This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis & Analyst Recommendations China Railway July 2013
Q M S Advisors .
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II Market Capitalization & Asset Liability data
Currency
Market Capitalization (in mio USD)
Daily Volume (M)
Total Common Shares (M)
Total Revenue
Minority Total Debt Preferred Interest (USD) Stock (USD) (USD)
Cash and Enterprise Equivalents Value (USD) (USD)
Tot. Rev. LFY
Est. Tot. Rev. - Tr. 12M
Est. Tot. Rev. - 2013
EBITDA
Est. Tot. Rev. - 2014 EBITDA - LFY
Earnings Per Share
Est. EBITDA - Est. EBITDA - Est. EBITDA Tr. 12M 2013 2014 EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E Ratio - Tr. 12M
Rev. Growth
EBITDA Growth
Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT Credit Rating -
S&P LT Credit Rating Date
Moody's LT Credit Moody's LT Credit Rating Rating Date
S&P 500 INDEX
USD
15129982
2010.579
1116
1116
203
221
221
102.58
110.17
110.17
16.09
16.09
14.98
14.98
18.61
Euro Stoxx 50 Pr
EUR
2541081
5239.1967
4513
4513
727
758
758
201.47
293.88
293.88
21.60
17.09
14.80
14.80
20.06
NIKKEI 225
JPY
2766773
190.457
190
190
18
21
21
5.32
7.81
7.81
0.27
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2635032
11383.506
10054
10054
1394
1639
1639
576.63
800.80
800.80
24.88
21.84
17.91
17.91
20.98
SWISS MARKET INDEX
CHF
1021957
10629.344
4029
4029
844
817
817
408.10
548.26
548.26
20.52
17.00
15.28
15.28
21.70
S&P/TSX COMPOSITE INDEX
CAD
1572011
16405.431
8333
8333
1780
1970
1970
735.88
818.73
818.73
14.96
14.96
13.45
13.45
23.24
S&P/ASX 200 INDEX
AUD
1229350
5801.1767
2677
2677
551
684
684
224.51
322.26
322.26
18.21
14.76
12.68
12.68
20.22
HANG SENG INDEX
HKD
1590448
2985.3594
1672
1672
355
399
399
278.78
271.45
271.45
1.23
1.40
1.27
1.27
2.92
MSCI EM
USD
6879381
1274.567
971
971
188
179
179
82.64
90.29
90.29
10.96
11.12
10.03
10.03
19.20
MTR CORP
HKD
21151.64
1142
5793
4.44
0.00
0.03
2.41
23.20
4607
4607
4869
5154
2407
2407
-
-
0.30
0.30
0.18
0.24
1.56
-
2.63
1.95
0.89
3.58
-0.64
0.51
6.74
AAA
16.12.2010
Aa1
11.11.2010
CSR CORP LTD - H
HKD
7538.76
11468
13803
2.87
0.00
0.87
1.87
7.28
11476
11476
12526
14094
966
960
986
986
0.04
0.04
0.04
0.05
1.43
-
1.36
1.17
1.54
-
0.32
4.47
1.08
-
-
-
-
CHINA RAILWAY GROUP LTD-H
HKD
8222.19
6820
21300
21.02
0.00
1.31
8.76
23.22
60028
60028
66698
71876
2587
2587
-
-
0.05
0.04
0.05
0.05
0.94
0.93
0.84
0.76
0.68
2.95
0.74
2.91
0.56
BBB+
23.01.2013
-
-
CHINA HIGH SPEED TRANSMISSIO
HKD
570.97
2856
1363
1.18
0.00
0.03
0.31
1.35
821
821
910
994
166
166
-
-
0.01
0.01
0.03
0.04
3.25
3.17
1.42
1.06
-1.36
4.23
-1.52
4.46
2.61
-
-
-
-
CHINA RAILWAY CONSTRUCTION-H
HKD
8271.50
4095
12338
13.83
0.00
0.18
13.64
9.08
60575
60575
67778
71515
3054
3054
-
-
-
0.09
0.10
0.11
0.89
-
0.80
0.74
0.77
-
1.10
3.39
0.65
A-
03.05.2013
-
-
GUANGSHEN RAILWAY CO LTD-H
HKD
2663.41
2428
7084
0.45
0.00
0.01
0.63
1.91
1946
1946
2080
2202
421
421
473
473
0.03
0.02
0.03
0.03
1.63
1.58
1.45
1.26
0.35
0.96
-2.32
0.44
2.79
-
-
-
-
ZHUZHOU CSR TIMES ELECTRIC-H
HKD
2306.39
7485
1084
0.10
0.00
0.02
0.30
1.64
922
922
1031
1207
170
170
196
196
-
0.15
0.15
0.18
1.49
-
1.44
1.21
0.14
4.96
-0.77
3.72
2.37
-
-
-
-
CHINA ZHONGWANG HOLDINGS LTD
HKD
1603.05
407
5406
1.53
0.00
0.00
1.02
1.77
1740
1740
-
-
390
390
-
-
0.04
0.04
-
-
0.71
-
-
-
3.99
-
4.32
1.57
2.89
-
-
-
-
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
Valuation Measures II/II Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
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
S&P 500 INDEX
2.31
2.31
2.11
1.92
2.31
1.48
1.48
1.41
1.35
1.48
10.40
10.40
9.71
10.06
10.40
9.10
9.10
8.39
7.84
9.10
14.98
14.98
13.39
12.21
14.98
2.13
2.13
2.29
2.39
2.13
1778.7
7.8%
Euro Stoxx 50 Pr
1.16
1.16
1.10
1.04
1.16
0.75
0.75
0.73
0.71
0.75
5.75
5.75
5.28
4.81
5.75
6.91
6.91
6.53
6.18
6.91
11.59
11.59
10.33
9.32
11.59
4.31
4.31
4.59
4.94
4.31
2970.0
11.4%
NIKKEI 225
1.57
1.57
1.47
1.37
1.57
0.75
0.75
0.73
0.71
0.75
9.28
9.28
8.56
7.84
9.28
8.88
8.88
8.22
7.74
8.88
18.31
18.31
16.25
14.66
18.31
1.59
1.59
1.74
1.88
1.59
14922.4
3.1%
FTSE 100 INDEX
1.70
1.70
1.59
1.48
1.70
0.96
0.96
0.93
0.96
0.96
8.35
8.35
7.67
7.02
8.35
6.94
6.94
6.41
6.04
6.94
12.08
12.08
11.00
10.19
12.08
3.88
3.88
4.18
4.52
3.88
7105.8
9.0%
SWISS MARKET INDEX
2.37
2.37
2.20
2.05
2.37
2.02
2.02
1.93
1.85
2.02
12.16
12.16
11.09
9.89
12.16
13.01
13.01
11.98
11.22
13.01
14.88
14.88
13.39
12.20
14.88
3.27
3.27
3.64
4.17
3.27
8622.8
8.6%
S&P/TSX COMPOSITE INDEX
1.63
1.63
1.52
1.41
1.63
1.39
1.39
1.43
1.48
1.39
8.23
8.23
7.42
6.15
8.23
8.33
8.33
7.37
6.80
8.33
14.17
14.17
12.51
11.37
14.17
3.29
3.29
3.44
3.60
3.29
14134.3
15.6%
S&P/ASX 200 INDEX
1.78
1.78
1.69
1.59
1.78
1.67
1.67
1.58
1.51
1.67
10.09
10.09
9.11
8.69
10.09
8.48
8.48
7.71
7.18
8.48
13.86
13.86
12.56
11.61
13.86
4.82
4.82
5.16
5.51
4.82
5204.0
6.6%
HANG SENG INDEX
1.23
1.23
1.13
1.07
1.23
1.59
1.59
1.47
1.36
1.59
7.38
7.38
7.03
6.52
7.38
7.48
7.48
6.85
6.21
7.48
9.82
9.82
9.04
8.29
9.82
3.92
3.92
4.22
4.64
3.92
24793.6
19.9%
MSCI EM
1.31
1.31
1.20
1.09
1.31
0.93
0.93
0.87
0.81
0.93
6.48
6.48
5.94
5.47
6.48
7.10
7.10
6.46
5.93
7.10
10.03
10.03
9.02
8.26
10.03
3.09
3.09
3.41
3.71
3.09
1120.1
23.6%
MTR CORP
1.21
1.12
1.07
1.01
4.62
4.34
4.10
3.96
23.92
17.36
18.80
10.37
13.43
13.38
11.39
10.63
18.05
20.43
15.15
12.52
2.75
2.86
3.00
3.15
32.36
14.4%
CSR CORP LTD - H
1.43
1.27
1.15
1.02
0.53
0.48
0.42
0.37
9.09
7.77
6.60
6.09
7.75
7.38
6.43
5.46
11.12
10.52
9.06
7.79
2.58
2.70
3.06
3.33
6.31
49.5%
CHINA RAILWAY GROUP LTD-H
0.69
0.62
0.57
0.52
0.11
0.10
0.09
0.08
8.16
3.17
4.41
5.29
9.58
8.29
7.70
7.50
7.57
6.53
5.93
5.36
2.07
2.39
2.67
2.75
4.69
47.4%
CHINA HIGH SPEED TRANSMISSIO
0.46
0.45
0.43
0.41
0.52
0.50
0.45
0.42
1.78
2.54
2.30
2.21
7.81
7.18
6.32
5.65
13.66
11.02
8.21
7.15
0.66
1.21
2.22
1.44
3.62
11.4%
CHINA RAILWAY CONSTRUCTION-H
0.82
0.73
0.67
0.59
0.11
0.10
0.09
0.08
56.54
3.12
3.12
2.21
3.16
2.78
2.58
2.40
7.10
6.20
5.71
4.97
2.51
2.86
3.16
3.33
9.73
61.8%
GUANGSHEN RAILWAY CO LTD-H
0.65
0.63
0.61
0.59
1.12
1.01
0.96
0.90
6.21
3.98
5.17
4.93
4.38
4.03
3.78
3.47
12.51
11.28
9.77
8.77
3.25
3.62
4.12
4.58
4.06
33.7%
ZHUZHOU CSR TIMES ELECTRIC-H
2.33
1.98
1.73
1.48
2.16
1.77
1.51
1.32
14.05
12.02
9.01
9.13
10.13
8.34
7.12
6.07
14.60
11.18
9.39
8.06
2.16
2.94
3.50
3.95
21.98
33.2%
0.38
0.39
6.30
CHINA ZHONGWANG HOLDINGS LTD
6.06
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
6.26
0.00
%D to Spot
Latest Fiscal Year: 52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change Total Common Shares (M)
Market Capitalization
MTR CORP
CSR CORP LTD-H
CHINA RAIL GR-H
CHINA HIGH-SPEED
CHINA RAIL CN-H
GUANGSHEN RAIL-H
ZHUZHOU CSR
CHINA ZHONGWANG
12/2012 32.90 08.03.2013 25.80 16.07.2012 1'141'745
12/2011 7.20 04.01.2013 4.21 09.07.2013 11'468'124
12/2012 4.98 10.01.2013 2.83 03.09.2012 6'819'900
12/2012 4.56 28.05.2013 2.07 31.07.2012 2'855'500
12/2012 9.54 15.01.2013 5.71 31.08.2012 4'095'294
12/2012 4.23 11.03.2013 2.16 06.09.2012 2'428'000
12/2012 30.25 02.01.2013 16.38 26.07.2012 7'484'911
12/2012 3.28 22.08.2012 2.15 25.06.2013 406'800
28.30
4.22
3.18
3.25
6.01
3.04
16.50
2.30
-14.0% 9.7% 5'793.2
-41.4% 0.2% 13'803.0
-36.1% 12.4% 21'299.9
-28.7% 57.0% 1'362.7
-37.0% 5.3% 12'337.5
-28.1% 40.7% 7'083.5
-45.5% 0.7% 1'084.3
-29.9% 7.0% 5'406.3
164'069.1
58'476.6
63'777.9
4'428.9
64'160.4
20'659.5
17'890.2
12'434.5
Minority Interest Cash and Equivalents
34'424.0 207.0 18'721.0
22'271.1 6'754.4 14'504.6
163'026.0 10'199.0 67'943.0
9'186.9 205.1 2'404.5
107'283.3 1'365.6 105'817.1
3'485.5 50.8 4'849.0
742.1 134.7 2'318.9
11'830.5 7'890.1
Enterprise Value
179'979.1
56'464.0
180'124.4
10'487.4
70'467.6
14'777.3
12'695.0
13'766.3
Total Debt Preferred Stock
Valuation Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth EBITDA Growth EBITDA Margin
LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 1 Year 5 Year 1 Year 5 Year LTM CY+1 CY+2
35'739.0 35'739.0 37'764.5 39'980.1 5.4x 5.4x 4.9x 4.7x 18'672.0 18'672.0 13'455.4 15'794.7 10.3x 10.3x 13.7x 11.8x 2.35 2.34 1.39 1.87 12.1x 20.4x 15.1x 6.9% 27.8% (5.0%) 4.0% 52.2% 35.6% 39.5%
89'019.4 89'019.4 97'158.6 109'327.0 0.9x 0.9x 0.5x 0.4x 7'490.2 7'447.3 7'649.8 8'785.9 11.1x 11.1x 6.4x 5.3x 0.30 0.30 0.32 0.37 11.1x 10.5x 9.1x 12.0% 2.5% 34.7% 8.4% 7.9% 8.0%
465'625.0 465'625.0 517'360.7 557'526.0 0.4x 0.4x 0.3x 0.3x 20'070.0 20'070.0 21'728.4 23'379.8 9.1x 9.1x 6.9x 6.5x 0.35 0.35 0.39 0.42 7.3x 7.2x 6.5x 5.9x 5.3% 22.9% 5.8% 22.6% 4.3% 4.2% 4.2%
6'368.8 6'368.8 7'060.9 7'709.3 1.6x 1.6x 1.3x 1.1x 1'291.1 1'291.1 1'460.8 1'658.9 8.0x 8.0x 6.1x 5.1x 0.10 0.10 0.23 0.31 25.2x 24.6x 11.0x 8.2x (10.6%) 32.8% (11.8%) 34.6% 20.3% 20.7% 21.5%
469'871.7 469'871.7 525'740.3 554'725.6 0.2x 0.2x 0.1x 0.1x 23'688.9 23'688.9 25'369.1 27'274.6 3.8x 3.8x 2.6x 2.5x 0.69 0.77 0.83 6.9x 6.2x 5.7x 6.0% 8.6% 26.3% 5.0% 4.8% 4.9%
15'091.9 15'091.9 16'135.0 17'079.9 1.1x 1.1x 1.1x 1.0x 3'264.0 3'264.0 3'671.2 3'914.2 5.0x 5.0x 4.7x 4.2x 0.20 0.19 0.21 0.25 12.6x 12.3x 11.3x 9.8x 2.7% 7.5% (18.0%) 3.4% 21.6% 22.8% 22.9%
7'154.0 7'154.0 7'999.9 9'362.2 3.3x 3.3x 1.4x 1.2x 1'317.9 1'317.9 1'522.3 1'782.2 17.9x 17.9x 7.6x 6.1x 1.13 1.17 1.39 11.5x 11.2x 9.4x 1.1% 38.4% (6.0%) 28.8% 18.4% 19.0% 19.0%
13'497.2 13'497.2 1.2x 1.2x 3'024.4 3'024.4 5.5x 5.5x 0.33 0.33 5.5x 31.0% 33.5% 12.2% 22.4% -
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
23.9% 19.2% 1.844x 0.841x 15.824x
68.0% 36.0% 2.990x 1.043x 9.036x
208.5% 64.8% 8.123x 4.738x 2.034x
AAA 16.12.2010 Aa1 11.11.2010
-
BBB+ 23.01.2013 -
121.9% 54.3% 7.116x 5.253x 2.274x
149.1% 59.4% 4.529x 0.062x 4.056x
13.4% 11.8% 1.068x -0.418x 18.699x
12.0% 10.5% 0.563x -1.196x 82.607x
67.6% 40.3% 3.912x 1.303x 5.532x
A03.05.2013 -
-
-
-
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
-
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Average 137'795.9 137'795.9 172'745.7 185'101.4 1.8x 1.8x 1.4x 1.2x 9'852.3 9'846.9 10'693.9 11'798.6 8.8x 8.8x 6.9x 5.9x 0.61 0.68 0.64 0.78 11.5x 14.7x 11.0x 9.0x 6.8% 25.9% 1.2% 20.8% 19.1% 16.4% 17.2% Average 83.0% 37.1% 3.8x 1.5x 17.5x
Median 25'415.4 25'415.4 37'764.5 39'980.1 1.1x 1.1x 1.1x 1.0x 5'377.1 5'355.7 7'649.8 8'785.9 8.5x 8.5x 6.4x 5.3x 0.32 0.34 0.39 0.42 11.3x 12.3x 11.0x 9.1x 5.6% 27.8% (1.3%) 24.4% 19.3% 19.0% 19.0% Median 67.8% 38.2% 3.5x 0.9x 7.3x
09.07.2013
MTR Corp Ltd 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.
Price/Volume 35
8.0 M
30
7.0 M 6.0 M
25
5.0 M
20
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 66 HK EQUITY YTD Change 66 HK EQUITY YTD % CHANGE
12/2012 01/yy 32.90 25.80 1'141'745.00 28.3 -13.98% 9.69% 35.21% 5'797.5 164'069.08 34'424.00 0.0 207.0 18'721.00 179'979.08
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
3.0 M
10
2.0 M
5
1.0 M
0 j-12
31.12.2009 31.12.2010 18'797 29'518 9.63x 6.16x 14'774.0 14'956.0 12.25x 12.16x 9'639.0 12'059.0 15.86x 13.48x Profitability
31.12.2011 33'423 4.89x 19'648.0 8.32x 15'556.0 9.35x
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover
31.12.2012 35'739 5.39x 18'672.0 10.32x 13'532.0 13.03x 18'672.00 12'256.00 34.29% 43.55% 6.69% 9.71% 8.38% 0.18% 52.2% 34.3% 37.9% 1.31 1.03 16.64% 23.86% 10.79 -
Price/ Cash Flow
s-12
o-12
LTM-4Q
LTM
01/yy
01/yy -
n-12
d-12
j-13
f-13 m-13
a-13 m-13
.0 M j-13
j-13
FY+1 -
2.79 0.72 1'361.87 7.79% -5.60% 0.715 14 3.571 2'287'984 3'308'187 2'874'412 FY+2
12/13 Y 12/14 Y 37'765 39'980 4.90x 4.67x 13'455.4 15'794.7 13.38x 11.39x 8'032 10'835 20.43x 15.15x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
FQ+1
FQ+2
-
-
16.12.2010 AAA STABLE 09.10.2009 A-1+ 15.82 6.40 0.84 1.84 23.9% 19.2% 0.18 0.24 33.93 -
Sales/Revenue/Turnover
45.00
40'000.0
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00 0.00 01.01.2010
a-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 17'628 7.47x 15'971.0 8.25x 8'284.0 12.22x
4.0 M
15
0.0 01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
MTR Corp Ltd Holdings By:
All
Holder Name FINANCIAL SECRETARY ABERDEEN BLACKROCK NORGES BANK VANGUARD GROUP INC STATE STREET INVESCO LTD COMMONWEALTH BANK OF HANG SENG INVESTMENT BNP PARIBAS INV PART ROYAL BANK OF CANADA NEW JERSEY DIVISION TIAA CREF INVESTMENT SWISSCANTO FONDSLEIT EASTSPRING INVESTMEN SWISSCANTO FONDSLEIT TD ASSET MANAGEMENT CREDIT SUISSE ASSET CAISSE DE DEPOT ET P SKANDIA GLOBAL FUNDS
Firm Name DBS Vickers Nomura Jefferies EVA Dimensions Morgan Stanley Goldman Sachs Credit Suisse HSBC Daiwa Securities Co. Ltd. AMTD Financial Planning Limited GuoSen Securities Co Ltd Deutsche Bank Credit Suisse Piper Jaffray
Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Analyst JEFF YAU BENJAMIN LO VENANT CHIANG TIMOTHY STANISH LIN HE SIMON CHEUNG CUSSON LEUNG STEPHEN WAN JONAS KAN KENNY TANG SING HING MICHAEL NG TONY TSANG FELIX RUSLI HONGBO B LU
Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Recommendation hold buy hold overweight Equalwt/In-Line neutral/neutral neutral neutral outperform buy buy not rated outperform neutral
Amt Held 4'434'552'207 42'310'985 25'258'835 15'534'833 14'204'758 12'759'234 10'544'872 9'444'732 6'917'209 3'448'886 2'740'000 2'699'684 2'644'340 2'470'491 2'386'938 2'328'239 2'313'591 2'231'336 1'899'000 1'624'524
% Out 76.49 0.73 0.44 0.27 0.25 0.22 0.18 0.16 0.12 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.03 0.03
Weighting
Change
3 5 3 5 3 3 3 3 5 5 5 #N/A N/A 5 3
M M M U M M M M M M N M M M
Latest Chg 950'000 (1'739'500) 233'290 (658'337) 5'334 589'202 (110'000) 2'037'197 (30'000) (268'500) 5'310 (18'500) -
Target Price 31 38 28 #N/A N/A 34 32 26 33 33 35 30 #N/A N/A 36 33
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 31.12.2011 Government 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 08.07.2013 Investment Advisor 08.07.2013 Investment Advisor 28.02.2013 Bank 30.06.2012 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Bank 30.06.2012 Pension Fund (ERISA) 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor
Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month
Date 08.07.2013 07.07.2013 02.07.2013 24.06.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 22.03.2013 12.03.2013 20.02.2012 01.03.2011 21.02.2011 11.08.2010
09.07.2013
CSR Corp Ltd CSR Corp Ltd provides a wide range of rolling stock products and services. The Company's products include locomotives, passenger carriages, freight wagons, MUs, rapid transit vehicles and key related components.
Price/Volume
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1766 HK EQUITY YTD Change 1766 HK EQUITY YTD % CHANGE
12/2011 09/yy 7.20 4.21 11'468'124.00 4.22 -41.39% 0.24% 0.68% 2'024.0 58'476.62 22'271.08 0.0 6'754.4 14'504.61 56'464.02
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow
1.20 1.00
180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 35'092.8 1.37x 2'788.2 17.27x 1'384.2 27.45x
10 9 8 7 6 5 4 3 2 1 0 m-11
31.12.2009 31.12.2010 45'620.8 64'132.4 1.49x 1.55x 3'293.5 4'943.7 20.63x 20.10x 1'678.2 2'526.3 40.07x 35.45x Profitability
LTM-4Q 31.12.2011 79'517.0 0.75x 7'310.0 8.11x 3'864.2 13.28x
31.12.2012 89'019.4 0.94x 7'490.2 11.21x 4'009.5 16.59x 7'490.23 5'707.26 6.41% 6.28% 4.05% 14.50% 9.42% 0.90% 17.7% 8.4% 6.4% 4.5% 1.17 0.73 21.17% 67.99% 3.69 4.00
LTM
12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x
09/yy 51'192.4 0.00x 1'091.3 0.00x 2'187.2 0.00x
FY+1
2.70 1.74 1'902.64 -19.24% -36.21% 1.737 30 3.900 16'125'420 15'777'960 16'279'450 FY+2
FQ+1
FQ+2
12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 97'158.6 109'327.0 0.50x 0.43x 7'649.8 8'785.9 7.38x 6.43x 4'387.1 5'047.0 10.52x 9.06x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
9.04 3.25 1.04 2.99 68.0% 36.0% 0.90 3.35 99.18 91.45 118.28 72.35
Sales/Revenue/Turnover
70'000.0 60'000.0 50'000.0
0.80
40'000.0 0.60
30'000.0
0.40
20'000.0 10'000.0
0.20
0.0 0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
CSR Corp Ltd Holdings By:
All
Holder Name JOHO PARTNERS LP DEUTSCHE BANK AG SOCIAL SECURITY FUND DEUTSCHE BANK AG MORGAN STANLEY MORGAN STANLEY WELLINGTON MANAGEMEN BAILLIE GIFFORD AND GE ASSET MANAGEMENT JP MORGAN CHASE & CO MAPS INVESTMENT MANA VANGUARD GROUP INC MATTHEWS INTERNATION GUARDIAN INVESTOR SE JP MORGAN CHASE & CO SCHRODER INVESTMENT MIRAE ASSET INVESTME INVESCO LTD JP MORGAN ASSET MGMT BLACKROCK FUND ADVIS
Firm Name Standard Chartered Jefferies BNP Paribas Equity Research Haitong International Securities HSBC UOB Kay Hian Macquarie Guotai Junan Capital Securities Corp JPMorgan Citi Deutsche Bank SinoPac EVA Dimensions Mizuho Securities SWS Research Co Ltd Morgan Stanley Daiwa Securities Capital Markets Co. DBS Vickers BOCOM International Holdings Masterlink Securities Bank of China International Citic Securities Co., Ltd China International Capital Corp
Portfolio Name n/a n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Analyst BEN HARTWRIGHT JULIAN BU TINA LI ZHANG WEN XIAN ANDERSON CHOW MARK PO SAIYI HE GARY WONG HAN WEIQI KAREN LI ZHEN NI PHYLLIS WANG VIVIAN LIU TEAM COVERAGE OLE HUI TITUS WU KEVIN LUO EDWIN LEE RACHEL MIU GEORGE YIN STANLEY YAN XU MINLE SIMON YEUNG WU HUIMIN
Source EXCH EXCH EXCH Short EXCH Short EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Recommendation outperform underperform buy buy overweight buy neutral neutral buy overweight sell buy buy sell neutral neutral Equalwt/In-Line hold buy not rated hold buy not rated accumulate
Amt Held % Out 302'079'370 14.92 182'422'633 9.01 181'210'000 8.95 (155'118'944) -7.66 114'562'654 5.66 (114'008'368) -5.63 107'180'180 5.3 101'793'000 5.03 100'828'146 4.98 98'439'911 4.86 98'388'000 4.86 70'577'278 3.49 51'450'000 2.54 30'283'000 1.5 (29'769'114) -1.47 27'544'000 1.36 25'599'000 1.26 25'458'000 1.26 24'628'000 1.22 19'251'000 0.95
Weighting 5 1 5 5 5 5 3 3 5 5 1 5 5 1 3 3 3 3 5 #N/A N/A 3 5 #N/A N/A 4
Change M M M M M M N M M M M M M N M M D M U M D M M M
Latest Chg (3'557'400) (302'000) 7'138'000 (3'408'000) 19'000
Target Price 7 4 7 8 7 7 6 5 7 9 5 7 6 #N/A N/A 5 5 6 6 6 #N/A N/A 5 7 #N/A N/A 10
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt 06.03.2012 09.02.2012 23.12.2011 29.02.2012 08.03.2012 08.03.2012 17.02.2012 17.08.2011 29.11.2010 01.02.2012 05.09.2011 31.12.2011 30.12.2011 31.12.2011 01.02.2012 30.06.2011 30.09.2011 28.02.2011 14.01.2011 08.03.2012
Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month
Inst Type Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor
Date 12.03.2012 12.03.2012 09.03.2012 08.03.2012 06.03.2012 05.03.2012 28.02.2012 21.02.2012 20.02.2012 14.02.2012 09.02.2012 30.01.2012 19.01.2012 06.01.2012 05.01.2012 05.01.2012 07.12.2011 02.11.2011 31.10.2011 14.10.2011 09.08.2011 08.08.2011 06.05.2011 25.04.2011
09.07.2013
China Railway Group Ltd China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridges.
Price/Volume
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 390 HK EQUITY YTD Change 390 HK EQUITY YTD % CHANGE
12/2012 01/yy 4.98 2.83 6'819'900.00 3.18 -36.14% 12.37% 18.60% 4'207.4 63'777.88 163'026.00 0.0 10'199.0 67'943.00 180'124.39
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
300.0 M
5
250.0 M
4
200.0 M
3
150.0 M
2
100.0 M
1
50.0 M
0 m-11
.0 M a-11 m-11
31.12.2009 31.12.2010 334'045.0 456'162.0 0.43x 0.29x 12'946.0 15'702.0 11.00x 8.38x 6'875.0 7'398.0 16.47x 13.71x Profitability
31.12.2011 442'216.0 0.30x 18'977.0 6.90x 6'690.0 6.28x
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover
31.12.2012 465'625.0 0.37x 20'070.0 8.60x 7'354.0 10.56x 20'070.00 13'885.00 2.98% 2.38% 1.44% 9.80% 5.34% 0.91% 7.6% 4.3% 3.0% 1.6% 1.19 0.48 29.61% 208.49% 4.51 2.46
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy -
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
FY+1 -
2.07 1.65 4'207.39 2.33% -29.80% 1.646 27 3.963 16'432'930 15'689'010 16'485'380 FY+2
FQ+1
FQ+2
12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 517'360.7 557'526.0 143'172.0 0.29x 0.27x 21'728.4 23'379.8 8.29x 7.70x 8'201.9 9'026.3 1'770.0 6.53x 5.93x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
23.01.2013 BBB+ STABLE 2.03 1.23 4.74 8.12 208.5% 64.8% 0.91 9.58 81.09 148.82 130.28 99.63
Sales/Revenue/Turnover
100.00
500'000.0
90.00
450'000.0
80.00
400'000.0
70.00
350'000.0
60.00
300'000.0
50.00 40.00
250'000.0 200'000.0
30.00
150'000.0
20.00
100'000.0
10.00
50'000.0
0.00 04.01.2008 04.07.2008
j-11
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 227'245.5 0.55x 10'036.8 12.52x 1'115.2 94.59x
6
0.0 04.01.2009 04.07.2009
04.01.2010 04.07.2010
04.01.2011 04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
China Railway Group Ltd Holdings By:
All
Holder Name SOCIAL SECURITY FUND JP MORGAN CHASE & CO VANGUARD GROUP INC BLACKROCK INC LEHMAN BROTHERS FINA LEHMAN BROTHERS INTE FIDELITY MANAGEMENT LEHMAN BROTHERS INTE BLACKROCK FUND ADVIS JP MORGAN ASSET MGMT BANK OF NEW YORK MEL LEHMAN BROTHERS HOLD LEHMAN BROTHERS HOLD BNP PARIBAS ASSET MG BLACKROCK INC STATE STREET CORP ROBECO INVESTOR SERV PRINCIPAL LIFE INSUR UNITED SERVICES AUTO NISSAY ASSET MANAGEM
Firm Name Standard Chartered Jefferies Morgan Stanley Deutsche Bank SinoPac JPMorgan EVA Dimensions HSBC Masterlink Securities Daiwa Securities Capital Markets Co. Citi Credit Suisse Bank of China International DBS Vickers Guotai Junan Capital Securities Corp China International Capital Corp CCB International Securities Ltd UOB Kay Hian Citic Securities Co., Ltd
Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios PRINCIPAL LIFE INSUR Multiple Portfolios Multiple Portfolios
Analyst BEN HARTWRIGHT JULIAN BU KEVIN LUO PHYLLIS WANG VIVIAN LIU KAREN LI TEAM COVERAGE ANDERSON CHOW JAMES CHUNG EDWIN LEE ZHEN NI INGRID WEI LI PAN RACHEL MIU GARY WONG TEAM COVERAGE WU HUIMIN ELIZA LIU MARK PO TEAM COVERAGE
Source Co File EXCH MF-AGG EXCH Co File Short MF-AGG Co File MF-AGG MF-AGG MF-AGG Short Co File MF-AGG Short MF-AGG MF-AGG Sch-D MF-AGG MF-AGG
Recommendation in-line underperform Underwt/Attractive hold neutral overweight sell underweight hold hold sell outperform hold hold neutral hold hold neutral buy buy
Amt Held % Out 382'490'000 9.09 209'008'317 4.97 145'322'772 3.45 143'991'204 3.42 123'652'010 2.94 (67'870'550) -1.61 63'986'884 1.52 59'870'550 1.42 45'860'000 1.09 38'240'000 0.91 36'774'000 0.87 (26'551'000) -0.63 26'551'000 0.63 16'289'000 0.39 (12'803'741) -0.3 8'824'000 0.21 8'250'000 0.2 8'238'000 0.2 6'872'000 0.16 5'012'000 0.12
Weighting
Change 3 1 1 3 3 5 1 1 3 3 1 5 3 3 3 3 3 3 5 5
M M D D M U N M M M D U M M M M M M M N
Latest Chg (1'825'000) 391'000 (165'723'000) 2'187'090 38'000 (3'004'000) (1'205'000) 5'014'000 8'238'000 -
Target Price 3 2 3 3 3 4 #N/A N/A 2 3 3 2 4 3 3 2 #N/A N/A 5 8 7 #N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 31.12.2010 Pension Fund (ERISA) 31.03.2010 Investment Advisor 31.12.2011 Investment Advisor 16.09.2011 Investment Advisor 31.12.2010 Unclassified 30.06.2010 Bank 31.01.2012 Investment Advisor 31.12.2010 Bank 08.03.2012 Investment Advisor 14.01.2011 Mutual Fund Manager 09.03.2012 Investment Advisor 30.06.2010 Corporation 31.12.2010 Corporation 31.12.2011 Investment Advisor 16.09.2011 Investment Advisor 12.03.2012 Investment Advisor 31.12.2011 Investment Advisor 30.09.2011 Insurance Company 30.11.2011 Investment Advisor 21.04.2011 Mutual Fund Manager
Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided
Date 12.03.2012 12.03.2012 07.03.2012 27.02.2012 23.02.2012 14.02.2012 06.01.2012 30.12.2011 27.12.2011 22.12.2011 03.11.2011 02.11.2011 31.10.2011 31.10.2011 09.09.2011 31.08.2011 03.05.2011 10.12.2010 06.09.2010 08.07.2010
09.07.2013
China High Speed Transmission Equipment Group Co Ltd China High Speed Transmission Equipment Group Co., Ltd. researches, designs, develops, manufactures and distributes a range of mechanical transmission equipment used in the wind power generation, marine, vessels, rail transport, aerospace, metallurgy, petrochemicals, construction and mining industries.
Price/Volume 14
100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M
12 10 8
Valuation Analysis
6
Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (31.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 658 HK EQUITY YTD Change 658 HK EQUITY YTD % CHANGE
12/2012 01/yy 4.56 2.07 2'855'500.00 3.25 -28.73% 57.00% 49.40% 1'362.7 4'428.92 9'186.94 0.0 205.1 2'404.50 10'487.36
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
2 0 m-11
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 3'439.2 3.35x 692.0 16.65x 692.4 14.75x
4
31.12.2009 31.12.2010 5'647.0 7'392.6 4.11x 2.33x 1'609.5 1'943.8 14.42x 8.88x 966.4 1'383.6 21.40x 9.45x Profitability
31.12.2011 7'120.7 1.39x 1'463.3 6.78x 557.0 6.78x
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover
31.12.2012 6'368.8 1.62x 1'291.1 7.98x 138.4 23.82x 1'291.10 703.21 11.04% 3.26% 0.72% 1.84% 2.76% 0.33% 24.4% 20.3% 11.0% 2.2% 1.02 0.60 46.21% 121.85% 1.49 2.69
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy -
FY+1 -
0.00 1.61 948.99 33.20% 7.62% 1.610 16 3.188 5'046'742 10'358'740 11'104'290 FY+2
12/13 Y 12/14 Y 7'060.9 7'709.3 1.26x 1.10x 1'460.8 1'658.9 7.18x 6.32x 335.3 449.8 11.02x 8.21x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
FQ+1
FQ+2
-
-
2.27 -0.48 5.25 7.12 121.9% 54.3% 0.33 0.95 245.55 136.03 103.28 278.31
Sales/Revenue/Turnover
140.00
8'000.0
120.00
7'000.0 6'000.0
100.00
5'000.0 80.00
4'000.0 60.00
3'000.0
40.00
2'000.0
20.00
1'000.0
0.00 04.01.2008 04.07.2008
0.0 04.01.2009 04.07.2009
04.01.2010 04.07.2010
04.01.2011 04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
China High Speed Transmission Equipment Group Co Ltd Holdings By:
All
Holder Name FORTUNE APEX LTD CAPITAL GROUP COMPAN NORGES BANK JP MORGAN CHASE & CO UBS AG DEUTSCHE BANK AG MORGAN STANLEY SCHRODER INVESTMENT CAPITAL INTERNATIONA INVESCO LTD DEUTSCHE BANK AG MORGAN STANLEY FIDELITY INTERNATION JP MORGAN CHASE & CO VANGUARD GROUP INC CHINA SOUTHERN FUND SCHRODER KOREA LTD UBS AG CAPITAL INTERNATIONA FALCON FUND MANAGEME
Firm Name
Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios
Analyst
Nomura IVAN LEE Deutsche Bank MICHAEL TONG Piper Jaffray CHI MAN WONG EVA Dimensions TEAM COVERAGE SWS Research Co Ltd TITUS WU Jefferies JOSEPH FONG Citi TIMOTHY LAM CCB International Securities Ltd ALAN LAU Yuanta Securities Investment ConsultingMIN LI Macquarie PATRICK DAI Guotai Junan SIMON JIANG Barclays Capital GUO SHOU KGI Securities JERRY WENG Standard Chartered LI EVAN JPMorgan BORIS KAN Goldman Sachs FRANKLIN CHOW Daiwa Securities Capital Markets Co. DAVE DAI OSK (Asia) Securities LOREN TAI Ji Asia FELIX FOK China International Capital Corp CHEN HUA Credit Suisse YANG SONG DBS Vickers DENNIS LAM CIMB KEITH LI SinoPac VIVIEN CHAN BOCOM International Holdings GEORGE YIN BNP Paribas Equity Research TINA LI Kingsway SW Securities FRANCO HONG
Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG Short Short MF-AGG Short MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG
Recommendation neutral buy neutral hold neutral hold neutral outperform buy outperform neutral equalwt/positive neutral in-line neutral neutral/neutral hold neutral buy hold neutral hold neutral neutral long-term buy buy not rated
Amt Held % Out 211'974'024 15.55 123'643'900 9.07 67'519'402 4.95 66'283'999 4.86 63'220'877 4.64 61'823'709 4.54 60'692'886 4.45 39'023'000 2.86 34'854'000 2.56 28'957'862 2.12 (20'657'330) -1.52 (19'715'116) -1.45 17'763'280 1.3 (8'907'299) -0.65 8'229'815 0.6 6'600'000 0.48 5'709'000 0.42 (5'695'900) -0.42 4'062'000 0.3 3'930'000 0.29
Weighting 3 5 3 3 3 3 3 5 5 5 3 3 3 3 3 3 3 3 5 3 3 3 3 3 5 5 #N/A N/A
Change M M M U M M M M M M D N M D M M M M M M M M M M N M M
Latest Chg 1'310'000 (3'264'000) (11'870'110) 2'165'000 1'181'000 (20'296'259) (19'656'280) 5'350'000 (1'571'000) 1'295'000 101'000
Target Price 5 7 5 #N/A N/A 6 4 4 6 5 5 4 5 11 4 3 4 5 5 9 7 10 5 5 5 17 19 #N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 06.01.2012 Unclassified 09.02.2012 Investment Advisor 27.05.2011 Government 19.01.2012 Investment Advisor 03.03.2011 Investment Advisor 25.11.2011 Investment Advisor 12.11.2010 Investment Advisor 30.06.2011 Investment Advisor 30.11.2011 Investment Advisor 09.03.2012 Investment Advisor 25.11.2011 Investment Advisor 12.11.2010 Investment Advisor 31.10.2011 Investment Advisor 19.01.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2011 Investment Advisor 30.09.2011 Mutual Fund Manager 03.03.2011 Investment Advisor 30.11.2011 Mutual Fund Manager 31.03.2011 Investment Advisor
Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 3 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided
Date 13.03.2012 12.03.2012 12.03.2012 05.03.2012 17.02.2012 02.02.2012 02.02.2012 02.02.2012 18.01.2012 11.01.2012 31.12.2011 29.11.2011 04.11.2011 20.10.2011 06.10.2011 05.10.2011 21.09.2011 09.09.2011 07.09.2011 02.09.2011 01.09.2011 01.09.2011 01.09.2011 01.09.2011 31.01.2011 18.11.2010 26.01.2010
09.07.2013
China Railway Construction Corp Ltd China Railway Construction Corporation Ltd is a full service construction company. The Company's services include construction operations, survey design and consulting. China Railway also has manufacturing operations, real estate operations, and logistics. The Company specializes in railway construction.
Price/Volume 9
80.0 M
8
70.0 M
7
60.0 M
6
50.0 M
5
Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1186 HK EQUITY YTD Change 1186 HK EQUITY YTD % CHANGE
12/2012 09/yy 9.54 5.71 4'095'294.00 6.01 -37.00% 5.25% 9.14% 2'076.3 64'160.37 107'283.34 0.0 1'365.6 105'817.06 70'467.65
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow
1.20
30.0 M
3 2
20.0 M
1
10.0 M
0 m-11
.0 M a-11
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 219'410.2 0.42x 9'883.9 9.43x 3'643.8 31.76x
40.0 M
4
Valuation Analysis
31.12.2009 31.12.2010 344'976.2 456'187.2 0.22x 0.18x 13'754.6 14'427.2 5.41x 5.59x 6'599.1 4'246.2 16.38x 23.34x Profitability
LTM-4Q 31.12.2011 443'319.3 0.15x 21'822.9 3.08x 7'854.3 5.42x
31.12.2012 469'871.7 0.17x 23'688.9 3.28x 8'478.9 10.27x 23'688.89 13'999.85 2.98% 2.32% 1.88% 12.40% 7.09% 1.04% 7.8% 5.0% 3.0% 1.8% 1.13 0.49 22.32% 149.08% 6.76 2.69
LTM
FY+1
1.57 1'887.54 -3.07% -31.78% 1.571 26 4.308 8'361'870 8'631'674 10'327'690 FY+2
FQ+1
FQ+2
09/yy 09/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 0.0 109'391.7 525'740.3 554'725.6 141'835.0 #DIV/0! 0.62x 0.13x 0.12x 0.0 0.0 25'369.1 27'274.6 0.00x 0.00x 2.78x 2.58x 0.0 1'350.6 9'439.4 10'235.9 2'372.0 0.00x 0.00x 6.20x 5.71x S&P Issuer Ratings Long-Term Rating Date 03.05.2013 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 4.06 (EBITDA-Capex)/Interest Exp. 2.26 Net Debt/EBITDA 0.06 Total Debt/EBITDA 4.53 Reference Total Debt/Equity 149.1% Total Debt/Capital 59.4% Asset Turnover 1.04 Net Fixed Asset Turnover 10.29 Accounts receivable turnover-days 54.11 Inventory Days 135.86 Accounts Payable Turnover Day 124.19 Cash Conversion Cycle 65.78 Sales/Revenue/Turnover
500'000.0 450'000.0
1.00
400'000.0 350'000.0
0.80 0.60 0.40
300'000.0 250'000.0 200'000.0 150'000.0 100'000.0
0.20
50'000.0 0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
China Railway Construction Corp Ltd Holdings By:
All
Holder Name SOCIAL SECURITY FUND BAILLIE GIFFORD AND JP MORGAN CHASE & CO HSBC GLOBAL ASSET MA CAPITAL GROUP COMPAN BLACKROCK INC VANGUARD GROUP INC T ROWE PRICE ASSOCIA GUARDIAN INVESTOR SE BLACKROCK FUND ADVIS BANK OF NEW YORK MEL CAPITAL WORLD INVEST JP MORGAN ASSET MGMT LANDESBANK BERLIN IN PRINCIPAL FINANCIAL BLACKROCK INC RCM ASIA PACIFIC LIM BNP PARIBAS ASSET MG SWEDBANK ROBUR FONDE WELLS FARGO BANK NAT
Firm Name Standard Chartered Jefferies Morgan Stanley Deutsche Bank SinoPac JPMorgan Capital Securities Corp EVA Dimensions HSBC Masterlink Securities Daiwa Securities Capital Markets Co. Guotai Junan Citi Credit Suisse DBS Vickers Bank of China International China International Capital Corp CCB International Securities Ltd UOB Kay Hian Citic Securities Co., Ltd
Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Analyst BEN HARTWRIGHT JULIAN BU KEVIN LUO PHYLLIS WANG VIVIAN LIU KAREN LI TEAM COVERAGE TEAM COVERAGE ANDERSON CHOW JAMES CHUNG EDWIN LEE GARY WONG ZHEN NI INGRID WEI RACHEL MIU LI PAN WU HUIMIN ELIZA LIU MARK PO TEAM COVERAGE
Source Co File EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG
Recommendation in-line underperform Overwt/Attractive hold neutral overweight hold buy underweight hold hold accumulate sell outperform hold hold hold neutral buy buy
Amt Held % Out 188'754'500 9.09 105'064'500 5.06 103'151'016 4.97 102'659'382 4.94 102'088'800 4.92 101'780'665 4.9 71'342'748 3.44 32'823'000 1.58 27'343'500 1.32 23'794'500 1.15 22'597'000 1.09 18'817'000 0.91 18'778'500 0.9 15'952'500 0.77 11'395'000 0.55 (7'667'369) -0.37 6'582'600 0.32 6'351'500 0.31 4'762'000 0.23 4'540'260 0.22
Weighting
Change 3 1 5 3 3 5 3 5 1 3 3 4 1 5 3 3 3 3 5 5
M M M D M U M N M M M M D U M M M D M N
Latest Chg (6'267'645) (269'500) (35'995'000) (2'763'500) 17'500 (1'661'500) 5'388'500 5'595'145 (1'078'000) 1'500'000 847
Target Price 6 5 7 6 6 7 #N/A N/A #N/A N/A 4 5 5 6 3 6 6 5 9 10 12 #N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 30.06.2010 Pension Fund (ERISA) 29.08.2011 Investment Advisor 21.12.2011 Investment Advisor 06.03.2012 Investment Advisor 08.06.2011 Investment Advisor 30.08.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 08.03.2012 Investment Advisor 09.03.2012 Investment Advisor 31.12.2011 Investment Advisor 14.01.2011 Mutual Fund Manager 31.01.2012 Mutual Fund Manager 31.01.2012 Investment Advisor 30.08.2011 Investment Advisor 31.10.2011 Investment Advisor 31.12.2011 Investment Advisor 30.09.2011 Investment Advisor 31.12.2011 Investment Advisor
Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided
Date 12.03.2012 12.03.2012 07.03.2012 27.02.2012 23.02.2012 14.02.2012 12.01.2012 06.01.2012 30.12.2011 27.12.2011 22.12.2011 11.11.2011 03.11.2011 02.11.2011 31.10.2011 31.08.2011 29.04.2011 10.12.2010 06.09.2010 08.07.2010
09.07.2013
Guangshen Railway Co Ltd Guangshen Railway Company Limited provides railroad passenger, freight transportation, railway facilities, and technical services. The Company also sells food, beverages and merchandise on aboard and in train stations.
Price/Volume 4
50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M
4 3 3 2
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 525 HK EQUITY YTD Change 525 HK EQUITY YTD % CHANGE
12/2012 09/yy 4.23 2.16 2'428'000.00 3.04 -28.13% 40.74% 45.89% 1'431.3 20'659.50 3'485.47 0.0 50.8 4'849.01 14'777.32
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow
1.20 1.00
1 1 0 m-11
a-11
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 11'414.8 2.36x 2'916.9 9.24x 1'211.8 14.82x
2
31.12.2009 31.12.2010 12'385.8 13'484.4 2.65x 1.74x 3'256.3 3'593.4 10.09x 6.53x 1'342.5 1'486.1 14.69x 12.35x Profitability
LTM-4Q 31.12.2011 14'690.8 1.47x 3'980.0 5.42x 1'804.1 8.92x
31.12.2012 15'091.9 1.08x 3'264.0 4.97x 1'318.9 13.04x 3'263.99 1'858.36 12.31% 11.65% 4.05% 5.14% 4.96% 0.46% 21.6% 12.3% 8.7% 2.02 1.84 10.60% 13.43% 18.70 -
LTM
09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x
09/yy 3'932.9 0.00x 0.0 0.00x 576.3 0.00x
FY+1
3.33 0.75 1'431.30 28.75% 1.58% 0.747 13 3.923 2'974'620 3'269'034 4'082'772 FY+2
FQ+1
FQ+2
12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'135.0 17'079.9 1.08x 0.96x 3'671.2 3'914.2 4.03x 3.78x 1'522.9 1'730.1 11.28x 9.77x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
18.70 8.18 -0.42 1.07 13.4% 11.8% 0.46 0.59 19.57 -
Sales/Revenue/Turnover
16'000.0 14'000.0 12'000.0
0.80 0.60
10'000.0 8'000.0 6'000.0
0.40 0.20
4'000.0 2'000.0 0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
Guangshen Railway Co Ltd Holdings By:
All
Holder Name BANK OF NEW YORK MEL FIDELITY INTERNATION BLACKROCK INC HILLHOUSE CAPITAL MA GAOLING FUND LP JP MORGAN CHASE & CO CREDIT SUISSE CREDIT SUISSE JP MORGAN ASSET MGMT DEUTSCHE BANK AG HALBIS CAPITAL MGMT BLACKROCK INVESTMENT DELAWARE MANAGEMENT SUMITOMO MITSUI ASSE CHINA SOUTHERN FUND SWISSCANTO FONDSLEIT SWISSCANTO FONDSLEIT BNP PARIBAS ASSET MG CLAYMORE ADVISORS LL STATE STREET CORP
Firm Name BOCOM International Holdings Morgan Stanley CLSA Asia Pacific Markets China International Capital Corp SWS Research Co Ltd EVA Dimensions Goldman Sachs Citi Bank of China International Citic Securities Co., Ltd
Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Analyst GEOFFREY CHENG EDWARD XU KUAN-YU OH YANG XIN LEO FAN TEAM COVERAGE RONALD KEUNG ZHEN NI DU JIANPING SIMON YEUNG
Source EXCH EXCH EXCH EXCH EXCH EXCH Short EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Recommendation buy Overwt/Attractive sell buy outperform buy Buy/Neutral neutral buy buy
Amt Held % Out 89'237'571 6.23 86'646'000 6.05 86'441'890 6.04 86'286'000 6.03 86'026'000 6.01 70'788'349 4.95 (38'882'139) -2.72 32'832'405 2.29 19'356'000 1.35 15'506'959 1.08 12'498'000 0.87 11'243'800 0.79 11'000'000 0.77 7'120'000 0.5 6'600'000 0.46 5'204'000 0.36 5'000'000 0.35 4'262'000 0.3 4'056'000 0.28 4'016'000 0.28
Weighting
Change 5 5 1 5 5 5 5 3 5 5
M M M M M M M M M N
Latest Chg 5'598'000 (152'300) 6'600'000 (500'000) (1'080'000) -
Target Price 3 4 2 4 4 #N/A N/A 4 3 4 4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 13.07.2011 Investment Advisor 03.02.2012 Investment Advisor 20.01.2012 Investment Advisor 17.08.2011 Investment Advisor 22.08.2011 Private Equity 01.06.2010 Investment Advisor 20.01.2012 Investment Advisor 20.01.2012 Investment Advisor 14.01.2011 Mutual Fund Manager 30.08.2011 Investment Advisor 20.01.2011 Hedge Fund Manager 30.11.2011 Investment Advisor 31.01.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 30.12.2011 Investment Advisor 30.12.2011 Mutual Fund Manager 31.12.2011 Investment Advisor 09.03.2012 Investment Advisor 09.03.2012 Investment Advisor
Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month
Date 13.02.2012 02.02.2012 09.01.2012 27.12.2011 23.12.2011 30.11.2011 25.10.2011 25.10.2011 22.08.2011 08.07.2011
09.07.2013
Zhuzhou CSR Times Electric Co Ltd Zhuzhou CSR Times Electric Co., Ltd. provides and integrates train-borne electrical systems for the PRC Railway industry. The Company also develops, manufactures, and sells train power converters, auxiliary power supply equipment and control systems for trains for urban rail systems
Price/Volume
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3898 HK EQUITY YTD Change 3898 HK EQUITY YTD % CHANGE
12/2012 09/yy 30.25 16.38 7'484'911.00 16.5 -45.45% 0.73% 8.07% 456.1 17'890.22 742.11 0.0 134.7 2'318.92 12'695.05
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow
1.20 1.00
35.0 M
30
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5
5.0 M
0 m-11
.0 M a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 2'119.3 2.43x 452.8 11.40x 422.3 14.11x
35
31.12.2009 31.12.2010 3'325.6 5'831.3 4.34x 4.68x 685.0 1'266.7 21.06x 21.56x 530.9 852.1 28.57x 32.78x Profitability
LTM-4Q 31.12.2011 7'079.1 1.92x 1'402.0 9.69x 1'184.4 12.67x
31.12.2012 7'154.0 3.30x 1'317.9 17.90x 1'221.1 20.43x 1'317.91 1'171.40 16.37% 19.58% 13.34% 21.25% 18.82% 0.78% 33.1% 18.4% 16.4% 17.1% 2.38 1.96 7.69% 12.01% 2.47 3.45
09/yy 4'398.4 5.28x 0.0 0.00x 668.3 0.00x
LTM 09/yy 7'169.4 12.55x 0.0 0.00x 1'181.3 9.81x
FY+1
0.27 1.71 456.11 -12.20% -41.32% 1.715 23 3.478 2'761'258 2'599'487 2'467'115 FY+2
FQ+1
FQ+2
12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'999.9 9'362.2 1.45x 1.16x 1'522.3 1'782.2 8.34x 7.12x 1'261.5 1'482.6 11.18x 9.39x S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
82.61 57.33 -1.20 0.56 12.0% 10.5% 0.78 4.07 148.33 106.22 94.36 160.19
Sales/Revenue/Turnover
7'000.0 6'000.0 5'000.0
0.80
4'000.0 0.60
3'000.0
0.40
2'000.0 1'000.0
0.20
0.0 0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
Zhuzhou CSR Times Electric Co Ltd Holdings By:
All
Holder Name JP MORGAN CHASE & CO FIDELITY INTERNATION BLACKROCK INC ALLIANZ SE MORGAN STANLEY MORGAN STANLEY FORTIS INVESTMENT MA BNP PARIBAS ASSET MG VALUE PARTNERS LIMIT ARTIO GLOBAL MANAGEM DEUTSCHE BANK AG HAMON INVESTMENT GRO GE ASSET MANAGEMENT JO HAMBRO CAPITAL MA DEUTSCHE BANK AG VANGUARD GROUP INC MAPS INVESTMENT MANA ALLIANZ GLOBAL INVES SCHRODER INVESTMENT BLACKROCK GROUP LIMI
Firm Name
Portfolio Name n/a n/a #N/A N/A n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios
Analyst
Standard Chartered BEN HARTWRIGHT Jefferies JULIAN BU Macquarie SAIYI HE Piper Jaffray ANDREW LEUNG Haitong International Securities ZHANG WEN XIAN Citi PAUL GONG SinoPac VIVIAN LIU BNP Paribas Equity Research TINA LI HSBC ANDERSON CHOW SWS Research Co Ltd TITUS WU Mizuho Securities OLE HUI Morgan Stanley KEVIN LUO EVA Dimensions TEAM COVERAGE UOB Kay Hian MARK PO Hua Tai Securities Co., Ltd YUNFENG FAN Deutsche Bank EUGENE YEOH First Shanghai Securities Ltd XIAOXIA CHEN Yuanta Securities Investment ConsultingMIN LI Daiwa Securities Capital Markets Co. EDWIN LEE DBS Vickers RACHEL MIU
Source EXCH EXCH EXCH Co File EXCH Short Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH Short MF-AGG MF-AGG EXCH MF-AGG MF-AGG
Recommendation outperform hold outperform overweight buy neutral buy buy overweight outperform buy Overwt/In-Line buy buy buy buy hold buy outperform not rated
Amt Held % Out 45'120'224 9.89 36'603'000 8.03 30'235'472 6.63 27'207'700 5.97 24'472'313 5.37 (24'420'473) -5.35 23'544'000 5.16 22'688'000 4.97 22'186'000 4.86 22'138'000 4.85 21'909'138 4.8 21'800'000 4.78 21'622'630 4.74 18'778'121 4.12 (16'749'357) -3.67 16'577'939 3.63 15'162'000 3.32 10'578'000 2.32 8'333'000 1.83 8'096'000 1.78
Weighting 5 3 5 5 5 3 5 5 5 5 5 5 5 5 5 5 3 5 5 #N/A N/A
Change M M N M M M M M M D M M M M N N D M M N
Latest Chg 780'307 1'114'943 (1'218'465) (205'000) 149'000 (740'000) 5'490'000 395'000
Target Price 23 16 25 22 24 18 23 28 25 20 21 25 #N/A N/A 19 #N/A N/A 22 22 29 27 #N/A N/A
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt Inst Type 13.02.2012 Investment Advisor 29.02.2012 Investment Advisor 06.03.2012 Investment Advisor 31.12.2010 Insurance Company 07.03.2012 Investment Advisor 07.03.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 12.04.2010 Investment Advisor 08.02.2012 Investment Advisor 25.11.2011 Investment Advisor 01.03.2012 Investment Advisor 05.11.2010 Investment Advisor 06.02.2012 Investment Advisor 19.09.2011 Investment Advisor 01.03.2012 Investment Advisor 31.12.2011 Investment Advisor 30.09.2011 Mutual Fund Manager 14.02.2012 Investment Advisor 30.06.2011 Investment Advisor 08.03.2012 Investment Advisor
Date 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided
Date 12.03.2012 12.03.2012 28.02.2012 27.02.2012 20.02.2012 09.02.2012 20.01.2012 19.01.2012 30.12.2011 28.12.2011 20.12.2011 07.12.2011 30.11.2011 24.10.2011 20.10.2011 25.08.2011 09.08.2011 08.08.2011 04.08.2011 07.01.2009
09.07.2013
China Zhongwang Holdings Ltd China zhongwang Holdings limited is principally engaged in the production of high precision, large-section and industrial aluminium extrusion products. The Company's products are widely used in the transportation sector (including railway passenger and cargo carriages, metropolitan rails, automobiles, heavy trucks, vessels, aviation and aerospace, as well as machinery equipment.
Price/Volume
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1333 HK EQUITY YTD Change 1333 HK EQUITY YTD % CHANGE
12/2012 09/yy 3.28 2.15 406'800.00 2.3 -29.88% 6.98% 13.27% 5'406.3 12'434.50 11'830.47 0.0 0.0 7'890.14 13'766.26
Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E
45.0 M
4
40.0 M
4
35.0 M
3
30.0 M
3
25.0 M
2
20.0 M
2
15.0 M
1
10.0 M
1
5.0 M
0 m-11
31.12.2009 31.12.2010 13'852.7 10'521.9 1.75x 1.02x 5'332.8 4'400.6 4.55x 2.44x 3'528.8 2'595.9 7.63x 7.65x Profitability
31.12.2011 10'305.7 0.79x 2'265.0 3.61x 1'105.0 10.79x
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover
31.12.2012 13'497.2 1.22x 3'024.4 5.46x 1'806.8 7.04x 3'024.38 2'569.56 19.04% 17.36% 5.88% 10.89% 7.86% 0.44% 24.2% 22.4% 19.0% 13.4% 1.21 0.81 35.16% 67.57% 21.01 3.17
Price/ Cash Flow
m-11
j-11
LTM-4Q
LTM
09/yy 12'113.1 1.43x 0.0 0.00x 3'329.2 0.00x
09/yy 8'542.1 2.14x 0.0 0.00x 702.7 17.04x
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
0.00 0.91 1'402.11 -21.50% -20.42% 0.909 2 4.000 836'401 1'816'575 2'377'525
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
S&P Issuer Ratings
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle
-
5.53 -8.38 1.30 3.91 67.6% 40.3% 0.44 1.51 17.42 115.63 93.13 39.92
Sales/Revenue/Turnover
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00 04.01.2008
.0 M a-11
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month
Fiscal Year Ended 31.12.2008 11'264.4 3'207.1 1'910.4 -
5
0.0 04.07.2008
04.01.2009
04.07.2009
04.01.2010
04.07.2010
04.01.2011
04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
09.07.2013
China Zhongwang Holdings Ltd Holdings By:
All
Holder Name VANGUARD GROUP INC PRUDENTIAL ASSET MAN SCHRODER INVESTMENT DIMENSIONAL FUND ADV BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV MANULIFE ASSET MANAG ROBECO FUND MANAGEME ROBECO INVESTOR SERV DEKA INTERNATIONAL S CLAYMORE ADVISORS LL SKANDIA FONDER AB BLACKROCK GROUP LIMI SANPAOLO IMI ASSET M EATON VANCE MANAGEME VALIC CO I LOMBARD ODIER DARIER LEGAL & GENERAL GROU BLACKROCK ASSET MGMT CB-ACCENT LUX SICAV
Firm Name EVA Dimensions BOCOM International Holdings AM Capital Ltd SWS Research Co Ltd HSBC
Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Analyst TEAM COVERAGE RONGJIN LUO ERIC TOMTER ZHENG DI SARAH MAK
Source MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Recommendation hold neutral hold neutral neutral
Amt Held 58'015'302 33'837'600 6'120'000 4'487'015 3'997'200 3'419'579 3'017'400 2'892'400 2'672'000 2'500'000 1'772'000 1'442'800 1'283'600 1'077'999 1'005'200 958'800 842'000 801'682 783'900 700'000
% Out 1.07 0.63 0.11 0.08 0.07 0.06 0.06 0.05 0.05 0.05 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01
Weighting
Change 3 3 3 3 3
U M M M M
Latest Chg (484'800) (311'600) 22'000 350'000 (2'000) 958'800 -
Target Price #N/A N/A 4 4 3 4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
File Dt 31.12.2011 31.12.2010 31.12.2011 30.11.2011 08.03.2012 31.08.2011 30.04.2011 31.12.2011 31.12.2011 30.09.2011 09.03.2012 30.09.2011 08.03.2012 30.06.2011 31.12.2011 30.11.2011 30.12.2011 31.01.2012 08.03.2012 31.01.2012
Date Not Provided 12 month Not Provided Not Provided Not Provided
Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager
Date 20.02.2012 09.02.2012 14.11.2011 19.10.2011 11.03.2011