Fundamental Equity Analysis - Hang Seng Index - HSI Index

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March 2012

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 13796097 1881.182 1118 1118 203 220 220 101.36 110.70 110.70 14.77 14.77 13.52 13.52 18.65

Euro Stoxx 50 Pr EUR 2485811 5508.826 4743 4743 765 807 807 178.22 316.43 316.43 24.81 16.23 13.97 13.97 20.09

NIKKEI 225 JPY 2454594 179.6827 193 193 20 20 20 5.41 5.75 5.75 0.25 0.25 0.23 0.23 0.12

FTSE 100 INDEX GBP 2640656 11486.18 9502 9502 1464 1671 1671 539.36 822.83 822.83 26.64 21.89 17.46 17.46 23.67

SWISS MARKET INDEX CHF 1010821 10856.93 4148 4148 866 849 849 386.33 561.01 561.01 22.31 18.92 15.36 15.36 22.67

S&P/TSX COMPOSITE INDEX CAD 1660391 16874.34 7864 7864 1870 2103 2103 796.18 889.64 889.64 15.12 15.12 13.53 13.53 24.69

S&P/ASX 200 INDEX AUD 1382151 6594.27 2837 2837 586 687 687 245.88 337.81 337.81 21.36 16.54 15.55 15.55 21.80

HANG SENG INDEX HKD 1695636 3343.065 1611 1611 360 406 406 251.95 265.89 265.89 1.49 1.57 1.41 1.41 3.13

MSCI EM USD 7809343 1437.116 1033 1033 195 197 197 86.01 99.96 99.96 12.12 3.47 10.43 10.43 19.76

AIA GROUP LTD HKD 51001 94654 12044 0 0 0 1 6.35 2628 2628 2780 3136 - - - - 0.02 0.03 0.03 0.03 2.17 - 2.28 2.03 5.38 - - - - - - - -

ALUMINUM CORP OF CHINA LTD-H HKD 9124 15843 13524 10 0 1 2 19.29 18758 18923 18701 19455 1172 - 209 209 0.00 -0.05 -0.05 -0.03 - - #VALUE! #VALUE! 2.61 2.18 -0.81 -2.01 - - - - -

BANK OF CHINA LTD-H HKD 131838 401756 279136 247 0 4 403 #VALUE! 66275 74536 46414 50293 - - - - 0.06 0.06 0.06 0.06 0.79 - 0.78 0.76 3.88 2.34 - - - A 29.11.2011 - -

BANK OF COMMUNICATIONS CO-H HKD 57524 29952 61886 122 0 0 152 #VALUE! 28198 32468 18913 20635 - - - - 0.11 0.12 0.11 0.10 0.69 - 0.75 0.77 4.29 3.33 - - - A- 06.12.2011 WR 02.12.1999

BANK OF EAST ASIA HKD 9058 5168 2227 7 0 1 18 #VALUE! 3721 3721 2017 2202 - - - - -0.04 0.37 0.29 0.31 1.41 - 1.83 1.70 1.94 0.85 - - - A 01.12.2011 WR 19.07.2003

BELLE INTERNATIONAL HOLDINGS HKD 15482 30663 8434 0 0 0 1 11.76 3731 4006 4298 5031 778 830 461 461 0.07 0.07 0.07 0.08 2.77 2.76 2.79 2.38 2.85 3.43 3.87 4.81 2.67 - - - -

BOC HONG KONG HOLDINGS LTD HKD 34549 19632 10573 35 0 0 54 #VALUE! 6532 6897 4605 5063 - - - - 0.23 0.24 0.25 0.26 1.76 1.91 1.69 1.60 2.34 0.51 - - - - - - -

CATHAY PACIFIC AIRWAYS HKD 7373 3595 3934 6 0 0 3 11.99 12685 12952 12645 13628 1474 1808 600 600 0.19 0.06 0.02 0.09 4.20 3.62 11.22 2.57 1.28 1.20 -3.72 0.70 1.80 - - - -

CHEUNG KONG HOLDINGS LTD HKD 35619 3463 2316 6 0 1 3 39.31 4250 2953 4097 5041 1434 1163 - - - 1.57 1.35 1.52 1.26 - 1.47 1.31 4.83 6.14 4.30 1.94 5.08 NR 28.12.2011 - -

CHINA COAL ENERGY CO-H HKD 14854 29142 13259 4 0 2 4 15.78 11314 11784 11484 12593 2401 2347 - - 0.10 0.09 0.08 0.09 1.07 1.06 1.16 1.12 3.20 3.21 3.42 3.24 2.57 - - - -

CHINA CONSTRUCTION BANK-H HKD 198659 233371 250011 156 0 1 357 #VALUE! 74190 87997 58775 63841 - - - - 0.09 0.10 0.10 0.10 0.84 - 0.83 0.80 3.60 2.10 - - - A 29.11.2011 - -

CHINA LIFE INSURANCE CO-H HKD 83521 30833 28265 6 0 0 7 #VALUE! 47741 45351 47115 52606 - - - - 0.08 0.07 0.07 0.13 4.44 4.44 4.57 2.25 -0.50 2.64 - - - AA- 16.12.2010 - -

CHINA MERCHANTS HLDGS INTL HKD 8672 2320 2474 3 0 1 1 12.09 1 K 1 K 1 K 1 K 551 564 - - 0.27 0.18 0.19 0.22 2.53 - 2.35 2.04 8.12 2.51 4.48 4.30 5.60 BBB 17.02.2005 - -

CHINA MOBILE LTD HKD 220111 13757 20072 4 0 0 43 129.98 68062 70183 72386 76937 33155 33013 8169 8169 0.83 0.81 0.80 0.80 1.39 - 1.41 1.41 1.14 1.28 0.82 1.23 6.06 AA- 16.12.2010 WR 03.11.2005

CHINA OVERSEAS LAND & INVEST HKD 24019 26170 8173 6 0 0 2 27.45 6263 6701 8562 10350 2452 2591 - - 0.24 0.26 0.24 0.29 1.45 - 1.55 1.30 1.24 5.77 2.23 5.86 4.98 BBB 25.03.2010 - -

CHINA PETROLEUM & CHEMICAL-H HKD 101834 126479 86703 31 0 5 3 121.29 317594 331841 328445 343778 22038 20229 - - 0.11 0.08 0.09 0.11 1.39 - 1.30 1.07 4.03 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -

CHINA RESOURCES ENTERPRISE HKD 7726 1998 2399 2 0 2 2 9.14 14201 15584 16633 19662 918 968 - - 0.10 0.19 0.12 0.13 2.21 3.48 3.56 3.10 3.48 2.80 1.51 1.90 0.80 - - - -

CHINA RESOURCES LAND LTD HKD 16413 6780 5826 8 0 1 2 23.16 4614 4645 5937 7483 1537 1593 - - 0.19 0.19 0.16 0.19 1.95 - 2.28 1.90 5.04 8.15 4.42 8.40 4.42 BBB 03.05.2011 Baa2 03.05.2011

CHINA RESOURCES POWER HOLDIN HKD 12812 5964 4745 11 0 2 1 24.99 7826 8072 8378 9530 1759 1922 - - 0.12 0.14 0.19 0.24 2.56 - 1.86 1.46 3.22 4.99 1.98 4.16 3.07 BBB 19.04.2011 Baa3 14.09.2010

CHINA SHENHUA ENERGY CO-H HKD 72035 24516 19890 8 0 5 8 63.05 26838 29516 30339 32988 10863 11191 - - 0.30 0.32 0.31 0.32 1.17 1.17 1.24 1.19 4.13 3.44 2.16 2.55 4.89 - - - -

CHINA UNICOM HONG KONG LTD HKD 33293 26310 23565 14 0 0 2 39.79 26963 29578 32416 37173 8249 8773 2376 2376 0.02 0.03 0.04 0.06 5.15 - 3.88 2.44 2.84 4.79 0.78 1.85 3.82 - - - -

CITIC PACIFIC LTD HKD 5212 6772 3649 13 0 2 4 16.81 12902 13415 13193 14973 1217 1094 - - - 0.31 0.19 0.17 0.60 - 0.95 1.08 5.38 3.42 5.40 0.56 1.05 BB+ 18.07.2011 Ba1 06.04.2011

CLP HOLDINGS LTD HKD 21674 5533 2526 12 0 0 2 32.02 13517 13517 13461 14301 2859 3287 2965 2965 0.50 0.44 0.56 0.59 2.49 2.35 1.97 1.87 1.86 2.54 0.65 0.92 3.13 A- 02.03.2011 - -

CNOOC LTD HKD 86212 47861 44659 5 0 0 13 61.41 31059 30247 30514 31438 15345 14694 - - 0.20 0.18 0.19 0.18 1.11 - 1.06 1.09 4.36 4.45 2.77 2.43 6.26 AA- 16.12.2010 - -

COSCO PACIFIC LTD HKD 4367 5701 2712 0 0 0 0 0.81 77 89 94 104 41 47 - - 0.02 0.02 0.02 0.02 1.66 - 1.53 1.37 4.41 2.71 5.78 0.89 6.83 - - - -

ESPRIT HOLDINGS LTD HKD 2525 17959 1402 0 0 0 0 1.88 3888 3483 3472 3661 238 115 36 36 0.09 -0.01 -0.01 0.04 - - #VALUE! 4.52 -1.38 -0.74 -2.67 -2.99 0.42 - - - -

HANG LUNG PROPERTIES LTD HKD 16965 6179 4477 4 0 1 5 16.93 950 950 1458 1647 941 941 - - 0.24 0.24 0.18 0.21 2.03 - 2.66 2.37 5.51 0.75 12.48 3.12 12.76 - - - -

HANG SENG BANK LTD HKD 30461 1419 1912 7 0 0 20 #VALUE! 5079 5345 3154 3478 - - - - - 1.21 1.19 1.36 1.70 - 1.73 1.51 0.61 -0.30 - - - AA- 29.11.2011 - -

HENDERSON LAND DEVELOPMENT HKD 16638 3006 2369 7 0 1 2 21.92 1958 1513 1959 2645 558 419 - - - 0.88 0.40 0.42 1.01 - 2.25 2.12 14.72 8.86 34.01 1.47 3.57 NR 06.07.2005 - -

HENGAN INTL GROUP CO LTD HKD 12405 2094 1229 1 0 0 1 12.68 2198 2308 2517 3059 459 573 - - 0.28 0.32 0.37 0.44 4.01 - 3.55 2.97 3.47 3.52 1.43 3.54 3.20 - - - -

HONG KONG & CHINA GAS HKD 24086 5802 8691 4 0 1 2 27.22 2891 3157 3358 3789 914 963 521 521 0.09 0.10 0.11 0.11 3.42 3.45 3.39 3.17 2.03 2.47 2.72 0.74 3.93 A+ 23.07.2008 A1 23.07.2008

HONG KONG EXCHANGES & CLEAR HKD 20424 6483 1078 0 0 0 6 14.48 771 771 1142 1266 736 663 - - 0.58 0.48 0.61 0.66 4.72 4.29 3.78 3.46 -1.66 -0.69 - 2.40 10.18 - - - -

HSBC HOLDINGS PLC HKD 200110 14041 17868 35 0 1 35 #VALUE! 12220 10740 8786 9005 - - - - 0.10 0.09 0.11 0.13 1.90 - 1.58 1.40 0.51 - - - - A+ 29.11.2011 Aa3 21.06.2012

HUTCHISON WHAMPOA LTD HKD 44845 9348 4263 29 0 5 9 70.57 30125 30563 30788 33174 4460 4662 - - 0.61 0.60 0.69 0.81 2.25 1.91 1.96 1.68 1.51 0.53 -0.37 0.00 1.97 A- 09.11.2010 A3 29.10.2010

IND & COMM BK OF CHINA-H HKD 236846 226481 349084 248 0 0 463 #VALUE! 90799 101755 68637 75077 - - - - 0.08 0.08 0.09 0.09 0.89 - 0.85 0.81 3.80 2.45 - - - A 28.08.2012 - -

LI & FUNG LTD HKD 11315 12909 8104 0 0 0 0 1.69 2582 2624 2692 2942 136 136 62 62 0.01 0.01 0.01 0.01 1.87 - 2.81 2.13 3.27 1.82 2.73 3.53 0.67 A- *- 15.01.2013 A3 10.05.2007

MTR CORP HKD 23565 2300 5785 4 0 0 2 25.34 4308 4435 4581 4817 2533 2481 - - 0.33 0.28 0.20 0.21 1.88 - 2.58 2.55 1.71 4.15 4.04 1.60 7.21 AAA 16.12.2010 Aa1 11.11.2010

NEW WORLD DEVELOPMENT HKD 11108 24260 6151 11 0 4 4 22.97 4592 5282 5795 6163 1394 1394 - - 0.26 0.31 0.14 0.16 0.73 - 1.62 1.45 1.07 1.86 5.57 5.46 3.91 - - - -

PETROCHINA CO LTD-H HKD 261712 62814 183021 41 0 10 8 263.92 258307 270478 266899 284987 41684 41812 11006 11006 0.10 0.09 0.08 0.10 1.54 1.51 1.66 1.43 4.74 3.34 0.84 0.57 1.99 - - - -

PING AN INSURANCE GROUP CO-H HKD 60503 12061 7916 42 0 5 12 82.61 35150 41184 41730 49563 - - - - 0.32 0.34 0.37 0.47 2.53 - 2.32 1.80 5.13 2.86 - - - - - - -

POWER ASSETS HOLDINGS LTD HKD 18887 5004 2134 3 0 0 1 21.29 1315 1343 1365 1395 854 860 502 502 0.55 0.56 0.58 0.61 2.02 2.01 1.97 1.88 -0.21 -0.39 -1.42 -0.82 8.25 A+ 09.11.2010 - -

SINO LAND CO HKD 10445 7879 5912 1 0 0 1 11.10 1082 1082 916 1492 520 520 - - 0.21 0.22 0.14 0.13 1.04 - 1.67 1.76 5.32 0.22 4.29 0.54 6.19 - - - -

SUN HUNG KAI PROPERTIES HKD 40757 4074 2616 9 0 1 2 48.57 8817 8817 8205 8901 3395 3395 - - 2.14 2.14 1.07 1.12 0.92 - 1.85 1.77 1.20 2.39 2.28 2.19 4.96 A+ 15.06.2012 - -

SWIRE PACIFIC LTD-A HKD 18858 1232 1505 5 0 1 1 29.50 4677 4975 5442 5761 1302 1336 - - 2.77 1.43 0.81 0.81 1.15 1.12 2.02 2.02 3.13 1.79 1.50 1.69 3.46 A- 16.08.2005 A3 19.07.2000

TENCENT HOLDINGS LTD HKD 63141 3480 1822 2 0 0 3 48.87 3673 5113 5641 7279 1722 2162 617 617 0.71 0.84 0.91 1.15 4.22 - 3.86 3.06 5.81 8.01 3.69 7.79 5.45 BBB+ 14.11.2011 Baa1 14.11.2011

TINGYI (CAYMAN ISLN) HLDG CO HKD 14745 11091 5590 0 0 0 0 2.03 1014 1160 1238 1465 116 155 - - 0.01 0.01 0.01 0.01 3.80 - 4.09 3.24 2.29 3.19 -0.92 2.58 1.72 BBB+ 05.06.2012 - -

WANT WANT CHINA HOLDINGS LTD HKD 18177 14986 13220 0 0 0 0 2.31 380 412 455 555 77 95 - - 0.00 0.00 0.01 0.01 4.84 - 4.32 3.47 4.03 3.20 2.42 3.27 2.98 - - - -

WHARF HOLDINGS LTD HKD 25811 4125 3029 10 0 1 4 33.68 3094 4191 4139 4244 1598 2018 - - 1.36 1.70 0.45 0.48 0.65 - 2.42 2.28 3.08 2.60 2.12 1.41 6.21 NR 22.06.2010 - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

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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 2.08 2.08 1.90 1.71 2.08 1.34 1.34 1.28 1.22 1.34 9.54 9.54 9.28 8.52 9.54 8.55 8.55 7.89 7.38 8.55 13.52 13.52 12.13 10.97 13.52 2.30 2.30 2.46 2.66 2.30 1660.6 10.9%

Euro Stoxx 50 Pr 1.10 1.10 1.04 0.97 1.10 0.71 0.71 0.69 0.67 0.71 5.22 5.22 4.83 4.59 5.22 6.83 6.83 6.46 6.12 6.83 10.68 10.68 9.55 8.75 10.68 4.44 4.44 4.79 5.10 4.44 2885.3 11.7%

NIKKEI 225 1.36 1.36 1.28 1.20 1.36 0.64 0.64 0.60 0.59 0.64 8.49 8.49 7.37 6.87 8.49 8.91 8.91 7.82 7.34 8.91 21.36 21.36 17.18 13.31 21.36 1.83 1.83 1.83 2.13 1.83 11390.2 1.2%

FTSE 100 INDEX 1.64 1.64 1.52 1.28 1.64 1.00 1.00 0.97 0.98 1.00 7.75 7.75 7.14 5.87 7.75 6.87 6.87 6.43 6.07 6.87 11.56 11.56 10.49 9.60 11.56 3.95 3.95 4.26 4.86 3.95 6681.0 6.2%

SWISS MARKET INDEX 2.30 2.30 2.14 1.96 2.30 1.94 1.94 1.84 1.76 1.94 11.81 11.81 10.81 9.76 11.81 12.78 12.78 11.85 11.07 12.78 14.31 14.31 12.84 11.67 14.31 3.37 3.37 3.74 4.23 3.37 7909.1 5.8%

S&P/TSX COMPOSITE INDEX 1.67 1.67 1.54 1.45 1.67 1.57 1.57 1.47 1.40 1.57 8.30 8.30 7.48 7.08 8.30 8.03 8.03 7.09 6.79 8.03 13.88 13.88 12.20 11.33 13.88 3.12 3.12 3.27 3.46 3.12 14410.3 13.8%

S&P/ASX 200 INDEX 1.90 1.90 1.80 1.69 1.90 1.81 1.81 1.70 1.62 1.81 11.16 11.16 10.02 9.09 11.16 9.60 9.60 8.46 7.81 9.60 15.22 15.22 13.55 12.48 15.22 4.33 4.33 4.66 5.02 4.33 5092.5 1.1%

HANG SENG INDEX 1.35 1.35 1.24 1.18 1.35 1.81 1.81 1.67 1.51 1.81 7.24 7.24 6.69 6.27 7.24 8.23 8.23 7.48 7.01 8.23 10.95 10.95 9.95 9.17 10.95 3.50 3.50 3.82 4.66 3.50 24971.6 10.6%

MSCI EM 1.41 1.41 1.28 1.19 1.41 1.01 1.01 0.94 0.89 1.01 6.48 6.48 5.96 5.56 6.48 7.29 7.29 6.65 6.27 7.29 10.43 10.43 9.34 8.63 10.43 2.94 2.94 3.29 3.62 2.94 1192.6 14.4%

AIA GROUP LTD 2.16 1.94 1.77 1.49 2.66 2.36 2.10 19.51 17.72 15.74 13.23 1.23 1.35 1.53 1.18 35.47 8.0%

ALUMINUM CORP OF CHINA LTD-H 0.68 0.76 0.81 0.84 0.42 0.39 0.38 0.37 0.35 6.26 11.22 9.33 8.41 14.23 43.87 21.42 16.77 11.26 60.20 44.15 0.34 0.00 0.00 0.15 2.72 -17.7%

BANK OF CHINA LTD-H 1.10 0.98 0.88 0.79 2.50 2.28 2.10 1.91 1.59 4.19 4.01 3.85 3.65 6.61 6.05 5.91 5.50 4.71 5.37 5.65 5.69 6.07 7.02 4.14 16.6%

BANK OF COMMUNICATIONS CO-H 1.10 0.94 0.83 0.75 2.80 2.44 2.24 2.00 1.67 3.55 3.66 3.72 3.55 5.94 5.80 6.00 5.63 5.47 3.61 3.59 3.97 4.33 5.46 6.56 10.7%

BANK OF EAST ASIA 1.26 1.18 1.12 1.04 4.86 4.49 4.11 3.66 13.66 12.57 12.00 10.77 14.27 14.19 13.18 11.70 3.23 3.15 3.33 3.66 30.30 -4.0%

BELLE INTERNATIONAL HOLDINGS 5.04 4.26 3.66 3.14 2.69 3.27 2.89 2.47 2.16 1.77 22.54 20.56 18.23 15.72 14.65 15.18 14.40 12.26 10.62 8.63 22.77 21.61 18.44 15.79 13.45 1.57 1.46 1.70 1.92 2.19 16.79 17.9%

BOC HONG KONG HOLDINGS LTD 2.11 1.90 1.79 1.68 1.60 8.30 7.50 6.82 6.23 5.84 11.52 12.68 12.55 11.68 14.01 13.10 12.40 11.51 10.80 4.58 4.76 5.04 5.47 6.13 28.90 14.0%

CATHAY PACIFIC AIRWAYS 1.00 1.02 0.98 0.93 0.59 0.58 0.54 0.50 4.70 8.66 5.24 4.37 7.26 10.61 7.97 6.45 9.75 87.07 19.95 11.63 3.78 0.46 1.59 2.86 15.14 4.1%

CHEUNG KONG HOLDINGS LTD 0.92 0.84 0.79 0.74 7.40 8.69 7.07 6.22 19.70 16.08 13.23 17.66 21.02 17.37 16.50 12.52 11.43 10.14 9.40 2.62 2.70 2.82 2.99 139.16 16.6%

CHINA COAL ENERGY CO-H 0.96 0.88 0.82 0.76 0.74 1.08 1.04 0.95 0.85 0.73 5.07 6.15 4.97 4.49 6.66 7.08 6.50 5.78 5.78 7.74 8.98 8.67 7.95 10.82 3.52 3.06 3.18 3.47 3.83 8.93 22.0%

CHINA CONSTRUCTION BANK-H 1.53 1.32 1.15 1.02 3.09 2.71 2.50 2.24 1.94 4.82 4.35 4.07 3.94 7.37 6.46 6.19 5.73 5.39 5.00 5.32 5.50 5.89 9.27 7.35 19.0%

CHINA LIFE INSURANCE CO-H 2.60 2.40 2.13 1.90 1.47 1.44 1.42 1.27 1.16 23.96 35.46 17.47 14.83 7.97 1.33 1.10 1.83 2.10 4.22 27.20 19.6%

CHINA MERCHANTS HLDGS INTL 1.57 1.48 1.40 1.34 1.27 8.47 7.08 6.94 6.38 7.99 12.68 9.98 12.97 11.07 19.03 17.78 16.94 16.14 17.93 12.68 18.22 15.85 14.20 13.24 3.72 2.51 2.82 3.25 3.30 25.50 -5.5%

CHINA MOBILE LTD 2.12 1.90 1.73 1.59 1.44 2.61 2.44 2.30 2.16 1.98 6.00 6.05 5.96 5.64 5.21 4.00 4.00 3.93 3.78 3.64 10.96 10.96 10.95 10.69 10.67 3.93 3.95 3.97 4.18 4.70 92.45 8.8%

CHINA OVERSEAS LAND & INVEST 2.87 2.24 1.91 1.64 3.28 2.81 2.32 1.94 12.50 7.91 5.56 4.77 9.83 8.72 7.49 6.26 14.94 12.01 10.09 8.60 1.30 1.66 1.93 2.28 25.84 13.3%

CHINA PETROLEUM & CHEMICAL-H 1.29 1.16 1.07 0.98 0.90 0.27 0.25 0.24 0.23 0.19 4.23 4.16 3.80 3.58 3.08 5.38 5.64 4.90 4.55 4.11 8.08 10.05 8.31 7.71 7.62 3.18 3.41 3.88 4.14 4.42 8.84 1.3%

CHINA RESOURCES ENTERPRISE 1.86 1.56 1.49 1.41 1.38 0.55 0.46 0.39 0.34 0.27 6.99 8.27 6.45 7.17 4.47 9.20 8.06 7.36 6.25 4.99 24.32 27.60 24.01 19.68 14.22 1.84 2.07 2.07 2.53 3.35 28.15 12.8%

CHINA RESOURCES LAND LTD 2.29 1.86 1.66 1.49 3.90 2.76 2.19 1.78 16.53 9.83 8.90 16.24 13.17 11.28 9.02 20.08 17.66 14.74 11.81 1.49 1.42 1.73 2.09 23.93 9.5%

CHINA RESOURCES POWER HOLDIN 2.11 1.84 1.65 1.47 1.28 1.64 1.53 1.34 1.21 1.13 7.17 6.94 5.56 4.90 4.29 13.80 10.41 8.42 7.61 6.44 20.01 14.41 11.31 10.39 8.97 1.58 2.21 2.79 3.13 4.14 23.00 10.3%

CHINA SHENHUA ENERGY CO-H 1.97 1.77 1.57 1.41 1.33 2.20 1.91 1.75 1.64 1.36 6.78 6.74 5.97 5.62 5.82 5.74 5.42 5.12 5.38 9.91 9.61 9.26 8.73 8.89 3.67 4.03 4.14 4.39 3.95 36.85 30.0%

CHINA UNICOM HONG KONG LTD 1.00 0.98 0.94 0.90 0.85 0.98 0.82 0.72 0.65 0.56 2.89 3.25 2.44 2.23 1.95 4.72 4.19 3.60 3.19 2.79 38.93 30.13 18.92 13.29 10.60 1.13 1.48 2.21 2.98 2.61 14.35 30.9%

CITIC PACIFIC LTD 0.53 0.49 0.47 0.44 0.46 0.40 0.35 0.30 4.26 9.08 5.50 3.97 11.84 13.61 11.42 8.24 4.63 7.38 8.39 6.26 4.18 3.56 3.47 4.18 12.36 11.6%

CLP HOLDINGS LTD 1.88 1.79 1.71 1.61 1.76 1.61 1.52 1.45 1.35 8.85 8.96 8.03 7.52 12.06 10.80 10.20 9.39 8.66 16.82 15.27 14.51 14.08 11.74 3.83 3.91 4.07 4.28 65.18 -2.1%

CNOOC LTD 2.04 1.72 1.50 1.32 1.20 2.33 2.27 2.20 1.97 2.10 5.35 5.55 5.45 5.10 5.39 3.90 3.86 3.74 3.50 3.47 7.78 8.25 8.49 8.19 8.74 4.23 2.64 2.89 2.98 3.03 17.99 20.1%

COSCO PACIFIC LTD 1.19 1.11 1.06 0.99 0.91 7.35 5.96 5.43 4.98 6.77 11.28 9.11 8.47 7.76 20.12 14.47 12.97 12.16 15.83 10.59 11.87 10.59 9.50 8.71 3.96 3.38 3.76 4.21 4.47 13.04 7.2%

ESPRIT HOLDINGS LTD 0.85 0.95 0.95 0.90 0.63 0.73 0.69 0.65 0.66 13.12 67.79 21.35 8.35 8.29 33.03 12.32 5.88 21.13 35.07 15.83 12.95 4.10 1.32 2.54 4.20 4.65 8.80 -12.9%

HANG LUNG PROPERTIES LTD 1.14 1.07 1.02 0.97 16.29 11.63 10.30 10.33 24.75 18.32 15.27 13.89 21.47 15.90 14.08 13.94 26.42 20.60 18.35 17.33 2.43 2.53 2.57 2.57 32.45 10.4%

HANG SENG BANK LTD 3.09 2.71 2.41 2.28 2.11 9.43 9.66 8.76 8.06 7.80 12.70 25.67 29.93 27.38 14.90 13.43 11.69 14.10 12.56 4.20 4.23 4.27 4.35 19.28 118.33 -4.3%

HENDERSON LAND DEVELOPMENT 0.71 0.67 0.65 0.63 8.83 8.49 6.29 5.99 732.19 192.27 267.25 36.48 35.06 31.09 24.18 23.65 20.11 17.44 16.47 15.56 1.97 2.04 2.11 2.25 62.68 17.3%

HENGAN INTL GROUP CO LTD 8.26 6.96 6.20 5.50 4.77 5.60 4.93 4.06 3.41 2.93 35.57 26.97 22.08 17.83 27.25 19.55 16.38 13.85 37.14 27.54 23.04 19.46 15.55 1.69 2.23 2.66 3.15 3.67 81.53 4.1%

HONG KONG & CHINA GAS 4.46 4.11 3.81 3.58 3.13 8.50 7.17 6.36 5.69 5.11 30.37 25.60 24.02 21.72 32.06 24.75 22.54 20.76 22.09 31.95 26.32 24.57 23.12 21.14 1.53 1.80 1.93 2.10 2.74 19.56 -9.0%

HONG KONG EXCHANGES & CLEAR 10.27 9.07 8.63 21.95 17.88 16.13 30.79 24.83 21.62 21.98 17.43 15.58 35.29 29.30 26.83 2.57 3.07 3.36 131.45 -4.6%

HSBC HOLDINGS PLC 1.22 1.18 1.11 1.06 0.97 2.78 2.94 2.86 2.72 2.51 6.64 11.83 10.56 9.06 14.23 12.29 10.86 9.68 8.59 3.71 3.96 4.41 4.94 5.55 87.56 4.2%

HUTCHISON WHAMPOA LTD 0.99 0.93 0.90 0.85 1.55 1.46 1.35 1.27 8.46 9.12 8.45 7.51 13.73 12.46 11.19 9.68 18.10 15.23 13.03 11.38 2.55 2.70 2.91 3.12 95.48 17.0%

IND & COMM BK OF CHINA-H 1.58 1.36 1.19 1.03 3.14 2.77 2.53 2.29 2.04 5.04 4.52 4.17 4.05 7.33 6.57 6.27 5.78 5.70 4.96 5.12 5.40 5.79 8.77 6.55 21.3%

LI & FUNG LTD 2.59 2.34 2.20 2.05 1.96 0.56 0.54 0.50 0.45 0.33 16.31 14.40 11.28 9.88 13.19 16.24 11.28 9.59 6.77 17.58 21.83 16.51 13.54 8.73 4.73 3.03 4.51 5.39 11.94 13.7%

MTR CORP 1.45 1.35 1.30 1.25 5.63 5.14 4.89 4.58 24.46 29.35 18.05 17.69 14.73 14.64 13.91 12.98 19.20 20.04 19.81 16.93 2.15 2.47 2.52 2.62 32.74 3.8%

NEW WORLD DEVELOPMENT 0.71 0.66 0.62 0.58 2.54 1.92 1.80 1.67 59.06 9.28 7.60 7.16 18.57 15.20 14.58 13.27 13.76 12.57 11.23 8.46 2.58 2.80 2.87 2.86 14.85 7.9%

PETROCHINA CO LTD-H 1.53 1.44 1.34 1.25 1.11 0.87 0.79 0.74 0.71 0.71 5.13 5.45 4.73 4.52 4.56 6.15 6.19 5.54 5.14 4.92 11.29 12.88 11.12 10.19 10.60 3.94 3.55 4.00 4.35 4.37 12.13 14.8%

PING AN INSURANCE GROUP CO-H 3.07 2.62 2.25 1.98 2.48 1.73 1.16 0.98 0.88 20.36 17.99 13.94 11.92 9.30 0.92 0.91 1.16 1.32 1.78 76.24 19.4%

POWER ASSETS HOLDINGS LTD 2.44 2.34 2.18 2.04 1.95 13.77 13.84 13.53 13.24 13.37 16.13 16.61 16.10 15.76 25.43 19.31 19.60 19.07 18.41 19.76 16.36 15.27 14.58 13.95 15.05 3.33 3.66 3.85 3.94 3.92 65.23 -5.0%

SINO LAND CO 0.94 0.87 0.82 0.79 9.24 11.40 7.00 5.43 14.60 18.74 12.24 11.43 21.20 25.40 16.33 15.71 15.92 12.99 13.64 12.12 3.13 3.57 3.54 3.75 15.16 11.2%

SUN HUNG KAI PROPERTIES 0.94 0.87 0.83 0.79 5.09 4.97 4.58 4.05 4.12 10.93 14.96 20.13 14.45 14.94 14.11 13.18 12.49 14.73 14.33 13.75 12.60 13.27 2.87 2.87 2.97 3.10 134.48 13.0%

SWIRE PACIFIC LTD-A 0.67 0.69 0.67 0.67 4.45 3.47 3.27 3.03 13.61 12.99 13.79 12.38 23.37 17.00 17.78 16.20 15.37 15.67 15.66 13.91 5.17 2.98 3.29 3.66 100.82 2.2%

TENCENT HOLDINGS LTD 12.60 9.55 6.99 5.23 3.94 13.92 8.98 6.96 5.54 4.66 31.88 25.10 20.64 16.85 11.59 28.50 20.77 16.56 13.25 11.37 37.30 29.97 23.70 18.80 16.09 0.29 0.35 0.48 0.61 0.65 295.16 11.7%

TINGYI (CAYMAN ISLN) HLDG CO 7.12 5.88 5.31 4.72 3.88 1.83 1.54 1.30 1.12 1.02 13.66 11.08 11.98 9.80 7.12 15.22 13.02 10.90 9.19 7.21 32.95 31.76 25.11 20.59 15.98 1.52 1.74 2.01 2.54 3.26 23.17 13.3%

WANT WANT CHINA HOLDINGS LTD 15.10 11.36 9.61 8.13 7.23 6.31 5.15 4.22 3.55 2.96 38.17 26.94 22.90 19.09 14.62 32.58 22.47 17.95 14.96 11.24 45.80 33.52 26.94 22.53 17.85 1.46 1.82 2.26 2.77 3.35 10.91 2.3%

WHARF HOLDINGS LTD 1.07 0.87 0.84 0.80 8.92 6.24 6.08 5.42 60.53 20.77 23.32 13.25 21.26 15.90 15.73 14.07 24.86 18.77 17.67 15.20 1.55 1.93 2.03 2.28 67.13 1.6%

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


27.02.2013

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: 11/2012

LTM as of: 01/yy

52-Week High (27.02.2013) 32.95

52-Week Low (04.06.2012) 24.05

Daily Volume

32.85

52-Week High % Change -0.30% Dividend Yield 1.04

52-Week Low % Change 36.59% Beta 0.84

% 52 Week Price Range High/Low 88.76% Equity Float 12'039.65

Shares Out 30.11.2012 12'044.0 Short Int -

395'645.38 1 Yr Total Return 13.55%

Total Debt 1'229.00 YTD Return 8.60%

Preferred Stock 0.0 Adjusted BETA 0.835

Minority Interest 102.0 Analyst Recs 22

Cash and Equivalents 4'303.00 Consensus Rating 4.273

Enterprise Value 49'261.33

Average Volume 5 Day 35'619'150

1299 HK EQUITY YTD Change - Average Volume 30 Day 39'421'770

1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 68'123'060

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 01/yy 01/yy 11/13 Y 11/14 Y - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 21'566.5 24'330.0 - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - 1.93x - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 17.72x 15.74x - -

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 14.8% 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 -

Fiscal Year Ended

AIA Group LtdPrice/Volume

Valuation Analysis

94'653'532.00

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

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27.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

AIA AURORA LLC n/a Research 2'240'184'000 18.6 - 06.03.2012 Other

JP MORGAN CHASE & CO n/a EXCH 692'523'609 5.75 - 08.02.2012 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 398'438'707 3.31 - 02.11.2010 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 316'662'500 2.63 7'325'000 31.12.2011 Investment Advisor

FAIRHOLME CAPITAL MA Multiple Portfolios MF-AGG 302'221'000 2.51 - 30.11.2011 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 192'143'000 1.6 13'958'600 31.12.2011 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 184'257'800 1.53 2'443'600 31.01.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 159'991'900 1.33 11'111'200 30.09.2011 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 128'036'453 1.06 5'411'217 31.01.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 116'484'600 0.97 (127'000) 08.03.2012 Investment Advisor

MORGAN STANLEY n/a EXCH 112'935'375 0.94 - 02.11.2010 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 89'970'263 0.75 1'810'776 31.12.2011 Investment Advisor

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 89'544'200 0.74 (5'450'600) 31.12.2011 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 86'553'200 0.72 3'395'600 31.12.2011 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 82'193'600 0.68 - 31.10.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 81'169'270 0.67 2'500'838 31.12.2011 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 80'476'655 0.67 72'426'065 30.12.2011 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 75'648'400 0.63 3'913'400 29.12.2011 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 75'157'642 0.62 75'157'642 30.06.2011 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 68'617'560 0.57 5'382'600 30.09.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan CHAN BAO LING overweight 5 M 34 12 month 09.03.2012

Credit Suisse ARJAN VAN VEEN neutral 3 M 30 Not Provided 06.03.2012

BOCOM International Holdings LI WENBING long-term buy 5 M 34 12 month 06.03.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012

Keefe, Bruyette & Woods STANLEY TSAI outperform 5 M 33 12 month 29.02.2012

Mizuho Securities THOMAS J MONACO buy 5 M 34 12 month 28.02.2012

Deutsche Bank ESTHER CHWEI buy 5 M 32 12 month 27.02.2012

Morgan Stanley BEN LIN Overwt/Attractive 5 M 32 12 month 27.02.2012

Yuanta Securities Investment ConsultingBARON NIE buy 5 M 33 Not Provided 27.02.2012

Macquarie SCOTT G RUSSELL restricted #N/A N/A M #N/A N/A Not Provided 27.02.2012

CIMB BERTRAM LAI outperform 5 M 34 12 month 27.02.2012

Citic Securities Co., Ltd FRANCIS CHAN sell 1 M 25 6 month 27.02.2012

HSBC MICHAEL P CHANG overweight 5 M 35 Not Provided 26.02.2012

CLSA Asia Pacific Markets PATRICIA CHENG underperform 1 M 28 Not Provided 26.02.2012

CCB International Securities Ltd KENNETH YUE neutral 3 M 30 Not Provided 26.02.2012

Standard Chartered PETER O'BRIEN outperform 5 M 35 12 month 24.02.2012

Societe Generale WILLIAM ELDERKIN hold 3 M 26 12 month 24.02.2012

Citi DARWIN LAM buy 5 M 34 Not Provided 24.02.2012

China International Capital Corp SALLY NG accumulate 4 M 35 12 month 24.02.2012

Nomura DAVID CHUNG buy 5 M 35 Not Provided 24.02.2012

Barclays Capital MARK KELLOCK equalwt/positive 3 M 32 Not Provided 24.02.2012

ICBC International Securities PIUS CHENG buy 5 M 33 Not Provided 24.02.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 30 Not Provided 24.02.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 36 12 month 08.02.2012

Daiwa Securities Capital Markets Co. JENNIFER LAW buy 5 M 31 Not Provided 30.01.2012

Holdings By:

AIA Group Ltd ee


27.02.2013

Aluminum Corporation of China Limited, also known as Chalco, is a producer of

alumina and primary aluminum in China. The Company refines bauxite into

alumina and smelts aluminato to produce primary aluminum.


LTM as of: 01/yy

52-Week High (27.02.2012) 4.41

52-Week Low (05.09.2012) 2.86

Daily Volume

3.3

52-Week High % Change -25.17% Dividend Yield -




70'783.45 1 Yr Total Return -20.86%

Total Debt 74'375.05 YTD Return -7.04%


Minority Interest 6'301.3 Analyst Recs 22







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 145'071.2 150'924.2 34'679.0 36'105.0


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 3'410.8 6'986.8 1'621.0 -


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - (5'212.4) (2'689.7) (841.5) (627.0)


EBITDA 9'088.54 Long-Term Rating Date 12.09.2012

EBIT 3'228.38 Long-Term Rating -

Operating Margin 2.22% Long-Term Outlook NEG


Return on Assets -3.03% Short-Term Rating -

Return on Common Equity -10.11%

Return on Capital - EBITDA/Interest Exp. 2.17

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 0.06

Net Debt/EBITDA -

Gross Margin 5.1% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin -1.9% Total Debt/Equity 143.4%


Asset Turnover 0.88

Current Ratio 0.80 Net Fixed Asset Turnover 1.57

Quick Ratio 0.28 Accounts receivable turnover-days 17.29

Debt to Assets 47.33% Inventory Days 62.35

Tot Debt to Common Equity 143.43% Accounts Payable Turnover Day 15.22

Accounts Receivable Turnover 21.17 Cash Conversion Cycle 57.72

Inventory Turnover 5.87


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aluminum Corp of China LtdPrice/Volume

Valuation Analysis

15'842'870.00


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27.02.2013


FRANKLIN RESOURCES I n/a EXCH 869'414'800 22.04 - 04.01.2012 Investment Advisor

BLACKROCK INC n/a EXCH 271'043'717 6.87 - 28.12.2011 Investment Advisor



MORGAN STANLEY n/a Short (169'930'860) -4.31 - 09.01.2012 Investment Advisor

CREDIT SUISSE n/a EXCH 161'136'834 4.09 - 28.07.2011 Investment Advisor

MORGAN STANLEY n/a EXCH 156'702'435 3.97 - 09.01.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 144'357'584 3.66 196'000 31.12.2011 Investment Advisor

CREDIT SUISSE n/a Short (130'059'394) -3.3 - 28.07.2011 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 77'176'800 1.96 - 31.03.2011 Investment Advisor

JP MORGAN CHASE & CO n/a Short (44'124'781) -1.12 - 16.12.2011 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 35'257'848 0.89 410'190 30.06.2011 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 33'122'300 0.84 (24'000) 08.03.2012 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 22'566'000 0.57 22'566'000 30.06.2011 Investment Advisor

BLACKROCK INC n/a Short (18'838'621) -0.48 - 28.12.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 10'126'000 0.26 (144'000) 26.01.2012 Mutual Fund Manager

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'502'000 0.24 9'502'000 30.06.2011 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 8'514'304 0.22 - 08.03.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'652'000 0.19 212'000 30.09.2011 Mutual Fund Manager

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 4'324'000 0.11 (2'378'000) 26.10.2011 Mutual Fund Manager


Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 3 12 month 09.03.2012

Goldman Sachs JULIAN ZHU neutral/neutral 3 M 4 12 month 09.03.2012

Bank of China International ROBIN TSUI hold 3 M 4 Not Provided 08.03.2012

JPMorgan DANIEL KANG neutral 3 M 4 12 month 05.03.2012

BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 02.03.2012

Citi AARON GE sell 1 M 3 Not Provided 01.03.2012

ICBC International Securities DUNCAN CHAN hold 3 M 4 Not Provided 03.02.2012

Mizuho Securities KELVIN NG underperform 1 M 3 12 month 31.01.2012

Daiwa Securities Capital Markets Co. ALEXANDER LATZER underperform 1 M 3 Not Provided 31.01.2012

Macquarie CHRISTINA LEE underperform 1 M 3 12 month 19.01.2012

Barclays Capital EPHREM RAVI underwt/positive 1 M 4 Not Provided 19.01.2012

CLSA Asia Pacific Markets ANDREW DRISCOLL sell 1 M 4 Not Provided 17.01.2012

RBS JEANNETTE SIM sell 1 M 3 12 month 12.01.2012

First Global Stockbroking ADITYA WELEKAR underperform 1 N #N/A N/A Not Provided 24.12.2011

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 06.12.2011

Religare Capital Markets CATHERINE WANG sell 1 M 4 12 month 02.11.2011

Credit Suisse TRINA CHEN underperform 1 M 2 Not Provided 26.10.2011

Standard Chartered CHEN YAN underperform 1 M 4 12 month 25.10.2011

China International Capital Corp CAI HONGYU hold 3 M 6 12 month 29.08.2011

Masterlink Securities SARAH WANG buy 5 U 8 Not Provided 22.06.2011

UOB Kay Hian HELEN LAU buy 5 M 11 Not Provided 15.03.2011

HSBC SARAH MAK overweight 5 M 10 Not Provided 02.03.2011

SWS Research Co Ltd ZHENG DI buy 5 M 12 Not Provided 08.11.2010

Deutsche Bank NAM NGUYEN not rated #N/A N/A M #N/A N/A Not Provided 17.09.2010

Phillip Securities FAN GUOHE hold 3 D 10 12 month 29.11.2009

China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009

Holdings By:

Aluminum Corp of China Ltd ee


27.02.2013

Bank of China Ltd provides a complete range of banking and other financial

services to individual and corporation customers worldwide. The bank's services

include retail banking, Great Wall credit card and debit card services, consumer

credit, foreign currency transaction, corporate banking, settlement and

clearing,investment banking, and fund management businesses.


LTM as of: 09/yy

52-Week High (04.02.2013) 4.00

52-Week Low (06.09.2012) 2.73

Daily Volume

3.55





1'022'750.00 1 Yr Total Return 15.11%

Total Debt 1'916'969.00 YTD Return 2.60%



Cash and Equivalents 3'128'981.00 Consensus Rating 4.200

Enterprise Value -

Average Volume 5 Day #########

3988 HK EQUITY YTD Change - Average Volume 30 Day #########

3988 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########


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

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 379'949.0 479'512.0 360'061.0 390'151.9 87'114.0 -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 4.59x 1.66x - - - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 0.0 - - - -


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 97'951.0 121'475.0 132'492.0 135'646.3 26'767.7 34'739.0

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 9.14x 4.51x 6.05x 5.91x 5.94x 5.82x

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A

Operating Margin 49.70% Long-Term Outlook STABLE

Pretax Margin 51.24% Short-Term Rating Date 29.11.2011

Return on Assets 1.06% Short-Term Rating A-1




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 4.06







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of China LtdPrice/Volume

Valuation Analysis

401'756'054.00


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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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27.02.2013


SOCIAL SECURITY FUND n/a EXCH 8'357'384'041 9.99 - 08.02.2012 Pension Fund (ERISA)

TEMASEK HOLDINGS PRI n/a EXCH 5'914'493'996 7.07 91'414'000 22.08.2011 Government

BLACKROCK INC n/a EXCH 4'768'778'810 5.7 - 01.03.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 3'776'242'843 4.52 - 07.01.2010 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'468'039'448 2.95 39'606'000 31.12.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'855'750'000 2.22 (1'147'000) 08.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'362'527'600 1.63 (31'174'500) 31.12.2011 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'293'058'600 1.55 (455'830'800) 31.12.2011 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 589'653'791 0.71 4'184'000 08.03.2012 Investment Advisor


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 346'664'500 0.41 (3'852'000) 31.12.2011 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 313'567'102 0.37 (336'214'237) 30.12.2011 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 312'354'255 0.37 (4'397'000) 30.11.2011 Investment Advisor


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 249'229'386 0.3 (207'415'000) 30.09.2011 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 243'042'000 0.29 (27'844'000) 08.03.2012 Investment Advisor

PRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 191'503'000 0.23 23'750'000 06.10.2011 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 179'747'700 0.21 (118'000) 31.10.2011 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 177'081'500 0.21 (37'667'400) 29.07.2011 Mutual Fund Manager


Sanford C. Bernstein & Co MIKE WERNER market perform 3 M 5 12 month 12.03.2012

Nomura LUCY FENG buy 5 M 4 Not Provided 12.03.2012

UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 12.03.2012

Keefe, Bruyette & Woods WARREN BLIGHT market perform 3 M 5 12 month 09.03.2012

Goldman Sachs NING MA Buy/Neutral 5 U 4 12 month 07.03.2012

BNP Paribas Equity Research ELLIE LI buy 5 M 4 12 month 07.03.2012

BOCOM International Holdings LI SHANSHAN buy 5 M 4 12 month 05.03.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.03.2012

ICBC International Securities IVAN LIN buy 5 U 4 Not Provided 29.02.2012

Barclays Capital MAY YAN underwt/neutral 1 D 3 Not Provided 28.02.2012

Citic Securities Co., Ltd ZHU YAN add 4 M #N/A N/A Not Provided 27.02.2012

Bank of China International JINHUA YIN buy 5 M 4 Not Provided 24.02.2012

Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 23.02.2012

Mizuho Securities JIM ANTOS underperform 1 M 3 12 month 23.02.2012

DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 22.02.2012

CIMB JAMES LIU neutral 3 M 4 12 month 22.02.2012

Citi SIMON HO neutral 3 M 3 Not Provided 20.02.2012

HSBC TODD DUNIVANT overweight 5 M 4 Not Provided 13.02.2012

Kim Eng Securities IVAN LI buy 5 M 4 12 month 03.02.2012

Standard Chartered LAWRENCE CHEN outperform 5 M 4 12 month 01.02.2012

Deutsche Bank TRACY YU buy 5 M 4 12 month 16.01.2012

Macquarie VICTOR WANG outperform 5 M 4 12 month 13.01.2012

JPMorgan SAMUEL SHUN CHEN neutral 3 M 6 9 month 12.01.2012

CCB International Securities Ltd SHENG NAN neutral 3 N 3 Not Provided 09.01.2012

CLSA Asia Pacific Markets KEVIN CHAN buy 5 U 4 Not Provided 05.01.2012

Morgan Stanley MINYAN LIU Equalwt/In-Line 3 M 3 12 month 18.12.2011

Yuanta Securities Investment ConsultingTAN MING hold 3 D 3 Not Provided 13.12.2011

Daiwa Securities Capital Markets Co. GRACE WU hold 3 M 3 Not Provided 07.11.2011

Guotai Junan WILSON LI accumulate 4 M 5 Not Provided 01.11.2011

Religare Capital Markets SOPHIE JIANG buy 5 N 3 12 month 31.10.2011

ABC International EDMOND LAW buy 5 M 4 Not Provided 31.10.2011

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.10.2011

China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 27.10.2011

SWS Research Co Ltd ROBERT HU neutral 3 D 4 Not Provided 27.10.2011

Core Pacific LI TIMOTHY hold 3 M 3 Not Provided 27.10.2011

RBS IRENE HUANG buy 5 M 4 12 month 25.10.2011

Phillip Securities CHEN XINGYU buy 5 M 4 12 month 31.08.2011

Mirae Asset Securities NAN LI buy 5 M 4 12 month 25.08.2011

Masterlink Securities RAINY YUAN hold 3 M 5 6 month 28.03.2011

KGI Securities MICHELLE CHEN neutral 3 M 4 12 month 25.03.2010

Holdings By:

Bank of China Ltd ee


27.02.2013

Bank of Communications Co. Ltd. provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, discount, currency trading, letter of credit, bank

guarantee, and other related services.


LTM as of: 09/yy

52-Week High (04.02.2013) 6.70

52-Week Low (16.07.2012) 4.75

Daily Volume

5.93





446'250.06 1 Yr Total Return 0.20%





Enterprise Value -





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






#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 10.34x 5.02x 5.80x 6.00x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of Communications Co LtdPrice/Volume

Valuation Analysis

29'952'460.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-.0123456

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1! ! 9

3! ! 9

5! ! 9

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-1! ! 9

-3! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

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27.02.2013


HSBC HOLDINGS PLC n/a EXCH 11'796'013'770 40.43 - 04.08.2011 Investment Advisor

SOCIAL SECURITY FUND n/a Co File 7'027'777'778 24.09 916'666'667 31.12.2010 Pension Fund (ERISA)

CHINA MINISTRY OF FI n/a Co File 3'795'000'000 13.01 - 31.12.2010 Government


VANGUARD GROUP INC Multiple Portfolios MF-AGG 268'387'453 0.92 (51'000) 31.12.2011 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 96'695'231 0.33 3'425'000 31.01.2012 Investment Advisor



MORGAN STANLEY Multiple Portfolios MF-AGG 20'424'181 0.07 2'934'309 31.12.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'094'076 0.04 - 30.11.2011 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 11'893'058 0.04 - 30.04.2011 Investment Advisor


HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 9'841'700 0.03 (2'702'700) 20.01.2011 Hedge Fund Manager

STB ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'437'975 0.03 - 25.11.2011 Mutual Fund Manager

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 9'388'050 0.03 9'060'000 30.12.2011 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 8'711'000 0.03 - 31.01.2012 Mutual Fund Manager

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 7'927'000 0.03 5'988'800 30.09.2011 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'250'018 0.02 - 31.08.2011 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 6'083'900 0.02 3'814'000 30.11.2011 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'989'142 0.02 - 31.01.2012 Investment Advisor



UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 12.03.2012

Nomura LUCY FENG neutral 3 M 6 Not Provided 11.03.2012


Goldman Sachs NING MA Sell/Neutral 1 M 7 12 month 07.03.2012

ICBC International Securities IVAN LIN hold 3 M 7 Not Provided 29.02.2012

Barclays Capital MAY YAN underwt/neutral 1 M 6 Not Provided 28.02.2012

Citic Securities Co., Ltd ZHU YAN add 4 M #N/A N/A Not Provided 27.02.2012

Bank of China International JINHUA YIN hold 3 M 7 Not Provided 24.02.2012

Credit Suisse SANJAY JAIN underperform 1 M 6 Not Provided 23.02.2012



CIMB JAMES LIU neutral 3 M 7 12 month 22.02.2012

Citi SIMON HO buy 5 M 7 Not Provided 20.02.2012



HSBC TODD DUNIVANT neutral 3 M 7 Not Provided 13.02.2012

Mirae Asset Securities NAN LI hold 3 D 6 12 month 13.02.2012

CLSA Asia Pacific Markets KEVIN CHAN underperform 1 M 6 Not Provided 13.02.2012

Religare Capital Markets SOPHIE JIANG sell 1 D 5 12 month 10.02.2012

Standard Chartered LAWRENCE CHEN in-line 3 D 6 12 month 09.02.2012

JPMorgan SAMUEL SHUN CHEN overweight 5 M 10 9 month 09.02.2012


Deutsche Bank TRACY YU hold 3 M 7 12 month 16.01.2012

Masterlink Securities RAINY YUAN hold 3 M 7 Not Provided 13.01.2012


CCB International Securities Ltd SHENG NAN neutral 3 N 6 Not Provided 09.01.2012

EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012

Morgan Stanley MINYAN LIU Equalwt/In-Line 3 D 7 12 month 18.12.2011

Yuanta Securities Investment ConsultingTAN MING hold 3 M 6 Not Provided 13.12.2011

BNP Paribas Equity Research ELLIE LI hold 3 M 6 12 month 08.12.2011



Capital Securities Corp TEAM COVERAGE buy 5 M 9 12 month 28.10.2011


BOCOM International Holdings LI SHANSHAN restricted #N/A N/A M #N/A N/A Not Provided 20.10.2011

SWS Research Co Ltd ROBERT HU neutral 3 M 9 Not Provided 31.08.2011


Daiwa Securities Capital Markets Co. GRACE WU outperform 5 D 7 Not Provided 18.08.2011

Holdings By:

Bank of Communications Co Ltd ee


27.02.2013

The Bank of East Asia, Ltd. and its subsidiaries provide general banking and

related financial services, and business corporate and investor services.


LTM as of: 12/yy

52-Week High (04.02.2013) 32.45

52-Week Low (08.06.2012) 24.95

Daily Volume

31.55





70'265.12 1 Yr Total Return 7.22%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 0.0 15'643.9 17'081.3 - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... #DIV/0! #DIV/0! - - - -













Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of East Asia LtdPrice/Volume

Valuation Analysis

5'168'207.00


!

2

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-2

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.2

0!

02

1!

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. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

-3 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

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- .!



27.02.2013


CAIXABANK n/a EXCH 330'024'107 15.9 - 12.08.2011 Investment Advisor

GUOCO GROUP LTD n/a EXCH 291'358'150 14.03 - 11.10.2011 Other

LI KWOK PO n/a EXCH 54'121'573 2.61 100'000 10.10.2011 n/a

KWOK SING LI n/a EXCH 34'268'022 1.65 - 19.09.2011 n/a

FOOK CHUEN LI n/a EXCH 27'033'091 1.3 - 19.09.2011 n/a

KWOK CHEUNG LI n/a EXCH 23'884'140 1.15 - 19.09.2011 n/a



LI KWOK-SZE n/a EXCH 14'598'580 0.7 - 19.09.2011 n/a

STATE STREET GLOBAL Multiple Portfolios MF-AGG 13'711'236 0.66 (714'839) 30.06.2011 Investment Advisor

CHI YUN WONG n/a EXCH 13'646'373 0.66 - 19.09.2011 n/a

KOWLOON DAIRY LTD n/a EXCH 9'215'746 0.44 - 19.09.2011 Corporation

MAN WAI MONG n/a EXCH 8'117'876 0.39 - 14.01.2010 n/a

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 6'710'918 0.32 (1'000'000) 31.10.2011 Investment Advisor

KAY PENG KHOO n/a EXCH 5'442'216 0.26 - 19.09.2011 n/a

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'185'900 0.25 (481'600) 30.06.2011 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 4'228'890 0.2 27'500 31.01.2012 Investment Advisor

MALAYAN UNITED INDUS n/a Co File 4'158'301 0.2 - 31.12.2010 Holding Company

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'289'158 0.16 - 30.11.2011 Investment Advisor



Citi GARY LAM neutral 3 M 30 Not Provided 12.03.2012

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 32 6 month 01.03.2012

Keefe, Bruyette & Woods WARREN BLIGHT underperform 1 M 29 12 month 29.02.2012

Deutsche Bank SOPHIA LEE hold 3 M 26 12 month 20.02.2012

Macquarie ISMAEL PILI underperform 1 M 27 12 month 17.02.2012

Credit Suisse FRANCO LAM underperform 1 M 24 Not Provided 16.02.2012

Sanford C. Bernstein & Co MIKE WERNER underperform 1 M 25 12 month 15.02.2012

Bank of China International MIMI KONG hold 3 M 30 Not Provided 15.02.2012

DBS Vickers ALEXANDER LEE fully valued 2 M 24 12 month 15.02.2012


China International Capital Corp SALLY NG hold 3 M 29 12 month 15.02.2012

UOB Kay Hian SIMON NG sell 1 D 28 Not Provided 15.02.2012

Mirae Asset Securities PATRICK PONG hold 3 M 32 12 month 15.02.2012


CLSA Asia Pacific Markets KEVIN CHAN outperform 5 M 34 Not Provided 15.02.2012

Standard Chartered LAWRENCE CHEN in-line 3 M 30 12 month 14.02.2012

Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 26 12 month 14.02.2012

Goldman Sachs GURPREET SINGH SAHI Sell/Neutral 1 M 25 12 month 14.02.2012

JPMorgan JOSEPH LEUNG neutral 3 M 32 9 month 14.02.2012

HSBC TODD DUNIVANT underweight 1 M 27 Not Provided 14.02.2012

Daiwa Securities Capital Markets Co. QUEENIE POON hold 3 M 28 Not Provided 14.02.2012

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 42 12 month 14.02.2012

Nomura DANIEL SHUM reduce 2 M 22 Not Provided 14.02.2012

CCB International Securities Ltd ADAM CHAN neutral 3 M 29 Not Provided 14.02.2012

Barclays Capital SHARNIE WONG underwt/neutral 1 M 26 Not Provided 14.02.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

Kim Eng Securities IVAN LI hold 3 M 31 12 month 08.08.2011

Holdings By:

Bank of East Asia Ltd ee


27.02.2013

Belle International Holdings Limited retails woman's footwear. The Company

operates retail stores in the Peoples Republic of China, Hong Kong, Macau, and

the United States.


LTM as of: 01/yy

52-Week High (19.02.2013) 18.58

52-Week Low (04.06.2012) 11.80

Daily Volume

14.24





120'103.48 1 Yr Total Return 13.98%










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 - -







EBITDA 6'034.58 Long-Term Rating Date -






Return on Capital 20.80% EBITDA/Interest Exp. 321.64


Net Debt/EBITDA -0.83

Gross Margin 57.2% Total Debt/EBITDA 0.38

EBITDA Margin 20.7%

EBIT Margin 17.9% Total Debt/Equity 9.8%


Asset Turnover 1.24







Fiscal Year Ended

Belle International Holdings LtdPrice/Volume

Valuation Analysis

30'663'090.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5.!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

0!! ! 9

02! ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

.! !!

1! !!

3! !!

5! !!

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27.02.2013


PROFIT LEADER HOLDIN n/a EXCH 2'627'500'000 31.15 (117'875'000) 14.09.2011 n/a

HANDY LTD n/a EXCH 580'877'000 6.89 (76'873'000) 14.09.2011 n/a

ESSEN WORLDWIDE HLDG n/a EXCH 573'373'000 6.8 (45'252'000) 14.09.2011 Other




TANG WING SZE n/a EXCH 81'842'500 0.97 - 20.09.2011 n/a


ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 75'071'000 0.89 (5'765'000) 31.10.2011 Investment Advisor

BAIJIAO SHENG n/a EXCH 75'000'000 0.89 - 14.09.2011 n/a

FIRST STATE INVESTME Multiple Portfolios MF-AGG 73'387'000 0.87 - 31.10.2011 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 65'884'000 0.78 2'888'000 31.12.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 51'422'000 0.61 44'000 08.03.2012 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 38'131'000 0.45 (148'000) 31.12.2011 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 34'993'000 0.41 12'048'000 30.09.2011 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'710'000 0.3 (1'638'000) 30.12.2011 Investment Advisor



Nomura SARAH XING buy 5 M 16 Not Provided 08.03.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012

BOCOM International Holdings PHOEBE WONG neutral 3 M 11 12 month 29.02.2012

Morgan Stanley ROBERT LIN Overwt/Attractive 5 M 16 12 month 27.02.2012

Haitong International Securities WANG ELYSE buy 5 M 15 12 month 23.02.2012

JPMorgan KURUMLU EBRU SENER overweight 5 M 16 9 month 20.02.2012

Piper Jaffray TERRY WY CHENG neutral 3 M 13 12 month 15.02.2012

Core Pacific EUGENE MAK buy 5 M 15 Not Provided 10.02.2012

Goldman Sachs CAROLINE LI neutral/neutral 3 D 14 12 month 08.02.2012

RBS KATHERINE CHAN sell 1 D 9 12 month 18.01.2012

Credit Suisse KEVIN YIN outperform 5 M 15 Not Provided 17.01.2012

ICBC International Securities CARRIE CHAN buy 5 M 14 Not Provided 17.01.2012

Mirae Asset Securities SELINA SIA reduce 2 D 10 12 month 16.01.2012

Barclays Capital CANDY HUANG overwt/neutral 5 M 18 Not Provided 16.01.2012

Mizuho Securities PETER TANG buy 5 M 14 12 month 13.01.2012

China International Capital Corp HAIYAN GUO buy 5 M 19 12 month 13.01.2012

SWS Research Co Ltd JOYCE JIA outperform 5 M 15 Not Provided 13.01.2012

UOB Kay Hian KEN LEE buy 5 M 17 Not Provided 13.01.2012

CCB International Securities Ltd FORREST CHAN outperform 5 M 15 Not Provided 13.01.2012

Citi CATHERINE LIM buy 5 M 16 Not Provided 12.01.2012

HSBC CHRISTOPHER K LEUNG neutral 3 D 14 Not Provided 11.01.2012

CLSA Asia Pacific Markets XIAOPO WEI buy 5 M 19 Not Provided 06.01.2012

First Shanghai Securities Ltd CHRISTINA LIE hold 3 M 15 12 month 24.12.2011

Macquarie LINDA HUANG outperform 5 M 19 12 month 11.11.2011

Guotai Junan JERRY PENG buy 5 M 19 Not Provided 27.08.2011

Deutsche Bank ANNE LING buy 5 M 17 12 month 25.08.2011

KGI Securities MICHELLE CHEN outperform 5 M 18 12 month 13.01.2011

Holdings By:

Belle International Holdings Ltd ee


27.02.2013

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.


LTM as of: 01/yy

52-Week High (04.02.2013) 27.10

52-Week Low (07.03.2012) 20.80

Daily Volume

25.35





268'019.97 1 Yr Total Return 24.97%





Enterprise Value -





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 - -















Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

BOC Hong Kong Holdings LtdPrice/Volume

Valuation Analysis

19'631'558.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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-2

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.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

4! ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


BOC HONG KONG BVI LT n/a Co File 6'984'274'213 66.06 - 31.12.2010 Government





WADDELL & REED FINAN Multiple Portfolios MF-AGG 30'922'800 0.29 (76'957'200) 30.09.2011 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 27'471'000 0.26 981'500 31.01.2012 Investment Advisor



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 21'432'500 0.2 24'000 31.12.2011 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18'105'500 0.17 - 31.12.2010 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 16'845'066 0.16 (2'889'000) 31.01.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 14'555'500 0.14 (107'500) 30.12.2011 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 11'452'000 0.11 (131'500) 30.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'284'821 0.11 (3'000) 31.01.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'529'500 0.09 (6'826'500) 30.06.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 9'400'000 0.09 1'000'000 30.06.2011 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 7'970'000 0.08 835'500 31.01.2012 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 7'803'000 0.07 (997'000) 30.06.2011 Investment Advisor

NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 7'177'000 0.07 91'500 31.10.2011 Investment Advisor


JPMorgan JOSEPH LEUNG overweight 5 M 22 12 month 12.03.2012

Core Pacific LI TIMOTHY hold 3 D 24 Not Provided 12.03.2012



Kim Eng Securities IVAN LI buy 5 U 26 12 month 20.02.2012



Barclays Capital SHARNIE WONG equalwt/neutral 3 M 22 Not Provided 13.02.2012

Nomura DANIEL SHUM buy 5 M 25 Not Provided 10.02.2012

CCB International Securities Ltd ADAM CHAN outperform 5 M 26 Not Provided 09.02.2012

Deutsche Bank SOPHIA LEE buy 5 M 24 12 month 06.02.2012

Sanford C. Bernstein & Co MIKE WERNER outperform 5 M 24 12 month 03.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.01.2012



BOCOM International Holdings YANG QINGLI long-term buy 5 N 24 12 month 30.12.2011

Bank of China International MIMI KONG buy 5 M 23 Not Provided 13.12.2011

Daiwa Securities Capital Markets Co. GRACE WU outperform 5 M 21 Not Provided 13.12.2011

Credit Suisse FRANCO LAM outperform 5 M 23 Not Provided 30.11.2011

Mizuho Securities JIM ANTOS neutral 3 N 19 12 month 30.11.2011

Mirae Asset Securities PATRICK PONG buy 5 M 24 12 month 30.11.2011

Citi GARY LAM buy 5 M 20 Not Provided 25.11.2011

UOB Kay Hian SIMON NG buy 5 M 30 Not Provided 23.11.2011

Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 D 17 12 month 03.11.2011

Goldman Sachs VINCENT CHANG neutral/neutral 3 D 21 12 month 02.11.2011

CLSA Asia Pacific Markets KEVIN CHAN buy 5 M 27 Not Provided 25.10.2011

Guotai Junan WILSON LI neutral 3 M 23 Not Provided 29.08.2011


Standard Chartered LAWRENCE CHEN in-line 3 M 26 12 month 27.07.2011

Holdings By:

BOC Hong Kong Holdings Ltd ee


27.02.2013

Cathay Pacific Airways Limited operates scheduled airline services. The Company

also provides related services, including airline catering, aircraft handling,

and engineering.


LTM as of: 01/yy

52-Week High (14.03.2012) 16.00

52-Week Low (18.05.2012) 11.76

Daily Volume

14.54





57'198.10 1 Yr Total Return 5.78%










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 - -





#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 644.0 2'889.9 - -









Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. -6.80

Net Debt/EBITDA 2.54

Gross Margin - Total Debt/EBITDA 3.84

EBITDA Margin 14.0%



Asset Turnover 0.71





Accounts Receivable Turnover 15.92 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cathay Pacific Airways LtdPrice/Volume

Valuation Analysis

3'594'867.00


!

2

-!

-2

.!

.2

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


SWIRE PACIFIC LTD n/a EXCH 1'769'024'255 44.97 - 31.12.2011 Holding Company

ANGEL PARADISE LTD n/a EXCH 288'596'335 7.34 - 31.12.2011 Other

CUSTAIN LTD n/a EXCH 280'078'680 7.12 - 31.12.2011 Other

MOTIVE LINK HOLDINGS n/a EXCH 207'376'655 5.27 - 31.12.2011 Other

EASERICH INVESTMENTS n/a EXCH 191'922'273 4.88 - 31.12.2011 Investment Advisor

GRAND LINK INVESTMEN n/a EXCH 189'976'645 4.83 - 31.12.2011 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 55'841'100 1.42 (12'256'900) 30.09.2011 Investment Advisor

PERFECT MATCH ASSETS n/a EXCH 21'809'399 0.55 - 31.12.2011 Other

ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 21'246'900 0.54 (302'900) 29.02.2012 Investment Advisor





NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 5'923'906 0.15 (392'600) 31.12.2011 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 5'491'000 0.14 - 31.01.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'249'327 0.13 932'000 31.01.2012 Investment Advisor

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 5'105'879 0.13 52'322 31.01.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'712'000 0.12 - 31.12.2011 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 4'705'000 0.12 (88'000) 31.01.2012 Investment Advisor


Nomura JIM WONG buy 5 M 24 Not Provided 12.03.2012

BOCOM International Holdings GEOFFREY CHENG neutral 3 M 15 12 month 12.03.2012

Barclays Capital PATRICK XU underwt/neutral 1 N 16 Not Provided 08.03.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012

BNP Paribas Equity Research ARNAUD BOUCHET buy 5 M 16 12 month 17.02.2012

Credit Suisse SAM LEE outperform 5 M 18 Not Provided 14.02.2012

JPMorgan CORRINE PNG underweight 1 M 14 9 month 14.02.2012

RBS ANDREW ORCHARD sell 1 M 10 12 month 13.02.2012

Morgan Stanley TEAM COVERAGE Equalwt/In-Line 3 M 15 12 month 13.02.2012

CIMB RAYMOND YAP neutral 3 D 17 12 month 08.02.2012

Maybank Investment Bank Berhad WONG CHEW HANN sell 1 M 12 12 month 20.01.2012

CLSA Asia Pacific Markets PHILIP CHOW underperform 1 M 14 Not Provided 20.01.2012

Citi MICHAEL BEER sell 1 M 11 Not Provided 18.01.2012

UOB Kay Hian K AJITH buy 5 M 16 Not Provided 10.01.2012

DBS Vickers PAUL YONG buy 5 M 17 12 month 20.12.2011

Daiwa Securities Capital Markets Co. KELVIN LAU hold 3 M 14 Not Provided 19.12.2011

Standard Chartered CLAIRE TENG in-line 3 M 16 12 month 29.11.2011

Deutsche Bank JOE LIEW buy 5 U 15 12 month 21.11.2011

HSBC MARK CARMERON ROSS WEBB overweight 5 U 18 Not Provided 14.10.2011

Goldman Sachs HINO LAM Sell/Neutral 1 D 11 12 month 11.09.2011

Bank of China International DU JIANPING buy 5 M 20 Not Provided 11.08.2011

CCB International Securities Ltd TIMOTHY BACCHUS underperform 1 M 16 Not Provided 11.08.2011

Haitong International Securities CHO FOOK TAT buy 5 M 23 12 month 31.05.2011

Mirae Asset Securities RYU JE-HYUN JAY buy 5 M 28 12 month 01.12.2010

Phillip Securities JING ZHANG buy 5 N 14 12 month 24.08.2009

Holdings By:

Cathay Pacific Airways Ltd ee


27.02.2013

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.


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





276'318.41 1 Yr Total Return 13.19%










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 - -








EBIT 10'722.00 Long-Term Rating NR









EBITDA Margin 39.4%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cheung Kong Holdings LtdPrice/Volume

Valuation Analysis

3'462'783.00


!

.!

1!

3!

5!

-!!

-.!

-1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


LI KA-SHING UNITY TR n/a EXCH 913'378'704 39.43 - 27.01.2012 Other


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 - 27.01.2012 Investment Advisor


THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 37'539'000 1.62 (9'451'000) 31.10.2011 Hedge Fund Manager

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 33'285'000 1.44 (596'000) 31.12.2011 Investment Advisor

KING'S ROAD DEVELOPM n/a EXCH 23'059'840 1 - 27.01.2012 Other


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 17'355'782 0.75 (54'000) 31.12.2011 Investment Advisor





ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'449'320 0.45 524'000 31.12.2011 Investment Advisor

ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 9'379'400 0.4 (972'000) 30.09.2011 Insurance Company

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'034'000 0.39 - 30.06.2011 Investment Advisor

SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 7'637'000 0.33 673'000 30.09.2011 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 6'600'000 0.28 1'100'000 31.12.2010 Pension Fund (ERISA)

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 6'002'000 0.26 - 31.10.2011 Mutual Fund Manager


CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 M 125 Not Provided 01.03.2012

Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 134 12 month 27.02.2012

BOCOM International Holdings ALFRED LAU buy 5 M 132 12 month 27.02.2012

Mirae Asset Securities KEITH YEUNG buy 5 U 126 12 month 22.02.2012

Standard Chartered PAUL YAU outperform 5 M 124 12 month 18.02.2012

JPMorgan LUCIA KWONG overweight 5 M 125 12 month 16.02.2012

Jefferies CHRISTIE JU hold 3 M 93 12 month 14.02.2012

Nomura PAUL LOUIE buy 5 M 137 Not Provided 13.02.2012

Credit Suisse CUSSON LEUNG outperform 5 M 124 Not Provided 09.02.2012

DBS Vickers JEFF YAU buy 5 M 119 12 month 27.01.2012

Macquarie DAVID NG outperform 5 M 123 12 month 05.01.2012

Bank of China International VENANT CHIANG buy 5 N 109 Not Provided 20.12.2011

UOB Kay Hian SYLVIA WONG hold 3 M 87 Not Provided 16.12.2011

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011

Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 112 12 month 23.11.2011

Citi KEN YEUNG buy 5 M 126 Not Provided 09.11.2011

Barclays Capital ANDREW LAWRENCE overwt/negative 5 M 106 Not Provided 02.11.2011

Deutsche Bank JASON CHING buy 5 M 140 12 month 14.09.2011

Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 140 Not Provided 05.08.2011

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 126 Not Provided 05.08.2011

RBS FAN TSO buy 5 M 151 12 month 24.05.2011

CCB International Securities Ltd EDMOND CHAN neutral 3 M 123 Not Provided 10.12.2010

Holdings By:

Cheung Kong Holdings Ltd ee


27.02.2013

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.

The Company also manufactures coal mining equipment and offers coal mine design

services.


LTM as of: 03/yy

52-Week High (28.02.2012) 10.10

52-Week Low (28.06.2012) 6.08

Daily Volume

7.32





115'231.84 1 Yr Total Return -23.02%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 0.0 89'085.5 97'688.2 22'993.8 21'793.0

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... #DIV/0! #DIV/0! 1.43x 1.43x 5.93x -



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 2'592.0 8'703.3 8'892.8 1'879.0 2'189.0












EBITDA Margin 19.9%



Asset Turnover 0.62







Fiscal Year Ended

China Coal Energy Co LtdPrice/Volume

Valuation Analysis

29'142'230.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


GOVT OF SINGAPORE IN n/a EXCH 278'649'390 6.79 - 31.01.2012 Government

DAVIS SELECTED ADVIS n/a Co File 248'098'000 6.04 - 31.12.2010 Investment Advisor


MORGAN STANLEY #N/A N/A EXCH 221'711'137 5.4 - 07.03.2012 Investment Advisor





MORGAN STANLEY n/a Short (47'751'400) -1.16 - 07.03.2012 Investment Advisor

BLACKROCK INC n/a Short (43'295'841) -1.05 (8'743'043) 05.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 40'650'801 0.99 (1'954'000) 08.03.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 36'985'000 0.9 6'292'000 31.01.2012 Investment Advisor



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 13'807'062 0.34 (102'000) 30.09.2011 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 12'921'000 0.31 2'530'000 31.01.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 11'433'947 0.28 - 08.03.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 10'400'000 0.25 - 31.12.2011 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'715'000 0.21 (34'047'000) 31.12.2011 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 8'609'000 0.21 8'609'000 30.09.2011 Investment Advisor


Citic Securities Co., Ltd WALLACE CHENG buy 5 M 11 6 month 12.03.2012

SinoPac ROBERT WEI buy 5 M 13 12 month 12.03.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 12 12 month 09.03.2012

Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 8 12 month 07.03.2012

BOCOM International Holdings HE WEI long-term buy 5 M 12 12 month 07.03.2012


JPMorgan DANIEL KANG overweight 5 M 11 12 month 05.03.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 12 12 month 05.03.2012

Nomura IVAN LEE buy 5 M 12 Not Provided 05.03.2012

Deutsche Bank JAMES KAN hold 3 D 10 12 month 02.03.2012

Mizuho Securities KELVIN NG neutral 3 M 10 12 month 02.03.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 11 12 month 01.03.2012

Barclays Capital EPHREM RAVI overwt/positive 5 M 13 Not Provided 27.02.2012

Macquarie MATTY ZHAO outperform 5 M 12 12 month 20.02.2012

CCB International Securities Ltd KAREN LI outperform 5 M 12 Not Provided 19.02.2012

Bank of China International LAWRENCE LAU buy 5 M 11 Not Provided 16.02.2012

ICBC International Securities ANNA YU buy 5 M 12 Not Provided 15.02.2012


Core Pacific KENNY CHEUNG hold 3 M 11 12 month 01.02.2012

CLSA Asia Pacific Markets ANDREW DRISCOLL buy 5 M 12 Not Provided 01.02.2012

DBS Vickers JUNE NG hold 3 M 10 12 month 26.01.2012

Standard Chartered CHEN YAN in-line 3 M 10 12 month 18.01.2012

GuoSen Securities Co Ltd DAVID LAM buy 5 M 11 12 month 17.01.2012

RBS JEANNETTE SIM buy 5 M 11 12 month 12.01.2012

Capital Securities Corp XU YING buy 5 M 10 Not Provided 11.01.2012

KGI Securities YANG TAO neutral 3 M 11 12 month 21.12.2011


Citi SCARLETT Y CHEN buy 5 U 10 Not Provided 25.11.2011

Yuanta Securities Investment ConsultingJOHNNY WONG buy 5 M 14 Not Provided 22.11.2011

Ji Asia SAMUEL THAWLEY buy 5 M 12 12 month 16.11.2011

Religare Capital Markets CATHERINE WANG buy 5 M 12 12 month 04.11.2011


Credit Suisse TRINA CHEN outperform 5 M 13 Not Provided 21.10.2011

Masterlink Securities LI XIN hold 3 M 9 6 month 20.09.2011

Daiwa Securities Capital Markets Co. ALEXANDER LATZER hold 3 U 11 Not Provided 18.08.2011

China International Capital Corp CAI HONGYU accumulate 4 M 13 12 month 17.08.2011

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 N #N/A N/A Not Provided 17.08.2011

SWS Research Co Ltd HUANG ZHE neutral 3 M 12 Not Provided 16.06.2011

Guotai Junan LEO WU neutral 3 M 12 Not Provided 03.05.2011

Cinda Securities Ltd CASTOR PANG neutral 3 N 10 Not Provided 07.07.2010

Holdings By:

China Coal Energy Co Ltd ee


27.02.2013

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.


LTM as of: 09/yy

52-Week High (28.01.2013) 6.75

52-Week Low (12.07.2012) 4.71

Daily Volume

6.18





1'541'116.63 1 Yr Total Return 2.29%

Total Debt 1'211'152.00 YTD Return -0.64%




Enterprise Value -





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













Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China Construction Bank CorpPrice/Volume

Valuation Analysis

233'370'871.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

4

5

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

-!!! ! 9

.!!! ! 9

0!!! ! 9

1!!! ! 9

2!!! ! 9

3!!! ! 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


CENTRAL HUIJIN INVES n/a EXCH 142'590'494'651 59.31 - 14.11.2011 Government

TEMASEK HOLDINGS PRI n/a EXCH 22'655'348'797 9.42 - 11.11.2011 Government

BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor

BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government

BEST INVESTMENT CORP n/a EXCH 2'760'000'000 1.15 - 14.11.2011 Investment Advisor


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'522'660'930 0.63 (790'000) 08.03.2012 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

CARMIGNAC GESTION Multiple Portfolios MF-AGG 893'776'990 0.37 - 30.09.2011 Investment Advisor

RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 n/a

YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 n/a

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 829'528'845 0.35 - 31.12.2011 Investment Advisor






SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation

STATE GRID INTL TECH n/a Co File 350'000'000 0.15 - 31.12.2010 n/a




UOB Kay Hian EDMOND LAW buy 5 M 8 Not Provided 12.03.2012

Keefe, Bruyette & Woods WARREN BLIGHT outperform 5 M 11 12 month 09.03.2012

Goldman Sachs NING MA neutral/neutral 3 D 8 12 month 07.03.2012

BOCOM International Holdings LI SHANSHAN buy 5 M 7 12 month 05.03.2012

Barclays Capital MAY YAN overwt/neutral 5 M 8 Not Provided 28.02.2012

Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 27.02.2012

Bank of China International SUN PENG buy 5 U 7 Not Provided 24.02.2012

Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 23.02.2012

Mizuho Securities JIM ANTOS neutral 3 M 7 12 month 23.02.2012


CIMB JAMES LIU outperform 5 M 8 12 month 22.02.2012









CLSA Asia Pacific Markets KEVIN CHAN sell 1 M 5 Not Provided 05.01.2012

Morgan Stanley MINYAN LIU Overwt/In-Line 5 M 8 12 month 18.12.2011

Yuanta Securities Investment ConsultingTAN MING buy 5 U 7 Not Provided 13.12.2011

EVA Dimensions TEAM COVERAGE overweight 5 M #N/A N/A Not Provided 30.11.2011


Core Pacific LI TIMOTHY buy 5 M 7 12 month 10.11.2011


Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 02.11.2011


Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 31.10.2011





SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 22.08.2011

Masterlink Securities RAINY YUAN trading buy 5 N 9 6 month 24.11.2010

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


27.02.2013

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.


LTM as of: 01/yy

52-Week High (15.01.2013) 27.35

52-Week Low (04.06.2012) 17.00

Daily Volume

22.75





647'920.56 1 Yr Total Return -1.67%





Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1








EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

30'833'272.00


!

2

-!

-2

.!

.2

0!

02

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9.! ! 91! ! 93! ! 95! ! 9-!! ! 9-.! ! 9-1! ! 9-3! ! 9-5! ! 9.!! ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013






CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 120'012'000 1.61 (30'615'000) 31.12.2011 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 94'100'000 1.26 (1'682'000) 31.12.2011 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 83'335'910 1.12 - 31.12.2011 Investment Advisor



CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 47'912'000 0.64 (7'305'000) 31.12.2011 Investment Advisor

BLACKROCK INC n/a Short (39'424'538) -0.53 (2'568'331) 03.02.2012 Investment Advisor


COMGEST GROWTH PLC Multiple Portfolios MF-AGG 34'090'000 0.46 - 30.06.2011 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 31'634'000 0.43 1'200'000 31.10.2011 Investment Advisor





RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13'944'000 0.19 (977'000) 31.10.2011 Investment Advisor



JPMorgan CHAN BAO LING underweight 1 M 20 12 month 09.03.2012

Core Pacific OLIVE XIA hold 3 M 24 Not Provided 08.03.2012




CLSA Asia Pacific Markets PATRICIA CHENG underperform 1 M 21 Not Provided 07.03.2012

BOCOM International Holdings LI WENBING neutral 3 M 25 12 month 07.03.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 22 12 month 06.03.2012


Citi DARWIN LAM neutral 3 M 23 Not Provided 06.03.2012

Yuanta Securities Investment ConsultingBARON NIE hold 3 M 22 Not Provided 06.03.2012

Macquarie SCOTT G RUSSELL neutral 3 M 23 12 month 06.03.2012

DBS Vickers PING CHENG fully valued 2 D 24 12 month 02.03.2012

Keefe, Bruyette & Woods STANLEY TSAI underperform 1 M 22 12 month 29.02.2012


ICBC International Securities PIUS CHENG hold 3 M 22 Not Provided 17.02.2012


Deutsche Bank ESTHER CHWEI hold 3 M 24 12 month 10.02.2012

SWS Research Co Ltd ROBERT HU underperform 1 D 19 Not Provided 08.02.2012

Standard Chartered PETER O'BRIEN in-line 3 M 22 12 month 25.01.2012

Goldman Sachs NING MA neutral/neutral 3 D 23 12 month 17.01.2012

HSBC JAMES GARNER neutral 3 D 23 Not Provided 16.01.2012

Barclays Capital MARK KELLOCK underwt/positive 1 M 24 Not Provided 09.01.2012



Daiwa Securities Capital Markets Co. JENNIFER LAW outperform 5 M 33 Not Provided 01.11.2011

Bank of China International SUN PENG hold 3 M 22 Not Provided 28.10.2011

Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011

RBS YANAN WANG buy 5 M 36 12 month 01.08.2011

Phillip Securities CHEN XINGYU hold 3 M 35 12 month 12.05.2011

Guotai Junan FELIX LUO buy 5 M 38 Not Provided 02.04.2011

Citic Securities Co., Ltd HUANG HUAMIN overweight 5 M 45 6 month 25.06.2010

Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009

Holdings By:

China Life Insurance Co Ltd ee


27.02.2013

China Merchants Holdings International Company Limited, through its

subsidiaries and associated companies, operates container and cargo terminals,

port transportation, and airport cargo handling. The Company also manufactures

containers, paint, and trailers as well as operates toll road, shipping,

property, and dealing securities businesses.


LTM as of: 01/yy

52-Week High (22.01.2013) 29.00

52-Week Low (05.06.2012) 21.00

Daily Volume

27





67'274.10 1 Yr Total Return 4.55%










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 - -








EBIT 2'865.00 Long-Term Rating BBB









EBITDA Margin 43.5%



Asset Turnover 0.11







Fiscal Year Ended

China Merchants Holdings International Co LtdPrice/Volume

Valuation Analysis

2'319'805.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA MERCHANTS UNIO n/a Co File 1'332'525'504 53.85 - 31.12.2010 Government

DAVIS SELECTED ADVIS n/a Co File 145'910'554 5.9 - 31.12.2010 Investment Advisor

FIRST STATE INVESTME n/a EXCH 59'171'667 2.39 - 16.01.2012 Investment Advisor




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 28'305'800 1.14 18'873'000 31.12.2011 Investment Advisor



ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 17'410'943 0.7 1'320'000 31.10.2011 Investment Advisor

BEST WINNER INVESTME n/a Co File 17'121'762 0.69 - 31.12.2010 n/a

PRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 16'695'100 0.67 2'205'967 06.10.2011 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 14'689'347 0.59 181'798 31.12.2011 Investment Advisor


HARDING LOEVNER LP Multiple Portfolios MF-AGG 10'872'032 0.44 121'791 31.12.2011 Investment Advisor




INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 7'788'000 0.31 224'000 31.12.2011 Investment Advisor

FIRST STATE INVEST I n/a EXCH 7'357'729 0.3 - 16.01.2012 n/a



RBS OSBERT TANG hold 3 M 26 12 month 28.02.2012

Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 30 12 month 27.02.2012

Jefferies CHRISTIE JU buy 5 M 38 12 month 24.02.2012

Morgan Stanley EDWARD XU Overwt/In-Line 5 M 33 12 month 22.02.2012

Deutsche Bank MICHAEL LEE buy 5 M 32 12 month 13.02.2012

China International Capital Corp YANG XIN reduce 2 D 19 12 month 06.02.2012

JPMorgan KAREN LI underweight 1 M 20 Not Provided 27.01.2012

CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 31 Not Provided 20.01.2012

Guotai Junan JASON SONG neutral 3 M 23 Not Provided 19.01.2012

HSBC PARASH JAIN neutral 3 D 27 Not Provided 13.01.2012


DBS Vickers KEN HE buy 5 M 28 12 month 08.12.2011

UOB Kay Hian LAWRENCE LI buy 5 M 30 Not Provided 05.12.2011


Citi VIVIAN WEI TAO sell 1 N 18 Not Provided 29.11.2011

Barclays Capital JON WINDHAM overwt/neutral 5 U 26 Not Provided 11.10.2011

Credit Suisse INGRID WEI outperform 5 M 28 Not Provided 23.09.2011

Citic Securities Co., Ltd SIMON YEUNG hold 3 D 26 6 month 31.08.2011

BNP Paribas Equity Research SARAH LIU hold 3 M 26 12 month 21.06.2011

SWS Research Co Ltd LEO FAN outperform 5 M 33 Not Provided 25.06.2010

China Merchants Securities YU HUANGYAN buy 5 M 17 Not Provided 23.02.2009

Holdings By:

China Merchants Holdings International Co Ltd ee


27.02.2013

China Mobile Limited, through its subsidiaries, provides cellular

telecommunications and related services in the People's Republic of China and

Hong Kong SAR.


LTM as of: 09/yy

52-Week High (14.08.2012) 92.60

52-Week Low (04.06.2012) 76.50

Daily Volume

84.95





1'707'535.38 1 Yr Total Return 8.98%





Enterprise Value 1'008'336.98





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



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 0.0 252'371.3 256'872.7 63'369.0 -





EBIT 159'710.00 Long-Term Rating AA-









EBITDA Margin 47.0%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Mobile LtdPrice/Volume

Valuation Analysis

13'757'144.00


!-!.!0!1!2!3!4!5!6!

-!!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9-! ! 9.! ! 90! ! 91! ! 92! ! 93! ! 94! ! 95! ! 96! ! 9

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA MOBILE HK BVI n/a 20F 14'889'080'691 74.16 (1'036'151) 31.03.2011 Corporation





HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 (960'500) 31.12.2011 Investment Advisor






SCHRODER KOREA LTD Multiple Portfolios MF-AGG 21'386'000 0.11 (1'693'000) 30.09.2011 Mutual Fund Manager

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 20'210'500 0.1 (258'500) 31.12.2011 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 18'647'500 0.09 5'706'500 09.03.2012 Investment Advisor







HSBC TUCKER GRINNAN overweight 5 U 100 Not Provided 12.03.2012

Mirae Asset Securities ERIC WEN buy 5 M 105 12 month 12.03.2012

Credit Suisse COLIN MCCALLUM outperform 5 U 101 Not Provided 09.03.2012

Jefferies CYNTHIA JINHONG MENG hold 3 M 83 12 month 09.03.2012

Goldman Sachs DONALD LU Buy/Neutral 5 U 95 12 month 08.03.2012

Nomura DANNY CHU buy 5 M 91 Not Provided 08.03.2012

Barclays Capital ANAND RAMACHANDRAN equalwt/neutral 3 M 85 Not Provided 07.03.2012

Yuanta Securities Investment ConsultingKELVIN HO hold 3 M 83 Not Provided 27.02.2012

Bank of China International MICHAEL MENG hold 3 M 85 Not Provided 21.02.2012

BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 21.02.2012

RBS TOMMY MOK buy 5 M 94 12 month 16.02.2012

Citi BIN LIU buy 5 M 95 Not Provided 16.02.2012

BNP Paribas Equity Research ALEN LIN buy 5 M 93 12 month 15.02.2012

SWS Research Co Ltd JIM TANG neutral 3 M 75 Not Provided 14.02.2012

China International Capital Corp CHEN HAOFEI hold 3 M 75 12 month 08.02.2012

Mizuho Securities MARVIN LO neutral 3 N 74 12 month 01.02.2012

DBS Vickers TAM TSZ-WANG hold 3 M 77 12 month 20.01.2012


Standard Chartered STEVEN LIU outperform 5 M 88 12 month 09.12.2011

Pacific Crest Securities STEVE CLEMENT outperform 5 M 86 12 month 06.12.2011

Ji Asia NEIL JUGGINS neutral 3 M 78 12 month 25.10.2011

Kim Eng Securities ANDY POON sell 1 M 64 12 month 21.10.2011

UOB Kay Hian VICTOR YIP buy 5 M 95 Not Provided 21.10.2011

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 20.10.2011

JPMorgan LUCY LIU neutral 3 M 85 Not Provided 20.10.2011

Daiwa Securities Capital Markets Co. ALAN KAM hold 3 M 78 Not Provided 20.10.2011

CLSA Asia Pacific Markets ELINOR LEUNG buy 5 M 92 Not Provided 20.10.2011

Deutsche Bank ALAN HELLAWELL hold 3 M 83 12 month 17.10.2011


Macquarie LISA SOH outperform 5 M 79 12 month 13.09.2011

Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 19.08.2011

Citic Securities Co., Ltd PATRICK CHOI buy 5 M 82 6 month 19.08.2011

Haitong International Securities ALEX LEE buy 5 M 90 12 month 27.06.2011

ICBC International Securities KARY SEI buy 5 M 89 Not Provided 17.03.2011

Holdings By:

China Mobile Ltd ee


27.02.2013

China Overseas Land & Investment Limited, through its subsidiaries, develops and

invests in properties, constructs buildings, invests in treasury securities, and

infrastructure projects. The Company also provides civil engineering,

foundation engineering, and real estate agency and management services.


LTM as of: 01/yy

52-Week High (07.01.2013) 25.60

52-Week Low (30.03.2012) 14.12

Daily Volume

22.8





186'333.42 1 Yr Total Return 43.72%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

















EBITDA Margin 38.7%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Overseas Land & Investment LtdPrice/Volume

Valuation Analysis

26'169'669.00


!.135

-!-.-1-3-5.!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA OVERSEAS HOLDI n/a EXCH 3'837'380'380 46.95 - 31.12.2011 Government

SILVER LOT DEVELOPME n/a EXCH 505'276'928 6.18 - 31.12.2011 n/a




DEUTSCHE BANK AG n/a Short (169'866'271) -2.08 - 03.11.2011 Investment Advisor





EUROPEAN INVESTORS I n/a Research 67'569'354 0.83 2'231'960 31.12.2011 Investment Advisor


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 43'445'652 0.53 2'328'000 30.09.2011 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 37'990'180 0.46 4'723'760 08.03.2012 Investment Advisor



MORGAN STANLEY Multiple Portfolios MF-AGG 22'167'560 0.27 (1'542'000) 31.12.2011 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 21'460'000 0.26 - 31.12.2011 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 21'170'000 0.26 6'180'000 30.09.2011 Mutual Fund Manager



Yuanta Securities Investment ConsultingZHAO ZHENYI buy 5 M 19 Not Provided 12.03.2012

Goldman Sachs WANG YI neutral/attractive 3 M 19 12 month 07.03.2012

DBS Vickers CAROL WU buy 5 M 20 12 month 07.03.2012


BNP Paribas Equity Research FRANK CHEN buy 5 M 18 12 month 01.03.2012

Nomura ALVIN WONG buy 5 M 17 Not Provided 27.02.2012

Standard Chartered RAYMOND CHENG in-line 3 D 17 12 month 23.02.2012

Mizuho Securities ALAN JIN buy 5 M 20 12 month 22.02.2012

Mirae Asset Securities STEPHANIE LAU buy 5 M 19 12 month 21.02.2012

UOB Kay Hian SYLVIA WONG buy 5 M 19 Not Provided 20.02.2012

Guotai Junan DONALD YU buy 5 M 19 Not Provided 16.02.2012


Credit Suisse JINSONG DU underperform 1 M 11 Not Provided 02.02.2012

Citi OSCAR CHOI buy 5 M 18 Not Provided 31.01.2012

EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.01.2012

Ji Asia WU GONGLIANG sell 1 N 12 12 month 13.01.2012

GuoSen Securities Co Ltd HUI CAO buy 5 M 17 12 month 11.01.2012


CLSA Asia Pacific Markets NICOLE WONG buy 5 M 17 Not Provided 04.01.2012

HSBC MICHELLE KWOK overweight 5 M 21 Not Provided 03.01.2012

KGI Securities ALICE JI outperform 5 M 17 12 month 28.12.2011

CCB International Securities Ltd ROSE ZHANG neutral 3 M 15 Not Provided 22.12.2011

SWS Research Co Ltd KRIS LI outperform 5 M 15 Not Provided 09.12.2011

China International Capital Corp PETER HONGWEI BAI buy 5 M 21 12 month 02.12.2011

Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 16 12 month 23.11.2011

CIMB JOHNSON HU outperform 5 M 19 12 month 10.11.2011

Bank of China International CHRISTINA NGAI hold 3 M 11 Not Provided 24.10.2011

Daiwa Securities Capital Markets Co. DANNY BAO buy 5 M 16 Not Provided 20.10.2011

Kim Eng Securities IVAN CHEUNG hold 3 D 18 12 month 10.08.2011

Deutsche Bank TONY TSANG buy 5 M 23 12 month 09.08.2011


Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011

Citic Securities Co., Ltd GARRICK CHENG buy 5 U 17 6 month 18.03.2011

Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011

Capital Securities Corp LANTIS LI buy 5 M 16 Not Provided 20.08.2010

Holdings By:

China Overseas Land & Investment Ltd ee


27.02.2013

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.


LTM as of: 06/yy

52-Week High (30.01.2013) 9.57

52-Week Low (11.07.2012) 6.38

Daily Volume

8.73





789'984.94 1 Yr Total Return 7.05%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... ######### ######### ######### ######### 728'398.5 688'272.0


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 108'265.0 156'276.0 166'773.5 192'193.6 - -





EBIT 107'146.00 Long-Term Rating A+









EBITDA Margin 6.1%



Asset Turnover 2.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

126'478'526.00


!

.

1

3

5

-!

-.

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2'000'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013



FRANKLIN RESOURCES I n/a EXCH 1'006'669'203 6 - 26.01.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 796'605'154 4.75 - 22.11.2011 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 652'946'437 3.89 (5'418'000) 31.12.2011 Investment Advisor


CH PETROLEUM SHENGJU n/a EXCH 425'500'000 2.54 - 09.01.2012 n/a






ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 138'099'000 0.82 1'470'000 31.12.2011 Investment Advisor



INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 83'050'000 0.49 5'532'000 31.12.2011 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 80'601'071 0.48 (406'000) 31.01.2012 Investment Advisor






Nomura SONIA SONG neutral 3 M 9 Not Provided 12.03.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 D 10 12 month 09.03.2012

BOCOM International Holdings FEI WU neutral 3 D 10 12 month 07.03.2012

Barclays Capital SCOTT DARLING equalwt/positive 3 M 10 Not Provided 05.03.2012

Goldman Sachs NILESH BANERJEE Buy/Neutral 5 M 11 12 month 01.03.2012

Standard Chartered YOSSAVEE SUTTIKULPANICH in-line 3 M 8 12 month 24.02.2012

Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 23.02.2012

Morgan Stanley WEE KIAT TAN Overwt/Attractive 5 M 11 12 month 21.02.2012

Citi GRAHAM CUNNINGHAM neutral 3 D 10 Not Provided 20.02.2012

CLSA Asia Pacific Markets SIMON POWELL buy 5 M 11 Not Provided 17.02.2012

UOB Kay Hian YAN SHI hold 3 D 10 Not Provided 15.02.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 11 Not Provided 09.02.2012

BNP Paribas Equity Research CHENG KHOO buy 5 M 11 12 month 09.02.2012


Jefferies LABAN YU hold 3 M 9 12 month 03.02.2012

Yuanta Securities Investment ConsultingKIM-CHONG TAN buy 5 M 12 Not Provided 19.01.2012

ICBC International Securities ANNA YU buy 5 U 11 Not Provided 19.01.2012

DBS Vickers WEE KEAT LEE buy 5 M 10 12 month 11.01.2012

Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012

Macquarie JAMES HUBBARD neutral 3 M 8 12 month 06.01.2012

Mizuho Securities ANDREW S F CHAN neutral 3 M 8 12 month 06.01.2012

Daiwa Securities Capital Markets Co. ADRIAN LOH hold 3 M 8 Not Provided 06.01.2012

Guotai Junan GRACE LIU buy 5 M 9 Not Provided 06.01.2012

Deutsche Bank DAVID HURD buy 5 U 11 12 month 04.01.2012

Mirae Asset Securities GORDON KWAN buy 5 M 10 12 month 04.01.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 9 9 month 15.12.2011


GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011

RBS DANNY HUANG buy 5 M 9 12 month 01.11.2011


SWS Research Co Ltd YE RONG buy 5 M 9 Not Provided 28.10.2011

HSBC PAUL SPEDDING underweight 1 M 6 Not Provided 29.08.2011

China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011

Masterlink Securities LI XIN hold 3 M 9 6 month 01.04.2011

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


27.02.2013

China Resources Enterprise Ltd, through its subsidiaries, focuses on the

consumer businesses in both Hong Kong and the Chinese Mainland, with core

activities being retail, beverage, food processing and distribution, textile,

and property investment.


LTM as of: 09/yy

52-Week High (15.03.2012) 30.80

52-Week Low (26.07.2012) 18.88

Daily Volume

24.95





59'936.37 1 Yr Total Return -10.49%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

















EBITDA Margin 6.2%



Asset Turnover 1.08







Fiscal Year Ended

China Resources Enterprise LtdPrice/Volume

Valuation Analysis

1'997'523.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


GLOBE FAME INVESTMEN n/a Co File 1'232'764'380 51.38 - 30.06.2011 Government

GENESIS ASSET MANAGE n/a EXCH 144'188'662 6.01 - 16.11.2011 Investment Advisor

ARTIO GLOBAL MANAGEM n/a EXCH 119'860'360 5 - 14.10.2010 Investment Advisor





MATTHEWS INTERNATION Multiple Portfolios MF-AGG 31'884'000 1.33 706'000 30.12.2011 Investment Advisor



MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 13'846'000 0.58 (1'786'000) 30.09.2011 Investment Advisor




DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 9'271'494 0.39 (138'467) 30.12.2011 Investment Advisor



INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 7'458'000 0.31 2'800'000 29.07.2011 Mutual Fund Manager




Standard Chartered CHARLES YAN outperform 5 M 33 12 month 09.03.2012


Haitong International Securities CHO FOOK TAT hold 3 U 30 Not Provided 29.02.2012


BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 32 12 month 27.02.2012

JPMorgan KURUMLU EBRU SENER neutral 3 M 25 12 month 20.02.2012

SinoPac KATHARINE SONG buy 5 U 33 12 month 16.02.2012

BOCOM International Holdings PHOEBE WONG neutral 3 M 26 12 month 16.02.2012


GuoSen Securities Co Ltd SEASON SUN buy 5 N 36 12 month 08.02.2012

Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 N 29 12 month 03.02.2012

Kim Eng Securities JACQUELINE KO buy 5 M 34 12 month 02.02.2012

Nomura EMMA LIU neutral 3 M 34 Not Provided 30.01.2012

DBS Vickers TITUS WU buy 5 M 30 12 month 27.01.2012

CLSA Asia Pacific Markets XIAOPO WEI buy 5 U 33 Not Provided 06.01.2012


Jefferies JESSIE GUO buy 5 M 29 12 month 20.12.2011

Barclays Capital VINEET SHARMA overwt/neutral 5 N 31 Not Provided 14.12.2011

Religare Capital Markets KA LEONG LO sell 1 N 23 12 month 06.12.2011


Mirae Asset Securities SELINA SIA buy 5 M 29 12 month 18.11.2011

Macquarie LINDA HUANG outperform 5 M 31 12 month 11.11.2011

Ji Asia WU GONGLIANG sell 1 D 24 12 month 27.10.2011


China International Capital Corp HAIYAN GUO accumulate 4 M 34 12 month 25.03.2011

Guotai Junan FRANK XU accumulate 4 M 33 Not Provided 07.03.2011

Holdings By:

China Resources Enterprise Ltd ee


27.02.2013

China Resources Land Limited, through its subsidiaries, develops and invests in

properties. The Company also provides corporate financing and electrical

engineering services.


LTM as of: 01/yy

52-Week High (30.01.2013) 24.50

52-Week Low (18.05.2012) 12.40

Daily Volume

21.85





127'328.66 1 Yr Total Return 49.63%










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 - -

5'681.1 9'365.8 16'650.2 25'729.2 35'794.8 - - 46'056.8 58'050.1 - -

14.45x 6.52x 5.86x 4.11x 3.47x - - 3.89x 3.03x - -

1'732.8 2'554.7 4'888.1 8'905.8 12'065.4 - - 13'649.5 15'937.2 - -

47.37x 23.89x 19.95x 11.88x 10.29x - - 13.17x 11.28x - -

1'431.1 1'994.0 4'303.8 6'026.5 8'070.0 - - 7'010.7 8'652.5 - -

43.32x 20.70x 20.02x 11.85x 8.45x - - 17.66x 14.74x - -











EBITDA Margin 34.3%



Asset Turnover 0.20







Fiscal Year Ended

China Resources Land LtdPrice/Volume

Valuation Analysis

6'779'866.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

4! ! 9

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 !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


CRH LAND LTD n/a EXCH 3'959'623'882 67.95 - 11.10.2011 Government




MATTHEWS INTERNATION Multiple Portfolios MF-AGG 56'928'000 0.98 - 30.12.2011 Investment Advisor



MORGAN STANLEY Multiple Portfolios MF-AGG 26'798'900 0.46 (3'472'000) 31.12.2011 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'572'700 0.4 (1'122'000) 30.06.2011 Investment Advisor





UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 14'016'000 0.24 (42'000) 30.11.2011 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 13'498'000 0.23 (3'368'000) 30.06.2011 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12'997'570 0.22 2'000 08.03.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 9'764'000 0.17 (682'000) 30.09.2011 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9'699'538 0.17 1'099'538 31.10.2011 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 8'120'500 0.14 7'898'000 08.03.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 8'010'016 0.14 2'716'150 31.12.2011 Investment Advisor


Credit Suisse JINSONG DU outperform 5 U 17 Not Provided 12.03.2012

JPMorgan LUCIA KWONG neutral 3 M 16 12 month 12.03.2012



DBS Vickers CAROL WU buy 5 M 17 12 month 12.03.2012

CIMB JOHNSON HU outperform 5 M 18 12 month 12.03.2012

Kim Eng Securities IVAN CHEUNG buy 5 M 17 12 month 12.03.2012

China International Capital Corp ERIC YU ZHANG buy 5 M 19 12 month 12.03.2012

BNP Paribas Equity Research FRANK CHEN hold 3 M 16 12 month 12.03.2012

SWS Research Co Ltd KRIS LI outperform 5 D 17 Not Provided 12.03.2012


Mirae Asset Securities STEPHANIE LAU buy 5 M 16 12 month 12.03.2012

Religare Capital Markets KAREN KWAN buy 5 M 16 12 month 12.03.2012

CMB International Capital Corp Ltd SAMSON MAN buy 5 M 17 12 month 12.03.2012

CCB International Securities Ltd ROSE ZHANG outperform 5 M 16 Not Provided 12.03.2012

BOCOM International Holdings TONI HO CHI CHUNG long-term buy 5 M 17 12 month 12.03.2012

Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 D 14 12 month 11.03.2012

Goldman Sachs WANG YI buy/attractive 5 M 20 12 month 11.03.2012

HSBC MICHELLE KWOK overweight 5 M 18 Not Provided 11.03.2012

Nomura ALVIN WONG buy 5 M 16 Not Provided 11.03.2012

Standard Chartered RAYMOND CHENG outperform 5 M 19 12 month 10.03.2012





GuoSen Securities Co Ltd HUI CAO buy 5 M 15 12 month 11.01.2012

CLSA Asia Pacific Markets NICOLE WONG buy 5 M 15 Not Provided 04.01.2012

Daiwa Securities Capital Markets Co. DANNY BAO hold 3 D 12 Not Provided 19.12.2011

Bank of China International CHRISTINA NGAI buy 5 M 15 Not Provided 24.10.2011

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 18.10.2011

Citic Securities Co., Ltd GARRICK CHENG buy 5 M 17 6 month 22.08.2011


Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011

Holdings By:

China Resources Land Ltd ee


27.02.2013

China Resources Power Holdings Company Limited is a power generation company.

The Company invests, develops, owns, and operates coal-fired power plants in

China.


LTM as of: 01/yy

52-Week High (14.02.2013) 23.40

52-Week Low (11.04.2012) 13.42

Daily Volume

20.85





99'390.11 1 Yr Total Return 44.51%










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 - -

















EBITDA Margin 23.8%



Asset Turnover 0.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Resources Power Holdings Co LtdPrice/Volume

Valuation Analysis

5'963'983.00


!.135

-!-.-1-3-5

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


FINETEX INTERNATIONA n/a EXCH 3'024'999'999 63.71 - 01.04.2011 Government





BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 30'185'000 0.64 8'294'000 30.11.2011 Investment Advisor


PRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 24'944'000 0.53 - 06.10.2011 Investment Advisor






COLONIAL FIRST STATE n/a EXCH 6'680'000 0.14 - 15.02.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 6'313'000 0.13 (498'000) 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'202'340 0.13 1'650'000 30.06.2011 Investment Advisor


PRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 5'826'000 0.12 - 31.12.2010 Investment Advisor

SHUAI TING WANG n/a Co File 5'260'920 0.11 - 31.12.2010 n/a



Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 17 12 month 07.03.2012

DBS Vickers JUNE NG buy 5 M 17 12 month 06.03.2012

Deutsche Bank MICHAEL TONG buy 5 M 20 12 month 05.03.2012

Yuanta Securities Investment ConsultingMIN LI buy 5 N 18 Not Provided 05.03.2012

BNP Paribas Equity Research DAISY ZHANG buy 5 M 17 12 month 29.02.2012

HSBC GIUSEPPE JACOBELLI overweight 5 N 18 Not Provided 27.02.2012

JPMorgan BORIS KAN overweight 5 M 19 3 month 22.02.2012

UOB Kay Hian YAN SHI buy 5 N 19 Not Provided 21.02.2012

Jefferies JOSEPH FONG buy 5 M 19 12 month 20.02.2012

Guotai Junan LEO WU accumulate 4 M 18 Not Provided 19.02.2012

Standard Chartered LI EVAN outperform 5 M 18 12 month 18.02.2012


Bank of China International PETER YAO hold 3 D 16 Not Provided 16.02.2012

Mirae Asset Securities RICKY NG buy 5 M 20 12 month 15.02.2012

Credit Suisse EDWIN PANG outperform 5 M 18 Not Provided 13.02.2012

GuoSen Securities Co Ltd VIVIAN FU buy 5 N 18 12 month 09.02.2012

Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 18 12 month 18.01.2012

Citi PIERRE LAU buy 5 M 18 Not Provided 18.01.2012

KGI Securities CHEN JUDITH neutral 3 M 15 12 month 23.12.2011

Macquarie SERENA LI outperform 5 M 17 12 month 19.12.2011

Daiwa Securities Capital Markets Co. DAVE DAI buy 5 M 18 Not Provided 02.12.2011


CLSA Asia Pacific Markets ALEX WU buy 5 M 19 Not Provided 03.11.2011

Masterlink Securities TEAM COVERAGE buy 5 M 18 6 month 13.10.2011

China International Capital Corp STEPHEN YU ZHANG hold 3 M 15 12 month 23.08.2011

Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 M 19 12 month 22.08.2011



Kim Eng Securities EDWARD FUNG hold 3 M 18 12 month 10.12.2010

Holdings By:

China Resources Power Holdings Co Ltd ee


27.02.2013

China Shenhua Energy Company Limited is an integrated coal-based energy company

focusing on the coal and power businesses in China. The Company also owns and

operates an integrated coal transportation network consisting of dedicated rail

lines and port facilities.


LTM as of: 09/yy

52-Week High (14.03.2012) 36.25

52-Week Low (07.06.2012) 24.15

Daily Volume

28.35





558'814.94 1 Yr Total Return -16.35%










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


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 16.37x 7.50x 2.05x 1.82x 7.79x -















EBITDA Margin 37.9%



Asset Turnover 0.57





Accounts Receivable Turnover 14.55 Cash Conversion Cycle -4.93


Fiscal Year Ended

China Shenhua Energy Co LtdPrice/Volume

Valuation Analysis

24'516'418.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013



CAPITAL GROUP COMPAN n/a Co File 169'960'025 5 - 31.12.2010 Investment Advisor

UBS AG n/a EXCH 168'903'007 4.97 - 12.11.2010 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 56'798'000 1.67 - 29.12.2011 Investment Advisor


UBS AG n/a Short (51'101'315) -1.5 - 12.11.2010 Investment Advisor


BLACKROCK INC n/a Short (32'145'690) -0.95 1'986'172 02.03.2012 Investment Advisor



MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 27'096'000 0.8 (13'123'500) 30.09.2011 Mutual Fund Manager


CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 26'309'025 0.77 (2'036'000) 30.11.2011 Investment Advisor



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 18'423'630 0.54 (286'000) 30.09.2011 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 15'078'000 0.44 - 31.01.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 13'558'500 0.4 (103'500) 29.07.2011 Mutual Fund Manager


SinoPac ROBERT WEI buy 5 M 43 12 month 12.03.2012

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 41 12 month 09.03.2012


Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 26 12 month 07.03.2012

BOCOM International Holdings HE WEI long-term buy 5 M 44 12 month 07.03.2012

JPMorgan DANIEL KANG overweight 5 M 44 12 month 06.03.2012

BNP Paribas Equity Research JAMES CLARKE buy 5 M 49 12 month 05.03.2012

Nomura IVAN LEE neutral 3 M 38 Not Provided 05.03.2012

ICBC International Securities ANNA YU buy 5 M 44 Not Provided 05.03.2012


Deutsche Bank JAMES KAN buy 5 M 40 12 month 02.03.2012

DBS Vickers JUNE NG buy 5 M 41 12 month 02.03.2012

Mizuho Securities KELVIN NG neutral 3 M 34 12 month 02.03.2012

Core Pacific KENNY CHEUNG buy 5 M 43 12 month 02.03.2012

CCB International Securities Ltd KAREN LI neutral 3 M 40 Not Provided 02.03.2012

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 48 12 month 01.03.2012

Barclays Capital EPHREM RAVI overwt/positive 5 M 45 Not Provided 27.02.2012

Macquarie MATTY ZHAO outperform 5 M 44 12 month 20.02.2012


Credit Suisse TRINA CHEN outperform 5 M 50 Not Provided 14.02.2012

Citi SCARLETT Y CHEN buy 5 M 41 Not Provided 08.02.2012


Masterlink Securities LI XIN buy 5 M 41 6 month 02.02.2012

Standard Chartered CHEN YAN outperform 5 M 42 12 month 18.01.2012

RBS JEANNETTE SIM buy 5 M 46 12 month 12.01.2012


KGI Securities YANG TAO neutral 3 M 36 12 month 21.12.2011

CLSA Asia Pacific Markets ANDREW DRISCOLL outperform 5 M 39 Not Provided 13.12.2011


Daiwa Securities Capital Markets Co. FELIX LAM buy 5 M 41 Not Provided 29.11.2011

Citic Securities Co., Ltd LUO ZETING buy 5 M 46 Not Provided 23.11.2011

Yuanta Securities Investment ConsultingJOHNNY WONG buy 5 M 44 Not Provided 22.11.2011

Religare Capital Markets CATHERINE WANG buy 5 M 45 12 month 04.11.2011

Ji Asia SAMUEL THAWLEY neutral 3 D #N/A N/A Not Provided 25.10.2011

GuoSen Securities Co Ltd DAVID LAM buy 5 N #N/A N/A Not Provided 20.09.2011

Guotai Junan LEO WU accumulate 4 M 38 Not Provided 06.09.2011

China International Capital Corp CAI HONGYU buy 5 M 42 12 month 29.08.2011


Redford Assets Management Ltd LAM KA KEI buy 5 M 38 Not Provided 08.03.2011

Cinda Securities Ltd CASTOR PANG buy 5 N 35 Not Provided 07.07.2010

Celestial Securities Limited HENRY LI buy 5 N 45 12 month 17.03.2010

Holdings By:

China Shenhua Energy Co Ltd ee


27.02.2013

China Unicom (Hong Kong) Limited, through its subsidiaries, provides

telecommunications services in the People's Republic of China. The Company's

services include cellular, paging, long distance, data, and Internet services.


LTM as of: 09/yy

52-Week High (09.03.2012) 14.38

52-Week Low (18.07.2012) 9.45

Daily Volume

10.96





258'272.97 1 Yr Total Return -20.71%










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

















EBITDA Margin 29.7%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Unicom Hong Kong LtdPrice/Volume

Valuation Analysis

26'310'334.00


!.135

-!-.-1-3-5.!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA UNICOM BVI LTD n/a Co File 9'725'000'020 41.27 - 31.12.2010 Government

CHINA NETCOM GROUP C n/a Co File 7'234'075'906 30.7 - 31.12.2010 Government

TELEFONICA INTERNACI n/a 13D 2'254'378'708 9.57 - 07.09.2011 Corporation





MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 67'608'000 0.29 530'000 31.12.2011 Investment Advisor




HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 40'900'000 0.17 (5'470'000) 30.06.2011 Investment Advisor


PRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 19'793'990 0.08 - 31.12.2010 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 19'742'000 0.08 (201'800) 30.11.2011 Investment Advisor



GARTMORE GROUP LTD Multiple Portfolios MF-AGG 18'096'000 0.08 - 31.01.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 17'710'000 0.08 - 31.12.2011 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 16'070'000 0.07 34'000 30.09.2011 Investment Advisor


Jefferies CYNTHIA JINHONG MENG buy 5 M 21 12 month 09.03.2012

Nomura DANNY CHU buy 5 M 20 Not Provided 07.03.2012

Barclays Capital ANAND RAMACHANDRAN underwt/neutral 1 M 15 Not Provided 07.03.2012

BOCOM International Holdings LI ZHIWU sell 1 M 10 12 month 02.03.2012

Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 19 12 month 29.02.2012

Yuanta Securities Investment ConsultingKELVIN HO buy 5 M 18 Not Provided 27.02.2012

Bank of China International MICHAEL MENG hold 3 M 16 Not Provided 21.02.2012

RBS TOMMY MOK buy 5 M 17 12 month 16.02.2012

Citi BIN LIU buy 5 M 17 Not Provided 16.02.2012

ICBC International Securities KARY SEI buy 5 U 17 Not Provided 16.02.2012

BNP Paribas Equity Research ALEN LIN hold 3 M 16 12 month 15.02.2012

Mirae Asset Securities ERIC WEN buy 5 U 17 12 month 14.02.2012

China International Capital Corp CHEN HAOFEI buy 5 M 18 12 month 08.02.2012

Mizuho Securities MARVIN LO neutral 3 N 15 12 month 01.02.2012

DBS Vickers TAM TSZ-WANG buy 5 M 18 12 month 20.01.2012

Credit Suisse COLIN MCCALLUM outperform 5 M 21 Not Provided 19.01.2012

SWS Research Co Ltd JIM TANG outperform 5 M 18 Not Provided 19.01.2012

CLSA Asia Pacific Markets ELINOR LEUNG underperform 1 M 16 Not Provided 12.01.2012


HSBC TUCKER GRINNAN neutral 3 M 17 Not Provided 05.01.2012

Ji Asia NEIL JUGGINS sell 1 M 13 12 month 16.12.2011

Standard Chartered STEVEN LIU underperform 1 M 13 12 month 09.12.2011


First Shanghai Securities Ltd TSOI HO buy 5 M 20 12 month 22.11.2011

Capital Securities Corp TEAM COVERAGE hold 3 N #N/A N/A Not Provided 28.10.2011

Kim Eng Securities ANDY POON buy 5 M 19 12 month 28.10.2011

Citic Securities Co., Ltd PATRICK CHOI buy 5 M 20 6 month 28.10.2011

UOB Kay Hian VICTOR YIP hold 3 M 14 Not Provided 28.10.2011

JPMorgan LUCY LIU overweight 5 M 19 Not Provided 27.10.2011

Daiwa Securities Capital Markets Co. ALAN KAM hold 3 M 16 Not Provided 27.10.2011

Macquarie LISA SOH underperform 1 M 12 12 month 13.09.2011

Deutsche Bank ALAN HELLAWELL buy 5 M 22 12 month 30.08.2011

Goldman Sachs DONALD LU neutral/neutral 3 M 16 12 month 26.08.2011

Pacific Crest Securities STEVE CLEMENT outperform 5 M 17 12 month 24.08.2011

Haitong International Securities ALEX LEE hold 3 M 14 12 month 18.07.2011

Masterlink Securities TEAM COVERAGE buy 5 N 13 Not Provided 05.08.2010

Orient Securities JUN ZHOU buy 5 N #N/A N/A Not Provided 14.07.2009

Holdings By:

China Unicom Hong Kong Ltd ee


27.02.2013

Citic Pacific Limited manufactures special steel used in bearings, gears,

springs, and high-pressurized piping steel. The Company also has operation in

iron ore mining which supplies the raw material in making of special steel and

property development in mainland China.


LTM as of: 06/yy

52-Week High (01.03.2012) 14.92

52-Week Low (05.09.2012) 8.64

Daily Volume

11.08





40'435.84 1 Yr Total Return -18.97%










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

38'534.0 46'420.0 46'409.0 70'614.0 100'086.0 0.0 0.0 102'347.1 116'158.3 - -

3.16x 1.63x 2.70x 1.96x - #DIV/0! #DIV/0! 1.37x 1.25x - -

4'749.0 5'223.0 5'205.0 7'008.0 - 0.0 0.0 9'580.6 11'416.1 - -

25.66x 14.46x 24.08x 19.79x - 0.00x 0.00x 13.61x 11.42x - -

10'843.0 (12'687.0) 5'950.0 8'915.0 9'233.0 0.0 0.0 5'761.6 4'960.3 - -

8.87x - 12.82x 8.28x 5.53x 0.00x 0.00x 7.38x 8.39x - -


EBIT 7'259.00 Long-Term Rating BB+



Return on Assets 3.75% Short-Term Rating NR






EBITDA Margin 8.2%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CITIC Pacific LtdPrice/Volume

Valuation Analysis

6'771'563.00


!

2

-!

-2

.!

.2

0!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


FULL CHANCE INVESTME n/a EXCH 450'416'694 12.34 - 27.12.2011 n/a

NEWEASE INVESTMENS n/a EXCH 450'416'694 12.34 - 27.12.2011 n/a

SKYPROFIT HOLDINGS L n/a EXCH 450'416'694 12.34 - 27.12.2011 n/a

HONPVILLE CORP n/a EXCH 310'988'221 8.52 - 27.12.2011 n/a

CHI KIN YUNG n/a EXCH 281'928'000 7.73 - 15.11.2011 n/a

JETWAY CORP n/a EXCH 122'336'918 3.35 - 27.12.2011 n/a

WESTMINSTER INVESTME n/a EXCH 101'960'000 2.79 - 27.12.2011 n/a

HAINSWORTH LTD n/a EXCH 93'136'000 2.55 - 27.12.2011 n/a


AFFLUENCE LTD n/a EXCH 43'266'000 1.19 - 27.12.2011 n/a

CORDIA CORP n/a EXCH 32'258'064 0.88 - 27.12.2011 n/a

WINTON CORP n/a EXCH 30'718'000 0.84 - 27.12.2011 n/a


INVESCO LTD Multiple Portfolios MF-AGG 15'758'000 0.43 13'000 09.03.2012 Investment Advisor



SOUTHPOINT ENTERPRIS n/a EXCH 10'000'000 0.27 - 27.12.2011 n/a


DESMARAIS ANDRE n/a Co File 8'145'000 0.22 - 31.12.2010 n/a

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 6'974'000 0.19 - 30.11.2011 Investment Advisor


Standard Chartered JEREMY GRAY underperform 1 D 13 12 month 02.03.2012


CLSA Asia Pacific Markets PAUL KALOGIROU underperform 1 M 15 Not Provided 02.03.2012

Morgan Stanley COREY CHAN Overwt/In-Line 5 M 17 12 month 01.03.2012


JPMorgan BENJAMIN LO neutral 3 M 13 9 month 01.03.2012


Citi ANIL DASWANI sell 1 M 11 Not Provided 01.03.2012


Deutsche Bank MICHAEL LEE hold 3 M 14 12 month 17.01.2012

Guotai Junan SIMON JIANG neutral 3 M 9 Not Provided 12.07.2009

Holdings By:

CITIC Pacific Ltd ee


27.02.2013

CLP Holdings Limited, through its subsidiaries, generates and supplies

electricity. The Company also develops and invests in power projects and

invests in properties.


LTM as of: 01/yy

52-Week High (08.03.2012) 69.00

52-Week Low (04.06.2012) 62.50

Daily Volume

66.55





168'135.30 1 Yr Total Return 4.55%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -








EBIT 15'160.00 Long-Term Rating A-









EBITDA Margin 24.3%



Asset Turnover 0.47







Fiscal Year Ended

CLP Holdings LtdPrice/Volume

Valuation Analysis

5'533'319.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9-! ! 9

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 .!-- !. !- .!-.



27.02.2013


LAWRENCIUM MIKADO HO n/a Co File 239'044'212 9.93 - 31.12.2010 n/a

RON & RITA MCAULAY F n/a EXCH 209'014'077 8.69 - 23.08.2011 n/a

OAK CLP LTD n/a Co File 196'554'172 8.17 - 30.06.2010 n/a

LAWRENCIUM HOLDINGS n/a Co File 147'980'670 6.15 - 31.12.2010 n/a

ACORN HOLDINGS CORP n/a Co File 70'146'655 2.92 - 31.12.2010 n/a



CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'535'000 0.77 - 31.12.2011 Investment Advisor



LASHMI CO LTD n/a EXCH 7'359'811 0.31 - 08.10.2009 n/a

MERLIN INVESTMENTS L n/a EXCH 7'359'811 0.31 - 08.10.2009 n/a

UMB BANK N A Multiple Portfolios MF-AGG 6'245'160 0.26 - 31.01.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'728'534 0.2 1'066'000 08.03.2012 Investment Advisor

MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 3'557'500 0.15 - 30.06.2011 Mutual Fund Manager


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 3'081'000 0.13 - 31.12.2011 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 3'012'600 0.13 - 30.11.2011 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 2'722'000 0.11 - 29.12.2011 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2'679'733 0.11 31'469 31.12.2011 Investment Advisor



Nomura IVAN LEE neutral 3 M 65 Not Provided 07.03.2012


Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 71 12 month 28.02.2012

Credit Suisse EDWIN PANG neutral 3 M 69 Not Provided 28.02.2012

Bank of China International PETER YAO hold 3 M 71 Not Provided 28.02.2012


CLSA Asia Pacific Markets RAJESH PANJWANI underperform 1 M 65 Not Provided 28.02.2012

Ji Asia FELIX FOK buy 5 M 74 12 month 28.02.2012

RBS JENNY COSGROVE buy 5 M 78 12 month 27.02.2012

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 69 12 month 27.02.2012

JPMorgan ELAINE WU neutral 3 M 72 3 month 27.02.2012


Deutsche Bank ERIC CHENG buy 5 U 70 12 month 20.02.2012

Macquarie ADAM WORTHINGTON outperform 5 M 72 12 month 19.01.2012

Citi PIERRE LAU neutral 3 M 73 Not Provided 08.10.2011

Standard Chartered DENNIS IP in-line 3 M 72 12 month 17.08.2011

Daiwa Securities Capital Markets Co. DAVE DAI hold 3 N 72 Not Provided 12.08.2011

Holdings By:

CLP Holdings Ltd ee


27.02.2013

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells

crude oil and natural gas.


LTM as of: 01/yy

52-Week High (29.02.2012) 17.84

52-Week Low (05.06.2012) 13.18

Daily Volume

14.98





668'801.63 1 Yr Total Return -10.35%










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 - -








EBIT 88'523.00 Long-Term Rating AA-





Return on Capital - EBITDA/Interest Exp. 76.41




EBITDA Margin 48.6%



Asset Turnover 0.60







Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

47'860'635.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

0!! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2011 Government





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 273'894'070 0.61 649'000 31.12.2011 Investment Advisor







SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 86'797'957 0.19 18'000 30.09.2011 Investment Advisor




JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 73'463'000 0.16 17'215'000 31.12.2011 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 64'346'919 0.14 58'435'000 30.09.2011 Mutual Fund Manager




Nomura SONIA SONG buy 5 M 20 Not Provided 12.03.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 21 12 month 09.03.2012

BOCOM International Holdings FEI WU long-term buy 5 M 16 12 month 07.03.2012

Barclays Capital SCOTT DARLING overwt/positive 5 M 21 Not Provided 05.03.2012

Goldman Sachs NILESH BANERJEE neutral/neutral 3 D 19 12 month 01.03.2012

Deutsche Bank DAVID HURD buy 5 M 21 12 month 29.02.2012

Credit Suisse DAVID HEWITT neutral 3 D 18 Not Provided 23.02.2012


Jefferies LABAN YU underperform 1 D 14 12 month 15.02.2012

Citi GRAHAM CUNNINGHAM buy 5 M 20 Not Provided 15.02.2012

UOB Kay Hian YAN SHI hold 3 D 18 Not Provided 15.02.2012

Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 18 12 month 19.01.2012

Yuanta Securities Investment ConsultingKIM-CHONG TAN hold 3 M 17 Not Provided 19.01.2012

Macquarie JAMES HUBBARD outperform 5 M 21 12 month 19.01.2012

Bank of China International LAWRENCE LAU hold 3 M 16 Not Provided 19.01.2012

China International Capital Corp BIN GUAN accumulate 4 D 19 12 month 19.01.2012


CLSA Asia Pacific Markets SIMON POWELL underperform 1 M 16 Not Provided 19.01.2012

ICBC International Securities ANNA YU hold 3 D 17 Not Provided 19.01.2012


Morgan Stanley WEE KIAT TAN Overwt/Attractive 5 M 23 12 month 18.01.2012

Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 21 Not Provided 18.01.2012

DBS Vickers WEE KEAT LEE hold 3 D 16 12 month 11.01.2012

Mizuho Securities ANDREW S F CHAN buy 5 M 20 12 month 06.01.2012

Guotai Junan GRACE LIU accumulate 4 M 23 Not Provided 06.01.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 9 month 14.12.2011


GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

RBS AIDEN BRADLEY hold 3 M 14 12 month 07.11.2011

SWS Research Co Ltd YE RONG neutral 3 D 16 Not Provided 27.10.2011

Ji Asia SAMUEL THAWLEY sell 1 D 10 12 month 03.10.2011

HSBC PAUL SPEDDING overweight 5 M 23 Not Provided 06.09.2011


Redford Assets Management Ltd LAM KA KEI buy 5 N 22 Not Provided 24.03.2011

Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

CNOOC Ltd ee


27.02.2013

COSCO Pacific Limited, through its subsidiaries, provides shipping container

leasing services worldwide. The Company also operates container terminals and

provides container handling, storage, transportation and management services,

as well as depot handling and stevedoring services.


LTM as of: 09/yy

52-Week High (23.01.2013) 13.32

52-Week Low (05.06.2012) 8.82

Daily Volume

12.16





33'880.51 1 Yr Total Return 10.29%




Cash and Equivalents 580.96 Consensus Rating 4.308






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

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 437.1 555.1 732.8 804.2 184.0 -


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 0.0 436.7 487.2 - -




EBITDA 317.97 Long-Term Rating Date -

EBIT 174.46 Long-Term Rating -









EBITDA Margin 53.0%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

COSCO Pacific LtdPrice/Volume

Valuation Analysis

5'701'158.00


!.135

-!-.-1-3-5

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 92 ! 9-! ! 9-2 ! 9.! ! 9.2 ! 90! ! 902 ! 91! ! 912 ! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHINA COSCO HOLDINGS n/a EXCH 1'158'303'338 42.71 - 12.05.2010 Government

JP MORGAN CHASE & CO n/a EXCH 271'656'048 10.02 1'632'000 07.12.2011 Investment Advisor

UBS AG n/a EXCH 108'395'401 4 - 10.05.2010 Investment Advisor



JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 32'541'770 1.2 32'541'770 30.09.2011 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 21'130'000 0.78 1'130'000 31.01.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 19'050'000 0.7 940'000 31.01.2012 Mutual Fund Manager



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'324'000 0.42 - 30.09.2011 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 9'880'000 0.36 364'000 31.05.2011 Mutual Fund Manager





FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7'883'633 0.29 2'489'289 31.12.2011 Investment Advisor


SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7'242'000 0.27 (500'000) 30.09.2012 Investment Advisor



Jefferies BOYONG LIU buy 5 M 15 12 month 06.03.2012


Morgan Stanley EDWARD XU Overwt/In-Line 5 M 15 12 month 22.02.2012

RBS OSBERT TANG buy 5 M 14 12 month 15.02.2012

Deutsche Bank MICHAEL LEE buy 5 M 14 12 month 13.02.2012

China International Capital Corp YANG XIN hold 3 M 8 12 month 06.02.2012

CLSA Asia Pacific Markets PHILIP CHOW buy 5 M 12 Not Provided 20.01.2012

JPMorgan KAREN LI overweight 5 M 14 9 month 19.01.2012

DBS Vickers KEN HE buy 5 M 13 12 month 17.01.2012

Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 11 6 month 17.01.2012


HSBC PARASH JAIN overweight 5 M 13 Not Provided 13.01.2012

UOB Kay Hian LAWRENCE LI buy 5 M 14 Not Provided 05.12.2011


Citi VIVIAN WEI TAO buy 5 N 11 Not Provided 29.11.2011

Religare Capital Markets PETER WILLIAMSON buy 5 M 13 12 month 22.11.2011

Guotai Junan JASON SONG accumulate 4 M 14 Not Provided 28.10.2011


Credit Suisse INGRID WEI outperform 5 M 15 Not Provided 26.10.2011

Barclays Capital JON WINDHAM overwt/neutral 5 M 14 Not Provided 11.10.2011


China Merchants Securities YU HUANGYAN outperform 5 M 8 Not Provided 23.02.2009

Holdings By:

COSCO Pacific Ltd ee


27.02.2013

Esprit Holdings Limited, through its subsidiaries, designs, licenses, sources,

wholesales, and retails high quality life-style products under the ESPRIT brand

name in Europe, Asia Pacific and North America. The Company also sells Red

Earth cosmetics, skin, and body care products and operates Salon Esprit in Asia

Pacific.


LTM as of: 01/yy

52-Week High (05.03.2012) 18.22

52-Week Low (25.07.2012) 8.13

Daily Volume

10.1





19'584.65 1 Yr Total Return -34.76%










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 09/11 Q1 12/11 Q2



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 442.4 1'185.6 - -


#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - (269.8) 469.3 - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - 35.07x - -





Return on Assets -0.54% Short-Term Rating -

Return on Common Equity -0.80%

Return on Capital -0.93% EBITDA/Interest Exp. 50.00




EBITDA Margin 3.3%



Asset Turnover 1.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Esprit Holdings LtdPrice/Volume

Valuation Analysis

17'958'513.00


!

2

-!

-2

.!

.2

0!

02

1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

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 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


LONE PINE CAPITAL LL n/a EXCH 131'116'400 10.16 - 01.03.2012 Hedge Fund Manager

MARATHON ASSET MANAG n/a EXCH 91'176'424 7.07 - 07.02.2012 Investment Advisor

BLACKROCK INC n/a EXCH 67'941'291 5.26 - 22.11.2011 Investment Advisor


MASSACHUSETTS FINANC n/a EXCH 64'245'960 4.98 - 13.01.2011 Investment Advisor

CAPITAL WORLD INVEST n/a EXCH 63'329'677 4.91 - 18.05.2011 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 63'298'839 4.91 - 21.09.2011 Investment Advisor

ALLIANCEBERNSTEIN LP n/a EXCH 57'993'583 4.49 - 03.10.2011 Investment Advisor

FRIEDRICH JURGEN ALF n/a EXCH 45'053'669 3.49 - 05.12.2011 n/a


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 16'416'700 1.27 1'940'000 30.12.2011 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'063'094 0.93 384'800 31.03.2011 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 11'791'285 0.91 51'800 30.11.2011 Investment Advisor




MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 7'296'053 0.57 1'695'800 30.12.2011 Investment Advisor




Societe Generale ANNE CRITCHLOW hold 3 M 18 12 month 08.03.2012


Jyske Bank ROBERT JAKOBSEN strong buy 5 M 22 Not Provided 29.02.2012

Standard Chartered EMILY LEE underperform 1 D 15 12 month 24.02.2012

Credit Suisse GABRIEL CHAN underperform 1 M 13 Not Provided 24.02.2012

Macquarie GARY PINGE outperform 5 M 24 12 month 24.02.2012

DBS Vickers ALICE HUI hold 3 M 15 12 month 24.02.2012

Mizuho Securities PETER TANG neutral 3 M 19 12 month 24.02.2012

UOB Kay Hian TOMMY HO hold 3 M 20 Not Provided 24.02.2012

Religare Capital Markets PETER WILLIAMSON buy 5 M 23 12 month 24.02.2012

CLSA Asia Pacific Markets AARON FISCHER underperform 1 U 18 Not Provided 24.02.2012

Deutsche Bank ANNE LING hold 3 M 20 12 month 23.02.2012

Morgan Stanley ANGELA MOH Equalwt/In-Line 3 M 14 12 month 23.02.2012

JPMorgan KURUMLU EBRU SENER neutral 3 U 20 3 month 23.02.2012

Citi EDDIE K LAU sell 1 D 14 Not Provided 23.02.2012

Nomura TANUJ SHORI neutral 3 M 17 Not Provided 23.02.2012

Barclays Capital VINEET SHARMA underwt/neutral 1 M 13 Not Provided 23.02.2012

Goldman Sachs JOSHUA LU neutral/neutral 3 M 12 12 month 20.10.2011

Haitong International Securities WINNIE FONG buy 5 U 35 12 month 06.05.2011

CIMB TEAM COVERAGE neutral 3 M 48 12 month 16.09.2010

Holdings By:

Esprit Holdings Ltd ee


27.02.2013

Hang Lung Properties Limited, through its subsidiaries, invests in, develops,

and manages properties. The Company also manages parking lots.


LTM as of: 01/yy

52-Week High (10.01.2013) 31.65

52-Week Low (04.06.2012) 23.80

Daily Volume

29.4





131'611.05 1 Yr Total Return 4.19%










30.06.2008 30.06.2009 30.06.2010 30.06.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

















EBITDA Margin 99.0%



Asset Turnover 0.05







Fiscal Year Ended

Hang Lung Properties LtdPrice/Volume

Valuation Analysis

6'179'423.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

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!

- !!

- .!



27.02.2013


PROSPERLAND HOUSING n/a EXCH 1'267'523'511 28.34 - 31.12.2011 Other

PUROTAT LTD n/a EXCH 354'227'500 7.92 - 31.12.2011 Other

JP MORGAN CHASE & CO n/a Co File 223'578'933 5 - 30.06.2011 Investment Advisor

ARTIO GLOBAL MANAGEM n/a EXCH 222'586'000 4.98 - 12.01.2011 Investment Advisor

HANG LUNG INVESTMENT n/a EXCH 183'176'000 4.09 - 31.12.2011 Investment Advisor

HANG LUNG ENTERPRISE n/a EXCH 169'225'000 3.78 - 31.12.2011 Other

BELIEVECITY LTD n/a EXCH 120'608'945 2.7 - 31.12.2011 Other


COKAGE LTD n/a EXCH 95'118'250 2.13 - 31.12.2011 Other

CARMIGNAC GESTION Multiple Portfolios MF-AGG 94'167'296 2.11 (347'774) 30.09.2011 Investment Advisor

HANG KONG CO LTD n/a EXCH 73'182'000 1.64 - 31.12.2011 Other

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 54'073'000 1.21 12'282'000 31.12.2011 Investment Advisor


THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 39'870'000 0.89 8'425'000 31.10.2011 Hedge Fund Manager




DODGE & COX Multiple Portfolios MF-AGG 31'964'000 0.71 - 31.12.2011 Investment Advisor

KINGSWICK INVESTMENT n/a EXCH 28'333'100 0.63 - 31.12.2011 Investment Advisor

ALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 27'849'000 0.62 457'000 31.01.2012 Investment Advisor


Mirae Asset Securities KEITH YEUNG hold 3 D 31 12 month 22.02.2012

Standard Chartered JOHN Y F CHAN outperform 5 M 30 12 month 18.02.2012

JPMorgan AMY LUK neutral 3 M 28 12 month 16.02.2012

Credit Suisse CUSSON LEUNG underperform 1 M 21 Not Provided 13.02.2012

Nomura PAUL LOUIE neutral 3 M 28 Not Provided 13.02.2012

DBS Vickers JEFF YAU hold 3 M 27 12 month 27.01.2012

Morgan Stanley PRAVEEN K CHOUDHARY Underwt/In-Line 1 M 23 12 month 20.01.2012

Macquarie CALLUM BRAMAH outperform 5 M 33 12 month 20.01.2012

Bank of China International VENANT CHIANG buy 5 M 27 Not Provided 20.01.2012


CLSA Asia Pacific Markets SUSANNA LEUNG buy 5 M 30 Not Provided 20.01.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N #N/A N/A Not Provided 20.01.2012



EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 09.01.2012

HSBC PERVEEN WONG neutral 3 M 24 Not Provided 08.01.2012

Barclays Capital ANDREW LAWRENCE underwt/negative 1 M 23 Not Provided 02.11.2011

Goldman Sachs ANTHONY WU buy/attractive 5 M 32 12 month 20.10.2011


Daiwa Securities Capital Markets Co. JONAS KAN buy 5 M 34 Not Provided 27.09.2011

Haitong International Securities KATIE CHAN hold 3 M 33 12 month 04.08.2011

RBS FAN TSO hold 3 M 30 12 month 22.07.2011

Capital Securities Corp LANTIS LI buy 5 N 40 12 month 24.06.2011


Holdings By:

Hang Lung Properties Ltd ee


27.02.2013

Hang Seng Bank Limited and its subsidiaries provide banking and related

financial services.


LTM as of: 01/yy

52-Week High (14.02.2013) 129.00

52-Week Low (04.06.2012) 99.20

Daily Volume

123.6



% 52 Week Price Range High/Low 79.19% Equity Float 723.76


236'303.77 1 Yr Total Return 27.69%





Enterprise Value -





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 - - 24'466.0 26'984.5 - -

4.07x 3.01x 3.44x 3.69x 1.81x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

18'242.0 14'099.0 13'138.0 14'917.0 16'680.0 - - 17'413.4 19'517.1 8'336.0 -

16.87x 13.80x 16.70x 16.38x 10.57x - - 13.43x 11.69x - -


EBIT - Long-Term Rating AA-



Return on Assets 1.81% Short-Term Rating A-1+




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hang Seng Bank LtdPrice/Volume

Valuation Analysis

1'418'541.00


!

.!

1!

3!

5!

-!!

-.!

-1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9-! ! 9

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 !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


HONGKONG & SHANGHAI n/a Co File 1'188'057'371 62.14 - 31.12.2010 Bank

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 12'613'600 0.66 (833'100) 31.12.2011 Investment Advisor





PRUDENTIAL ASSET MGM Multiple Portfolios MF-AGG 2'412'900 0.13 - 06.10.2011 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'415'600 0.07 (745'600) 26.10.2011 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'364'400 0.07 - 27.09.2011 Investment Advisor


SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'199'900 0.06 - 11.07.2012 Investment Advisor

ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 1'095'500 0.06 1'094'900 29.02.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 941'288 0.05 (5'189'464) 30.12.2011 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 879'330 0.05 530'241 31.10.2011 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 867'465 0.05 (36'500) 08.03.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 785'600 0.04 (393'400) 31.12.2011 Pension Fund (ERISA)

BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 726'161 0.04 28'220 31.12.2011 Investment Advisor

DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 693'200 0.04 (12'500) 30.11.2011 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 545'754 0.03 - 30.09.2011 Unclassified


JPMorgan JOSEPH LEUNG neutral 3 M 105 12 month 12.03.2012



Credit Suisse FRANCO LAM outperform 5 M 120 Not Provided 06.03.2012

Bank of China International MIMI KONG buy 5 M 118 Not Provided 06.03.2012


Nomura DANIEL SHUM reduce 2 M 80 Not Provided 05.03.2012

Citic Securities Co., Ltd STEVEN CHAN sell 1 M 85 6 month 01.03.2012



DBS Vickers ALEXANDER LEE hold 3 M 105 12 month 28.02.2012


China International Capital Corp SALLY NG hold 3 M 104 12 month 28.02.2012




CLSA Asia Pacific Markets KEVIN CHAN underperform 1 M 97 Not Provided 28.02.2012

Deutsche Bank SOPHIA LEE buy 5 M 120 12 month 27.02.2012

Citi GARY LAM neutral 3 M 108 Not Provided 27.02.2012


Daiwa Securities Capital Markets Co. GRACE WU buy 5 M 125 Not Provided 27.02.2012

CCB International Securities Ltd ADAM CHAN outperform 5 M 118 Not Provided 27.02.2012

Barclays Capital SHARNIE WONG underwt/neutral 1 D 92 Not Provided 13.02.2012

Goldman Sachs VINCENT CHANG neutral/neutral 3 M 109 12 month 01.02.2012

Mizuho Securities JIM ANTOS buy 5 N 114 12 month 30.11.2011


Holdings By:

Hang Seng Bank Ltd ee


27.02.2013

Henderson Land Development Company Limited, through its subsidiaries, develops,

invests in, and manages properties. The Company also provides project

management, construction, and finance services. In addition, Henderson Land

Development operates department stores, hotels and infrastructure business.


LTM as of: 01/yy

52-Week High (18.01.2013) 59.90

52-Week Low (18.05.2012) 37.00

Daily Volume

53.45





129'073.34 1 Yr Total Return 13.91%










30.06.2007 30.06.2008 30.06.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

















EBITDA Margin 27.7%



Asset Turnover 0.05







Fiscal Year Ended

Henderson Land Development Co LtdPrice/Volume

Valuation Analysis

3'005'804.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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0!

1!

2!

3!

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. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


HENDERSON DEVELOPMEN n/a EXCH 698'976'789 29.51 - 20.01.2012 Corporation

BELIEVEGOOD LTD n/a EXCH 370'379'416 15.64 1'085'000 20.01.2012 Other

CAMERON ENTERPRISE I n/a EXCH 179'543'353 7.58 - 20.01.2012 Other

THIRD AVENUE MANAGEM n/a EXCH 118'324'035 4.99 - 08.12.2011 Hedge Fund Manager

PROSGLASS INVESTMENT n/a EXCH 73'964'970 3.12 - 20.01.2012 Investment Advisor

FANCY EYE LTD n/a EXCH 68'060'406 2.87 - 20.01.2012 Other

SPREADRAL LTD n/a EXCH 56'912'301 2.4 - 20.01.2012 Other







SANDRA INVESTMENT LT n/a EXCH 8'238'934 0.35 - 30.06.2011 Investment Advisor

SHAU KEE LEE n/a EXCH 7'521'743 0.32 - 20.01.2012 n/a

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'937'254 0.25 - 30.12.2011 Investment Advisor

HONG KONG AND CHINA n/a EXCH 5'602'600 0.24 - 01.12.2011 Corporation

SUPERFUN ENTERPRISES n/a EXCH 5'602'600 0.24 - 20.01.2012 Other


PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 4'473'201 0.19 (1'000) 30.09.2011 Investment Advisor


BOCOM International Holdings ALFRED LAU neutral 3 M 44 12 month 27.02.2012

Mirae Asset Securities KEITH YEUNG reduce 2 D 42 12 month 22.02.2012


Standard Chartered PAUL YAU in-line 3 M 52 12 month 18.02.2012


JPMorgan LUCIA KWONG neutral 3 M 52 12 month 16.02.2012


Credit Suisse CUSSON LEUNG neutral 3 M 45 Not Provided 09.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012


CLSA Asia Pacific Markets NICOLE WONG underperform 1 M 41 Not Provided 09.01.2012

HSBC DEREK KWONG overweight 5 M 56 Not Provided 08.01.2012



Barclays Capital ANDREW LAWRENCE equalwt/negative 3 U 37 Not Provided 02.11.2011

Goldman Sachs ANTHONY WU neutral/attractive 3 M 45 12 month 20.10.2011

Kim Eng Securities IVAN CHEUNG buy 5 M 57 12 month 29.08.2011

CCB International Securities Ltd EDMOND CHAN neutral 3 M 44 Not Provided 26.08.2011


Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011

Holdings By:

Henderson Land Development Co Ltd ee


27.02.2013

Hengan International Group Company Limited, through its subsidiaries,

manufactures and sells personal hygiene products such as sanitary napkins and

disposable baby diapers in China. The Company's products are sold under the

Anerle brand name.


LTM as of: 01/yy

52-Week High (20.04.2012) 83.45

52-Week Low (14.12.2012) 67.00

Daily Volume

78.3





96'232.88 1 Yr Total Return 16.81%










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 - -

















EBITDA Margin 24.8%



Asset Turnover 0.76







Fiscal Year Ended

Hengan International Group Co LtdPrice/Volume

Valuation Analysis

2'093'982.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


TIN LEE INVESTMENTS n/a EXCH 228'228'999 18.57 - 21.07.2011 Investment Advisor

AN PING INVESTMENTS n/a EXCH 224'669'751 18.28 - 21.07.2011 Investment Advisor




FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 19'480'990 1.59 (125'489) 31.01.2012 Investment Advisor

SKYFUL HOLDINGS LTD n/a EXCH 17'270'000 1.41 - 21.07.2011 n/a

CHUN MAN XU n/a EXCH 16'167'445 1.32 - 18.07.2011 n/a




GO-AHEAD GROUP LTD n/a EXCH 10'000'000 0.81 - 21.07.2011 n/a



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 8'186'021 0.67 - 30.09.2011 Investment Advisor


CHING SHAN HUNG n/a EXCH 7'000'000 0.57 - 18.07.2011 n/a

WAN LI CO LTD n/a EXCH 7'000'000 0.57 - 21.07.2011 n/a


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'066'500 0.49 (500'000) 31.12.2011 Investment Advisor



Guotai Junan SUNNY KWOK accumulate 4 M 75 Not Provided 23.02.2012

Goldman Sachs LISA DENG neutral/neutral 3 M 71 12 month 21.02.2012

JPMorgan JESSICA HONG underweight 1 M 51 9 month 20.02.2012

Kim Eng Securities JACQUELINE KO sell 1 N 61 12 month 20.02.2012

BOCOM International Holdings SUMMER WANG buy 5 M 89 12 month 16.02.2012

SWS Research Co Ltd SEAN ZHANG outperform 5 M 76 Not Provided 09.02.2012

CLSA Asia Pacific Markets DAWEI FENG buy 5 M 88 Not Provided 08.02.2012

Credit Suisse KEVIN YIN outperform 5 M 73 Not Provided 07.02.2012

BNP Paribas Equity Research JESSICA LE buy 5 M 82 12 month 07.02.2012

UOB Kay Hian TOMMY HO hold 3 M 77 Not Provided 02.02.2012

Deutsche Bank MABEL WONG buy 5 M 75 12 month 16.12.2011

Standard Chartered JUNTUNG WU in-line 3 M 65 12 month 14.12.2011

Citi JASMINE BAI buy 5 M 78 Not Provided 13.12.2011

Capital Securities Corp LANTIS LI strong buy 5 M 96 12 month 05.12.2011

HSBC WALDEN SHING neutral 3 U 75 Not Provided 23.11.2011

First Shanghai Securities Ltd WANG SHIZHEN hold 3 D 68 12 month 09.09.2011

Barclays Capital VINEET SHARMA overwt/neutral 5 M 69 Not Provided 06.09.2011


Macquarie GARY PINGE neutral 3 M 60 12 month 31.08.2011

DBS Vickers PATRICIA YEUNG hold 3 M 69 12 month 31.08.2011

China International Capital Corp LUO WEI buy 5 M 72 12 month 31.08.2011

Citic Securities Co., Ltd ERIC NG sell 1 D 54 6 month 31.08.2011

Mirae Asset Securities SELINA SIA hold 3 D 60 12 month 31.08.2011

ICBC International Securities CARRIE CHAN hold 3 M 74 Not Provided 31.08.2011

RBS LEI YANG buy 5 M 71 12 month 30.08.2011

Ji Asia WU GONGLIANG sell 1 M 53 12 month 11.05.2011

Industrial Securities LUO YAMEI buy 5 N #N/A N/A Not Provided 03.08.2010

Holdings By:

Hengan International Group Co Ltd ee


27.02.2013

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.


LTM as of: 01/yy

52-Week High (04.02.2013) 22.50

52-Week Low (13.06.2012) 16.02

Daily Volume

21.5





186'848.11 1 Yr Total Return 27.67%










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 - - 7.92x 6.97x - -

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 - - 24.75x 22.54x - -

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 - - 26.32x 24.57x - -











EBITDA Margin 30.5%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hong Kong & China Gas Co LtdPrice/Volume

Valuation Analysis

5'801'972.00


!

2

-!

-2

.!

.2

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


DISRALEI INVESTMENT n/a EXCH 1'696'927'906 21.48 - 07.06.2011 n/a

MACROSTAR INVESTMENT n/a EXCH 744'507'546 9.42 - 07.06.2011 n/a

MEDLEY INVESTMENT n/a EXCH 708'953'821 8.97 - 07.06.2011 n/a




FU SANG CO LTD n/a EXCH 117'830'414 1.49 - 07.06.2011 n/a





COLONIAL FIRST STATE n/a EXCH 32'611'556 0.41 - 05.03.2012 Investment Advisor



LI KWOK PO n/a EXCH 22'022'000 0.28 - 07.06.2011 n/a


FIRST STATE INVEST S n/a EXCH 15'984'133 0.2 - 05.03.2012 n/a



MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'560'171 0.08 - 30.06.2011 Mutual Fund Manager




Deutsche Bank ERIC CHENG hold 3 M 17 12 month 20.02.2012

Macquarie ADAM WORTHINGTON neutral 3 D 20 12 month 19.01.2012

RBS JENNY COSGROVE sell 1 N 15 12 month 10.01.2012

Jefferies JOSEPH FONG buy 5 M 21 12 month 15.12.2011

Citi PIERRE LAU sell 1 M 15 Not Provided 17.10.2011

Goldman Sachs FRANKLIN CHOW Sell/Neutral 1 M 15 12 month 01.09.2011

Morgan Stanley VINCENT CHOW Equalwt/In-Line 3 M 17 12 month 26.08.2011

Credit Suisse EDWIN PANG underperform 1 M 16 Not Provided 24.08.2011

Bank of China International PETER YAO sell 1 D 16 Not Provided 24.08.2011

DBS Vickers WEE KEAT LEE buy 5 U 20 12 month 24.08.2011

UOB Kay Hian YAN SHI hold 3 M 18 Not Provided 24.08.2011


Nomura IVAN LEE reduce 2 M 15 Not Provided 23.08.2011

JPMorgan ELAINE WU neutral 3 M 18 3 month 07.07.2011

Holdings By:

Hong Kong & China Gas Co Ltd ee


27.02.2013

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.


LTM as of: 12/yy

52-Week High (17.01.2013) 150.70

52-Week Low (26.07.2012) 100.00

Daily Volume

137.8





158'443.56 1 Yr Total Return 0.07%

Total Debt 0.00 YTD Return 4.47%









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

6'090.4 5'996.7 6'639.0 6'870.0 5'984.0 6'639.0 6'870.0 8'862.9 9'824.9 - -

4.13x 19.77x 23.11x 12.88x - 72.95x 61.59x 16.25x 14.49x - -

4'898.8 5'023.2 5'126.0 5'710.0 - 5'577.0 5'602.0 6'444.4 7'210.8 - -

5.14x 23.60x 29.93x 15.50x - 27.51x 15.80x 17.43x 15.58x - -

5'128.6 4'704.0 5'037.0 5'093.0 4'084.0 5'037.0 5'093.0 5'315.5 5'818.9 1'096.0 1'173.0

15.40x 31.83x 37.67x 26.24x 35.17x 37.67x 26.24x 29.30x 26.83x 31.75x 31.04x











EBITDA Margin 79.0%



Asset Turnover 0.13







Fiscal Year Ended

Hong Kong Exchanges and Clearing LtdPrice/Volume

Valuation Analysis

6'482'534.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!.!!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

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! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


HONG KONG SAR n/a Co File 62'919'500 5.83 - 31.12.2010 Government












GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 4'957'376 0.46 140'496 31.01.2012 Investment Advisor




MAN YIU CHOW n/a EXCH 3'297'194 0.31 - 15.01.2010 n/a

GARTMORE GROUP LTD Multiple Portfolios MF-AGG 2'303'400 0.21 - 31.01.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 2'279'400 0.21 419'000 31.01.2012 Investment Advisor

ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 1'718'800 0.16 (572'300) 31.10.2011 Investment Advisor


HSBC YORK PUN overweight 5 M 168 Not Provided 12.03.2012

Credit Suisse ARJAN VAN VEEN underperform 1 M 115 Not Provided 06.03.2012

Macquarie ANIEL MAHTANI underperform 1 M 124 12 month 01.03.2012

DBS Vickers ALEXANDER LEE fully valued 2 M 113 12 month 01.03.2012


Mizuho Securities THOMAS J MONACO underperform 1 M 115 12 month 01.03.2012

China International Capital Corp SONGBAI WANG accumulate 4 M #N/A N/A Not Provided 01.03.2012


Citic Securities Co., Ltd FRANCIS CHAN hold 3 M 143 6 month 01.03.2012

UOB Kay Hian EDMOND LAW hold 3 U 135 Not Provided 01.03.2012

Core Pacific LI TIMOTHY sell 1 M 120 12 month 01.03.2012

DMG & Partners Securities TEAM COVERAGE neutral 3 D 148 12 month 01.03.2012


JPMorgan HARSH WARDHAN MODI overweight 5 M 166 3 month 29.02.2012

Keefe, Bruyette & Woods SAM HILTON market perform 3 M 137 12 month 29.02.2012


CLSA Asia Pacific Markets DEREK OVINGTON sell 1 M 98 Not Provided 29.02.2012


Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 171 6 month 16.02.2012

BOCOM International Holdings YANG QINGLI neutral 3 M 121 Not Provided 08.02.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 07.01.2012

Goldman Sachs PHILIPPA ROGERS neutral/neutral 3 M 133 12 month 15.12.2011



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


27.02.2013

HSBC Holdings plc is the holding company for the HSBC Group. The Company

provides a variety of international banking and financial services, including

retail and corporate banking, trade, trusteeship, securities, custody, capital

markets, treasury, private and investment banking, and insurance. The Group

operates worldwide.


LTM as of: 12/yy

52-Week High (04.02.2013) 88.45

52-Week Low (04.06.2012) 59.80

Daily Volume

84





1'552'370.25 1 Yr Total Return 26.29%


Preferred Stock 2'712.0 Adjusted BETA 1.010



Enterprise Value -





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 12/12 Q4 03/13 Q1

136'800.0 126'036.0 97'533.0 91'171.0 94'799.0 68'505.0 85'228.0 68'160.1 69'857.8 17'301.1 -

2.51x 1.99x 2.71x 2.27x 1.07x 5.92x 6.37x 1.53x 1.00x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

19'133.0 5'728.0 5'834.0 13'159.0 16'797.0 13'159.0 16'797.0 16'079.7 18'524.5 5'041.0 -

10.07x 19.90x 31.93x 13.43x 8.03x 13.54x 8.03x 12.29x 10.86x - -


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

HSBC Holdings PLCPrice/Volume

Valuation Analysis

14'040'958.00


!-!.!0!1!2!3!4!5!6!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9-! ! 9.! ! 90! ! 91! ! 92! ! 93! ! 94! ! 95! ! 96! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


JP MORGAN CHASE & CO n/a Co File 1'250'550'419 6.95 - 15.02.2011 Investment Advisor

BLACKROCK INC n/a RNS-MAJ 1'079'549'015 6 2'427'110 02.03.2012 Investment Advisor

LEGAL & GENERAL GROU n/a Co File 705'666'880 3.92 - 31.12.2010 Investment Advisor

BLACKROCK INV MANAGE Multiple Portfolios REG 499'200'526 2.77 6'441'189 01.11.2011 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 393'555'584 2.19 19'422'016 01.11.2011 Unclassified

SCOTTISH WIDOWS INVE Multiple Portfolios REG 298'076'321 1.66 (10'954'078) 01.11.2011 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 253'521'386 1.41 9'305'884 01.11.2011 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 214'778'870 1.19 (834'873) 01.11.2011 Investment Advisor

CLEARSTREAM BANKING Multiple Portfolios REG 191'677'951 1.06 (1'638'155) 01.11.2011 Bank



VANGUARD GROUP INC Multiple Portfolios REG 145'180'706 0.81 7'321'855 01.11.2011 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios REG 134'533'374 0.75 11'741'220 01.11.2011 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 123'024'531 0.68 (1'448'252) 01.11.2011 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 121'271'991 0.67 (1'624'585) 01.11.2011 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 112'723'083 0.63 3'500'000 31.12.2011 Investment Advisor

DODGE & COX Multiple Portfolios REG 111'948'631 0.62 11'095'729 01.11.2011 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios REG 111'848'434 0.62 5'225'636 01.11.2011 Investment Advisor




Seymour Pierce BRUCE PACKARD hold 3 D 73 Not Provided 12.03.2012

Nomura DANIEL SHUM suspended coverage #N/A N/A M #N/A N/A Not Provided 12.03.2012

Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 08.03.2012

AlphaValue DAVID GRINSZTAJN add 4 M 72 6 month 08.03.2012

Citi RONIT GHOSE buy 5 M 80 Not Provided 07.03.2012

Macquarie THOMAS STOEGNER outperform 5 M 85 12 month 07.03.2012

WestLB Equity Markets NEIL SMITH add 4 M 77 Not Provided 06.03.2012

Berenberg Bank JAMES CHAPPELL buy 5 M 84 Not Provided 01.03.2012


Day by Day VALERIE GASTALDY buy 5 U 76 3 month 01.03.2012

Exane BNP Paribas TOM RAYNER outperform 5 M 83 Not Provided 01.03.2012

Societe Generale JAMES INVINE buy 5 M 80 12 month 28.02.2012

Mediobanca SpA CHRISTOPHER WHEELER outperform 5 M 80 12 month 28.02.2012

JPMorgan JOSHUA KLACZEK overweight 5 M 83 12 month 28.02.2012

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 79 12 month 28.02.2012

DBS Vickers ALEXANDER LEE hold 3 M 73 12 month 28.02.2012

Independent Research GmbH STEFAN BONGARDT hold 3 M 74 6 month 28.02.2012




Oriel Securities Ltd MICHAEL J TRIPPITT hold 3 M 68 Not Provided 28.02.2012

CLSA Asia Pacific Markets DANIEL TABBUSH sell 1 M 57 Not Provided 28.02.2012

BOCOM International Holdings YANG QINGLI neutral 3 M 74 Not Provided 28.02.2012

Barclays Capital THOMAS QUARMBY overwt/neutral 5 M 90 Not Provided 28.02.2012


Standard Chartered JOHN CAPARUSSO outperform 5 M 101 12 month 27.02.2012

Morgan Stanley ANIL AGARWAL Overwt/Cautious 5 M 80 12 month 27.02.2012

Credit Suisse SANJAY JAIN neutral 3 M 74 Not Provided 27.02.2012

Daniel Stewart & Co SIMON WILLIS Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2012

Standard & Poor's Equity Research FRANK BRADEN buy 5 M 86 Not Provided 27.02.2012

Redburn Partners JON KIRK buy 5 M #N/A N/A Not Provided 27.02.2012

CCB International Securities Ltd ADAM CHAN neutral 3 M 73 Not Provided 27.02.2012

Investec IAN GORDON hold 3 D 73 12 month 21.02.2012

Goldman Sachs PHILIPPA ROGERS Buy/Neutral 5 M 90 12 month 09.02.2012

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 N 80 Not Provided 06.02.2012


Deutsche Bank TRACY YU hold 3 M 80 12 month 10.11.2011

Grupo Santander ANDREAS MAVRIKAKIS buy 5 M 101 Not Provided 12.08.2011


Holdings By:

HSBC Holdings PLC ee


27.02.2013

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.


LTM as of: 01/yy

52-Week High (04.02.2013) 88.00

52-Week Low (05.06.2012) 61.80

Daily Volume

81.6





347'891.06 1 Yr Total Return 10.94%










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 - - 238'838.1 257'347.0 - -

2.91x 1.75x 2.14x 2.66x 2.03x - - 2.23x 2.06x - -

53'244.0 37'450.0 28'911.0 35'622.0 34'601.0 - - 43'940.7 48'913.2 - -

11.97x 10.99x 15.44x 15.65x 13.73x - - 12.46x 11.19x - -

30'600.0 12'681.0 13'631.0 20'179.0 56'019.0 - - 23'312.3 27'350.2 - -

12.32x 13.08x 16.69x 16.91x 4.95x - - 15.23x 13.03x - -











EBITDA Margin 15.3%



Asset Turnover 0.32







Fiscal Year Ended

Hutchison Whampoa LtdPrice/Volume

Valuation Analysis

9'348'234.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

-!!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


CONTINENTAL REALTY L n/a EXCH 465'265'969 10.91 - 16.11.2011 Corporation

WINBO POWER LIMITED n/a EXCH 236'260'200 5.54 - 16.11.2011 Corporation

POLYCOURT LIMITED n/a EXCH 233'065'641 5.47 - 16.11.2011 Other

WELL KARIN LIMITED n/a EXCH 226'969'600 5.32 - 16.11.2011 Other

HARVESTIME HOLDINGS n/a EXCH 165'000'000 3.87 - 16.11.2011 Holding Company

ORIENTAL TIME INVEST n/a EXCH 122'774'850 2.88 - 16.11.2011 Investment Advisor

HARROWGATE INVESTMEN n/a EXCH 114'748'675 2.69 - 16.11.2011 Investment Advisor

KAM CHIN INVESTMENT n/a EXCH 108'231'279 2.54 - 16.11.2011 Investment Advisor

TOP WIN INVESTMENT L n/a EXCH 106'912'458 2.51 - 16.11.2011 Investment Advisor

RICHLAND REALTY LIMI n/a EXCH 75'242'950 1.76 - 16.11.2011 Corporation


MIRABOLE LIMITED n/a EXCH 49'593'500 1.16 - 16.11.2011 Other

HISLOP RESOURCES LIM n/a EXCH 43'193'700 1.01 - 16.11.2011 Corporation

VISION CITY INTERNAT n/a EXCH 42'344'000 0.99 - 16.11.2011 Other

WHITE RAIN ENTERPRIS n/a EXCH 41'926'500 0.98 - 16.11.2011 Other

GOOD ENERGY LIMITED n/a EXCH 39'565'900 0.93 - 16.11.2011 Corporation

MASTER GRADE INVESTM n/a EXCH 39'327'000 0.92 - 16.11.2011 n/a

FUMANDA LIMITED n/a EXCH 37'851'000 0.89 - 16.11.2011 Other


WEALTH PLEASURE LIMI n/a EXCH 30'406'200 0.71 - 16.11.2011 Other



CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 M 86 Not Provided 01.03.2012



Citi ANIL DASWANI neutral 3 D 80 Not Provided 27.02.2012


Morgan Stanley PRAVEEN K CHOUDHARY restricted #N/A N/A M #N/A N/A Not Provided 03.02.2012

JPMorgan BENJAMIN LO overweight 5 M 94 12 month 03.02.2012

Deutsche Bank KAREN TANG buy 5 M 88 12 month 30.11.2011

Mirae Asset Securities ADRIAN LOWE buy 5 M 90 12 month 09.11.2011

Jefferies JULIAN BU hold 3 M 70 12 month 20.09.2011

HSBC MARK CARMERON ROSS WEBB overweight 5 M 101 Not Provided 04.08.2011

Redford Assets Management Ltd LAM KA KEI buy 5 N 100 Not Provided 28.03.2011


Holdings By:

Hutchison Whampoa Ltd ee


27.02.2013

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.


LTM as of: 09/yy

52-Week High (23.01.2013) 6.00

52-Week Low (12.07.2012) 3.97

Daily Volume

5.4





1'837'355.50 1 Yr Total Return 3.24%

Total Debt 1'923'778.00 YTD Return -1.82%




Enterprise Value -





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

391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 518'841.0 657'787.0 532'460.0 582'416.4 137'869.0 -

- - - - - 0.86x -0.77x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 155'842.0 201'780.0 230'361.1 243'539.0 47'840.3 -

33.88x 10.73x 13.95x 8.83x 7.07x 8.60x 6.92x 6.57x 6.27x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

226'480'921.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

4

5

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

.!! ! 9

1!! ! 9

3!! ! 9

5!! ! 9

-!!! ! 9

-.!! ! 9

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


SOCIAL SECURITY FUND n/a EXCH 13'008'756'524 14.99 - 08.02.2012 Pension Fund (ERISA)

CAPITAL RESEARCH GLO n/a EXCH 4'266'918'759 4.92 - 12.09.2011 Investment Advisor


BNP PARIBAS ASSET MG n/a EXCH 4'164'451'967 4.8 (93'408'157) 19.11.2010 Investment Advisor

NOMURA HOLDINGS INC n/a Short (2'319'702'900) -2.67 - 01.02.2012 Investment Advisor


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'606'418'775 1.85 (870'000) 08.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'283'936'554 1.48 (66'299'940) 31.12.2011 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'212'313'852 1.4 14'751'553 30.12.2011 Investment Advisor

NOMURA HOLDINGS INC n/a EXCH 857'877'144 0.99 - 01.02.2012 Investment Advisor



AMERICAN EXPRESS COM n/a Co File 638'061'117 0.74 - 31.12.2010 Bank












Keefe, Bruyette & Woods WARREN BLIGHT outperform 5 M 7 12 month 09.03.2012

Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 07.03.2012

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 6 12 month 05.03.2012

Barclays Capital MAY YAN overwt/neutral 5 M 7 Not Provided 28.02.2012

Citic Securities Co., Ltd ZHU YAN buy 5 M 7 6 month 27.02.2012

Bank of China International SUN PENG hold 3 M 6 Not Provided 24.02.2012

Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 23.02.2012

Mizuho Securities JIM ANTOS neutral 3 M 6 12 month 23.02.2012


CIMB JAMES LIU outperform 5 M 6 12 month 22.02.2012







Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 16.01.2012


CCB International Securities Ltd SHENG NAN outperform 5 N 6 Not Provided 09.01.2012



CLSA Asia Pacific Markets KEVIN CHAN sell 1 M 4 Not Provided 05.01.2012

Morgan Stanley MINYAN LIU Overwt/In-Line 5 M 7 12 month 18.12.2011

Yuanta Securities Investment ConsultingTAN MING buy 5 U 6 Not Provided 13.12.2011

BNP Paribas Equity Research ELLIE LI buy 5 M 6 12 month 08.12.2011




Core Pacific LI TIMOTHY buy 5 M 6 Not Provided 28.10.2011



Masterlink Securities RAINY YUAN hold 3 D 5 6 month 20.09.2011

SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 31.08.2011

China International Capital Corp MAO JUNHUA buy 5 U 8 12 month 26.08.2011




ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010


Holdings By:

Industrial & Commercial Bank of China Ltd ee


27.02.2013

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.


LTM as of: 01/yy

52-Week High (23.03.2012) 20.15

52-Week Low (08.02.2013) 9.93

Daily Volume

10.5





87'779.23 1 Yr Total Return -38.89%










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 0.59x - -

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 - - 16.24x 11.28x - -

392.2 311.1 434.6 550.7 681.2 - - 476.9 678.7 - -

35.20x 19.16x 35.44x 40.30x 21.96x - - 21.83x 16.51x - -


EBIT 826.44 Long-Term Rating A- *-









EBITDA Margin 5.2%



Asset Turnover 1.90







Fiscal Year Ended

Li & Fung LtdPrice/Volume

Valuation Analysis

12'908'548.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

-1! ! 9

-3! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


LI & FUNG (1937) LTD n/a EXCH 2'195'727'908 27 - 22.12.2011 Other


JANUS CAPITAL MANAGE n/a EXCH 566'265'325 6.96 - 19.01.2012 Investment Advisor


CAPITAL RESEARCH AND n/a EXCH 414'133'000 5.09 - 12.08.2011 Investment Advisor


TEMASEK HOLDINGS PRI n/a Co File 243'071'970 2.99 - 31.03.2011 Government

KWOK LUN FUNG n/a EXCH 190'377'060 2.34 4'176'000 21.10.2011 n/a



LI & FUNG (DISTRIBUT n/a EXCH 153'225'964 1.88 - 19.01.2012 Other

FIRST ISLANDS DEVELO n/a EXCH 140'851'708 1.73 111'650'000 19.01.2012 Other

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 87'685'200 1.08 (590'000) 31.12.2011 Investment Advisor


BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 81'274'000 1 (90'000) 08.03.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 76'308'352 0.94 2'698'000 31.12.2011 Investment Advisor




HURRICANE MILLENNIUM n/a EXCH 49'823'020 0.61 - 12.01.2012 n/a


Nomura TANUJ SHORI buy 5 U 20 Not Provided 08.03.2012

Credit Suisse GABRIEL CHAN neutral 3 M 19 Not Provided 01.03.2012

Citic Securities Co., Ltd MOHAN SINGH overweight 5 N 19 6 month 15.02.2012

Daiwa Securities Capital Markets Co. MATTHEW MARSDEN buy 5 M 23 Not Provided 26.01.2012

CLSA Asia Pacific Markets AARON FISCHER underperform 1 D 16 Not Provided 06.01.2012

Citi EDDIE K LAU neutral 3 D 15 Not Provided 15.12.2011

UOB Kay Hian KEN LEE sell 1 M 10 Not Provided 15.12.2011

HSBC CHRISTOPHER K LEUNG overweight 5 M 20 Not Provided 11.12.2011


Morgan Stanley ANGELA MOH Overwt/Attractive 5 M 19 12 month 06.11.2011

Barclays Capital VINEET SHARMA overwt/neutral 5 M 23 Not Provided 21.10.2011

Mizuho Securities PETER TANG underperform 1 M 11 12 month 04.10.2011

DBS Vickers PATRICIA YEUNG hold 3 D 15 12 month 09.09.2011

Macquarie GARY PINGE underperform 1 M 10 12 month 17.08.2011

Goldman Sachs JOSHUA LU neutral/neutral 3 M 13 12 month 15.08.2011

JPMorgan KURUMLU EBRU SENER neutral 3 D 14 9 month 12.08.2011



CIMB TEAM COVERAGE outperform 5 M 23 12 month 16.09.2010

Holdings By:

Li & Fung Ltd ee


27.02.2013

MTR Corporation Limited provides public transport services in Hong Kong. The

Company owns and operates the Mass Transit Railway. The Company also develops,

sells, and manages residential and commercial properties. In addition, MTR

leases commercial facilities and provides services along the Railway, such as

advertising, telecommunication facilities, and provides consultancy services.


LTM as of: 01/yy

52-Week High (20.02.2013) 32.70

52-Week Low (08.06.2012) 24.60

Daily Volume

31.55





182'806.83 1 Yr Total Return 19.91%










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 - -

10'690.0 17'628.0 18'797.0 29'518.0 33'423.0 - - 35'536.0 37'365.7 - -

18.17x 7.47x 9.63x 6.16x 4.90x - - 5.57x 5.34x - -

15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'430.0 14'135.5 - -

12.62x 8.25x 12.25x 12.16x 9.97x - - 14.64x 13.91x - -

15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 9'022.6 9'318.3 - -

10.55x 12.22x 15.86x 13.48x 9.86x - - 20.04x 19.81x - -


EBIT 13'236.00 Long-Term Rating AAA



Return on Assets 6.31% Short-Term Rating A-1+






EBITDA Margin 55.9%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MTR Corp LtdPrice/Volume

Valuation Analysis

2'300'420.00


!

2

-!

-2

.!

.2

0!

02

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1 ! 9

3 ! 9

5 ! 9

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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! !!

02 !!

1! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



27.02.2013


FINANCIAL SECRETARY n/a Co File 4'434'552'207 76.66 - 31.12.2010 Government

EXCHANGE FUND n/a Co File 32'325'625 0.56 - 31.12.2010 n/a





INVESCO LTD Multiple Portfolios MF-AGG 10'772'105 0.19 361'500 09.03.2012 Investment Advisor

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'781'500 0.12 - 14.01.2011 Mutual Fund Manager



NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2'743'500 0.05 2'000 21.11.2011 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'725'991 0.05 (60'000) 30.12.2011 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'699'684 0.05 (1'351'882) 31.12.2011 Pension Fund (ERISA)


RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'034'500 0.04 1'634'500 31.10.2011 Investment Advisor

HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'590'000 0.03 - 30.09.2011 Mutual Fund Manager


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'400'500 0.02 662'500 30.09.2011 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'276'666 0.02 (82'106) 31.12.2011 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'089'500 0.02 13'500 30.12.2011 Investment Advisor



CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012




Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012

Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012

Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012



GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012



Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011

Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010

Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010

Holdings By:

MTR Corp Ltd ee


27.02.2013

New World Development Company Limited, through its subsidiaries, develops and

invests in properties, provides contracting services, property management, and

transportation services. The Company also operates infrastructure business,

telecommunication services, department stores, hotels and restaurants, and

media and technology business.


LTM as of: 01/yy

52-Week High (25.01.2013) 15.12

52-Week Low (25.05.2012) 7.95

Daily Volume

13.76





86'174.63 1 Yr Total Return 34.62%










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 09/11 Q1 12/11 Q2

29'360.8 24'415.0 30'218.6 32'882.0 35'620.1 - - 44'957.2 47'812.0 - -

3.79x 4.65x 3.41x 3.43x 4.14x - - 3.92x 3.58x - -

3'779.7 3'222.7 7'152.5 7'554.0 10'816.0 - - 11'720.1 12'223.8 - -

29.43x 35.25x 14.40x 14.93x 13.63x - - 15.20x 14.58x - -

9'685.7 2'083.5 12'398.6 9'153.9 10'139.0 - - 6'785.1 7'517.1 - -

6.13x 25.49x 4.01x 5.07x 4.79x - - 12.57x 11.23x - -











EBITDA Margin 30.4%



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New World Development Co LtdPrice/Volume

Valuation Analysis

24'260'265.00


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1

3

5

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-.

-1

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2! ! 9

3! ! 9

4! ! 9

5! ! 9

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! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.02.2013


CHOW TAI FOOK ENTERP n/a EXCH 2'336'516'714 38.29 - 05.01.2012 Corporation


UBS AG n/a EXCH 271'444'295 4.45 - 24.10.2011 Investment Advisor

ANDERSON & KIRKWOOD n/a EXCH 118'605'933 1.94 - 05.01.2012 n/a

WING FUNG DEVELOPMEN n/a EXCH 99'921'534 1.64 - 05.01.2012 n/a



UBS AG n/a Short (49'437'410) -0.81 - 24.10.2011 Investment Advisor

HSBC HOLDINGS PLC n/a EXCH 23'004'884 0.38 - 25.11.2011 Investment Advisor



ALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 17'813'469 0.29 (63'241) 31.01.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 17'620'000 0.29 17'620'000 31.12.2011 Investment Advisor


UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 13'661'500 0.22 3'317'500 30.11.2011 Mutual Fund Manager

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 10'814'000 0.18 - 31.01.2012 Mutual Fund Manager

YU YEK ENTERPRISES C n/a EXCH 10'770'332 0.18 - 05.01.2012 n/a

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 10'475'650 0.17 2'576'550 31.10.2011 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 10'286'531 0.17 (6'820'000) 31.01.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 8'796'586 0.14 (91'058) 30.12.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.03.2012

JPMorgan AMY LUK overweight 5 M 13 9 month 01.03.2012


DBS Vickers JEFF YAU fully valued 2 D 9 12 month 01.03.2012

Goldman Sachs JUSTIN KWOK neutral/attractive 3 M 9 12 month 29.02.2012


Citi ANIL DASWANI buy 5 M 12 Not Provided 15.02.2012

CLSA Asia Pacific Markets RICKY MUI sell 1 D 8 Not Provided 27.01.2012

UOB Kay Hian SYLVIA WONG sell 1 M 6 Not Provided 16.12.2011

Barclays Capital ANDREW LAWRENCE equalwt/negative 3 U 7 Not Provided 02.11.2011



Holdings By:

New World Development Co Ltd ee


27.02.2013

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.


LTM as of: 09/yy

52-Week High (29.02.2012) 11.90

52-Week Low (05.09.2012) 9.03

Daily Volume

10.56





2'030'256.38 1 Yr Total Return -4.38%





Enterprise Value 2'047'380.42





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 4.76x 4.52x 1.00x 0.95x - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 276'681.0 332'794.0 330'593.5 369'727.8 85'381.0 -

19.70x 7.45x 11.04x 7.43x 6.43x 5.82x 6.10x 6.19x 5.54x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 122'069.0 143'368.0 120'788.5 138'412.9 29'085.3 30'297.0

15.86x 9.49x 14.65x 11.33x 10.74x 11.62x 10.18x 12.88x 11.12x 12.78x 12.28x











EBITDA Margin 15.5%



Asset Turnover 1.09







Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

62'814'232.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

0!! ! 9

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


FRANKLIN RESOURCES I n/a EXCH 1'270'171'357 6.02 - 20.01.2011 Investment Advisor

ABERDEEN ASSET MANAG n/a Co File 1'266'618'163 6 - 31.12.2010 Investment Advisor




HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 (6'262'000) 31.12.2011 Investment Advisor



CHINA NATIONAL PETRO n/a 20F 149'892'000 0.71 - 31.03.2011 Government



MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 103'658'000 0.49 (9'126'000) 30.09.2011 Mutual Fund Manager







HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 64'740'000 0.31 15'288'000 30.06.2011 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 63'862'000 0.3 (310'000) 31.12.2011 Investment Advisor


Nomura SONIA SONG reduce 2 M 11 Not Provided 12.03.2012

Standard Chartered YOSSAVEE SUTTIKULPANICH in-line 3 M 11 12 month 09.03.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 12 12 month 09.03.2012

Jefferies LABAN YU buy 5 M 16 12 month 08.03.2012

BOCOM International Holdings FEI WU long-term buy 5 D 13 12 month 07.03.2012

ICBC International Securities ANNA YU hold 3 M 11 Not Provided 07.03.2012

Barclays Capital SCOTT DARLING overwt/positive 5 M 14 Not Provided 05.03.2012

Goldman Sachs NILESH BANERJEE neutral/neutral 3 M 12 12 month 01.03.2012

Credit Suisse DAVID HEWITT outperform 5 M 14 Not Provided 27.02.2012

UOB Kay Hian YAN SHI sell 1 D 11 Not Provided 15.02.2012


Morgan Stanley WEE KIAT TAN Equalwt/Attractive 3 M 11 12 month 07.02.2012

CLSA Asia Pacific Markets SIMON POWELL buy 5 M 14 Not Provided 02.02.2012

Yuanta Securities Investment ConsultingKIM-CHONG TAN buy 5 M 13 Not Provided 19.01.2012

DBS Vickers WEE KEAT LEE hold 3 M 10 12 month 11.01.2012

Citic Securities Co., Ltd TEAM COVERAGE buy 5 M 11 6 month 09.01.2012

Macquarie JAMES HUBBARD outperform 5 M 14 12 month 06.01.2012

Mizuho Securities ANDREW S F CHAN buy 5 M 13 12 month 06.01.2012

Daiwa Securities Capital Markets Co. ADRIAN LOH hold 3 M 10 Not Provided 06.01.2012

Guotai Junan GRACE LIU buy 5 M 12 Not Provided 06.01.2012

Deutsche Bank DAVID HURD hold 3 M 11 12 month 04.01.2012


Citi GRAHAM CUNNINGHAM buy 5 U 12 Not Provided 14.12.2011



GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 9 9 month 21.11.2011

RBS DANNY HUANG hold 3 M 10 12 month 01.11.2011

Bank of China International LAWRENCE LAU hold 3 D 11 Not Provided 28.10.2011

China International Capital Corp BIN GUAN accumulate 4 M 12 12 month 28.10.2011

SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011

Ji Asia SAMUEL THAWLEY buy 5 M 11 12 month 19.10.2011

Masterlink Securities LI XIN buy 5 M 11 6 month 30.08.2011

HSBC PAUL SPEDDING underweight 1 M 8 Not Provided 23.08.2011

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

PetroChina Co Ltd ee


27.02.2013

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.


LTM as of: 09/yy

52-Week High (04.02.2013) 72.70

52-Week Low (04.06.2012) 53.00

Daily Volume

63.85





469'359.63 1 Yr Total Return -2.47%










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 87'666.0 152'961.0 195'052.0 272'683.0 176'410.0 249'642.0 323'723.8 384'490.9 - -

5.10x 3.19x 3.24x 3.37x 2.06x 12.40x 4.85x 1.76x 1.49x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 18'264.0 19'074.0 21'975.0 28'845.0 - -

30.00x 173.82x 31.68x 32.03x 16.61x 27.76x 14.56x 17.99x 13.94x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

12'060'858.00


!-!.!0!1!2!3!4!5!6!

-!!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

.! ! 9

1! ! 9

3! ! 9

5! ! 9

-!! ! 9

-.! ! 9

-1! ! 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


HSBC HOLDINGS PLC n/a EXCH 1'233'926'425 39.43 - 17.06.2011 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 250'370'191 8 - 10.01.2012 Investment Advisor

BLUM RICHARD CHARLES n/a EXCH 139'088'758 4.44 (160'000'000) 17.05.2010 n/a


JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation








T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 14'607'000 0.47 (373'000) 31.12.2011 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 12'761'661 0.41 10'727'000 30.09.2011 Mutual Fund Manager


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 9'443'000 0.3 415'000 31.01.2012 Investment Advisor

MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 8'511'000 0.27 843'000 30.09.2011 Investment Advisor



UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 6'756'400 0.22 (35'500) 30.11.2011 Investment Advisor



JPMorgan CHAN BAO LING overweight 5 M 72 12 month 09.03.2012



DBS Vickers PING CHENG buy 5 M 76 12 month 02.03.2012

Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012

Keefe, Bruyette & Woods STANLEY TSAI outperform 5 M 83 12 month 29.02.2012

BOCOM International Holdings LI WENBING buy 5 M 81 12 month 22.02.2012

SWS Research Co Ltd ROBERT HU neutral 3 D 62 Not Provided 15.02.2012


Deutsche Bank ESTHER CHWEI buy 5 M 73 12 month 10.02.2012

Core Pacific OLIVE XIA buy 5 M 73 12 month 06.02.2012

Macquarie SCOTT G RUSSELL outperform 5 M 75 12 month 01.02.2012

Standard Chartered PETER O'BRIEN outperform 5 M 75 12 month 25.01.2012

ICBC International Securities PIUS CHENG hold 3 M 63 Not Provided 18.01.2012

HSBC JAMES GARNER overweight 5 M 73 Not Provided 16.01.2012

Barclays Capital MARK KELLOCK overwt/positive 5 M 104 Not Provided 09.01.2012

CLSA Asia Pacific Markets PATRICIA CHENG underperform 1 D 55 Not Provided 08.01.2012

Morgan Stanley BEN LIN Overwt/In-Line 5 M 70 12 month 21.12.2011

CCB International Securities Ltd KENNETH YUE outperform 5 M 83 Not Provided 21.12.2011




Daiwa Securities Capital Markets Co. JENNIFER LAW buy 5 M 100 Not Provided 08.11.2011


Yuanta Securities Investment ConsultingBARON NIE buy 5 M 75 Not Provided 27.10.2011


Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011

Goldman Sachs NING MA Buy/Neutral 5 M 69 12 month 09.10.2011

RBS YANAN WANG hold 3 M 84 12 month 01.08.2011

Guotai Junan FELIX LUO buy 5 M 105 Not Provided 28.10.2010

Citic Securities Co., Ltd HUANG HUAMIN buy 5 M 101 6 month 25.06.2010

Bank of China International YUAN LIN hold 3 M 65 Not Provided 19.04.2010

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


27.02.2013

Power Assets Holdings Limited generates and supplies electricity and provides

engineering consultancy and project management services.


LTM as of: 01/yy

52-Week High (26.02.2013) 72.80

52-Week Low (31.05.2012) 53.40

Daily Volume

68.65





146'517.06 1 Yr Total Return 28.09%










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 - - - 15.45x 14.97x - -

9'437.0 9'633.0 7'428.0 7'449.0 - - - 8'425.5 8'659.3 - -

10.28x 9.81x 13.09x 16.72x - - - 19.60x 19.07x - -

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 - - 15.27x 14.58x - -











EBITDA Margin 64.0%



Asset Turnover 0.11







Fiscal Year Ended

Power Assets Holdings LtdPrice/Volume

Valuation Analysis

5'003'860.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

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!

- !!

- .!



27.02.2013


CHEUNG KONG INFRASTR n/a Co File 829'599'612 38.87 - 31.12.2010 Corporation

CAPITAL RESEARCH AND n/a EXCH 170'522'000 7.99 - 18.11.2011 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 57'384'000 2.69 (5'000'000) 31.12.2011 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 19'270'364 0.9 (1'879'000) 30.12.2011 Mutual Fund Manager




VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 8'078'902 0.38 429'900 30.11.2011 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 7'954'500 0.37 - 27.09.2011 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 5'863'391 0.27 2'074'849 30.12.2011 Unclassified


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 4'160'600 0.19 - 31.12.2011 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 3'434'000 0.16 15'000 30.11.2011 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2'616'730 0.12 281'078 31.12.2011 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'417'500 0.11 (45'000) 31.05.2011 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'800'000 0.08 - 29.12.2011 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 1'642'482 0.08 (7'000) 31.01.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'467'000 0.07 (8'000) 30.09.2011 Investment Advisor


Standard Chartered LI EVAN outperform 5 M 66 12 month 08.03.2012

Credit Suisse EDWIN PANG neutral 3 M 62 Not Provided 08.03.2012

JPMorgan ELAINE WU overweight 5 M 69 3 month 08.03.2012

Bank of China International PETER YAO hold 3 M 62 Not Provided 08.03.2012



Mirae Asset Securities RICKY NG hold 3 M 61 12 month 08.03.2012

RBS JENNY COSGROVE hold 3 M 59 12 month 07.03.2012

Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 58 12 month 07.03.2012

Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 50 12 month 07.03.2012

Deutsche Bank ERIC CHENG hold 3 M 58 12 month 20.02.2012

Macquarie ADAM WORTHINGTON neutral 3 M 57 12 month 19.01.2012



Citi PIERRE LAU buy 5 M 69 Not Provided 04.10.2011

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 64 12 month 01.09.2011

Daiwa Securities Capital Markets Co. DAVE DAI outperform 5 N 68 Not Provided 12.08.2011

Holdings By:

Power Assets Holdings Ltd ee


27.02.2013

Sino Land Company Limited, through its subsidiaries, develops and invests in

properties, trades and invests in securities, and provides financing services.

The Company also operates hotels and provides building management services.


LTM as of: 01/yy

52-Week High (18.01.2013) 15.60

52-Week Low (04.06.2012) 10.10

Daily Volume

13.64





81'024.55 1 Yr Total Return 2.21%










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 - -

6'251.1 9'692.7 7'697.9 5'944.2 8'395.8 - - 7'107.1 11'576.5 - -

14.01x 7.48x 10.85x 12.26x 8.79x - - 11.77x 6.79x - -

2'629.0 4'377.2 3'771.4 3'025.5 4'033.1 - - 3'389.8 5'272.8 - -

33.30x 16.55x 22.14x 24.08x 18.29x - - 25.40x 16.33x - -

7'721.0 3'730.6 6'093.7 10'544.3 9'910.6 - - 6'314.8 5'934.8 - -

9.62x 16.66x 11.21x 6.08x 6.87x - - 12.99x 13.64x - -











EBITDA Margin 48.0%



Asset Turnover 0.08







Fiscal Year Ended

Sino Land Co LtdPrice/Volume

Valuation Analysis

7'879'129.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

-3

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

1! ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

!1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


TSIM SHA TSUI PROPER n/a EXCH 1'354'753'892 23.01 - 08.12.2011 Corporation

SPANGLE INVESTMENT L n/a EXCH 365'299'181 6.2 - 08.12.2011 Investment Advisor

KA FAI LAND INVESTME n/a EXCH 320'084'804 5.44 - 08.12.2011 Investment Advisor

SOLID CAPITAL HOLDIN n/a EXCH 257'888'730 4.38 - 30.03.2010 Holding Company

BRIGHTER INVESTMENT n/a EXCH 254'563'330 4.32 - 08.12.2011 Investment Advisor

MAILCOACH INVESTMENT n/a EXCH 153'905'885 2.61 - 08.12.2011 Investment Advisor

CRENSHAW INVESTMENT n/a EXCH 153'372'974 2.6 - 08.12.2011 Investment Advisor


PUI CHEE ENTERPRISES n/a EXCH 101'847'979 1.73 - 08.12.2011 Other

TENG FONG NG n/a EXCH 90'287'083 1.53 - 08.12.2011 n/a


SAVANNA INVESTMENT L n/a EXCH 64'798'883 1.1 - 08.12.2011 Investment Advisor

ACCOMPLISHMENT INVES n/a EXCH 51'906'778 0.88 - 08.12.2011 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 48'296'366 0.82 (1) 31.12.2011 Investment Advisor

MYSTIQUE INVESTMENT n/a EXCH 44'183'953 0.75 - 08.12.2011 Investment Advisor

ORCHARD CENTRE HOLDI n/a EXCH 42'112'235 0.72 - 08.12.2011 Holding Company


RAMAGE INVESTMENT LT n/a EXCH 33'473'488 0.57 - 08.12.2011 Investment Advisor



Standard Chartered PAUL YAU underperform 1 M 13 12 month 29.02.2012

Credit Suisse CUSSON LEUNG neutral 3 D 13 Not Provided 29.02.2012

JPMorgan AMY LUK overweight 5 M 15 12 month 29.02.2012



CLSA Asia Pacific Markets SUSANNA LEUNG underperform 1 M 14 Not Provided 29.02.2012




HSBC PERVEEN WONG neutral 3 D 14 Not Provided 28.02.2012



CCB International Securities Ltd EDMOND CHAN outperform 5 M 16 Not Provided 28.02.2012

BOCOM International Holdings ALFRED LAU neutral 3 M 12 12 month 27.02.2012

Mirae Asset Securities KEITH YEUNG hold 3 M 13 12 month 22.02.2012

Citic Securities Co., Ltd ADRIAN NGAN overweight 5 D 16 6 month 07.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012

UOB Kay Hian SYLVIA WONG hold 3 U 11 Not Provided 03.01.2012

Barclays Capital ANDREW LAWRENCE underwt/negative 1 D 10 Not Provided 02.11.2011



Haitong International Securities KATIE CHAN buy 5 M 16 12 month 30.05.2011


Holdings By:

Sino Land Co Ltd ee


27.02.2013

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.


LTM as of: 01/yy

52-Week High (24.01.2013) 130.80

52-Week Low (18.05.2012) 85.30

Daily Volume

119





316'173.75 1 Yr Total Return 4.41%










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 - - 63'647.4 69'049.6 - -

12.62x 8.36x 9.55x 5.56x 4.37x - - 5.85x 5.28x - -

11'640.0 15'138.0 14'752.0 22'381.0 26'339.0 - - 26'704.8 28'582.2 - -

26.54x 18.90x 21.50x 15.54x 11.35x - - 14.11x 13.18x - -

27'602.0 10'356.0 30'039.0 48'097.0 43'080.0 - - 22'332.0 22'847.0 - -

9.73x 23.96x 9.17x 6.06x 5.48x - - 14.33x 13.75x - -











EBITDA Margin 38.5%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sun Hung Kai Properties LtdPrice/Volume

Valuation Analysis

4'074'469.00


!

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1!

3!

5!

-!!

-.!

-1!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

!1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


ADOLFA LTD n/a EXCH 200'309'286 7.66 - 19.01.2012 n/a

BERTANA LTD n/a EXCH 200'309'286 7.66 - 19.01.2012 n/a

CYRIC LTD n/a EXCH 200'309'286 7.66 - 19.01.2012 n/a

ASPORTO LTD n/a EXCH 163'889'416 6.27 - 19.01.2012 n/a

ROSY RESULT LTD n/a EXCH 163'889'416 6.27 - 19.01.2012 n/a

THRIVING TALENT LTD n/a EXCH 163'889'416 6.27 - 19.01.2012 n/a




ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 17'919'885 0.69 633'082 31.01.2012 Investment Advisor

SIMBAWEST LTD n/a EXCH 16'465'621 0.63 - 19.01.2012 n/a


CANNIA LTD n/a EXCH 12'298'993 0.47 - 19.01.2012 n/a

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 11'719'670 0.45 1'915'000 31.12.2011 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 10'987'900 0.42 773'889 08.03.2012 Investment Advisor


MORGAN STANLEY Multiple Portfolios MF-AGG 9'827'350 0.38 52'495 31.12.2011 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'140'100 0.35 361'000 30.06.2011 Investment Advisor





Standard Chartered PAUL YAU in-line 3 M 130 12 month 29.02.2012



Macquarie DAVID NG neutral 3 D 130 12 month 29.02.2012


Nomura PAUL LOUIE buy 5 M 155 12 month 29.02.2012


CLSA Asia Pacific Markets NICOLE WONG underperform 1 M 123 Not Provided 29.02.2012

BOCOM International Holdings ALFRED LAU buy 5 M 143 12 month 29.02.2012


Deutsche Bank JASON CHING buy 5 M 131 12 month 28.02.2012





HSBC PERVEEN WONG overweight 5 M 136 Not Provided 28.02.2012



Mirae Asset Securities KEITH YEUNG reduce 2 D 100 12 month 22.02.2012

Barclays Capital ANDREW LAWRENCE equalwt/negative 3 D 92 Not Provided 02.11.2011




Holdings By:

Sun Hung Kai Properties Ltd ee


27.02.2013

Swire Pacific Limited, through its subsidiaries, operates in the real estate,

aviation, beverage, industrial, marine services, trading, and industrial

businesses.


LTM as of: 01/yy

52-Week High (04.02.2013) 101.30

52-Week Low (18.05.2012) 81.15

Daily Volume

98.7




Shares Out 30.08.2012 905.6 Short Int -

146'289.78 1 Yr Total Return 19.72%










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 - - 42'218.0 44'692.4 - -

8.69x 4.04x 6.09x 7.10x 4.49x - - 4.50x 4.29x - -

6'565.0 7'933.0 8'387.0 9'051.0 10'102.0 - - 13'463.9 12'871.9 - -

28.54x 12.57x 18.10x 22.90x 16.12x - - 17.00x 17.78x - -

26'260.0 5'853.0 21'893.0 38'252.0 32'210.0 - - 8'831.6 9'565.0 - -

6.23x 13.79x#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 15.67x 15.66x - -











EBITDA Margin 26.9%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swire Pacific LtdPrice/Volume

Valuation Analysis

1'231'775.00


!

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3 ! 9

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

2 !!

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-2 !!

.! !!

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0! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



27.02.2013


ELHAM LTD n/a EXCH 169'486'500 18.72 - 18.01.2012 Other

ABERDEEN ASSET MANAG n/a EXCH 100'709'651 11.12 - 10.01.2012 Investment Advisor

NORTHERN TRUST CORPO n/a Co File 54'309'430 6 - 31.12.2010 Investment Advisor


JOHN SWIRE & SONS HK n/a EXCH 39'580'357 4.37 - 18.01.2012 Corporation


TAIKOO LTD n/a EXCH 12'632'302 1.39 - 18.01.2012 Other


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'642'500 1.18 258'500 31.12.2011 Investment Advisor


SHREWSBURY HOLDINGS n/a EXCH 9'140'000 1.01 - 18.01.2012 Holding Company

WALTHAM LTD n/a EXCH 8'152'500 0.9 - 18.01.2012 Corporation





INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'177'500 0.35 83'000 31.12.2011 Investment Advisor


GARTMORE GROUP LTD Multiple Portfolios MF-AGG 2'841'500 0.31 60'000 31.01.2012 Investment Advisor



Goldman Sachs SIMON CHEUNG Sell/Neutral 1 M 77 12 month 27.02.2012

Morgan Stanley PRAVEEN K CHOUDHARY Equalwt/In-Line 3 M 80 12 month 22.02.2012

Mirae Asset Securities KEITH YEUNG reduce 2 M 69 12 month 22.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 20.02.2012



RBS PHILIP TULK hold 3 N 82 12 month 03.02.2012

HSBC MARK CARMERON ROSS WEBB overweight 5 M 99 Not Provided 02.02.2012


Deutsche Bank KAREN TANG hold 3 M 75 12 month 18.01.2012



CLSA Asia Pacific Markets DANIE SCHUTTE underperform 1 M 87 Not Provided 08.01.2012

Bank of China International VENANT CHIANG buy 5 M 107 Not Provided 06.01.2012

Credit Suisse CUSSON LEUNG neutral 3 M 77 Not Provided 04.01.2012

Jefferies JULIAN BU buy 5 M 95 12 month 04.01.2012


Holdings By:

Swire Pacific Ltd ee


27.02.2013

Tencent Holdings Limited provides Internet, mobile, and telecommunication

value-added services in China. The Company has an instant messaging community

in China. Tencent also provides online advertising services.


LTM as of: 09/yy

52-Week High (02.11.2012) 281.00

52-Week Low (07.03.2012) 193.60

Daily Volume

264.2





489'821.78 1 Yr Total Return 34.42%










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








EBIT 11'417.56 Long-Term Rating BBB+









EBITDA Margin 42.3%



Asset Turnover 0.66







Fiscal Year Ended

Tencent Holdings LtdPrice/Volume

Valuation Analysis

3'479'798.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

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f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9.! ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

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- !!

- .!



27.02.2013


MIH CHINA BVI LTD n/a EXCH 630'240'380 34.25 - 10.01.2012 n/a

HUATENG MA n/a EXCH 189'892'880 10.32 - 09.01.2012 n/a


ZHIDONG ZHANG n/a EXCH 66'750'000 3.63 - 10.11.2011 n/a






OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 16'235'000 0.88 441'400 29.12.2011 Investment Advisor







BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'757'189 0.26 (52'860) 31.12.2011 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'336'700 0.24 26'200 31.01.2012 Investment Advisor

CHI PING LAU n/a EXCH 3'753'600 0.2 (50'000) 07.09.2011 n/a



Jefferies CYNTHIA JINHONG MENG hold 3 M 190 12 month 09.03.2012

Credit Suisse WALLACE CHEUNG outperform 5 M 234 Not Provided 07.03.2012

Bank of China International JOHNIE HU hold 3 M 191 Not Provided 07.03.2012

Daiwa Securities Capital Markets Co. ALICIA HU buy 5 M 230 Not Provided 07.03.2012

Brean Murray Carret & Co FAWNE JIANG buy 5 M 225 12 month 06.03.2012

Nomura JIN YOON reduce 2 M 146 Not Provided 06.03.2012

CCB International Securities Ltd JONATHAN CHAN outperform 5 M 240 Not Provided 01.03.2012

Mirae Asset Securities ERIC WEN hold 3 M 180 12 month 27.02.2012

Standard Chartered DON SEE outperform 5 M 232 12 month 22.02.2012

ICBC International Securities KARY SEI hold 3 D 217 Not Provided 17.02.2012

CLSA Asia Pacific Markets ELINOR LEUNG buy 5 M 260 Not Provided 16.02.2012

OSK (Asia) Securities BILLY LEUNG buy 5 M 218 12 month 15.02.2012

BOCOM International Holdings CONNIE XINYU GU buy 5 M 200 12 month 13.02.2012

Barclays Capital ALICIA YAP equalwt/positive 3 M 193 Not Provided 09.02.2012

Goldman Sachs CATHERINE LEUNG neutral/neutral 3 M 200 12 month 07.02.2012

CIMB MICHAEL TING outperform 5 M 227 12 month 06.02.2012

China International Capital Corp JIN YU buy 5 M 220 12 month 01.02.2012

Piper Jaffray MARK A MAROSTICA overweight 5 M 216 12 month 30.01.2012

Core Pacific KEVIN TAM buy 5 M 206 12 month 16.01.2012

Susquehanna Financial Group C MING ZHAO Positive 4 M 225 12 month 13.01.2012

Mizuho Securities MARVIN LO underperform 1 M 125 12 month 29.12.2011


Citi RAVI SARATHY buy 5 M 237 Not Provided 14.12.2011

Ji Asia JUSTIN WEISS neutral 3 M #N/A N/A Not Provided 09.12.2011

Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 08.12.2011

Deutsche Bank ALAN HELLAWELL buy 5 M 195 12 month 01.12.2011

Guotai Junan DUNDAS DENG buy 5 N 180 Not Provided 17.11.2011

First Shanghai Securities Ltd TSOI HO buy 5 M 210 12 month 11.11.2011

RBS WENDY HUANG buy 5 M 248 12 month 10.11.2011

JPMorgan DICK WEI overweight 5 M 230 9 month 10.11.2011

Yuanta Securities Investment ConsultingKELVIN HO buy 5 M 229 Not Provided 10.11.2011

Macquarie JIONG SHAO underperform 1 M 135 12 month 10.11.2011

DBS Vickers BILL HUANG buy 5 M 220 12 month 10.11.2011

SWS Research Co Ltd JIM TANG neutral 3 U 156 Not Provided 10.11.2011

Morgan Stanley RICHARD W JI Overwt/Attractive 5 M 210 12 month 09.11.2011

Capital Securities Corp TEAM COVERAGE buy 5 M 225 12 month 15.08.2011


Pacific Crest Securities STEVE WEINSTEIN outperform 5 M 285 12 month 02.08.2011

Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010

PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010

Holdings By:

Tencent Holdings Ltd ee


27.02.2013

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries,

manufactures and sells instant noodles, baked goods, and beverages in China.


LTM as of: 09/yy

52-Week High (14.03.2012) 25.05

52-Week Low (29.05.2012) 17.90

Daily Volume

20.45





114'384.16 1 Yr Total Return -6.68%










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



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 912.2 1'043.0 1'207.9 1'442.4 - -




EBITDA 902.56 Long-Term Rating Date 05.06.2012

EBIT 581.32 Long-Term Rating BBB+









EBITDA Margin 13.3%



Asset Turnover 1.32







Fiscal Year Ended

Tingyi Cayman Islands Holding CorpPrice/Volume

Valuation Analysis

11'091'246.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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-2

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1! ! 9

2! ! 9

3! ! 9

4! ! 9

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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

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- .!



27.02.2013


SANYO FOODS CO LTD n/a Co File 1'854'827'866 33.18 - 30.09.2011 Corporation

TING HSIN CAYMAN ISL n/a EXCH 1'854'827'866 33.18 (4'948'500) 17.01.2012 Corporation


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 96'134'000 1.72 (1'244'000) 29.12.2011 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 86'020'000 1.54 - 31.12.2011 Investment Advisor



FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 27'540'000 0.49 - 31.01.2012 Investment Advisor


ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 19'113'495 0.34 (1'545'162) 31.10.2011 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 13'404'000 0.24 1'506'000 31.01.2012 Investment Advisor

ING-CHOU WEI n/a EXCH 13'242'000 0.24 - 17.01.2012 n/a


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 11'693'578 0.21 514'300 30.09.2011 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 9'234'000 0.17 (444'000) 31.01.2012 Investment Advisor

MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 8'767'000 0.16 (3'694'000) 30.09.2011 Investment Advisor



CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 6'264'000 0.11 (504'000) 30.11.2011 Investment Advisor




Nomura EMMA LIU reduce 2 M 17 Not Provided 05.03.2012


Citic Securities Co., Ltd MOHAN SINGH sell 1 N 21 6 month 29.02.2012

Piper Jaffray ANSON CHAN neutral 3 M 22 12 month 27.02.2012

Goldman Sachs LISA DENG Buy/Neutral 5 M 27 12 month 23.02.2012

ICBC International Securities ALEX CHENG hold 3 M 23 Not Provided 06.02.2012

DBS Vickers TITUS WU hold 3 M 20 12 month 27.01.2012

CLSA Asia Pacific Markets XIAOPO WEI underperform 1 M 24 Not Provided 06.01.2012

Oriental Patron Securities Ltd LAWRENCE CHOR buy 5 N 28 12 month 05.01.2012

China International Capital Corp PAUL FEIYANG YUAN accumulate 4 M 26 12 month 31.12.2011


Jefferies JESSIE GUO hold 3 M 23 12 month 20.12.2011

Religare Capital Markets KA LEONG LO buy 5 N 30 12 month 06.12.2011

Capital Securities Corp TRACY SUN hold 3 M 22 12 month 18.11.2011

First Shanghai Securities Ltd CHRISTINA LIE hold 3 M 20 12 month 17.11.2011

BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 26 12 month 16.11.2011

Deutsche Bank MABEL WONG hold 3 M 23 12 month 15.11.2011

Macquarie GARY PINGE underperform 1 M 17 12 month 15.11.2011

Bank of China International JENNY CHAN buy 5 M 24 Not Provided 15.11.2011

Kim Eng Securities JACQUELINE KO hold 3 M 23 12 month 15.11.2011

Guotai Junan SUNNY KWOK accumulate 4 U 24 Not Provided 15.11.2011

Mirae Asset Securities SELINA SIA reduce 2 M 15 12 month 15.11.2011

Barclays Capital VINEET SHARMA equalwt/neutral 3 M 19 Not Provided 15.11.2011

Morgan Stanley ANGELA MOH Equalwt/Attractive 3 M 23 12 month 14.11.2011

Credit Suisse KEVIN YIN restricted #N/A N/A M #N/A N/A Not Provided 08.11.2011


JPMorgan KURUMLU EBRU SENER restricted #N/A N/A M #N/A N/A Not Provided 04.11.2011

Daiwa Securities Capital Markets Co. BING ZHOU buy 5 M 27 Not Provided 26.10.2011

RBS LEI YANG hold 3 M 20 12 month 20.10.2011

Citi JASMINE BAI neutral 3 D 22 Not Provided 17.10.2011


SWS Research Co Ltd WANG HAITAO neutral 3 M 23 Not Provided 24.08.2011

CIMB TEAM COVERAGE underperform 1 M 16 12 month 16.09.2010

Holdings By:

Tingyi Cayman Islands Holding Corp ee


27.02.2013

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.


LTM as of: 06/yy

52-Week High (05.11.2012) 11.68

52-Week Low (27.02.2012) 7.18

Daily Volume

10.66





141'007.70 1 Yr Total Return 50.43%










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 0.0 282.2 3'529.4 4'308.5 - -

- 3.45x 5.22x 5.04x - #DIV/0! 0.00x 5.05x 4.12x - -

265.6 333.9 398.6 500.1 - 0.0 0.0 797.7 998.6 - -

- 16.04x 22.39x 22.63x - 0.00x 0.00x 22.47x 17.95x - -

176.7 262.7 312.6 358.4 419.5 0.0 41.5 550.3 684.5 - -

- 20.71x 29.60x 32.33x 31.18x 0.00x 0.00x 33.52x 26.94x - -

EBITDA 594.04 Long-Term Rating Date -

EBIT 521.74 Long-Term Rating -









EBITDA Margin 23.1%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Want Want China Holdings LtdPrice/Volume

Valuation Analysis

14'986'051.00


!-.0123456

-!

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2! ! 9

-!! ! 9

-2! ! 9

.!! ! 9

.2! ! 9

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 !!

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02 !!

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27.02.2013


ENG-MENG TSAI n/a EXCH 6'343'843'100 47.99 (100'000'000) 06.08.2011 n/a

IWATSUKA CONFECTIONE n/a Co File 616'434'480 4.66 - 31.03.2011 Corporation

MR BIG LTD n/a EXCH 299'490'000 2.27 - 13.02.2012 n/a




WEN-HSIEN CHENG n/a EXCH 158'625'490 1.2 - 13.02.2012 n/a

TSAI WANG-CHIA n/a EXCH 100'031'500 0.76 10'500 01.04.2011 n/a

SHAO-CHUNG TSAI n/a Co File 100'000'000 0.76 - 31.12.2010 n/a



CARMIGNAC GESTION Multiple Portfolios MF-AGG 70'530'604 0.53 (1'469'396) 30.09.2011 Investment Advisor




COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 25'472'200 0.19 (404'000) 30.12.2011 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 22'669'000 0.17 (1'594'000) 31.12.2011 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 20'314'000 0.15 - 31.01.2012 Investment Advisor

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 18'755'711 0.14 - 30.12.2011 Hedge Fund Manager




Nomura EMMA LIU neutral 3 M 8 12 month 09.03.2012

BOCOM International Holdings SUMMER WANG long-term buy 5 N 10 12 month 09.03.2012

CLSA Asia Pacific Markets XIAOPO WEI buy 5 M 10 Not Provided 08.03.2012

Credit Suisse KEVIN YIN neutral 3 M 8 Not Provided 07.03.2012

JPMorgan JESSICA HONG neutral 3 M 7 9 month 07.03.2012

Capital Securities Corp TRACY SUN hold 3 N 9 12 month 07.03.2012


Macquarie GARY PINGE outperform 5 M 10 12 month 07.03.2012

Bank of China International JENNY CHAN hold 3 M 8 Not Provided 07.03.2012

DBS Vickers TITUS WU hold 3 M 7 12 month 07.03.2012

Kim Eng Securities JACQUELINE KO buy 5 M 9 12 month 07.03.2012

China International Capital Corp PAUL FEIYANG YUAN hold 3 M 7 12 month 07.03.2012

SWS Research Co Ltd SEAN ZHANG outperform 5 M 9 Not Provided 07.03.2012

Mirae Asset Securities SELINA SIA reduce 2 M 7 12 month 07.03.2012

SinoPac VIVIEN CHAN neutral 3 M 8 12 month 07.03.2012

ICBC International Securities ALEX CHENG buy 5 M 9 Not Provided 07.03.2012

RBS LEI YANG buy 5 M 9 12 month 06.03.2012

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 8 12 month 06.03.2012

Goldman Sachs LISA DENG neutral/neutral 3 M 8 12 month 06.03.2012

Jefferies JESSIE GUO hold 3 M 7 12 month 06.03.2012

Citi JASMINE BAI buy 5 U 9 Not Provided 06.03.2012

Religare Capital Markets KA LEONG LO buy 5 U 9 12 month 06.03.2012

Piper Jaffray ANSON CHAN overweight 5 M 9 12 month 06.03.2012

Barclays Capital VINEET SHARMA equalwt/neutral 3 M 7 Not Provided 06.03.2012


Citic Securities Co., Ltd RAYMOND LEUNG overweight 5 M 8 6 month 17.11.2011


BNP Paribas Equity Research CHARLIE Y CHEN hold 3 M 6 12 month 26.08.2011

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

CIMB TEAM COVERAGE underperform 1 M 5 12 month 16.09.2010

Holdings By:

Want Want China Holdings Ltd ee


27.02.2013

The Wharf Holdings Limited, through its subsidiaries, develops and invests

in real estate properties. The Company also owns and manages hotels and

operates logistics business. In addition, the Wharf operates telecommunication

business, cable television and Internet-related businesses.


LTM as of: 09/yy

52-Week High (01.02.2013) 71.00

52-Week Low (04.06.2012) 39.00

Daily Volume

66.1





200'233.25 1 Yr Total Return 44.92%










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 12/11 Q4 03/12 Q1

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0 3'964 32'111 32'925 - -

#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... #DIV/0! 0.00x 8.23x 8.13x - -



#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 0.0 3'117.0 10'718.6 11'410.3 - -












EBITDA Margin 48.2%



Asset Turnover 0.11







Fiscal Year Ended

Wharf Holdings LtdPrice/Volume

Valuation Analysis

4'124'755.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

f--- I--- f--- e--- e--- I--- m--- j--- g--- M--- e--. a--. ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9.! ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

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- !!

- .!



27.02.2013


WF INVESTMENT PARTNE n/a EXCH 1'302'017'536 42.98 - 25.07.2011 n/a

LYNCHPIN LTD n/a EXCH 213'267'072 7.04 - 25.07.2011 n/a




THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 16'715'789 0.55 (13'061'000) 31.10.2011 Hedge Fund Manager


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 13'829'100 0.46 - 31.01.2012 Investment Advisor


BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 10'551'991 0.35 (52'900) 30.11.2011 Investment Advisor



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 7'126'053 0.24 887'100 08.03.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 6'879'898 0.23 873'780 30.09.2011 Investment Advisor

BLACKROCK ADVISERS Multiple Portfolios MF-AGG 6'058'347 0.2 216'200 31.12.2011 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 6'023'587 0.2 (542'498) 31.12.2011 Investment Advisor



GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 4'432'743 0.15 252'675 31.12.2011 Corporation

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 4'264'462 0.14 22'000 31.01.2012 Investment Advisor



Deutsche Bank KAREN TANG hold 3 D 49 12 month 01.03.2012



Mirae Asset Securities KEITH YEUNG buy 5 M 56 12 month 22.02.2012


JPMorgan AMY LUK neutral 3 M 44 12 month 16.02.2012




UOB Kay Hian SYLVIA WONG sell 1 D 32 Not Provided 19.01.2012

CLSA Asia Pacific Markets SUSANNA LEUNG buy 5 U 47 Not Provided 09.01.2012




HSBC STEPHEN WAN overweight 5 U 50 Not Provided 20.11.2011


Jefferies JULIAN BU buy 5 M 60 12 month 25.08.2011

Holdings By:

Wharf Holdings Ltd ee


Fundamental Equity Analysis - Hang Seng Index - HSI Index

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