Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
-
Upload
qms-advisors-llc -
Category
Documents
-
view
79 -
download
21
Transcript of Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinI&C 7I97 2' 9fPSp 8jemjfSfon
February 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.
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 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69
Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45
NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12
FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24
SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24
S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97
S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87
HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13
MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89
AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -
BOC HONG KONG HOLDINGS LTD HKD 35448 15112 10573 35 0 0 54 #VALUE! 6535 6900 4604 5049 - - - - 0.23 0.24 0.25 0.26 1.80 1.96 1.74 1.64 2.34 0.51 - - - - - - -
CATHAY FINANCIAL HOLDING CO TWD 13379 43979 10300 1 0 0 1 13.58 1042 1042 2319 2565 - - - - 0.10 0.10 0.05 0.05 0.41 - 0.88 0.76 - - - - - BBB+ 29.04.2009 - -
CHEUNG KONG HOLDINGS LTD HKD 35632 8473 2316 6 0 1 3 39.33 4252 2954 4099 5039 1434 1164 1870 1870 - 1.57 1.34 1.51 1.26 - 1.48 1.32 4.83 6.14 4.30 1.94 5.08 NR 28.12.2011 - -
CHINA CONSTRUCTION BANK-H HKD 203738 324150 250011 156 0 1 357 #VALUE! 74218 88030 58767 63904 - - - - 0.09 0.10 0.10 0.10 0.86 - 0.86 0.82 3.60 2.10 - - - A 29.11.2011 - -
CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -
CHINA MOBILE LTD HKD 222656 22612 20072 4 0 0 43 132.45 68088 70209 72403 76969 33167 33025 8172 8172 0.83 0.81 0.80 0.80 1.41 - 1.43 1.43 1.14 1.28 0.82 1.23 6.07 AA- 16.12.2010 WR 03.11.2005
CHINA PETROLEUM & CHEMICAL-H HKD 101740 110902 86703 31 0 5 3 121.44 317713 331965 329171 344924 22046 20236 - - 0.11 0.08 0.09 0.11 1.40 - 1.32 1.08 4.03 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -
CHINA STEEL CORP TWD 14355 25769 14972 3 0 0 0 17.91 8113 7397 7062 7058 1036 567 199 199 0.04 0.00 0.01 0.03 7.61 - 2.41 1.20 0.02 0.22 -1.33 -0.28 0.26 - - - -
CHUNGHWA TELECOM CO LTD TWD 24322 8760 7757 0 0 0 2 23.04 6496 6395 6909 7285 2806 2656 - - 0.20 0.17 0.17 0.18 0.61 - 0.60 0.60 - 0.00 - -0.11 1.40 AA 30.12.2010 - -
CLP HOLDINGS LTD HKD 21714 3547 2406 13 0 0 0 32.82 11817 12579 12353 13312 2722 2824 1532 1532 0.60 0.37 0.51 0.59 3.03 2.35 2.17 1.88 7.33 1.94 2.59 0.51 2.89 A- 02.03.2011 - -
CNOOC LTD HKD 89469 51694 44659 5 0 0 13 64.20 31071 30258 30525 31450 15351 14699 - - 0.20 0.18 0.19 0.18 1.15 - 1.11 1.14 4.36 4.46 2.77 2.43 6.26 AA- 16.12.2010 - -
DBS GROUP HOLDINGS LTD SGD 29783 6063 2437 40 0 3 38 #VALUE! 9 K 9 K 7 K 8 K - - - - 1.26 1.27 1.14 1.19 7.75 7.78 8.64 8.29 11.08 2.70 - - - - - - -
FORMOSA CHEMICALS & FIBRE TWD 14865 6615 5673 3 0 0 2 16.49 9477 9278 9628 9728 1077 322 163 163 - 0.01 0.04 0.13 10.53 - 2.17 0.70 -0.03 -0.01 -0.48 0.25 0.12 BBB+ 30.12.2010 - -
FORMOSA PLASTICS CORP TWD 16154 7918 6121 2 0 0 2 16.58 6332 5797 5831 6099 1109 531 96 96 - 0.07 0.08 0.14 1.28 - 1.08 0.63 -0.12 -0.07 -0.36 0.39 0.31 BBB+ 30.12.2010 - -
HANG SENG BANK LTD HKD 31015 1388 1912 7 0 0 20 #VALUE! 5081 5347 3148 3454 - - - - - 1.21 1.18 1.33 1.73 - 1.77 1.57 0.61 -0.30 - - - AA- 29.11.2011 - -
HON HAI PRECISION INDUSTRY TWD 33235 33446 11757 5 0 0 3 36.87 93598 106341 104052 117788 1388 1696 - - 0.23 0.27 0.27 0.31 0.35 - 0.36 0.31 0.67 0.72 -0.29 0.09 0.05 A- 09.11.2007 - -
HONG KONG & CHINA GAS HKD 24151 8790 8691 4 0 1 2 27.29 2892 3158 3359 3791 914 963 521 521 0.09 0.10 0.11 0.11 3.43 3.46 3.40 3.18 2.03 2.47 2.72 0.74 3.93 A+ 23.07.2008 A1 23.07.2008
HONG KONG EXCHANGES & CLEAR HKD 21129 6321 1078 0 0 0 6 15.18 886 840 929 1122 722 663 - - 0.58 0.57 0.50 0.60 4.19 4.44 4.72 3.95 0.45 0.74 1.20 2.34 10.18 - - - -
HUTCHISON WHAMPOA LTD HKD 46896 6330 4263 29 0 5 9 72.63 30137 30574 31324 33559 4462 4664 - - 0.61 0.60 0.69 0.80 2.36 2.00 2.05 1.76 1.51 0.53 -0.37 0.00 1.97 A- 09.11.2010 A3 29.10.2010
HYUNDAI HEAVY INDUSTRIES KRW 15567 272 61 4 0 0 1 19.95 23094 23094 22838 24651 2869 2869 - - 25.46 29.23 #VALUE! 29.03 0.01 0.01 #VALUE! 0.01 0.00 0.01 - 0.02 0.01 - - - -
HYUNDAI MOBIS CO LTD KRW 27557 182 96 2 0 0 2 25.90 15527 15527 20562 #VALUE! 2133 2133 - - 16.79 16.81 32.67 29.93 0.02 0.02 0.01 0.01 0.01 0.01 - 0.02 0.01 BBB+ 20.03.2012 - -
HYUNDAI MOTOR CO KRW 43802 411 209 4 0 0 9 35.22 39378 39378 54178 45629 5747 5747 - - - 16.07 33.86 36.37 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010
IND & COMM BK OF CHINA-H HKD 238178 316927 349084 248 0 0 463 #VALUE! 90833 101793 68581 74938 - - - - 0.08 0.08 0.08 0.09 0.91 - 0.87 0.84 3.80 2.45 - - - A 28.08.2012 - -
JARDINE MATHESON HLDGS LTD USD 41977 346 362 10 0 23 4 72.61 37967 40001 40863 46048 4690 9080 5138 5138 9.77 5.60 4.26 4.78 11.18 - 14.71 13.09 26.33 18.89 5.87 24.58 22.70 - - - -
KB FINANCIAL GROUP INC KRW 13694 1601 386 0 0 #VALUE! #VALUE! 13.60 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -
KEPPEL CORP LTD SGD 16894 5602 1798 6 0 3 4 22.59 11251 11251 10730 11255 2035 2035 - - 0.87 1.01 0.71 0.74 7.53 8.12 10.60 10.17 31.48 0.42 18.02 12.98 14.57 - - - -
KIA MOTORS CORPORATION KRW 20562 1976 404 3 0 0 2 20.04 25784 25784 34058 30376 2392 2392 - - 4.23 4.17 9.64 10.49 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008
KT&G CORP KRW 9644 370 126 0 0 0 1 8.83 2428 2428 2499 2540 1003 1003 - - - 5.62 5.34 5.77 0.01 - 0.01 0.01 0.01 0.00 0.01 0.00 0.04 NR 03.12.2004 - -
LG ELECTRONICS INC KRW 11661 1684 163 5 0 0 1 15.24 23408 23403 #VALUE! #VALUE! 422 837 - - -1.43 1.11 #VALUE! #VALUE! 0.06 - #VALUE! #VALUE! -0.01 0.00 - -0.02 0.00 BBB- 14.10.2011 Baa2 21.01.2010
LI & FUNG LTD HKD 11212 22711 8104 0 0 0 0 1.67 2583 2625 2693 2943 136 136 62 62 0.01 0.01 0.01 0.01 1.86 - 2.79 2.11 3.27 1.83 2.73 3.53 0.67 A- *- 15.01.2013 A3 10.05.2007
MEDIATEK INC TWD 14846 4829 1140 0 0 0 1 13.77 1817 1999 #VALUE! 4443 224 234 - - 0.41 0.43 0.41 0.59 0.86 - 0.90 0.63 -0.85 -0.09 -2.22 -0.79 0.40 - - - -
NAN YA PLASTICS CORP TWD 15874 8262 7852 3 0 0 1 18.93 6548 6138 6190 6427 989 557 132 132 - 0.00 0.02 0.08 22.02 - 4.30 0.85 -0.29 -0.15 -0.55 0.10 0.31 BBB+ 30.12.2010 - -
OVERSEA-CHINESE BANKING CORP SGD 27649 5365 3431 30 0 2 37 #VALUE! 7142 7201 5452 5894 - - - - 0.95 0.91 0.63 0.67 7.12 10.06 10.38 9.64 14.31 3.72 - - - AA- 01.12.2011 Aa1 04.05.2007
PETROCHINA CO LTD-H HKD 263843 94654 183021 41 0 10 8 266.17 258404 270579 266867 284450 41700 41828 11010 11010 0.10 0.09 0.09 0.10 1.56 1.53 1.68 1.45 4.74 3.34 0.84 0.57 1.99 - - - -
PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -
POSCO KRW 29257 197 77 11 0 0 2 37.00 32833 32833 31142 31767 5619 5619 1163 1163 - 38.00 31.33 30.43 0.01 - 0.01 0.01 -0.01 0.01 - 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012
POWER ASSETS HOLDINGS LTD HKD 19238 2330 2134 3 0 0 1 21.64 1315 1344 1365 1396 855 860 502 502 0.55 0.56 0.58 0.61 2.06 2.05 2.00 1.91 -0.21 -0.39 -1.42 -0.82 8.25 A+ 09.11.2010 - -
QUANTA COMPUTER INC TWD 8618 7157 3833 3 0 0 2 8.67 35792 33790 35004 37420 522 563 172 172 0.19 0.21 0.21 0.22 0.36 - 0.37 0.35 -0.01 0.18 0.87 0.39 0.06 NR 28.07.2005 - -
SAMSUNG C&T CORP KRW 9521 378 147 3 0 0 1 12.31 15872 15872 26235 #VALUE! 337 337 - - 0.57 1.85 #VALUE! 4.62 0.03 0.10 #VALUE! 0.01 0.01 0.01 - 0.00 0.00 - - - -
SAMSUNG ELECTRONICS CO LTD KRW 210187 262 130 4 0 0 13 201.33 129996 129991 202820 219082 17480 22705 - - 61.43 94.82 193.35 204.83 0.01 0.01 0.01 0.01 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005
SANDS CHINA LTD HKD 36669 11677 8055 0 0 0 0 4.90 840 840 1085 1244 229 229 78 78 0.02 0.02 0.03 0.04 3.83 - 2.49 1.96 4.31 - 2.05 4.74 3.51 - - - -
SHINHAN FINANCIAL GROUP LTD KRW 18379 1501 474 6 0 0 2 24.99 914 914 #VALUE! #VALUE! 1890 1890 - - 2.68 2.71 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! -0.05 -0.01 - 0.00 0.09 - - - -
SINGAPORE TELECOM LTD SGD 45344 11470 15929 7 0 0 1 51.11 15167 14890 14885 15082 4178 4210 1122 1122 0.20 0.20 0.18 0.20 11.53 11.47 12.53 11.70 3.36 3.31 1.68 3.18 22.78 A+ 05.08.2003 Aa3 15.08.2012
SK INNOVATION CO LTD KRW 15024 377 92 1 #VALUE! 0 1 14.66 2163 2163 1341 #VALUE! 574 574 - - - 16.83 16.99 #VALUE! 0.01 - 0.01 #VALUE! 0.05 0.03 - - 0.04 BBB 12.03.2008 Baa3 12.03.2009
SUN HUNG KAI PROPERTIES HKD 41320 5648 2616 9 0 1 2 49.14 8820 8820 8147 8865 3397 3397 3446 3446 2.15 2.14 1.07 1.12 0.94 - 1.87 1.79 1.21 2.39 2.28 2.19 4.97 A+ 15.06.2012 - -
SWIRE PACIFIC LTD-A HKD 19026 1407 1505 5 0 1 1 29.68 4679 4977 5444 5762 1303 1337 1736 1736 2.77 1.43 0.82 0.82 1.16 1.13 2.03 2.03 3.13 1.79 1.50 1.70 3.46 A- 16.08.2005 A3 19.07.2000
TAIWAN SEMICONDUCTOR MANUFAC TWD 93605 30552 25924 4 0 0 4 93.71 16870 15978 #VALUE! #VALUE! 10165 9483 - - 0.22 0.22 0.24 0.27 0.56 - 0.52 0.45 0.66 0.37 0.83 0.35 2.00 A+ 20.04.2010 - -
UNITED OVERSEAS BANK LTD SGD 24690 2385 1574 27 2 0 35 #VALUE! 6106 6917 5173 5423 - - - - 1.14 1.31 1.35 1.36 9.63 9.66 9.37 9.30 5.83 1.43 - - - AA- 01.12.2011 Aa1 09.06.2010
WANT WANT CHINA HOLDINGS LTD HKD 17297 18217 13220 0 0 0 0 2.20 380 412 455 555 77 95 - - 0.00 0.00 0.01 0.01 4.61 - 4.11 3.31 4.04 3.20 2.42 3.27 2.98 - - - -
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 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%
Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%
NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%
SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%
S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%
HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%
MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%
AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%
BOC HONG KONG HOLDINGS LTD 2.16 1.95 1.83 1.73 1.66 8.52 7.70 7.02 6.42 6.17 11.82 13.00 12.81 12.04 14.37 13.46 12.74 11.81 11.28 4.47 4.64 4.91 5.35 5.99 29.00 11.5%
CATHAY FINANCIAL HOLDING CO 1.63 1.55 1.51 5.77 5.22 4.84 26.19 22.53 21.12 24.06 1.25 1.51 1.53 2.32 33.58 -7.9%
CHEUNG KONG HOLDINGS LTD 0.92 0.84 0.79 0.74 7.40 8.69 7.07 6.26 19.70 16.08 13.23 17.66 21.03 17.47 16.52 12.52 11.45 10.21 9.43 2.62 2.70 2.82 2.99 139.20 16.7%
CHINA CONSTRUCTION BANK-H 1.58 1.36 1.19 1.05 3.17 2.79 2.57 2.30 1.99 4.95 4.48 4.18 4.05 7.58 6.68 6.38 5.93 5.55 4.86 5.16 5.33 5.68 9.01 7.28 14.9%
CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%
CHINA MOBILE LTD 2.15 1.93 1.76 1.61 1.46 2.65 2.48 2.33 2.19 2.01 6.08 6.13 6.04 5.72 5.28 4.08 4.07 4.00 3.85 3.71 11.11 11.11 11.09 10.79 10.82 3.88 3.90 3.91 4.12 4.64 92.62 7.8%
CHINA PETROLEUM & CHEMICAL-H 1.30 1.18 1.09 0.99 0.91 0.27 0.25 0.24 0.23 0.19 4.27 4.21 3.84 3.62 3.11 5.38 5.67 4.91 4.55 4.12 8.17 10.25 8.41 7.76 7.40 3.15 3.35 3.84 4.12 4.38 9.18 4.3%
CHINA STEEL CORP 1.49 1.51 1.47 1.45 1.35 1.78 2.03 2.03 1.91 1.75 11.90 12.76 14.01 12.67 10.59 16.17 25.42 18.96 17.62 14.45 21.23 71.41 35.61 26.03 26.78 4.48 1.52 2.10 2.80 2.41 22.51 -19.2%
CHUNGHWA TELECOM CO LTD 1.96 1.95 1.93 3.57 3.52 3.34 8.45 8.51 8.14 17.61 17.92 17.70 18.40 5.33 5.26 5.37 5.78 86.63 -6.7%
CLP HOLDINGS LTD 1.96 1.88 1.79 1.69 1.56 2.20 1.76 1.63 1.53 1.57 10.32 8.86 8.72 8.33 10.72 12.94 12.35 11.08 10.60 9.76 16.55 16.84 14.57 13.78 13.49 3.74 3.83 3.91 4.05 3.78 64.34 -3.5%
CNOOC LTD 2.12 1.79 1.56 1.38 1.29 2.42 2.36 2.29 2.05 2.18 5.56 5.77 5.67 5.30 5.61 4.08 4.03 3.91 3.66 3.62 8.09 8.58 8.83 8.52 9.10 4.07 2.54 2.77 2.86 2.91 17.99 15.8%
DBS GROUP HOLDINGS LTD 1.19 1.11 1.04 0.99 4.48 4.23 3.84 3.39 10.31 10.59 9.90 9.02 11.04 10.72 10.29 9.16 3.80 3.89 3.99 4.03 16.65 9.9%
FORMOSA CHEMICALS & FIBRE 1.64 1.96 1.84 1.74 1.54 1.55 1.54 1.53 1.47 9.46 24.04 19.13 15.39 12.83 37.37 22.39 22.09 12.23 64.34 20.78 18.89 7.34 1.96 2.96 3.89 79.34 2.5%
FORMOSA PLASTICS CORP 1.84 2.17 2.02 1.89 1.69 2.50 2.77 2.65 2.49 9.52 16.86 16.54 15.87 12.70 27.86 21.20 20.20 12.66 32.01 18.75 16.36 7.07 2.73 3.40 4.44 82.86 6.0%
HANG SENG BANK LTD 3.15 2.75 2.48 2.33 2.09 9.60 9.85 8.98 8.29 7.83 12.93 26.26 30.95 28.27 15.17 13.71 12.18 13.95 12.44 4.12 4.16 4.21 4.37 19.62 117.59 -6.5%
HON HAI PRECISION INDUSTRY 1.80 1.34 1.18 1.12 0.29 0.32 0.28 17.32 8.96 6.86 5.70 4.67 13.49 10.56 9.05 8.05 6.36 1.36 1.84 2.17 2.14 1.08 105.90 27.3%
HONG KONG & CHINA GAS 4.47 4.12 3.82 3.59 3.13 8.52 7.19 6.37 5.70 5.12 30.44 25.65 24.08 21.77 32.12 24.80 22.59 20.80 22.13 32.02 26.38 24.63 23.17 21.19 1.53 1.80 1.93 2.10 2.74 20.14 -6.6%
HONG KONG EXCHANGES & CLEAR 17.35 11.07 9.74 9.26 21.00 22.74 18.84 16.78 26.91 31.84 25.68 22.35 19.44 23.16 18.31 16.36 30.25 36.58 30.66 28.22 2.98 2.49 2.93 3.24 127.55 -10.5%
HUTCHISON WHAMPOA LTD 1.03 0.98 0.94 0.89 1.62 1.50 1.40 1.31 8.84 9.97 9.16 8.16 14.12 12.87 11.52 9.93 18.92 15.90 13.69 11.98 2.44 2.59 2.81 3.02 95.23 11.6%
HYUNDAI HEAVY INDUSTRIES 0.68 0.68 0.63 0.57 9.62 7.06 1.86 1.68 1.71 1.80 1.91 277809.53 24.9%
HYUNDAI MOBIS CO LTD 1.76 1.39 1.59 1.34 9.94 8.40 10.00 8.66 9.46 0.59 0.63 0.64 0.57 0.57 368251.72 19.8%
HYUNDAI MOTOR CO 1.44 1.18 0.99 1.07 0.81 0.96 5.50 5.53 5.18 6.06 5.87 5.47 0.87 0.90 0.94 1.01 0.93 276250.00 27.9%
IND & COMM BK OF CHINA-H 1.63 1.40 1.22 1.07 3.16 2.79 2.56 2.32 2.06 5.19 4.65 4.30 4.17 7.56 6.78 6.48 5.98 5.88 4.81 4.97 5.22 5.60 8.51 6.48 16.8%
JARDINE MATHESON HLDGS LTD 1.67 1.50 1.42 1.33 1.21 1.03 0.91 0.81 6.54 6.32 5.96 5.62 13.15 14.13 12.59 11.54 16.00 14.71 13.09 11.76 1.96 2.08 2.26 2.45 69.14 10.4%
KB FINANCIAL GROUP INC 2.08 2.08 46596.30 21.0%
KEPPEL CORP LTD 2.40 2.14 2.00 1.81 1.52 1.57 1.50 1.37 14.58 10.81 10.47 10.57 10.61 12.70 12.08 11.08 10.81 13.16 12.62 11.79 4.11 3.90 3.98 4.21 12.78 9.6%
KIA MOTORS CORPORATION 1.30 1.04 0.85 0.74 0.60 0.68 7.54 7.25 7.25 5.43 5.26 4.83 1.18 1.24 1.34 1.32 1.41 67435.48 22.4%
KT&G CORP 3.94 3.86 3.80 11.25 9.68 9.11 13.56 13.15 12.18 4.29 4.40 4.57 4.88 4.69 89600.00 17.4%
LG ELECTRONICS INC 0.44 0.50 0.58 0.31 0.27 88313.34 14.1%
LI & FUNG LTD 2.57 2.32 2.18 2.03 1.94 0.55 0.54 0.49 0.45 0.33 16.16 14.27 11.17 9.79 13.08 16.11 11.19 9.52 6.72 17.41 21.63 16.35 13.41 8.65 4.77 3.06 4.55 5.44 11.94 14.8%
MEDIATEK INC 3.61 3.43 3.40 3.34 2.53 21.25 13.82 9.99 25.99 26.54 18.55 15.13 15.29 4.28 2.82 3.47 4.26 3.95 363.05 11.4%
NAN YA PLASTICS CORP 1.70 1.89 1.79 1.71 1.58 2.37 2.56 2.47 2.42 10.93 20.46 21.15 14.95 17.26 35.69 27.42 25.92 17.07 127.45 25.12 20.29 5.57 1.22 2.40 3.46 57.80 -3.5%
OVERSEA-CHINESE BANKING CORP 1.45 1.37 1.30 1.21 4.68 5.07 4.69 4.28 18.62 20.28 17.95 9.52 12.63 12.89 11.96 10.72 3.39 3.38 3.60 3.91 10.34 3.4%
PETROCHINA CO LTD-H 1.55 1.47 1.37 1.27 1.15 0.88 0.80 0.75 0.71 0.72 5.19 5.52 4.81 4.59 4.60 6.20 6.24 5.58 5.18 4.96 11.42 13.00 11.24 10.26 10.40 3.89 3.51 3.95 4.30 4.31 12.10 13.5%
PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%
POSCO 0.79 0.72 0.70 0.88 0.94 0.92 7.53 6.28 6.15 8.94 8.06 7.35 12.15 10.71 11.03 2.55 2.58 2.63 2.69 2.74 421000.00 15.5%
POWER ASSETS HOLDINGS LTD 2.48 2.39 2.22 2.08 1.98 14.02 14.09 13.78 13.48 13.61 16.42 16.91 16.40 16.04 25.89 19.62 19.92 19.38 18.70 20.08 16.66 15.54 14.85 14.21 15.33 3.27 3.60 3.78 3.87 3.85 66.69 -4.6%
QUANTA COMPUTER INC 2.10 1.98 1.79 1.67 0.23 0.25 0.23 0.22 4.72 6.82 16.57 7.77 12.51 10.95 8.75 7.73 11.75 10.82 10.34 9.55 9.03 5.66 6.03 6.19 6.46 65.77 -0.9%
SAMSUNG C&T CORP 0.36 13.21 0.82 0.81 0.84 0.91 0.87 79552.17 20.2%
SAMSUNG ELECTRONICS CO LTD 1.52 1.26 1.04 0.96 3.90 3.69 7.38 6.97 0.49 0.57 0.62 0.64 0.70 1900052.63 22.6%
SANDS CHINA LTD 6.59 6.00 5.32 4.79 5.66 4.36 3.80 3.43 18.43 13.75 10.84 20.17 14.84 12.45 10.92 28.99 19.29 15.22 12.75 3.60 4.22 4.79 4.06 41.73 18.2%
SHINHAN FINANCIAL GROUP LTD 2.01 2.12 2.56 2.75 3.09 47785.18 13.5%
SINGAPORE TELECOM LTD 2.31 2.28 2.17 2.07 3.00 3.05 3.01 2.95 11.54 11.57 11.14 10.86 11.06 11.24 10.99 10.94 15.09 15.55 14.53 13.37 4.39 4.50 4.79 5.04 3.54 0.2%
SK INNOVATION CO LTD 11.20 13.55 9.56 1.49 1.56 1.61 1.51 1.51 199695.66 13.1%
SUN HUNG KAI PROPERTIES 0.96 0.88 0.84 0.80 5.15 5.07 4.66 4.13 4.17 11.08 15.16 20.40 14.64 15.11 14.26 13.32 12.64 14.93 14.49 13.87 12.78 13.44 2.84 2.84 2.94 3.06 134.95 11.9%
SWIRE PACIFIC LTD-A 0.68 0.70 0.68 0.67 4.48 3.50 3.30 3.06 13.75 13.13 13.94 12.51 23.50 17.10 17.89 16.31 15.53 15.76 15.78 13.86 5.12 2.97 3.27 3.68 100.62 0.9%
TAIWAN SEMICONDUCTOR MANUFAC 16.72 15.27 13.21 11.32 2.80 2.81 2.78 2.88 114.68 7.2%
UNITED OVERSEAS BANK LTD 1.44 1.35 1.26 1.18 1.15 5.39 4.77 4.55 4.23 4.19 9.63 12.09 12.32 11.31 13.19 11.62 11.54 10.75 10.72 3.40 3.39 3.51 3.74 3.44 20.95 7.6%
WANT WANT CHINA HOLDINGS LTD 14.37 10.80 9.14 7.74 6.88 6.01 4.90 4.02 3.39 2.82 36.32 25.64 21.79 18.16 13.91 30.98 21.36 17.09 14.31 10.69 43.58 31.89 25.64 21.43 16.98 1.53 1.91 2.37 2.91 3.52 10.90 7.5%
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] |
21.02.2013
AIA Group Ltd. offers insurance and financial services. The Company writes
life insurance for individuals and businesses, accident and health insurance,
retirement planning, and wealth management services.
Latest Fiscal Year: 11/2011
LTM as of: 01/yy
52-Week High (21.02.2013) 32.50
52-Week Low (04.06.2012) 24.05
Daily Volume
32.1
52-Week High % Change -1.23% Dividend Yield 1.07
52-Week Low % Change 33.47% Beta 0.85
% 52 Week Price Range High/Low 100.00% Equity Float 12'039.65
Shares Out 30.11.2012 12'044.0 Short Int -
386'612.38 1 Yr Total Return 19.97%
Total Debt 1'229.00 YTD Return 6.12%
Preferred Stock 0.0 Adjusted BETA 0.847
Minority Interest 102.0 Analyst Recs 23
Cash and Equivalents 4'303.00 Consensus Rating 4.304
Enterprise Value 48'107.84
Average Volume 5 Day 35'651'890
1299 HK EQUITY YTD Change - Average Volume 30 Day 39'619'360
1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'483'780
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - -
15'226.0 3'810.0 19'016.0 18'394.0 14'385.0 - - 18'251.3 20'560.8 - -
- - - 1.85x 2.33x - - 2.64x 2.46x - -
- - - - - - - - - - -
- - - - - - - - - - -
1'914.0 408.0 1'754.0 2'701.0 1'600.0 - - 2'659.0 2'842.2 - -
- - - 13.14x 23.31x - - 19.07x 17.24x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 15.24% Long-Term Outlook -
Pretax Margin 15.07% Short-Term Rating Date -
Return on Assets 1.47% Short-Term Rating -
Return on Common Equity 7.84%
Return on Capital 7.34% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 5.8%
Net Income Margin 11.1% Total Debt/Capital 5.4%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.07% Inventory Days -
Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
AIA Group LtdPrice/Volume
Valuation Analysis
43'064'252.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2''&' A
-'''&' A
-2''&' A
.'''&' A
.2''&' A
0.0
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
20'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.'&''
1'&''
3'&''
5'&''
-''&''
-.'&''
-1'&''
'2&-.&.''5 '2&'3&.''6 '2&-.&.''6 '2&'3&.'-' '2&-.&.'-' '2&'3&.'-- '2&-.&.'-- '2&'3&.'-. '2&-.&.'-.
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 1'431'991'813 11.89 75'997'000 10.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 947'131'193 7.86 (27'400) 17.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 872'440'983 7.24 2'199'200 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 607'474'500 5.04 - 23.01.2013 Unclassified
FMR LLC n/a ULT-AGG 306'826'224 2.55 52'083'324 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 298'181'135 2.48 41'460'521 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 279'263'500 2.32 33'684'200 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 219'402'776 1.82 67'540'336 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132'900'800 1.1 8'571'000 31.12.2012 Investment Advisor
LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119'148'250 0.99 119'148'250 30.09.2012 Insurance Company
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107'408'000 0.89 852'800 31.10.2012 Bank
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 104'143'762 0.86 50'914'552 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 104'087'200 0.86 3'339'200 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86'696'300 0.72 1'568'200 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 85'271'979 0.71 11'139'725 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84'229'621 0.7 1'779'400 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'225'000 0.66 - 30.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'373'800 0.64 50'369'000 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50'209'800 0.42 (2'170'000) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 44'959'365 0.37 (1'172'032) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies BARON NIE buy 5 M 35 12 month 20.02.2013
HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013
ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013
Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013
Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013
China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013
Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013
Standard Chartered PETER O'BRIEN outperform 5 M 38 12 month 30.01.2013
CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013
Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013
BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012
Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012
ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012
Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012
Holdings By:
AIA Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial
products and services to retail and corporate customers. Its products include
retail banking, corporate banking, and treasury services. The Company operates
its branches in Hong Kong and China.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.02.2013) 27.10
52-Week Low (07.03.2012) 20.80
Daily Volume
26
52-Week High % Change -4.06% Dividend Yield 4.24
52-Week Low % Change 25.00% Beta 0.97
% 52 Week Price Range High/Low 89.68% Equity Float 3'588.38
Shares Out 30.09.2012 10'572.8 Short Int -
274'892.28 1 Yr Total Return 24.38%
Total Debt 274'572.00 YTD Return 7.88%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 3'418.0 Analyst Recs 32
Cash and Equivalents 419'465.00 Consensus Rating 4.219
Enterprise Value -
Average Volume 5 Day 7'227'710
2388 HK EQUITY YTD Change - Average Volume 30 Day 14'173'730
2388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 12'552'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
65'258.0 50'394.0 40'414.0 42'891.0 50'675.0 - - 35'700.1 39'151.7 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
15'446.0 3'343.0 13'930.0 16'196.0 20'430.0 - - 20'251.3 21'525.9 - -
14.96x 27.77x 13.36x 17.27x 9.52x - - 13.46x 12.74x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 55.20% Long-Term Outlook -
Pretax Margin 60.60% Short-Term Rating Date -
Return on Assets 1.12% Short-Term Rating -
Return on Common Equity 14.75%
Return on Capital 4.72% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 211.6%
Net Income Margin 50.2% Total Debt/Capital 67.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 1.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 15.79% Inventory Days -
Tot Debt to Common Equity 211.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BOC Hong Kong Holdings LtdPrice/Volume
Valuation Analysis
15'112'052.00
Current Price (2/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
-'
-2
.'
.2
0'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A2&' A-'&' A-2&' A.'&' A.2&' A0'&' A02&' A1'&' A12&' A
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-'&''
.'&''
0'&''
1'&''
2'&''
3'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BOC HONG KONG BVI LT n/a Co File 6'984'274'213 66.06 - 31.12.2011 Government
FMR LLC n/a ULT-AGG 122'013'446 1.15 8'458'812 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 73'023'052 0.69 (1'919'500) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 65'111'630 0.62 744'022 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 37'849'000 0.36 (1'227'500) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 30'823'067 0.29 (1'715'438) 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 30'708'000 0.29 3'581'000 31.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 24'178'500 0.23 (1'861'500) 30.11.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 21'989'321 0.21 (568'700) 31.12.2012 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18'105'500 0.17 - 31.12.2010 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16'483'500 0.16 (13'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 15'627'000 0.15 5'500 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'494'500 0.15 - 14.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'636'000 0.11 (1'152'500) 28.09.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 11'200'000 0.11 - 30.06.2012 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 10'444'500 0.1 (387'000) 25.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10'327'000 0.1 2'034'500 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 9'455'000 0.09 (16'000) 31.10.2012 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 6'932'500 0.07 73'000 28.09.2012 Bank
NOMURA n/a ULT-AGG 6'721'500 0.06 - 15.10.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays SHARNIE WONG overweight 5 M 29 Not Provided 21.02.2013
Citic Securities Co., Ltd STEVEN CHAN hold 3 M 26 6 month 18.02.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 24 12 month 06.02.2013
China International Capital Corp SALLY NG accumulate 4 M 29 12 month 01.02.2013
JPMorgan JOSHUA KLACZEK overweight 5 M 27 Not Provided 31.01.2013
Deutsche Bank SOPHIA LEE buy 5 M 32 12 month 30.01.2013
Bank of China International PATRICK PONG buy 5 M 29 12 month 29.01.2013
UOB Kay Hian EDMOND LAW buy 5 M 31 Not Provided 29.01.2013
CCB International Securities Ltd ADAM CHAN outperform 5 M 31 Not Provided 28.01.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 33 12 month 25.01.2013
ABC International JOHANNES AU buy 5 N 34 12 month 23.01.2013
DBS Vickers ALEXANDER LEE buy 5 M 29 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Core Pacific TIMOTHY LI buy 5 U 30 12 month 15.01.2013
Nomura DAVID CHUNG buy 5 M 28 Not Provided 10.01.2013
Credit Suisse SANJAY JAIN outperform 5 M 28 Not Provided 09.01.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 30 Not Provided 20.12.2012
Mizuho Securities JIM ANTOS buy 5 M 29 12 month 14.12.2012
Standard Chartered JOHN CAPARUSSO in-line 3 M 24 12 month 06.12.2012
Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 M 24 12 month 04.12.2012
Kim Eng Securities IVAN LI buy 5 M 28 12 month 26.10.2012
Goldman Sachs GURPREET SINGH SAHI Buy/Neutral 5 M 29 12 month 25.10.2012
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 D 24 12 month 17.09.2012
President Securities HK Ltd HUNG YIN CHEN neutral 3 N 27 Not Provided 12.09.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 27 Not Provided 24.08.2012
HSBC TODD DUNIVANT overweight 5 M 29 Not Provided 23.08.2012
Guotai Junan WILSON LI neutral 3 M 20 Not Provided 09.07.2012
Macquarie ISMAEL PILI underperform 1 M 18 12 month 27.06.2012
Holdings By:
BOC Hong Kong Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Cathay Financial Holding Co., Ltd. is a holding company. Through its
subsidiaries, the Company provides traditional life, health care, and
accident insurances, as well as banking, security underwriting, and
brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.02.2013) 37.80
52-Week Low (04.06.2012) 26.48
Daily Volume
36.45
52-Week High % Change -3.57% Dividend Yield -
52-Week Low % Change 37.67% Beta 1.13
% 52 Week Price Range High/Low 93.82% Equity Float 6'299.87
Shares Out 30.09.2012 10'875.4 Short Int 50.88
396'407.81 1 Yr Total Return 13.48%
Total Debt 23'774.56 YTD Return 15.71%
Preferred Stock 0.0 Adjusted BETA 1.134
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 17'798.89 Consensus Rating 2.880
Enterprise Value 402'383.47
Average Volume 5 Day 73'947'580
2882 TT EQUITY YTD Change - Average Volume 30 Day 29'942'600
2882 TT EQUITY YTD % CHANGE - Average Volume 3 Month 25'052'580
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
- - - - - 0.0 0.0 68'723.0 76'008.0 131'188.0 -
- - - - - #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
30'748.1 2'196.0 11'050.0 - - 7'490.6 7'856.7 14'720.2 16'835.0 7'491.5 3'903.2
20.24x 182.50x 52.37x - - 0.00x 0.00x 26.19x 22.53x 22.20x 21.92x
EBITDA - Long-Term Rating Date 29.04.2009
EBIT - Long-Term Rating BBB+
Operating Margin 98.76% Long-Term Outlook NEG
Pretax Margin 96.81% Short-Term Rating Date 13.05.2002
Return on Assets 16.24% Short-Term Rating A-2
Return on Common Equity 18.81%
Return on Capital 16.69% EBITDA/Interest Exp. -
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 13.6%
Net Income Margin 96.6% Total Debt/Capital 11.9%
Asset Turnover 0.17
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.87% Inventory Days -
Tot Debt to Common Equity 13.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Cathay Financial Holding Co LtdPrice/Volume
Valuation Analysis
43'979'308.00
Current Price (2/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
-'
-2
.'
.2
0'
02
1'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.'&' A
1'&' A
3'&' A
5'&' A
-''&' A
-.'&' A
-1'&' A
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
'3&'-&.''4'3&'4&.''4'3&'-&.''5'3&'4&.''5'3&'-&.''6'3&'4&.''6'3&'-&.'-''3&'4&.'-''3&'-&.'--'3&'4&.'--'3&'-&.'-.'3&'4&.'-.'3&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WAN PAO DEVELOP HOLD n/a EXCH 1'964'066'155 18.06 - 30.11.2012 n/a
LIN YUEN INVESTMENT n/a EXCH 1'694'341'682 15.58 - 30.11.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 363'330'579 3.34 83'600 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 181'331'853 1.67 (78'450) 19.02.2013 Investment Advisor
VANGUARD EMS INDEX F n/a Co File 128'978'630 1.19 - 17.04.2012 n/a
WAN TA INVEST CO LTD n/a EXCH 119'642'082 1.1 - 30.11.2012 n/a
SINGAPORE GOVERNMENT n/a Co File 119'393'371 1.1 - 17.04.2012 n/a
LABOR INSURANCE FUND n/a Co File 106'885'199 0.98 - 17.04.2012 n/a
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 93'820'503 0.86 (4'818'597) 30.06.2012 Mutual Fund Manager
PO HAN INVESTMENT CO n/a Co File 91'466'691 0.84 - 17.04.2012 Corporation
PAI HSING INVEST CO n/a EXCH 88'462'784 0.81 - 30.11.2012 n/a
CHUNGHWA POST CO LTD n/a Co File 86'040'750 0.79 - 17.04.2012 Government
PUBLIC SERVICE PENSI n/a Co File 83'800'237 0.77 - 17.04.2012 n/a
CHENG-DA TSAI n/a EXCH 55'413'530 0.51 - 30.11.2012 n/a
HONG-TU TSAI n/a EXCH 45'595'229 0.42 - 30.11.2012 n/a
CATHAY LIFE EMPLOYEE n/a EXCH 30'852'893 0.28 - 30.09.2012 Other
CATHAY LIFE EMPLOYEE n/a EXCH 30'852'893 0.28 - 30.11.2012 Other
CHEN-CHIU TSAI n/a EXCH 30'259'767 0.28 - 30.11.2012 n/a
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 27'639'163 0.25 - 30.06.2011 Investment Advisor
CHEN SHENG CORP n/a EXCH 24'256'606 0.22 - 30.11.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank PANDORA LEE buy 5 M 42 12 month 20.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013
Barclays NOEL CHAN overweight 5 M 41 Not Provided 19.02.2013
Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 18.02.2013
KGI Securities WEN-YEN FANG outperform 5 U 41 12 month 06.02.2013
RBS NORA HOU hold 3 M 32 12 month 04.02.2013
Goldman Sachs MANCY SUN Sell/Neutral 1 M 28 12 month 25.01.2013
President Capital Management TINA YENG PING CHEN buy 5 U 37 6 month 18.01.2013
JPMorgan JAMES WU neutral 3 M 33 9 month 16.01.2013
BNP Paribas Equity Research LING TANG hold 3 M 33 12 month 11.01.2013
HSBC BRUCE B WARDEN underweight 1 M 23 Not Provided 10.01.2013
Credit Suisse CHUNG HSU neutral 3 M 33 Not Provided 03.01.2013
E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.12.2012
Morgan Stanley LILY CHOI Equalwt/In-Line 3 M 31 12 month 06.12.2012
Capital Securities Corp MICHAEL LIN neutral 3 D 55 3 month 29.11.2012
Fubon Securities LIN CHIU-SIANG neutral 3 M 33 6 month 26.11.2012
Mega Securities CHUANG PIYEN neutral 3 M 34 6 month 05.11.2012
Macquarie JEMMY HUANG neutral 3 M 33 12 month 03.11.2012
Yuanta Securities Investment ConsultingPEGGY SHIH hold 3 M 33 Not Provided 02.11.2012
Daiwa Securities Co. Ltd. JERRY YANG sell 1 M 25 Not Provided 02.11.2012
Nomura JESSE WANG reduce 2 M 28 Not Provided 02.11.2012
SinoPac LYNN HUANG Under Review #N/A N/A M #N/A N/A Not Provided 30.08.2012
Holdings By:
Cathay Financial Holding Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Cheung Kong (Holdings) Limited, through its subsidiaries, develops and invests
in real estate. The Company also provides real estate agency and management
services, operates hotels, and invests in securities.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (17.01.2013) 132.70
52-Week Low (04.06.2012) 86.00
Daily Volume
119.3
52-Week High % Change -10.10% Dividend Yield 2.65
52-Week Low % Change 38.72% Beta 1.09
% 52 Week Price Range High/Low 77.52% Equity Float 1'230.96
Shares Out 27.11.2012 2'316.2 Short Int -
276'318.41 1 Yr Total Return 7.56%
Total Debt 45'917.00 YTD Return 0.25%
Preferred Stock 0.0 Adjusted BETA 1.087
Minority Interest 7'860.0 Analyst Recs 20
Cash and Equivalents 20'114.00 Consensus Rating 4.900
Enterprise Value 304'965.41
Average Volume 5 Day 3'477'163
1 HK EQUITY YTD Change - Average Volume 30 Day 4'026'557
1 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'747'072
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 03/11 Q1 06/11 Q2
13'277.0 12'856.0 17'702.0 23'983.0 32'971.0 - - 31'785.9 39'079.3 - -
27.63x 16.36x 14.53x 12.23x 7.51x - - 9.53x 7.54x - -
6'019.0 6'938.0 8'114.0 8'341.0 11'122.0 - - 14'503.1 17'453.6 - -
60.95x 30.32x 31.71x 35.16x 22.27x - - 21.03x 17.47x - -
27'678.0 13'029.0 19'618.0 26'836.0 46'055.0 - - 24'084.3 26'949.9 - -
12.07x 13.02x 11.84x 10.35x 4.65x - - 11.45x 10.21x - -
EBITDA 11'122.00 Long-Term Rating Date 28.12.2011
EBIT 10'722.00 Long-Term Rating NR
Operating Margin 32.52% Long-Term Outlook -
Pretax Margin 145.86% Short-Term Rating Date -
Return on Assets 7.63% Short-Term Rating -
Return on Common Equity 9.21%
Return on Capital 8.29% EBITDA/Interest Exp. 14.85
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 13.15
Net Debt/EBITDA 2.32
Gross Margin - Total Debt/EBITDA 5.00
EBITDA Margin 39.4%
EBIT Margin 37.7% Total Debt/Equity 15.0%
Net Income Margin 139.7% Total Debt/Capital 12.7%
Asset Turnover 0.06
Current Ratio 2.63 Net Fixed Asset Turnover 0.65
Quick Ratio 0.59 Accounts receivable turnover-days 26.37
Debt to Assets 12.30% Inventory Days -
Tot Debt to Common Equity 14.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.88 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
Cheung Kong Holdings LtdPrice/Volume
Valuation Analysis
8'473'346.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.&' A
1&' A
3&' A
5&' A
-'&' A
-.&' A
-1&' A
-3&' A
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-'&''
.'&''
0'&''
1'&''
2'&''
3'&''
4'&''
5'&''
6'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LI KA-SHING UNITY TR n/a EXCH 913'378'704 39.43 - 16.07.2012 Other
JP MORGAN n/a ULT-AGG 113'417'411 4.9 (36'000) 31.10.2012 Unclassified
SUNJET LIMITED n/a EXCH 78'668'000 3.4 - 10.12.2010 Other
KEEN SHINE INVESTMEN n/a EXCH 65'491'000 2.83 - 16.07.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 58'285'000 2.52 145'000 31.10.2012 Bank
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 35'888'000 1.55 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 30'004'631 1.3 (2'639'888) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'465'339 1.19 581'811 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'191'911 1 (3'645'431) 31.12.2012 Investment Advisor
KING'S ROAD DEVELOPM n/a EXCH 23'059'840 1 - 16.07.2012 Other
THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 16'551'000 0.71 (6'246'000) 31.10.2012 Hedge Fund Manager
STATE STREET GLOBAL Multiple Portfolios MF-AGG 11'575'709 0.5 (644'359) 30.06.2012 Investment Advisor
ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 9'379'400 0.4 - 30.09.2012 Insurance Company
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'288'155 0.4 44'000 31.12.2012 Investment Advisor
SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 7'303'000 0.32 - 30.09.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'600'000 0.28 1'100'000 31.12.2010 Pension Fund (ERISA)
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 6'000'000 0.26 - 30.06.2011 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 5'535'000 0.24 5'535'000 28.09.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5'337'000 0.23 725'000 14.09.2012 Investment Advisor
UNITED STATES FIRE I UNITED STATES FIRE I Sch-D 5'170'800 0.22 - 30.09.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse CUSSON LEUNG outperform 5 M 140 Not Provided 20.02.2013
DBS Vickers JEFF YAU buy 5 M 148 12 month 19.02.2013
UOB Kay Hian SYLVIA WONG hold 3 M 123 Not Provided 19.02.2013
BOCOM International Holdings ALFRED LAU buy 5 M 132 12 month 19.02.2013
Jefferies VENANT CHIANG buy 5 M 119 12 month 04.02.2013
Nomura PAUL LOUIE buy 5 M 147 Not Provided 22.01.2013
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 144 12 month 21.01.2013
JPMorgan LUCIA KWONG overweight 5 M 139 9 month 17.01.2013
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 141 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 152 12 month 04.01.2013
Daiwa Securities Co. Ltd. JONAS KAN buy 5 U 144 Not Provided 10.12.2012
Macquarie DAVID NG outperform 5 M 134 12 month 06.11.2012
Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 134 6 month 25.10.2012
Standard Chartered PAUL YAU outperform 5 M 123 12 month 20.09.2012
Deutsche Bank JASON CHING buy 5 M 143 12 month 02.04.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 126 Not Provided 05.08.2011
Holdings By:
Cheung Kong Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (28.01.2013) 6.75
52-Week Low (12.07.2012) 4.71
Daily Volume
6.34
52-Week High % Change -6.07% Dividend Yield -
52-Week Low % Change 34.61% Beta 1.10
% 52 Week Price Range High/Low 87.75% Equity Float 69'156.38
Shares Out 30.09.2012 240'417.3 Short Int -
1'579'923.75 1 Yr Total Return 1.75%
Total Debt 1'211'152.00 YTD Return 1.93%
Preferred Stock 0.0 Adjusted BETA 1.096
Minority Interest 5'520.0 Analyst Recs 39
Cash and Equivalents 2'765'601.00 Consensus Rating 4.590
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
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
306'520.0 388'058.0 396'529.0 449'841.0 575'537.0 542'269.0 682'645.0 455'722.0 495'559.0 117'335.0 117'798.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
69'053.0 92'599.0 106'756.0 134'844.0 169'258.0 163'357.0 188'437.0 191'485.0 200'833.1 44'687.3 55'991.0
20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.68x 6.38x 6.15x 6.00x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 54.90% Long-Term Outlook STABLE
Pretax Margin 55.07% Short-Term Rating Date 29.11.2011
Return on Assets 1.50% Short-Term Rating A-1
Return on Common Equity 22.40%
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 149.3%
Net Income Margin 42.5% Total Debt/Capital 59.7%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 7.30
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.86% Inventory Days -
Tot Debt to Common Equity 149.31% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Construction Bank CorpPrice/Volume
Valuation Analysis
324'149'892.00
Current Price (2/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
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2''&' A
-'''&' A
-2''&' A
.'''&' A
.2''&' A
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-&''
.&''
0&''
1&''
2&''
3&''
4&''
5&''
6&''
-'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CENTRAL HUIJIN INVES n/a EXCH 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
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'765'878'345 1.57 (29'022'185) 31.12.2012 Investment Advisor
BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government
BLACKROCK n/a ULT-AGG 2'783'064'728 1.16 (8'980'160) 19.02.2013 Investment Advisor
BEST INVESTMENT CORP n/a EXCH 2'760'000'000 1.15 - 14.11.2011 Investment Advisor
STATE GRID INTL DEVP n/a Co File 1'315'282'730 0.55 - 31.12.2010 n/a
CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 903'702'233 0.38 (3'518'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 897'683'622 0.37 (111'681'785) 31.12.2012 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 783'755'995 0.33 1'017'000 31.12.2012 Unclassified
STATE STREET GLOBAL Multiple Portfolios MF-AGG 700'891'267 0.29 68'611'800 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 600'960'122 0.25 14'949'976 19.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 469'604'610 0.2 (26'505'860) 31.12.2012 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 360'288'842 0.15 - 31.07.2012 Investment Advisor
STATE GRID INTL TECH n/a Co File 350'000'000 0.15 - 31.12.2010 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 20.02.2013
JPMorgan KATHERINE LEI overweight 5 M 8 9 month 19.02.2013
Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 14.02.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 7 12 month 06.02.2013
Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013
Bank of China International YUAN LIN hold 3 M 6 Not Provided 29.01.2013
Jefferies TAN MING buy 5 M 7 12 month 28.01.2013
UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.01.2013
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013
Masterlink Securities RAINY YUAN hold 3 M 7 Not Provided 21.01.2013
Mizuho Securities JIM ANTOS buy 5 M 9 12 month 21.01.2013
Nomura LUCY FENG buy 5 M 8 Not Provided 21.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 21.01.2013
CIMB TREVOR KALCIC outperform 5 M 8 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 11.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013
Deutsche Bank TRACY YU buy 5 U 7 12 month 07.01.2013
Macquarie VICTOR WANG neutral 3 D 7 12 month 19.12.2012
Barclays MAY YAN equalweight 3 M 7 Not Provided 18.12.2012
ABC International JOHANNES AU buy 5 M 8 12 month 07.12.2012
Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012
HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 26.11.2012
Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012
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
DBS Vickers ALEXANDER LEE buy 5 M 7 14 month 29.10.2012
Kim Eng Securities IVAN LI buy 5 M 7 12 month 29.10.2012
China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012
Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012
Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012
Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012
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
KGI Securities MICHELLE CHEN outperform 5 N 8 12 month 16.04.2010
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] |
21.02.2013
China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (15.01.2013) 27.35
52-Week Low (04.06.2012) 17.00
Daily Volume
23.25
52-Week High % Change -14.99% Dividend Yield 1.23
52-Week Low % Change 36.76% Beta 1.23
% 52 Week Price Range High/Low 65.70% Equity Float 7'441.18
Shares Out 30.09.2012 7'441.2 Short Int -
656'935.56 1 Yr Total Return -0.57%
Total Debt 42'990.00 YTD Return -8.10%
Preferred Stock 0.0 Adjusted BETA 1.232
Minority Interest 1'858.0 Analyst Recs 32
Cash and Equivalents 55'985.00 Consensus Rating 3.375
Enterprise Value -
Average Volume 5 Day 34'121'930
2628 HK EQUITY YTD Change - Average Volume 30 Day 33'677'020
2628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32'758'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 387'400.0 391'051.0 364'609.7 408'119.7 - -
7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 25'398.0 9'042.0 14'469.6 29'274.0 - -
27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 5.18% Long-Term Outlook NEG
Pretax Margin 5.54% Short-Term Rating Date -
Return on Assets 0.90% Short-Term Rating -
Return on Common Equity 7.31%
Return on Capital 5.91% 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 22.4%
Net Income Margin 4.9% Total Debt/Capital 18.2%
Asset Turnover 0.21
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.71% Inventory Days -
Tot Debt to Common Equity 22.45% 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 Life Insurance Co LtdPrice/Volume
Valuation Analysis
46'395'776.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A.'&' A1'&' A3'&' A5'&' A-''&' A-.'&' A-1'&' A-3'&' A-5'&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''
'&.'
'&1'
'&3'
'&5'
-&''
-&.'
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 796'734'221 10.71 (75'000) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 379'930'827 5.11 (3'440'000) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 130'870'500 1.76 (19'411'000) 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 63'572'828 0.85 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 61'981'243 0.83 (3'448'832) 30.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 54'474'441 0.73 (111'253) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 47'183'000 0.63 2'903'000 31.10.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 41'000'300 0.55 (22'410'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 37'598'982 0.51 (4'544'394) 31.12.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 34'090'000 0.46 - 30.06.2011 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 25'426'500 0.34 5'880'000 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25'027'342 0.34 (3'247'000) 28.09.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21'845'000 0.29 9'795'000 31.05.2012 Mutual Fund Manager
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'228'680 0.29 (5'216'320) 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18'943'000 0.25 - 31.10.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 16'351'692 0.22 2'625'000 28.12.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 16'206'332 0.22 - 20.02.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'478'204 0.21 2'547'000 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Core Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013
BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013
Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013
Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013
Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013
Standard Chartered JENNIFER LAW in-line 3 M 24 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 neutral 3 M 23 9 month 16.01.2013
DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013
ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013
China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013
Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013
UOB Kay Hian EDMOND LAW hold 3 M 27 Not Provided 07.01.2013
CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013
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
Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012
Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012
Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012
Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012
Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012
HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012
BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012
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] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (14.08.2012) 92.60
52-Week Low (04.06.2012) 76.50
Daily Volume
85.9
52-Week High % Change -7.24% Dividend Yield 3.97
52-Week Low % Change 12.29% Beta 0.62
% 52 Week Price Range High/Low 58.70% Equity Float 5'213.56
Shares Out 31.01.2013 20'100.5 Short Int -
1'726'630.88 1 Yr Total Return 9.86%
Total Debt 30'301.00 YTD Return -4.82%
Preferred Stock 0.0 Adjusted BETA 0.625
Minority Interest 1'355.0 Analyst Recs 37
Cash and Equivalents 332'946.00 Consensus Rating 3.514
Enterprise Value 1'027'094.11
Average Volume 5 Day 12'204'640
941 HK EQUITY YTD Change - Average Volume 30 Day 20'970'950
941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'785'280
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
356'959.0 411'810.0 452'103.0 485'231.0 527'999.0 516'434.0 552'742.0 561'461.7 596'869.1 152'614.0 -
6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.84x 1.65x - -
197'093.0 219'788.0 233'788.0 241'758.0 257'202.0 0.0 0.0 252'430.1 257'028.8 63'369.0 -
12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.07x 4.00x - -
87'062.0 112'627.0 115'166.0 119'640.0 125'870.0 124'373.0 127'197.0 126'061.5 126'729.6 31'984.6 -
29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.11x 11.09x - -
EBITDA 257'202.00 Long-Term Rating Date 16.12.2010
EBIT 159'710.00 Long-Term Rating AA-
Operating Margin 30.25% Long-Term Outlook STABLE
Pretax Margin 31.55% Short-Term Rating Date -
Return on Assets 13.03% Short-Term Rating -
Return on Common Equity 19.60%
Return on Capital 18.76% EBITDA/Interest Exp. 455.22
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 235.02
Net Debt/EBITDA -1.42
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 47.0%
EBIT Margin 28.9% Total Debt/Equity 4.7%
Net Income Margin 23.8% Total Debt/Capital 4.5%
Asset Turnover 0.56
Current Ratio 1.40 Net Fixed Asset Turnover 1.15
Quick Ratio 1.25 Accounts receivable turnover-days 6.98
Debt to Assets 3.18% Inventory Days -
Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 52.44 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 Mobile LtdPrice/Volume
Valuation Analysis
22'611'688.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-'&' A
.'&' A
0'&' A
1'&' A
2'&' A
3'&' A
4'&' A
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''
'&.'
'&1'
'&3'
'&5'
-&''
-&.'
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MOBILE HK BVI n/a 20F 14'885'998'621 74.06 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 318'261'889 1.58 (794'567) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 229'465'752 1.14 (1'888'900) 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 212'949'483 1.06 8'845'004 31.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 50'172'025 0.25 (2'772'371) 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 48'697'000 0.24 (11'338'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 47'866'661 0.24 4'826'233 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40'706'447 0.2 4'535'500 19.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'431'255 0.14 1'697'000 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 26'521'966 0.13 2'711'466 20.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'765'568 0.13 6'589'141 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 19'280'000 0.1 (1'714'500) 31.10.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 18'088'776 0.09 (12'200'602) 31.10.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 17'588'400 0.09 908'700 31.01.2013 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 15'507'000 0.08 - 30.06.2011 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'005'931 0.07 319'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 14'878'742 0.07 (378'000) 20.02.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 14'506'782 0.07 (1'171'217) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.02.2013
Kim Eng Securities ANDY POON sell 1 M 74 12 month 21.02.2013
UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 21.02.2013
DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.02.2013
Nomura DANNY CHU neutral 3 M 90 Not Provided 18.02.2013
Deutsche Bank ALAN HELLAWELL hold 3 M 90 12 month 15.02.2013
SWS Research Co Ltd JIM TANG underperform 1 D 76 Not Provided 07.02.2013
New Street Research ALASTAIR JONES buy 5 M 107 Not Provided 07.02.2013
BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 06.02.2013
CIMB BERTRAM LAI neutral 3 M 80 12 month 05.02.2013
Macquarie LISA SOH underperform 1 D 76 12 month 30.01.2013
BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 28.01.2013
Barclays ANAND RAMACHANDRAN overweight 5 M 110 Not Provided 28.01.2013
Standard Chartered STEVEN LIU outperform 5 M 98 12 month 25.01.2013
Bank of China International MICHAEL MENG sell 1 M 75 12 month 25.01.2013
JPMorgan LUCY LIU underweight 1 D 78 9 month 24.01.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 95 12 month 24.01.2013
Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.01.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.01.2013
Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 21.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Core Pacific KEVIN TAM negative 2 M #N/A N/A Not Provided 21.12.2012
Ji Asia NEIL JUGGINS buy 5 M 104 12 month 20.12.2012
Masterlink Securities LV HAN hold 3 N 101 6 month 13.12.2012
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
Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012
ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012
China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012
HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012
Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012
Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012
Holdings By:
China Mobile Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (30.01.2013) 9.57
52-Week Low (11.07.2012) 6.38
Daily Volume
8.8
52-Week High % Change -8.05% Dividend Yield 4.24
52-Week Low % Change 37.93% Beta 0.83
% 52 Week Price Range High/Low 78.37% Equity Float 18'404.72
Shares Out 14.02.2013 19'625.7 Short Int -
788'965.25 1 Yr Total Return 5.69%
Total Debt 240'555.00 YTD Return 0.23%
Preferred Stock 0.0 Adjusted BETA 0.828
Minority Interest 35'016.0 Analyst Recs 32
Cash and Equivalents 25'197.00 Consensus Rating 3.844
Enterprise Value 941'696.59
Average Volume 5 Day #########
386 HK EQUITY YTD Change - Average Volume 30 Day #########
386 HK EQUITY YTD % CHANGE - Average Volume 3 Month 86'166'870
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 728'398.5 688'272.0
1.73x 0.59x 1.09x 0.48x 0.35x 1.46x 1.34x 0.36x 0.36x - -
127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 166'026.0 191'905.3 - -
15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.67x 4.91x - -
56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'623.0 53'683.0 60'720.0 74'708.6 17'385.0 14'623.0
16.90x 12.59x 8.42x 7.62x 7.84x 7.22x 9.49x 10.25x 8.41x 9.77x 10.12x
EBITDA 170'962.00 Long-Term Rating Date 16.12.2010
EBIT 107'146.00 Long-Term Rating A+
Operating Margin 4.35% Long-Term Outlook STABLE
Pretax Margin 4.24% Short-Term Rating Date -
Return on Assets 5.00% Short-Term Rating -
Return on Common Equity 12.12%
Return on Capital 8.66% EBITDA/Interest Exp. 18.19
Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 4.17
Net Debt/EBITDA 1.87
Gross Margin - Total Debt/EBITDA 1.96
EBITDA Margin 6.1%
EBIT Margin 3.5% Total Debt/Equity 50.9%
Net Income Margin 3.0% Total Debt/Capital 32.2%
Asset Turnover 2.27
Current Ratio 0.77 Net Fixed Asset Turnover 3.74
Quick Ratio 0.25 Accounts receivable turnover-days 13.52
Debt to Assets 21.02% Inventory Days -
Tot Debt to Common Equity 50.93% Accounts Payable Turnover Day -
Accounts Receivable Turnover 27.06 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Petroleum & Chemical CorpPrice/Volume
Valuation Analysis
110'901'973.00
Current Price (2/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
-'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-''&' A
.''&' A
0''&' A
1''&' A
2''&' A
3''&' A
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-&''
.&''
0&''
1&''
2&''
3&''
4&''
5&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 2'123'684'596 10.82 (32'963'380) 19.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'826'300'598 9.31 (20'038'000) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'785'993'742 9.1 (3'570'000) 05.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 860'833'577 4.39 (11'249'100) 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 794'152'154 4.05 - 15.01.2013 Government
CITIGROUP INCORPORAT n/a EXCH 629'057'907 3.21 - 26.11.2012 Investment Advisor
CREDIT SUISSE AG #N/A N/A EXCH 521'252'296 2.66 - 07.02.2013 Investment Advisor
CHINA PETROLEUM SHEN n/a EXCH 425'500'000 2.17 - 09.01.2012 Government
FMR LLC n/a ULT-AGG 263'987'026 1.35 (15'860'724) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 227'828'000 1.16 38'640'000 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 147'230'289 0.75 - 31.07.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 143'361'074 0.73 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 139'771'423 0.71 (7'780'128) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 138'665'350 0.71 49'940'000 31.01.2013 Investment Advisor
CREDIT SUISSE AG n/a Short (119'014'506) -0.61 - 07.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 104'509'351 0.53 - 31.05.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 94'978'000 0.48 712'000 30.09.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 77'778'342 0.4 (648'000) 28.09.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 77'462'000 0.39 3'050'000 28.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 70'915'400 0.36 54'000 19.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SONIA SONG buy 5 M 10 Not Provided 20.02.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 10 12 month 19.02.2013
UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 06.02.2013
ICBC International Securities ANNA YU buy 5 M 10 Not Provided 06.02.2013
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 9 12 month 05.02.2013
Jefferies LABAN YU hold 3 M 8 12 month 05.02.2013
Bank of China International LAWRENCE LAU buy 5 M 10 Not Provided 05.02.2013
Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 05.02.2013
Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 8 Not Provided 05.02.2013
BNP Paribas Equity Research CHENG KHOO buy 5 M 10 12 month 05.02.2013
BOCOM International Holdings WU FEI long-term buy 5 D 10 12 month 05.02.2013
Barclays SCOTT DARLING equalweight 3 M 9 Not Provided 05.02.2013
Macquarie JAMES HUBBARD underperform 1 M 7 12 month 31.01.2013
Mirae Asset Securities GORDON KWAN buy 5 M 11 12 month 29.01.2013
Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 25.01.2013
VTB Capital COLIN SMITH hold 3 M 9 12 month 16.01.2013
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
Masterlink Securities LI XIN hold 3 M 9 Not Provided 28.11.2012
Deutsche Bank DAVID HURD buy 5 M 9 12 month 30.10.2012
SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 30.10.2012
Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 29.10.2012
JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 9 month 29.10.2012
HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 29.10.2012
Capital Securities Corp TEAM COVERAGE buy 5 U 11 Not Provided 29.10.2012
DBS Vickers WEE KEAT LEE hold 3 M 8 26 month 29.10.2012
Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012
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
GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011
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] |
21.02.2013
China Steel Corporation manufactures and markets a variety of steel products.
The main products are hot rolled coils and sheets, cold rolled coils and sheets,
wire rods, steel plates, and steel bars.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.03.2012) 30.44
52-Week Low (06.09.2012) 24.00
Daily Volume
27.85
52-Week High % Change -8.52% Dividend Yield -
52-Week Low % Change 16.04% Beta 0.59
% 52 Week Price Range High/Low 59.75% Equity Float 10'482.53
Shares Out 30.09.2012 15'272.5 Short Int 442.86
425'338.47 1 Yr Total Return -2.91%
Total Debt 84'294.92 YTD Return 1.83%
Preferred Stock 382.7 Adjusted BETA 0.586
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 2'891.48 Consensus Rating 2.217
Enterprise Value 530'587.23
Average Volume 5 Day 15'502'770
2002 TT EQUITY YTD Change - Average Volume 30 Day 16'885'470
2002 TT EQUITY YTD % CHANGE - Average Volume 3 Month 18'464'730
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
207'919.0 256'358.0 165'408.9 239'186.9 240'376.0 243'726.5 219'187.1 209'246.9 209'134.5 49'762.6 48'663.9
2.38x 1.33x 2.61x 2.14x 2.11x 8.61x 9.39x 2.49x 2.49x - -
60'189.1 44'728.8 21'270.7 50'776.6 30'706.0 38'352.3 16'795.5 20'872.4 27'988.0 5'894.0 6'318.0
8.23x 7.64x 20.29x 10.07x 16.50x 13.50x 30.10x 25.42x 18.96x 19.94x 18.18x
51'263.9 24'030.4 19'602.5 37'586.8 19'493.7 24'598.4 3'234.8 5'824.9 12'264.7 1'685.9 2'807.5
9.69x 11.38x 21.43x 11.84x 21.18x 16.98x 216.59x 71.41x 35.61x 40.01x 34.55x
EBITDA 30'706.01 Long-Term Rating Date -
EBIT 14'598.98 Long-Term Rating -
Operating Margin 6.07% Long-Term Outlook -
Pretax Margin 8.44% Short-Term Rating Date -
Return on Assets 0.76% Short-Term Rating -
Return on Common Equity 1.13%
Return on Capital - EBITDA/Interest Exp. 22.02
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 9.69
Net Debt/EBITDA 6.24
Gross Margin 9.0% Total Debt/EBITDA 6.48
EBITDA Margin 7.7%
EBIT Margin -0.2% Total Debt/Equity 29.2%
Net Income Margin 8.1% Total Debt/Capital 22.6%
Asset Turnover 0.52
Current Ratio 1.76 Net Fixed Asset Turnover 1.16
Quick Ratio 0.15 Accounts receivable turnover-days 6.90
Debt to Assets 19.98% Inventory Days 109.13
Tot Debt to Common Equity 29.25% Accounts Payable Turnover Day 9.90
Accounts Receivable Turnover 53.04 Cash Conversion Cycle 90.04
Inventory Turnover 3.35
Fiscal Year Ended
China Steel CorpPrice/Volume
Valuation Analysis
25'769'049.00
Current Price (2/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
-'
-2
.'
.2
0'
02
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-'&' A
.'&' A
0'&' A
1'&' A
2'&' A
3'&' A
4'&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
12&''
2'&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTRY OF ECONOMIC n/a EXCH 3'062'230'011 20.05 - 30.11.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 581'938'544 3.81 (894'200) 31.12.2012 Investment Advisor
CHINA STEEL ESOT n/a Co File 569'143'276 3.73 - 31.05.2012 n/a
BLACKROCK n/a ULT-AGG 346'296'200 2.27 30'155 19.02.2013 Investment Advisor
YUN HUNG INVESTMENT n/a Co File 240'560'407 1.58 - 31.05.2012 n/a
BUREAU OF LABOR INSU n/a EXCH 239'218'423 1.57 - 31.05.2012 Government
VANGUARD EMS INDEX F n/a Co File 208'802'582 1.37 - 31.05.2012 n/a
CHUNGHWA POST CO LTD n/a Co File 206'372'896 1.35 - 31.05.2012 Government
MARUICHI STEEL TUBE n/a Co File 149'273'708 0.98 - 31.05.2012 Corporation
GOVT OF SINGAPORE IN n/a ULT-AGG 145'992'823 0.96 - 31.05.2012 Government
YUN YING INVESTMENT n/a Co File 142'156'753 0.93 - 31.05.2012 n/a
ISHARES MSCI EMERGIN n/a Co File 132'930'827 0.87 - 31.05.2012 n/a
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 107'584'011 0.7 (8'780'660) 30.06.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 50'895'696 0.33 424'000 19.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 32'197'705 0.21 - 31.07.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 24'882'101 0.16 99'000 31.10.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14'089'839 0.09 (68'000) 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13'588'888 0.09 1'027'180 30.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 10'162'765 0.07 - 31.12.2012 Investment Advisor
YODOGAWA STEEL WORKS n/a Co File 8'528'499 0.06 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays EPHREM RAVI underweight 1 M 21 Not Provided 18.02.2013
Deutsche Bank JAMES KAN hold 3 U 30 12 month 04.02.2013
BNP Paribas Equity Research JENNY TSAI reduce 2 M 21 12 month 01.02.2013
Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 23.01.2013
President Capital Management WEICHUN TSENG neutral 3 M 28 6 month 23.01.2013
Credit Suisse JEREMY CHEN underperform 1 M 22 Not Provided 21.01.2013
JPMorgan DANIEL KANG neutral 3 M 29 9 month 21.01.2013
IBT Securities Co Ltd PETER TZENG neutral 3 M #N/A N/A Not Provided 21.01.2013
Goldman Sachs TOMMY WONG Sell/Neutral 1 M 20 12 month 18.01.2013
KGI Securities MARC WANG underperform 1 M 23 12 month 18.01.2013
Capital Securities Corp IVY LIU neutral 3 M #N/A N/A Not Provided 16.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Ji Asia SAMUEL THAWLEY sell 1 M 23 12 month 11.01.2013
E Sun Securities DAVID LAI neutral 3 D #N/A N/A Not Provided 14.12.2012
Fubon Securities ROGER LEE reduce 2 M 24 6 month 30.11.2012
Macquarie CORINNE JIAN neutral 3 U 27 12 month 16.11.2012
HSBC SIMON FRANCIS neutral 3 U 26 Not Provided 28.10.2012
VTB Capital WIKTOR BIELSKI hold 3 M 28 12 month 15.10.2012
SinoPac LILY HSIAO Under Review #N/A N/A M 24 Not Provided 11.10.2012
Sanford C. Bernstein & Co VANESSA LAU market perform 3 N 25 Not Provided 18.09.2012
Masterlink Securities CHARLES KO hold 3 M 30 3 month 17.02.2012
Grand Cathay Securities Co TSAI YEN-LING neutral 3 M 32 Not Provided 04.11.2010
TIS Securities BRANDON LIU trading buy 5 M #N/A N/A Not Provided 05.03.2010
Holdings By:
China Steel Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Chunghwa Telecom Co., Ltd. provides local, domestic, and international long
distance services. The Company also offers wireless telecommunication, paging,
and Internet services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (10.07.2012) 95.80
52-Week Low (20.04.2012) 87.50
Daily Volume
92.9
52-Week High % Change -3.03% Dividend Yield -
52-Week Low % Change 6.17% Beta 0.44
% 52 Week Price Range High/Low 60.24% Equity Float 1'904.77
Shares Out 30.09.2012 7'757.4 Short Int 13.60
720'666.81 1 Yr Total Return 4.19%
Total Debt 0.00 YTD Return -1.69%
Preferred Stock 0.0 Adjusted BETA 0.443
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 64'459.15 Consensus Rating 2.292
Enterprise Value 682'596.96
Average Volume 5 Day 12'034'490
2412 TT EQUITY YTD Change - Average Volume 30 Day 7'726'572
2412 TT EQUITY YTD % CHANGE - Average Volume 3 Month 7'713'754
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
186'780.7 184'040.3 186'410.9 192'462.1 - 192'462.1 141'596.6 204'723.6 215'858.0 45'545.0 47'277.0
2.28x 2.67x 3.38x 3.70x - 14.42x 14.01x 3.36x 3.18x - -
95'133.8 91'113.9 89'400.1 83'154.6 - 83'154.6 59'761.9 80'244.3 83'885.0 - -
4.49x 5.39x 7.06x 8.55x - 8.55x 0.00x 8.51x 8.14x - -
45'010.3 43'757.4 47'608.9 47'068.4 40'067.7 47'068.4 40'067.7 40'262.8 40'935.7 9'012.8 10'526.2
11.53x 13.19x 15.09x 16.56x 18.31x 16.55x 18.31x 17.92x 17.70x 18.00x 17.90x
EBITDA 83'154.56 Long-Term Rating Date 10.04.2008
EBIT 51'240.50 Long-Term Rating AA
Operating Margin 26.62% Long-Term Outlook NEG
Pretax Margin 28.77% Short-Term Rating Date -
Return on Assets 9.93% Short-Term Rating -
Return on Common Equity 11.44%
Return on Capital - EBITDA/Interest Exp. 374570.08
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 255270.67
Net Debt/EBITDA -0.48
Gross Margin 44.5% Total Debt/EBITDA 0.00
EBITDA Margin 41.5%
EBIT Margin 24.6% Total Debt/Equity 0.0%
Net Income Margin 24.5% Total Debt/Capital 0.0%
Asset Turnover 0.46
Current Ratio 1.71 Net Fixed Asset Turnover 0.64
Quick Ratio 1.56 Accounts receivable turnover-days 42.13
Debt to Assets 0.00% Inventory Days 2.66
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 34.64
Accounts Receivable Turnover 8.69 Cash Conversion Cycle 1.78
Inventory Turnover 137.43
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
Chunghwa Telecom Co LtdPrice/Volume
Valuation Analysis
8'759'564.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-'&' A
.'&' A
0'&' A
1'&' A
2'&' A
3'&' A
4'&' A
5'&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTRY OF TRANS & n/a EXCH 2'737'718'976 35.29 - 30.11.2012 n/a
MINISTRY OF TRANSPOR n/a EXCH 2'737'718'976 35.29 - 31.05.2012 Unclassified
FUBON LIFE INSURANCE n/a Co File 428'621'087 5.53 - 27.07.2011 Unclassified
CATHAY LIFE INSURANC n/a Co File 362'562'080 4.67 - 27.07.2011 Insurance Company
CHUNGHWA TELECOM CO n/a Co File 140'600'004 1.81 - 27.07.2011 n/a
CHUNGHWA POST CO LTD n/a EXCH 135'073'719 1.74 - 30.11.2012 Government
SHIN KONG LIFE INSUR n/a Co File 128'044'184 1.65 - 27.07.2011 n/a
CHINA LIFE INSURANCE n/a Co File 116'865'779 1.51 - 27.07.2011 Insurance Company
BLACKROCK n/a ULT-AGG 113'411'822 1.46 (586'067) 19.02.2013 Investment Advisor
SAUDI ARABIAN MONETA n/a Co File 86'045'425 1.11 - 27.07.2011 Government
ISHARES MSCI EMERGIN n/a Co File 74'872'410 0.97 - 27.07.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 69'022'819 0.89 975'300 31.12.2012 Investment Advisor
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 38'438'000 0.5 (1'689'000) 30.06.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 25'206'048 0.32 208'000 19.02.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 25'176'948 0.32 1'771'000 31.10.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 24'390'030 0.31 2'593'917 28.09.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 15'960'329 0.21 - 31.05.2012 Investment Advisor
NATIONAL DEVELOP FUN n/a EXCH 12'371'562 0.16 - 30.11.2012 Government
INVESCO LTD Multiple Portfolios MF-AGG 11'394'637 0.15 (1'111'000) 20.02.2013 Investment Advisor
CAPITAL SECURITIES I Multiple Portfolios MF-AGG 11'162'000 0.14 (7'176'000) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
New Street Research ALASTAIR JONES reduce 2 D 84 Not Provided 20.02.2013
Nomura DANNY CHU neutral 3 M 95 Not Provided 18.02.2013
BNP Paribas Equity Research ALEN LIN hold 3 M 90 12 month 06.02.2013
Deutsche Bank WILLIAM YANG hold 3 M 96 12 month 31.01.2013
JPMorgan LUCY LIU neutral 3 M 90 9 month 31.01.2013
Macquarie JOSEPH QUINN underperform 1 M 76 12 month 31.01.2013
Morgan Stanley GARY YU Equalwt/In-Line 3 M 85 12 month 30.01.2013
Goldman Sachs PIYUSH MUBAYI Sell/Neutral 1 M 80 12 month 30.01.2013
Yuanta Securities Investment ConsultingBONNIE CHANG hold 3 M 88 Not Provided 30.01.2013
KGI Securities VINCENT LIAO neutral 3 M 87 12 month 30.01.2013
HSBC NEALE ANDERSON underweight 1 M 79 Not Provided 28.01.2013
Standard Chartered STEVEN LIU in-line 3 M 90 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
President Capital Management CHARLIE YEH neutral 3 M 92 6 month 29.10.2012
SinoPac BAMBOO LIN neutral 3 M 93 Not Provided 29.10.2012
Credit Suisse CHATE BENCHAVITVILAI underperform 1 M 86 Not Provided 26.10.2012
Mega Securities HUANG CHIEN-HAO neutral 3 N 97 6 month 17.08.2012
Fubon Securities LEWIS LIU neutral 3 M 95 6 month 23.05.2012
Masterlink Securities STEVEN SU hold 3 N 91 3 month 04.05.2012
Barclays ANAND RAMACHANDRAN underweight 1 M 84 Not Provided 30.04.2012
Jih Sun Securities CHEN CHUN-CHUNG buy 5 N 121 Not Provided 30.12.2011
Holdings By:
Chunghwa Telecom Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
CLP Holdings Limited, through its subsidiaries, generates and supplies
electricity. The Company also develops and invests in power projects and
invests in properties.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (08.03.2012) 69.00
52-Week Low (04.06.2012) 62.50
Daily Volume
66.65
52-Week High % Change -3.41% Dividend Yield 3.81
52-Week Low % Change 6.64% Beta 0.45
% 52 Week Price Range High/Low 68.46% Equity Float 1'838.59
Shares Out 20.12.2012 2'526.5 Short Int -
168'387.94 1 Yr Total Return 4.15%
Total Debt 97'069.00 YTD Return 2.78%
Preferred Stock 0.0 Adjusted BETA 0.446
Minority Interest 93.0 Analyst Recs 18
Cash and Equivalents 3'104.00 Consensus Rating 3.000
Enterprise Value 254'476.93
Average Volume 5 Day 3'205'474
2 HK EQUITY YTD Change - Average Volume 30 Day 3'421'654
2 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'373'412
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
50'789.0 54'297.0 50'668.0 58'410.0 91'634.0 - - 95'790.1 103'229.1 - -
3.47x 3.21x 3.64x 3.82x 2.76x - - 2.42x 2.26x - -
15'690.0 16'933.0 14'959.0 17'575.0 21'109.0 - - 20'606.8 22'961.2 - -
11.23x 10.30x 12.32x 12.70x 11.98x - - 12.35x 11.08x - -
10'608.0 10'423.0 8'196.0 10'332.0 9'288.0 - - 9'540.5 11'161.1 - -
12.10x 12.15x 15.38x 14.71x 17.11x - - 16.84x 14.57x - -
EBITDA 21'109.00 Long-Term Rating Date 02.03.2011
EBIT 14'756.00 Long-Term Rating A-
Operating Margin 16.10% Long-Term Outlook STABLE
Pretax Margin 11.94% Short-Term Rating Date 26.06.2008
Return on Assets 3.17% Short-Term Rating A-2
Return on Common Equity 8.41%
Return on Capital 6.57% EBITDA/Interest Exp. 3.60
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 1.54
Net Debt/EBITDA 3.93
Gross Margin - Total Debt/EBITDA 4.25
EBITDA Margin 22.4%
EBIT Margin 15.3% Total Debt/Equity 119.5%
Net Income Margin 10.1% Total Debt/Capital 54.4%
Asset Turnover 0.45
Current Ratio 0.70 Net Fixed Asset Turnover 0.74
Quick Ratio 0.41 Accounts receivable turnover-days 53.31
Debt to Assets 45.30% Inventory Days -
Tot Debt to Common Equity 119.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.87 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
CLP Holdings LtdPrice/Volume
Valuation Analysis
3'547'236.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
5'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A2&' A-'&' A-2&' A.'&' A.2&' A0'&' A02&' A1'&' A12&' A2'&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAWRENCIUM MIKADO HO n/a EXCH 236'044'212 9.34 - 31.12.2012 Other
OAK CLP n/a EXCH 205'251'853 8.12 200'000 31.12.2012 Other
LAWRENCIUM HOLDINGS n/a EXCH 150'480'670 5.96 300'000 31.12.2012 Holding Company
ACORN HOLDINGS CORP n/a EXCH 70'146'655 2.78 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 38'868'007 1.54 192'500 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'673'863 1.25 114'081 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'535'000 0.73 - 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 15'031'376 0.59 (836'443) 30.06.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'771'700 0.47 - 28.09.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 8'038'000 0.32 (5'175'000) 31.10.2012 Investment Advisor
LAKSHMI CO LTD n/a EXCH 7'359'811 0.29 - 31.12.2012 Other
MERLIN INVESTMENTS L n/a EXCH 7'359'811 0.29 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'866'976 0.27 (4'500) 19.02.2013 Investment Advisor
MERLIN INVESTMENTS N n/a EXCH 5'562'224 0.22 - 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 4'110'555 0.16 (810'000) 20.02.2013 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'944'500 0.16 3'944'500 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 3'557'500 0.14 - 30.06.2011 Investment Advisor
MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3'357'047 0.13 - 31.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'779'418 0.11 28'500 28.12.2012 Mutual Fund Manager
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'234'100 0.09 (18'500) 25.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JENNY COSGROVE neutral 3 M 70 Not Provided 07.02.2013
Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 64 12 month 05.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 50 12 month 09.01.2013
Deutsche Bank ERIC CHENG buy 5 M 70 12 month 08.01.2013
JPMorgan ELAINE WU neutral 3 M 65 3 month 02.01.2013
Mirae Asset Securities RICKY NG hold 3 M 69 12 month 13.12.2012
Standard Chartered LI EVAN in-line 3 M 68 12 month 19.10.2012
Nomura DANIEL RAATS neutral 3 M 65 Not Provided 14.10.2012
Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 70 6 month 13.09.2012
Credit Suisse EDWIN PANG neutral 3 M 66 Not Provided 31.08.2012
Morgan Stanley SIMON H Y LEE restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012
DBS Vickers JUNE NG hold 3 M 69 12 month 15.08.2012
Bank of China International PETER YAO hold 3 M 62 Not Provided 14.08.2012
Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 66 Not Provided 14.08.2012
Macquarie IVAN LEE outperform 5 M 72 12 month 19.01.2012
Holdings By:
CLP Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 01/yy
52-Week High (21.02.2012) 17.96
52-Week Low (05.06.2012) 13.18
Daily Volume
15.54
52-Week High % Change -13.47% Dividend Yield 2.80
52-Week Low % Change 17.91% Beta 1.27
% 52 Week Price Range High/Low 53.14% Equity Float 15'873.58
Shares Out 30.09.2012 44'646.3 Short Int -
693'803.56 1 Yr Total Return -7.65%
Total Debt 37'995.00 YTD Return -7.39%
Preferred Stock 0.0 Adjusted BETA 1.272
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 99'197.00 Consensus Rating 3.706
Enterprise Value 497'822.36
Average Volume 5 Day 49'774'280
883 HK EQUITY YTD Change - Average Volume 30 Day 65'277'180
883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 51'872'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
90'723.8 125'977.4 105'195.1 180'036.0 240'944.0 - - 236'712.4 243'883.9 - -
5.75x 1.95x 4.24x 3.71x 1.79x - - 2.34x 2.26x - -
49'242.7 65'262.9 56'272.8 97'993.0 119'044.0 - - 123'473.8 127'363.1 - -
10.59x 3.77x 7.93x 6.82x 3.62x - - 4.03x 3.91x - -
31'258.3 44'375.3 29'485.6 54'410.0 70'255.0 - - 65'370.6 63'543.4 - -
17.26x 6.44x 16.28x 12.81x 7.02x - - 8.58x 8.83x - -
EBITDA 119'044.00 Long-Term Rating Date 16.12.2010
EBIT 88'523.00 Long-Term Rating AA-
Operating Margin 36.74% Long-Term Outlook STABLE
Pretax Margin 38.42% Short-Term Rating Date -
Return on Assets 16.17% Short-Term Rating -
Return on Common Equity 23.71%
Return on Capital - EBITDA/Interest Exp. 76.41
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 42.61
Net Debt/EBITDA -0.53
Gross Margin - Total Debt/EBITDA 0.48
EBITDA Margin 48.6%
EBIT Margin 35.1% Total Debt/Equity 14.5%
Net Income Margin 29.2% Total Debt/Capital 12.6%
Asset Turnover 0.60
Current Ratio 1.88 Net Fixed Asset Turnover 1.08
Quick Ratio 1.71 Accounts receivable turnover-days 31.60
Debt to Assets 9.89% Inventory Days -
Tot Debt to Common Equity 14.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.58 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CNOOC LtdPrice/Volume
Valuation Analysis
51'693'549.00
Current Price (2/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
'.135
-'-.-1-3-5.'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.'&' A
1'&' A
3'&' A
5'&' A
-''&' A
-.'&' A
-1'&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''
'&.'
'&1'
'&3'
'&5'
-&''
-&.'
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] |
21.02.2013
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
VANGUARD GROUP INC Multiple Portfolios MF-AGG 964'642'972 2.16 (15'293'500) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 770'844'601 1.73 (376'000) 19.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 460'965'940 1.03 (7'924'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 297'327'510 0.67 (68'926'136) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 294'593'980 0.66 (7'661'703) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 250'139'200 0.56 7'196'000 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 149'257'000 0.33 5'623'000 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 148'751'902 0.33 (8'359'101) 30.06.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139'222'500 0.31 (2'362'000) 31.10.2012 Bank
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 135'194'000 0.3 13'462'000 30.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 117'839'000 0.26 (6'537'000) 31.12.2012 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 86'965'000 0.19 281'000 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 72'591'664 0.16 639'800 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 70'657'957 0.16 8'635'000 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 69'695'468 0.16 (29'992'907) 20.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 69'311'000 0.16 (6'402'000) 31.10.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 68'538'000 0.15 - 31.12.2012 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 65'041'000 0.15 (9'337'000) 28.09.2012 Mutual Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63'316'436 0.14 (55'000) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU underperform 1 M 13 12 month 19.02.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 19.02.2013
Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 13.02.2013
Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 31.01.2013
Deutsche Bank DAVID HURD hold 3 M 18 12 month 31.01.2013
Bank of China International LAWRENCE LAU hold 3 M 17 Not Provided 31.01.2013
DBS Vickers WEE KEAT LEE buy 5 U 19 12 month 31.01.2013
China International Capital Corp BIN GUAN accumulate 4 M 18 12 month 31.01.2013
BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 31.01.2013
SWS Research Co Ltd ALBERT MIAO outperform 5 U 19 Not Provided 31.01.2013
UOB Kay Hian YAN SHI hold 3 M 18 Not Provided 31.01.2013
Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 31.01.2013
BOCOM International Holdings WU FEI neutral 3 M 18 12 month 31.01.2013
ICBC International Securities ANNA YU hold 3 M 17 Not Provided 31.01.2013
Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 21 12 month 30.01.2013
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 9 month 30.01.2013
Macquarie JAMES HUBBARD outperform 5 M 21 12 month 30.01.2013
Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013
Nomura SONIA SONG neutral 3 M 17 Not Provided 30.01.2013
Barclays SCOTT DARLING overweight 5 M 21 Not Provided 30.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
VTB Capital COLIN SMITH hold 3 M 17 12 month 16.01.2013
Mizuho Securities ANDREW S F CHAN neutral 3 D 16 12 month 09.01.2013
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
HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 21.08.2012
Goldman Sachs ARTHUR YAN not rated #N/A N/A M #N/A N/A Not Provided 02.08.2012
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
Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 11.05.2012
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012
GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011
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] |
21.02.2013
DBS Group Holdings Limited and its subsidiaries provide a variety of financial
services. The Company's services include mortgage financing, lease and hire
purchase financing, nominee and trustee, funds management, corporate advisory
and brokerage . DBS Group also acts as the primary dealer in Singapore
government securities.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 15.35
52-Week Low (04.06.2012) 12.91
Daily Volume
15.15
52-Week High % Change -1.30% Dividend Yield -
52-Week Low % Change 17.35% Beta 1.04
% 52 Week Price Range High/Low 94.26% Equity Float 1'719.74
Shares Out 21.02.2013 2'440.1 Short Int -
36'967.00 1 Yr Total Return 11.34%
Total Debt 49'068.00 YTD Return 2.09%
Preferred Stock 163.0 Adjusted BETA 1.041
Minority Interest 4'261.0 Analyst Recs 23
Cash and Equivalents 46'580.00 Consensus Rating 4.304
Enterprise Value -
Average Volume 5 Day 3'426'600
DBS SP EQUITY YTD Change - Average Volume 30 Day 4'732'000
DBS SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'768'540
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
10'115.0 8'543.0 8'684.0 9'711.0 11'046.0 9'331.0 11'044.0 8'742.9 9'616.1 2'043.3 2'030.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'929.0 2'041.0 1'632.0 3'035.0 3'809.0 3'035.0 3'809.0 3'498.6 3'794.8 865.5 832.0
6.68x 17.11x 20.46x 8.86x 9.40x 8.88x 9.42x 10.72x 10.29x 11.22x 11.06x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 54.02% Long-Term Outlook -
Pretax Margin 52.89% Short-Term Rating Date -
Return on Assets 1.10% Short-Term Rating -
Return on Common Equity 12.67%
Return on Capital 4.63% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 155.4%
Net Income Margin 43.7% Total Debt/Capital 57.7%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 7.92
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.90% Inventory Days -
Tot Debt to Common Equity 155.41% 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
DBS Group Holdings LtdPrice/Volume
Valuation Analysis
6'063'000.00
Current Price (2/dd/yy) Market Data
'.135
-'-.-1-3-5
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
-&''
.&''
0&''
1&''
2&''
3&''
4&''
5&''
6&''
'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 713'033'749 29.22 - 05.03.2012 Government
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 65'433'448 2.68 3'000 31.10.2012 Bank
BLACKROCK n/a ULT-AGG 42'178'247 1.73 (281'940) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'952'768 1.72 80'733 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'599'555 1.42 648'018 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 11'906'713 0.49 (956'887) 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'907'000 0.41 211'000 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'759'273 0.36 (705'987) 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 8'499'759 0.35 754'000 14.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'527'752 0.27 (451'586) 19.12.2011 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'773'274 0.2 (3'624) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'597'140 0.19 1'058'000 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'021'099 0.16 (21'000) 30.11.2012 Investment Advisor
KEPPEL CORP LTD n/a ULT-AGG 3'949'781 0.16 - 28.02.2012 Corporation
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'707'344 0.15 631'000 19.02.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 3'072'000 0.13 148'000 30.06.2012 Investment Advisor
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 3'070'000 0.13 250'000 30.11.2012 Investment Advisor
DBS GROUP HOLDINGS L n/a ULT-AGG 2'844'000 0.12 (2'500'000) 13.02.2013 Bank
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'804'088 0.11 27'000 28.12.2012 Mutual Fund Manager
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'799'500 0.11 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JULIAN CHUA buy 5 M 19 Not Provided 13.02.2013
Kim Eng Securities DESMOND CHNG buy 5 M 18 12 month 07.02.2013
OSK (Asia) Securities LENG SENG CHOON neutral 3 M 15 12 month 07.02.2013
Phillip Securities KEN ANG accumulate 4 M 16 Not Provided 07.02.2013
UOB Kay Hian JONATHAN KOH buy 5 M 20 Not Provided 07.02.2013
Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 17 12 month 06.02.2013
Credit Suisse ANAND SWAMINATHAN restricted #N/A N/A M #N/A N/A Not Provided 06.02.2013
JPMorgan HARSH WARDHAN MODI overweight 5 M 17 9 month 06.02.2013
HSBC LOO KAR WENG neutral 3 M 16 Not Provided 06.02.2013
CIMB KENNETH NG outperform 5 M 17 12 month 06.02.2013
OCBC Investment Research CARMEN LEE buy 5 M 16 12 month 06.02.2013
China International Capital Corp SALLY NG accumulate 4 M 17 12 month 06.02.2013
TA Securities Holdings Berhad TEAM COVERAGE buy 5 U 18 12 month 06.02.2013
Barclays SHARNIE WONG underweight 1 M 14 Not Provided 06.02.2013
Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 18 12 month 04.02.2013
Standard Chartered JAJ SINGH outperform 5 M 18 12 month 01.02.2013
Mizuho Securities JIM ANTOS neutral 3 M 16 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Macquarie MATTHEW SMITH outperform 5 U 15 12 month 21.11.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI buy 5 M 17 Not Provided 01.11.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 18 12 month 17.08.2012
Morgan Stanley NICK LORD restricted #N/A N/A M #N/A N/A Not Provided 30.04.2012
Deutsche Bank ANDREW HILL restricted #N/A N/A M #N/A N/A Not Provided 02.04.2012
IIFL SACHIN NIKHARE add 4 M 14 12 month 13.02.2012
Holdings By:
DBS Group Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical
products, nylon fiber, and rayon staple fiber. Formosa sells its products in
Taiwan and exports to Asia.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.03.2012) 93.70
52-Week Low (15.11.2012) 58.70
Daily Volume
77.4
52-Week High % Change -17.40% Dividend Yield -
52-Week Low % Change 31.86% Beta 1.13
% 52 Week Price Range High/Low 54.57% Equity Float 1'766.43
Shares Out 30.09.2012 5'690.5 Short Int 14.85
440'442.53 1 Yr Total Return -10.58%
Total Debt 87'660.46 YTD Return 3.20%
Preferred Stock 0.0 Adjusted BETA 1.126
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 62'802.83 Consensus Rating 2.880
Enterprise Value 488'735.59
Average Volume 5 Day 6'383'411
1326 TT EQUITY YTD Change - Average Volume 30 Day 5'769'380
1326 TT EQUITY YTD % CHANGE - Average Volume 3 Month 5'819'578
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
240'005.2 249'817.5 219'729.5 283'121.2 280'813.6 293'985.1 274'897.1 285'278.6 288'227.3 69'882.5 71'399.2
1.83x 1.04x 1.87x 1.92x 1.70x 7.51x 7.14x 1.77x 1.74x - -
30'856.7 5'495.2 24'196.4 37'204.1 31'920.3 40'761.2 9'531.8 13'077.1 21'827.2 4'841.0 5'236.0
14.25x 47.30x 16.95x 14.63x 14.98x 11.55x 51.96x 37.37x 22.39x 23.14x 22.20x
47'692.7 6'097.6 29'439.5 47'275.2 32'970.9 48'186.7 1'409.3 6'719.6 20'240.1 3'221.5 4'387.3
9.62x 36.36x 13.37x 11.79x 13.75x 9.37x 317.61x 64.34x 20.78x 24.74x 23.38x
EBITDA 31'920.31 Long-Term Rating Date 06.05.2009
EBIT 20'748.47 Long-Term Rating BBB+
Operating Margin 7.39% Long-Term Outlook NEG
Pretax Margin 13.00% Short-Term Rating Date -
Return on Assets 0.38% Short-Term Rating -
Return on Common Equity 0.59%
Return on Capital 0.82% EBITDA/Interest Exp. 24.17
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 22.73
Net Debt/EBITDA 5.07
Gross Margin 9.8% Total Debt/EBITDA 11.72
EBITDA Margin 3.5%
EBIT Margin -0.7% Total Debt/Equity 35.4%
Net Income Margin 11.7% Total Debt/Capital 26.1%
Asset Turnover 0.75
Current Ratio 3.77 Net Fixed Asset Turnover 3.88
Quick Ratio 2.30 Accounts receivable turnover-days 26.48
Debt to Assets 24.00% Inventory Days 38.86
Tot Debt to Common Equity 35.39% Accounts Payable Turnover Day 22.93
Accounts Receivable Turnover 13.82 Cash Conversion Cycle 39.93
Inventory Turnover 9.42
Fiscal Year Ended
Formosa Chemicals & Fibre CorpPrice/Volume
Valuation Analysis
6'615'226.00
Current Price (2/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'
-''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
12&''
2'&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHANG GUNG MEDICAL F n/a EXCH 1'057'406'427 18.58 - 30.11.2012 n/a
CHANG GUNG MEDICAL F n/a EXCH 1'057'406'427 18.58 - 31.10.2012 Other
YUNG-TSAI WANG n/a Co File 419'191'298 7.37 - 20.04.2012 n/a
CHIN'S INTL INVESTME n/a Co File 361'105'646 6.35 - 20.04.2012 Other
WAN SHUN INTL INVEST n/a Co File 215'971'354 3.8 - 20.04.2012 n/a
FORMOSA PLASTICS COR n/a EXCH 192'955'278 3.39 - 30.11.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 174'758'802 3.07 6'550'000 31.12.2012 Investment Advisor
NAN YA PLASTICS CORP n/a EXCH 136'358'513 2.4 - 30.11.2012 Corporation
LIEN HE POWER DEVELO n/a Co File 92'608'619 1.63 - 20.04.2012 n/a
BLACKROCK n/a ULT-AGG 89'061'216 1.57 1'055'000 19.02.2013 Investment Advisor
CHUANG SHIH CAPITAL n/a Co File 77'677'578 1.37 - 20.04.2012 Other
SINGAPORE PRIVATE CO n/a Co File 72'366'220 1.27 - 20.04.2012 n/a
KENTE ELETRONIC DEVE n/a Co File 70'066'336 1.23 - 20.04.2012 Corporation
WEN-YUEN WANG n/a EXCH 61'311'250 1.08 - 30.11.2012 n/a
FORMOSA PETROCHEMICA n/a EXCH 47'152'986 0.83 - 30.11.2012 Corporation
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 41'694'000 0.73 (799'000) 30.06.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 31'122'000 0.55 256'000 19.02.2013 Investment Advisor
WANG WEN-HSIANG n/a EXCH 26'966'947 0.47 - 30.11.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 18'894'000 0.33 (19'223'000) 31.12.2012 Investment Advisor
JUI-YU WANG n/a EXCH 18'084'646 0.32 - 30.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC DENNIS HYUNCHUL YOO neutral 3 M 85 Not Provided 20.02.2013
Capital Securities Corp ZHAN MINGFENG buy 5 M 95 Not Provided 18.02.2013
KGI Securities AARON LIU outperform 5 M 90 12 month 18.02.2013
Jih Sun Securities STEPHEN WAN buy 5 M 86 Not Provided 18.02.2013
Macquarie CORINNE JIAN neutral 3 U 74 12 month 31.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura DAVID WANG neutral 3 M 72 Not Provided 15.01.2013
President Capital Management TOM HUNG neutral 3 M 78 6 month 15.01.2013
Masterlink Securities FRANK FU buy 5 M 82 12 month 08.01.2013
BNP Paribas Equity Research POR YONG LIANG hold 3 M 66 12 month 03.01.2013
Morgan Stanley LILY CHEN Equalwt/In-Line 3 M 74 12 month 26.12.2012
IBT Securities Co Ltd FILOLI TSAI sell 1 N #N/A N/A Not Provided 22.12.2012
E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.12.2012
Goldman Sachs TOMMY WONG neutral/cautious 3 M 63 12 month 15.11.2012
Yuanta Securities Investment ConsultingYVONNE TSAI hold 3 M 74 Not Provided 05.11.2012
Mega Securities YOU JIANHENG neutral 3 M 71 6 month 05.11.2012
Deutsche Bank ALDEN LIN hold 3 M 67 12 month 31.10.2012
Barclays SIDNEY YEH underweight 1 N 65 Not Provided 11.10.2012
Credit Suisse JEREMY CHEN neutral 3 D 70 Not Provided 08.10.2012
Fubon Securities KERRY WU reduce 2 M 68 6 month 05.10.2012
SinoPac LILY HSIAO sell 1 M 65 Not Provided 03.09.2012
JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012
Grand Cathay Securities Co JUN LIAO neutral 3 M 75 Not Provided 23.09.2010
Holdings By:
Formosa Chemicals & Fibre Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Formosa Plastics Corporation manufactures and markets plastics materials and
chemical fiber products. The Company's products include PVC (Polyvinyl Chloride)
resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and
ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.02.2012) 92.30
52-Week Low (15.11.2012) 67.40
Daily Volume
78.2
52-Week High % Change -15.28% Dividend Yield -
52-Week Low % Change 16.02% Beta 1.03
% 52 Week Price Range High/Low 44.98% Equity Float 3'274.57
Shares Out 30.09.2012 6'120.9 Short Int 11.41
478'654.75 1 Yr Total Return -9.91%
Total Debt 66'559.01 YTD Return -0.51%
Preferred Stock 0.0 Adjusted BETA 1.033
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 63'196.36 Consensus Rating 3.043
Enterprise Value 491'144.66
Average Volume 5 Day 7'720'535
1301 TT EQUITY YTD Change - Average Volume 30 Day 5'408'942
1301 TT EQUITY YTD % CHANGE - Average Volume 3 Month 6'164'149
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
181'606.8 182'042.2 156'969.6 194'446.0 187'603.3 195'088.8 171'755.3 172'768.3 180'716.2 42'101.1 44'592.9
2.76x 1.56x 2.59x 2.90x 2.65x 11.57x 11.89x 3.01x 2.86x - -
28'448.1 17'430.5 21'577.5 36'835.0 32'857.5 37'904.5 15'732.7 17'626.4 23'167.6 2'847.0 5'149.0
17.65x 16.28x 18.87x 15.30x 15.15x 13.22x 33.40x 27.86x 21.20x 25.04x 22.19x
47'810.6 19'709.5 27'533.4 45'546.4 35'724.5 47'282.3 12'591.3 15'330.7 24'436.9 3'126.5 5'024.8
10.90x 12.64x 14.96x 13.10x 13.84x 10.58x 40.77x 32.01x 18.75x 21.92x 20.20x
EBITDA 32'857.50 Long-Term Rating Date 06.05.2009
EBIT 22'548.89 Long-Term Rating BBB+
Operating Margin 12.02% Long-Term Outlook NEG
Pretax Margin 21.62% Short-Term Rating Date -
Return on Assets 3.71% Short-Term Rating -
Return on Common Equity 5.34%
Return on Capital 4.38% EBITDA/Interest Exp. 31.66
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 28.46
Net Debt/EBITDA 0.79
Gross Margin 16.9% Total Debt/EBITDA 4.91
EBITDA Margin 9.2%
EBIT Margin 4.2% Total Debt/Equity 27.6%
Net Income Margin 19.0% Total Debt/Capital 21.6%
Asset Turnover 0.51
Current Ratio 4.27 Net Fixed Asset Turnover 3.18
Quick Ratio 2.57 Accounts receivable turnover-days 24.96
Debt to Assets 19.66% Inventory Days 34.91
Tot Debt to Common Equity 27.59% Accounts Payable Turnover Day 20.87
Accounts Receivable Turnover 14.67 Cash Conversion Cycle 30.59
Inventory Turnover 10.48
Fiscal Year Ended
Formosa Plastics CorpPrice/Volume
Valuation Analysis
7'917'588.00
Current Price (2/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'
-''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
02&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHANG GUNG MEDICAL F n/a EXCH 556'155'226 9.09 - 30.11.2012 n/a
CHANG GUNG MEDICAL F n/a EXCH 556'155'226 9.09 39'499'000 31.10.2012 Other
FORMOSA CHEMICALS & n/a EXCH 468'162'602 7.65 - 30.11.2012 Corporation
MERRILL LYNCH SEC n/a Co File 383'395'725 6.26 - 21.04.2012 n/a
NAN YA PLASTICS CORP n/a EXCH 283'454'909 4.63 - 30.11.2012 Corporation
YUNG-TSAI WANG n/a Co File 270'911'912 4.43 - 21.04.2012 n/a
CHIN'S INTL INVESTME n/a Co File 254'512'277 4.16 - 21.04.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'805'394 3.43 1'523'000 31.12.2012 Investment Advisor
WAN SHUN INTL INVEST n/a Co File 186'770'700 3.05 - 21.04.2012 n/a
FORMOSA PETROCHEMICA n/a EXCH 126'404'198 2.07 - 30.11.2012 Corporation
BLACKROCK n/a ULT-AGG 116'605'055 1.91 175'000 19.02.2013 Investment Advisor
MING CHI UNIV OF TEC n/a Co File 86'457'055 1.41 - 21.04.2012 n/a
VANGUARD EMS INDEX F n/a Co File 72'714'458 1.19 - 21.04.2012 n/a
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 57'984'000 0.95 (1'796'000) 30.06.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 38'140'000 0.62 (24'926'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 32'454'125 0.53 (19'453'050) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 30'475'000 0.5 256'000 19.02.2013 Investment Advisor
MIN-TING HO n/a EXCH 26'754'196 0.44 - 30.11.2012 n/a
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 25'087'000 0.41 - 14.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 11'620'350 0.19 (1'725'000) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC DENNIS HYUNCHUL YOO underweight 1 M 79 Not Provided 20.02.2013
KGI Securities AARON LIU outperform 5 M 92 12 month 18.02.2013
Jih Sun Securities STEPHEN WAN neutral 3 M #N/A N/A Not Provided 18.02.2013
E Sun Securities HONG CLIFF neutral 3 M #N/A N/A Not Provided 06.02.2013
Credit Suisse JEREMY CHEN outperform 5 M 97 Not Provided 01.02.2013
Macquarie CORINNE JIAN outperform 5 U 95 12 month 31.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura DAVID WANG buy 5 M 90 Not Provided 15.01.2013
President Capital Management TOM HUNG neutral 3 D 81 6 month 15.01.2013
Yuanta Securities Investment ConsultingYVONNE TSAI hold 3 M 77 Not Provided 11.01.2013
Fubon Securities KERRY WU add 4 M 90 6 month 04.01.2013
BNP Paribas Equity Research POR YONG LIANG hold 3 M 72 12 month 03.01.2013
Mega Securities YOU JIANHENG neutral 3 N #N/A N/A Not Provided 25.12.2012
Deutsche Bank ALDEN LIN hold 3 M 78 12 month 04.12.2012
Goldman Sachs TOMMY WONG neutral/cautious 3 M 70 12 month 15.11.2012
SinoPac LILY HSIAO sell 1 M 65 Not Provided 19.10.2012
Barclays SIDNEY YEH equalweight 3 N 73 Not Provided 11.10.2012
Morgan Stanley LILY CHEN Overwt/In-Line 5 M 87 12 month 09.07.2012
Capital Securities Corp TEAM COVERAGE neutral 3 M 80 3 month 05.06.2012
JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012
Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 27.07.2010
Holdings By:
Formosa Plastics Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hang Seng Bank Limited and its subsidiaries provide banking and related
financial services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (14.02.2013) 129.00
52-Week Low (04.06.2012) 99.20
Daily Volume
125.8
52-Week High % Change -2.48% Dividend Yield 4.13
52-Week Low % Change 26.81% Beta 0.74
% 52 Week Price Range High/Low 94.30% Equity Float 723.76
Shares Out 30.06.2012 1'911.8 Short Int -
240'509.83 1 Yr Total Return 29.08%
Total Debt 52'432.00 YTD Return 5.98%
Preferred Stock 0.0 Adjusted BETA 0.738
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 157'094.00 Consensus Rating 3.037
Enterprise Value -
Average Volume 5 Day 1'188'250
11 HK EQUITY YTD Change - Average Volume 30 Day 2'005'653
11 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1'594'999
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
56'175.0 45'434.0 36'052.0 37'622.0 39'403.0 - - 24'408.2 26'788.6 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
18'242.0 14'099.0 13'138.0 14'917.0 16'680.0 - - 17'376.5 19'324.0 - -
16.87x 13.80x 16.70x 16.38x 10.57x - - 13.71x 12.18x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating AA-
Operating Margin 40.40% Long-Term Outlook STABLE
Pretax Margin 54.44% Short-Term Rating Date 20.07.2005
Return on Assets 1.81% Short-Term Rating A-1+
Return on Common Equity 22.59%
Return on Capital 13.39% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 66.6%
Net Income Margin 47.3% Total Debt/Capital 40.0%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 2.42
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.38% Inventory Days -
Tot Debt to Common Equity 66.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hang Seng Bank LtdPrice/Volume
Valuation Analysis
1'388'458.00
Current Price (2/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'
5'
-''
-.'
-1'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-&' A
.&' A
0&' A
1&' A
2&' A
3&' A
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
-3&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HONGKONG & SHANGHAI n/a Co File 1'188'057'371 62.14 - 31.12.2011 Bank
BLACKROCK n/a ULT-AGG 17'048'213 0.89 215'726 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'313'457 0.7 173'792 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'560'000 0.55 - 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 6'369'869 0.33 (354'493) 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'882'737 0.31 (2'152'900) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'653'800 0.19 1'898'800 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'758'330 0.09 (939'930) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'177'983 0.06 12'300 28.12.2012 Mutual Fund Manager
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 1'136'551 0.06 330'900 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 1'050'546 0.05 117'200 31.12.2012 Unclassified
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'037'900 0.05 (649'000) 09.07.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 785'600 0.04 - 30.06.2012 Pension Fund (ERISA)
INVESCO LTD Multiple Portfolios MF-AGG 746'729 0.04 (448'300) 20.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 668'616 0.03 (15'200) 19.02.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 632'779 0.03 34'154 30.09.2012 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 562'750 0.03 70'000 15.06.2012 Unclassified
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 562'000 0.03 (9'800) 14.08.2012 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 545'754 0.03 - 30.09.2011 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 528'200 0.03 (50'800) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays SHARNIE WONG underweight 1 M 99 Not Provided 21.02.2013
Citic Securities Co., Ltd STEVEN CHAN overweight 5 M 135 6 month 18.02.2013
Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 110 12 month 04.02.2013
China International Capital Corp SALLY NG hold 3 M 114 12 month 01.02.2013
Standard Chartered JOHN CAPARUSSO in-line 3 D 113 12 month 31.01.2013
JPMorgan JOSHUA KLACZEK neutral 3 M 120 9 month 31.01.2013
Bank of China International PATRICK PONG hold 3 M 128 12 month 29.01.2013
UOB Kay Hian EDMOND LAW buy 5 M 134 Not Provided 29.01.2013
Goldman Sachs GURPREET SINGH SAHI neutral/neutral 3 M 113 12 month 21.01.2013
DBS Vickers ALEXANDER LEE hold 3 M 123 12 month 21.01.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 131 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Credit Suisse SANJAY JAIN neutral 3 M 99 Not Provided 09.01.2013
Core Pacific TIMOTHY LI hold 3 M 127 12 month 09.01.2013
Mizuho Securities JIM ANTOS buy 5 U 134 12 month 14.12.2012
Daiwa Securities Co. Ltd. GRACE WU hold 3 M 113 Not Provided 28.11.2012
Deutsche Bank SOPHIA LEE hold 3 D 124 12 month 08.11.2012
Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 116 12 month 27.08.2012
Kim Eng Securities IVAN LI hold 3 D 120 12 month 31.07.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 112 Not Provided 31.07.2012
Nomura DAVID CHUNG reduce 2 M 80 Not Provided 30.07.2012
CCB International Securities Ltd ADAM CHAN neutral 3 M 114 Not Provided 30.07.2012
Macquarie ISMAEL PILI underperform 1 M 90 12 month 27.06.2012
Holdings By:
Hang Seng Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services
for computers, communications, and consumer electronic products. The Company's
business operations include desktop and notebook PC assembly, connector
production, cable assembly, PCB assembly, handset manufacturing, networking
equipment, and other consumer electronic devices manufacturing.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.03.2012) 106.36
52-Week Low (03.08.2012) 71.82
Daily Volume
83.2
52-Week High % Change -21.78% Dividend Yield -
52-Week Low % Change 15.85% Beta 1.16
% 52 Week Price Range High/Low 37.58% Equity Float 9'468.26
Shares Out 30.09.2012 11'835.9 Short Int 44.47
984'744.06 1 Yr Total Return -3.93%
Total Debt 155'043.07 YTD Return -6.41%
Preferred Stock 0.0 Adjusted BETA 1.156
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 74'742.04 Consensus Rating 4.000
Enterprise Value 1'092'311.70
Average Volume 5 Day 29'205'550
2317 TT EQUITY YTD Change - Average Volume 30 Day 37'481'740
2317 TT EQUITY YTD % CHANGE - Average Volume 3 Month 42'499'540
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'235'581.2 1'473'026.3 1'420'573.1 2'313'129.1 2'773'311.4 ######### ######### ######### ######### 985'241.0 716'811.0
1.07x 0.34x 0.93x 0.51x 0.35x 1.62x 1.43x - - - -
43'131.8 37'195.4 35'084.6 45'056.3 41'132.9 38'991.3 50'249.2 159'245.5 191'506.5 - -
30.75x 13.43x 37.56x 26.12x 23.49x 21.73x 23.81x 6.86x 5.70x - -
77'689.5 55'133.2 75'685.1 77'154.6 81'591.0 67'993.3 92'819.4 92'549.3 107'533.3 35'378.4 22'724.3
16.36x 8.63x 17.14x 14.67x 10.84x 10.68x 11.48x 10.56x 9.05x 9.07x 8.85x
EBITDA 41'132.91 Long-Term Rating Date 09.11.2007
EBIT 31'500.29 Long-Term Rating A-
Operating Margin 1.14% Long-Term Outlook STABLE
Pretax Margin 3.31% Short-Term Rating Date -
Return on Assets 6.65% Short-Term Rating -
Return on Common Equity 16.16%
Return on Capital 13.01% EBITDA/Interest Exp. 22.51
Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 10.72
Net Debt/EBITDA 2.14
Gross Margin 3.9% Total Debt/EBITDA 3.02
EBITDA Margin 1.6%
EBIT Margin 1.3% Total Debt/Equity 26.8%
Net Income Margin 2.9% Total Debt/Capital 21.2%
Asset Turnover 2.26
Current Ratio 1.11 Net Fixed Asset Turnover 86.97
Quick Ratio 0.60 Accounts receivable turnover-days 37.57
Debt to Assets 10.15% Inventory Days 14.03
Tot Debt to Common Equity 26.83% Accounts Payable Turnover Day 45.54
Accounts Receivable Turnover 9.74 Cash Conversion Cycle 8.70
Inventory Turnover 26.08
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
Hon Hai Precision Industry Co LtdPrice/Volume
Valuation Analysis
33'445'606.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2'&' A
-''&' A
-2'&' A
.''&' A
.2'&' A
0''&' A
02'&' A
1''&' A
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2'&''
-''&''
-2'&''
.''&''
.2'&''
0''&''
02'&''
1''&''
12'&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOU TERRY n/a EXCH 1'473'989'536 12.45 - 30.11.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 510'387'709 4.31 1'140'100 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 277'625'139 2.35 (7'590'335) 19.02.2013 Investment Advisor
SAUDI ARABIAN MONETA n/a Co File 272'197'766 2.3 - 20.04.2012 Government
GOVT OF SINGAPORE IN n/a ULT-AGG 213'675'970 1.81 - 20.04.2012 Government
FMR LLC n/a ULT-AGG 209'475'803 1.77 (13'723'688) 31.12.2012 Investment Advisor
VANGUARD EMS INDEX F n/a Co File 182'275'330 1.54 - 20.04.2012 n/a
EFG BANK n/a Co File 179'470'183 1.52 - 20.04.2012 Investment Advisor
CHINATRUST COMM BK T n/a Co File 124'034'680 1.05 - 20.04.2012 n/a
ABU DHABI INVESTMENT n/a Co File 119'029'555 1.01 - 20.04.2012 Government
HSIEN CHIN INTL INVE n/a Co File 116'176'670 0.98 - 20.04.2012 Other
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 111'390'070 0.94 (8'271'230) 30.06.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 98'079'813 0.83 (1'261'398) 31.12.2012 Investment Advisor
JUI FU INTL INVESTME #N/A N/A EXCH 56'536'398 0.48 - 31.10.2012 Corporation
SKAGEN AS Multiple Portfolios MF-AGG 55'220'000 0.47 (38'280'000) 31.01.2013 Mutual Fund Manager
LAZARD ASSET MANAGEM n/a ULT-AGG 52'523'926 0.44 30'000 31.12.2012 Unclassified
HSIANG-FU YOU n/a EXCH 36'643'284 0.31 - 30.11.2012 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 33'518'162 0.28 (531'999) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 27'353'161 0.23 (4'723'000) 19.02.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 27'234'128 0.23 (24'908'081) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jih Sun Securities ALVIN KUO neutral 3 M #N/A N/A Not Provided 19.02.2013
RBS JEFFREY TODER buy 5 M 110 12 month 06.02.2013
Deutsche Bank IVY LEE buy 5 M 107 12 month 25.01.2013
Fubon Securities ARTHUR LIAO reduce 2 M 76 6 month 25.01.2013
Mizuho Securities CHARLES PARK buy 5 M 100 12 month 25.01.2013
BNP Paribas Equity Research LAURA CHEN hold 3 M 90 12 month 25.01.2013
Morgan Stanley JASMINE LU Overwt/In-Line 5 M 111 12 month 24.01.2013
Sanford C. Bernstein & Co ALBERTO MOEL outperform 5 M 109 12 month 24.01.2013
President Capital Management YING-CHANG KUO neutral 3 D 100 6 month 24.01.2013
Nomura EVE JUNG buy 5 M 120 Not Provided 17.01.2013
Daiwa Securities Co. Ltd. LU CHIA-LIN buy 5 M 127 Not Provided 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A N #N/A N/A Not Provided 14.01.2013
Yuanta Securities Investment ConsultingVINCENT CHEN buy 5 M 104 Not Provided 10.01.2013
E Sun Securities LIU KUAN-MING buy 5 M #N/A N/A Not Provided 14.12.2012
Macquarie DANIEL CHANG neutral 3 D 90 12 month 13.12.2012
JPMorgan GOKUL HARIHARAN overweight 5 M 120 3 month 10.12.2012
HSBC JENNY LAI overweight 5 M 130 Not Provided 10.12.2012
Berenberg Bank ADNAAN AHMAD hold 3 M 73 Not Provided 29.11.2012
Credit Suisse THOMPSON WU neutral 3 M 100 Not Provided 14.11.2012
SinoPac BAMBOO LIN buy 5 M 107 Not Provided 14.11.2012
Goldman Sachs LIANG-CHUN LIN neutral/neutral 3 M 81 12 month 13.11.2012
Barclays KIRK YANG overweight 5 M 113 Not Provided 13.11.2012
Capital Securities Corp JERRY WU neutral 3 M 85 3 month 26.10.2012
Masterlink Securities JIMMY CHEN hold 3 D 106 3 month 05.09.2012
Ji Asia STEVE MYERS sell 1 M 78 12 month 14.03.2012
Holdings By:
Hon Hai Precision Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hong Kong and China Gas Company Limited produces, distributes, and markets gas
and gas appliances to residential and industrial customers through its Towngas
brand name. The Company's subsidiaries develop gas projects in China and
develop and manage commercial properties.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.02.2013) 22.50
52-Week Low (13.06.2012) 16.02
Daily Volume
21.55
52-Week High % Change -4.22% Dividend Yield 1.53
52-Week Low % Change 34.52% Beta 0.57
% 52 Week Price Range High/Low 93.06% Equity Float 5'059.41
Shares Out 30.06.2012 8'690.6 Short Int -
187'282.63 1 Yr Total Return 27.97%
Total Debt 27'297.30 YTD Return 1.89%
Preferred Stock 0.0 Adjusted BETA 0.573
Minority Interest 4'748.1 Analyst Recs 22
Cash and Equivalents 12'049.20 Consensus Rating 2.682
Enterprise Value 211'608.03
Average Volume 5 Day 6'141'825
3 HK EQUITY YTD Change - Average Volume 30 Day 6'111'133
3 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'589'053
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
14'225.5 12'352.2 12'351.8 19'375.4 22'426.8 - - 26'046.2 29'394.7 - -
10.38x 6.59x 11.27x 7.55x 7.23x - - 7.93x 6.99x - -
5'850.0 4'376.3 4'713.5 5'853.2 7'089.3 - - 8'532.6 9'368.1 - -
25.24x 18.61x 29.54x 25.00x 22.88x - - 24.80x 22.59x - -
9'269.6 4'302.5 5'275.1 5'584.8 6'149.6 - - 6'860.6 7'452.9 - -
15.62x 18.14x 24.78x 23.55x 23.14x - - 26.38x 24.63x - -
EBITDA 7'089.30 Long-Term Rating Date 23.07.2008
EBIT 5'778.30 Long-Term Rating A+
Operating Margin 25.77% Long-Term Outlook STABLE
Pretax Margin 35.98% Short-Term Rating Date -
Return on Assets 8.35% Short-Term Rating -
Return on Common Equity 17.26%
Return on Capital 11.44% EBITDA/Interest Exp. 7.58
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 2.62
Net Debt/EBITDA 2.61
Gross Margin - Total Debt/EBITDA 4.07
EBITDA Margin 30.5%
EBIT Margin 24.7% Total Debt/Equity 65.6%
Net Income Margin 27.4% Total Debt/Capital 37.1%
Asset Turnover 0.29
Current Ratio 1.49 Net Fixed Asset Turnover 0.71
Quick Ratio 1.11 Accounts receivable turnover-days 35.78
Debt to Assets 32.08% Inventory Days -
Tot Debt to Common Equity 65.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.23 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
Hong Kong & China Gas Co LtdPrice/Volume
Valuation Analysis
8'790'078.00
Current Price (2/dd/yy) Market Data
'
2
-'
-2
.'
.2
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DISRALEI INVESTMENT n/a EXCH 1'866'620'696 21.48 - 21.06.2012 Other
MACROSTAR INVESTMENT n/a EXCH 818'958'299 9.42 - 21.06.2012 Other
MEDLEY INVESTMENT LT n/a EXCH 779'849'202 8.97 - 21.06.2012 Other
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 378'398'804 4.35 6'870'000 31.10.2012 Bank
FIRST STATE INVEST I n/a EXCH 185'636'643 2.14 - 07.06.2012 Mutual Fund Manager
FIRST STATE INVESTME n/a EXCH 164'189'657 1.89 - 07.06.2012 Investment Advisor
FU SANG CO LTD n/a EXCH 129'613'455 1.49 - 21.06.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 118'721'539 1.37 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 109'551'877 1.26 195'000 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 94'554'576 1.09 1'386'302 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 43'433'012 0.5 (2'416'630) 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'617'982 0.31 772'000 19.02.2013 Investment Advisor
PO LI KWOK n/a EXCH 24'224'200 0.28 - 21.06.2012 n/a
COLONIAL FIRST STATE n/a EXCH 24'107'698 0.28 - 07.06.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 18'162'677 0.21 - 31.01.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'805'739 0.18 (3'395'000) 28.09.2012 Investment Advisor
FIRST STATE INVEST S n/a EXCH 14'611'345 0.17 - 07.06.2012 Mutual Fund Manager
MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 12'561'739 0.14 1'284'000 31.12.2012 Mutual Fund Manager
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 9'898'791 0.11 (1'939'000) 31.12.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'004'047 0.09 82'000 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley VINCENT CHOW Equalwt/In-Line 3 M 20 12 month 20.02.2013
Standard Chartered DENNIS IP in-line 3 M 20 12 month 25.01.2013
Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 14 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
UOB Kay Hian YAN SHI hold 3 M 23 Not Provided 16.01.2013
Deutsche Bank ERIC CHENG hold 3 M 17 12 month 08.01.2013
JPMorgan ELAINE WU neutral 3 M 19 3 month 02.01.2013
HSBC JENNY COSGROVE overweight 5 M 23 Not Provided 22.11.2012
Goldman Sachs FRANKLIN CHOW Sell/Neutral 1 M 18 12 month 07.11.2012
BOCOM International Holdings WU FEI neutral 3 N 16 12 month 25.10.2012
Nomura DANIEL RAATS reduce 2 M 17 Not Provided 14.10.2012
Mirae Asset Securities RICKY NG hold 3 D 21 12 month 11.10.2012
Citic Securities Co., Ltd SIMON YEUNG hold 3 M 18 6 month 13.09.2012
Credit Suisse EDWIN PANG underperform 1 M 17 Not Provided 03.09.2012
Bank of China International PETER YAO hold 3 M 18 Not Provided 22.08.2012
DBS Vickers WEE KEAT LEE hold 3 M 20 12 month 22.08.2012
Jefferies JOSEPH FONG hold 3 M 18 12 month 21.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 18 Not Provided 26.07.2012
First Shanghai Securities Ltd ZHANG ZHIBIN hold 3 N 18 12 month 21.03.2012
Macquarie IVAN LEE neutral 3 M 18 12 month 19.01.2012
Holdings By:
Hong Kong & China Gas Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange,
futures exchange, and their related clearing houses in Hong Kong. The Company
provides the trading platforms for a range of cash and derivatives products and
the facilities for processing trades.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.01.2013) 150.70
52-Week Low (26.07.2012) 100.00
Daily Volume
142.5
52-Week High % Change -5.44% Dividend Yield 2.76
52-Week Low % Change 42.50% Beta 1.22
% 52 Week Price Range High/Low 88.56% Equity Float 1'085.42
Shares Out 31.12.2012 1'149.8 Short Int -
163'847.66 1 Yr Total Return 0.66%
Total Debt 0.00 YTD Return 8.04%
Preferred Stock 0.0 Adjusted BETA 1.217
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 45'238.00 Consensus Rating 2.760
Enterprise Value 117'714.65
Average Volume 5 Day 2'756'709
388 HK EQUITY YTD Change - Average Volume 30 Day 4'652'705
388 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'387'581
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'658.2 6'090.4 5'996.7 6'639.0 6'870.0 7'324.0 6'045.0 7'205.0 8'697.2 1'831.5 -
33.80x 4.13x 19.77x 23.11x 12.88x 66.64x 56.75x 21.04x 17.18x - -
5'804.8 4'898.8 5'023.2 5'126.0 5'602.0 6'078.0 4'631.0 5'083.4 6'428.9 - -
38.77x 5.14x 23.60x 29.93x 15.80x 10.02x 17.42x 23.16x 18.31x - -
6'169.3 5'128.6 4'704.0 5'037.0 5'093.0 5'380.0 4'492.0 4'270.3 5'244.9 969.0 1'096.0
38.27x 15.40x 31.83x 37.67x 26.24x 22.94x 28.11x 36.58x 30.66x 33.93x 32.83x
EBITDA 5'602.00 Long-Term Rating Date -
EBIT 5'512.00 Long-Term Rating -
Operating Margin 80.23% Long-Term Outlook -
Pretax Margin 87.80% Short-Term Rating Date -
Return on Assets 9.41% Short-Term Rating -
Return on Common Equity 51.91%
Return on Capital 51.91% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -8.00
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 79.0%
EBIT Margin 77.5% Total Debt/Equity 0.0%
Net Income Margin 74.1% Total Debt/Capital 0.0%
Asset Turnover 0.13
Current Ratio 1.17 Net Fixed Asset Turnover 6.60
Quick Ratio 1.16 Accounts receivable turnover-days 333.38
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.10 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hong Kong Exchanges and Clearing LtdPrice/Volume
Valuation Analysis
6'321'268.00
Current Price (2/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'
5'
-''
-.'
-1'
-3'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
12&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 68'218'576 5.93 (2'073'234) 19.02.2013 Investment Advisor
HONG KONG SAR n/a Co File 62'919'500 5.47 - 31.12.2011 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 30'228'994 2.63 1'569'061 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (27'150'266) -2.36 - 28.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'227'959 2.11 860'329 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 22'987'978 2 - 28.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'586'158 1.96 - 30.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'723'852 1.28 (3'093'006) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 8'545'319 0.74 (469'110) 30.06.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 6'060'100 0.53 - 28.09.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 3'567'000 0.31 - 31.01.2013 Investment Advisor
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 3'553'000 0.31 - 31.12.2010 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 3'114'877 0.27 65'800 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'440'000 0.21 416'700 31.12.2012 Unclassified
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'834'229 0.16 - 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'769'300 0.15 1'704'100 20.02.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'725'600 0.15 1'725'600 28.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'595'956 0.14 30'000 28.12.2012 Mutual Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 1'346'174 0.12 1'321 31.12.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'247'035 0.11 42'482 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities JIM ANTOS neutral 3 U 158 12 month 21.02.2013
Core Pacific TIMOTHY LI hold 3 M 141 12 month 18.02.2013
CCB International Securities Ltd KENNETH YUE neutral 3 M 159 Not Provided 15.02.2013
Credit Suisse ARJAN VAN VEEN neutral 3 U 140 Not Provided 07.02.2013
DBS Vickers ALEXANDER LEE buy 5 M 170 12 month 22.01.2013
Goldman Sachs GURPREET SINGH SAHI Sell/Neutral 1 M 126 12 month 20.01.2013
JPMorgan HARSH WARDHAN MODI neutral 3 D 150 9 month 20.01.2013
UOB Kay Hian EDMOND LAW hold 3 M 151 Not Provided 17.01.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 132 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Macquarie MATTHEW SMITH underperform 1 M 100 12 month 11.01.2013
Daiwa Securities Co. Ltd. JONAS KAN outperform 5 M 160 Not Provided 11.01.2013
Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 85 12 month 04.12.2012
HSBC YORK PUN overweight 5 M 150 Not Provided 03.12.2012
Kim Eng Securities IVAN LI hold 3 M 120 12 month 30.11.2012
OSK (Asia) Securities TEAM COVERAGE sell 1 M 112 12 month 30.11.2012
China International Capital Corp MAO JUNHUA hold 3 M 112 12 month 08.11.2012
JF Apex Securities Bhd TEAM COVERAGE neutral 3 M 135 Not Provided 08.11.2012
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 150 12 month 07.11.2012
Citic Securities Co., Ltd STEVEN CHAN sell 1 M 116 6 month 07.11.2012
AM Capital Ltd TEAM COVERAGE buy 5 N 200 Not Provided 31.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 126 Not Provided 10.10.2011
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 05.09.2011
Deutsche Bank TRACY YU not rated #N/A N/A M #N/A N/A Not Provided 05.05.2011
Holdings By:
Hong Kong Exchanges and Clearing Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hutchison Whampoa Limited is a diversified company. The Company, through its
subsidiaries, operates businesses including ports and related services,
telecommunications and e-commerce, property and hotels, retail and
manufacturing, energy, infrastructure, finance and investments.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.02.2013) 88.00
52-Week Low (05.06.2012) 61.80
Daily Volume
85.3
52-Week High % Change -3.07% Dividend Yield 2.44
52-Week Low % Change 38.03% Beta 1.04
% 52 Week Price Range High/Low 95.42% Equity Float 2'001.51
Shares Out 30.06.2012 4'263.4 Short Int -
363'665.53 1 Yr Total Return 13.06%
Total Debt 225'056.00 YTD Return 5.44%
Preferred Stock 0.0 Adjusted BETA 1.045
Minority Interest 39'171.0 Analyst Recs 16
Cash and Equivalents 66'539.00 Consensus Rating 4.625
Enterprise Value 563'243.54
Average Volume 5 Day 5'499'202
13 HK EQUITY YTD Change - Average Volume 30 Day 6'390'077
13 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'827'546
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
218'726.0 235'478.0 208'808.0 209'180.0 233'700.0 - - 242'910.3 260'240.8 - -
2.91x 1.75x 2.14x 2.66x 2.03x - - 2.26x 2.11x - -
53'244.0 37'450.0 28'911.0 35'622.0 34'601.0 - - 43'766.7 48'899.5 - -
11.97x 10.99x 15.44x 15.65x 13.73x - - 12.87x 11.52x - -
30'600.0 12'681.0 13'631.0 20'179.0 56'019.0 - - 23'437.4 27'335.9 - -
12.32x 13.08x 16.69x 16.91x 4.95x - - 15.90x 13.69x - -
EBITDA 34'601.00 Long-Term Rating Date 09.11.2010
EBIT 20'521.00 Long-Term Rating A-
Operating Margin 8.78% Long-Term Outlook STABLE
Pretax Margin 32.07% Short-Term Rating Date -
Return on Assets 2.70% Short-Term Rating -
Return on Common Equity 5.43%
Return on Capital 5.51% EBITDA/Interest Exp. 4.08
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.12
Net Debt/EBITDA 4.32
Gross Margin 60.2% Total Debt/EBITDA 6.95
EBITDA Margin 15.3%
EBIT Margin 9.5% Total Debt/Equity 62.6%
Net Income Margin 24.0% Total Debt/Capital 36.1%
Asset Turnover 0.32
Current Ratio 1.33 Net Fixed Asset Turnover 1.12
Quick Ratio 0.83 Accounts receivable turnover-days 34.37
Debt to Assets 31.23% Inventory Days 71.60
Tot Debt to Common Equity 62.58% Accounts Payable Turnover Day 79.27
Accounts Receivable Turnover 10.65 Cash Conversion Cycle 17.07
Inventory Turnover 5.11
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
Hutchison Whampoa LtdPrice/Volume
Valuation Analysis
6'330'060.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
-''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CONTINENTAL REALTY L n/a EXCH 465'265'969 10.91 - 16.07.2012 Corporation
WINBO POWER LIMITED n/a EXCH 236'260'200 5.54 - 16.07.2012 Corporation
POLYCOURT LIMITED n/a EXCH 233'065'641 5.47 - 16.07.2012 Other
WELL KARIN LIMITED n/a EXCH 226'969'600 5.32 - 16.07.2012 Other
JP MORGAN n/a ULT-AGG 199'499'667 4.68 31'000 08.01.2013 Unclassified
HARVESTIME HOLDINGS n/a EXCH 165'000'000 3.87 - 16.07.2012 Holding Company
ORIENTAL TIME INVEST n/a EXCH 122'774'850 2.88 - 16.07.2012 Investment Advisor
HARROWGATE INVESTMEN n/a EXCH 114'748'675 2.69 - 16.07.2012 Investment Advisor
KAM CHIN INVESTMENT n/a EXCH 108'231'279 2.54 - 16.07.2012 Investment Advisor
TOP WIN INVESTMENT L n/a EXCH 106'912'458 2.51 - 16.07.2012 Investment Advisor
RICHLAND REALTY LIMI n/a EXCH 75'242'950 1.76 - 16.07.2012 Corporation
MIRABOLE LIMITED n/a EXCH 49'593'500 1.16 - 16.07.2012 Other
BLACKROCK n/a ULT-AGG 45'584'560 1.07 (4'585'424) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 43'343'261 1.02 4'501'915 31.12.2012 Investment Advisor
HISLOP RESOURCES LIM n/a EXCH 43'193'700 1.01 - 16.07.2012 Corporation
VISION CITY INTERNAT n/a EXCH 42'344'000 0.99 - 16.07.2012 Other
WHITE RAIN ENTERPRIS n/a EXCH 41'926'500 0.98 - 16.07.2012 Other
GOOD ENERGY LIMITED n/a EXCH 39'565'900 0.93 - 16.07.2012 Corporation
MASTER GRADE INVESTM n/a EXCH 39'327'000 0.92 - 16.07.2012 Other
FUMANDA LIMITED n/a EXCH 37'851'000 0.89 - 16.07.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse CUSSON LEUNG outperform 5 M 106 Not Provided 20.02.2013
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 U 94 12 month 17.02.2013
Jefferies JULIAN BU hold 3 M 75 12 month 04.02.2013
Guotai Junan JASON SONG buy 5 M 99 Not Provided 29.01.2013
HSBC MARK CARMERON ROSS WEBB overweight 5 M 101 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Nomura BENJAMIN LO buy 5 M 96 Not Provided 10.01.2013
Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 96 12 month 04.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 85 Not Provided 13.12.2012
JPMorgan LUCY LIU overweight 5 N 85 Not Provided 29.08.2012
Standard Chartered JOHN Y F CHAN outperform 5 M 87 12 month 03.08.2012
Deutsche Bank KAREN TANG buy 5 M 82 12 month 17.05.2012
Holdings By:
Hutchison Whampoa Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military
purposes. The Company manufactures oil tankers, cargo and passenger vessels,
and warships. Hyundai Heavy Industries also produces heavy industrial
machineries, wind turbines, solar panels, electrical components for engines and
power trains, and industrial vehicles, such as cranes and bulldozers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.03.2012) 346'500.00
52-Week Low (23.11.2012) 193'500.00
Daily Volume
222500
52-Week High % Change -35.79% Dividend Yield 1.80
52-Week Low % Change 14.99% Beta 1.34
% 52 Week Price Range High/Low 17.97% Equity Float 40.00
Shares Out 31.12.2012 76.0 Short Int -
16'910'000.00 1 Yr Total Return -30.40%
Total Debt 3'962'673.00 YTD Return -8.06%
Preferred Stock 0.0 Adjusted BETA 1.335
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 627'317.75 Consensus Rating 4.450
Enterprise Value 21'668'128.31
Average Volume 5 Day 349'995
009540 KP EQUITY YTD Change - Average Volume 30 Day 239'365
009540 KP EQUITY YTD % CHANGE - Average Volume 3 Month 239'011
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
19'957'080.9 21'142'196.7 22'408'120.0 25'019'604.0 25'086'000.0 ######### ######### ######### ######### - -
0.48x 0.50x 1.34x 0.76x - 4.12x 2.57x - - - -
2'596'964.1 2'666'205.3 4'031'444.7 3'116'212.7 - ######### ######### - - - -
3.66x 4.00x 7.43x 6.12x - 6.13x 0.00x - - - -
2'256'664.8 2'146'488.8 2'835'399.0 1'945'941.6 - ######### ######### ######### ######### - -
5.34x 4.86x 9.51x 8.09x - 8.09x 0.00x - 7.06x - -
EBITDA 3'116'212.68 Long-Term Rating Date -
EBIT 2'612'841.90 Long-Term Rating -
Operating Margin 10.44% Long-Term Outlook -
Pretax Margin 10.12% Short-Term Rating Date -
Return on Assets 6.65% Short-Term Rating -
Return on Common Equity 14.00%
Return on Capital 11.67% EBITDA/Interest Exp. 22.29
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 17.20
Net Debt/EBITDA 1.07
Gross Margin 15.4% Total Debt/EBITDA 1.27
EBITDA Margin 12.5%
EBIT Margin 10.4% Total Debt/Equity 26.9%
Net Income Margin 7.8% Total Debt/Capital 21.2%
Asset Turnover 0.86
Current Ratio 0.83 Net Fixed Asset Turnover 3.13
Quick Ratio 0.44 Accounts receivable turnover-days 86.37
Debt to Assets 13.24% Inventory Days 45.33
Tot Debt to Common Equity 26.92% Accounts Payable Turnover Day 130.22
Accounts Receivable Turnover 4.23 Cash Conversion Cycle 1.47
Inventory Turnover 8.05
Fiscal Year Ended
Hyundai Heavy Industries Co LtdPrice/Volume
Valuation Analysis
271'803.00
Current Price (2/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''''
-'''''
-2''''
.'''''
.2''''
0'''''
02''''
1'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&- A&. A&0 A&1 A&2 A&3 A&4 A&5 A&6 A-&' A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
12&''
2'&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI HEAVY INDUST n/a Co File 14'711'560 19.36 - 31.12.2011 Corporation
MONG-JOON CHUNG n/a EXCH 7'717'769 10.15 - 24.02.2012 n/a
HYUNDAI MIPO DOCKYAR n/a EXCH 6'063'000 7.98 - 24.02.2012 Corporation
NATIONAL PENSION SER n/a EXCH 3'860'321 5.08 618'458 09.08.2011 Investment Advisor
MIRAE ASSET GLOBAL I n/a Co File 3'247'376 4.27 - 31.12.2011 Investment Advisor
KCC CORP n/a EXCH 2'369'393 3.12 (2'739'670) 13.01.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'190'652 2.88 (7'482) 31.12.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 1'258'281 1.66 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'070'955 1.41 191 19.02.2013 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 464'763 0.61 50'648 28.09.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 236'770 0.31 76'958 28.09.2012 Mutual Fund Manager
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 233'835 0.31 74'033 30.09.2011 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 199'423 0.26 (186'863) 28.09.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 184'548 0.24 26'395 28.09.2012 Mutual Fund Manager
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 168'541 0.22 (6'937) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 155'401 0.2 - 31.07.2012 Investment Advisor
FMR LLC n/a ULT-AGG 135'668 0.18 (388'248) 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 135'447 0.18 12'241 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 126'524 0.17 16'784 31.10.2012 Unclassified
NH-CA ASSET MANAGEME Multiple Portfolios MF-AGG 114'020 0.15 14'006 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse HENRY KWON neutral 3 M 216'000 Not Provided 18.02.2013
Hanwha Securities Co., Ltd DONG-IK JEONG buy 5 M 260'000 6 month 18.02.2013
CIMB KJ HWANG outperform 5 N 264'000 12 month 14.02.2013
Mirae Asset Securities CHUNG WOO CHANG buy 5 U 265'000 12 month 12.02.2013
LIG Investment Securities CHOI GWANG-SHIK buy 5 M 440'000 12 month 12.02.2013
Deutsche Bank SANJEEV RANA hold 3 D 210'000 12 month 08.02.2013
Daewoo Securities SUNG KI-JONG buy 5 M 260'000 12 month 08.02.2013
Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 250'000 6 month 08.02.2013
NH Investment & Securities LEE YOONSANG buy 5 M 250'000 6 month 08.02.2013
HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 270'000 6 month 08.02.2013
Shinhan Investment Corp KIM HYUN buy 5 M 240'000 12 month 08.02.2013
Tong Yang Investment Bank LEE JAE-WON buy 5 M 250'000 12 month 08.02.2013
JPMorgan LEE SOKJE neutral 3 M 280'000 3 month 08.02.2013
KTB Securities LEE KANG-ROK buy 5 M 260'000 12 month 08.02.2013
KB Investment & Securities Co., Ltd LEE SANG-WON buy 5 M 396'000 12 month 08.02.2013
E*Trade Securities Korea PARK MOO-HYUN buy 5 M 270'000 12 month 08.02.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 281'000 12 month 07.02.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 200'000 Not Provided 07.02.2013
Nomura ANGELA HONG neutral 3 M 260'000 Not Provided 07.02.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 290'000 12 month 06.02.2013
Meritz Securities Co., Ltd KIM SEUNG CHURL buy 5 M 265'000 6 month 31.01.2013
KIWOOM Securities Co Ltd CHOI WON-KYUNG outperform 5 M 250'000 6 month 23.01.2013
HSBC PAUL CHOI neutral 3 M 240'000 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Hana Daetoo Securities SANG-WOO LEE buy 5 M 317'000 12 month 13.01.2013
Hyundai Securities LEE SANG-HWA market perform 3 D 220'000 Not Provided 09.01.2013
IBK Securities Co Ltd SHIM WON-SUP buy 5 M 290'000 12 month 03.01.2013
HI Investment Securities HUR SUNG DUCK buy 5 M 310'000 6 month 22.12.2012
Korea Investment & Securities RICHARD PARK neutral 3 M #N/A N/A Not Provided 30.11.2012
Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 390'000 12 month 27.11.2012
SK Securities Co Ltd LEE JI-HOON buy 5 M 290'000 6 month 07.11.2012
Eugene Investment & Securities Co., LtdMOON-SOO JANG hold 3 N 251'000 12 month 29.10.2012
Kyobo Securities OH SEAN buy 5 M 300'000 6 month 26.10.2012
Samsung Securities YOUNGSOO HAN buy 5 M 290'000 12 month 24.09.2012
Shinyoung Securities Co., Ltd. UM KYUNG-A buy 5 M 300'000 12 month 17.09.2012
Woori Investment & Securities JAE-HUN YU buy 5 M 330'000 12 month 17.09.2012
Macquarie LEE JUWON outperform 5 M 290'000 12 month 14.08.2012
BS Securities Co Ltd KWAK MIN-JUNG buy 5 M 400'000 6 month 07.05.2012
Ji Asia TONY MOYER sell 1 M 209'500 12 month 29.11.2011
Holdings By:
Hyundai Heavy Industries Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hyundai Mobis manufactures and markets automotive parts and equipment, such as
automotive service components, modules, and systems. The Company also contracts
environmental projects, including sewage treatment plant and industrial waste
water treatment plant construction.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.09.2012) 325'000.00
52-Week Low (14.01.2013) 250'500.00
Daily Volume
307500
52-Week High % Change -5.38% Dividend Yield 0.57
52-Week Low % Change 22.75% Beta 1.03
% 52 Week Price Range High/Low 73.83% Equity Float 59.97
Shares Out 31.12.2012 97.3 Short Int -
29'933'238.00 1 Yr Total Return 11.01%
Total Debt 1'810'896.00 YTD Return 6.77%
Preferred Stock 127.0 Adjusted BETA 1.026
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 2'396'260.00 Consensus Rating 4.955
Enterprise Value 28'136'652.87
Average Volume 5 Day 165'896
012330 KP EQUITY YTD Change - Average Volume 30 Day 287'282
012330 KP EQUITY YTD % CHANGE - Average Volume 3 Month 272'764
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
9'373'390.0 10'633'020.0 13'695'717.0 15'886'201.0 16'865'693.7 ######### ######### ######### - - -
0.49x 1.50x 1.92x 1.72x - 8.00x 4.71x 1.08x - - -
1'325'678.0 1'652'601.0 2'160'724.0 2'316'807.0 - ######### ######### ######### - - -
3.45x 9.62x 12.15x 11.79x - 11.79x 0.00x 8.40x - - -
1'089'995.0 1'615'220.0 1'628'807.0 1'742'742.0 2'251'251.8 ######### ######### ######### - - -
4.96x 9.60x 16.66x 15.99x - 15.99x 0.00x 8.66x 9.46x 15.16x -
EBITDA 2'316'807.00 Long-Term Rating Date 20.03.2012
EBIT 2'312'365.94 Long-Term Rating BBB+
Operating Margin 13.71% Long-Term Outlook STABLE
Pretax Margin 14.42% Short-Term Rating Date -
Return on Assets 11.30% Short-Term Rating -
Return on Common Equity 16.60%
Return on Capital 14.63% EBITDA/Interest Exp. 59.08
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 51.18
Net Debt/EBITDA -0.25
Gross Margin 19.9% Total Debt/EBITDA 0.78
EBITDA Margin 14.6%
EBIT Margin 13.7% Total Debt/Equity 16.1%
Net Income Margin 13.3% Total Debt/Capital 13.8%
Asset Turnover 1.03
Current Ratio 1.62 Net Fixed Asset Turnover 9.00
Quick Ratio 1.42 Accounts receivable turnover-days 82.42
Debt to Assets 10.96% Inventory Days 21.55
Tot Debt to Common Equity 16.06% Accounts Payable Turnover Day 54.16
Accounts Receivable Turnover 4.43 Cash Conversion Cycle 49.82
Inventory Turnover 16.94
Fiscal Year Ended
Hyundai MobisPrice/Volume
Valuation Analysis
182'312.00
Current Price (2/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''''
-'''''
-2''''
.'''''
.2''''
0'''''
02''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&. A
&1 A
&3 A
&5 A
-&' A
-&. A
0.0
2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
16'000'000.0
18'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KIA MOTORS CORP n/a EXCH 16'427'074 16.88 - 24.08.2012 Corporation
ALLIANCE BERNSTEIN n/a ULT-AGG 6'903'539 7.09 - 31.12.2011 Investment Advisor
NATIONAL PENSION SER n/a EXCH 6'827'430 7.01 989'681 30.11.2012 Investment Advisor
MONG-KOO CHUNG n/a EXCH 6'778'966 6.96 - 24.08.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 6'434'194 6.61 11'853 31.12.2012 Investment Advisor
HYUNDAI STEEL CO n/a EXCH 5'504'846 5.66 - 24.08.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'993'909 4.1 (10'144) 31.12.2012 Investment Advisor
HYUNDAI MOBIS n/a EXCH 1'806'615 1.86 - 27.04.2012 Corporation
BLACKROCK n/a ULT-AGG 1'754'137 1.8 1'157 19.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'258'180 1.29 159'775 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 1'123'492 1.15 678 31.12.2012 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 632'223 0.65 (88'397) 20.02.2013 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 631'795 0.65 77'045 28.09.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 592'952 0.61 68'597 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 533'348 0.55 (679'947) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 450'007 0.46 44'162 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 363'022 0.37 (75'228) 31.12.2012 Unclassified
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 336'731 0.35 62'450 28.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 331'697 0.34 (12'548) 28.09.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 318'883 0.33 10'242 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Woori Investment & Securities CHO SOO-HONG buy 5 M 370'000 12 month 18.02.2013
Credit Suisse HENRY KWON outperform 5 M 405'000 Not Provided 18.02.2013
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 400'000 12 month 12.02.2013
KTB Securities NAM KYEONG MOON buy 5 M 370'000 12 month 12.02.2013
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 370'000 6 month 12.02.2013
Goldman Sachs SEUNG SHIN neutral/neutral 3 D 291'000 12 month 07.02.2013
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 N 400'000 6 month 07.02.2013
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 365'000 12 month 06.02.2013
HSBC PAUL CHOI overweight 5 M 350'000 Not Provided 03.02.2013
Standard Chartered DAVID KIM outperform 5 U 364'000 12 month 01.02.2013
Daewoo Securities PARK YOUNG HO buy 5 M 355'000 12 month 01.02.2013
NH Investment & Securities LEE SANG-HYUN buy 5 M 380'000 6 month 01.02.2013
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 400'000 6 month 01.02.2013
Tong Yang Investment Bank AHN SANG JUN buy 5 M 360'000 12 month 01.02.2013
Macquarie MICHAEL SOHN outperform 5 M 390'000 12 month 01.02.2013
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 420'000 12 month 01.02.2013
Kyobo Securities DONG-HA KIM buy 5 M 390'000 6 month 01.02.2013
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 390'000 6 month 01.02.2013
Mirae Asset Securities YOON-KI KIM buy 5 M 410'000 12 month 01.02.2013
E*Trade Securities Korea KANG SANG-MIN buy 5 M 360'000 12 month 01.02.2013
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 400'000 Not Provided 01.02.2013
LIG Investment Securities IN-WOO PARK buy 5 M 390'000 12 month 01.02.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 391'000 12 month 31.01.2013
Samsung Securities YOON PIL JOONG buy 5 M 370'000 12 month 31.01.2013
JPMorgan PARK WAN SUN overweight 5 M 320'000 9 month 31.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 U 340'000 Not Provided 31.01.2013
HI Investment Securities KOH TAE-BONG buy 5 M 400'000 6 month 31.01.2013
Nomura ANGELA HONG buy 5 M 390'000 Not Provided 31.01.2013
Hana Daetoo Securities SONG SUN-JAE buy 5 M 360'000 12 month 31.01.2013
Barclays PAUL HWANG overweight 5 M 348'000 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Hyundai Securities CHAE HEE-GUEN buy 5 M 320'000 Not Provided 16.01.2013
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 400'000 12 month 14.01.2013
Deutsche Bank SANJEEV RANA buy 5 M 345'000 12 month 05.01.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 410'000 12 month 26.10.2012
Korea Investment & Securities SUH SUNGMOON buy 5 M 400'000 12 month 11.10.2012
SK Securities Co Ltd KIM YONG-SOO buy 5 M 380'000 6 month 30.07.2012
Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393'000 6 month 25.06.2012
BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370'000 6 month 02.05.2012
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 370'000 6 month 16.03.2012
DBS Vickers JAY KIM buy 5 M 370'000 12 month 30.01.2012
Hanyang Securities KIM YEON-WOO buy 5 M 450'000 6 month 31.10.2011
Holdings By:
Hyundai Mobis ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks,
and commercial vehicles. The Company also sells various auto parts and operates
auto repair service centers throughout South Korea. Hyundai Motor provides
financial services through its subsidiaries.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (02.05.2012) 272'500.00
52-Week Low (28.01.2013) 195'000.00
Daily Volume
216000
52-Week High % Change -20.73% Dividend Yield 0.81
52-Week Low % Change 10.77% Beta 1.10
% 52 Week Price Range High/Low 28.39% Equity Float 136.94
Shares Out 31.12.2012 220.3 Short Int -
47'579'720.00 1 Yr Total Return -3.82%
Total Debt 3'945'391.00 YTD Return -1.14%
Preferred Stock 331'011.0 Adjusted BETA 1.100
Minority Interest 0.0 Analyst Recs 48
Cash and Equivalents 10'087'560.00 Consensus Rating 4.833
Enterprise Value 38'253'674.46
Average Volume 5 Day 463'301
005380 KP EQUITY YTD Change - Average Volume 30 Day 693'511
005380 KP EQUITY YTD % CHANGE - Average Volume 3 Month 663'254
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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
32'189'786.0 31'859'327.0 36'761'115.0 42'774'077.0 - ######### ######### ######### ######### ######### #########
0.20x 0.64x 0.86x 0.91x - 3.74x 3.76x 0.61x 0.67x - -
3'221'449.0 3'649'386.0 4'833'935.0 6'242'388.0 - ######### ######### ######### ######### - -
2.05x 5.60x 6.54x 6.21x - 7.04x 6.63x 5.53x 5.18x - -
1'447'904.0 2'961'509.0 3'476'238.0 4'740'886.0 - ######### ######### ######### ######### ######### #########
7.42x 11.11x 13.55x 12.20x - 12.32x 12.78x 5.87x 5.47x - -
EBITDA 6'242'388.00 Long-Term Rating Date 20.03.2012
EBIT 4'684'413.00 Long-Term Rating BBB+
Operating Margin 10.95% Long-Term Outlook STABLE
Pretax Margin 13.72% Short-Term Rating Date -
Return on Assets 10.01% Short-Term Rating -
Return on Common Equity 15.35%
Return on Capital 14.50% EBITDA/Interest Exp. 21.78
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 16.80
Net Debt/EBITDA -0.98
Gross Margin 25.3% Total Debt/EBITDA 0.63
EBITDA Margin 14.6%
EBIT Margin 11.0% Total Debt/Equity 12.3%
Net Income Margin 11.1% Total Debt/Capital 10.8%
Asset Turnover 0.90
Current Ratio 1.45 Net Fixed Asset Turnover 3.50
Quick Ratio 1.22 Accounts receivable turnover-days 34.39
Debt to Assets 7.85% Inventory Days 19.83
Tot Debt to Common Equity 12.26% Accounts Payable Turnover Day 41.89
Accounts Receivable Turnover 10.61 Cash Conversion Cycle 12.34
Inventory Turnover 18.40
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
Hyundai Motor CoPrice/Volume
Valuation Analysis
411'442.00
Current Price (2/dd/yy) Market Data
'
2''''
-'''''
-2''''
.'''''
.2''''
0'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&2 A-&' A-&2 A.&' A.&2 A0&' A0&2 A1&' A1&2 A2&' A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
'1&'-&.''6 '1&'4&.''6 '1&'-&.'-' '1&'4&.'-' '1&'-&.'-- '1&'4&.'-- '1&'-&.'-. '1&'4&.'-. '1&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI MOBIS n/a EXCH 45'782'023 20.78 - 20.03.2012 Corporation
NATIONAL PENSION SER n/a Co File 14'873'261 6.75 - 31.12.2011 Investment Advisor
MIRAE ASSET GLOBAL I n/a EXCH 13'054'486 5.93 (2'548'444) 29.01.2010 Investment Advisor
MONG-KOO CHUNG n/a EXCH 11'408'874 5.18 - 20.03.2012 n/a
HYUNDAI MOTOR CO n/a Co File 11'006'710 5 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'296'224 3.77 150'272 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'671'849 2.12 76'244 19.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'588'802 2.08 (225'800) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'847'881 1.75 (246'285) 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 3'643'100 1.65 941'000 31.12.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 2'076'357 0.94 137'993 28.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'797'719 0.82 (35'886) 28.09.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'550'511 0.7 33'508 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'364'038 0.62 215'747 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'232'719 0.56 124'875 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'083'402 0.49 (395'900) 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 951'365 0.43 244'748 28.09.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 847'050 0.38 239'318 31.12.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 709'750 0.32 (20'486) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 663'568 0.3 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hyundai Securities CHAE HEE-GUEN buy 5 M 245'000 Not Provided 20.02.2013
Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300'000 12 month 20.02.2013
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 300'000 12 month 20.02.2013
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330'000 12 month 19.02.2013
Woori Investment & Securities CHO SOO-HONG buy 5 M 270'000 12 month 18.02.2013
Credit Suisse HENRY KWON outperform 5 M 254'500 Not Provided 18.02.2013
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 350'500 6 month 15.02.2013
E*Trade Securities Korea KANG SANG-MIN buy 5 M 330'000 12 month 15.02.2013
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280'000 12 month 12.02.2013
KTB Securities NAM KYEONG MOON buy 5 M 250'000 12 month 12.02.2013
Kyobo Securities DONG-HA KIM buy 5 M 300'000 12 month 04.02.2013
HSBC PAUL CHOI neutral 3 M 230'000 Not Provided 03.02.2013
Samsung Securities YOON PIL JOONG buy 5 M 265'000 12 month 01.02.2013
Ji Asia STEPHEN USHER buy 5 U 250'000 12 month 01.02.2013
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 270'000 12 month 28.01.2013
Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 232'000 12 month 27.01.2013
Standard Chartered DAVID KIM in-line 3 M 227'000 12 month 26.01.2013
Deutsche Bank SANJEEV RANA buy 5 M 275'000 12 month 25.01.2013
Daewoo Securities PARK YOUNG HO buy 5 M 271'000 12 month 25.01.2013
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 270'000 6 month 25.01.2013
NH Investment & Securities LEE SANG-HYUN buy 5 M 290'000 6 month 25.01.2013
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 310'000 12 month 25.01.2013
Tong Yang Investment Bank AHN SANG JUN buy 5 M 300'000 12 month 25.01.2013
Macquarie MICHAEL SOHN outperform 5 M 260'000 12 month 25.01.2013
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 265'000 6 month 25.01.2013
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 310'000 6 month 25.01.2013
Mirae Asset Securities YOON-KI KIM buy 5 M 290'000 12 month 25.01.2013
Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 25.01.2013
LIG Investment Securities IN-WOO PARK buy 5 M 290'000 12 month 25.01.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 295'000 12 month 24.01.2013
Korea Investment & Securities SUH SUNGMOON buy 5 N 320'000 12 month 24.01.2013
JPMorgan PARK WAN SUN overweight 5 M 290'000 9 month 24.01.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280'000 12 month 24.01.2013
HI Investment Securities KOH TAE-BONG buy 5 M 350'000 6 month 24.01.2013
Nomura ANGELA HONG buy 5 M 290'000 Not Provided 24.01.2013
Hana Daetoo Securities SONG SUN-JAE buy 5 M 290'000 12 month 24.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 290'000 Not Provided 14.01.2013
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 257'000 6 month 07.01.2013
SK Securities Co Ltd KIM YONG-SOO buy 5 M 320'000 6 month 02.11.2012
Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330'000 Not Provided 29.10.2012
Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300'000 6 month 01.08.2012
Hanyang Securities KIM YEON-WOO buy 5 M 320'000 6 month 15.05.2012
Holdings By:
Hyundai Motor Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (23.01.2013) 6.00
52-Week Low (12.07.2012) 3.97
Daily Volume
5.55
52-Week High % Change -7.50% Dividend Yield 4.55
52-Week Low % Change 39.80% Beta 1.32
% 52 Week Price Range High/Low 83.74% Equity Float 71'813.63
Shares Out 31.12.2012 86'794.1 Short Int -
1'846'996.25 1 Yr Total Return 4.41%
Total Debt 1'923'778.00 YTD Return 0.91%
Preferred Stock 0.0 Adjusted BETA 1.318
Minority Interest 1'081.0 Analyst Recs 38
Cash and Equivalents 3'589'595.00 Consensus Rating 4.632
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
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 659'566.0 818'407.0 531'827.5 581'124.6 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 201'780.0 230'027.0 230'020.0 242'593.3 49'742.0 -
33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.78x 6.48x - -
EBITDA - Long-Term Rating Date 09.12.2010
EBIT - Long-Term Rating A
Operating Margin 56.24% Long-Term Outlook STABLE
Pretax Margin 57.02% Short-Term Rating Date 09.12.2010
Return on Assets 1.39% Short-Term Rating A-1
Return on Common Equity 23.68%
Return on Capital 7.52% 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 201.1%
Net Income Margin 43.6% Total Debt/Capital 66.8%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 5.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.43% Inventory Days -
Tot Debt to Common Equity 201.08% 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
Industrial & Commercial Bank of China LtdPrice/Volume
Valuation Analysis
316'927'498.00
Current Price (2/dd/yy) Market Data
'
-
.
0
1
2
3
4
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A2''&' A-'''&' A-2''&' A.'''&' A.2''&' A0'''&' A02''&' A1'''&' A12''&' A
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
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 7'257'415'496 8.36 (33'976'000) 19.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'944'681'181 6.85 3'691'000 12.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'548'480'670 6.39 (5'376'000) 31.12.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 4'575'047'470 5.27 - 30.05.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'467'139'127 3.99 (24'709'000) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP n/a Research 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor
NOMURA n/a ULT-AGG (1'409'631'606) -1.62 160'000 15.10.2012 Unclassified
FMR LLC n/a ULT-AGG 1'364'049'165 1.57 (171'348'148) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 698'369'797 0.8 49'190'408 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 572'437'010 0.66 (89'434'000) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 542'210'582 0.62 (30'176'185) 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 411'549'901 0.47 (31'878'504) 20.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 382'117'592 0.44 - 30.06.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 367'197'655 0.42 (309'000) 31.10.2012 Unclassified
PICTET & CIE Multiple Portfolios MF-AGG 306'761'935 0.35 3'666'000 31.10.2012 Mutual Fund Manager
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 268'458'776 0.31 78'371'000 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 261'121'965 0.3 (2'675'008) 19.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 243'574'280 0.28 33'545'000 31.01.2013 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 208'952'472 0.24 17'488'000 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies TAN MING buy 5 M 6 12 month 20.02.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 20.02.2013
JPMorgan KATHERINE LEI overweight 5 M 7 9 month 19.02.2013
Credit Suisse SANJAY JAIN outperform 5 M 7 Not Provided 14.02.2013
UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 08.02.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 6 12 month 06.02.2013
Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 05.02.2013
Kim Eng Securities IVAN LI buy 5 M 6 12 month 29.01.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 24.01.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013
Mizuho Securities JIM ANTOS buy 5 M 7 12 month 21.01.2013
Nomura LUCY FENG buy 5 M 7 Not Provided 21.01.2013
CIMB TREVOR KALCIC outperform 5 M 7 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 11.01.2013
Deutsche Bank TRACY YU buy 5 M 7 12 month 07.01.2013
Barclays MAY YAN overweight 5 M 6 Not Provided 18.12.2012
Macquarie VICTOR WANG outperform 5 M 7 12 month 17.12.2012
Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 13.12.2012
ABC International JOHANNES AU buy 5 M 6 12 month 07.12.2012
HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 26.11.2012
China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012
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
Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012
DBS Vickers ALEXANDER LEE buy 5 M 6 33 month 31.10.2012
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 12.10.2012
Goldman Sachs NING MA Buy/Neutral 5 M 6 12 month 11.10.2012
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
Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012
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
KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010
Holdings By:
Industrial & Commercial Bank of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio
of businesses focused on the Asia-Pacific region. The Group's activities include
financial services, supermarkets, consumer marketing, engineering and
construction, automobile trading, insurance broking, property investment, and
hotels.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (28.01.2013) 66.25
52-Week Low (05.06.2012) 47.40
Daily Volume
62.6
52-Week High % Change -5.51% Dividend Yield -
52-Week Low % Change 32.07% Beta 0.96
% 52 Week Price Range High/Low 82.76% Equity Float 245.81
Shares Out 21.02.2013 670.6 Short Int -
41'977.36 1 Yr Total Return 23.27%
Total Debt 10'067.00 YTD Return 0.97%
Preferred Stock 0.0 Adjusted BETA 0.956
Minority Interest 22'906.0 Analyst Recs 10
Cash and Equivalents 4'190.00 Consensus Rating 3.600
Enterprise Value 72'611.36
Average Volume 5 Day 354'640
JM SP EQUITY YTD Change - Average Volume 30 Day 343'173
JM SP EQUITY YTD % CHANGE - Average Volume 3 Month 287'721
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
19'445.0 22'362.0 22'501.0 30'053.0 37'967.0 - - 40'862.9 46'047.8 - -
0.78x 0.56x 1.29x 1.29x 1.21x - - 1.71x 1.49x - -
2'246.0 2'227.0 2'923.0 4'430.0 4'690.0 - - 5'137.5 5'767.6 - -
6.73x 5.59x 9.95x 8.78x 9.77x - - 14.13x 12.59x - -
1'828.0 666.0 1'731.0 3'084.0 3'449.0 - - 1'556.6 1'761.9 - -
5.37x 9.79x 6.20x 5.13x 4.94x - - 14.71x 13.09x - -
EBITDA 4'690.00 Long-Term Rating Date -
EBIT 3'776.00 Long-Term Rating -
Operating Margin 9.95% Long-Term Outlook -
Pretax Margin 24.99% Short-Term Rating Date -
Return on Assets 3.49% Short-Term Rating -
Return on Common Equity 12.45%
Return on Capital 11.31% EBITDA/Interest Exp. 20.94
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 14.83
Net Debt/EBITDA 0.80
Gross Margin 22.6% Total Debt/EBITDA 1.24
EBITDA Margin 22.7%
EBIT Margin 20.3% Total Debt/Equity 61.5%
Net Income Margin 9.1% Total Debt/Capital 20.4%
Asset Turnover 0.69
Current Ratio 1.40 Net Fixed Asset Turnover 1.39
Quick Ratio 0.94 Accounts receivable turnover-days 55.52
Debt to Assets 17.27% Inventory Days 54.11
Tot Debt to Common Equity 61.55% Accounts Payable Turnover Day 81.23
Accounts Receivable Turnover 6.59 Cash Conversion Cycle 22.51
Inventory Turnover 6.76
Fiscal Year Ended
Jardine Matheson Holdings LtdPrice/Volume
Valuation Analysis
346'400.00
Current Price (2/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'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&. A
&1 A
&3 A
&5 A
-&' A
-&. A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JARDINE STRATEGIC HO n/a Co File 363'682'341 54.24 - 22.03.2012 Holding Company
1947 TRUST n/a Co File 35'915'991 5.36 - 22.03.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 16'522'000 2.46 332'000 31.12.2012 Investment Advisor
KESWICK HENRY n/a Co File 10'294'325 1.54 - 22.03.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'526'176 0.97 595'402 31.10.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'592'426 0.68 (48'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'565'506 0.68 (54'020) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'170'650 0.62 23'200 30.09.2012 Hedge Fund Manager
WEATHERALL PERCY n/a Co File 4'131'388 0.62 - 22.03.2012 n/a
FMR LLC n/a ULT-AGG 3'480'078 0.52 182'621 31.12.2012 Investment Advisor
KESWICK SIMON L n/a Co File 2'830'998 0.42 - 22.03.2012 n/a
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'796'080 0.42 28'800 31.10.2012 Bank
CHARLES KESWICK PHIL n/a Co File 2'764'142 0.41 - 22.03.2012 n/a
WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 2'522'195 0.38 - 30.09.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'432'800 0.36 167'200 31.12.2012 Investment Advisor
KESWICK BENJAMIN WIL n/a Co File 2'376'841 0.35 - 22.03.2012 n/a
SARASIN n/a ULT-AGG 1'653'760 0.25 11'730 28.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 1'587'885 0.24 34'400 31.12.2012 Unclassified
NIGHTINGALE ANTHONY n/a Co File 1'099'060 0.16 - 22.03.2012 n/a
LEACH CHARLES GUY RO n/a Co File 1'087'325 0.16 - 22.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC MARK CARMERON ROSS WEBB neutral 3 D 68 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Credit Suisse GERALD WONG outperform 5 M 73 Not Provided 14.01.2013
Nomura BENJAMIN LO buy 5 M 70 Not Provided 14.01.2013
Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 60 12 month 04.01.2013
JPMorgan ADITYA SRINATH overweight 5 M 67 3 month 13.11.2012
Morgan Stanley XIN JIN LING Equalwt/In-Line 3 M 52 12 month 29.07.2012
Holdings By:
Jardine Matheson Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
KB Financial Group Inc. (the "Company"), in accordance with Financial Holding
Companies Act, was established on September 29, 2008, through stock transfer
with the former shareholders of its subsidiaries including Kookmin Bank in
order to provide management services and financing to associated companies.
The headquarters are located at Seoul, Korea
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2012) 44'500.00
52-Week Low (25.07.2012) 32'500.00
Daily Volume
38500
52-Week High % Change -13.48% Dividend Yield 1.87
52-Week Low % Change 18.46% Beta 1.21
% 52 Week Price Range High/Low 51.67% Equity Float 351.07
Shares Out 31.12.2012 386.4 Short Int -
14'874'540.00 1 Yr Total Return -5.41%
Total Debt 179'988.00 YTD Return 1.58%
Preferred Stock 0.0 Adjusted BETA 1.214
Minority Interest - Analyst Recs 43
Cash and Equivalents - Consensus Rating 4.581
Enterprise Value 14'775'573.18
Average Volume 5 Day 6'106'942
105560 KP EQUITY YTD Change - Average Volume 30 Day 1'930'182
105560 KP EQUITY YTD % CHANGE - Average Volume 3 Month 1'578'548
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
635'268.0 696'562.0 131'459.0 26'999.0 - 26'999.0 692'650.0 - - - -
20.05x 34.26x - - - 2183.95x 22.00x - - - -
616'576.0 599'907.0 95'109.0 (19'210.0) - (19'210.0) 660'843.0 - - - -
20.66x 39.78x - - - 0.00x 0.00x - - - -
611'927.0 539'818.0 41'575.0 (63'678.0) 646'235.5 (63'678.0) 646'235.0 - - - -
15.79x 35.99x 495.87x - - 0.00x 0.00x - - - -
EBITDA -19'210.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin - Long-Term Outlook -
Pretax Margin -241.58% Short-Term Rating Date -
Return on Assets -0.34% Short-Term Rating -
Return on Common Equity -0.36%
Return on Capital -0.35% EBITDA/Interest Exp. -
Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -9.37
EBITDA Margin -71.2%
EBIT Margin - Total Debt/Equity 1.0%
Net Income Margin -235.9% Total Debt/Capital 1.0%
Asset Turnover 0.00
Current Ratio - Net Fixed Asset Turnover 28.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.97% Inventory Days -
Tot Debt to Common Equity 1.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
KB Financial Group IncPrice/Volume
Valuation Analysis
1'600'853.00
Current Price (2/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'''
-''''-2'''.''''.2'''0''''02'''1''''12'''2''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
-''&''
.''&''
0''&''
1''&''
2''&''
3''&''
4''&''
5''&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CITIBANK NA n/a Co File 33'653'277 8.71 - 31.12.2011 Bank
NATIONAL PENSION SER n/a EXCH 31'817'770 8.24 3'922'890 01.08.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 28'260'026 7.31 (81'170) 15.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'276'476 2.4 4'040 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'612'133 2.23 (293'682) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 8'449'020 2.19 20'600 31.12.2012 Unclassified
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'955'573 1.02 (340'194) 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'780'711 0.98 - 31.07.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 3'404'834 0.88 - 31.12.2011 n/a
FMR LLC n/a ULT-AGG 3'086'115 0.8 917'902 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2'738'559 0.71 369'849 28.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'323'200 0.6 315'047 30.09.2011 Mutual Fund Manager
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'253'679 0.58 315'064 28.09.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'870'000 0.48 - 31.12.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'209'031 0.31 26'883 28.09.2012 Mutual Fund Manager
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'154'167 0.3 (892'451) 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'111'300 0.29 3'090 19.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'100'295 0.28 (108'123) 31.12.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'018'262 0.26 906 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 872'935 0.23 44'280 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Woori Investment & Securities JASON CHOI buy 5 M 48'000 12 month 18.02.2013
KTB Securities OH JIN-WON buy 5 M 47'000 12 month 18.02.2013
BNP Paribas Equity Research MICHELLE CHO hold 3 M 39'400 12 month 18.02.2013
Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 49'000 6 month 15.02.2013
Credit Suisse GIL HYUNG KIM outperform 5 M 48'000 Not Provided 15.02.2013
Mirae Asset Securities HEATHER KANG buy 5 M 46'000 12 month 15.02.2013
HI Investment Securities YOO SANG-HO buy 5 M 49'000 6 month 12.02.2013
Daewoo Securities TAYE SHIM buy 5 M 53'000 12 month 08.02.2013
NH Investment & Securities KIM EUN-GAB market perform 3 M #N/A N/A Not Provided 08.02.2013
Dongbu Securities Co Ltd LEE BYUNG-GUN hold 3 M 44'200 12 month 08.02.2013
Korea Investment & Securities LEE JOANNE buy 5 M 57'000 12 month 08.02.2013
Samsung Securities JAEWOO KIM hold 3 M 46'000 12 month 08.02.2013
Shinhan Investment Corp KIM SOO-HYUN SEAN buy 5 M 50'000 12 month 08.02.2013
JPMorgan SCOTT YH SEO overweight 5 M 48'000 9 month 08.02.2013
Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 50'700 6 month 08.02.2013
IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 48'000 Not Provided 08.02.2013
HSBC SINYOUNG PARK overweight 5 M 43'000 Not Provided 07.02.2013
Nomura MICHAEL NA buy 5 M 47'000 Not Provided 07.02.2013
Standard Chartered JUSTIN KIM outperform 5 M 48'000 12 month 23.01.2013
KIWOOM Securities Co Ltd SEO YOUNG-SOO outperform 5 M 44'000 6 month 22.01.2013
Macquarie CHAN HWANG outperform 5 M 47'000 12 month 21.01.2013
Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 49'000 12 month 16.01.2013
LIG Investment Securities SOHN JOON-BEUM buy 5 M 51'000 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Hana Daetoo Securities HAN JEONG-TAE buy 5 M 50'000 12 month 14.01.2013
Barclays HA SUN MOK overweight 5 M 47'000 Not Provided 11.01.2013
Eugene Investment & Securities Co., LtdKIM IN hold 3 M 40'000 12 month 10.01.2013
Deutsche Bank JEE HOON PARK hold 3 M 41'000 12 month 08.01.2013
Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 M 44'500 6 month 24.12.2012
E*Trade Securities Korea HA HAKSOO market perform 3 M 39'000 12 month 21.12.2012
Daiwa Securities Co. Ltd. ANDERSON CHA buy 5 M 50'000 Not Provided 06.12.2012
Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 45'000 12 month 28.11.2012
Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 39'000 12 month 18.11.2012
Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 52'000 6 month 29.10.2012
Hyundai Securities KOO KYUNG-HWE buy 5 M 55'000 6 month 29.10.2012
HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 52'000 6 month 29.10.2012
SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 55'000 6 month 29.10.2012
Goldman Sachs STAN LEE Buy/Neutral 5 M 50'000 12 month 26.10.2012
Kyobo Securities HWANG SEOK-KYU buy 5 M 57'500 6 month 02.04.2012
Holdings By:
KB Financial Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Keppel Corporation Limited's core businesses are offshore and marine,
infrastructure, property investment and development, telecommunications and
transportation, energy, and engineering.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 11.74
52-Week Low (04.06.2012) 9.57
Daily Volume
11.66
52-Week High % Change -0.68% Dividend Yield -
52-Week Low % Change 21.84% Beta 1.27
% 52 Week Price Range High/Low 98.62% Equity Float 1'405.65
Shares Out 21.02.2013 1'798.4 Short Int -
20'969.16 1 Yr Total Return 10.46%
Total Debt 7'207.90 YTD Return 6.00%
Preferred Stock 0.0 Adjusted BETA 1.270
Minority Interest 4'332.2 Analyst Recs 24
Cash and Equivalents 4'472.28 Consensus Rating 4.458
Enterprise Value 28'036.95
Average Volume 5 Day 2'911'600
KEP SP EQUITY YTD Change - Average Volume 30 Day 3'258'600
KEP SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'388'302
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
11'798.9 12'240.6 9'133.4 10'041.5 13'964.8 9'951.9 13'964.8 13'317.8 13'969.3 3'127.0 3'550.5
0.72x 1.17x 2.40x 2.34x 1.92x 8.68x 7.48x 2.04x 1.91x - -
1'531.4 1'723.4 1'716.1 2'064.5 2'526.2 2'016.1 2'526.2 2'208.3 2'320.0 - -
5.58x 8.31x 12.80x 11.40x 10.63x 11.67x 10.63x 12.70x 12.08x - -
1'098.0 1'625.1 1'511.1 1'840.5 2'237.3 1'805.8 2'237.3 1'594.7 1'659.9 316.0 421.0
6.28x 8.07x 15.24x 11.10x 8.81x 9.63x 8.81x 13.16x 12.62x 13.40x 12.67x
EBITDA 2'526.19 Long-Term Rating Date -
EBIT 2'315.68 Long-Term Rating -
Operating Margin 16.58% Long-Term Outlook -
Pretax Margin 23.32% Short-Term Rating Date -
Return on Assets 8.34% Short-Term Rating -
Return on Common Equity 26.90%
Return on Capital 14.82% EBITDA/Interest Exp. 18.72
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 12.53
Net Debt/EBITDA 1.08
Gross Margin - Total Debt/EBITDA 2.85
EBITDA Margin 18.1%
EBIT Margin 16.6% Total Debt/Equity 78.0%
Net Income Margin 16.0% Total Debt/Capital 34.7%
Asset Turnover 0.52
Current Ratio 1.61 Net Fixed Asset Turnover 1.74
Quick Ratio 0.71 Accounts receivable turnover-days 42.00
Debt to Assets 24.71% Inventory Days -
Tot Debt to Common Equity 77.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.71 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
Keppel Corp LtdPrice/Volume
Valuation Analysis
5'602'000.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.&' A
1&' A
3&' A
5&' A
-'&' A
-.&' A
-1&' A
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
-'&''
.'&''
0'&''
1'&''
2'&''
3'&''
4'&''
5'&''
6'&''
'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 381'439'386 21.21 - 02.03.2012 Government
ABERDEEN n/a ULT-AGG 93'439'600 5.2 - 18.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 89'917'757 5 40'000 19.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 25'420'635 1.41 (150'851) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'290'234 1.35 167'995 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 18'172'200 1.01 (20'500) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'504'035 0.97 - 19.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'386'500 0.91 (25'500) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 16'264'374 0.9 (88'235) 20.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'151'400 0.62 (3'241'200) 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'627'600 0.54 (3'458'000) 30.09.2011 Mutual Fund Manager
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 8'415'900 0.47 - 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'288'874 0.41 (1'243'100) 31.01.2013 Investment Advisor
SOON HOE TEO n/a EXCH 4'853'480 0.27 - 29.06.2012 n/a
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 4'846'000 0.27 (1'273'000) 30.11.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'439'000 0.25 72'000 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'254'050 0.24 (130'850) 31.10.2012 Investment Advisor
CHIAU BENG CHOO n/a EXCH 4'030'532 0.22 341'000 15.08.2012 n/a
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'767'391 0.21 (91'000) 28.09.2012 Investment Advisor
NOMURA n/a ULT-AGG 3'717'200 0.21 (8'000) 12.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse GERALD WONG outperform 5 M 14 Not Provided 18.02.2013
DBS Vickers JANICE CHUA buy 5 M 13 12 month 18.02.2013
Religare Capital Markets VINCENT FERNANDO hold 3 M 12 12 month 01.02.2013
Nomura LISA LEE buy 5 M 13 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 29.01.2013
Standard Chartered LEONG WAI MUN outperform 5 M 13 12 month 25.01.2013
JPMorgan AJAY NARAYAN MIRCHANDANI overweight 5 M 13 9 month 25.01.2013
Kim Eng Securities CHEE KEONG YEAK buy 5 M 13 12 month 25.01.2013
OCBC Investment Research LOW PEI HAN buy 5 M 13 12 month 25.01.2013
OSK (Asia) Securities JASON SAW neutral 3 M 11 12 month 25.01.2013
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 12 Not Provided 25.01.2013
UOB Kay Hian NANCY WEI buy 5 M 13 Not Provided 25.01.2013
Morgan Stanley XIN JIN LING Overwt/Attractive 5 M 13 12 month 24.01.2013
Macquarie SOMESH KUMAR AGARWAL neutral 3 M 12 12 month 24.01.2013
CIMB SIEW KHEE LIM outperform 5 M 13 12 month 24.01.2013
Barclays CLEMENT CHEN equalweight 3 M 14 Not Provided 21.01.2013
Deutsche Bank KEVIN CHONG buy 5 M 14 12 month 18.10.2012
Goldman Sachs MIANG CHUEN KOH neutral/neutral 3 M 12 12 month 18.10.2012
HSBC NEEL SINHA neutral 3 D 13 Not Provided 18.10.2012
Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 18.10.2012
IIFL ZUO LI buy 5 M 12 12 month 12.01.2012
Holdings By:
Keppel Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Kia Motors Corporation manufactures, sells, and exports passenger cars,
mini-buses, trucks, and commercial vehicles. The Company also produces various
auto parts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 84'800.00
52-Week Low (28.01.2013) 47'850.00
Daily Volume
55100
52-Week High % Change -35.02% Dividend Yield 1.09
52-Week Low % Change 15.15% Beta 0.96
% 52 Week Price Range High/Low 18.54% Equity Float 235.00
Shares Out 31.12.2012 405.4 Short Int -
22'335'520.00 1 Yr Total Return -23.14%
Total Debt 3'701'693.00 YTD Return -2.48%
Preferred Stock 0.0 Adjusted BETA 0.960
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 2'646'377.00 Consensus Rating 4.591
Enterprise Value 21'772'000.42
Average Volume 5 Day 1'360'761
000270 KP EQUITY YTD Change - Average Volume 30 Day 2'050'983
000270 KP EQUITY YTD % CHANGE - Average Volume 3 Month 2'029'296
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
16'382'231.0 18'415'739.0 23'222'969.0 27'742'277.0 28'007'913.0 ######### ######### ######### ######### ######### #########
0.43x 0.57x 0.95x 1.01x - 4.20x 3.13x 0.58x 0.63x - -
1'023'733.0 1'827'909.0 2'402'792.0 2'597'837.0 - ######### ######### ######### ######### - -
6.85x 5.70x 9.21x 10.77x - 10.77x 0.00x 7.25x 7.25x - -
113'784.0 1'450'260.0 1'420'636.0 1'804'842.0 2'136'797.0 ######### ######### ######### ######### 956'300.0 #########
19.97x 5.08x 13.96x 14.72x - 14.72x 0.00x 5.26x 4.83x - -
EBITDA 2'597'837.00 Long-Term Rating Date 20.03.2012
EBIT 1'645'332.00 Long-Term Rating BBB+
Operating Margin 5.87% Long-Term Outlook STABLE
Pretax Margin 8.51% Short-Term Rating Date -
Return on Assets 8.09% Short-Term Rating -
Return on Common Equity 14.92%
Return on Capital 11.82% EBITDA/Interest Exp. 17.61
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.69
Net Debt/EBITDA 0.41
Gross Margin 21.0% Total Debt/EBITDA 1.42
EBITDA Margin 9.4%
EBIT Margin 5.9% Total Debt/Equity 28.4%
Net Income Margin 7.6% Total Debt/Capital 22.1%
Asset Turnover 1.24
Current Ratio 0.90 Net Fixed Asset Turnover 4.22
Quick Ratio 0.71 Accounts receivable turnover-days 32.71
Debt to Assets 15.83% Inventory Days 17.83
Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 52.83
Accounts Receivable Turnover 11.16 Cash Conversion Cycle -2.30
Inventory Turnover 20.47
Fiscal Year Ended
Kia Motors CorpPrice/Volume
Valuation Analysis
1'976'434.00
Current Price (2/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''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-&' A
.&' A
0&' A
1&' A
2&' A
3&' A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI MOTOR CO n/a Co File 137'318'251 33.88 - 30.06.2012 Corporation
NATIONAL PENSION SER n/a EXCH 24'374'709 6.01 (3'779'604) 01.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'395'287 4.04 2'847'100 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'674'113 3.37 (168'233) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'288'654 1.8 9'110 19.02.2013 Investment Advisor
EUI SUN CHUNG n/a Co File 7'061'331 1.74 - 30.06.2012 n/a
FMR LLC n/a ULT-AGG 5'151'282 1.27 (321'554) 31.12.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'356'040 0.83 (91'306) 28.09.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'001'644 0.49 (1'128'135) 28.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'773'507 0.44 (1'372'669) 28.09.2012 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'722'251 0.42 14'696 28.09.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'410'985 0.35 (321'282) 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'391'632 0.34 437'327 31.01.2013 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'229'277 0.3 (759'020) 28.09.2012 Mutual Fund Manager
EMPLOYEE STOCK OWNER n/a Co File 1'168'532 0.29 - 30.06.2012 n/a
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 823'411 0.2 (79'025) 28.09.2012 Mutual Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 686'652 0.17 (2'378) 30.11.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 633'920 0.16 (277'838) 28.09.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 575'710 0.14 (388'326) 28.09.2012 Mutual Fund Manager
PCA INVESTMENT TRUST Multiple Portfolios MF-AGG 533'583 0.13 (14'953) 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 75'000 6 month 21.02.2013
Hyundai Securities CHAE HEE-GUEN buy 5 M 61'000 Not Provided 20.02.2013
Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 74'900 12 month 20.02.2013
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 80'000 12 month 20.02.2013
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 100'000 12 month 19.02.2013
Hana Daetoo Securities SONG SUN-JAE buy 5 M 63'000 12 month 19.02.2013
Woori Investment & Securities CHO SOO-HONG buy 5 M 70'000 12 month 18.02.2013
Credit Suisse HENRY KWON outperform 5 M 64'900 Not Provided 18.02.2013
KTB Securities NAM KYEONG MOON buy 5 M 65'000 12 month 12.02.2013
HSBC PAUL CHOI neutral 3 D 58'000 Not Provided 03.02.2013
Samsung Securities YOON PIL JOONG buy 5 M 60'000 12 month 01.02.2013
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 69'000 6 month 29.01.2013
Deutsche Bank SANJEEV RANA buy 5 M 66'000 12 month 28.01.2013
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 70'000 12 month 28.01.2013
Daewoo Securities PARK YOUNG HO buy 5 M 66'000 12 month 28.01.2013
NH Investment & Securities LEE SANG-HYUN buy 5 M 79'000 6 month 28.01.2013
Dongbu Securities Co Ltd YIM EUN-YOUNG hold 3 M 58'000 12 month 28.01.2013
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 70'000 12 month 28.01.2013
Tong Yang Investment Bank AHN SANG JUN buy 5 M 73'000 12 month 28.01.2013
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 70'000 6 month 28.01.2013
HI Investment Securities KOH TAE-BONG buy 5 M 90'000 6 month 28.01.2013
Kyobo Securities DONG-HA KIM buy 5 M 71'000 6 month 28.01.2013
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 85'000 6 month 28.01.2013
Mirae Asset Securities YOON-KI KIM buy 5 M 74'000 12 month 28.01.2013
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 68'000 Not Provided 28.01.2013
LIG Investment Securities IN-WOO PARK buy 5 M 80'000 12 month 28.01.2013
Goldman Sachs SEUNG SHIN neutral/neutral 3 M 51'000 12 month 27.01.2013
Standard Chartered DAVID KIM in-line 3 M 60'000 12 month 26.01.2013
Macquarie MICHAEL SOHN outperform 5 M 60'000 12 month 26.01.2013
Korea Investment & Securities SUH SUNGMOON buy 5 M 79'000 12 month 25.01.2013
JPMorgan PARK WAN SUN neutral 3 M 63'000 9 month 25.01.2013
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 100'000 12 month 25.01.2013
Nomura ANGELA HONG neutral 3 D 56'000 Not Provided 25.01.2013
Barclays PAUL HWANG overweight 5 M 67'000 Not Provided 25.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 55'000 Not Provided 14.01.2013
SK Securities Co Ltd KIM YONG-SOO buy 5 M 87'000 6 month 09.01.2013
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 70'000 6 month 07.01.2013
E*Trade Securities Korea KANG SANG-MIN buy 5 M 120'000 12 month 31.10.2012
Hanyang Securities KIM YEON-WOO buy 5 M 110'000 6 month 27.09.2012
Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012
DBS Vickers JAY KIM buy 5 M 88'000 12 month 30.01.2012
Holdings By:
Kia Motors Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
KT&G Corporation processes, produces, and sells cigarettes and other tobacco
products. The Company, through its subsidiaries, manufactures ginseng products
such as red ginseng tea and herbal medicines. KT&G is also involved in real
estate development of its former factory sites.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.10.2012) 92'300.00
52-Week Low (12.03.2012) 70'200.00
Daily Volume
76300
52-Week High % Change -17.33% Dividend Yield -
52-Week Low % Change 8.69% Beta 0.31
% 52 Week Price Range High/Low 36.20% Equity Float 119.58
Shares Out 31.12.2012 137.3 Short Int -
10'475'418.00 1 Yr Total Return 3.16%
Total Debt 5'477.00 YTD Return -5.57%
Preferred Stock 0.0 Adjusted BETA 0.310
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 887'720.55 Consensus Rating 4.394
Enterprise Value 9'593'173.97
Average Volume 5 Day 210'258
033780 KP EQUITY YTD Change - Average Volume 30 Day 350'831
033780 KP EQUITY YTD % CHANGE - Average Volume 3 Month 356'396
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
2'644'656.5 2'776'403.2 2'499'931.4 2'490'830.8 2'637'612.2 ######### ######### ######### ######### - -
3.81x 2.86x 2.98x 3.86x 3.52x 12.94x 14.26x - - - -
1'110'025.9 1'126'532.9 984'860.1 1'012'627.1 1'089'515.0 ######### ######### - - - -
9.09x 7.05x 7.55x 9.48x 8.53x 9.48x 8.53x - - - -
894'290.3 744'942.1 931'127.1 775'936.9 768'437.9 775'938.9 768'438.9 783'300.0 850'800.0 - -
11.51x 11.10x 8.84x 13.27x 13.22x 13.26x 13.22x 13.15x 12.18x - -
EBITDA 1'089'515.01 Long-Term Rating Date 03.12.2004
EBIT 972'680.01 Long-Term Rating NR
Operating Margin 36.88% Long-Term Outlook -
Pretax Margin 38.61% Short-Term Rating Date -
Return on Assets 13.56% Short-Term Rating -
Return on Common Equity 16.27%
Return on Capital 16.26% EBITDA/Interest Exp. 1213.27
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 1040.43
Net Debt/EBITDA -0.81
Gross Margin 62.8% Total Debt/EBITDA 0.01
EBITDA Margin 41.3%
EBIT Margin 36.9% Total Debt/Equity 0.1%
Net Income Margin 29.1% Total Debt/Capital 0.1%
Asset Turnover 0.47
Current Ratio 3.31 Net Fixed Asset Turnover 2.27
Quick Ratio 1.81 Accounts receivable turnover-days 80.68
Debt to Assets 0.09% Inventory Days 331.11
Tot Debt to Common Equity 0.11% Accounts Payable Turnover Day 7.63
Accounts Receivable Turnover 4.54 Cash Conversion Cycle 404.16
Inventory Turnover 1.11
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
KT&G CorpPrice/Volume
Valuation Analysis
369'786.00
Current Price (2/dd/yy) Market Data
'-''''.''''0''''1''''2''''3''''4''''5''''6''''
-'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&. A
&1 A
&3 A
&5 A
-&' A
-&. A
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KT&G CORP n/a Co File 11'534'697 8.4 - 30.06.2012 Corporation
LAZARD ASSET MANAGEM n/a ULT-AGG 10'666'804 7.77 (1'373'903) 04.02.2013 Unclassified
INDUSTRIAL BANK OF K n/a Co File 9'510'485 6.93 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'920'171 4.31 35'634 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'873'112 3.55 2'000 30.09.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 4'038'267 2.94 (19'420) 19.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'326'652 2.42 (400) 31.12.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 3'105'042 2.26 (180'414) 31.03.2012 n/a
JAPAN TOBACCO INC n/a Co File 2'864'904 2.09 - 31.03.2012 Government
FMR LLC n/a ULT-AGG 2'421'850 1.76 735'015 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'612'831 1.17 445'025 28.09.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'598'875 1.16 363'903 28.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'392'661 1.01 336'969 28.09.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'191'995 0.87 188'735 31.12.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'012'217 0.74 126'303 28.09.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 998'081 0.73 - 14.09.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 753'253 0.55 3'686 28.12.2012 Mutual Fund Manager
CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 644'756 0.47 (32'747) 31.12.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 640'491 0.47 50'000 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 601'890 0.44 189'062 19.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Woori Investment & Securities COOKIE HAN buy 5 M 88'000 12 month 20.02.2013
Credit Suisse SONIA KIM SEUNG-HYUN underperform 1 M 75'000 Not Provided 15.02.2013
Kyobo Securities JEONG SEONG-HOON buy 5 M 100'000 6 month 14.02.2013
Korea Investment & Securities LEE KYUNG JOO buy 5 M 92'000 12 month 12.02.2013
Goldman Sachs CHRISTINE CHO neutral/neutral 3 D 80'000 12 month 30.01.2013
Hana Daetoo Securities KANG HEE-YOUNG buy 5 M 97'000 12 month 30.01.2013
Nomura CARA EUN JUNG SONG neutral 3 M 82'000 Not Provided 25.01.2013
Deutsche Bank JI-HYUN SONG buy 5 U 90'000 12 month 18.01.2013
Daewoo Securities BAEK WOON-MOK buy 5 M 94'000 12 month 18.01.2013
Daishin Securities Co., Ltd. LEE SUN-KYOUNG buy 5 M 90'000 6 month 18.01.2013
Samsung Securities ILWOO YANG buy 5 M 90'000 12 month 18.01.2013
HMC Investment Securities Co Ltd HYESEUNG CHUNG buy 5 M 93'000 6 month 18.01.2013
JPMorgan YOUNA KIM neutral 3 M 67'000 3 month 18.01.2013
KTB Securities KIM MIN-JEONG buy 5 U 90'000 12 month 18.01.2013
KIWOOM Securities Co Ltd WOO WON-SUNG outperform 5 M 92'000 6 month 18.01.2013
Morgan Stanley KELLY H KIM Overwt/In-Line 5 M 100'000 12 month 17.01.2013
Shinyoung Securities Co., Ltd. KIM YUN-OH buy 5 M 100'000 12 month 17.01.2013
Barclays PAUL HWANG equalweight 3 M 83'000 Not Provided 17.01.2013
Hyundai Securities JI GI-CHANG buy 5 M 93'000 Not Provided 16.01.2013
IBK Securities Co Ltd PARK AE-RAN buy 5 M 102'000 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Macquarie NA HONG-SUK outperform 5 M 96'000 12 month 14.01.2013
HSBC KAREN CHOI neutral 3 M 85'000 Not Provided 09.01.2013
Dongbu Securities Co Ltd CHA JAE-HEON hold 3 M 90'000 12 month 06.11.2012
Standard Chartered BOYOUNG KIM outperform 5 M 100'000 12 month 19.10.2012
Daiwa Securities Co. Ltd. PARK SANG HEE hold 3 M 86'000 Not Provided 18.10.2012
Meritz Securities Co., Ltd SONG KWANG-SOO buy 5 M 105'000 6 month 04.10.2012
Ji Asia MIKIHIKO YAMATO buy 5 M 105'000 12 month 18.09.2012
Shinhan Investment Corp JUNG-YOON KIM buy 5 M 100'000 12 month 19.07.2012
E*Trade Securities Korea PARK JONG-ROK buy 5 M 95'000 12 month 22.05.2012
Eugene Investment & Securities Co., LtdKIM DENNY buy 5 N 50'000 12 month 03.05.2011
Holdings By:
KT&G Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
LG Electronics Inc. manufactures and markets digital display equipment and home
appliances including personal computers, CD-ROMs, televisions, washers, air
conditioners, and microwaves. The Company also produces telecommunications
equipment such as phones and mobile phones, networking systems, security
solutions, and other communication products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2012) 94'300.00
52-Week Low (25.07.2012) 55'800.00
Daily Volume
77400
52-Week High % Change -17.92% Dividend Yield -
52-Week Low % Change 38.71% Beta 1.10
% 52 Week Price Range High/Low 53.25% Equity Float 92.16
Shares Out 31.12.2012 163.6 Short Int -
12'666'341.00 1 Yr Total Return -12.50%
Total Debt 5'825'846.00 YTD Return 5.16%
Preferred Stock 85'930.0 Adjusted BETA 1.099
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 1'464'211.00 Consensus Rating 4.239
Enterprise Value 16'559'385.80
Average Volume 5 Day 916'042
066570 KP EQUITY YTD Change - Average Volume 30 Day 926'777
066570 KP EQUITY YTD % CHANGE - Average Volume 3 Month 1'188'370
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
27'638'515.0 30'513'436.0 29'238'503.0 28'097'139.0 25'427'205.2 ######### ######### - - - -
0.44x 0.66x 0.72x 0.59x - 2.44x 1.84x - - - -
1'909'683.0 2'351'992.0 (359'692.0) 458'280.0 - 458'280.0 862'521.0 - - - -
6.40x 8.54x - 36.15x - 36.15x 0.00x - - - -
482'786.0 1'146'804.0 (635'874.0) (277'919.0) (354'760.0) (277'919.0) (354'760.0) - - - -
25.00x 17.08x - - - 0.00x 0.00x - - - -
EBITDA 458'280.00 Long-Term Rating Date 14.10.2011
EBIT 42'772.51 Long-Term Rating BBB-
Operating Margin 0.17% Long-Term Outlook STABLE
Pretax Margin -1.43% Short-Term Rating Date -
Return on Assets 0.93% Short-Term Rating -
Return on Common Equity 3.24%
Return on Capital 2.59% EBITDA/Interest Exp. 2.10
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. -2.70
Net Debt/EBITDA 4.19
Gross Margin 18.0% Total Debt/EBITDA 6.01
EBITDA Margin 3.5%
EBIT Margin 0.4% Total Debt/Equity 56.0%
Net Income Margin -1.4% Total Debt/Capital 35.7%
Asset Turnover 1.05
Current Ratio 0.92 Net Fixed Asset Turnover 5.05
Quick Ratio 0.74 Accounts receivable turnover-days 78.69
Debt to Assets 24.07% Inventory Days 19.22
Tot Debt to Common Equity 55.97% Accounts Payable Turnover Day 78.63
Accounts Receivable Turnover 4.65 Cash Conversion Cycle 19.13
Inventory Turnover 19.04
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
LG Electronics IncPrice/Volume
Valuation Analysis
1'684'381.00
Current Price (2/dd/yy) Market Data
'-''''.''''0''''1''''2''''3''''4''''5''''6''''
-'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&2 A-&' A-&2 A.&' A.&2 A0&' A0&2 A1&' A1&2 A2&' A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
12&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LG CORP n/a Co File 55'094'582 33.67 4'753'152 31.12.2011 Holding Company
NATIONAL PENSION SER n/a EXCH 15'453'143 9.44 3'330'622 13.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'533'279 3.38 (27'209) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'759'885 1.69 (13'814) 19.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'961'371 1.2 1'647'957 31.12.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'898'834 1.16 - 31.07.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'656'900 1.01 716'360 28.09.2012 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'295'185 0.79 58'895 28.09.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'081'813 0.66 47'900 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 914'162 0.56 905'988 31.12.2012 Investment Advisor
LG ELECTRONICS INC n/a Co File 763'165 0.47 - 31.12.2011 Corporation
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 506'817 0.31 378 31.10.2012 Bank
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 402'248 0.25 - 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 392'411 0.24 - 19.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 371'922 0.23 171'194 28.09.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 306'719 0.19 (10'869) 31.12.2012 Investment Advisor
SHINYOUNG INVESTMENT Multiple Portfolios MF-AGG 306'553 0.19 31'142 28.09.2012 Mutual Fund Manager
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 272'647 0.17 37'888 28.09.2012 Mutual Fund Manager
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 234'381 0.14 64'933 28.09.2012 Mutual Fund Manager
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 233'500 0.14 (108'000) 09.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mirae Asset Securities JIN HO CHO buy 5 U 88'000 12 month 21.02.2013
Samsung Securities CHO SUNG-EUN buy 5 M 120'000 12 month 20.02.2013
Shinhan Investment Corp SOH HYUN-CHEOL buy 5 M 100'000 12 month 20.02.2013
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 91'000 12 month 18.02.2013
HI Investment Securities HAN EUNMEE buy 5 M 95'000 6 month 17.02.2013
Credit Suisse JOHN SUNG underperform 1 M 63'000 Not Provided 13.02.2013
Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 101'000 12 month 12.02.2013
Tong Yang Investment Bank HYUN PARK buy 5 M 105'000 12 month 12.02.2013
Korea Investment & Securities KEVIN SUNG-HYUK LEE buy 5 M 90'000 12 month 08.02.2013
Dongbu Securities Co Ltd KWON SUNG-RYUL buy 5 M 105'000 12 month 05.02.2013
Daishin Securities Co., Ltd. PARK KANG-HO buy 5 M 95'000 6 month 04.02.2013
Goldman Sachs MICHAEL BANG neutral/attractive 3 M 70'000 12 month 04.02.2013
Deutsche Bank HANJOON KIM hold 3 M 76'400 12 month 31.01.2013
Daewoo Securities PARK WON-JAE buy 5 M 92'000 12 month 31.01.2013
NH Investment & Securities LEE SUN-TAE buy 5 M 100'000 6 month 31.01.2013
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 85'000 6 month 31.01.2013
Woori Investment & Securities SOPHIA KIM buy 5 M 95'000 12 month 31.01.2013
KTB Securities PARK SANG-HYUN buy 5 M 96'000 12 month 31.01.2013
Mizuho Securities CHARLES PARK neutral 3 M 77'000 12 month 31.01.2013
Hanwha Securities Co., Ltd KIM WOON-HO buy 5 M 100'000 6 month 31.01.2013
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 105'000 12 month 31.01.2013
KIWOOM Securities Co Ltd KIM JI-SAN buy 5 M 100'000 6 month 31.01.2013
Hana Daetoo Securities CHUN SUNG-HOON buy 5 M 140'000 12 month 31.01.2013
LIG Investment Securities KI-YOUNG KIM buy 5 M 110'000 12 month 31.01.2013
Morgan Stanley LEE KA KEUN Equalwt/In-Line 3 M 73'000 12 month 30.01.2013
JPMorgan JJ Park overweight 5 M 100'000 9 month 30.01.2013
Sanford C. Bernstein & Co MARK C NEWMAN underperform 1 M 50'000 12 month 30.01.2013
Nomura JAMES KIM buy 5 M 101'000 Not Provided 30.01.2013
HSBC BRIAN SOHN overweight 5 M 107'000 Not Provided 28.01.2013
Hyundai Securities KIM JEFF buy 5 M 96'000 Not Provided 25.01.2013
Barclays BAE SEUNG-CHUL equalweight 3 M 81'000 Not Provided 24.01.2013
BNP Paribas Equity Research PETER YU reduce 2 M 58'000 12 month 23.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. JAE H LEE hold 3 M 70'000 Not Provided 11.01.2013
Macquarie DANIEL KIM outperform 5 M 100'000 12 month 16.11.2012
Meritz Securities Co., Ltd JI MOK-HYUN buy 5 M 90'000 6 month 25.10.2012
SK Securities Co Ltd HYUN-YONG KIM buy 5 M 85'000 6 month 25.10.2012
E*Trade Securities Korea SONG EUN-JEONG buy 5 M 95'000 12 month 25.10.2012
Taurus Investment Securities Co Ltd YOO-JIN KIM buy 5 M 80'000 6 month 25.10.2012
Standard Chartered SEAN KIM in-line 3 M 64'000 12 month 08.10.2012
Kyobo Securities PARK SEONG-MIN buy 5 M 100'000 12 month 01.08.2012
Ji Asia STEVE MYERS buy 5 M 85'469 12 month 14.05.2012
Holdings By:
LG Electronics Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Li & Fung Limited, through its subsidiaries, operates an export trading
business. The Company exports consumer products such as garments, fashion
accessories, toys, games, sporting goods, home furnishings, handicrafts,
shoes, travel goods, and tableware. In addition, Li & Fung invests in
properties.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (23.03.2012) 20.15
52-Week Low (08.02.2013) 9.93
Daily Volume
10.4
52-Week High % Change -48.39% Dividend Yield 4.70
52-Week Low % Change 4.73% Beta 1.19
% 52 Week Price Range High/Low 6.16% Equity Float 5'520.35
Shares Out 31.01.2013 8'359.9 Short Int -
86'943.23 1 Yr Total Return -40.14%
Total Debt 1'865.66 YTD Return -23.98%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 4.8 Analyst Recs 24
Cash and Equivalents 426.24 Consensus Rating 2.583
Enterprise Value 12'984.54
Average Volume 5 Day 29'598'610
494 HK EQUITY YTD Change - Average Volume 30 Day 53'004'800
494 HK EQUITY YTD % CHANGE - Average Volume 3 Month 35'050'380
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4
11'851.0 14'220.3 13'478.2 15'976.0 20'030.3 - - 20'886.1 22'825.9 - -
1.22x 0.46x 1.16x 1.50x 0.82x - - 0.63x 0.58x - -
431.3 444.8 562.1 868.8 1'053.0 - - 806.0 1'160.0 - -
33.55x 14.56x 27.88x 27.50x 15.62x - - 16.11x 11.19x - -
392.2 311.1 434.6 550.7 681.2 - - 476.9 678.7 - -
35.20x 19.16x 35.44x 40.30x 21.96x - - 21.63x 16.35x - -
EBITDA 1'052.98 Long-Term Rating Date 15.01.2013
EBIT 826.44 Long-Term Rating A- *-
Operating Margin 4.13% Long-Term Outlook -
Pretax Margin 3.85% Short-Term Rating Date -
Return on Assets 7.09% Short-Term Rating -
Return on Common Equity 18.63%
Return on Capital 14.85% EBITDA/Interest Exp. 8.19
Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 7.31
Net Debt/EBITDA 1.67
Gross Margin 14.9% Total Debt/EBITDA 1.96
EBITDA Margin 5.2%
EBIT Margin 3.9% Total Debt/Equity 47.4%
Net Income Margin 3.4% Total Debt/Capital 32.1%
Asset Turnover 1.90
Current Ratio 1.08 Net Fixed Asset Turnover 60.01
Quick Ratio 0.66 Accounts receivable turnover-days 37.03
Debt to Assets 17.08% Inventory Days 21.80
Tot Debt to Common Equity 47.43% Accounts Payable Turnover Day 49.78
Accounts Receivable Turnover 9.88 Cash Conversion Cycle 8.61
Inventory Turnover 16.79
Fiscal Year Ended
Li & Fung LtdPrice/Volume
Valuation Analysis
22'711'471.00
Current Price (2/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
-'
-2
.'
.2
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2'&' A
-''&' A
-2'&' A
.''&' A
.2'&' A
0''&' A
02'&' A
1''&' A
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''
'&.'
'&1'
'&3'
'&5'
-&''
-&.'
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FUNG HOLDINGS (1937) n/a EXCH 2'195'727'908 26.26 - 28.09.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 1'250'099'101 14.95 4'422'000 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 566'265'325 6.77 - 19.01.2012 Investment Advisor
MASSACHUSETTS FINANC n/a EXCH 509'012'484 6.09 - 01.02.2013 Investment Advisor
COMMONWEALTH BANK OF #N/A N/A EXCH 419'446'385 5.02 - 14.02.2013 Bank
JP MORGAN n/a ULT-AGG 395'815'103 4.73 (732'000) 31.01.2013 Unclassified
KWOK LUN FUNG n/a EXCH 220'860'060 2.64 4'378'000 28.09.2012 n/a
ABERDEEN n/a ULT-AGG 186'133'490 2.23 4'593'820 31.01.2013 Unclassified
FIRST ISLANDS DEVELO n/a EXCH 166'856'708 2 5'000'000 27.09.2012 Other
FUNG DISTRIBUTION IN n/a EXCH 153'225'964 1.83 - 28.09.2012 Other
BLACKROCK n/a ULT-AGG 119'345'094 1.43 264'000 19.02.2013 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 106'691'668 1.28 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 102'858'257 1.23 1'463'370 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 87'383'200 1.05 9'620'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 85'060'486 1.02 37'809'268 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (83'331'640) -1 - 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 57'572'400 0.69 (1'028'000) 28.09.2012 Investment Advisor
HURRICANE MILLENNIUM n/a EXCH 53'823'020 0.64 1'000'000 06.09.2012 Other
ALLIANCE BERNSTEIN n/a ULT-AGG 49'433'520 0.59 (2'431'131) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 47'420'155 0.57 (2'448'564) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sun Hung Kai Securities NICHOLAS STUDHOLME-WILSON buy 5 N 14 12 month 20.02.2013
Nomura TANUJ SHORI reduce 2 M 12 Not Provided 15.02.2013
Standard Chartered CHARLES YAN outperform 5 M 14 12 month 04.02.2013
BNP Paribas Equity Research MICHELLE CHENG reduce 2 M 9 12 month 21.01.2013
CIMB GLORIA K TSUEN neutral 3 M 13 12 month 18.01.2013
Citic Securities Co., Ltd MOHAN SINGH buy 5 U 13 6 month 16.01.2013
Macquarie GARY PINGE underperform 1 M 9 12 month 15.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank ANNE LING hold 3 D 13 12 month 14.01.2013
Morgan Stanley ANGELA MOH Underwt/Attractive 1 M 11 12 month 14.01.2013
Credit Suisse GABRIEL CHAN underperform 1 M 8 Not Provided 14.01.2013
DBS Vickers PATRICIA YEUNG sell 1 D 10 12 month 14.01.2013
Mizuho Securities PETER TANG underperform 1 M 11 12 month 14.01.2013
UOB Kay Hian KEN LEE sell 1 M 9 Not Provided 14.01.2013
Religare Capital Markets PETER WILLIAMSON buy 5 M 16 12 month 14.01.2013
Barclays VINEET SHARMA equalweight 3 M 14 Not Provided 14.01.2013
Goldman Sachs JOSHUA LU neutral/attractive 3 M 13 12 month 13.01.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 12 9 month 13.01.2013
HSBC CHRIS ZEE overweight 5 M 16 Not Provided 13.01.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 20 Not Provided 19.05.2011
Holdings By:
Li & Fung Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
MediaTek Inc. is a fabless semiconductor company for wireless communications
and digital multimedia solutions. The company provides SOC system solutions for
wireless communications, high-definition TV, optical storage, DVD and Blu-ray
products.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (13.12.2012) 351.00
52-Week Low (30.04.2012) 235.00
Daily Volume
326
52-Week High % Change -7.12% Dividend Yield -
52-Week Low % Change 38.72% Beta 1.02
% 52 Week Price Range High/Low 78.45% Equity Float 1'185.86
Shares Out 30.11.2012 1'349.4 Short Int 73.36
439'894.69 1 Yr Total Return 10.47%
Total Debt 0.00 YTD Return 0.77%
Preferred Stock 0.0 Adjusted BETA 1.023
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 30'158.31 Consensus Rating 3.929
Enterprise Value 408'148.81
Average Volume 5 Day 6'463'881
2454 TT EQUITY YTD Change - Average Volume 30 Day 8'452'496
2454 TT EQUITY YTD % CHANGE - Average Volume 3 Month 8'630'954
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/13 Q1 06/13 Q2
74'778.6 68'015.5 77'310.8 71'988.4 53'842.4 53'842.4 45'250.4 - 131'654.0 23'940.0 29'500.0
5.21x 2.89x 7.04x 5.70x 5.31x 23.11x 21.20x - - - -
33'203.4 19'806.1 23'857.8 19'364.5 6'633.9 6'633.9 5'540.9 - 29'523.0 - -
11.72x 9.91x 22.81x 21.20x 43.13x 43.13x 0.00x - 13.82x - -
33'592.7 19'190.0 36'705.6 30'961.4 13'623.1 13'623.1 15'687.3 15'526.6 24'615.0 3'751.6 5'609.1
12.92x 12.24x 16.35x 14.68x 22.47x 22.31x 25.24x 26.54x 18.55x 18.95x 16.94x
EBITDA 6'633.87 Long-Term Rating Date -
EBIT 4'927.54 Long-Term Rating -
Operating Margin 9.15% Long-Term Outlook -
Pretax Margin 25.92% Short-Term Rating Date -
Return on Assets 8.68% Short-Term Rating -
Return on Common Equity 10.04%
Return on Capital 9.96% EBITDA/Interest Exp. 1466.37
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 1365.92
Net Debt/EBITDA -4.57
Gross Margin 41.0% Total Debt/EBITDA 0.00
EBITDA Margin 11.7%
EBIT Margin 7.6% Total Debt/Equity 0.0%
Net Income Margin 25.3% Total Debt/Capital 0.0%
Asset Turnover 0.37
Current Ratio 2.05 Net Fixed Asset Turnover 9.16
Quick Ratio 1.61 Accounts receivable turnover-days 24.30
Debt to Assets 0.00% Inventory Days 62.63
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 59.22
Accounts Receivable Turnover 15.06 Cash Conversion Cycle 21.88
Inventory Turnover 5.84
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
MediaTek IncPrice/Volume
Valuation Analysis
4'828'703.00
Current Price (2/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
02'
1''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
02&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.'&''
1'&''
3'&''
5'&''
-''&''
-.'&''
-1'&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 57'816'982 4.28 (571'000) 31.12.2012 Investment Advisor
LI TSUI-HSIN n/a Co File 48'674'145 3.61 - 16.07.2011 n/a
MING TSAI KAI n/a EXCH 41'006'187 3.04 - 30.11.2012 n/a
CAPITAL WORLD GROWTH n/a Co File 40'600'426 3.01 - 16.07.2011 n/a
CAPITAL INC FOUNDA F n/a Co File 31'425'774 2.33 - 16.07.2011 n/a
JYH-JER CHO n/a EXCH 30'325'222 2.25 - 30.11.2012 n/a
BLACKROCK n/a ULT-AGG 29'792'424 2.21 (72'000) 19.02.2013 Investment Advisor
US GROWTH FUND n/a Co File 22'709'996 1.68 - 16.07.2011 n/a
LIU TING-JEN n/a Co File 21'011'763 1.56 - 16.07.2011 n/a
REICHARDT FUND n/a Co File 20'276'421 1.5 - 16.07.2011 n/a
EURO PACIFIC GROWTH n/a Co File 15'402'625 1.14 - 16.07.2011 n/a
VANGUARD EMS INDEX F n/a Co File 15'159'975 1.12 - 16.07.2011 n/a
FMR LLC n/a ULT-AGG 15'046'541 1.12 (5'455'709) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'878'485 1.03 53'000 30.11.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 12'271'109 0.91 - 31.12.2012 Unclassified
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 10'925'000 0.81 (1'033'000) 30.06.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'712'000 0.65 6'576'000 31.12.2012 Investment Advisor
HSIANG FA INVESTMENT n/a EXCH 7'794'085 0.58 - 30.11.2012 n/a
HSIANG FA INVESTMENT n/a EXCH 7'794'085 0.58 - 31.10.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 6'929'000 0.51 (11'237'347) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 400 Not Provided 18.02.2013
Jih Sun Securities WENWEN WANG neutral 3 M #N/A N/A Not Provided 18.02.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.02.2013
Capital Securities Corp CHEN WANZHEN buy 5 M 360 3 month 06.02.2013
Mega Securities HUNG CHIH-TING buy on weakness 5 M 390 6 month 06.02.2013
Morgan Stanley BILL LU Overwt/In-Line 5 M 380 12 month 05.02.2013
JPMorgan ALVIN KWOCK overweight 5 M 420 9 month 05.02.2013
Fubon Securities CARLOS PENG add 4 M 370 6 month 05.02.2013
Macquarie JEFFREY SU underperform 1 M 245 12 month 05.02.2013
IBT Securities Co Ltd HONG YI CHEN neutral 3 M #N/A N/A Not Provided 05.02.2013
President Capital Management TIEN YAO neutral 3 D 325 6 month 05.02.2013
RBS JACK LU buy 5 M 365 12 month 04.02.2013
Credit Suisse RANDY ABRAMS restricted #N/A N/A M #N/A N/A Not Provided 04.02.2013
HSBC YOLANDA WANG overweight 5 M 382 Not Provided 04.02.2013
KGI Securities MICHAEL LIU outperform 5 M 370 12 month 04.02.2013
Kim Eng Securities WARREN LAU buy 5 M 500 12 month 04.02.2013
BNP Paribas Equity Research LAURA CHEN reduce 2 M 275 12 month 04.02.2013
Nomura AARON JENG buy 5 M 375 Not Provided 04.02.2013
Barclays ANDREW LU overweight 5 M 395 Not Provided 04.02.2013
E Sun Securities YANG SHENG-MIN buy on weakness 5 M #N/A N/A Not Provided 04.02.2013
Daiwa Securities Co. Ltd. ERIC CHEN buy 5 M 373 Not Provided 28.01.2013
Sanford C. Bernstein & Co MARK LI market perform 3 M 329 12 month 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank JESSICA CHANG buy 5 M 431 12 month 10.01.2013
SinoPac STEFAN CHANG buy 5 M 375 Not Provided 04.01.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 210 Not Provided 30.10.2012
Masterlink Securities CHELSEY SU buy 5 M 329 12 month 06.08.2012
Goldman Sachs DONALD LU not rated #N/A N/A M #N/A N/A Not Provided 27.06.2012
Concord Securities Corp AARON HSIEH equalweight 3 M #N/A N/A Not Provided 30.07.2010
Holdings By:
MediaTek Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber
products. The Company's products include polyester filament yarns, flexible PVC
(Polyvinyl Chloride) film products, plastic leather products, and rigid film
products. Nan Ya also manufactures printed circuit boards.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.02.2012) 72.80
52-Week Low (15.11.2012) 46.00
Daily Volume
59.9
52-Week High % Change -17.72% Dividend Yield -
52-Week Low % Change 30.22% Beta 0.97
% 52 Week Price Range High/Low 52.24% Equity Float 3'544.11
Shares Out 30.09.2012 7'852.3 Short Int 19.62
470'352.72 1 Yr Total Return -12.17%
Total Debt 102'870.19 YTD Return 6.96%
Preferred Stock 0.0 Adjusted BETA 0.971
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 38'860.31 Consensus Rating 2.524
Enterprise Value 560'897.20
Average Volume 5 Day 7'618'873
1303 TT EQUITY YTD Change - Average Volume 30 Day 6'510'536
1303 TT EQUITY YTD % CHANGE - Average Volume 3 Month 6'444'796
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
228'700.0 208'718.6 160'964.4 212'248.6 194'021.8 201'118.8 181'865.3 183'405.5 190'419.7 45'421.4 46'005.7
3.04x 1.65x 3.20x 2.82x 2.76x 12.55x 11.97x 3.05x 2.93x - -
44'165.0 19'881.2 17'312.1 35'054.5 29'311.3 34'015.3 16'497.2 15'714.6 20'454.4 3'903.0 4'690.0
15.76x 17.37x 29.75x 17.09x 18.28x 17.16x 33.48x 35.69x 27.42x 29.69x 28.00x
59'046.6 9'386.4 16'403.8 40'973.8 23'143.0 33'866.5 715.5 3'884.0 16'590.1 1'453.8 3'777.6
11.10x 28.70x 27.89x 13.93x 20.37x 15.39x 640.52x 127.45x 25.12x 33.39x 27.78x
EBITDA 29'311.32 Long-Term Rating Date 06.05.2009
EBIT 21'613.81 Long-Term Rating BBB+
Operating Margin 11.14% Long-Term Outlook NEG
Pretax Margin 14.53% Short-Term Rating Date -
Return on Assets 0.17% Short-Term Rating -
Return on Common Equity 0.28%
Return on Capital 0.31% EBITDA/Interest Exp. 18.27
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 16.15
Net Debt/EBITDA 5.49
Gross Margin 17.5% Total Debt/EBITDA 7.73
EBITDA Margin 9.1%
EBIT Margin 4.8% Total Debt/Equity 38.9%
Net Income Margin 11.9% Total Debt/Capital 28.0%
Asset Turnover 0.44
Current Ratio 3.31 Net Fixed Asset Turnover 2.72
Quick Ratio 1.47 Accounts receivable turnover-days 38.93
Debt to Assets 25.14% Inventory Days 58.22
Tot Debt to Common Equity 38.87% Accounts Payable Turnover Day 23.35
Accounts Receivable Turnover 9.40 Cash Conversion Cycle 60.15
Inventory Turnover 6.29
Fiscal Year Ended
Nan Ya Plastics CorpPrice/Volume
Valuation Analysis
8'262'299.00
Current Price (2/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'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
02&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
-3&''
-5&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHANG GUNG MEDICAL F n/a EXCH 868'052'924 11.05 - 30.11.2012 n/a
CHANG GUNG MEDICAL F n/a EXCH 868'052'924 11.05 - 31.10.2012 Other
FORMOSA PLASTICS COR n/a EXCH 775'505'323 9.88 - 30.11.2012 Corporation
YUNG-TSAI WANG n/a Co File 424'452'797 5.41 - 23.04.2012 n/a
FORMOSA CHEMICALS & n/a EXCH 409'235'397 5.21 - 30.11.2012 Corporation
CHANG GUNG UNIVERSIT n/a Co File 314'135'927 4 - 23.04.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 252'662'107 3.22 3'665'000 31.12.2012 Investment Advisor
WAN SHUN INTL INVEST n/a Co File 187'898'634 2.39 - 23.04.2012 n/a
FORMOSA PETROCHEMICA n/a EXCH 177'440'023 2.26 - 30.11.2012 Corporation
CHIN'S INTL INVESTME n/a Co File 146'095'974 1.86 - 23.04.2012 Other
CATHAY LIFE INSURANC n/a Co File 143'660'000 1.83 - 23.04.2012 Insurance Company
BLACKROCK n/a ULT-AGG 138'546'100 1.76 91'000 19.02.2013 Investment Advisor
YUANTA SYSTEM CO LTD n/a Co File 96'282'315 1.23 - 23.04.2012 n/a
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 75'079'000 0.96 530'000 30.06.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 38'688'000 0.49 320'000 19.02.2013 Investment Advisor
JUI-YU WANG n/a EXCH 18'863'784 0.24 - 30.11.2012 n/a
WANG KUI-YUN n/a EXCH 11'498'289 0.15 - 30.11.2012 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'202'417 0.14 - 31.07.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'449'326 0.09 (12'088'941) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 6'654'217 0.08 (40'000) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mega Securities YOU JIANHENG neutral 3 M 68 6 month 21.02.2013
HSBC DENNIS HYUNCHUL YOO underweight 1 M 51 Not Provided 20.02.2013
KGI Securities AARON LIU outperform 5 M 65 12 month 18.02.2013
Jih Sun Securities STEPHEN WAN neutral 3 M #N/A N/A Not Provided 18.02.2013
Barclays SIDNEY YEH overweight 5 U 69 Not Provided 05.02.2013
Macquarie CORINNE JIAN outperform 5 U 66 12 month 31.01.2013
Fubon Securities KERRY WU add 4 M 72 6 month 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura DAVID WANG neutral 3 U 55 Not Provided 15.01.2013
President Capital Management TOM HUNG neutral 3 M 58 6 month 15.01.2013
Yuanta Securities Investment ConsultingYVONNE TSAI hold 3 M 56 Not Provided 11.01.2013
BNP Paribas Equity Research POR YONG LIANG reduce 2 M 42 12 month 03.01.2013
Goldman Sachs TOMMY WONG Sell/Cautious 1 M 38 12 month 15.11.2012
Deutsche Bank ALDEN LIN sell 1 M 42 12 month 31.10.2012
Credit Suisse JEREMY CHEN underperform 1 M 48 Not Provided 24.10.2012
SinoPac LILY HSIAO sell 1 M 45 Not Provided 09.10.2012
Morgan Stanley LILY CHEN Equalwt/In-Line 3 M 58 12 month 09.07.2012
JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012
IBT Securities Co Ltd TITAN HORNG buy 5 N #N/A N/A Not Provided 15.02.2011
Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 16.11.2010
Holdings By:
Nan Ya Plastics Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Oversea-Chinese Banking Corporation Limited offers a comprehensive range of
financial services. The Company's services include deposit-taking, corporate,
enterprise and personal lending, international trade financing, investment
banking, private banking, treasury, stockbroking, insurance, credit cards, cash
management, asset management and other financial and related services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.02.2013) 10.08
52-Week Low (04.06.2012) 8.14
Daily Volume
10
52-Week High % Change -0.79% Dividend Yield -
52-Week Low % Change 22.85% Beta 0.98
% 52 Week Price Range High/Low 98.95% Equity Float 2'716.58
Shares Out 21.02.2013 3'431.8 Short Int -
34'318.33 1 Yr Total Return 15.17%
Total Debt 37'080.00 YTD Return 2.77%
Preferred Stock 0.0 Adjusted BETA 0.977
Minority Interest 2'897.0 Analyst Recs 26
Cash and Equivalents 46'208.00 Consensus Rating 3.500
Enterprise Value -
Average Volume 5 Day 3'654'600
OCBC SP EQUITY YTD Change - Average Volume 30 Day 3'323'400
OCBC SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'206'921
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
6'770.7 6'003.9 6'696.3 7'527.5 8'865.0 7'608.0 8'938.0 6'766.6 7'315.3 1'606.3 1'639.3
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'749.4 1'962.4 2'253.5 2'312.2 3'993.0 2'312.0 3'993.0 2'700.5 2'902.7 597.0 635.0
9.14x 15.32x 14.95x 11.90x 8.60x 11.88x 8.60x 12.89x 11.96x 13.89x 13.70x
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 54.46% Long-Term Outlook STABLE
Pretax Margin 74.67% Short-Term Rating Date 01.12.2011
Return on Assets 1.39% Short-Term Rating A-1+
Return on Common Equity 16.51%
Return on Capital 6.77% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 143.7%
Net Income Margin 60.1% Total Debt/Capital 56.4%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 5.31
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.53% Inventory Days -
Tot Debt to Common Equity 143.70% 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
Oversea-Chinese Banking Corp LtdPrice/Volume
Valuation Analysis
5'365'000.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.&' A
1&' A
3&' A
5&' A
-'&' A
-.&' A
-1&' A
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
'&''
-'&''
.'&''
0'&''
1'&''
2'&''
3'&''
'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SELAT PTE LTD n/a Co File 393'711'299 11.47 - 01.03.2012 Holding Company
ABERDEEN n/a ULT-AGG 247'554'070 7.21 1'831'000 09.02.2012 Unclassified
SINGAPORE INVESTMENT n/a Co File 126'516'053 3.69 - 01.03.2012 Unclassified
LEE FOUNDATION SINGA n/a Co File 124'992'106 3.64 - 01.03.2012 Endowment
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 75'183'931 2.19 2'145'000 31.10.2012 Bank
BLACKROCK n/a ULT-AGG 56'592'644 1.65 (1'659'980) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 45'228'922 1.32 571'096 31.12.2012 Investment Advisor
LEE PINEAPPLE CO PTE n/a Co File 22'599'381 0.66 - 01.03.2012 Other
FMR LLC n/a ULT-AGG 16'624'001 0.48 (4'277'187) 31.12.2012 Investment Advisor
ISLAND INVESTMENT CO n/a Co File 16'207'607 0.47 - 01.03.2012 Other
SENG WEE LEE n/a EXCH 11'932'863 0.35 6'000 26.04.2012 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'337'000 0.33 298'000 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'476'431 0.31 441'141 30.09.2011 Mutual Fund Manager
OVERSEA CHINESE BANK #N/A N/A EXCH 9'005'544 0.26 (260'773) 21.02.2013 Bank
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 7'292'000 0.21 (29'000) 30.11.2012 Investment Advisor
EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 6'067'043 0.18 520'000 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'173'564 0.15 39'000 28.12.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'670'971 0.14 (19'000) 19.02.2013 Investment Advisor
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 4'204'728 0.12 (824'000) 31.12.2012 Mutual Fund Manager
MCIS ZURICH INSURANC Multiple Portfolios MF-AGG 4'000'000 0.12 - 30.06.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
China International Capital Corp SALLY NG hold 3 D 10 12 month 18.02.2013
Maybank Investment Bank Berhad DESMOND CHNG hold 3 M 11 12 month 18.02.2013
OSK (Asia) Securities LENG SENG CHOON neutral 3 M 10 12 month 18.02.2013
Phillip Securities KEN ANG reduce 2 M 9 Not Provided 18.02.2013
UOB Kay Hian JONATHAN KOH buy 5 M 13 Not Provided 18.02.2013
Morgan Stanley NICK LORD Equalwt/Cautious 3 M 10 12 month 17.02.2013
HSBC LOO KAR WENG neutral 3 M 10 Not Provided 17.02.2013
Credit Suisse ANAND SWAMINATHAN underperform 1 M 9 Not Provided 15.02.2013
DBS Vickers SUE LIN LIM buy 5 M 11 12 month 15.02.2013
CIMB KENNETH NG neutral 3 M 10 12 month 15.02.2013
Nomura JULIAN CHUA neutral 3 M 11 Not Provided 15.02.2013
Barclays SHARNIE WONG equalweight 3 M 9 Not Provided 15.02.2013
TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 12 Not Provided 05.02.2013
Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 11 12 month 04.02.2013
Standard Chartered JAJ SINGH in-line 3 M 10 12 month 01.02.2013
JPMorgan HARSH WARDHAN MODI restricted #N/A N/A M #N/A N/A Not Provided 30.01.2013
Mizuho Securities JIM ANTOS buy 5 M 11 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Macquarie MATTHEW SMITH neutral 3 M 10 12 month 07.12.2012
Deutsche Bank ANDREW HILL buy 5 U 10 12 month 20.11.2012
Goldman Sachs MELISSA KUANG neutral/neutral 3 M 10 12 month 09.11.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 M 10 Not Provided 09.11.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 11 12 month 17.08.2012
IIFL SACHIN NIKHARE reduce 2 U 8 12 month 21.02.2012
Holdings By:
Oversea-Chinese Banking Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (29.02.2012) 11.90
52-Week Low (05.09.2012) 9.03
Daily Volume
10.66
52-Week High % Change -10.42% Dividend Yield 3.70
52-Week Low % Change 18.05% Beta 0.98
% 52 Week Price Range High/Low 59.58% Equity Float 20'807.38
Shares Out 31.12.2012 21'098.9 Short Int -
2'046'027.13 1 Yr Total Return -2.97%
Total Debt 318'002.00 YTD Return -2.91%
Preferred Stock 0.0 Adjusted BETA 0.976
Minority Interest 79'801.0 Analyst Recs 34
Cash and Equivalents 61'590.00 Consensus Rating 3.471
Enterprise Value 2'064'092.69
Average Volume 5 Day 61'952'800
857 HK EQUITY YTD Change - Average Volume 30 Day 67'120'940
857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 65'580'840
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 554'837.7 586'637.0
6.35x 1.78x 2.57x 1.54x 1.04x 4.84x 3.95x 1.01x 0.96x - -
269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 149'425.0 330'596.7 369'816.0 85'381.0 -
19.70x 7.45x 11.04x 7.43x 6.43x 0.00x 0.00x 6.24x 5.58x - -
146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 143'399.0 116'511.0 121'063.3 138'323.3 28'249.3 30'297.0
15.86x 9.49x 14.65x 11.33x 10.74x 10.18x 12.84x 13.00x 11.24x 12.94x 12.43x
EBITDA 323'368.00 Long-Term Rating Date -
EBIT 185'295.00 Long-Term Rating -
Operating Margin 9.25% Long-Term Outlook -
Pretax Margin 9.19% Short-Term Rating Date -
Return on Assets 6.68% Short-Term Rating -
Return on Common Equity 12.80%
Return on Capital 10.29% EBITDA/Interest Exp. 27.94
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 4.79
Net Debt/EBITDA 1.07
Gross Margin - Total Debt/EBITDA 1.34
EBITDA Margin 15.5%
EBIT Margin 8.5% Total Debt/Equity 31.7%
Net Income Margin 6.6% Total Debt/Capital 22.7%
Asset Turnover 1.09
Current Ratio 0.68 Net Fixed Asset Turnover 1.54
Quick Ratio 0.23 Accounts receivable turnover-days 12.81
Debt to Assets 16.58% Inventory Days -
Tot Debt to Common Equity 31.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 28.58 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
PetroChina Co LtdPrice/Volume
Valuation Analysis
94'654'444.00
Current Price (2/dd/yy) Market Data
'
.
1
3
5
-'
-.
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.'&' A
1'&' A
3'&' A
5'&' A
-''&' A
-.'&' A
-1'&' A
-3'&' A
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-&''
.&''
0&''
1&''
2&''
3&''
4&''
5&''
6&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 2'386'933'770 11.31 (12'092'000) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'089'627'304 9.9 29'421'865 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 1'720'031'963 8.15 - 08.08.2012 Unclassified
JP MORGAN n/a ULT-AGG 1'475'541'067 6.99 1'226'000 13.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'078'263'034 5.11 (16'333'200) 31.12.2012 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
FMR LLC n/a ULT-AGG 233'615'559 1.11 72'934'169 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 175'819'770 0.83 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 175'742'108 0.83 (9'780'632) 30.06.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 80'054'000 0.38 600'000 31.10.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 79'104'272 0.37 (64'000) 30.09.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 69'053'243 0.33 2'168'000 28.09.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 64'762'000 0.31 (29'080'000) 31.10.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 63'578'000 0.3 (1'828'000) 19.02.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 61'756'335 0.29 996'000 31.01.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59'934'000 0.28 (14'076'000) 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 56'296'608 0.27 (1'296'000) 20.02.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 47'938'000 0.23 5'938'000 31.05.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 12 12 month 21.02.2013
Nomura SONIA SONG reduce 2 D 10 Not Provided 20.02.2013
Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 20.02.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 30.01.2013
UOB Kay Hian YAN SHI hold 3 M 12 Not Provided 24.01.2013
VTB Capital COLIN SMITH sell 1 M 9 12 month 16.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Jefferies LABAN YU buy 5 M 16 12 month 10.01.2013
Macquarie JAMES HUBBARD neutral 3 D 11 12 month 09.01.2013
BOCOM International Holdings WU FEI long-term buy 5 M 13 12 month 19.12.2012
Bank of China International LAWRENCE LAU buy 5 M 13 12 month 17.12.2012
Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012
BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 04.12.2012
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
Deutsche Bank DAVID HURD hold 3 M 11 12 month 01.11.2012
ICBC International Securities ANNA YU hold 3 M 10 Not Provided 01.11.2012
HSBC THOMAS C HILBOLDT underweight 1 D 10 Not Provided 31.10.2012
Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012
DBS Vickers WEE KEAT LEE hold 3 M 9 35 month 31.10.2012
Mizuho Securities ANDREW S F CHAN underperform 1 D 9 12 month 31.10.2012
China International Capital Corp BIN GUAN hold 3 D 10 12 month 31.10.2012
Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 30.10.2012
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 9 month 30.10.2012
Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 17.10.2012
Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012
Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012
Barclays SCOTT DARLING overweight 5 M 13 Not Provided 23.08.2012
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
GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011
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] |
21.02.2013
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: 12/2011
LTM as of: 09/yy
52-Week High (04.02.2013) 72.70
52-Week Low (04.06.2012) 53.00
Daily Volume
64.95
52-Week High % Change -10.66% Dividend Yield 0.77
52-Week Low % Change 22.55% Beta 1.48
% 52 Week Price Range High/Low 66.50% Equity Float 1'564.20
Shares Out 31.10.2012 3'129.7 Short Int -
481'299.16 1 Yr Total Return -2.49%
Total Debt 322'062.00 YTD Return 0.08%
Preferred Stock 0.0 Adjusted BETA 1.477
Minority Interest 40'475.0 Analyst Recs 30
Cash and Equivalents 94'582.00 Consensus Rating 4.233
Enterprise Value 651'372.99
Average Volume 5 Day 10'902'580
2318 HK EQUITY YTD Change - Average Volume 30 Day 47'140'420
2318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 35'102'580
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 244'495.0 313'844.0 321'397.7 380'716.5 - -
5.10x 3.19x 3.24x 3.37x 2.06x 9.11x 7.64x 1.80x 1.53x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 19'074.0 21'041.0 21'888.3 28'722.5 - -
30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 18.20x 14.14x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.28% Long-Term Outlook -
Pretax Margin 11.01% Short-Term Rating Date -
Return on Assets 1.05% Short-Term Rating -
Return on Common Equity 14.71%
Return on Capital 9.85% EBITDA/Interest Exp. -
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 246.1%
Net Income Margin 7.1% Total Debt/Capital 65.3%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.09% Inventory Days -
Tot Debt to Common Equity 246.10% 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
19'307'952.00
Current Price (2/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
5'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.''&' A
1''&' A
3''&' A
5''&' A
-'''&' A
-.''&' A
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
-3&''
-5&''
.'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
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 279'150'433 8.92 2'131'000 14.02.2013 Unclassified
DIAMOND EPOCH LTD #N/A N/A EXCH 256'694'218 8.2 - 01.02.2013 Other
BLACKROCK n/a ULT-AGG 229'704'872 7.34 (2'930'930) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 96'820'967 3.09 (2'885'500) 31.12.2012 Investment Advisor
JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation
FMR LLC n/a ULT-AGG 45'370'339 1.45 5'262'045 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 40'846'297 1.31 (83'300) 08.02.2013 Unclassified
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'632'500 0.82 (668'000) 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 20'890'300 0.67 1'798'500 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 17'892'689 0.57 1'311'300 28.09.2012 Mutual Fund Manager
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 17'379'914 0.56 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 16'944'635 0.54 (894'024) 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'215'000 0.42 (82'443'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'302'000 0.39 3'583'000 31.10.2012 Unclassified
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'165'702 0.36 509'500 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'906'500 0.25 1'634'000 31.01.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7'906'000 0.25 - 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'775'500 0.22 (2'213'000) 30.06.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6'448'500 0.21 1'641'500 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Core Pacific OLIVE XIA buy 5 M 80 12 month 21.02.2013
Credit Suisse ARJAN VAN VEEN outperform 5 M 80 Not Provided 20.02.2013
Nomura DAVID CHUNG neutral 3 M 67 Not Provided 20.02.2013
JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 04.02.2013
BOCOM International Holdings LI WENBING buy 5 M 83 12 month 04.02.2013
Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 03.02.2013
Jefferies BARON NIE buy 5 M 83 12 month 03.02.2013
Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 31.01.2013
UOB Kay Hian EDMOND LAW buy 5 M 84 Not Provided 21.01.2013
JPMorgan CHAN BAO LING overweight 5 M 76 9 month 16.01.2013
DBS Vickers PING CHENG buy 5 M 79 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
ABC International FRANCIS CHAN sell 1 M 68 12 month 14.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 11.01.2013
Deutsche Bank ESTHER CHWEI buy 5 U 86 12 month 07.01.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 77 Not Provided 07.01.2013
ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 14.12.2012
Bank of China International SUN PENG hold 3 M 66 Not Provided 12.12.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012
Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012
Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 02.11.2012
Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012
HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 18.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012
BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012
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] |
21.02.2013
POSCO manufactures various types of steel products. The Company produces hot
rolled steel, cold rolled steel, stainless steel, and other forms of steel. The
products are mainly used for automobile, construction, and shipbuilding
industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.03.2012) 426'500.00
52-Week Low (21.11.2012) 304'500.00
Daily Volume
364500
52-Week High % Change -14.54% Dividend Yield 2.74
52-Week Low % Change 19.70% Beta 1.02
% 52 Week Price Range High/Low 54.51% Equity Float 68.68
Shares Out 31.12.2012 87.2 Short Int -
31'779'602.00 1 Yr Total Return -9.72%
Total Debt 11'641'328.00 YTD Return 4.44%
Preferred Stock 0.0 Adjusted BETA 1.016
Minority Interest 0.0 Analyst Recs 47
Cash and Equivalents 2'187'300.00 Consensus Rating 4.617
Enterprise Value 40'186'656.53
Average Volume 5 Day 130'527
005490 KP EQUITY YTD Change - Average Volume 30 Day 143'018
005490 KP EQUITY YTD % CHANGE - Average Volume 3 Month 180'214
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
30'642'410.0 26'953'944.9 32'582'037.0 39'171'703.0 35'664'933.1 ######### ######### ######### ######### ######### #########
1.00x 1.74x 1.34x 0.99x - 4.26x 3.14x 1.19x 1.17x 5.07x 4.84x
8'448'098.8 5'207'546.3 7'503'502.7 6'103'603.2 - ######### ######### ######### ######### ######### #########
3.61x 9.02x 5.82x 6.36x - 6.36x 0.00x 8.06x 7.35x 7.63x -
4'446'933.0 3'172'263.5 3'784'361.1 3'188'844.8 2'499'522.9 ######### ######### ######### ######### 628'754.5 723'690.9
6.45x 14.93x 9.91x 9.21x - 9.21x 0.00x 10.71x 11.03x 10.56x 10.54x
EBITDA 6'103'603.23 Long-Term Rating Date 22.10.2012
EBIT 2'789'597.26 Long-Term Rating BBB+
Operating Margin 7.82% Long-Term Outlook STABLE
Pretax Margin 10.38% Short-Term Rating Date -
Return on Assets 6.26% Short-Term Rating -
Return on Common Equity 8.66%
Return on Capital 7.43% EBITDA/Interest Exp. 13.80
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 6.30
Net Debt/EBITDA 1.55
Gross Margin 15.6% Total Debt/EBITDA 1.91
EBITDA Margin 15.6%
EBIT Margin 7.8% Total Debt/Equity 31.0%
Net Income Margin 7.0% Total Debt/Capital 23.6%
Asset Turnover 0.77
Current Ratio 2.78 Net Fixed Asset Turnover 1.89
Quick Ratio 1.28 Accounts receivable turnover-days 36.19
Debt to Assets 22.08% Inventory Days 72.52
Tot Debt to Common Equity 30.96% Accounts Payable Turnover Day 14.43
Accounts Receivable Turnover 10.08 Cash Conversion Cycle 94.28
Inventory Turnover 5.03
Fiscal Year Ended
POSCOPrice/Volume
Valuation Analysis
196'922.00
Current Price (2/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''''
-'''''-2''''.'''''.2''''0'''''02''''1'''''12''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&. A&1 A&3 A&5 A-&' A-&. A-&1 A-&3 A-&5 A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANK OF NEW YORK n/a Co File 13'243'566 15.19 - 31.12.2011 Investment Advisor
POSCO n/a Co File 9'942'391 11.4 - 31.12.2011 Corporation
NATIONAL PENSION SER n/a EXCH 5'176'927 5.94 (760'396) 30.06.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 1'953'871 2.24 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'853'673 2.13 (4'720) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'227'200 1.41 10'969 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 894'900 1.03 (252'230) 31.12.2012 Investment Advisor
MITSUBISHI CORP n/a ULT-AGG 880'587 1.01 - 31.03.2012 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 694'069 0.8 - 31.07.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 587'964 0.67 63'650 28.09.2012 Investment Advisor
MITSUI & CO LTD n/a ULT-AGG 482'000 0.55 - 31.03.2012 Corporation
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 281'906 0.32 - 31.05.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 242'428 0.28 (953) 28.09.2012 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 233'848 0.27 (6'111) 28.09.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 195'584 0.22 - 28.09.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 175'337 0.2 (110'355) 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 170'736 0.2 (96'915) 31.12.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 153'471 0.18 (41'488) 28.09.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 149'373 0.17 27'856 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 128'001 0.15 18'000 30.09.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daewoo Securities JEON SEUNG-HUN buy 5 M 460'000 12 month 21.02.2013
Woori Investment & Securities WILL BYUN buy 5 M 420'000 12 month 18.02.2013
Hanwha Securities Co., Ltd KIM KANG-OH buy 5 M 450'000 6 month 18.02.2013
Standard Chartered JAMES KP HONG in-line 3 D 380'000 12 month 16.02.2013
Credit Suisse SINN MIN-SEOK outperform 5 M 400'000 Not Provided 15.02.2013
Nomura CINDY PARK buy 5 M 470'000 12 month 15.02.2013
KIWOOM Securities Co Ltd CHANG-HO KIM buy 5 M 436'000 6 month 15.02.2013
Morgan Stanley YOUNG SUK SHIN Equalwt/In-Line 3 M 380'000 12 month 13.02.2013
Hyundai Securities KIM JI-HWAN buy 5 M 430'000 12 month 31.01.2013
Shinyoung Securities Co., Ltd. KANG-UN CHO buy 5 M 480'000 12 month 31.01.2013
IBK Securities Co Ltd PARK BYUNGCHIL buy 5 M 440'000 Not Provided 31.01.2013
Daishin Securities Co., Ltd. MOON JEONG-UP buy 5 M 420'000 6 month 30.01.2013
Korea Investment & Securities MOON SUN CHOI buy 5 M 420'000 12 month 30.01.2013
Samsung Securities CHRIS KIM buy 5 M 420'000 12 month 30.01.2013
Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM buy 5 M 450'000 12 month 30.01.2013
HMC Investment Securities Co Ltd PARK HYUN-WOOK buy 5 M 450'000 6 month 30.01.2013
Shinhan Investment Corp JINJOO HONG buy 5 M 450'000 12 month 30.01.2013
SK Securities Co Ltd LEE WON JAE neutral 3 M 350'000 6 month 30.01.2013
Tong Yang Investment Bank KEE-HYUN PARK buy 5 M 437'000 12 month 30.01.2013
KTB Securities SHIM HYE-SUN buy 5 M 430'000 12 month 30.01.2013
KB Investment & Securities Co., Ltd KIM HYUN-TAE buy 5 M 360'000 12 month 30.01.2013
HI Investment Securities BANG MINJIN buy 5 M 420'000 6 month 30.01.2013
Kyobo Securities UM JIN-SEOK buy 5 M 465'000 6 month 30.01.2013
Mirae Asset Securities KWON HAE-SOON buy 5 M 420'000 12 month 30.01.2013
Hana Daetoo Securities KIM JUNG-WOOK buy 5 M 450'000 12 month 30.01.2013
E*Trade Securities Korea KANG TAE-HYUN buy 5 M 430'000 12 month 30.01.2013
Taurus Investment Securities Co Ltd JI-WOONG YOO buy 5 M 450'000 6 month 30.01.2013
LIG Investment Securities YOON-SANG KIM buy 5 M 440'000 12 month 30.01.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 428'000 9 month 29.01.2013
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 320'000 Not Provided 29.01.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 420'000 12 month 29.01.2013
Barclays EPHREM RAVI overweight 5 M 420'000 Not Provided 29.01.2013
DBS Vickers LEE EUN YOUNG buy 5 M 440'000 12 month 25.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank CHANWOOK PARK buy 5 M 412'000 12 month 15.01.2013
Ji Asia SAMUEL THAWLEY buy 5 U 470'000 12 month 07.01.2013
Meritz Securities Co., Ltd LEE JONG-HYOUNG buy 5 N 420'000 6 month 10.12.2012
HSBC BRIAN CHO overweight 5 M 410'000 Not Provided 21.11.2012
Goldman Sachs SEUNG SHIN neutral/neutral 3 M 368'000 12 month 24.10.2012
VTB Capital WIKTOR BIELSKI buy 5 M 457'647 12 month 23.10.2012
Sanford C. Bernstein & Co VANESSA LAU outperform 5 N 460'000 Not Provided 18.09.2012
Dongbu Securities Co Ltd CHAEHO RHEE hold 3 M 435'000 12 month 17.09.2012
Leading Investment & Securities PARK JOON-MO hold 3 N 420'000 12 month 27.08.2012
Holdings By:
POSCO ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Power Assets Holdings Limited generates and supplies electricity and provides
engineering consultancy and project management services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (19.02.2013) 71.80
52-Week Low (31.05.2012) 53.40
Daily Volume
69.9
52-Week High % Change -2.65% Dividend Yield 3.32
52-Week Low % Change 30.90% Beta 0.44
% 52 Week Price Range High/Low 97.01% Equity Float 1'304.41
Shares Out 30.06.2012 2'134.3 Short Int -
149'184.89 1 Yr Total Return 30.78%
Total Debt 23'626.00 YTD Return 5.59%
Preferred Stock 0.0 Adjusted BETA 0.437
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 6'121.00 Consensus Rating 3.737
Enterprise Value 167'796.89
Average Volume 5 Day 2'926'380
6 HK EQUITY YTD Change - Average Volume 30 Day 2'421'079
6 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'495'902
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
12'524.0 12'773.0 10'395.0 10'371.0 10'201.0 - - 10'586.5 10'825.3 - -
7.75x 7.40x 9.35x 12.01x 13.74x - - 15.70x 15.21x - -
9'437.0 9'633.0 7'428.0 7'449.0 6'628.0 - - 8'425.5 8'659.3 - -
10.28x 9.81x 13.09x 16.72x 21.14x - - 19.92x 19.38x - -
7'448.0 8'029.0 6'697.0 7'194.0 9'075.0 - - 9'583.4 10'010.4 - -
12.85x 11.57x 13.44x 14.54x 13.52x - - 15.54x 14.85x - -
EBITDA 6'628.00 Long-Term Rating Date 09.11.2010
EBIT 4'793.00 Long-Term Rating A+
Operating Margin 46.99% Long-Term Outlook STABLE
Pretax Margin 97.37% Short-Term Rating Date -
Return on Assets 9.87% Short-Term Rating -
Return on Common Equity 16.18%
Return on Capital 12.04% EBITDA/Interest Exp. 9.94
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. 6.22
Net Debt/EBITDA 2.79
Gross Margin 60.5% Total Debt/EBITDA 3.78
EBITDA Margin 64.0%
EBIT Margin 46.2% Total Debt/Equity 40.8%
Net Income Margin 89.0% Total Debt/Capital 29.0%
Asset Turnover 0.11
Current Ratio 2.19 Net Fixed Asset Turnover 0.22
Quick Ratio 1.58 Accounts receivable turnover-days 31.07
Debt to Assets 24.94% Inventory Days 82.00
Tot Debt to Common Equity 40.82% Accounts Payable Turnover Day 202.29
Accounts Receivable Turnover 11.78 Cash Conversion Cycle -106.49
Inventory Turnover 4.46
Fiscal Year Ended
Power Assets Holdings LtdPrice/Volume
Valuation Analysis
2'330'407.00
Current Price (2/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'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A-&' A.&' A0&' A1&' A2&' A3&' A4&' A5&' A6&' A
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
-1&''
-3&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 393'408'000 18.43 23'640'500 31.12.2012 Investment Advisor
UNIVEST EQUITY SA n/a EXCH 279'011'102 13.07 - 16.07.2012 Other
VENNITON DEVELOPMENT n/a EXCH 197'597'511 9.26 - 16.07.2012 Other
INTERMAN DEVELOPMENT n/a EXCH 186'736'842 8.75 - 16.07.2012 Other
LIPTON FINANCES SA n/a EXCH 82'100'934 3.85 - 16.07.2012 Other
HESTONVILLE RESOURCE n/a EXCH 47'886'810 2.24 - 16.07.2012 Other
BLACKROCK n/a ULT-AGG 35'892'606 1.68 598'000 19.02.2013 Investment Advisor
ASIA EQUITIES INC n/a EXCH 28'065'841 1.32 - 16.07.2012 Other
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 25'483'038 1.19 5'283'482 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'704'873 1.16 395'388 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 19'077'558 0.89 1'718'684 31.10.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'035'309 0.8 (257'079) 31.10.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 11'555'011 0.54 (643'480) 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 8'852'238 0.41 (70'000) 20.02.2013 Investment Advisor
MONITOR EQUITIES SA n/a EXCH 8'200'572 0.38 - 16.07.2012 Other
FMR LLC n/a ULT-AGG 5'409'049 0.25 (480'902) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 3'311'136 0.16 194'000 31.12.2012 Unclassified
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'679'500 0.13 (27'000) 14.08.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'248'220 0.11 21'500 28.12.2012 Mutual Fund Manager
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 2'048'000 0.1 (800'000) 24.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse EDWIN PANG neutral 3 M 70 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 60 12 month 09.01.2013
Deutsche Bank ERIC CHENG hold 3 M 63 12 month 08.01.2013
JPMorgan ELAINE WU overweight 5 M 70 3 month 02.01.2013
HSBC JENNY COSGROVE neutral 3 M 70 Not Provided 22.11.2012
Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 68 12 month 07.11.2012
Standard Chartered DENNIS IP outperform 5 M 74 12 month 19.10.2012
Nomura DANIEL RAATS buy 5 M 57 Not Provided 14.10.2012
Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 U 71 12 month 24.09.2012
Citic Securities Co., Ltd SIMON YEUNG buy 5 M 70 6 month 13.09.2012
DBS Vickers JUNE NG hold 3 M 61 12 month 26.07.2012
Mirae Asset Securities RICKY NG hold 3 M 61 12 month 26.07.2012
Bank of China International PETER YAO hold 3 M 62 Not Provided 19.07.2012
Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 69 Not Provided 19.07.2012
Macquarie IVAN LEE neutral 3 M 57 12 month 19.01.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 60 Not Provided 14.12.2011
Holdings By:
Power Assets Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Quanta Computer Inc. manufactures and markets notebook computers and related
peripheral equipment.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.05.2012) 86.40
52-Week Low (08.01.2013) 61.40
Daily Volume
66.4
52-Week High % Change -23.15% Dividend Yield -
52-Week Low % Change 8.14% Beta 1.22
% 52 Week Price Range High/Low 23.20% Equity Float 1'741.01
Shares Out 30.09.2012 3'845.6 Short Int 64.65
255'345.34 1 Yr Total Return 2.50%
Total Debt 78'104.03 YTD Return -2.78%
Preferred Stock 0.0 Adjusted BETA 1.218
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 66'234.31 Consensus Rating 3.069
Enterprise Value 256'988.60
Average Volume 5 Day 10'408'900
2382 TT EQUITY YTD Change - Average Volume 30 Day 11'331'430
2382 TT EQUITY YTD % CHANGE - Average Volume 3 Month 10'607'200
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
732'370.4 763'064.2 750'034.7 1'063'453.6 1'060'512.6 ######### ######### ######### ######### 293'030.1 241'768.8
0.16x 0.12x 0.31x 0.20x 0.24x 0.82x 1.12x 0.24x 0.23x - -
12'733.8 15'329.5 16'540.6 12'301.1 15'454.5 11'962.5 16'669.0 23'475.4 29'373.6 5'106.0 4'169.0
9.32x 5.75x 13.92x 17.09x 16.57x 18.38x 18.04x 10.95x 8.75x - -
18'446.5 20'219.5 22'313.0 18'592.1 23'052.5 18'844.4 24'095.3 23'327.4 24'122.4 5'871.6 5'258.4
8.64x 6.20x 11.43x 12.52x 10.58x 12.08x 12.40x 10.82x 10.34x 10.89x 10.42x
EBITDA 15'454.53 Long-Term Rating Date 28.07.2005
EBIT 14'927.62 Long-Term Rating NR
Operating Margin 1.41% Long-Term Outlook -
Pretax Margin 2.59% Short-Term Rating Date -
Return on Assets 6.92% Short-Term Rating -
Return on Common Equity 21.18%
Return on Capital 14.43% EBITDA/Interest Exp. 32.95
Asset Turnover 2.87% (EBITDA-Capex)/Interest Exp. 31.41
Net Debt/EBITDA 0.10
Gross Margin 3.1% Total Debt/EBITDA 3.88
EBITDA Margin 1.7%
EBIT Margin 1.6% Total Debt/Equity 67.1%
Net Income Margin 2.2% Total Debt/Capital 40.2%
Asset Turnover 2.87
Current Ratio 1.39 Net Fixed Asset Turnover 107.36
Quick Ratio 1.17 Accounts receivable turnover-days 65.72
Debt to Assets 21.16% Inventory Days 20.54
Tot Debt to Common Equity 67.13% Accounts Payable Turnover Day 52.59
Accounts Receivable Turnover 5.57 Cash Conversion Cycle 36.03
Inventory Turnover 17.82
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
Quanta Computer IncPrice/Volume
Valuation Analysis
7'156'531.00
Current Price (2/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
2&' A
-'&' A
-2&' A
.'&' A
.2&' A
0'&' A
02&' A
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
-'&''
.'&''
0'&''
1'&''
2'&''
3'&''
4'&''
'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHIEN YU INVESTMENT n/a EXCH 572'401'374 14.88 - 31.10.2012 Corporation
CHIEN YU INVESTMENT n/a EXCH 572'401'374 14.88 - 30.11.2012 Corporation
PAI-LEE LAM n/a EXCH 445'738'138 11.59 - 30.11.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 372'284'115 9.68 (40'590'258) 31.12.2012 Investment Advisor
HE SA TRUST ACC n/a Co File 160'000'000 4.16 - 02.05.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 128'383'071 3.34 (162'000) 31.12.2012 Investment Advisor
TZU-CHEN LIANG C n/a EXCH 115'645'736 3.01 - 30.11.2012 n/a
CAPITAL INC FOUNDA F n/a Co File 112'572'190 2.93 - 02.05.2012 n/a
EURO PACIFIC GROWTH n/a Co File 99'894'000 2.6 - 02.05.2012 n/a
YI CHIA HSIN INVEST n/a Co File 91'927'804 2.39 - 02.05.2012 n/a
HSIN MIN INVESTMENT n/a Co File 88'350'414 2.3 - 02.05.2012 Other
BLACKROCK n/a ULT-AGG 66'542'282 1.73 (3'118'000) 19.02.2013 Investment Advisor
CAPITAL WORLD GROWTH n/a Co File 63'919'850 1.66 - 02.05.2012 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 56'633'000 1.47 6'882'000 31.12.2012 Investment Advisor
VANGUARD EMS INDEX F n/a Co File 45'627'685 1.19 - 02.05.2012 n/a
HSIU-CHING LIANG n/a EXCH 40'157'707 1.04 - 30.11.2012 n/a
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 28'909'000 0.75 (1'237'000) 30.06.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 23'985'290 0.62 - 31.05.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 21'028'400 0.55 (6'954'000) 14.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 18'016'700 0.47 1'727'000 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KGI Securities ANGELA HSIANG underperform 1 D 59 12 month 21.02.2013
Jih Sun Securities ALVIN KUO neutral 3 M #N/A N/A Not Provided 19.02.2013
RBS WANG WANLI hold 3 M 63 12 month 06.02.2013
Mega Securities LU CALVIN neutral 3 M 73 6 month 06.02.2013
JPMorgan GOKUL HARIHARAN overweight 5 M 85 9 month 30.01.2013
Sanford C. Bernstein & Co ALBERTO MOEL market perform 3 U 63 12 month 28.01.2013
President Capital Management YING-CHANG KUO neutral 3 M 72 6 month 25.01.2013
Goldman Sachs ROBERT YEN Sell/Neutral 1 D 54 12 month 21.01.2013
Credit Suisse THOMPSON WU neutral 3 M 73 Not Provided 17.01.2013
Fubon Securities ARTHUR LIAO reduce 2 M 55 6 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. CHRISTINE WANG hold 3 M 66 Not Provided 14.01.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013
Mizuho Securities CHARLES PARK neutral 3 M 67 12 month 10.01.2013
Yuanta Securities Investment ConsultingVINCENT CHEN hold 3 M 58 Not Provided 08.01.2013
E Sun Securities LIU KUAN-MING buy on weakness 5 M #N/A N/A Not Provided 14.12.2012
BNP Paribas Equity Research CHARLES HSU reduce 2 M 54 12 month 30.11.2012
Nomura EVE JUNG neutral 3 M 76 Not Provided 28.11.2012
HSBC CARRIE LIU overweight 5 M 80 Not Provided 01.11.2012
Morgan Stanley GRACE CHEN Overwt/In-Line 5 M 80 12 month 31.10.2012
Macquarie ANDREW CHANG underperform 1 M 61 12 month 31.10.2012
Barclays KIRK YANG overweight 5 M 85 Not Provided 31.10.2012
SinoPac MARK Y CHEN neutral 3 M 71 Not Provided 09.10.2012
Capital Securities Corp SEAN CHEN neutral 3 M #N/A N/A Not Provided 05.10.2012
Masterlink Securities JIMMY CHEN hold 3 M 70 12 month 30.07.2012
Deutsche Bank IVY LEE hold 3 M 70 12 month 02.04.2012
Concord Securities Corp HUANG CHIN-HUNG overweight 5 U #N/A N/A Not Provided 30.11.2009
Holdings By:
Quanta Computer Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Samsung C&T Corporation is a general trading company that imports and exports
electronics, chemicals, metals, and semiconductors. The Company also operates
heavy construction and home building businesses in domestic and overseas
markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 82'700.00
52-Week Low (16.11.2012) 54'900.00
Daily Volume
66200
52-Week High % Change -19.95% Dividend Yield 0.76
52-Week Low % Change 20.58% Beta 1.25
% 52 Week Price Range High/Low 42.81% Equity Float 117.48
Shares Out 31.12.2012 156.2 Short Int -
10'341'616.00 1 Yr Total Return -12.99%
Total Debt 3'053'011.72 YTD Return 5.75%
Preferred Stock 23'243.3 Adjusted BETA 1.250
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 727'897.04 Consensus Rating 4.714
Enterprise Value 13'374'364.19
Average Volume 5 Day 483'587
000830 KP EQUITY YTD Change - Average Volume 30 Day 609'275
000830 KP EQUITY YTD % CHANGE - Average Volume 3 Month 582'435
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
11'811'591.9 10'875'929.4 13'023'702.0 15'696'693.0 17'241'095.1 ######### ######### ######### - ######### #########
0.55x 0.80x 0.99x 0.79x - 3.21x 2.31x - - - -
400'552.5 319'411.4 349'624.9 365'603.0 - 365'017.5 255'003.7 - - - -
16.15x 27.32x 36.91x 33.80x - 33.86x 0.00x - - - -
345'142.5 307'542.4 358'689.2 297'722.4 416'125.3 297'721.2 416'125.0 474'000.0 806'000.0 127'200.0 114'100.0
16.97x 26.87x 32.44x 33.85x - 33.85x 0.00x - 13.21x - -
EBITDA 365'603.01 Long-Term Rating Date -
EBIT 413'920.67 Long-Term Rating -
Operating Margin 2.40% Long-Term Outlook -
Pretax Margin 2.72% Short-Term Rating Date -
Return on Assets 1.71% Short-Term Rating -
Return on Common Equity 3.35%
Return on Capital 3.36% EBITDA/Interest Exp. 3.04
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 2.44
Net Debt/EBITDA 6.36
Gross Margin 8.6% Total Debt/EBITDA 8.35
EBITDA Margin 2.3%
EBIT Margin 2.4% Total Debt/Equity 33.4%
Net Income Margin 2.4% Total Debt/Capital 25.0%
Asset Turnover 0.90
Current Ratio 1.08 Net Fixed Asset Turnover 22.58
Quick Ratio 0.74 Accounts receivable turnover-days 73.98
Debt to Assets 16.45% Inventory Days 5.63
Tot Debt to Common Equity 33.42% Accounts Payable Turnover Day 38.25
Accounts Receivable Turnover 4.93 Cash Conversion Cycle 41.35
Inventory Turnover 64.83
Fiscal Year Ended
Samsung C&T CorpPrice/Volume
Valuation Analysis
377'777.00
Current Price (2/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''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&2 A
-&' A
-&2 A
.&' A
.&2 A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL PENSION SER n/a Co File 15'121'632 9.68 - 31.12.2011 Investment Advisor
SAMSUNG SDI CO LTD n/a EXCH 11'547'819 7.39 - 30.04.2012 Corporation
SAMSUNG C&T CORP n/a EXCH 9'084'557 5.82 (5'200) 30.04.2012 Corporation
SAMSUNG LIFE INSURAN n/a EXCH 7'986'611 5.11 (21'109) 21.09.2012 Insurance Company
MIRAE ASSET GLOBAL I n/a EXCH 6'612'295 4.23 (6'821'478) 27.04.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'504'938 4.16 (31'563) 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 5'181'477 3.32 (352'776) 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'555'741 2.28 7'014 19.02.2013 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'528'111 2.26 159'093 28.09.2012 Investment Advisor
KUN HEE LEE n/a EXCH 2'206'110 1.41 - 30.04.2012 n/a
JP MORGAN n/a ULT-AGG 2'076'952 1.33 (372'015) 31.10.2012 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'191'739 0.76 - 31.07.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'024'563 0.66 332'507 31.12.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 945'174 0.61 60'272 28.09.2012 Mutual Fund Manager
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 907'338 0.58 (827'531) 28.09.2012 Mutual Fund Manager
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 855'240 0.55 (79'519) 28.09.2012 Mutual Fund Manager
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 566'499 0.36 106'405 30.09.2011 Mutual Fund Manager
TRUSTON ASSET MANAGE Multiple Portfolios MF-AGG 485'852 0.31 230'813 28.09.2012 Mutual Fund Manager
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 426'508 0.27 17'761 28.09.2012 Mutual Fund Manager
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 360'839 0.23 83'711 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hana Daetoo Securities SEUNG-WOO SHIN not rated #N/A N/A M #N/A N/A Not Provided 20.02.2013
KTB Securities SUN-MI KIM buy 5 M 80'000 12 month 19.02.2013
Shinyoung Securities Co., Ltd. JONG-HYO HAN buy 5 M 92'000 12 month 18.02.2013
Kyobo Securities CHO JOO-HYUNG buy 5 M 76'000 6 month 18.02.2013
Credit Suisse SINN MIN-SEOK outperform 5 M 72'000 Not Provided 14.02.2013
KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN outperform 5 M 72'300 6 month 14.02.2013
LIG Investment Securities CHAE SANG-WOOK buy 5 M 85'000 12 month 12.02.2013
Woori Investment & Securities WAYNE WANG-SANG LEE buy 5 M 86'200 12 month 04.02.2013
Daishin Securities Co., Ltd. CHO YOON-HO buy 5 U 82'000 6 month 29.01.2013
NH Investment & Securities KANG SEUNG-MIN RYAN buy 5 M 80'000 6 month 29.01.2013
Dongbu Securities Co Ltd YOO DEOK-SANG buy 5 M 75'000 12 month 29.01.2013
Hyundai Securities EMILY KIM buy 5 M 78'000 12 month 29.01.2013
Samsung Securities KS KANG buy 5 M 70'000 12 month 29.01.2013
Shinhan Investment Corp LEE SUN-IL buy 5 M 76'000 12 month 29.01.2013
Hanwha Securities Co., Ltd CHO DONG-PIL buy 5 M 85'000 6 month 29.01.2013
KB Investment & Securities Co., Ltd HEU MOON-WOOK buy 5 M 76'100 12 month 29.01.2013
HI Investment Securities KIYOUNG ROH buy 5 M 88'000 6 month 29.01.2013
Nomura KEITH NAM buy 5 M 88'000 Not Provided 29.01.2013
Mirae Asset Securities BYUN SUNG-JIN hold 3 M 65'000 12 month 29.01.2013
E*Trade Securities Korea SANG-YEON PARK buy 5 M 75'000 12 month 29.01.2013
Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 63'000 12 month 28.01.2013
Goldman Sachs JINMOOK KIM neutral/neutral 3 M 66'000 12 month 28.01.2013
Standard Chartered JAMES KP HONG outperform 5 M 80'000 12 month 23.01.2013
Deutsche Bank HAN SANG-HI buy 5 M 85'400 12 month 22.01.2013
Korea Investment & Securities LEE KYUNG-JA buy 5 M 97'000 12 month 17.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Tong Yang Investment Bank SANG-HYUP CHONG buy 5 M 83'000 12 month 09.01.2013
HSBC BRIAN CHO overweight 5 U 80'000 Not Provided 06.12.2012
Daewoo Securities SONG HEUNG-IK buy 5 M 77'000 12 month 19.11.2012
SK Securities Co Ltd PARK HYUNG-RYUL buy 5 M 80'000 6 month 23.07.2012
Taurus Investment Securities Co Ltd PARK YONG-HEE buy 5 M 85'000 6 month 28.06.2012
Daiwa Securities Co. Ltd. MIKE OH outperform 5 M 73'000 Not Provided 12.06.2012
Holdings By:
Samsung C&T Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and
industrial electronic equipment and products such as semiconductors, personal
computers, peripherals, monitors, televisions, and home appliances including air
conditioners and microwave ovens. The Company also produces Internet access
network systems and telecommunications equipment including mobile phones.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.01.2013) 1'584'000.00
52-Week Low (12.07.2012) 1'091'000.00
Daily Volume
1550000
52-Week High % Change -2.15% Dividend Yield -
52-Week Low % Change 42.07% Beta 1.11
% 52 Week Price Range High/Low 92.09% Equity Float 106.63
Shares Out 31.12.2012 147.3 Short Int -
228'313'968.00 1 Yr Total Return 32.07%
Total Debt 4'796'865.00 YTD Return 1.84%
Preferred Stock 119'467.0 Adjusted BETA 1.113
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 14'630'145.00 Consensus Rating 4.863
Enterprise Value 218'688'339.35
Average Volume 5 Day 185'662
005930 KP EQUITY YTD Change - Average Volume 30 Day 263'669
005930 KP EQUITY YTD % CHANGE - Average Volume 3 Month 277'963
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
72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 ######### ######### ######### ######### - -
0.70x 1.05x 1.02x 1.06x - 3.69x 3.37x 0.87x 0.75x - -
11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 - ######### ######### ######### ######### - -
4.32x 6.61x 5.60x 6.75x - 6.75x 0.00x 3.90x 3.69x - -
5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 ######### ######### ######### ######### - -
11.97x 18.96x 10.69x 15.82x - 15.90x 0.00x 7.38x 6.97x - -
EBITDA 18'987'465.00 Long-Term Rating Date 25.01.2006
EBIT 18'510'400.00 Long-Term Rating A
Operating Margin 13.11% Long-Term Outlook POS
Pretax Margin 9.51% Short-Term Rating Date 25.01.2006
Return on Assets 12.82% Short-Term Rating A-1
Return on Common Equity 16.55%
Return on Capital 16.09% EBITDA/Interest Exp. 75.22
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 23.73
Net Debt/EBITDA -0.40
Gross Margin 25.2% Total Debt/EBITDA 0.11
EBITDA Margin 18.0%
EBIT Margin 13.1% Total Debt/Equity 5.4%
Net Income Margin 12.3% Total Debt/Capital 5.1%
Asset Turnover 1.14
Current Ratio 1.46 Net Fixed Asset Turnover 3.39
Quick Ratio 1.11 Accounts receivable turnover-days 46.18
Debt to Assets 4.08% Inventory Days 19.82
Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 29.23
Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74
Inventory Turnover 18.47
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
Samsung Electronics Co LtdPrice/Volume
Valuation Analysis
262'473.00
Current Price (2/dd/yy) Market Data
'.'''''1'''''3'''''5'''''
-''''''-.'''''-1'''''-3'''''-5'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&. A
&1 A
&3 A
&5 A
-&' A
-&. A
-&1 A
0.0
20'000'000.0
40'000'000.0
60'000'000.0
80'000'000.0
100'000'000.0
120'000'000.0
140'000'000.0
160'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 16'513'149 11.21 (399'465) 30.09.2012 Corporation
SAMSUNG LIFE INSURAN n/a Co File 11'071'751 7.52 - 30.09.2012 Insurance Company
NATIONAL PENSION SER n/a EXCH 10'316'789 7 1'473'927 20.11.2012 Investment Advisor
CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank
SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation
KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 4'257'980 2.89 (739'645) 31.12.2012 Investment Advisor
KOREA INVESTMENT TRU n/a EXCH 3'989'329 2.71 - 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'159'406 2.14 82'213 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'019'125 2.05 (83'124) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'794'677 1.9 (83'433) 31.12.2012 Investment Advisor
SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'434'993 0.97 90'082 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 950'933 0.65 106'644 31.12.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 902'957 0.61 (9'546) 28.09.2012 Investment Advisor
JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 744'031 0.51 (27'405) 28.09.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 526'619 0.36 4'418 31.12.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 517'807 0.35 (58'661) 28.09.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 514'731 0.35 40'626 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'850'000 6 month 21.02.2013
Samsung Securities MINSEONG HWANG buy 5 M 1'900'000 12 month 20.02.2013
HSBC RICKY JUIL SEO overweight 5 M 2'000'000 Not Provided 20.02.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'300'000 12 month 19.02.2013
Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 19.02.2013
Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 18.02.2013
BNP Paribas Equity Research PETER YU buy 5 M 2'300'000 12 month 18.02.2013
KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 2'100'000 6 month 18.02.2013
Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 18.02.2013
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'800'000 12 month 18.02.2013
Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 13.02.2013
Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'650'000 12 month 12.02.2013
Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 12.02.2013
Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 12.02.2013
E*Trade Securities Korea JI-WOONG KIM market perform 3 D 1'520'000 12 month 12.02.2013
Ji Asia STEVE MYERS sell 1 M 1'162'000 12 month 08.02.2013
NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 07.02.2013
Credit Suisse KEON HAN outperform 5 M 1'900'000 Not Provided 07.02.2013
JPMorgan JJ Park overweight 5 M 1'900'000 9 month 06.02.2013
Dongbu Securities Co Ltd KWON SUNG-RYUL buy 5 M 1'800'000 12 month 05.02.2013
Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 04.02.2013
KTB Securities JIN SUNG-HAE buy 5 M 1'900'000 12 month 31.01.2013
Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 2'000'000 Not Provided 31.01.2013
Korea Investment & Securities SEO WON-SEOK buy 5 M 2'000'000 12 month 28.01.2013
Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'900'000 12 month 28.01.2013
Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'900'000 12 month 28.01.2013
Kim Eng Securities WARREN LAU buy 5 M 2'300'000 12 month 28.01.2013
Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 28.01.2013
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 28.01.2013
Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 28.01.2013
Mirae Asset Securities DOH HYUN-WOO buy 5 M 1'900'000 12 month 28.01.2013
Hana Daetoo Securities CHUN SUNG-HOON buy 5 N 1'750'000 12 month 28.01.2013
Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'850'000 6 month 28.01.2013
LIG Investment Securities CHOI DO-YEON buy 5 M 1'900'000 12 month 28.01.2013
Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 27.01.2013
Standard Chartered SEAN KIM outperform 5 M 2'100'000 12 month 26.01.2013
Macquarie DANIEL KIM outperform 5 M 2'300'000 12 month 25.01.2013
Mizuho Securities CHARLES PARK buy 5 M 1'800'000 12 month 25.01.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 2'000'000 12 month 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 08.01.2013
HI Investment Securities SONG MYUNG-SUP buy 5 M 1'800'000 6 month 06.01.2013
SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'900'000 6 month 04.01.2013
Holdings By:
Samsung Electronics Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Sands China Ltd. develops, owns, and operates integrated resorts and casinos in
Macau. The Company also owns convention and exhibition halls in Macau and retail
malls.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 39.95
52-Week Low (26.07.2012) 20.65
Daily Volume
35.3
52-Week High % Change -11.64% Dividend Yield 1.89
52-Week Low % Change 70.94% Beta 1.31
% 52 Week Price Range High/Low 79.53% Equity Float 2'397.27
Shares Out 31.12.2012 8'055.4 Short Int -
284'356.13 1 Yr Total Return 23.29%
Total Debt 3'260.58 YTD Return 5.89%
Preferred Stock 0.0 Adjusted BETA 1.312
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 1'948.41 Consensus Rating 4.517
Enterprise Value 37'975.37
Average Volume 5 Day 18'118'920
1928 HK EQUITY YTD Change - Average Volume 30 Day 13'353'610
1928 HK EQUITY YTD % CHANGE - Average Volume 3 Month 11'682'800
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
3'053.3 3'301.1 4'142.3 4'880.8 6'511.4 4'880.8 6'511.4 8'413.4 9'647.4 1'990.3 2'053.0
- 3.63x 4.77x 4.85x 5.62x 4.77x 9.82x 4.55x 3.91x 19.99x 19.35x
571.8 753.5 1'200.7 1'529.6 1'773.2 838.1 1'773.2 2'558.2 3'049.4 604.7 629.3
- 15.92x 16.47x 15.47x 20.64x 0.00x 20.64x 14.84x 12.45x 14.31x -
175.7 215.0 666.5 1'133.1 1'235.7 1'133.1 1'235.7 1'917.9 2'401.2 - -
- 36.53x 26.54x 20.07x 28.54x 0.00x 28.55x 19.29x 15.22x - -
EBITDA 1'773.22 Long-Term Rating Date -
EBIT 1'419.20 Long-Term Rating -
Operating Margin 21.80% Long-Term Outlook -
Pretax Margin 19.01% Short-Term Rating Date -
Return on Assets 12.05% Short-Term Rating -
Return on Common Equity 22.26%
Return on Capital 14.51% EBITDA/Interest Exp. 17.07
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 4.45
Net Debt/EBITDA 0.74
Gross Margin - Total Debt/EBITDA 1.84
EBITDA Margin 27.2%
EBIT Margin 21.8% Total Debt/Equity 58.4%
Net Income Margin 19.0% Total Debt/Capital 36.9%
Asset Turnover 0.63
Current Ratio 1.77 Net Fixed Asset Turnover 0.89
Quick Ratio 1.73 Accounts receivable turnover-days 35.14
Debt to Assets 31.39% Inventory Days -
Tot Debt to Common Equity 58.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.41 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
Sands China LtdPrice/Volume
Valuation Analysis
11'676'853.00
Current Price (2/dd/yy) Market Data
'2
-'-2.'.20'021'12
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A-'&' A.'&' A0'&' A1'&' A2'&' A3'&' A4'&' A5'&' A6'&' A-''&' A
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VENETIAN VENTURE DEV n/a Co File 5'657'814'885 70.24 - 31.12.2011 Unclassified
WADDELL & REED FINAN Multiple Portfolios MF-AGG 346'455'721 4.3 6'316'800 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 267'148'800 3.32 (9'671'800) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 94'854'905 1.18 (261'350) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 54'803'388 0.68 1'242'000 19.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 49'109'013 0.61 (5'600) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 46'683'381 0.58 4'872'252 31.12.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 36'530'335 0.45 3'034'000 31.12.2012 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 28'757'292 0.36 (1'388'637) 31.10.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 28'382'000 0.35 899'600 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 20'113'867 0.25 20'113'867 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 19'329'200 0.24 (41'200) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 18'229'500 0.23 (2'926'000) 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 17'646'000 0.22 (890'800) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'591'293 0.18 (30'251'900) 31.12.2012 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 13'840'204 0.17 - 30.09.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'397'419 0.14 (12'800) 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'966'000 0.14 1'976'000 30.09.2011 Mutual Fund Manager
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 9'158'000 0.11 (1'171'600) 28.09.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 8'509'410 0.11 (207'100) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haitong International Securities DONALD CHENG buy 5 M 44 12 month 20.02.2013
Nomura CHARLENE LIU buy 5 M 45 Not Provided 18.02.2013
Oppenheimer & Co ELLA JI outperform 5 M 43 18 month 14.02.2013
Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 45 Not Provided 10.02.2013
Citic Securities Co., Ltd MOHAN SINGH hold 3 N 33 6 month 08.02.2013
DBS Vickers WEE KEAT LEE buy 5 U 40 12 month 07.02.2013
Jefferies RONG LI hold 3 M 36 12 month 04.02.2013
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 43 12 month 03.02.2013
CIMB MICHAEL TING outperform 5 M 42 12 month 01.02.2013
Kim Eng Securities JEREMY TAN buy 5 M 42 12 month 01.02.2013
China International Capital Corp ZIYING XIA buy 5 M 46 12 month 01.02.2013
UOB Kay Hian VICTOR YIP buy 5 M 45 Not Provided 01.02.2013
Credit Suisse GABRIEL CHAN outperform 5 M 42 Not Provided 31.01.2013
JPMorgan KENNETH FONG overweight 5 M 45 9 month 31.01.2013
Mizuho Securities ZENO TSE buy 5 M 44 12 month 31.01.2013
China Galaxy Securities ANGELA HAN LEE buy 5 U 45 18 month 31.01.2013
Union Gaming Research GRANT GOVERTSEN buy 5 M 44 12 month 31.01.2013
Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 42 12 month 30.01.2013
HSBC SEAN MONAGHAN neutral 3 M 35 Not Provided 20.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank KAREN TANG buy 5 U 44 12 month 04.01.2013
Macquarie GARY PINGE neutral 3 M 33 12 month 21.12.2012
Standard Chartered JOHN Y F CHAN in-line 3 M 29 12 month 04.12.2012
Daiwa Securities Co. Ltd. BING ZHOU outperform 5 M 36 Not Provided 14.11.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 34 Not Provided 05.11.2012
Capital Securities Corp LANTIS LI strong buy 5 M 39 12 month 11.07.2012
Barclays FELICIA R KANTOR HENDRIX overweight 5 M 32 Not Provided 03.02.2012
Holdings By:
Sands China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Shinhan Financial Group Co., Ltd., a holding company, provides a full range of
consumer and commercial banking-related financial services. The company's main
businesses include banking, securities brokerage, trust banking, and assets
management to individuals, businesses, and other financial institutions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 45'900.00
52-Week Low (25.07.2012) 33'100.00
Daily Volume
42100
52-Week High % Change -8.28% Dividend Yield 1.78
52-Week Low % Change 27.19% Beta 1.07
% 52 Week Price Range High/Low 70.31% Equity Float 452.70
Shares Out 31.12.2012 474.2 Short Int -
19'963'802.00 1 Yr Total Return -2.69%
Total Debt 7'039'393.00 YTD Return 8.37%
Preferred Stock 274'055.0 Adjusted BETA 1.071
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 2'220'166.00 Consensus Rating 4.628
Enterprise Value 27'149'563.61
Average Volume 5 Day 1'117'991
055550 KP EQUITY YTD Change - Average Volume 30 Day 1'022'497
055550 KP EQUITY YTD % CHANGE - Average Volume 3 Month 1'080'739
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
2'455'904.0 1'785'561.0 1'043'389.0 2'124'112.0 992'718.0 ######### 944'816.0 - - - -
8.07x 15.01x 29.98x 11.27x - 52.74x 83.80x - - - -
2'409'574.0 1'718'698.0 965'508.0 2'053'001.0 - ######### 902'680.0 - - - -
8.22x 15.60x 32.40x 11.66x - 11.78x 0.00x - - - -
2'020'398.0 1'306'292.0 617'625.0 1'672'908.0 590'447.0 ######### 590'447.0 - - - -
6.64x 18.74x 64.83x 13.50x - 13.50x 0.00x - - - -
EBITDA 2'053'001.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 95.86% Long-Term Outlook -
Pretax Margin 79.09% Short-Term Rating Date -
Return on Assets 5.72% Short-Term Rating -
Return on Common Equity 7.04%
Return on Capital 6.22% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.35
Gross Margin - Total Debt/EBITDA 3.43
EBITDA Margin 96.7%
EBIT Margin - Total Debt/Equity 36.7%
Net Income Margin 59.5% Total Debt/Capital 26.6%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 1409.50
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 22.82% Inventory Days -
Tot Debt to Common Equity 36.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Shinhan Financial Group Co LtdPrice/Volume
Valuation Analysis
1'500'512.00
Current Price (2/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'''
-''''-2'''.''''.2'''0''''02'''1''''12'''2''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&2 A
-&' A
-&2 A
.&' A
.&2 A
0&' A
0&2 A
1&' A
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2''&''
- '''&''
- 2''&''
. '''&''
. 2''&''
0 '''&''
0 2''&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL PENSION SER n/a EXCH 34'829'793 7.34 1'217'271 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a Co File 30'106'275 6.35 - 31.12.2011 Bank
EMPLOYEE STOCK OWNER n/a Co File 16'974'245 3.58 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'768'672 2.69 341'800 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 11'793'011 2.49 43'450 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 8'764'663 1.85 (232'275) 19.02.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 5'979'550 1.26 - 20.06.2012 Bank
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'891'780 1.24 - 31.07.2012 Investment Advisor
ABU DHABI INVESTMENT n/a 20F 5'626'182 1.19 - 31.12.2011 Government
FMR LLC n/a ULT-AGG 4'332'165 0.91 (1'291'171) 31.12.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 4'126'372 0.87 (276'351) 28.09.2012 Investment Advisor
JAE-GEUN YOO n/a Co File 3'043'256 0.64 - 30.03.2012 n/a
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2'927'860 0.62 (818'128) 28.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'289'300 0.48 80'870 31.10.2012 Bank
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'399'233 0.3 (86) 31.12.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'358'974 0.29 6'866 28.09.2012 Mutual Fund Manager
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'258'761 0.27 (135'750) 28.09.2012 Mutual Fund Manager
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'067'566 0.23 (2'189'925) 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'007'973 0.21 (1'689'972) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 849'963 0.18 198'810 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays HA SUN MOK overweight 5 M 51'000 Not Provided 19.02.2013
KTB Securities OH JIN-WON buy 5 M 49'000 12 month 18.02.2013
BNP Paribas Equity Research MICHELLE CHO hold 3 M 42'300 12 month 18.02.2013
HI Investment Securities YOO SANG-HO buy 5 M 50'000 6 month 17.02.2013
Credit Suisse GIL HYUNG KIM outperform 5 M 48'500 Not Provided 15.02.2013
Daewoo Securities TAYE SHIM buy 5 M 49'700 12 month 08.02.2013
Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 51'000 6 month 08.02.2013
NH Investment & Securities KIM EUN-GAB buy 5 M 44'800 6 month 08.02.2013
Dongbu Securities Co Ltd LEE BYUNG-GUN buy 5 M 50'800 12 month 08.02.2013
Korea Investment & Securities LEE JOANNE buy 5 M 51'000 12 month 08.02.2013
Samsung Securities JAEWOO KIM buy 5 M 50'000 12 month 08.02.2013
Woori Investment & Securities JASON CHOI buy 5 M 49'000 12 month 08.02.2013
JPMorgan SCOTT YH SEO overweight 5 M 49'000 9 month 08.02.2013
Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 51'800 6 month 08.02.2013
Mirae Asset Securities HEATHER KANG buy 5 M 47'500 12 month 08.02.2013
Hana Daetoo Securities HAN JEONG-TAE buy 5 M 49'000 12 month 08.02.2013
IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 47'000 Not Provided 08.02.2013
LIG Investment Securities SOHN JOON-BEUM buy 5 M 54'000 12 month 08.02.2013
HSBC SINYOUNG PARK overweight 5 M 49'000 Not Provided 07.02.2013
Nomura MICHAEL NA buy 5 M 48'000 Not Provided 07.02.2013
Morgan Stanley JOON SEOK Overwt/In-Line 5 U 48'000 12 month 03.02.2013
Standard Chartered JUSTIN KIM outperform 5 M 49'000 12 month 23.01.2013
KIWOOM Securities Co Ltd SEO YOUNG-SOO market perform 3 D 41'000 6 month 22.01.2013
Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 52'500 12 month 21.01.2013
Macquarie CHAN HWANG outperform 5 M 48'000 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Eugene Investment & Securities Co., LtdKIM IN hold 3 M 40'000 12 month 10.01.2013
Deutsche Bank JEE HOON PARK hold 3 M 41'000 12 month 08.01.2013
KB Investment & Securities Co., Ltd SHIM HYUN-SOO buy 5 M 57'000 12 month 08.01.2013
Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 U 48'400 6 month 24.12.2012
Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 44'000 12 month 28.11.2012
E*Trade Securities Korea HA HAKSOO market perform 3 M 39'900 12 month 21.11.2012
Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 50'900 6 month 01.11.2012
HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 48'000 6 month 01.11.2012
SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 53'000 6 month 01.11.2012
Goldman Sachs STAN LEE neutral/neutral 3 M 45'000 12 month 31.10.2012
Daiwa Securities Co. Ltd. ANDERSON CHA hold 3 M 41'000 Not Provided 31.10.2012
Hyundai Securities KOO KYUNG-HWE buy 5 M 51'000 12 month 21.09.2012
Kyobo Securities HWANG SEOK-KYU buy 5 M 54'000 6 month 12.03.2012
Holdings By:
Shinhan Financial Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Singapore Telecommunications Limited is a communications group. The Group
provides a diverse range of communication services and solutions, including
fixed, mobile, data, Internet, info-communications technology, satellite and pay
television. Singapore Telecom has a network of offices in multiple countries and
territories throughout Asia Pacific, in Europe and the United States.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (31.07.2012) 3.62
52-Week Low (31.05.2012) 3.02
Daily Volume
3.53
52-Week High % Change -2.49% Dividend Yield -
52-Week Low % Change 16.89% Beta 0.69
% 52 Week Price Range High/Low 95.00% Equity Float 7'619.59
Shares Out 21.02.2013 15'943.6 Short Int -
56'280.83 1 Yr Total Return 20.40%
Total Debt 8'793.80 YTD Return 6.97%
Preferred Stock 0.0 Adjusted BETA 0.693
Minority Interest 20.4 Analyst Recs 25
Cash and Equivalents 1'346.40 Consensus Rating 3.400
Enterprise Value 63'439.93
Average Volume 5 Day 22'360'600
ST SP EQUITY YTD Change - Average Volume 30 Day 23'788'970
ST SP EQUITY YTD % CHANGE - Average Volume 3 Month 22'724'140
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
14'844.4 14'934.4 16'870.9 18'070.6 18'825.3 18'687.6 18'481.8 18'475.5 18'720.1 4'556.0 -
4.61x 3.13x 3.31x 2.92x 3.06x 11.81x 12.78x 3.42x 3.36x - -
4'419.2 4'461.5 4'906.0 5'080.5 5'186.3 5'033.2 5'225.0 5'645.4 5'774.1 1'393.0 -
15.48x 10.47x 11.37x 10.37x 11.11x 11.27x 11.44x 11.24x 10.99x - -
3'960.2 3'448.4 3'907.3 3'825.3 3'988.7 3'691.4 3'929.1 3'626.0 3'865.7 785.0 -
15.70x 11.68x 12.91x 12.57x 12.58x 13.34x 13.38x 15.55x 14.53x - -
EBITDA 5'186.30 Long-Term Rating Date 05.08.2003
EBIT 3'184.70 Long-Term Rating A+
Operating Margin 16.92% Long-Term Outlook STABLE
Pretax Margin 22.92% Short-Term Rating Date 05.08.2003
Return on Assets 9.90% Short-Term Rating A-1
Return on Common Equity 17.54%
Return on Capital 13.81% EBITDA/Interest Exp. 13.14
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 7.44
Net Debt/EBITDA 1.37
Gross Margin 83.3% Total Debt/EBITDA 1.52
EBITDA Margin 28.3%
EBIT Margin 17.0% Total Debt/Equity 37.5%
Net Income Margin 21.2% Total Debt/Capital 27.3%
Asset Turnover 0.47
Current Ratio 1.05 Net Fixed Asset Turnover 1.62
Quick Ratio 0.76 Accounts receivable turnover-days 71.18
Debt to Assets 21.76% Inventory Days 32.14
Tot Debt to Common Equity 37.54% Accounts Payable Turnover Day 527.30
Accounts Receivable Turnover 5.14 Cash Conversion Cycle -274.64
Inventory Turnover 11.39
Fiscal Year Ended
Singapore Telecommunications LtdPrice/Volume
Valuation Analysis
11'470'000.00
Current Price (2/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
0
1
1
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-''&' A
.''&' A
0''&' A
1''&' A
2''&' A
3''&' A
0.0
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
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'0&'1&.''6 '0&-'&.''6 '0&'1&.'-' '0&-'&.'-' '0&'1&.'-- '0&-'&.'-- '0&'1&.'-. '0&-'&.'-.
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 8'283'957'568 51.96 (468'438'955) 28.09.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 486'605'310 3.05 (33'078'000) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 206'933'877 1.3 (3'108'260) 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 197'335'755 1.24 (595'900) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 154'719'673 0.97 (1'475'675) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 81'195'000 0.51 4'285'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 80'141'134 0.5 13'186'332 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 47'763'601 0.3 (73'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 47'021'684 0.29 (9'221'717) 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 39'548'475 0.25 (731'533) 30.11.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 35'336'000 0.22 3'660'000 19.12.2011 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'325'250 0.22 893'000 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 29'283'000 0.18 - 14.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 26'974'424 0.17 15'677'000 20.02.2013 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 20'425'000 0.13 1'145'000 31.12.2012 Investment Advisor
SINGTEL PERF SHARE P n/a EXCH 20'297'692 0.13 607'000 11.04.2012 Other
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 19'960'000 0.13 150'000 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'375'096 0.12 458'630 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'356'200 0.11 3'332'000 31.12.2012 Investment Advisor
DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 17'145'400 0.11 13'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UOB Kay Hian JONATHAN KOH sell 1 M 3 Not Provided 21.02.2013
Credit Suisse CHATE BENCHAVITVILAI outperform 5 M 4 Not Provided 19.02.2013
OCBC Investment Research CAREY WONG buy 5 M 4 12 month 19.02.2013
Nomura SACHIN GUPTA buy 5 M 4 Not Provided 18.02.2013
DBS Vickers SACHIN MITTAL hold 3 M 3 12 month 15.02.2013
OSK (Asia) Securities JEFFREY TAN neutral 3 M 3 12 month 15.02.2013
Phillip Securities KEN ANG neutral 3 M 3 Not Provided 15.02.2013
Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 4 12 month 14.02.2013
HSBC LUIS HILADO neutral 3 M 3 Not Provided 14.02.2013
Macquarie PREM JEARAJASINGAM outperform 5 M 4 12 month 14.02.2013
CIMB KELVIN GOH underperform 1 M 3 12 month 14.02.2013
New Street Research BRIAN RUSLING buy 5 M 4 Not Provided 14.02.2013
Barclays ANAND RAMACHANDRAN overweight 5 M 4 Not Provided 14.02.2013
Kim Eng Securities GREGORY YAP sell 1 M 3 12 month 05.02.2013
BNP Paribas Equity Research FOONG CHOONG CHEN buy 5 M 4 12 month 01.02.2013
Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 3 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Standard Chartered DON SEE outperform 5 M 3 12 month 20.11.2012
JPMorgan JAMES R SULLIVAN neutral 3 M 3 12 month 14.11.2012
Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA hold 3 M 3 Not Provided 13.11.2012
Deutsche Bank ALAN HELLAWELL hold 3 M 3 12 month 04.10.2012
Holdings By:
Singapore Telecommunications Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company
produces a variety of petroleum products, such as gasoline, kerosene, liquefied
petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p
roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.02.2012) 195'500.00
52-Week Low (04.06.2012) 124'000.00
Daily Volume
176500
52-Week High % Change -9.72% Dividend Yield 1.59
52-Week Low % Change 42.34% Beta 1.30
% 52 Week Price Range High/Low 76.92% Equity Float 52.56
Shares Out 31.12.2012 92.5 Short Int -
16'320'172.00 1 Yr Total Return -4.89%
Total Debt 1'407'800.78 YTD Return 1.44%
Preferred Stock - Adjusted BETA 1.300
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 1'516'926.20 Consensus Rating 4.474
Enterprise Value 15'924'348.40
Average Volume 5 Day 319'757
096770 KP EQUITY YTD Change - Average Volume 30 Day 336'429
096770 KP EQUITY YTD % CHANGE - Average Volume 3 Month 314'132
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
45'737'325.8 35'827'543.8 43'863'585.0 1'526'207.0 2'349'804.7 ######### ######### ######### - 346'300.0 365'000.0
0.29x 0.46x 0.57x 8.48x - 43.99x 18.33x - - - -
2'434'368.4 1'521'006.6 2'231'677.0 623'643.0 - 617'521.0 ######### - - - -
5.37x 10.74x 11.24x 20.76x - 20.97x 0.00x - - - -
888'084.9 679'761.8 881'923.6 1'703'394.4 950'870.8 ######### 950'870.5 - - - -
7.80x 16.07x 20.46x 7.77x - 7.77x 0.00x 9.56x - - -
EBITDA 623'643.00 Long-Term Rating Date 12.03.2008
EBIT 1'209'465.81 Long-Term Rating BBB
Operating Margin 51.47% Long-Term Outlook STABLE
Pretax Margin 144.36% Short-Term Rating Date -
Return on Assets 8.02% Short-Term Rating -
Return on Common Equity 14.38%
Return on Capital 10.15% EBITDA/Interest Exp. 7.77
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.44
Net Debt/EBITDA -0.17
Gross Margin 54.5% Total Debt/EBITDA 2.26
EBITDA Margin 40.9%
EBIT Margin 51.5% Total Debt/Equity 11.2%
Net Income Margin 40.5% Total Debt/Capital 10.1%
Asset Turnover 0.07
Current Ratio 4.48 Net Fixed Asset Turnover 0.26
Quick Ratio 3.84 Accounts receivable turnover-days 469.74
Debt to Assets 9.46% Inventory Days 1402.65
Tot Debt to Common Equity 11.20% Accounts Payable Turnover Day -167.33
Accounts Receivable Turnover 0.78 Cash Conversion Cycle 2039.72
Inventory Turnover 0.26
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
SK Innovation Co LtdPrice/Volume
Valuation Analysis
377'027.00
Current Price (2/dd/yy) Market Data
'.''''1''''3''''5''''
-'''''-.''''-1''''-3''''-5''''.'''''
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
&. A
&1 A
&3 A
&5 A
-&' A
-&. A
-&1 A
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
50'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.'&''
1'&''
3'&''
5'&''
-''&''
-.'&''
-1'&''
'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SK HOLDINGS CO LTD n/a Co File 30'883'788 33.4 - 31.12.2011 Corporation
FRANKLIN RESOURCES n/a ULT-AGG 10'332'304 11.17 (55'966) 30.09.2012 Investment Advisor
NATIONAL PENSION SER n/a EXCH 7'946'224 8.59 930'221 27.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'224'635 3.49 (26'918) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'569'539 1.7 1'209 19.02.2013 Investment Advisor
JX HOLDINGS INC n/a Co File 913'642 0.99 - 31.03.2012 Corporation
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 719'733 0.78 38'833 28.09.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 650'995 0.7 1'366 28.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 626'896 0.68 - 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 618'679 0.67 - 31.07.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 427'389 0.46 50'598 31.12.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 402'313 0.44 45'192 28.09.2012 Mutual Fund Manager
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 386'254 0.42 (65'191) 28.09.2012 Mutual Fund Manager
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 378'148 0.41 123'511 28.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 361'945 0.39 136'322 28.09.2012 Mutual Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 294'869 0.32 (1'935) 30.11.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 289'658 0.31 (4'103) 28.09.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 272'345 0.29 4'316 28.09.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 209'789 0.23 (424'485) 31.12.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 170'500 0.18 170'500 30.09.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shinhan Investment Corp YI EUNG-JU buy 5 M 210'000 12 month 21.02.2013
KTB Securities YOO YOUNG KOOK buy 5 M 240'000 12 month 19.02.2013
KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 210'000 12 month 19.02.2013
HI Investment Securities LEE HEE-CHEOL buy 5 M 230'000 6 month 19.02.2013
Woori Investment & Securities KIM SUN-WOO buy 5 M 220'000 12 month 18.02.2013
Nomura CINDY PARK buy 5 M 230'000 Not Provided 18.02.2013
Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 210'000 6 month 13.02.2013
Credit Suisse CHO A-HYUNG outperform 5 M 206'000 Not Provided 07.02.2013
Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 203'000 12 month 06.02.2013
Tong Yang Investment Bank HWANG KYU-WON buy 5 M 220'000 12 month 06.02.2013
Daewoo Securities PARK YEON-JU buy 5 M 220'000 12 month 04.02.2013
NH Investment & Securities CHOI JI-HWAN buy 5 M 200'000 6 month 04.02.2013
Korea Investment & Securities PARK KIYONG buy 5 M 210'000 12 month 04.02.2013
Hyundai Securities BAEK YOUNG-CHAN buy 5 M 220'000 12 month 04.02.2013
KIWOOM Securities Co Ltd KYUNG-HYUK MIN buy 5 M 208'000 6 month 04.02.2013
Mirae Asset Securities YOUNG-BAE KWON buy 5 M 200'000 12 month 04.02.2013
Taurus Investment Securities Co Ltd JAESUNG YOON buy 5 M 220'000 6 month 04.02.2013
Morgan Stanley HARRISON H HWANG Equalwt/Cautious 3 M 159'000 12 month 03.02.2013
JPMorgan SAMUEL SW LEE neutral 3 M 150'000 9 month 03.02.2013
Samsung Securities SEUNGWOO KIM buy 5 M 200'000 12 month 01.02.2013
BNP Paribas Equity Research POR YONG LIANG buy 5 M 225'000 12 month 01.02.2013
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 170'000 12 month 30.01.2013
Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 210'000 12 month 29.01.2013
HSBC DENNIS HYUNCHUL YOO underweight 1 D 150'000 Not Provided 16.01.2013
Macquarie BRANDON I LEE neutral 3 D 150'000 12 month 16.01.2013
IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 185'000 12 month 16.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
SK Securities Co Ltd SOHN JI-WOO buy 5 M 200'000 6 month 07.01.2013
Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 200'000 6 month 05.12.2012
Kyobo Securities YOUNG-JOO SON strong buy 5 U 216'000 6 month 12.11.2012
E*Trade Securities Korea WON YONG-JIN buy 5 M 220'000 12 month 17.10.2012
Deutsche Bank SHAWN PARK buy 5 M 200'000 12 month 13.08.2012
LIG Investment Securities PARK YOUNG-HOON buy 5 M 218'000 12 month 19.07.2012
Mizuho Securities ANDREW S F CHAN neutral 3 N 140'000 12 month 12.07.2012
Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 240'000 6 month 14.11.2011
Holdings By:
SK Innovation Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Sun Hung Kai Properties Limited, through its subsidiaries, develops and invests
in properties. The Company also operates hotels, manages properties, car
parking and transportation infrastructure. In addition, Sun Hung Kai operates
logistics business, construction, financial services, telecommunication Internet
infrastructure and enabling services.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (24.01.2013) 130.80
52-Week Low (18.05.2012) 85.30
Daily Volume
120.6
52-Week High % Change -7.80% Dividend Yield 2.78
52-Week Low % Change 41.38% Beta 0.99
% 52 Week Price Range High/Low 81.54% Equity Float 2'138.87
Shares Out 31.01.2013 2'656.9 Short Int -
320'424.81 1 Yr Total Return 3.61%
Total Debt 71'266.00 YTD Return 3.79%
Preferred Stock 0.0 Adjusted BETA 0.991
Minority Interest 4'400.0 Analyst Recs 24
Cash and Equivalents 15'049.00 Consensus Rating 4.417
Enterprise Value 381'041.82
Average Volume 5 Day 3'176'525
16 HK EQUITY YTD Change - Average Volume 30 Day 4'974'356
16 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'473'204
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 - -
24'471.0 34'234.0 33'211.0 62'553.0 68'400.0 - - 63'181.2 68'743.1 - -
12.62x 8.36x 9.55x 5.56x 4.37x - - 5.96x 5.37x - -
11'640.0 15'138.0 14'752.0 22'381.0 26'339.0 - - 26'723.4 28'602.5 - -
26.54x 18.90x 21.50x 15.54x 11.35x - - 14.26x 13.32x - -
27'602.0 10'356.0 30'039.0 48'097.0 43'080.0 - - 22'407.3 23'071.3 - -
9.73x 23.96x 9.17x 6.06x 5.48x - - 14.49x 13.87x - -
EBITDA 26'339.00 Long-Term Rating Date 15.06.2012
EBIT 24'801.00 Long-Term Rating A+
Operating Margin 36.26% Long-Term Outlook NEG
Pretax Margin 71.77% Short-Term Rating Date -
Return on Assets 9.78% Short-Term Rating -
Return on Common Equity 13.18%
Return on Capital 11.37% EBITDA/Interest Exp. 13.52
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 10.37
Net Debt/EBITDA 2.13
Gross Margin 42.8% Total Debt/EBITDA 2.71
EBITDA Margin 38.5%
EBIT Margin 36.3% Total Debt/Equity 20.6%
Net Income Margin 63.0% Total Debt/Capital 16.9%
Asset Turnover 0.16
Current Ratio 3.74 Net Fixed Asset Turnover 0.28
Quick Ratio 0.67 Accounts receivable turnover-days 71.06
Debt to Assets 15.24% Inventory Days 1013.07
Tot Debt to Common Equity 20.56% Accounts Payable Turnover Day 14.12
Accounts Receivable Turnover 5.15 Cash Conversion Cycle 1070.00
Inventory Turnover 0.36
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
Sun Hung Kai Properties LtdPrice/Volume
Valuation Analysis
5'647'943.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
-1'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.'&' A
1'&' A
3'&' A
5'&' A
-''&' A
-.'&' A
-1'&' A
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
'0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KWOK KAI FAI ADAM n/a EXCH 109'999'291 4.14 - 13.07.2012 n/a
ADOLFA LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Other
BERTANA LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Unclassified
CYRIC LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Other
ASPORTO LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other
ROSY RESULT LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other
THRIVING TALENT LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other
BLACKROCK n/a ULT-AGG 44'349'662 1.67 (2'324'588) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'135'748 1.17 672'613 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'749'748 0.78 (5'038'992) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 19'981'331 0.75 2'091'396 31.12.2012 Investment Advisor
SIMBAWEST LTD n/a EXCH 16'818'330 0.63 - 20.12.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 14'690'958 0.55 2'330'958 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 13'615'670 0.51 2'293'000 31.12.2012 Investment Advisor
CANNIA LTD n/a EXCH 12'562'449 0.47 - 20.12.2012 Unclassified
STATE STREET GLOBAL Multiple Portfolios MF-AGG 11'978'606 0.45 (450'532) 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 9'585'738 0.36 (241'084) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'153'290 0.27 (286'380) 31.12.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 6'508'900 0.24 (28'000) 19.02.2013 Investment Advisor
EUROPEAN INVESTORS I n/a Research 5'939'184 0.22 12'575 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BOCOM International Holdings ALFRED LAU buy 5 M 147 12 month 18.02.2013
DBS Vickers JEFF YAU buy 5 M 142 12 month 15.02.2013
Kim Eng Securities IVAN CHEUNG buy 5 M 154 12 month 14.02.2013
Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 101 12 month 08.02.2013
Credit Suisse CUSSON LEUNG outperform 5 M 138 Not Provided 06.02.2013
Jefferies VENANT CHIANG buy 5 M 127 12 month 04.02.2013
Nomura PAUL LOUIE neutral 3 M 127 Not Provided 25.01.2013
Standard Chartered PAUL YAU outperform 5 M 139 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 23.01.2013
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/Attractive 5 M 137 12 month 21.01.2013
JPMorgan LUCIA KWONG overweight 5 M 131 9 month 17.01.2013
BNP Paribas Equity Research LEE WEE LIAT buy 5 M 144 12 month 16.01.2013
UOB Kay Hian SYLVIA WONG hold 3 M 123 Not Provided 15.01.2013
Goldman Sachs ANTHONY WU buy/attractive 5 M 143 12 month 06.01.2013
Daiwa Securities Co. Ltd. JONAS KAN buy 5 U 137 Not Provided 10.12.2012
Macquarie DAVID NG neutral 3 M 97 12 month 06.11.2012
HSBC PERVEEN WONG overweight 5 M 140 Not Provided 19.10.2012
Citic Securities Co., Ltd ADRIAN NGAN overweight 5 D 127 6 month 19.09.2012
Deutsche Bank JASON CHING buy 5 M 115 12 month 14.09.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 112 Not Provided 13.09.2012
Holdings By:
Sun Hung Kai Properties Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Swire Pacific Limited, through its subsidiaries, operates in the real estate,
aviation, beverage, industrial, marine services, trading, and industrial
businesses.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.02.2013) 101.30
52-Week Low (18.05.2012) 81.15
Daily Volume
99.75
52-Week High % Change -1.53% Dividend Yield 3.36
52-Week Low % Change 22.92% Beta 0.82
% 52 Week Price Range High/Low 97.02% Equity Float 638.67
Shares Out 30.08.2012 905.6 Short Int -
147'540.16 1 Yr Total Return 18.36%
Total Debt 39'919.00 YTD Return 4.07%
Preferred Stock 0.0 Adjusted BETA 0.822
Minority Interest 4'917.0 Analyst Recs 14
Cash and Equivalents 3'922.00 Consensus Rating 3.214
Enterprise Value 230'122.16
Average Volume 5 Day 738'431
19 HK EQUITY YTD Change - Average Volume 30 Day 1'242'727
19 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1'251'624
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
21'553.0 24'670.0 24'909.0 29'201.0 36'286.0 - - 42'212.7 44'683.1 - -
8.69x 4.04x 6.09x 7.10x 4.49x - - 4.53x 4.31x - -
6'565.0 7'933.0 8'387.0 9'051.0 10'102.0 - - 13'458.6 12'862.6 - -
28.54x 12.57x 18.10x 22.90x 16.12x - - 17.10x 17.89x - -
26'260.0 5'853.0 21'893.0 38'252.0 32'210.0 - - 8'831.6 9'661.9 - -
6.23x 13.79x 6.46x 5.03x 4.38x - - 15.76x 15.78x - -
EBITDA 10'102.00 Long-Term Rating Date 16.08.2005
EBIT 8'435.00 Long-Term Rating A-
Operating Margin 23.25% Long-Term Outlook STABLE
Pretax Margin 94.21% Short-Term Rating Date -
Return on Assets 5.48% Short-Term Rating -
Return on Common Equity 7.84%
Return on Capital 7.03% EBITDA/Interest Exp. 5.72
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 0.10
Net Debt/EBITDA 4.29
Gross Margin 41.1% Total Debt/EBITDA 5.17
EBITDA Margin 26.9%
EBIT Margin 22.3% Total Debt/Equity 17.5%
Net Income Margin 88.8% Total Debt/Capital 14.7%
Asset Turnover 0.13
Current Ratio 0.81 Net Fixed Asset Turnover 0.17
Quick Ratio 0.26 Accounts receivable turnover-days 25.61
Debt to Assets 13.64% Inventory Days 151.56
Tot Debt to Common Equity 17.54% Accounts Payable Turnover Day 33.90
Accounts Receivable Turnover 14.29 Cash Conversion Cycle 134.00
Inventory Turnover 2.41
Fiscal Year Ended
Swire Pacific LtdPrice/Volume
Valuation Analysis
1'407'001.00
Current Price (2/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'
5'
-''
-.'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-&' A
.&' A
0&' A
1&' A
2&' A
3&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELHAM LTD n/a EXCH 196'290'500 21.68 - 31.12.2012 Other
ABERDEEN n/a ULT-AGG 118'712'051 13.11 - 19.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 45'703'401 5.05 - 17.12.2012 Unclassified
JOHN SWIRE & SONS HK n/a EXCH 39'580'357 4.37 - 31.12.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'864'204 2.52 (933'092) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'910'364 2.31 3'590'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'203'580 1.68 31'000 19.02.2013 Investment Advisor
TAIKOO LTD n/a EXCH 12'632'302 1.39 - 31.12.2012 Other
SHREWSBURY HOLDINGS n/a EXCH 9'140'000 1.01 - 31.12.2012 Holding Company
WALTHAM LTD n/a EXCH 8'152'500 0.9 - 31.12.2012 Corporation
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 8'148'000 0.9 - 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'282'500 0.8 (651'500) 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 5'657'371 0.62 (712'920) 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'434'000 0.38 (27'500) 30.11.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3'202'500 0.35 - 31.10.2012 Bank
FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 3'159'000 0.35 - 31.12.2010 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'518'078 0.28 - 30.09.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'611'006 0.18 - 30.06.2012 Pension Fund (ERISA)
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'582'802 0.17 9'500 28.12.2012 Mutual Fund Manager
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'463'000 0.16 (8'000) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse CUSSON LEUNG neutral 3 M 91 Not Provided 20.02.2013
Deutsche Bank TONY TSANG hold 3 M 80 12 month 18.02.2013
Jefferies VENANT CHIANG hold 3 M 96 12 month 04.02.2013
Morgan Stanley LIN HE Equalwt/In-Line 3 M 101 12 month 31.01.2013
Standard Chartered JOHN Y F CHAN outperform 5 U 111 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 99 12 month 04.01.2013
Macquarie CALLUM BRAMAH neutral 3 M 99 12 month 06.11.2012
HSBC MARK CARMERON ROSS WEBB overweight 5 M 102 Not Provided 14.08.2012
Nomura BENJAMIN LO reduce 2 M 82 Not Provided 10.08.2012
Holdings By:
Swire Pacific Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets
integrated circuits. The Company provides the following services: wafer
manufacturing, wafer probing, assembly and testing, mask production, and design
services. TSMC's ICs are used in computer, communication, consumer electronics,
automotive, and industrial equipment industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 109.50
52-Week Low (23.07.2012) 73.80
Daily Volume
107
52-Week High % Change -2.28% Dividend Yield -
52-Week Low % Change 44.99% Beta 0.83
% 52 Week Price Range High/Low 98.60% Equity Float 22'633.41
Shares Out 31.12.2012 25'920.7 Short Int 14.32
2'773'516.00 1 Yr Total Return 38.69%
Total Debt 114'721.20 YTD Return 10.31%
Preferred Stock 0.0 Adjusted BETA 0.826
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 111'697.01 Consensus Rating 4.344
Enterprise Value 2'776'540.10
Average Volume 5 Day 35'719'520
2330 TT EQUITY YTD Change - Average Volume 30 Day 34'431'580
2330 TT EQUITY YTD % CHANGE - Average Volume 3 Month 36'056'220
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
321'767.1 285'742.9 406'963.3 418'245.5 499'871.9 418'245.5 370'386.3 - - - -
3.13x 5.41x 4.32x 4.60x 5.04x 17.46x 17.72x - - - -
180'859.8 168'850.2 238'212.6 241'831.2 301'201.6 241'831.2 221'869.2 - - - -
5.56x 9.16x 7.37x 7.96x 8.36x 7.96x 0.00x - - - -
99'933.2 89'217.8 161'605.0 134'201.3 166'158.8 134'201.3 166'159.5 181'029.5 209'804.3 36'508.7 44'038.7
11.50x 18.70x 11.38x 14.63x 15.13x 14.64x 15.12x 15.27x 13.21x 15.31x 15.18x
EBITDA 301'201.65 Long-Term Rating Date 20.04.2010
EBIT 176'801.77 Long-Term Rating A+
Operating Margin 35.37% Long-Term Outlook STABLE
Pretax Margin 36.74% Short-Term Rating Date -
Return on Assets 19.53% Short-Term Rating -
Return on Common Equity 24.53%
Return on Capital 21.84% EBITDA/Interest Exp. 318.69
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 62.57
Net Debt/EBITDA 0.10
Gross Margin 46.9% Total Debt/EBITDA 0.37
EBITDA Margin 59.3%
EBIT Margin 34.8% Total Debt/Equity 15.9%
Net Income Margin 33.2% Total Debt/Capital 13.7%
Asset Turnover 0.59
Current Ratio 1.50 Net Fixed Asset Turnover 0.96
Quick Ratio 0.87 Accounts receivable turnover-days 11.17
Debt to Assets 12.12% Inventory Days 39.06
Tot Debt to Common Equity 15.86% Accounts Payable Turnover Day 14.60
Accounts Receivable Turnover 32.75 Cash Conversion Cycle 33.79
Inventory Turnover 9.37
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
Taiwan Semiconductor Manufacturing Co LtdPrice/Volume
Valuation Analysis
30'551'806.00
Current Price (2/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
.'&' A
1'&' A
3'&' A
5'&' A
-''&' A
-.'&' A
-1'&' A
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'&''
.&''
1&''
3&''
5&''
-'&''
-.&''
'.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL DEVELOP FUN n/a EXCH 1'653'709'980 6.38 - 30.11.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 1'156'903'645 4.46 71'156'234 31.12.2012 Investment Advisor
SAUDI ARABIAN MONETA n/a Co File 760'113'810 2.93 - 05.07.2011 Government
ABERDEEN n/a ULT-AGG 733'350'320 2.83 7'338'000 31.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 671'644'702 2.59 (2'279'394) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 607'284'125 2.34 (448'696) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 388'007'212 1.5 (19'615'000) 31.10.2012 Bank
CATHAY LIFE INSURANC n/a Co File 376'533'235 1.45 - 05.07.2011 Insurance Company
EUROPACIFIC GROWTH F n/a Co File 364'978'136 1.41 - 05.07.2011 n/a
FMR LLC n/a ULT-AGG 356'377'646 1.37 (14'969'525) 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 340'835'129 1.31 - 05.07.2011 Government
FUBON LIFE ASSURANCE n/a Co File 243'035'308 0.94 - 05.07.2011 Insurance Company
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 242'816'000 0.94 (4'861'000) 30.06.2012 Mutual Fund Manager
ABU DHABI INVESTMENT n/a Co File 241'377'663 0.93 - 05.07.2011 Government
RBS FS PACIFIC LEADI n/a Co File 226'909'807 0.88 - 05.07.2011 n/a
POLARIS TAIWAN TOP50 n/a Co File 222'860'366 0.86 - 05.07.2011 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 170'451'743 0.66 13'180'000 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 155'247'342 0.6 - 30.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 154'947'186 0.6 (190'000) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 145'563'256 0.56 21'814'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MARK LI market perform 3 M 106 12 month 21.02.2013
BNP Paribas Equity Research SZEHO NG buy 5 M 130 12 month 20.02.2013
Morgan Stanley BILL LU Overwt/In-Line 5 M 110 12 month 19.02.2013
Nomura PATRICK LIAO buy 5 M 120 Not Provided 19.02.2013
Jih Sun Securities JOE LAI neutral 3 M #N/A N/A Not Provided 18.02.2013
Deutsche Bank MICHAEL CHOU buy 5 M 123 12 month 04.02.2013
Masterlink Securities SARENA HSU buy 5 M 120 12 month 01.02.2013
Capital Securities Corp CHEN WANZHEN neutral 3 M #N/A N/A Not Provided 31.01.2013
KGI Securities MICHAEL LIU outperform 5 M 116 12 month 25.01.2013
President Capital Management TSUNG-YUEH CHEN neutral 3 M #N/A N/A Not Provided 24.01.2013
Ji Asia STEVE MYERS buy 5 M 118 12 month 22.01.2013
Mega Securities DANIEL LU neutral 3 M 105 6 month 21.01.2013
RBS JEFFREY TODER hold 3 D 100 12 month 18.01.2013
Macquarie JEFFREY SU outperform 5 M 121 12 month 18.01.2013
Mizuho Securities CHARLES PARK buy 5 U 120 12 month 18.01.2013
IBT Securities Co Ltd HONG YI CHEN buy 5 M #N/A N/A Not Provided 18.01.2013
Goldman Sachs DONALD LU Buy/Neutral 5 M 115 12 month 17.01.2013
Credit Suisse RANDY ABRAMS outperform 5 M 109 Not Provided 17.01.2013
JPMorgan RICK HSU overweight 5 M 120 9 month 17.01.2013
HSBC STEVEN C PELAYO overweight 5 M 115 Not Provided 17.01.2013
Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 112 Not Provided 17.01.2013
Barclays ANDREW LU overweight 5 M 114 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
E Sun Securities YANG SHENG-MIN buy 5 M #N/A N/A Not Provided 16.01.2013
Kim Eng Securities WARREN LAU hold 3 M 107 12 month 14.01.2013
SinoPac STEFAN CHANG neutral 3 M 104 Not Provided 14.01.2013
Daiwa Securities Co. Ltd. ERIC CHEN hold 3 M 95 Not Provided 11.01.2013
Fubon Securities CARLOS PENG add 4 M 115 6 month 07.01.2013
Holdings By:
Taiwan Semiconductor Manufacturing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
United Overseas Bank Limited offers a full range of commercial banking and
financial services. The Company offers private banking, trust services, venture
capital investment, merchant banking, brokerage services, insurance, fund
management, derivatives trading, precious metal trading, factoring, hire
purchase, and life insurance.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.08.2012) 20.23
52-Week Low (05.06.2012) 16.91
Daily Volume
19.46
52-Week High % Change -3.81% Dividend Yield -
52-Week Low % Change 15.08% Beta 1.00
% 52 Week Price Range High/Low 78.61% Equity Float 1'450.98
Shares Out 21.02.2013 1'574.8 Short Int -
30'645.47 1 Yr Total Return 10.11%
Total Debt 33'266.12 YTD Return -1.77%
Preferred Stock 2'149.0 Adjusted BETA 1.003
Minority Interest 176.9 Analyst Recs 28
Cash and Equivalents 43'737.32 Consensus Rating 3.571
Enterprise Value -
Average Volume 5 Day 1'898'000
UOB SP EQUITY YTD Change - Average Volume 30 Day 3'074'100
UOB SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'596'826
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'153.8 8'303.0 6'869.2 7'067.6 7'578.8 7'914.0 8'585.0 6'421.0 6'731.1 1'556.4 1'613.3
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'109.5 1'936.8 1'901.7 2'695.9 2'327.0 2'476.0 2'666.0 2'678.2 2'709.4 618.8 646.0
14.63x 10.34x 16.55x 10.71x 10.68x 10.94x 12.07x 11.62x 11.54x 10.23x 12.32x
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 47.90% Long-Term Outlook STABLE
Pretax Margin 50.00% Short-Term Rating Date 01.12.2011
Return on Assets 1.12% Short-Term Rating A-1+
Return on Common Equity 12.63%
Return on Capital 4.51% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 159.8%
Net Income Margin 41.4% Total Debt/Capital 59.0%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.89
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.04% Inventory Days -
Tot Debt to Common Equity 159.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
United Overseas Bank LtdPrice/Volume
Valuation Analysis
2'385'000.00
Current Price (2/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
-'
-2
.'
.2
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-&' A
.&' A
0&' A
1&' A
2&' A
3&' A
4&' A
5&' A
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WEE INVESTMENTS PTE n/a Co File 120'176'920 7.63 - 09.03.2012 Other
WAH HIN & CO PTE LTD n/a Co File 81'223'402 5.16 - 09.03.2012 Corporation
ABERDEEN n/a ULT-AGG 29'702'810 1.89 (12'000) 31.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 26'168'891 1.66 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'611'635 1.63 (3'466'067) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'324'564 1.54 24'500 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'979'050 1.4 270'855 31.12.2012 Investment Advisor
CHO YAW WEE n/a EXCH 21'557'593 1.37 1'437'106 17.09.2012 n/a
UNITED OVERSEAS BANK n/a EXCH 15'702'943 1 (257) 18.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 9'870'889 0.63 (1'364'099) 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 8'061'000 0.51 525'000 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'173'686 0.46 (307'000) 19.02.2013 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 6'435'800 0.41 5'936'000 31.03.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 5'020'166 0.32 21'166 20.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'036'802 0.26 (2'589'000) 31.10.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'945'062 0.25 (2'786'450) 30.09.2011 Mutual Fund Manager
EE CHEONG WEE n/a Co File 3'047'878 0.19 - 09.03.2012 n/a
FRANKLIN RESOURCES n/a ULT-AGG 2'489'812 0.16 (15'300) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'436'306 0.15 52'000 28.12.2012 Mutual Fund Manager
SARASIN n/a ULT-AGG 2'318'230 0.15 (6'000) 28.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JULIAN CHUA buy 5 M 23 Not Provided 13.02.2013
TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 23 Not Provided 05.02.2013
Sanford C. Bernstein & Co KEVIN KWEK market perform 3 M 20 12 month 04.02.2013
Standard Chartered JAJ SINGH in-line 3 M 22 12 month 01.02.2013
DBS Vickers SUE LIN LIM hold 3 M 20 12 month 31.01.2013
Barclays SHARNIE WONG overweight 5 M 22 Not Provided 31.01.2013
Morgan Stanley NICK LORD Equalwt/Cautious 3 M 21 12 month 29.01.2013
Mizuho Securities JIM ANTOS neutral 3 U 20 12 month 28.01.2013
Maybank Investment Bank Berhad DESMOND CHNG sell 1 M 19 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
OSK (Asia) Securities LENG SENG CHOON buy 5 M 22 12 month 14.01.2013
JPMorgan HARSH WARDHAN MODI underweight 1 D 18 9 month 08.01.2013
OCBC Investment Research CARMEN LEE buy 5 M 21 12 month 07.01.2013
Phillip Securities KEN ANG accumulate 4 M 21 Not Provided 21.12.2012
Macquarie MATTHEW SMITH outperform 5 M 21 12 month 07.12.2012
Deutsche Bank ANDREW HILL buy 5 U 21 12 month 20.11.2012
Credit Suisse ANAND SWAMINATHAN neutral 3 M 20 Not Provided 12.11.2012
CIMB KENNETH NG underperform 1 D 21 12 month 11.11.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 M 20 Not Provided 08.11.2012
China International Capital Corp SALLY NG hold 3 M 19 12 month 08.11.2012
HSBC LOO KAR WENG overweight 5 M 24 Not Provided 30.08.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 22 12 month 17.08.2012
Goldman Sachs MELISSA KUANG neutral/neutral 3 M 21 12 month 07.08.2012
IIFL SACHIN NIKHARE reduce 2 M 16 12 month 24.02.2012
Holdings By:
United Overseas Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
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: 12/2011
LTM as of: 06/yy
52-Week High (05.11.2012) 11.68
52-Week Low (22.02.2012) 7.15
Daily Volume
10.14
52-Week High % Change -13.18% Dividend Yield 1.73
52-Week Low % Change 41.82% Beta 0.64
% 52 Week Price Range High/Low 72.63% Equity Float 5'608.11
Shares Out 30.09.2012 13'227.7 Short Int -
134'129.28 1 Yr Total Return 41.72%
Total Debt 1'024.62 YTD Return -5.06%
Preferred Stock 0.0 Adjusted BETA 0.638
Minority Interest 2.8 Analyst Recs 34
Cash and Equivalents 1'437.36 Consensus Rating 3.706
Enterprise Value 17'037.00
Average Volume 5 Day 11'975'390
151 HK EQUITY YTD Change - Average Volume 30 Day 17'521'480
151 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'339'130
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4
1'094.5 1'553.9 1'710.9 2'244.1 2'946.5 0.0 510.7 3'529.4 4'304.8 - -
- 3.45x 5.22x 5.04x 4.34x #DIV/0! 0.00x 4.80x 3.91x - -
265.6 333.9 398.6 500.1 594.0 0.0 110.1 797.5 996.8 - -
- 16.04x 22.39x 22.63x 21.52x 0.00x 0.00x 21.36x 17.09x - -
176.7 262.7 312.6 358.4 419.5 0.0 73.6 550.3 683.5 - -
- 20.71x 29.60x 32.33x 31.48x 0.00x 0.00x 31.89x 25.64x - -
EBITDA 594.04 Long-Term Rating Date -
EBIT 521.74 Long-Term Rating -
Operating Margin 17.71% Long-Term Outlook -
Pretax Margin 18.27% Short-Term Rating Date -
Return on Assets 16.64% Short-Term Rating -
Return on Common Equity 38.99%
Return on Capital 21.01% EBITDA/Interest Exp. 56.76
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 35.42
Net Debt/EBITDA -0.36
Gross Margin 34.8% Total Debt/EBITDA 1.74
EBITDA Margin 23.1%
EBIT Margin 19.3% Total Debt/Equity 77.1%
Net Income Margin 14.2% Total Debt/Capital 43.5%
Asset Turnover 1.10
Current Ratio 1.39 Net Fixed Asset Turnover 3.25
Quick Ratio 1.05 Accounts receivable turnover-days 8.23
Debt to Assets 32.80% Inventory Days 74.36
Tot Debt to Common Equity 77.05% Accounts Payable Turnover Day 31.46
Accounts Receivable Turnover 44.48 Cash Conversion Cycle 51.18
Inventory Turnover 4.92
Fiscal Year Ended
Want Want China Holdings LtdPrice/Volume
Valuation Analysis
18'216'617.00
Current Price (2/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
5
-'
-.
-1
a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A
-'&' A
.'&' A
0'&' A
1'&' A
2'&' A
3'&' A
4'&' A
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'&''
2&''
-'&''
-2&''
.'&''
.2&''
0'&''
02&''
1'&''
'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0
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] |
21.02.2013
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 - 30.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 233'064'599 1.76 (40'223'163) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 231'951'751 1.75 26'432'482 31.12.2012 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 153'700'117 1.16 17'863'000 19.02.2013 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
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 99'666'000 0.75 5'686'000 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 60'562'234 0.46 (1'856'452) 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 59'260'033 0.45 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 37'007'217 0.28 2'865'000 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 29'770'000 0.23 (186'000) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 21'814'000 0.16 51'000 31.12.2012 Unclassified
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 21'130'000 0.16 (263'000) 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 17'306'000 0.13 715'000 20.02.2013 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 16'574'000 0.13 1'007'000 30.06.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'376'000 0.12 (213'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie LINDA HUANG outperform 5 M 12 12 month 08.02.2013
CCB International Securities Ltd TIMON TAI outperform 5 N 12 Not Provided 05.02.2013
KGI Securities ANSON CHAN outperform 5 M 12 12 month 04.02.2013
JPMorgan KURUMLU EBRU SENER neutral 3 M 9 9 month 30.01.2013
Religare Capital Markets KA LEONG LO buy 5 M 11 12 month 29.01.2013
China International Capital Corp FEIYANG YUAN hold 3 M 12 12 month 25.01.2013
Bank of China International LI YAN buy 5 M 11 Not Provided 24.01.2013
BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 6 12 month 21.01.2013
CIMB Yang Lei outperform 5 M 11 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Jefferies JESSIE GUO underperform 1 M 9 12 month 15.01.2013
BOCOM International Holdings SUMMER WANG neutral 3 M 11 12 month 19.12.2012
Oriental Patron Securities Ltd TRACY SUN hold 3 N 11 12 month 07.12.2012
UOB Kay Hian TAI RENEE buy 5 N 11 Not Provided 09.11.2012
Haitong International Securities GLORIA WANG buy 5 M 11 12 month 29.10.2012
Nomura EMMA LIU neutral 3 M 10 Not Provided 09.10.2012
Goldman Sachs LISA DENG Buy/Neutral 5 U 12 12 month 08.10.2012
HSBC CHRISTOPHER K LEUNG neutral 3 N 11 Not Provided 03.10.2012
Credit Suisse KEVIN YIN neutral 3 M 10 Not Provided 06.09.2012
Capital Securities Corp TEAM COVERAGE hold 3 M 10 Not Provided 05.09.2012
Barclays VINEET SHARMA equalweight 3 M 8 Not Provided 05.09.2012
First Shanghai Securities Ltd JERRY LU hold 3 M 10 12 month 03.09.2012
Standard Chartered CHARLES YAN in-line 3 D 10 12 month 30.08.2012
DBS Vickers TITUS WU hold 3 M 10 12 month 30.08.2012
Kim Eng Securities JACQUELINE KO sell 1 D 8 12 month 30.08.2012
Citic Securities Co., Ltd MOHAN SINGH hold 3 M 11 6 month 30.08.2012
SWS Research Co Ltd SEAN ZHANG outperform 5 M 9 Not Provided 30.08.2012
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 10 12 month 29.08.2012
ICBC International Securities ALEX CHENG buy 5 M 11 Not Provided 06.07.2012
Mirae Asset Securities JANEY DILLON reduce 2 M 7 12 month 14.06.2012
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 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] |