44'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'496'000 1.37 18'000 29.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 18'258'765 1.06 - 31.07.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'858'799 0.63 36'727 28.02.2013 Investment Advisor
SCHRODER INVESTMENT SCHRODER ASIAN ALPHA UT-UK 6'842'000 0.4 6'842'000 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'716'000 0.33 - 31.05.2012 Investment Advisor
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'748'000 0.28 62'000 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 4'596'000 0.27 266'000 31.01.2013 Unclassified
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 4'140'000 0.24 - 31.12.2010 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 3'854'000 0.22 3'854'000 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'234'126 0.19 (98) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'000'000 0.17 (194'000) 31.03.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'470'000 0.14 (90'000) 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'326'000 0.14 (80'000) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'304'931 0.13 (8'018'814) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 1'506'000 0.09 14'000 30.04.2013 Investment Advisor
RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 1'474'000 0.09 - 20.08.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'400'000 0.08 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haitong International Securities CHEN FANNY buy 5 M 18 12 month 02.04.2013
China International Capital Corp JIE HUANG buy 5 M 15 12 month 27.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 15 Not Provided 09.01.2013
Phillip Securities CHEN XINGYU buy 5 M 16 Not Provided 30.05.2012
Holdings By:
China Everbright Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and
markets construction machinery. The Company's products include concrete
machinery, cranes, road machinery, drilling equipment, and other heavy
construction equipment. Zoomlion also produces environmental machinery and
satellite navigation products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.12.2012) 12.16
52-Week Low (16.04.2013) 7.39
Daily Volume
7.77
52-Week High % Change -36.10% Dividend Yield 3.24
52-Week Low % Change 5.14% Beta 1.66
% 52 Week Price Range High/Low 7.97% Equity Float 1'358.52
Shares Out 31.03.2013 1'430.0 Short Int -
70'916.48 1 Yr Total Return -30.77%
Total Debt 26'196.89 YTD Return -31.96%
Preferred Stock 0.0 Adjusted BETA 1.660
Minority Interest 386.8 Analyst Recs 32
Cash and Equivalents 23'207.19 Consensus Rating 3.469
Enterprise Value 61'803.66
Average Volume 5 Day 16'951'350
1157 HK EQUITY YTD Change - Average Volume 30 Day 21'013'700
1157 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'857'890
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
13'548.0 20'654.2 32'015.5 46'323.0 47'810.3 46'942.7 42'180.5 51'105.7 56'749.3 16'671.0 11'487.0
1.93x - 2.51x 1.30x 1.55x 4.93x 5.88x 1.07x 0.91x - -
2'280.0 3'363.1 6'210.3 10'212.0 9'915.5 0.0 0.0 9'603.2 10'900.3 - -
11.47x - 12.93x 5.90x 7.48x 0.00x 0.00x 6.44x 5.67x - -
1'544.0 2'446.4 4'665.6 8'066.0 7'330.1 8'130.7 5'833.1 7'490.9 8'427.8 3'356.0 1'609.0
- - 19.85x 6.46x 9.67x 7.26x 9.92x 6.36x 5.63x - -
EBITDA 9'915.52 Long-Term Rating Date 16.03.2012
EBIT 9'414.18 Long-Term Rating BB+
Operating Margin 19.69% Long-Term Outlook STABLE
Pretax Margin 18.53% Short-Term Rating Date -
Return on Assets 9.13% Short-Term Rating -
Return on Common Equity 19.24%
Return on Capital - EBITDA/Interest Exp. 13.11
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 10.69
Net Debt/EBITDA 0.31
Gross Margin 31.5% Total Debt/EBITDA 2.68
EBITDA Margin 20.4%
EBIT Margin 19.3% Total Debt/Equity 64.2%
Net Income Margin 15.3% Total Debt/Capital 38.9%
Asset Turnover 0.60
Current Ratio 1.93 Net Fixed Asset Turnover 6.93
Quick Ratio 1.26 Accounts receivable turnover-days 123.68
Debt to Assets 29.44% Inventory Days 119.73
Tot Debt to Common Equity 64.20% Accounts Payable Turnover Day 78.34
Accounts Receivable Turnover 2.96 Cash Conversion Cycle 165.39
Inventory Turnover 3.06
Fiscal Year Ended
Zoomlion Heavy Industry Science and Technology Co LtdPrice/Volume
Valuation Analysis
13'018'000.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a EXCH 99'728'746 6.97 - 13.04.2011 Government
JP MORGAN n/a ULT-AGG 94'561'309 6.61 200'000 16.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 84'555'046 5.91 (16'262'624) 29.04.2013 Investment Advisor
CREDIT SUISSE AG n/a EXCH 76'343'905 5.34 - 15.04.2013 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 71'505'300 5 - 10.04.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 71'337'940 4.99 1'498'400 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 71'242'200 4.98 35'600 31.03.2013 Investment Advisor
ARTIO GLOBAL MANAGEM n/a EXCH 71'090'160 4.97 - 22.11.2011 Investment Advisor
CITIGROUP INCORPORAT #N/A N/A EXCH 67'728'486 4.74 - 24.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a EXCH 67'498'717 4.72 - 10.09.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 61'625'511 4.31 - 05.04.2012 Investment Advisor
TIAA CREF INVESTMENT n/a EXCH 61'140'018 4.28 - 18.11.2011 Investment Advisor
CITIGROUP INCORPORAT n/a Short (58'284'129) -4.08 - 24.04.2013 Investment Advisor
UBS n/a ULT-AGG 53'513'598 3.74 (1'450'420) 31.01.2013 Unclassified
DEUTSCHE BANK AG n/a Short (43'512'537) -3.04 - 05.04.2012 Investment Advisor
CREDIT SUISSE AG n/a Short (42'864'330) -3 - 15.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Short (38'530'787) -2.69 - 10.09.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 37'509'000 2.62 4'482'200 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'817'471 2.57 95'800 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (23'889'128) -1.67 - 25.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse YANG SONG neutral 3 M 7 Not Provided 29.04.2013
Jefferies JULIAN BU underperform 1 M 7 12 month 29.04.2013
Bank of China International ERIC HU hold 3 M 9 Not Provided 29.04.2013
Haitong International Securities ZHANG WEN XIAN buy 5 M 11 12 month 29.04.2013
Sun Hung Kai Securities VIK CHOPRA neutral 3 M 8 12 month 29.04.2013
Barclays VICTORIA LI equalweight 3 D 8 Not Provided 29.04.2013
JPMorgan KAREN LI underweight 1 M 7 6 month 28.04.2013
Deutsche Bank PHYLLIS WANG hold 3 M 10 12 month 26.04.2013
Morgan Stanley KATE ZHU Underwt/Cautious 1 M 8 12 month 26.04.2013
HSBC ANDERSON CHOW neutral 3 M 10 Not Provided 26.04.2013
Nomura GE WENJIE neutral 3 M 11 Not Provided 26.04.2013
Fortune CLSA Securities Limited YANG YAN buy 5 M 11 12 month 17.04.2013
BNP Paribas Equity Research TINA LI reduce 2 D 6 12 month 16.04.2013
ABC International STEVE WONG buy 5 M 9 12 month 16.04.2013
KGI Securities ZAO YANG neutral 3 M 10 12 month 15.04.2013
Mizuho Securities OLE HUI neutral 3 D 8 12 month 15.04.2013
Daiwa Securities Co. Ltd. JOSEPH HO neutral 3 M #N/A N/A Not Provided 15.04.2013
OSK (Asia) Securities JOE CHAN neutral 3 D 8 12 month 15.04.2013
Macquarie SAIYI HE outperform 5 M 13 12 month 02.04.2013
ICBC International Securities PIUS CHENG sell 1 D 8 Not Provided 02.04.2013
Ji Asia TONY MOYER sell 1 M 7 12 month 02.04.2013
China International Capital Corp WU HUIMIN buy 5 M 12 12 month 29.03.2013
Standard Chartered REBECCA TANG outperform 5 M 12 12 month 26.02.2013
Goldman Sachs TIAN LU Buy/Neutral 5 M 13 12 month 13.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
SWS Research Co Ltd TITUS WU outperform 5 M 12 Not Provided 11.01.2013
SinoPac YU ZHOU buy 5 M 15 12 month 13.12.2012
Capital Securities Corp HAN WEIQI buy 5 M 13 Not Provided 12.11.2012
Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 31.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 14 Not Provided 27.02.2012
Holdings By:
Zoomlion Heavy Industry Science and Technology Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Franshion Properties China Limited invests in and develops real estate projects
in the Peoples Republic of China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (08.01.2013) 2.95
52-Week Low (17.05.2012) 1.88
Daily Volume
2.65
52-Week High % Change -10.17% Dividend Yield 2.64
52-Week Low % Change 40.96% Beta 1.03
% 52 Week Price Range High/Low 71.96% Equity Float 3'401.21
Shares Out 31.12.2012 9'161.5 Short Int -
24'277.95 1 Yr Total Return 25.91%
Total Debt 28'275.42 YTD Return -5.02%
Preferred Stock 0.0 Adjusted BETA 1.033
Minority Interest 5'625.0 Analyst Recs 22
Cash and Equivalents 13'011.77 Consensus Rating 4.818
Enterprise Value 45'166.59
Average Volume 5 Day 2'235'831
817 HK EQUITY YTD Change - Average Volume 30 Day 4'203'337
817 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'816'633
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
3'913.5 6'320.9 6'348.0 6'591.7 17'175.7 - - 20'712.9 25'999.1 - -
4.95x 6.27x 5.05x 4.72x 2.70x - - 2.18x 1.68x - -
1'541.1 1'933.4 2'488.0 2'704.5 6'158.9 - - 7'259.9 8'542.0 - -
12.58x 20.49x 12.88x 11.50x 7.54x - - 6.22x 5.29x - -
900.9 1'174.4 1'713.6 2'344.4 3'377.7 - - 3'097.2 3'912.4 - -
14.23x 19.99x 12.51x 5.86x 7.57x - - 8.10x 6.39x - -
EBITDA 6'158.91 Long-Term Rating Date 29.11.2011
EBIT 5'877.15 Long-Term Rating BB+
Operating Margin 34.22% Long-Term Outlook STABLE
Pretax Margin 39.14% Short-Term Rating Date -
Return on Assets 4.44% Short-Term Rating -
Return on Common Equity 12.27%
Return on Capital 7.62% EBITDA/Interest Exp. 3.58
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 3.39
Net Debt/EBITDA 2.48
Gross Margin 41.9% Total Debt/EBITDA 4.59
EBITDA Margin 35.9%
EBIT Margin 34.2% Total Debt/Equity 97.9%
Net Income Margin 19.7% Total Debt/Capital 45.0%
Asset Turnover 0.23
Current Ratio 1.48 Net Fixed Asset Turnover 0.39
Quick Ratio 0.58 Accounts receivable turnover-days 22.46
Debt to Assets 34.27% Inventory Days 563.34
Tot Debt to Common Equity 97.91% Accounts Payable Turnover Day 45.39
Accounts Receivable Turnover 16.29 Cash Conversion Cycle 540.42
Inventory Turnover 0.65
Fiscal Year Ended
Franshion Properties China LtdPrice/Volume
Valuation Analysis
2'144'000.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINOCHEM HONG KONG G n/a Co File 5'759'881'259 62.87 - 30.06.2012 Government
JP MORGAN n/a ULT-AGG 411'731'829 4.49 - 31.12.2012 Investment Advisor
WARBURG PINCUS LLC n/a EXCH 183'630'000 2 - 27.09.2012 Private Equity
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 130'382'000 1.42 (6'806'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 103'388'000 1.13 (968'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 94'979'040 1.04 1'650'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 80'114'000 0.87 5'596'000 29.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 71'365'856 0.78 - 31.07.2012 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 68'866'000 0.75 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 40'412'000 0.44 - 31.12.2010 Investment Advisor
INVESCO LTD n/a ULT-AGG 36'054'000 0.39 1'742'000 31.12.2012 Investment Advisor
ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 30'879'720 0.34 34'000 31.01.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 26'244'000 0.29 - 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 16'426'000 0.18 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'375'892 0.1 (700'000) 31.01.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 9'120'000 0.1 - 31.12.2012 Investment Advisor
PCA INVESTMENT TRUST Multiple Portfolios MF-AGG 8'688'000 0.09 910'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ASIAN GROWT MF-SGP 6'968'000 0.08 - 31.12.2010 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 6'830'000 0.07 3'664'000 31.03.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 6'622'000 0.07 - 29.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 3 12 month 29.04.2013
DBS Vickers CAROL WU buy 5 M 3 12 month 23.04.2013
ICBC International Securities PHILIP TSE buy 5 M 3 Not Provided 23.04.2013
Standard Chartered ANDY SO outperform 5 M 4 12 month 22.04.2013
First Shanghai Securities Ltd MICHAEL KE buy 5 M 4 12 month 05.04.2013
Haitong International Securities KATIE CHAN buy 5 M 3 12 month 02.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 02.04.2013
Credit Suisse JINSONG DU outperform 5 M 4 Not Provided 01.04.2013
Goldman Sachs VICKY LI neutral/attractive 3 M 3 12 month 28.03.2013
CIMB CHRISTINE LAM outperform 5 M 3 12 month 27.03.2013
JPMorgan LUCIA KWONG neutral 3 M 3 6 month 26.03.2013
Macquarie JEFFREY GAO outperform 5 M 3 12 month 26.03.2013
China International Capital Corp ERIC YU ZHANG buy 5 M 4 12 month 26.03.2013
Core Pacific WILSON HO buy 5 M 3 12 month 26.03.2013
Jefferies VENANT CHIANG buy 5 M 4 12 month 25.03.2013
HSBC MICHELLE KWOK overweight 5 M 4 Not Provided 25.03.2013
Essence Securities XU HAITAO buy 5 M 3 6 month 28.02.2013
Mizuho Securities ALAN JIN buy 5 M 3 12 month 13.12.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 3 Not Provided 18.06.2012
Citic Securities Co., Ltd CONG CHEN buy 5 N 3 6 month 18.05.2012
Deutsche Bank TONY TSANG buy 5 M 4 12 month 13.03.2012
GuoSen Securities Co Ltd HUI CAO neutral 3 M 2 12 month 11.01.2012
Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 U 3 6 month 08.02.2011
Holdings By:
Franshion Properties China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Shougang Fushan Resources Group Ltd. produces and sells coking coal products and
side products in China. The Company is principally engaged in mining of coking
coal and production and sales of raw and clean coking coal,
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (18.02.2013) 3.65
52-Week Low (25.07.2012) 1.93
Daily Volume
3.03
52-Week High % Change -16.99% Dividend Yield 4.95
52-Week Low % Change 56.99% Beta 1.45
% 52 Week Price Range High/Low 63.95% Equity Float 4'118.63
Shares Out 31.12.2012 5'301.8 Short Int -
16'064.57 1 Yr Total Return 19.83%
Total Debt 1'075.45 YTD Return 6.32%
Preferred Stock 0.0 Adjusted BETA 1.445
Minority Interest 1'638.3 Analyst Recs 22
Cash and Equivalents 4'674.01 Consensus Rating 3.500
Enterprise Value 14'104.30
Average Volume 5 Day 26'111'430
639 HK EQUITY YTD Change - Average Volume 30 Day 22'269'380
639 HK EQUITY YTD % CHANGE - Average Volume 3 Month 23'350'710
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'896.6 4'260.7 5'543.3 7'138.6 5'650.6 - - 5'591.3 5'967.4 - -
5.99x 9.56x 5.14x 1.70x 2.33x - - 2.23x 1.94x - -
1'187.0 2'705.0 3'342.0 4'233.3 3'283.4 - - 2'936.1 3'027.9 - -
9.57x 15.06x 8.53x 2.86x 4.00x - - 4.80x 4.66x - -
567.6 1'126.3 1'802.8 2'256.0 1'800.4 - - 1'528.4 1'603.8 - -
11.51x 30.21x 14.85x 6.15x 8.43x - - 10.17x 10.13x - -
EBITDA 3'283.44 Long-Term Rating Date -
EBIT 2'754.58 Long-Term Rating -
Operating Margin 48.75% Long-Term Outlook -
Pretax Margin 52.60% Short-Term Rating Date -
Return on Assets 6.69% Short-Term Rating -
Return on Common Equity 9.43%
Return on Capital 10.00% EBITDA/Interest Exp. 79.51
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 72.19
Net Debt/EBITDA -1.10
Gross Margin 63.5% Total Debt/EBITDA 0.33
EBITDA Margin 58.1%
EBIT Margin 48.7% Total Debt/Equity 5.6%
Net Income Margin 31.9% Total Debt/Capital 4.9%
Asset Turnover 0.21
Current Ratio 2.30 Net Fixed Asset Turnover 1.66
Quick Ratio 2.15 Accounts receivable turnover-days 223.19
Debt to Assets 4.01% Inventory Days 31.36
Tot Debt to Common Equity 5.59% Accounts Payable Turnover Day 157.11
Accounts Receivable Turnover 1.64 Cash Conversion Cycle 97.43
Inventory Turnover 11.67
Fiscal Year Ended
Shougang Fushan Resources Group LtdPrice/Volume
Valuation Analysis
35'588'537.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINE POWER GROUP n/a Co File 663'918'497 12.52 - 30.06.2012 Other
SINO LIFE INSURANCE #N/A N/A EXCH 656'838'306 12.39 - 23.04.2013 Insurance Company
ULTIMATE CAPITAL LTD n/a Co File 650'000'000 12.26 - 30.06.2012 Venture Capital
LIBIN XING n/a EXCH 414'663'934 7.82 - 26.02.2013 n/a
JP MORGAN n/a ULT-AGG 257'785'558 4.86 - 20.03.2013 Investment Advisor
FAIR GAIN INVESTMENT n/a Co File 149'089'993 2.81 - 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 89'370'000 1.69 496'000 29.04.2013 Investment Advisor
KING RICH GROUP LTD n/a Co File 83'000'000 1.57 - 30.06.2012 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 64'685'055 1.22 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'972'966 1.15 (36'729'018) 31.03.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 51'836'000 0.98 (270'000) 31.01.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 40'970'000 0.77 36'050'000 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 40'319'496 0.76 1'808'000 30.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 22'026'000 0.42 4'644'000 28.03.2013 Investment Advisor
PRIME SUCCESS INVEST n/a Co File 20'410'000 0.38 - 30.06.2012 Investment Advisor
SHOUGANG HOLDING HK n/a Co File 15'492'000 0.29 - 30.06.2012 Holding Company
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 14'128'000 0.27 11'646'000 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'824'000 0.26 5'416'000 31.12.2012 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 11'920'067 0.22 (124'000) 29.04.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 11'622'000 0.22 - 30.06.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered WEI OUYANG underperform 1 D 2 12 month 30.04.2013
Macquarie MATTY ZHAO underperform 1 D 3 12 month 25.04.2013
Deutsche Bank JAMES KAN hold 3 M 3 12 month 23.04.2013
Morgan Stanley SARA CHAN Underwt/In-Line 1 D 2 12 month 17.04.2013
Goldman Sachs JULIAN ZHU Buy/Neutral 5 U 4 12 month 11.04.2013
UOB Kay Hian HELEN LAU buy 5 M 4 12 month 05.04.2013
Credit Suisse FRANKIE ZHU neutral 3 M 3 Not Provided 28.03.2013
Jefferies PO WEI buy 5 M 4 12 month 28.03.2013
Bank of China International LAWRENCE LAU hold 3 M 3 Not Provided 28.03.2013
DBS Vickers PEI HWA HO buy 5 M 4 12 month 28.03.2013
China International Capital Corp CAI HONGYU reduce 2 M 3 12 month 28.03.2013
BOCOM International Holdings HE WEI long-term buy 5 M 4 Not Provided 28.03.2013
HSBC CHRIS CHEN underweight 1 M 3 Not Provided 27.03.2013
Haitong International Securities CHO FOOK TAT buy 5 N 4 12 month 11.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
BNP Paribas Equity Research RACHEL CHEUNG hold 3 D 3 12 month 14.12.2012
Citic Securities Co., Ltd ZU GUOPENG overweight 5 M 2 6 month 05.11.2012
Guoyuan Securities (HK) Ltd YIQIONG YANG neutral 3 D 2 12 month 04.09.2012
Mirae Asset Securities Henry Liu buy 5 N 3 12 month 29.05.2012
Hua Tai Securities Co., Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 26.03.2012
KGI Securities TE-JEN HSU not rated #N/A N/A M #N/A N/A Not Provided 13.12.2011
SWS Research Co Ltd WENQIAN CHEN outperform 5 N #N/A N/A Not Provided 28.10.2009
Holdings By:
Shougang Fushan Resources Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Intime Department Store Group Company Limited operates a department store
chain. The Company retails a wide range of consumer products, including
apparel, cosmetics, jewelery, footwear, luggage, athletic apparel, home
furnishings, electronics, and appliances.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (17.01.2013) 11.50
52-Week Low (26.06.2012) 6.93
Daily Volume
9.2
52-Week High % Change -20.00% Dividend Yield 2.60
52-Week Low % Change 32.76% Beta 1.51
% 52 Week Price Range High/Low 49.67% Equity Float 1'166.24
Shares Out 29.04.2013 2'012.4 Short Int -
18'513.65 1 Yr Total Return -3.79%
Total Debt 4'804.44 YTD Return 0.66%
Preferred Stock 0.0 Adjusted BETA 1.515
Minority Interest 913.0 Analyst Recs 29
Cash and Equivalents 2'117.38 Consensus Rating 4.621
Enterprise Value 18'307.20
Average Volume 5 Day 4'503'068
1833 HK EQUITY YTD Change - Average Volume 30 Day 7'005'860
1833 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6'111'098
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'224.5 1'572.1 2'288.8 3'117.2 3'907.2 - - 4'732.7 5'920.6 - -
3.53x 7.33x 8.87x 5.09x 4.69x - - 3.65x 2.81x - -
443.8 604.5 903.8 1'056.5 1'217.1 - - 1'551.9 1'833.0 - -
9.75x 19.06x 22.45x 15.01x 15.06x - - 11.80x 9.99x - -
377.6 462.6 685.2 821.4 972.5 - - 1'006.5 1'161.7 - -
8.77x 24.32x 24.69x 15.00x 15.00x - - 14.27x 12.62x - -
EBITDA 1'217.07 Long-Term Rating Date 25.04.2013
EBIT 834.91 Long-Term Rating BB
Operating Margin 21.37% Long-Term Outlook STABLE
Pretax Margin 33.80% Short-Term Rating Date -
Return on Assets 5.05% Short-Term Rating -
Return on Common Equity 14.08%
Return on Capital 9.52% EBITDA/Interest Exp. 4.85
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -3.90
Net Debt/EBITDA 2.08
Gross Margin 68.3% Total Debt/EBITDA 3.72
EBITDA Margin 33.0%
EBIT Margin 18.4% Total Debt/Equity 66.2%
Net Income Margin 24.9% Total Debt/Capital 37.0%
Asset Turnover 0.20
Current Ratio 0.76 Net Fixed Asset Turnover 0.46
Quick Ratio 0.20 Accounts receivable turnover-days 3.48
Debt to Assets 22.56% Inventory Days 273.35
Tot Debt to Common Equity 66.16% Accounts Payable Turnover Day 693.09
Accounts Receivable Turnover 105.18 Cash Conversion Cycle -416.26
Inventory Turnover 1.34
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intime Department Store Group Co LtdPrice/Volume
Valuation Analysis
4'324'139.00
Current Price (5/dd/yy) Market Data
,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INTIME INTERNATIONAL n/a Co File 661'814'015 32.89 - 31.12.2011 Other
JP MORGAN n/a ULT-AGG 260'778'372 12.96 (25'500) 20.03.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 184'101'789 9.15 (10'052'787) 02.01.2013 Government
COMAX INVESTMENT LTD n/a Co File 147'664'835 7.34 - 31.12.2011 Other
WELLINGTON MANAGEMEN n/a EXCH 102'446'162 5.09 - 12.04.2013 Investment Advisor
CITIGROUP INCORPORAT n/a EXCH 99'171'859 4.93 - 04.02.2013 Investment Advisor
ARTIO GLOBAL MANAGEM n/a EXCH 97'433'000 4.84 - 27.06.2011 Investment Advisor
WARBURG PINCUS LLC n/a EXCH 77'845'000 3.87 (80'000'000) 18.05.2011 Private Equity
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 54'591'000 2.71 4'195'000 30.06.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 23'964'000 1.19 2'334'000 30.09.2011 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 23'378'000 1.16 (5'232'500) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'149'594 0.95 (8'931'000) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'948'001 0.94 264'000 29.04.2013 Investment Advisor
UBS n/a ULT-AGG 17'518'500 0.87 (97'500) 31.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 17'413'637 0.87 74'667 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 16'621'300 0.83 (281'000) 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 9'120'000 0.45 - 31.12.2010 Investment Advisor
FMR LLC n/a ULT-AGG 8'853'895 0.44 5'647'908 31.03.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 8'225'000 0.41 - 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'947'500 0.39 7'947'500 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Religare Capital Markets KA LEONG LO buy 5 M 11 12 month 30.04.2013
BOCOM International Holdings ALBERT YIP buy 5 M 11 Not Provided 25.04.2013
KGI Securities JESSIE GUO outperform 5 M 10 12 month 18.04.2013
Bank of China International TIFFANY FENG buy 5 M 10 Not Provided 18.04.2013
Jefferies JESSIE GUO buy 5 M 11 12 month 16.04.2013
BNP Paribas Equity Research SARAH LIU hold 3 M 8 12 month 10.04.2013
Haitong International Securities WANG ELYSE hold 3 M 10 12 month 09.04.2013
Morgan Stanley ROBERT LIN Overwt/In-Line 5 M 10 12 month 08.04.2013
SWS Research Co Ltd JOYCE JIA outperform 5 M 11 Not Provided 08.04.2013
Macquarie LINDA HUANG outperform 5 M 12 12 month 02.04.2013
Standard Chartered CHARLES YAN outperform 5 M 12 12 month 21.03.2013
Credit Suisse VIVIAN ZHAO outperform 5 M 12 Not Provided 21.03.2013
Citic Securities Co., Ltd ZHAO XUEQIN buy 5 M 11 6 month 21.03.2013
Guotai Junan FRANK XU buy 5 M 12 Not Provided 21.03.2013
First Shanghai Securities Ltd PATRICK WONG buy 5 M 10 12 month 21.03.2013
Goldman Sachs CAROLINE LI buy/attractive 5 M 14 12 month 20.03.2013
HSBC LINA YAN overweight 5 M 10 Not Provided 20.03.2013
CIMB KATHERINE CHAN outperform 5 M 11 12 month 20.03.2013
China International Capital Corp HAIYAN GUO accumulate 4 D 9 12 month 20.03.2013
Nomura EMMA LIU buy 5 M 11 Not Provided 19.03.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
UOB Kay Hian TOMMY HO buy 5 M #N/A N/A Not Provided 14.01.2013
Capital Securities Corp TEAM COVERAGE buy 5 N 11 Not Provided 16.11.2012
Ji Asia WU GONGLIANG neutral 3 D 10 Not Provided 13.11.2012
Essence Securities ZHAO ZHONGWEI buy 5 N 11 6 month 02.11.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 10 Not Provided 08.10.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE neutral 3 D 10 12 month 10.04.2012
GuoSen Securities Co Ltd SEASON SUN buy 5 M 12 12 month 19.10.2011
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
Everbright Securities Co., Ltd DONGLIANG CHANG buy 5 M 15 6 month 28.06.2011
Phillip Securities BING WANG buy 5 N 11 12 month 13.08.2010
Holdings By:
Intime Department Store Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Uni-President China Holdings Ltd. processes food. The Company's products
include fruit drinks and instant noodles.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (03.12.2012) 10.40
52-Week Low (15.05.2012) 6.26
Daily Volume
8.44
52-Week High % Change -18.85% Dividend Yield 0.71
52-Week Low % Change 34.82% Beta 0.59
% 52 Week Price Range High/Low 52.66% Equity Float 1'062.31
Shares Out 31.12.2012 3'599.4 Short Int -
30'379.31 1 Yr Total Return 20.29%
Total Debt 3'970.88 YTD Return 2.80%
Preferred Stock 0.0 Adjusted BETA 0.594
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 2'290.81 Consensus Rating 3.345
Enterprise Value 25'813.16
Average Volume 5 Day 8'923'200
220 HK EQUITY YTD Change - Average Volume 30 Day 11'219'780
220 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'493'865
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
9'241.6 9'108.6 12'590.8 16'931.9 21'405.7 - - 26'161.8 31'295.5 - -
0.34x 1.62x 0.83x 0.84x 1.19x - - 1.09x 0.94x - -
791.7 1'062.7 866.6 748.4 1'639.7 - - 2'199.8 2'695.1 - -
3.93x 13.87x 12.04x 19.11x 15.52x - - 11.73x 9.58x - -
343.8 704.9 519.1 311.9 855.9 - - 1'096.0 1'253.5 - -
18.52x 25.68x 24.46x 43.50x 27.77x - - 21.70x 19.16x - -
EBITDA 1'639.68 Long-Term Rating Date -
EBIT 836.66 Long-Term Rating -
Operating Margin 3.91% Long-Term Outlook -
Pretax Margin 5.03% Short-Term Rating Date -
Return on Assets 5.65% Short-Term Rating -
Return on Common Equity 11.82%
Return on Capital 8.33% EBITDA/Interest Exp. 31.01
Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. -38.40
Net Debt/EBITDA 0.84
Gross Margin 34.6% Total Debt/EBITDA 1.98
EBITDA Margin 9.4%
EBIT Margin 3.9% Total Debt/Equity 51.8%
Net Income Margin 4.0% Total Debt/Capital 34.1%
Asset Turnover 1.41
Current Ratio 0.99 Net Fixed Asset Turnover 2.62
Quick Ratio 0.57 Accounts receivable turnover-days 8.77
Debt to Assets 24.01% Inventory Days 33.44
Tot Debt to Common Equity 51.76% Accounts Payable Turnover Day 34.42
Accounts Receivable Turnover 41.73 Cash Conversion Cycle 7.79
Inventory Turnover 10.94
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Uni-President China Holdings LtdPrice/Volume
Valuation Analysis
9'500'735.00
Current Price (5/dd/yy) Market Data
,
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNI-PRESIDENT ENTERP n/a ULT-AGG 2'537'090'000 70.49 (108'000'000) 17.12.2012 Corporation
ARISAIG PARTNERS LTD n/a EXCH 197'086'000 5.48 - 13.02.2012 Investment Advisor
FMR LLC n/a ULT-AGG 68'635'667 1.91 27'160'303 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 36'812'000 1.02 12'252'000 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 31'506'000 0.88 (1'092'000) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 30'469'000 0.85 - 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'613'836 0.46 (10'892'000) 31.03.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 15'857'000 0.44 11'201'000 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'502'000 0.18 (2'527'296) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'414'000 0.18 (49'903'000) 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'664'090 0.16 - 31.07.2012 Investment Advisor
BELGRAVE CAPITAL MAN Multiple Portfolios MF-AGG 4'189'000 0.12 1'389'000 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'933'000 0.11 3'655'000 31.12.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'828'026 0.11 13'400 30.04.2013 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'903'000 0.05 1'903'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'717'800 0.05 - 30.04.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1'513'000 0.04 - 29.04.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'417'000 0.04 (116'000) 28.02.2013 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'384'000 0.04 (253'000) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'200'000 0.03 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs LISA DENG neutral/neutral 3 M 9 12 month 23.04.2013
BOCOM International Holdings SUMMER WANG buy 5 M 10 12 month 23.04.2013
First Shanghai Securities Ltd PATRICK WONG buy 5 M 10 12 month 16.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 10 Not Provided 15.04.2013
Deutsche Bank ANNE LING hold 3 M 8 12 month 08.04.2013
BNP Paribas Equity Research MICHELLE CHENG hold 3 M 8 12 month 05.04.2013
Maybank Kim Eng JACQUELINE KO sell 1 M 7 12 month 02.04.2013
China International Capital Corp FEIYANG YUAN buy 5 M 11 12 month 02.04.2013
KGI Securities ANSON CHAN neutral 3 M 10 12 month 27.03.2013
Macquarie LINDA HUANG neutral 3 M 8 12 month 27.03.2013
DBS Vickers TITUS WU buy 5 M 10 12 month 27.03.2013
Nomura EMMA LIU reduce 2 M 7 Not Provided 27.03.2013
Guotai Junan SUNNY KWOK neutral 3 M 9 Not Provided 27.03.2013
Oriental Patron Securities Ltd TRACY SUN buy 5 U 10 12 month 27.03.2013
Standard Chartered CHARLES YAN underperform 1 M 7 12 month 26.03.2013
Morgan Stanley ANGELA MOH Equalwt/Attractive 3 M 9 12 month 26.03.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 8 6 month 26.03.2013
CIMB Yang Lei outperform 5 M 11 12 month 26.03.2013
HSBC CHRISTOPHER K LEUNG underweight 1 M 7 Not Provided 31.01.2013
Bank of China International LI YAN buy 5 N 11 Not Provided 24.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Haitong International Securities GLORIA WANG hold 3 M 10 12 month 13.12.2012
UOB Kay Hian TAI RENEE hold 3 N 9 Not Provided 09.11.2012
Hua Tai Securities Co., Ltd QIU YANG add 4 M 11 12 month 26.10.2012
Sinolink Securities Co Ltd ZHAO XIAOYUAN buy 5 M 10 Not Provided 28.06.2012
SWS Research Co Ltd WANG HAITAO not rated #N/A N/A M #N/A N/A Not Provided 03.09.2010
Holdings By:
Uni-President China Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Golden Eagle Retail Group Ltd. operates department stores in China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (09.05.2012) 22.15
52-Week Low (30.07.2012) 12.94
Daily Volume
13.66
52-Week High % Change -38.33% Dividend Yield 1.73
52-Week Low % Change 5.56% Beta 1.27
% 52 Week Price Range High/Low 7.82% Equity Float 559.88
Shares Out 25.04.2013 1'897.8 Short Int -
25'923.61 1 Yr Total Return -32.00%
Total Debt 3'210.72 YTD Return -28.41%
Preferred Stock 0.0 Adjusted BETA 1.266
Minority Interest 2.7 Analyst Recs 32
Cash and Equivalents 5'165.57 Consensus Rating 3.594
Enterprise Value 18'641.33
Average Volume 5 Day 5'203'124
3308 HK EQUITY YTD Change - Average Volume 30 Day 6'764'221
3308 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'426'333
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'426.4 1'850.1 2'450.4 3'216.9 3'622.9 - - 4'193.0 4'946.3 - -
5.09x 13.69x 11.95x 7.36x 7.66x - - 4.71x 4.02x - -
773.2 1'062.2 1'369.6 1'678.5 1'786.9 - - 1'985.4 2'349.9 - -
9.40x 23.85x 21.37x 14.11x 15.53x - - 9.39x 7.93x - -
613.4 250.9 959.2 1'212.1 1'217.6 - - 1'356.0 1'556.1 - -
14.13x 101.81x 32.88x 21.38x 24.40x - - 15.39x 13.43x - -
EBITDA 1'786.86 Long-Term Rating Date 25.04.2013
EBIT 1'565.65 Long-Term Rating BBB-
Operating Margin 43.22% Long-Term Outlook STABLE
Pretax Margin 45.48% Short-Term Rating Date -
Return on Assets 9.69% Short-Term Rating -
Return on Common Equity 24.69%
Return on Capital 17.49% EBITDA/Interest Exp. 23.63
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 43.76
Net Debt/EBITDA -1.10
Gross Margin 73.4% Total Debt/EBITDA 1.81
EBITDA Margin 49.1%
EBIT Margin 43.6% Total Debt/Equity 60.6%
Net Income Margin 33.6% Total Debt/Capital 37.7%
Asset Turnover 0.29
Current Ratio 0.97 Net Fixed Asset Turnover 0.68
Quick Ratio 0.84 Accounts receivable turnover-days 7.14
Debt to Assets 23.29% Inventory Days 133.45
Tot Debt to Common Equity 60.64% Accounts Payable Turnover Day 532.19
Accounts Receivable Turnover 51.23 Cash Conversion Cycle -391.60
Inventory Turnover 2.74
Fiscal Year Ended
Golden Eagle Retail Group LtdPrice/Volume
Valuation Analysis
4'583'641.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GEICO HOLDINGS LTD n/a ULT-AGG 1'335'344'000 70.36 - 25.04.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 156'196'000 8.23 (26'509'000) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'211'000 1.01 (68'000) 31.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 16'964'000 0.89 (435'000) 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'671'000 0.83 (445'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'661'000 0.67 (226'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'446'392 0.66 (6'593'694) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'588'910 0.61 (1'580'000) 29.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'093'000 0.48 9'093'000 31.12.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 8'500'000 0.45 - 31.01.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 8'285'000 0.44 - 28.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'093'547 0.32 (2'085'000) 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 5'898'000 0.31 - 31.12.2010 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'301'000 0.28 (827'000) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'845'000 0.26 (1'110'000) 28.02.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 4'800'087 0.25 - 31.12.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 4'328'000 0.23 (382'000) 31.12.2012 Investment Advisor
FALCON FUND MANAGEME Multiple Portfolios MF-AGG 3'192'000 0.17 395'000 28.02.2013 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 3'191'000 0.17 258'000 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'117'583 0.16 669'632 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Religare Capital Markets KA LEONG LO hold 3 M 16 12 month 30.04.2013
Deutsche Bank ANNE LING hold 3 M 15 12 month 28.04.2013
BOCOM International Holdings ALBERT YIP sell 1 M 11 Not Provided 25.04.2013
KGI Securities JESSIE GUO neutral 3 M 16 12 month 19.04.2013
Macquarie LINDA HUANG outperform 5 M 16 12 month 18.04.2013
Jefferies JESSIE GUO hold 3 M 16 12 month 16.04.2013
Haitong International Securities WANG ELYSE hold 3 M 13 12 month 09.04.2013
SWS Research Co Ltd JOYCE JIA neutral 3 M 11 Not Provided 08.04.2013
Bank of China International TIFFANY FENG hold 3 U 13 Not Provided 26.03.2013
Guotai Junan FRANK XU neutral 3 M 16 Not Provided 26.03.2013
UOB Kay Hian TAI RENEE hold 3 M 16 Not Provided 26.03.2013
First Shanghai Securities Ltd PATRICK WONG hold 3 M 16 12 month 26.03.2013
Morgan Stanley ROBERT LIN Equalwt/In-Line 3 M 16 12 month 25.03.2013
Credit Suisse VIVIAN ZHAO outperform 5 M 17 Not Provided 25.03.2013
JPMorgan KURUMLU EBRU SENER overweight 5 M 17 6 month 25.03.2013
HSBC LINA YAN overweight 5 M 17 Not Provided 25.03.2013
DBS Vickers MAVIS HUI hold 3 M 16 12 month 25.03.2013
CIMB KATHERINE CHAN outperform 5 M 17 12 month 25.03.2013
China International Capital Corp HAIYAN GUO accumulate 4 M 16 12 month 25.03.2013
Nomura EMMA LIU buy 5 M 18 Not Provided 19.03.2013
Barclays CANDY HUANG overweight 5 M 18 Not Provided 15.03.2013
BNP Paribas Equity Research SARAH LIU reduce 2 M 13 12 month 31.01.2013
Goldman Sachs CAROLINE LI buy/attractive 5 M 22 12 month 23.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Ji Asia WU GONGLIANG neutral 3 D 18 12 month 06.12.2012
Essence Securities ANDY CHAW add 4 N 21 6 month 15.11.2012
Citic Securities Co., Ltd ZHAO XUEQIN overweight 5 N 17 6 month 22.08.2012
China Galaxy Securities TEAM COVERAGE buy 5 N #N/A N/A Not Provided 22.08.2012
South China Research Ltd MICHAEL TAM buy 5 N 21 Not Provided 17.11.2011
Everbright Securities Co., Ltd DONGLIANG CHANG buy 5 M 24 6 month 28.06.2011
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.05.2011
Phillip Securities BING WANG hold 3 N 22 12 month 20.09.2010
Holdings By:
Golden Eagle Retail Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The
Company also processes oilseed and wheat, and produces malt used for beer
brewage.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (03.05.2012) 5.47
52-Week Low (25.07.2012) 3.47
Daily Volume
3.81
52-Week High % Change -30.32% Dividend Yield 1.69
52-Week Low % Change 9.83% Beta 1.40
% 52 Week Price Range High/Low 17.06% Equity Float 2'069.05
Shares Out 31.12.2012 5'249.9 Short Int -
20'002.04 1 Yr Total Return -28.26%
Total Debt 32'188.93 YTD Return -12.21%
Preferred Stock 0.0 Adjusted BETA 1.399
Minority Interest 3'429.0 Analyst Recs 14
Cash and Equivalents 10'503.31 Consensus Rating 4.429
Enterprise Value 45'116.70
Average Volume 5 Day 9'079'358
606 HK EQUITY YTD Change - Average Volume 30 Day 12'893'320
606 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'314'210
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
41'802.1 43'827.9 53'491.7 82'349.9 91'319.2 - - 108'270.9 124'178.4 - -
0.43x 1.13x 1.05x 0.62x 0.52x - - 0.47x 0.42x - -
4'435.3 2'738.6 3'769.3 379.5 2'330.6 - - 4'663.1 5'414.3 - -
4.08x 18.10x 14.95x 134.27x 20.55x - - 9.68x 8.33x - -
2'624.9 1'952.0 1'701.6 2'368.0 1'227.5 - - 1'832.4 2'274.6 - -
5.27x 19.71x 20.41x 10.08x 15.24x - - 10.35x 8.34x - -
EBITDA 2'330.55 Long-Term Rating Date -
EBIT 1'070.49 Long-Term Rating -
Operating Margin 1.17% Long-Term Outlook -
Pretax Margin 1.76% Short-Term Rating Date -
Return on Assets 1.70% Short-Term Rating -
Return on Common Equity 5.01%
Return on Capital 3.62% EBITDA/Interest Exp. 2.44
Asset Turnover 1.26% (EBITDA-Capex)/Interest Exp. -6.20
Net Debt/EBITDA 7.13
Gross Margin 6.4% Total Debt/EBITDA 10.59
EBITDA Margin 3.3%
EBIT Margin 1.9% Total Debt/Equity 119.0%
Net Income Margin 1.3% Total Debt/Capital 51.4%
Asset Turnover 1.26
Current Ratio 1.19 Net Fixed Asset Turnover 3.80
Quick Ratio 0.39 Accounts receivable turnover-days 19.89
Debt to Assets 43.15% Inventory Days 82.57
Tot Debt to Common Equity 118.98% Accounts Payable Turnover Day 14.95
Accounts Receivable Turnover 18.41 Cash Conversion Cycle 87.50
Inventory Turnover 4.43
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Agri-Industries Holdings LtdPrice/Volume
Valuation Analysis
11'424'879.00
Current Price (5/dd/yy) Market Data
,
-
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0
1
2
3
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WIDE SMART HOLDINGS n/a EXCH 2'499'315'430 47.61 - 24.12.2012 Government
COFCO HONG KONG LTD n/a EXCH 356'893'827 6.8 1'000'000 17.04.2013 Corporation
COFCO (BVI) NO. 108 n/a EXCH 182'000'000 3.47 - 17.04.2013 Other
MITSUBISHI CORP n/a Co File 141'483'000 2.69 - 31.03.2012 Corporation
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 111'004'400 2.11 11'614'400 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 56'978'032 1.09 12'684'775 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 42'632'400 0.81 (370'934) 29.04.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 40'668'309 0.77 102'000 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 35'156'102 0.67 72'900 31.07.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 17'000'800 0.32 470'000 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'583'200 0.2 - 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'818'218 0.19 2'127'295 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 9'661'000 0.18 - 31.05.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 8'410'695 0.16 20'625 28.02.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'170'088 0.14 74'200 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'673'648 0.13 476'000 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'452'200 0.1 - 31.01.2013 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 4'352'205 0.08 1'763'878 30.11.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'183'000 0.08 - 30.11.2012 Bank
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'980'000 0.08 - 31.03.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 5 12 month 26.04.2013
CIMB Yang Lei outperform 5 M 5 12 month 03.04.2013
China International Capital Corp FEIYANG YUAN accumulate 4 M 5 12 month 28.03.2013
Nomura TANUJ SHORI buy 5 M 5 Not Provided 27.03.2013
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 5 12 month 26.03.2013
JPMorgan YING-JIAN CHAN overweight 5 M 5 6 month 26.03.2013
Ji Asia SAMUEL THAWLEY buy 5 M 10 12 month 14.03.2013
SWS Research Co Ltd SEAN ZHANG neutral 3 M 5 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Bank of China International JENNY CHAN buy 5 U 4 Not Provided 03.09.2012
Hua Tai Securities Co., Ltd QIU YANG add 4 D 5 6 month 02.07.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 6 12 month 02.04.2012
Holdings By:
China Agri-Industries Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Resources Cement Holdings Limited, through its subsidiaries, produces,
distributes and sells cement, clinker and concrete.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (02.05.2012) 6.20
52-Week Low (06.09.2012) 3.35
Daily Volume
4.47
52-Week High % Change -27.90% Dividend Yield 1.57
52-Week Low % Change 33.43% Beta 1.26
% 52 Week Price Range High/Low 39.30% Equity Float 1'734.08
Shares Out 31.12.2012 6'519.3 Short Int -
29'141.07 1 Yr Total Return -26.69%
Total Debt 22'208.75 YTD Return -12.01%
Preferred Stock 0.0 Adjusted BETA 1.256
Minority Interest 582.5 Analyst Recs 36
Cash and Equivalents 3'561.86 Consensus Rating 3.139
Enterprise Value 48'370.49
Average Volume 5 Day 6'382'001
1313 HK EQUITY YTD Change - Average Volume 30 Day 12'711'070
1313 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13'873'630
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'781.3 6'906.9 14'141.5 23'240.0 25'345.3 - - 28'540.1 32'275.6 - -
- 4.22x 3.40x 2.41x 2.07x - - 1.70x 1.50x - -
1'029.0 1'600.4 3'308.1 6'218.8 5'145.4 - - 6'004.4 6'873.8 - -
- 18.20x 14.53x 9.01x 10.17x - - 8.06x 7.04x - -
760.9 1'010.2 2'040.8 4'179.0 2'324.4 - - 2'741.9 3'242.5 - -
- 9.63x 18.85x 9.03x 14.23x - - 10.64x 9.05x - -
EBITDA 5'145.42 Long-Term Rating Date -
EBIT 3'400.13 Long-Term Rating -
Operating Margin 13.42% Long-Term Outlook -
Pretax Margin 11.34% Short-Term Rating Date -
Return on Assets 4.53% Short-Term Rating -
Return on Common Equity 11.43%
Return on Capital 7.08% EBITDA/Interest Exp. 5.69
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 1.87
Net Debt/EBITDA 3.62
Gross Margin 24.1% Total Debt/EBITDA 4.32
EBITDA Margin 20.3%
EBIT Margin 13.4% Total Debt/Equity 103.9%
Net Income Margin 9.2% Total Debt/Capital 50.3%
Asset Turnover 0.49
Current Ratio 0.64 Net Fixed Asset Turnover 0.76
Quick Ratio 0.36 Accounts receivable turnover-days 32.07
Debt to Assets 42.58% Inventory Days 43.91
Tot Debt to Common Equity 103.90% Accounts Payable Turnover Day 64.71
Accounts Receivable Turnover 11.41 Cash Conversion Cycle 11.27
Inventory Turnover 8.33
Fiscal Year Ended
China Resources Cement Holdings LtdPrice/Volume
Valuation Analysis
9'426'003.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
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0
1
2
3
4
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA RESOURCES CEME n/a Co File 4'781'051'462 73.34 - 31.12.2011 Government
JP MORGAN n/a ULT-AGG 321'152'000 4.93 (376'000) 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 249'438'000 3.83 - 23.10.2009 Investment Advisor
FMR LLC n/a ULT-AGG 72'068'164 1.11 (43'683'714) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 53'814'000 0.83 18'736'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 51'741'339 0.79 34'000 31.03.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 21'212'000 0.33 - 31.12.2010 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 19'609'651 0.3 (7'195'044) 28.02.2013 Investment Advisor
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 11'186'000 0.17 - 31.12.2012 Investment Advisor
DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 7'580'000 0.12 - 31.12.2010 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5'924'000 0.09 (25'682'000) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'518'000 0.08 - 31.07.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 3'696'000 0.06 (4'614'000) 31.12.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 3'434'000 0.05 (732'000) 31.12.2012 Investment Advisor
BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 3'270'000 0.05 - 30.11.2012 Investment Advisor
DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 2'880'000 0.04 (1'120'000) 11.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'863'640 0.04 - 30.04.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 2'760'000 0.04 - 29.04.2013 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 2'642'000 0.04 (1'412'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'338'000 0.04 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOHN FRASER-ANDREWS underweight 1 M 4 Not Provided 30.04.2013
Jefferies PO WEI hold 3 M 5 12 month 29.04.2013
Nomura YANG LUO reduce 2 M 4 Not Provided 29.04.2013
DBS Vickers ADDISON DAI buy 5 M 6 12 month 26.04.2013
Morgan Stanley JOHN LAM Equalwt/Attractive 3 U 5 12 month 24.04.2013
Bank of China International MICHELLE LEUNG hold 3 M 5 Not Provided 18.04.2013
GuoSen Securities Co Ltd ETHANE CHENG neutral 3 M #N/A N/A Not Provided 18.04.2013
Masterlink Securities TEAM COVERAGE hold 3 D 5 6 month 11.04.2013
Religare Capital Markets TRACY HUANG hold 3 M 5 12 month 10.04.2013
Credit Suisse TRINA CHEN neutral 3 M 4 Not Provided 07.03.2013
First Shanghai Securities Ltd XIAOXIA CHEN hold 3 M 5 12 month 07.03.2013
CCB International Securities Ltd ELIZA LIU neutral 3 U 5 Not Provided 07.03.2013
KGI Securities XIAOQING YAN neutral 3 M 6 12 month 06.03.2013
Mirae Asset Securities Henry Liu hold 3 M 5 12 month 06.03.2013
Macquarie IVAN LEE neutral 3 U 5 12 month 05.03.2013
Haitong International Securities ZHANG WEN XIAN hold 3 D 5 12 month 05.03.2013
China International Capital Corp XUE GUAN buy 5 M 6 12 month 05.03.2013
BNP Paribas Equity Research RACHEL CHEUNG hold 3 M 5 12 month 05.03.2013
Citic Securities Co., Ltd TIMOTHY LEE sell 1 M 4 6 month 05.03.2013
Guotai Junan RAY ZHAO neutral 3 M 4 Not Provided 05.03.2013
UOB Kay Hian MARK PO hold 3 M 6 Not Provided 05.03.2013
ICBC International Securities DUNCAN CHAN hold 3 M 6 Not Provided 05.03.2013
Deutsche Bank JOHNSON WAN buy 5 M 6 12 month 04.03.2013
Barclays ADA DAI equalweight 3 M 5 Not Provided 04.03.2013
JPMorgan NICK LAI neutral 3 U 6 6 month 03.03.2013
CIMB KEVIN YOU neutral 3 M 5 12 month 03.03.2013
Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 4 12 month 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 03.01.2013
SinoPac YU ZHOU neutral 3 M 4 12 month 18.12.2012
Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 6 Not Provided 09.11.2012
Standard Chartered BEN HARTWRIGHT outperform 5 U 6 12 month 30.10.2012
Capital Securities Corp TEAM COVERAGE buy 5 N 6 Not Provided 12.10.2012
Cinda Securities Ltd ALVIN FUNG neutral 3 N 4 Not Provided 11.11.2009
Holdings By:
China Resources Cement Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China COSCO Holdings Company Ltd. offers marine freight transportation
services. The Company offers container shipping, dry bulk shipping, logistics
services, freight forwarding, and terminal and container leasing services
internationally. China COSCO operates container ships and terminals, and
manufactures shipping containers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.01.2013) 4.84
52-Week Low (05.09.2012) 2.75
Daily Volume
3.28
52-Week High % Change -32.23% Dividend Yield 0.00
52-Week Low % Change 19.27% Beta 1.51
% 52 Week Price Range High/Low 25.36% Equity Float 2'580.58
Shares Out 31.12.2012 2'580.6 Short Int -
40'856.71 1 Yr Total Return -27.11%
Total Debt 94'945.73 YTD Return -13.68%
Preferred Stock 0.0 Adjusted BETA 1.508
Minority Interest 16'560.6 Analyst Recs 30
Cash and Equivalents 46'336.79 Consensus Rating 2.067
Enterprise Value 97'625.83
Average Volume 5 Day 11'037'490
1919 HK EQUITY YTD Change - Average Volume 30 Day 11'298'260
1919 HK EQUITY YTD % CHANGE - Average Volume 3 Month 13'769'530
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
131'838.9 55'211.7 96'487.6 84'639.2 88'329.1 67'701.9 71'248.6 86'605.7 91'656.3 21'134.0 22'844.0
0.56x 2.80x 1.24x 1.07x 1.09x 4.79x 3.86x 1.14x 1.08x - -
21'072.8 (3'783.8) 9'955.8 (8'724.7) (7'433.4) 0.0 0.0 2'824.1 6'488.1 - -
3.53x - 11.97x - - 0.00x 0.00x 34.57x 15.05x - -
11'606.1 (7'539.8) 6'785.5 (10'495.3) (9'559.2) (12'641.1) (8'851.7) (1'699.4) 1'278.2 - -
4.18x - 10.52x - - 0.00x 0.00x - 38.89x - -
EBITDA -7'433.44 Long-Term Rating Date -
EBIT -7'731.70 Long-Term Rating -
Operating Margin -8.75% Long-Term Outlook -
Pretax Margin -8.37% Short-Term Rating Date -
Return on Assets -5.93% Short-Term Rating -
Return on Common Equity -31.95%
Return on Capital - EBITDA/Interest Exp. -2.97
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -9.83
Net Debt/EBITDA -
Gross Margin -2.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin -8.8% Total Debt/Equity 377.7%
Net Income Margin -10.8% Total Debt/Capital 69.5%
Asset Turnover 0.55
Current Ratio 1.56 Net Fixed Asset Turnover 1.11
Quick Ratio 1.37 Accounts receivable turnover-days 31.63
Debt to Assets 57.47% Inventory Days 12.37
Tot Debt to Common Equity 377.71% Accounts Payable Turnover Day 31.36
Accounts Receivable Turnover 11.57 Cash Conversion Cycle 12.63
Inventory Turnover 29.60
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China COSCO Holdings Co LtdPrice/Volume
Valuation Analysis
6'759'317.00
Current Price (5/dd/yy) Market Data
,--..001122
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 125'532'964 4.86 (593'000) 29.04.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (110'476'206) -4.28 - 12.04.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 97'601'470 3.78 - 12.04.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 94'440'754 3.66 - 13.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 69'263'750 2.68 1'072'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 43'991'500 1.7 - 31.07.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 32'757'886 1.27 (28'992'773) 20.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 30'322'872 1.18 28'626'374 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 22'046'961 0.85 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 14'720'858 0.57 - 30.04.2013 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 13'168'450 0.51 13'168'450 31.03.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'747'500 0.22 (697'500) 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'098'750 0.2 (165'000) 28.02.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'092'500 0.16 - 29.04.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'874'125 0.15 709'500 28.02.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 2'486'000 0.1 2'486'000 31.05.2012 Investment Advisor
UBS n/a ULT-AGG 2'131'040 0.08 - 22.02.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'100'000 0.08 - 28.03.2013 Investment Advisor
BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 1'786'556 0.07 - 29.04.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'769'000 0.07 (187'000) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse DAVIN CHUNPONG WU underperform 1 M 3 Not Provided 29.04.2013
Jefferies JOHNSON LEUNG underperform 1 M 3 12 month 29.04.2013
HSBC SHISHIR SINGH underweight 1 M 2 Not Provided 29.04.2013
Nomura ANDREW LEE neutral 3 M 4 Not Provided 29.04.2013
UOB Kay Hian LAWRENCE LI sell 1 M 2 Not Provided 29.04.2013
Clarkson Capital Markets LLC URS M DUR market perform 3 M 4 12 month 25.04.2013
Barclays JON WINDHAM underweight 1 M 3 Not Provided 11.04.2013
Standard Chartered CLAIRE TENG underperform 1 M 3 12 month 09.04.2013
BOCOM International Holdings GEOFFREY CHENG sell 1 M 3 Not Provided 02.04.2013
Goldman Sachs RONALD KEUNG neutral/neutral 3 M 3 12 month 01.04.2013
JPMorgan CORRINE PNG restricted #N/A N/A M #N/A N/A Not Provided 28.03.2013
Capital Securities Corp TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 28.03.2013
KGI Securities ZHANG ZHARLEN neutral 3 M 3 12 month 28.03.2013
Daiwa Securities Co. Ltd. KELVIN LAU buy 5 M 5 Not Provided 28.03.2013
SWS Research Co Ltd LEO FAN underperform 1 M 3 Not Provided 28.03.2013
Morgan Stanley EDWARD XU Underwt/In-Line 1 M 3 12 month 27.03.2013
Fearnley Fonds RIKARD VABO sell 1 M 2 6 month 13.03.2013
Religare Capital Markets PETER WILLIAMSON hold 3 M 4 12 month 18.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank SKY HONG hold 3 D 5 12 month 10.01.2013
ICBC International Securities MOSES MA hold 3 M 5 Not Provided 17.12.2012
GuoSen Securities Co Ltd MICHAEL NG buy 5 N 4 12 month 11.12.2012
Masterlink Securities SARAH WANG hold 3 M 5 6 month 02.11.2012
China International Capital Corp XIN YANG hold 3 M 3 12 month 31.10.2012
CCB International Securities Ltd WINNIE GUO underperform 1 M 2 Not Provided 31.10.2012
Macquarie BONNIE CHAN underperform 1 M 3 12 month 23.10.2012
Guotai Junan JASON SONG neutral 3 M 4 Not Provided 28.09.2012
Bank of China International DU JIANPING sell 1 M 3 Not Provided 30.03.2012
Holdings By:
China COSCO Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Shanshui Cement Group produces cement and clinker. The Company also
quarries limestone.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (02.05.2012) 6.34
52-Week Low (31.08.2012) 3.90
Daily Volume
4.39
52-Week High % Change -30.76% Dividend Yield 5.35
52-Week Low % Change 12.56% Beta 1.38
% 52 Week Price Range High/Low 20.08% Equity Float 1'950.42
Shares Out 31.12.2012 2'816.0 Short Int -
12'362.02 1 Yr Total Return -27.04%
Total Debt 13'515.07 YTD Return -22.57%
Preferred Stock 0.0 Adjusted BETA 1.383
Minority Interest 745.7 Analyst Recs 30
Cash and Equivalents 1'083.22 Consensus Rating 4.033
Enterprise Value 22'997.80
Average Volume 5 Day 8'260'035
691 HK EQUITY YTD Change - Average Volume 30 Day 9'578'634
691 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'706'722
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
7'500.8 8'727.6 11'854.1 16'862.0 16'161.0 - - 18'120.9 20'116.3 - -
1.05x 2.17x 1.69x 1.23x 1.61x - - 1.26x 1.13x - -
1'649.6 1'883.4 2'561.7 4'768.0 4'144.2 - - 4'603.6 5'110.1 - -
4.79x 10.05x 7.80x 4.36x 6.28x - - 5.00x 4.50x - -
539.4 701.6 979.1 2'225.3 1'518.5 - - 1'788.6 2'022.3 - -
6.89x 19.94x 13.44x 5.31x 8.45x - - 5.35x 4.91x - -
EBITDA 4'144.25 Long-Term Rating Date 08.05.2011
EBIT 3'010.09 Long-Term Rating BB
Operating Margin 18.63% Long-Term Outlook NEG
Pretax Margin 13.64% Short-Term Rating Date -
Return on Assets 5.72% Short-Term Rating -
Return on Common Equity 18.56%
Return on Capital 10.53% EBITDA/Interest Exp. 4.17
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 1.10
Net Debt/EBITDA 3.00
Gross Margin 25.4% Total Debt/EBITDA 3.26
EBITDA Margin 25.7%
EBIT Margin 18.6% Total Debt/Equity 156.2%
Net Income Margin 9.4% Total Debt/Capital 59.0%
Asset Turnover 0.61
Current Ratio 0.84 Net Fixed Asset Turnover 0.98
Quick Ratio 0.37 Accounts receivable turnover-days 37.50
Debt to Assets 48.21% Inventory Days 56.48
Tot Debt to Common Equity 156.23% Accounts Payable Turnover Day 73.75
Accounts Receivable Turnover 9.76 Cash Conversion Cycle 20.22
Inventory Turnover 6.48
Fiscal Year Ended
China Shanshui Cement Group LtdPrice/Volume
Valuation Analysis
8'874'176.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-
.
0
1
2
3
4
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C2), C-,), C-2), C.,), C.2), C0,), C02), C1,), C12), C
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA SHANSHUI INVST n/a Co File 847'908'316 30.11 - 31.12.2011 Other
HILLHOUSE CAPITAL MA n/a EXCH 252'992'000 8.98 - 30.10.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 197'271'369 7.01 (2'000) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 168'594'000 5.99 - 24.10.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 166'887'147 5.93 - 13.09.2012 Investment Advisor
ASIA CEMENT PIONEER n/a EXCH 81'786'000 2.9 - 16.08.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'704'000 1.73 7'190'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'762'363 1.34 (11'277'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'902'003 1.17 21'030'597 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'933'000 0.99 10'518'000 31.12.2012 Investment Advisor
AC MEGA III INVESTME n/a EXCH 17'627'000 0.63 - 16.08.2012 Investment Advisor
UBS n/a ULT-AGG 16'582'000 0.59 - 31.01.2013 Unclassified
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 16'277'000 0.58 9'259'000 31.12.2012 Investment Advisor
AC MEGA IV INVESTMEN n/a EXCH 15'800'000 0.56 - 16.08.2012 Investment Advisor
AC MEGA II INVESTMEN n/a EXCH 15'208'000 0.54 - 16.08.2012 Investment Advisor
ASIA CEMENT PIONEER n/a EXCH 14'020'000 0.5 - 16.08.2012 Investment Advisor
ASIA CEMENT PIONEER n/a EXCH 13'598'000 0.48 - 16.08.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'962'645 0.42 - 31.07.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 11'003'000 0.39 11'003'000 31.12.2012 Investment Advisor
ASIA INVESTMENT CO L n/a EXCH 9'655'000 0.34 - 16.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JOHN FRASER-ANDREWS overweight 5 M 6 Not Provided 30.04.2013
Jefferies PO WEI hold 3 M 5 12 month 29.04.2013
Haitong International Securities ZHANG WEN XIAN buy 5 M 6 12 month 26.04.2013
Morgan Stanley JOHN LAM Overwt/Attractive 5 U 5 12 month 24.04.2013
GuoSen Securities Co Ltd ETHANE CHENG buy 5 M #N/A N/A Not Provided 18.04.2013
First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 6 12 month 12.04.2013
Religare Capital Markets TRACY HUANG buy 5 M 5 12 month 10.04.2013
CIMB KEVIN YOU outperform 5 U 5 12 month 31.03.2013
Macquarie IVAN LEE outperform 5 M 9 12 month 26.03.2013
SWS Research Co Ltd YE RONG buy 5 M 7 Not Provided 26.03.2013
BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 7 12 month 20.03.2013
Deutsche Bank JOHNSON WAN hold 3 M 4 12 month 19.03.2013
Bank of China International MICHELLE LEUNG hold 3 M 5 Not Provided 19.03.2013
DBS Vickers ADDISON DAI hold 3 M 5 12 month 19.03.2013
Citic Securities Co., Ltd TIMOTHY LEE overweight 5 M 6 6 month 19.03.2013
Guotai Junan RAY ZHAO reduce 2 M 4 Not Provided 19.03.2013
Barclays ADA DAI overweight 5 M 7 Not Provided 19.03.2013
Credit Suisse TRINA CHEN neutral 3 M 4 Not Provided 18.03.2013
Goldman Sachs JULIAN ZHU neutral/neutral 3 M 7 12 month 24.01.2013
UOB Kay Hian MARK PO sell 1 M 5 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Standard Chartered BEN HARTWRIGHT outperform 5 M 6 12 month 04.01.2013
KGI Securities XIAOQING YAN neutral 3 M 7 12 month 04.01.2013
ICBC International Securities DUNCAN CHAN hold 3 M 6 Not Provided 03.01.2013
SinoPac YU ZHOU neutral 3 D 5 12 month 18.12.2012
Mirae Asset Securities Henry Liu buy 5 N 7 12 month 06.12.2012
Daiwa Securities Co. Ltd. FELIX LAM sell 1 D 5 Not Provided 09.11.2012
Maybank Kim Eng CATHERINE CHAN buy 5 N 8 12 month 30.05.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 8 12 month 27.03.2012
Holdings By:
China Shanshui Cement Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
GOME Electrical Appliances Holding Limited, through its subsidiaries, retails
household appliances and consumer electronic products in China.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.05.2012) 1.35
52-Week Low (30.07.2012) 0.56
Daily Volume
0.78
52-Week High % Change -42.22% Dividend Yield 0.00
52-Week Low % Change 39.29% Beta 1.17
% 52 Week Price Range High/Low 27.85% Equity Float 11'448.35
Shares Out 31.12.2012 16'875.1 Short Int -
13'162.54 1 Yr Total Return -44.29%
Total Debt 13'105.16 YTD Return -15.22%
Preferred Stock 0.0 Adjusted BETA 1.174
Minority Interest (394.8) Analyst Recs 22
Cash and Equivalents 6'730.96 Consensus Rating 2.636
Enterprise Value 16'435.65
Average Volume 5 Day 41'083'920
493 HK EQUITY YTD Change - Average Volume 30 Day 49'980'870
493 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'878'250
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
45'889.3 42'667.6 50'910.1 59'820.8 47'867.3 59'820.8 47'867.3 54'687.2 62'912.1 - 17'054.7
0.29x 0.87x 0.70x 0.35x 0.39x 0.97x 0.19x 0.13x 0.10x - -
2'051.9 1'846.0 2'469.4 2'729.8 (741.4) 0.0 0.0 656.5 1'246.4 - -
6.54x 20.08x 14.35x 7.60x - 0.00x 0.00x 25.04x 13.19x - -
1'048.2 1'409.3 1'961.7 1'839.9 (596.6) 1'839.9 (596.6) 361.9 700.7 - 370.3
12.03x 24.11x 18.69x 13.39x - 0.00x 0.00x 26.94x 13.77x - -
EBITDA -741.36 Long-Term Rating Date -
EBIT -1'202.02 Long-Term Rating -
Operating Margin -2.51% Long-Term Outlook -
Pretax Margin -1.37% Short-Term Rating Date -
Return on Assets -1.62% Short-Term Rating -
Return on Common Equity -3.84%
Return on Capital 0.20% EBITDA/Interest Exp. -3.26
Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 7.73
Net Debt/EBITDA -6.57
Gross Margin 13.0% Total Debt/EBITDA -17.68
EBITDA Margin -1.5%
EBIT Margin -2.5% Total Debt/Equity 86.5%
Net Income Margin -1.2% Total Debt/Capital 47.0%
Asset Turnover 1.30
Current Ratio 1.07 Net Fixed Asset Turnover 9.88
Quick Ratio 0.32 Accounts receivable turnover-days 1.51
Debt to Assets 36.02% Inventory Days 74.71
Tot Debt to Common Equity 86.51% Accounts Payable Turnover Day 108.81
Accounts Receivable Turnover 242.77 Cash Conversion Cycle -32.59
Inventory Turnover 4.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GOME Electrical Appliances Holding LtdPrice/Volume
Valuation Analysis
22'659'429.00
Current Price (5/dd/yy) Market Data
,
,
,
-
-
-
-
-
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C
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1,,), C
2,,), C
3,,), C
4,,), C
5,,), C
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,),,
2),,
-,),,
-2),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GUANGYU HUANG n/a Co File 5'174'553'890 30.66 - 31.12.2011 n/a
BAIN CAPITAL GLORY L n/a Co File 1'665'546'935 9.87 - 31.12.2011 Investment Advisor
CARMIGNAC GESTION n/a EXCH 848'009'394 5.03 - 18.01.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 640'388'075 3.79 - 28.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 279'615'482 1.66 5'228'321 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 268'955'980 1.59 2'533'000 29.04.2013 Investment Advisor
JUAN DU n/a Co File 242'985'600 1.44 - 31.12.2011 n/a
CI INVESTMENTS INC Multiple Portfolios MF-AGG 185'184'170 1.1 15'145'570 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 110'798'160 0.66 (43'000) 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 100'898'720 0.6 392'000 31.07.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 97'981'000 0.58 - 30.06.2012 Unclassified
FMR LLC n/a ULT-AGG 97'144'474 0.58 (205'201'617) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (80'202'063) -0.48 - 09.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 58'088'200 0.34 189'000 30.04.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 45'916'571 0.27 160'200 30.04.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 42'661'881 0.25 7'253'000 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 24'219'000 0.14 - 31.01.2013 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 24'000'000 0.14 - 28.03.2013 Investment Advisor
DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 22'116'000 0.13 - 31.12.2010 Investment Advisor
APS ASSET MGMT Multiple Portfolios MF-AGG 19'302'000 0.11 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ANNE LING hold 3 M 1 12 month 26.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 08.04.2013
Macquarie LINDA HUANG underperform 1 M 1 12 month 28.03.2013
First Shanghai Securities Ltd PATRICK WONG hold 3 M 1 12 month 27.03.2013
Standard Chartered AI-LIN KUO in-line 3 M 1 12 month 26.03.2013
Credit Suisse KEVIN YIN underperform 1 M 1 Not Provided 26.03.2013
HSBC LINA YAN underweight 1 M 1 Not Provided 26.03.2013
DBS Vickers MARK LI buy 5 M 1 12 month 26.03.2013
CIMB Yang Lei neutral 3 M 1 12 month 26.03.2013
Mizuho Securities PETER TANG neutral 3 M 1 12 month 26.03.2013
China International Capital Corp BING QIAN sell 1 M 1 12 month 26.03.2013
Citic Securities Co., Ltd ZHAO XUEQIN overweight 5 U 1 12 month 26.03.2013
Barclays CANDY HUANG equalweight 3 M 1 Not Provided 26.03.2013
CCB International Securities Ltd FORREST CHAN outperform 5 M 1 Not Provided 25.03.2013
Haitong International Securities WANG ELYSE hold 3 M 1 12 month 25.01.2013
BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 1 12 month 23.01.2013
Religare Capital Markets STANLEY CHAN sell 1 M 1 12 month 20.11.2012
Goldman Sachs WEIBO HU sell/attractive 1 D 1 12 month 19.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 3 12 month 10.03.2011
Guotai Junan FRANK XU neutral 3 M 3 Not Provided 07.03.2011
Phillip Securities BING WANG buy 5 N 3 12 month 08.10.2010
SWS Research Co Ltd JOYCE JIA not rated #N/A N/A M #N/A N/A Not Provided 03.09.2010
Holdings By:
GOME Electrical Appliances Holding Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Zhongsheng Group Holdings Ltd. retails automobiles. The Company imports and
retails primarily luxury and mid- to high-end automobile brands.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (03.05.2012) 16.00
52-Week Low (18.07.2012) 7.95
Daily Volume
10.78
52-Week High % Change -32.63% Dividend Yield 0.93
52-Week Low % Change 35.60% Beta 0.93
% 52 Week Price Range High/Low 35.16% Equity Float 562.58
Shares Out 31.12.2012 1'908.5 Short Int -
20'573.43 1 Yr Total Return -29.02%
Total Debt 19'457.44 YTD Return -8.02%
Preferred Stock 0.0 Adjusted BETA 0.932
Minority Interest 1'291.2 Analyst Recs 25
Cash and Equivalents 4'348.66 Consensus Rating 3.480
Enterprise Value 32'743.32
Average Volume 5 Day 1'869'666
881 HK EQUITY YTD Change - Average Volume 30 Day 2'823'324
881 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'494'889
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
10'548.6 13'722.2 24'042.9 41'903.4 50'048.3 - - 60'891.9 72'247.2 - -
- - 1.24x 0.66x 0.69x - - 0.46x 0.39x - -
469.1 807.6 1'598.8 3'074.5 2'602.6 - - 3'686.2 4'542.4 - -
- - 18.66x 9.04x 13.21x - - 8.88x 7.21x - -
218.7 470.9 1'031.2 1'417.3 750.5 - - 1'338.2 1'911.9 - -
- - 25.59x 14.18x 24.17x - - 12.06x 8.56x - -
EBITDA 2'602.62 Long-Term Rating Date -
EBIT 2'109.56 Long-Term Rating -
Operating Margin 4.22% Long-Term Outlook -
Pretax Margin 2.31% Short-Term Rating Date -
Return on Assets 2.53% Short-Term Rating -
Return on Common Equity 10.26%
Return on Capital 6.85% EBITDA/Interest Exp. 2.52
Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. 1.35
Net Debt/EBITDA 5.81
Gross Margin 8.6% Total Debt/EBITDA 7.48
EBITDA Margin 5.2%
EBIT Margin 4.2% Total Debt/Equity 258.1%
Net Income Margin 1.5% Total Debt/Capital 68.8%
Asset Turnover 1.69
Current Ratio 0.95 Net Fixed Asset Turnover 8.74
Quick Ratio 0.25 Accounts receivable turnover-days 3.82
Debt to Assets 61.78% Inventory Days 50.89
Tot Debt to Common Equity 258.10% Accounts Payable Turnover Day 4.81
Accounts Receivable Turnover 95.93 Cash Conversion Cycle 49.89
Inventory Turnover 7.19
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Zhongsheng Group Holdings LtdPrice/Volume
Valuation Analysis
1'213'894.00
Current Price (5/dd/yy) Market Data
,.135
-,-.-1-3-5
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.), C1), C3), C5), C-,), C-.), C-1), C-3), C-5), C
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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-).,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MOUNTAIN BRIGHT LTD n/a EXCH 486'657'686 25.5 - 11.04.2013 Corporation
VINTAGE STAR LTD n/a EXCH 486'657'686 25.5 - 11.04.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 226'610'000 11.87 1'220'500 31.03.2013 Investment Advisor
YI HUANG n/a EXCH 152'678'504 8 - 11.04.2013 n/a
BLUE NATURAL DEVELOP n/a EXCH 129'257'000 6.77 195'000 11.04.2013 Unclassified
GENERAL ATLANTIC PAR n/a EXCH 73'004'486 3.83 (52'752'283) 20.04.2012 Other
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 49'488'200 2.59 691'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'687'208 1.77 3'556'673 29.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 30'649'884 1.61 11'786'050 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 23'520'385 1.23 (587'313) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'485'547 1.07 218'500 31.03.2013 Investment Advisor
GAP-W INTERNATIONAL n/a EXCH 17'644'433 0.92 (12'247'717) 20.04.2012 Corporation
INVESCO LTD n/a ULT-AGG 9'749'000 0.51 (5'100'000) 31.12.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 7'245'500 0.38 7'245'500 30.06.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 6'232'400 0.33 153'500 31.03.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 5'313'000 0.28 - 30.06.2012 Unclassified
NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 4'737'500 0.25 (2'047'000) 28.02.2013 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'241'500 0.22 - 30.06.2011 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 3'898'000 0.2 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'223'500 0.17 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank VINCENT HA buy 5 M 13 12 month 23.04.2013
Goldman Sachs YIPENG YANG neutral/neutral 3 M 10 12 month 17.04.2013
Haitong International Securities LIANG YONGHUO hold 3 M 10 12 month 11.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 29.03.2013
KGI Securities WEI SHEN neutral 3 M 9 12 month 27.03.2013
Credit Suisse JACK YEUNG underperform 1 M 8 Not Provided 26.03.2013
Macquarie ZHIXUAN LIN neutral 3 M 9 12 month 26.03.2013
Bank of China International ERIC HU buy 5 M 11 Not Provided 26.03.2013
DBS Vickers RACHEL MIU hold 3 M 11 12 month 26.03.2013
China International Capital Corp ZHENG DONG buy 5 M 14 12 month 26.03.2013
UOB Kay Hian KEN LEE sell 1 M 6 Not Provided 26.03.2013
Oriental Patron Securities Ltd VIVIEN CHAN buy 5 M 11 12 month 26.03.2013
BOCOM International Holdings WEI YAO neutral 3 M 9 Not Provided 26.03.2013
Standard Chartered REBECCA TANG in-line 3 M 12 12 month 25.03.2013
Morgan Stanley KATE ZHU Overwt/In-Line 5 M 13 12 month 25.03.2013
JPMorgan NICK LAI underweight 1 M 8 Not Provided 25.03.2013
Nomura BENJAMIN LO buy 5 M 13 Not Provided 25.03.2013
Citic Securities Co., Ltd XU YINGBO hold 3 N 9 6 month 14.03.2013
Daiwa Securities Co. Ltd. JEFF CHUNG outperform 5 N 14 Not Provided 15.02.2013
Mizuho Securities OLE HUI underperform 1 M 7 12 month 11.12.2012
First Shanghai Securities Ltd LI HANG buy 5 M 12 14 month 07.09.2012
Hua Tai Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.07.2012
GuoSen Securities Co Ltd JOHN LUO buy 5 N #N/A N/A Not Provided 08.02.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 15 Not Provided 29.12.2011
Guoyuan Securities (HK) Ltd LI MING buy 5 M 20 12 month 20.10.2011
Capital Securities Corp TRACY SUN buy 5 M 16 12 month 22.08.2011
Holdings By:
Zhongsheng Group Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Huabao International Holdings Limited, through its subsidiaries, produces and
supplies flavors and fragrances for tobacco, food and household related
products. The company also provides product research, development and marketing
services to its customers.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (23.01.2013) 5.03
52-Week Low (05.06.2012) 2.81
Daily Volume
3.56
52-Week High % Change -29.28% Dividend Yield 4.60
52-Week Low % Change 26.89% Beta 0.63
% 52 Week Price Range High/Low 33.85% Equity Float 1'873.66
Shares Out 10.04.2013 3'101.3 Short Int -
11'040.69 1 Yr Total Return -6.37%
Total Debt 927.50 YTD Return -5.15%
Preferred Stock 0.0 Adjusted BETA 0.632
Minority Interest 331.9 Analyst Recs 9
Cash and Equivalents 2'286.58 Consensus Rating 4.556
Enterprise Value 9'601.16
Average Volume 5 Day 5'175'944
336 HK EQUITY YTD Change - Average Volume 30 Day 14'789'560
336 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'782'760
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
1'419.1 1'938.4 2'366.4 2'852.2 3'311.3 - - 3'809.5 4'349.8 - -
13.21x 9.77x 11.69x 12.97x 4.51x - - 2.49x 2.02x - -
889.3 1'237.5 1'573.5 1'894.0 2'111.4 - - 2'181.3 2'429.0 - -
21.07x 15.31x 17.58x 19.53x 7.07x - - 4.40x 3.95x - -
862.1 1'110.3 1'340.1 1'604.4 1'750.4 - - 1'735.3 1'921.0 - -
22.75x 17.68x 21.62x 23.45x 9.10x - - 6.50x 5.89x - -
EBITDA 2'111.42 Long-Term Rating Date -
EBIT 2'001.27 Long-Term Rating -
Operating Margin 60.44% Long-Term Outlook -
Pretax Margin 62.85% Short-Term Rating Date -
Return on Assets 20.45% Short-Term Rating -
Return on Common Equity 27.64%
Return on Capital 23.82% EBITDA/Interest Exp. 128.96
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 92.48
Net Debt/EBITDA -0.84
Gross Margin 70.5% Total Debt/EBITDA 0.44
EBITDA Margin 60.7%
EBIT Margin 57.3% Total Debt/Equity 14.7%
Net Income Margin 52.9% Total Debt/Capital 12.2%
Asset Turnover 0.41
Current Ratio 2.38 Net Fixed Asset Turnover 2.97
Quick Ratio 1.89 Accounts receivable turnover-days 85.25
Debt to Assets 11.11% Inventory Days 211.25
Tot Debt to Common Equity 14.68% Accounts Payable Turnover Day 98.56
Accounts Receivable Turnover 4.29 Cash Conversion Cycle 199.54
Inventory Turnover 1.73
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Huabao International Holdings LtdPrice/Volume
Valuation Analysis
5'942'320.00
Current Price (5/dd/yy) Market Data
,
-
.
0
1
2
3
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAM YIU CHU n/a EXCH 1'219'813'415 39.33 - 28.03.2013 n/a
LAZARD ASSET MANAGEM n/a ULT-AGG 449'672'412 14.5 - 01.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 250'841'622 8.09 9'519'678 29.04.2013 Investment Advisor
PRUDENTIAL PLC n/a EXCH 249'416'500 8.04 - 15.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 158'483'274 5.11 - 22.08.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 156'696'669 5.05 - 03.01.2013 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 150'566'515 4.85 - 17.12.2012 Investment Advisor
ARTISAN PARTNERS HOL n/a EXCH 147'854'726 4.77 - 05.08.2011 Investment Advisor
FMR LLC n/a ULT-AGG 142'521'035 4.6 (687'394) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 130'285'302 4.2 (526'750) 24.04.2013 Unclassified
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 85'769'000 2.77 1'659'000 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 73'832'542 2.38 - 25.01.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (69'171'668) -2.23 - 25.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 34'192'296 1.1 (17'839'000) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (32'438'642) -1.05 27'214'357 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 19'920'000 0.64 3'987'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 17'975'000 0.58 8'536'000 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'951'000 0.42 - 31.12.2010 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'359'000 0.33 - 31.07.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 10'063'868 0.32 (13'044'000) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JESSIE GUO buy 5 M 6 12 month 16.04.2013
Deutsche Bank ANNE LING buy 5 M 5 12 month 08.04.2013
Guoyuan Securities (HK) Ltd LI MING buy 5 M 5 12 month 25.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
First Shanghai Securities Ltd PATRICK WONG buy 5 M 4 12 month 26.11.2012
Credit Suisse EVA WANG neutral 3 M 4 Not Provided 21.11.2012
DBS Vickers PATRICIA YEUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 12.06.2012
Bank of China International JENNY CHAN hold 3 D 10 Not Provided 21.06.2011
China International Capital Corp FEIYANG YUAN accumulate 4 M 14 12 month 11.04.2011
SWS Research Co Ltd WANG HAITAO neutral 3 D 11 Not Provided 25.03.2011
Holdings By:
Huabao International Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Anta Sports Products Limited designs, develops, manufactures, and markets
sportswear, including sports footwear and apparel for professionals and the
general public.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (10.01.2013) 8.69
52-Week Low (25.07.2012) 3.98
Daily Volume
6.5
52-Week High % Change -25.23% Dividend Yield 6.29
52-Week Low % Change 63.26% Beta 1.16
% 52 Week Price Range High/Low 53.45% Equity Float 760.97
Shares Out 31.12.2012 2'494.2 Short Int -
16'212.06 1 Yr Total Return -7.44%
Total Debt 1'035.07 YTD Return -1.53%
Preferred Stock 0.0 Adjusted BETA 1.163
Minority Interest 180.5 Analyst Recs 21
Cash and Equivalents 5'817.54 Consensus Rating 2.762
Enterprise Value 8'276.73
Average Volume 5 Day 2'599'696
2020 HK EQUITY YTD Change - Average Volume 30 Day 3'774'217
2020 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'918'024
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
4'626.8 5'874.6 7'408.3 8'904.8 7'622.8 - - 6'365.4 6'576.7 - -
0.92x 3.64x 2.96x 1.61x 1.20x - - 1.39x 1.31x - -
934.5 1'458.5 1'821.7 1'953.1 1'505.1 - - 1'265.9 1'314.0 - -
4.55x 14.66x 12.02x 7.34x 6.09x - - 6.54x 6.30x - -
894.8 1'250.9 1'551.1 1'730.1 1'358.7 - - 998.5 1'012.4 - -
8.58x 20.19x 16.82x 10.79x 10.13x - - 12.81x 12.59x - -
EBITDA 1'505.08 Long-Term Rating Date -
EBIT 1'395.23 Long-Term Rating -
Operating Margin 18.30% Long-Term Outlook -
Pretax Margin 22.69% Short-Term Rating Date -
Return on Assets 14.91% Short-Term Rating -
Return on Common Equity 20.71%
Return on Capital 18.99% EBITDA/Interest Exp. 86.02
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 73.78
Net Debt/EBITDA -3.18
Gross Margin 38.0% Total Debt/EBITDA 0.69
EBITDA Margin 19.7%
EBIT Margin 18.3% Total Debt/Equity 15.3%
Net Income Margin 17.8% Total Debt/Capital 13.0%
Asset Turnover 0.84
Current Ratio 2.80 Net Fixed Asset Turnover 8.53
Quick Ratio 2.24 Accounts receivable turnover-days 34.29
Debt to Assets 10.31% Inventory Days 50.51
Tot Debt to Common Equity 15.33% Accounts Payable Turnover Day 46.06
Accounts Receivable Turnover 10.67 Cash Conversion Cycle 38.74
Inventory Turnover 7.25
Fiscal Year Ended
Anta Sports Products LtdPrice/Volume
Valuation Analysis
2'258'281.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-.0123456
i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,),,
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ANTA INTL GROUP HLDG n/a EXCH 1'431'900'000 57.41 - 28.03.2011 Holding Company
ANDA HOLDINGS LTD n/a EXCH 167'700'000 6.72 - 28.03.2011 Holding Company
ANDA INVESTMENTS n/a EXCH 120'400'000 4.83 - 28.03.2011 Other
FMR LLC n/a ULT-AGG 42'323'081 1.7 10'221'486 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 29'979'661 1.2 4'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'220'000 0.97 (1'489'000) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'244'544 0.89 744'000 29.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'868'000 0.4 9'868'000 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'868'000 0.4 450'000 31.03.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 9'698'000 0.39 (3'373'000) 30.06.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 7'906'000 0.32 (6'515'000) 31.12.2012 Investment Advisor
HSBC INTERNATIONAL T n/a EXCH 7'653'000 0.31 - 28.03.2011 Investment Advisor
STATE STREET n/a ULT-AGG 6'622'312 0.27 8'000 30.04.2013 Investment Advisor
SHINE WELL FAR EAST n/a EXCH 6'446'000 0.26 - 28.03.2011 Corporation
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 5'963'000 0.24 5'963'000 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'728'000 0.23 - 31.07.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 5'720'000 0.23 44'000 30.04.2013 Investment Advisor
SHIZHONG DING n/a EXCH 5'446'000 0.22 - 28.03.2011 n/a
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 5'237'000 0.21 - 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'721'780 0.19 (2'545'000) 29.08.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BOCOM International Holdings PHOEBE WONG neutral 3 M 6 Not Provided 25.04.2013
Haitong International Securities WANG ELYSE buy 5 M 8 12 month 09.04.2013
JPMorgan SHEN LI underweight 1 M 3 12 month 08.04.2013
SWS Research Co Ltd JOYCE JIA underperform 1 M 5 Not Provided 08.04.2013
First Shanghai Securities Ltd PATRICK WONG sell 1 M 4 12 month 27.02.2013
Deutsche Bank LYDIA LING hold 3 M 7 12 month 26.02.2013
Credit Suisse EVA WANG outperform 5 M 8 Not Provided 26.02.2013
Macquarie LINDA HUANG underperform 1 M 3 12 month 26.02.2013
Mizuho Securities PETER TANG neutral 3 M 7 12 month 26.02.2013
China International Capital Corp HAIYAN GUO sell 1 M 4 12 month 26.02.2013
Guotai Junan JERRY PENG reduce 2 M 6 Not Provided 26.02.2013
Goldman Sachs CAROLINE LI sell/attractive 1 M 4 12 month 25.02.2013
CCB International Securities Ltd FORREST CHAN underperform 1 D 6 Not Provided 25.02.2013
Barclays CANDY HUANG equalweight 3 M 6 Not Provided 25.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
HSBC CATHERINE CHAO underweight 1 M 4 Not Provided 28.11.2012
Morgan Stanley ROBERT LIN Overwt/In-Line 5 M 8 12 month 05.11.2012
CMB International Capital Corp Ltd TEAM COVERAGE hold 3 M 7 12 month 22.02.2012
IBT Securities Co Ltd KENT CHEN neutral 3 N #N/A N/A Not Provided 27.08.2010
Holdings By:
Anta Sports Products Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
China Yurun Food Group Limited is a meat product supplier in China. Through its
subsidiaries, the Company offers a wide range of raw pork and processed meat
products. China Yurun operates production and distribution networks across
China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (02.05.2012) 10.48
52-Week Low (08.04.2013) 4.32
Daily Volume
4.62
52-Week High % Change -55.92% Dividend Yield 0.00
52-Week Low % Change 6.94% Beta 1.35
% 52 Week Price Range High/Low 4.87% Equity Float 1'335.13
Shares Out 31.12.2012 1'822.8 Short Int -
8'421.13 1 Yr Total Return -53.47%
Total Debt 7'276.91 YTD Return -17.94%
Preferred Stock 0.0 Adjusted BETA 1.346
Minority Interest 57.3 Analyst Recs 19
Cash and Equivalents 2'815.46 Consensus Rating 2.526
Enterprise Value 12'939.84
Average Volume 5 Day 7'963'431
1068 HK EQUITY YTD Change - Average Volume 30 Day 10'511'520
1068 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'264'210
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
13'023.9 13'870.4 21'472.7 32'315.2 26'781.6 - - 31'563.6 39'722.3 - -
1.14x 2.83x 2.05x 0.61x 0.55x - - 0.40x 0.33x - -
1'197.6 1'973.2 3'053.1 2'334.6 74.8 - - 841.8 1'546.9 - -
12.41x 19.90x 14.43x 8.40x 197.54x - - 15.37x 8.37x - -
1'137.8 1'745.3 2'728.2 1'799.1 (605.5) - - (40.8) 892.2 - -
12.24x 21.12x 16.33x 10.31x - - - - 9.01x - -
EBITDA 74.82 Long-Term Rating Date -
EBIT -464.45 Long-Term Rating -
Operating Margin -1.73% Long-Term Outlook -
Pretax Margin -2.13% Short-Term Rating Date -
Return on Assets -2.37% Short-Term Rating -
Return on Common Equity -3.83%
Return on Capital 2.00% EBITDA/Interest Exp. 0.39
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. -10.10
Net Debt/EBITDA 59.63
Gross Margin 1.5% Total Debt/EBITDA 97.25
EBITDA Margin 0.3%
EBIT Margin -1.7% Total Debt/Equity 47.0%
Net Income Margin -2.3% Total Debt/Capital 31.9%
Asset Turnover 1.05
Current Ratio 1.06 Net Fixed Asset Turnover 1.56
Quick Ratio 0.53 Accounts receivable turnover-days 7.47
Debt to Assets 28.37% Inventory Days 21.63
Tot Debt to Common Equity 46.98% Accounts Payable Turnover Day 11.99
Accounts Receivable Turnover 48.97 Cash Conversion Cycle 17.11
Inventory Turnover 16.92
Fiscal Year Ended
China Yurun Food Group LtdPrice/Volume
Valuation Analysis
5'170'276.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WILLIE HOLDINGS LTD n/a Co File 470'699'900 25.82 - 31.12.2011 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 87'217'000 4.78 - 22.11.2012 Investment Advisor
KERRY GROUP LTD n/a ULT-AGG 86'856'103 4.77 - 02.08.2012 Other
DEUTSCHE BANK AG n/a EXCH 85'120'912 4.67 - 03.02.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 71'606'698 3.93 (190'000) 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a EXCH 56'214'486 3.08 - 20.08.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (48'592'548) -2.67 - 03.02.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'462'562 1.95 (126'340) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (29'230'053) -1.6 1'136'000 24.12.2012 Investment Advisor
CREDIT SUISSE AG n/a Short (28'905'799) -1.59 - 20.08.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 22'712'000 1.25 74'000 31.07.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 17'700'000 0.97 17'700'000 30.06.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 12'011'000 0.66 - 31.05.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'204'318 0.45 - 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'455'664 0.41 (18'337'653) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 7'199'868 0.39 - 31.01.2013 Unclassified
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'637'000 0.31 - 28.02.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 5'354'594 0.29 4'900 30.04.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 4'339'000 0.24 - 31.12.2010 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'991'716 0.22 (2'170) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs LISA DENG neutral/neutral 3 M 5 12 month 23.04.2013
SWS Research Co Ltd SEAN ZHANG outperform 5 M 7 Not Provided 17.04.2013
CIMB Yang Lei neutral 3 M 5 12 month 15.04.2013
First Shanghai Securities Ltd PATRICK WONG hold 3 M 5 12 month 02.04.2013
Bank of China International LI YAN hold 3 M 5 Not Provided 25.03.2013
DBS Vickers TITUS WU fully valued 2 M 3 12 month 25.03.2013
Maybank Kim Eng JACQUELINE KO Under Review #N/A N/A M #N/A N/A Not Provided 25.03.2013
China International Capital Corp FEIYANG YUAN hold 3 M 5 12 month 25.03.2013
Guotai Junan SUNNY KWOK reduce 2 D 5 Not Provided 25.03.2013
Oppenheimer & Co INGRID YIN market perform 3 N #N/A N/A Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Jefferies JESSIE GUO hold 3 M 8 12 month 11.09.2012
CCB International Securities Ltd FORREST CHAN underperform 1 M 4 Not Provided 15.08.2012
ICBC International Securities ALEX CHENG hold 3 M 8 Not Provided 06.06.2012
Capital Securities Corp TRACY SUN hold 3 M 9 12 month 25.05.2012
Citic Securities Co., Ltd HUANG WEI buy 5 M 16 6 month 21.05.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 18 12 month 13.03.2012
Credit Suisse KEVIN YIN outperform 5 M 14 Not Provided 12.03.2012
Hua Tai Securities Co., Ltd QIU YANG buy 5 M 15 6 month 12.03.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
GuoSen Securities Co Ltd TEAM COVERAGE buy 5 N 35 12 month 18.04.2011
Holdings By:
China Yurun Food Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Parkson Retail Group Ltd. operates a national network of department stores in
the Peoples Republic of China.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.05.2012) 8.97
52-Week Low (23.04.2013) 4.14
Daily Volume
4.2
52-Week High % Change -53.18% Dividend Yield 4.20
52-Week Low % Change 1.45% Beta 1.08
% 52 Week Price Range High/Low 1.24% Equity Float 1'361.36
Shares Out 31.01.2013 2'810.5 Short Int -
11'804.10 1 Yr Total Return -50.11%
Total Debt 2'491.16 YTD Return -32.80%
Preferred Stock 0.0 Adjusted BETA 1.075
Minority Interest 77.3 Analyst Recs 27
Cash and Equivalents 5'066.45 Consensus Rating 2.037
Enterprise Value 6'879.12
Average Volume 5 Day 7'149'300
3368 HK EQUITY YTD Change - Average Volume 30 Day 5'026'040
3368 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'189'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'137.4 3'461.3 3'819.4 4'364.3 4'547.1 4'364.3 4'547.1 5'374.0 5'938.1 - -
7.09x 9.92x 6.88x 4.39x 2.56x 19.80x 12.40x 1.58x 1.34x - -
1'367.1 1'287.2 1'578.6 1'748.5 1'337.0 1'748.5 1'326.4 1'449.6 1'605.0 - -
16.28x 26.68x 16.66x 10.95x 8.70x 10.95x 8.77x 4.75x 4.29x - -
841.1 910.8 991.8 1'122.9 850.8 1'122.9 850.8 889.8 981.5 - -
25.66x 37.06x 28.77x 19.30x 16.59x 19.35x 16.69x 10.36x 9.45x - -
EBITDA 1'337.03 Long-Term Rating Date 21.04.2011
EBIT 1'042.19 Long-Term Rating BB+
Operating Margin 22.92% Long-Term Outlook STABLE
Pretax Margin 26.50% Short-Term Rating Date -
Return on Assets 6.87% Short-Term Rating -
Return on Common Equity 15.68%
Return on Capital 14.35% EBITDA/Interest Exp. 12.35
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 4.89
Net Debt/EBITDA -1.94
Gross Margin - Total Debt/EBITDA 1.88
EBITDA Margin 29.2%
EBIT Margin 22.7% Total Debt/Equity 44.6%
Net Income Margin 18.7% Total Debt/Capital 30.6%
Asset Turnover 0.37
Current Ratio 0.98 Net Fixed Asset Turnover 1.40
Quick Ratio 0.78 Accounts receivable turnover-days 1.24
Debt to Assets 19.61% Inventory Days -
Tot Debt to Common Equity 44.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 295.10 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Parkson Retail Group LtdPrice/Volume
Valuation Analysis
8'230'671.00
Current Price (5/dd/yy) Market Data
,-.0123456
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRG CORP LTD n/a Co File 1'438'300'000 51.18 - 31.12.2011 Corporation
JP MORGAN n/a ULT-AGG 280'137'651 9.97 - 10.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA n/a EXCH 261'743'500 9.31 - 14.09.2012 Investment Advisor
GENESIS ASSET MANAGE n/a EXCH 174'903'439 6.22 - 10.05.2012 Investment Advisor
PRUDENTIAL PLC n/a EXCH 141'109'500 5.02 - 12.04.2013 Investment Advisor
PANGKOR INVESTMENTS n/a EXCH 119'516'679 4.25 - 15.03.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 114'928'098 4.09 - 25.01.2013 Investment Advisor
DEUTSCHE BANK AG n/a Short (68'256'732) -2.43 - 25.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 40'778'709 1.45 (6'184'500) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 26'561'000 0.95 7'437'500 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 22'025'500 0.78 7'545'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'742'701 0.67 1'045'500 29.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 15'626'000 0.56 - 31.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 13'191'500 0.47 (5'704'000) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 11'255'000 0.4 (190'500) 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'201'500 0.4 1'021'500 30.09.2011 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'885'500 0.39 5'214'500 31.12.2012 Investment Advisor
EAST CREST INTL LTD n/a Co File 9'970'000 0.35 - 31.12.2011 Unclassified
SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 7'532'000 0.27 7'532'000 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 7'121'022 0.25 864'500 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bank of China International TIFFANY FENG sell 1 M 4 Not Provided 30.04.2013
Religare Capital Markets KA LEONG LO sell 1 M 4 12 month 30.04.2013
Deutsche Bank ANNE LING hold 3 M 5 12 month 28.04.2013
BOCOM International Holdings ALBERT YIP sell 1 M 4 Not Provided 25.04.2013
KGI Securities JESSIE GUO underperform 1 M 5 12 month 18.04.2013
Jefferies JESSIE GUO buy 5 M 6 12 month 16.04.2013
SWS Research Co Ltd JOYCE JIA neutral 3 M 5 Not Provided 08.04.2013
Nomura EMMA LIU neutral 3 M 5 Not Provided 19.03.2013
Credit Suisse VIVIAN ZHAO underperform 1 D 4 Not Provided 12.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 05.03.2013
Morgan Stanley ROBERT LIN Equalwt/In-Line 3 U 5 12 month 01.03.2013
JPMorgan KURUMLU EBRU SENER underweight 1 M 4 6 month 27.02.2013
DBS Vickers MAVIS HUI buy 5 U 6 12 month 25.02.2013
Mizuho Securities PETER TANG underperform 1 M 4 12 month 25.02.2013
China International Capital Corp BING QIAN hold 3 M 5 12 month 25.02.2013
BNP Paribas Equity Research SARAH LIU hold 3 M 6 12 month 25.02.2013
Guotai Junan FRANK XU neutral 3 N 5 Not Provided 25.02.2013
UOB Kay Hian TAI RENEE sell 1 M 4 Not Provided 25.02.2013
Goldman Sachs CAROLINE LI neutral/attractive 3 M 5 12 month 24.02.2013
Macquarie LINDA HUANG underperform 1 M 4 12 month 23.02.2013
Barclays CANDY HUANG underweight 1 M 4 Not Provided 23.02.2013
HSBC LINA YAN underweight 1 M 5 Not Provided 22.02.2013
CIMB KATHERINE CHAN neutral 3 M 5 12 month 22.02.2013
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
Haitong International Securities WINNIE FONG hold 3 M 12 12 month 26.05.2011
Capital Securities Corp TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 22.02.2011
Holdings By:
Parkson Retail Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |