Fundamental Analysis & Analyst Recommendations - China Railway

Page 1

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations 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


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