Fundamental Analysis & Analyst Recommendations - China Railway.pdf

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 November 2012

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

12742083

1802.0005

1092

1092

201

211

211

99.16

103.92

103.92

13.92

13.92

13.28

13.28

19.03

Euro Stoxx 50 Pr

EUR

2318722

5287.7918

4552

4552

751

766

766

135.10

295.91

295.91

29.23

14.40

13.35

13.35

20.40

NIKKEI 225

JPY

2075503

474.32862

223

223

29

46

46

4.82

6.94

6.94

0.29

0.22

0.20

0.20

0.14

FTSE 100 INDEX

GBP

2540149

11218.591

9361

9361

1570

1633

1633

674.86

814.88

814.88

21.52

19.23

17.83

17.83

26.15

SWISS MARKET INDEX

CHF

889558

10190.951

3889

3889

827

790

790

366.65

514.50

514.50

20.20

17.94

14.40

14.40

22.55

S&P/TSX COMPOSITE INDEX

CAD

1640651

16521.972

7727

7727

1888

1928

1928

803.64

843.71

843.71

15.14

15.14

14.42

14.42

25.01

S&P/ASX 200 INDEX

AUD

1247722

6127.9058

2904

2904

653

698

698

268.14

345.51

345.51

17.68

14.83

13.72

13.72

24.12

HANG SENG INDEX

HKD

1599195

3082.598

1448

1448

345

360

360

251.85

246.18

246.18

1.40

1.49

1.43

1.43

3.09

MSCI EM

USD

7240012

1403.2809

993

993

181

186

186

79.50

86.75

86.75

12.44

12.72

11.40

11.40

18.68

MTR CORP

HKD

21852.39

1179

5785

4.39

0.00

0.02

2.43

23.63

4312

4439

4578

4796

2535

2483

1762

1762

0.33

0.28

0.20

0.20

1.75

-

2.42

2.42

1.71

4.16

4.05

1.60

7.22

AAA

16.12.2010

Aa1

11.11.2010

CSR CORP LTD - H

HKD

10580.47

16607

11840

3.49

0.00

0.71

2.98

10.89

10260

10555

11139

12669

943

949

-

-

0.04

0.04

0.04

0.05

2.19

-

2.18

1.89

3.10

3.67

6.18

4.72

1.16

-

-

-

-

CHINA RAILWAY GROUP LTD-H

HKD

9988.65

36077

21300

16.85

0.00

1.20

7.78

23.75

57056

54009

58974

63354

2448

2530

2556

2556

0.04

0.04

0.04

0.05

1.37

1.34

1.34

1.19

-0.39

2.96

2.69

3.45

0.60

-

-

-

-

CHINA HIGH SPEED TRANSMISSIO

HKD

457.15

7551

1363

1.06

0.00

0.02

0.28

1.28

919

933

892

931

189

-

179

179

0.05

0.03

0.03

0.04

1.00

-

1.03

0.86

-0.47

4.23

-3.19

6.05

-

-

-

-

-

CHINA RAILWAY CONSTRUCTION-H

HKD

10889.32

17264

12338

12.99

0.00

0.13

10.39

10.17

57199

53861

59688

64672

2816

2876

2941

2941

0.09

0.08

0.08

0.09

1.40

-

1.33

1.20

-0.36

-

6.61

4.44

0.69

-

-

-

-

GUANGSHEN RAILWAY CO LTD-H

HKD

2800.41

2129

7084

0.45

0.00

0.01

0.65

2.00

1895

1883

1882

1992

514

461

438

438

0.03

0.03

0.02

0.03

1.21

1.18

1.41

1.28

1.15

1.01

1.39

3.33

3.16

-

-

-

-

ZHUZHOU CSR TIMES ELECTRIC-H

HKD

3175.61

1262

1084

0.10

0.00

0.02

0.28

2.55

913

913

899

1086

181

181

-

-

0.14

0.14

0.13

0.17

2.16

2.16

2.38

1.79

2.76

5.52

1.38

4.38

2.56

-

-

-

-

CHINA ZHONGWANG HOLDINGS LTD

HKD

2085.65

2824

5406

1.08

0.00

0.00

1.53

1.94

1330

1666

1726

2043

292

398

-

-

0.03

0.04

0.04

0.05

0.97

-

0.97

0.87

-0.27

-

-6.26

1.75

3.08

-

-

-

-

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

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.04

2.04

1.86

1.70

2.04

1.26

1.26

1.22

1.17

1.26

9.06

9.06

8.57

8.29

9.06

8.56

8.56

8.00

7.45

8.56

13.28

13.28

12.01

10.74

13.28

2.30

2.30

2.49

2.69

2.30

1601.7

16.1%

Euro Stoxx 50 Pr

1.10

1.10

1.04

0.98

1.10

0.68

0.68

0.67

0.65

0.68

5.02

5.02

4.78

4.44

5.02

6.90

6.90

6.62

6.26

6.90

10.53

10.53

9.65

8.75

10.53

4.34

4.34

4.80

5.16

4.34

2740.1

11.6%

NIKKEI 225

1.06

1.06

0.99

0.93

1.06

0.49

0.49

0.46

0.46

0.49

6.31

6.31

5.72

5.44

6.31

10.36

10.36

6.14

5.36

10.36

15.76

15.76

13.23

10.64

15.76

2.38

2.38

2.40

2.73

2.38

9784.9

13.0%

FTSE 100 INDEX

1.60

1.60

1.48

1.38

1.60

0.98

0.98

0.96

0.92

0.98

7.44

7.44

6.80

5.50

7.44

6.87

6.87

6.39

5.98

6.87

11.23

11.23

10.29

9.39

11.23

4.13

4.13

4.33

4.64

4.13

6351.1

10.1%

SWISS MARKET INDEX

2.14

2.14

2.00

1.85

2.14

1.81

1.81

1.71

1.62

1.81

11.82

11.82

10.31

9.10

11.82

12.89

12.89

11.89

11.07

12.89

13.68

13.68

12.39

11.22

13.68

3.53

3.53

3.84

4.21

3.53

7273.6

8.8%

S&P/TSX COMPOSITE INDEX

1.67

1.67

1.54

1.44

1.67

1.58

1.58

1.47

1.38

1.58

8.52

8.52

7.62

7.07

8.52

8.57

8.57

7.41

6.80

8.57

14.44

14.44

12.52

11.36

14.44

3.05

3.05

3.22

3.29

3.05

14199.6

16.5%

S&P/ASX 200 INDEX

1.65

1.65

1.56

1.47

1.65

1.57

1.57

1.46

1.39

1.57

9.67

9.67

8.78

6.58

9.67

8.78

8.78

7.73

7.15

8.78

13.19

13.19

11.80

10.83

13.19

4.95

4.95

5.31

5.71

4.95

4732.3

8.0%

HANG SENG INDEX

1.37

1.37

1.26

1.16

1.37

1.89

1.89

1.75

1.62

1.89

7.09

7.09

6.54

6.23

7.09

8.57

8.57

7.78

7.14

8.57

11.11

11.11

10.25

9.30

11.11

3.49

3.49

3.74

4.07

3.49

23191.6

9.4%

MSCI EM

1.51

1.51

1.36

1.24

1.51

1.00

1.00

0.93

0.87

1.00

7.12

7.12

6.46

5.14

7.12

7.53

7.53

6.86

6.23

7.53

11.40

11.40

9.99

9.01

11.40

2.89

2.89

3.07

3.42

2.89

1136.6

14.9%

MTR CORP

1.34

1.24

1.19

1.16

5.22

4.77

4.56

4.24

22.67

27.21

16.48

16.40

13.72

13.41

12.90

12.07

17.80

18.73

18.74

16.25

2.32

2.66

2.71

2.85

30.42

4.0%

CSR CORP LTD - H

2.55

2.18

1.96

1.78

0.81

0.76

0.67

0.59

0.58

25.99

14.64

9.47

8.13

12.19

11.21

9.77

8.36

16.45

16.93

14.64

12.59

11.55

1.23

1.62

1.89

1.98

1.73

6.01

-7.1%

CHINA RAILWAY GROUP LTD-H

0.99

0.91

0.82

0.74

0.13

0.14

0.13

0.12

0.12

36.60

8.49

9.18

7.07

11.04

9.29

8.48

7.90

12.57

10.40

9.20

8.19

7.84

1.49

1.58

1.73

1.95

2.43

4.12

0.7%

CHINA HIGH SPEED TRANSMISSIO

0.37

0.37

0.35

0.34

0.32

0.41

0.41

0.39

0.39

0.36

8.36

1.43

2.15

2.75

6.39

7.13

6.60

6.64

6.52

3.76

7.97

6.65

6.45

5.36

6.46

2.78

3.40

2.82

2.87

2.49

-4.0%

CHINA RAILWAY CONSTRUCTION-H

1.26

1.15

1.03

0.93

0.83

0.15

0.15

0.14

0.13

0.14

41.33

4.49

3.40

4.15

3.46

3.14

2.87

3.18

11.77

10.33

9.27

8.28

6.96

2.19

1.75

1.95

2.22

4.23

8.66

5.3%

GUANGSHEN RAILWAY CO LTD-H

0.60

0.59

0.57

0.55

1.21

1.20

1.13

1.07

5.05

5.47

5.05

4.70

3.94

4.57

4.23

3.70

8.38

10.95

9.92

7.97

5.11

3.83

4.16

5.30

2.72

3.5%

ZHUZHOU CSR TIMES ELECTRIC-H

3.71

3.20

2.73

2.37

2.73

2.84

2.35

2.00

23.00

21.11

15.69

13.08

12.96

13.72

10.90

9.09

16.20

18.48

13.91

11.72

2.23

1.81

2.35

2.93

21.25

-6.4%

CHINA ZHONGWANG HOLDINGS LTD

0.79

0.74

0.66

1.35

0.97

0.82

13.35

7.51

6.77

1.20

2.14

1.69

2.46

13.31

6.69

7.84

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 |

10.60

3.78


Latest Fiscal Year: 52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume

Current Price (11/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

12/2011 30.30 26.10.2012 23.60 24.11.2011 1'178'927

12/2011 6.86 12.11.2012 4.05 09.01.2012 16'607'000

12/2011 4.41 12.11.2012 2.20 25.11.2011 36'076'850

12/2011 5.63 10.02.2012 2.07 31.07.2012 7'550'888

12/2011 8.83 12.11.2012 4.00 09.01.2012 17'264'000

12/2011 3.16 24.02.2012 2.16 06.09.2012 2'129'242

12/2011 24.40 07.11.2012 14.94 09.01.2012 1'262'126

12/2011 3.42 27.02.2012 2.48 18.11.2011 2'823'600

29.25

6.47

4.09

2.60

8.23

2.63

22.70

2.99

-3.5% 23.9% 5'784.9

-5.7% 59.8% 11'840.0

-7.3% 85.9% 21'299.9

-53.8% 25.6% 1'362.7

-6.8% 105.8% 12'337.5

-16.8% 21.8% 7'083.5

-7.0% 51.9% 1'084.3

-12.6% 20.6% 5'406.3

169'366.9

82'004.0

77'417.0

3'543.1

84'397.7

21'704.6

24'612.6

16'164.9

Minority Interest Cash and Equivalents

34'046.0 186.0 18'852.0

27'040.8 5'526.3 23'104.3

130'576.0 9'330.0 60'314.0

8'187.8 149.5 2'174.6

100'663.6 970.4 80'520.6

3'478.6 52.8 5'052.8

769.9 121.0 2'158.8

8'356.2 11'853.5

Enterprise Value

183'131.9

84'409.5

184'037.7

9'895.6

78'847.4

15'512.2

19'797.4

15'058.7

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

33'423.0 34'408.0 35'477.9 37'168.9 5.0x 4.8x 5.2x 5.0x 19'648.0 19'247.0 13'657.2 14'192.9 8.5x 8.7x 13.5x 13.1x 2.55 2.16 1.56 1.56 13.5x 18.7x 18.7x 13.2% 32.2% 31.4% 12.4% 55.9% 38.5% 38.2%

79'517.0 81'803.7 86'330.8 98'192.9 1.0x 1.0x 0.8x 0.7x 7'310.0 7'352.0 7'528.4 8'642.6 10.9x 10.9x 8.7x 7.6x 0.33 0.31 0.31 0.36 17.0x 16.9x 14.6x 24.0% 28.5% 47.9% 36.6% 9.0% 8.7% 8.8%

442'216.0 418'599.0 457'078.5 491'024.4 0.4x 0.4x 0.3x 0.3x 18'977.0 19'609.0 19'813.3 21'702.4 8.5x 8.2x 7.7x 7.3x 0.32 0.31 0.32 0.36 10.6x 10.4x 10.4x 9.2x (3.1%) 23.0% 20.9% 26.7% 4.7% 4.3% 4.4%

7'120.7 7'230.7 6'915.1 7'212.8 1.4x 1.3x 1.1x 1.0x 1'463.3 1'388.7 1'499.7 6.6x 5.5x 5.0x 0.38 0.27 0.26 0.31 7.8x 8.0x 6.7x (3.7%) 32.8% (24.7%) 46.9% 20.1% 20.8%

443'319.3 417'448.9 462'610.0 501'239.8 0.2x 0.2x 0.2x 0.2x 21'822.9 22'290.2 22'792.9 25'072.2 4.1x 4.0x 3.9x 3.6x 0.68 0.61 0.64 0.71 10.8x 10.3x 9.3x (2.8%) 51.3% 34.4% 5.3% 4.9% 5.0%

14'690.8 14'596.7 14'583.3 15'440.4 0.8x 0.8x 1.1x 1.0x 3'980.0 3'571.8 3'397.6 3'665.3 2.9x 3.2x 4.7x 4.2x 0.26 0.23 0.19 0.21 9.4x 9.1x 10.9x 9.9x 8.9% 7.9% 10.8% 25.8% 24.5% 23.3% 23.7%

7'079.1 7'079.1 6'964.4 8'419.8 1.9x 1.9x 2.6x 2.1x 1'402.0 1'402.0 1'443.1 1'815.5 9.8x 9.8x 12.7x 9.9x 1.09 1.09 0.99 1.31 16.7x 16.7x 18.5x 13.9x 21.4% 42.8% 10.7% 33.9% 19.8% 20.7% 21.6%

10'305.7 12'909.4 13'377.0 15'836.0 1.5x 1.2x 2'265.0 3'084.7 6.7x 4.9x 0.20 0.32 0.32 0.36 7.6x 7.5x 6.8x (2.1%) (48.5%) 13.6% 23.9% -

Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense

26.4% 20.9% 1.931x 0.705x 16.525x

119.9% 49.1% 3.136x 1.478x 6.888x

181.7% 61.7% 7.676x 4.897x 2.989x

AAA 16.12.2010 Aa1 11.11.2010

-

-

109.6% 51.8% 3.761x

155.5% 60.5% 4.627x 1.024x 5.926x

13.7% 12.1% 0.975x -0.542x 22.844x

14.5% 12.4% 0.549x -0.991x 42.973x

53.3% 34.8% 3.991x 0.672x 4.884x

-

-

-

-

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 129'709.0 124'259.4 135'417.1 146'816.9 1.5x 1.5x 1.6x 1.5x 9'608.5 10'936.7 10'003.0 10'941.5 7.3x 7.1x 8.1x 7.2x 0.73 0.66 0.57 0.65 11.7x 12.1x 12.7x 11.1x 7.0% 27.8% 12.4% 28.8% 20.4% 17.2% 17.5% Average 84.3% 37.9% 3.3x 1.0x 13.3x

Median 24'056.9 24'502.3 25'030.6 26'502.5 1.2x 1.1x 1.1x 1.0x 5'645.0 7'352.0 7'528.4 8'642.6 7.6x 8.2x 7.7x 7.3x 0.35 0.31 0.32 0.36 10.7x 10.4x 10.7x 9.6x 3.4% 30.3% 15.8% 30.3% 19.8% 20.1% 20.8% Median 81.4% 41.9% 3.1x 0.7x 6.4x


13.11.2012

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

12.0 M

30

10.0 M

25

8.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (24.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.11.2012 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

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

10

2.0 M

5 0 m-11

31.12.2008 31.12.2009 17'628 18'797 7.47x 9.63x 15'971.0 14'774.0 8.25x 12.25x 8'284.0 9'639.0 12.22x 15.86x Profitability

31.12.2010 29'518 6.16x 14'956.0 12.16x 12'059.0 13.48x

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

31.12.2011 33'423 4.90x 16'411.0 9.97x 14'716.0 9.86x 19'648.00 13'236.00 39.60% 52.86% 6.31% 9.60% 8.13% 0.17% 55.9% 37.3% 44.0% 1.10 0.86 17.21% 26.42% 10.69 -

Price/ Cash Flow

j-11

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 -

2.60 0.71 1'354.88 20.04% 19.56% 0.707 16 3.875 2'298'057 3'043'525 2'784'894 FY+2

12/12 Y 12/13 Y 35'478 37'169 5.20x 5.01x 13'657.2 14'192.9 13.41x 12.90x 9'023 9'187 18.73x 18.74x 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+ 16.52 8.08 0.70 1.93 26.4% 20.9% 0.17 0.25 34.23 -

Sales/Revenue/Turnover

40.00

40'000.0

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

.0 M a-11 m-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 31.12.2007 10'690 18.17x 15'383.0 12.62x 15'180.0 10.55x

6.0 M

15

12/2011 01/yy 30.30 23.60 1'178'927.00 29.25 -3.47% 23.94% 88.06% 5'790.3 169'366.94 34'046.00 0.0 186.0 18'852.00 183'131.94

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


13.11.2012

MTR Corp Ltd Holdings By:

All

Holder Name FINANCIAL SECRETARY EXCHANGE FUND BLACKROCK FUND ADVIS ABERDEEN ASSET MANAG VANGUARD GROUP INC STATE STREET GLOBAL INVESCO LTD JP MORGAN ASSET MGMT GAM INTERNATIONAL MA FIDELITY MANAGEMENT NISSAY ASSET MANAGEM SWISSCANTO FONDSLEIT NEW JERSEY DIVISION BLACKROCK GROUP LIMI RBC GLOBAL ASSET MAN HI ASSET MANAGEMENT SKANDIA GLOBAL FUNDS AXA ROSENBERG INTL FRANK RUSSELL TRUST AMUNDI LUXEMBOURG SA

Firm Name EVA Dimensions Credit Suisse CLSA Asia Pacific Markets AMTD Financial Planning Limited Morgan Stanley JPMorgan Jefferies Citi Daiwa Securities Capital Markets Co. Goldman Sachs GuoSen Securities Co Ltd DBS Vickers Deutsche Bank Credit Suisse Piper Jaffray Kim Eng Securities

Portfolio Name n/a n/a 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 CUSSON LEUNG DANIE SCHUTTE KENNY TANG SING HING PRAVEEN K CHOUDHARY BENJAMIN LO JULIAN BU MICHAEL BEER JONAS KAN SIMON CHEUNG MICHAEL NG JEFF YAU TONY TSANG FELIX RUSLI HONGBO B LU IVAN CHEUNG

Source Co File Co File 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 buy outperform outperform buy Overwt/In-Line neutral hold buy outperform neutral/neutral buy buy not rated outperform neutral hold

Amt Held 4'434'552'207 32'325'625 21'204'583 15'058'485 13'992'587 12'901'741 10'772'105 6'781'500 5'509'337 3'439'916 2'743'500 2'725'991 2'699'684 2'200'093 2'034'500 1'590'000 1'541'524 1'400'500 1'276'666 1'089'500

% Out 76.66 0.56 0.37 0.26 0.24 0.22 0.19 0.12 0.1 0.06 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02

Weighting

Change

5 5 5 5 5 3 3 5 5 3 5 5 #N/A N/A 5 3 3

U M U N M M M M M M N M M M M M

Latest Chg (27'500) 2'262'000 336'500 159'757 361'500 (2'278'000) (2'708'500) 2'000 (60'000) (1'351'882) (22'000) 1'634'500 662'500 (82'106) 13'500

Target Price #N/A N/A 32 32 29 31 25 27 31 29 29 30 31 #N/A N/A 36 33 31

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 31.12.2010 08.03.2012 31.01.2012 31.12.2011 30.06.2011 09.03.2012 14.01.2011 31.01.2012 31.01.2012 21.11.2011 30.12.2011 31.12.2011 08.03.2012 31.10.2011 30.09.2011 31.10.2011 30.09.2011 31.12.2011 30.12.2011

Date Not Provided Not Provided Not Provided Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month

Inst Type Government n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 13.03.2012 09.03.2012 09.03.2012 09.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 27.02.2012 20.02.2012 27.01.2012 01.03.2011 21.02.2011 11.08.2010 10.03.2010


13.11.2012

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 (12.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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 6.86 4.05 16'607'000.00 6.47 -5.69% 59.75% 97.86% 2'024.0 82'003.95 27'040.77 0.0 5'526.3 23'104.34 84'409.48

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 31.12.2007 26'803.5 1'691.7 613.0 -

10 9 8 7 6 5 4 3 2 1 0 m-11

31.12.2008 31.12.2009 35'092.8 45'620.8 1.37x 1.49x 2'788.2 3'293.5 17.27x 20.63x 1'384.2 1'678.2 27.45x 40.07x Profitability

LTM-4Q 31.12.2010 64'132.4 1.55x 4'943.7 20.10x 2'526.3 35.45x

31.12.2011 79'517.0 0.85x 7'310.0 9.27x 3'864.2 13.28x 7'310.01 5'772.40 7.26% 6.84% 3.82% 14.54% 9.45% 0.84% 18.7% 9.0% 6.9% 4.9% 1.07 0.69 29.14% 119.85% 2.51 3.57

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

3.46 1.69 1'842.31 38.78% 51.29% 1.689 25 3.720 18'684'950 19'683'830 18'957'320 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 86'330.8 98'192.9 0.76x 0.67x 7'528.4 8'642.6 11.21x 9.77x 4'063.4 4'832.1 16.93x 14.64x 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

6.89 1.14 1.48 3.14 119.9% 49.1% 0.84 3.32 145.92 102.50 145.14 60.45

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 |


13.11.2012

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


13.11.2012

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 (12.11.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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

12/2011 01/yy 4.41 2.20 36'076'850.00 4.09 -7.26% 85.91% 98.64% 4'207.4 77'417.02 130'576.00 0.0 9'330.0 60'314.00 184'037.72

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

31.12.2008 31.12.2009 227'245.5 334'045.0 0.55x 0.43x 10'036.8 12'946.0 12.52x 11.00x 1'115.2 6'875.0 94.59x 16.47x Profitability

31.12.2010 456'162.0 0.29x 15'702.0 8.38x 7'398.0 13.71x

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

31.12.2011 442'216.0 0.30x 18'977.0 6.90x 6'690.0 6.28x 18'977.00 12'610.00 2.85% 2.26% 1.41% 9.34% 5.01% 0.90% 7.3% 4.7% 3.2% 1.5% 1.18 0.52 27.87% 181.74% 4.35 2.48

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 -

1.46 1.66 4'207.39 61.83% 71.15% 1.656 25 4.000 37'858'330 26'994'810 25'070'050 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 457'078.5 491'024.4 0.33x 0.32x 19'813.3 21'702.4 9.29x 8.48x 6'754.9 7'526.1 10.40x 9.20x 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

2.99 1.67 4.90 7.68 181.7% 61.7% 0.90 9.08 84.04 147.47 133.94 73.77

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 31.12.2007 178'697.3 1.11x 7'253.8 27.40x 3'228.3 41.87x

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 |


13.11.2012

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


13.11.2012

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 (10.02.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 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

12/2011 01/yy 5.63 2.07 7'550'888.00 2.6 -53.82% 25.60% 14.89% 1'362.7 3'543.13 8'187.82 0.0 149.5 2'174.59 9'895.60

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 31.12.2007 1'904.8 12.33x 292.2 80.34x 306.7 67.10x

4

31.12.2008 31.12.2009 3'439.2 5'647.0 3.35x 4.11x 692.0 1'609.5 16.65x 14.42x 692.4 966.4 14.75x 21.40x Profitability

31.12.2010 7'392.6 2.33x 1'943.8 8.88x 1'383.6 9.45x

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

31.12.2011 7'120.7 1.39x 1'463.3 6.78x 557.0 6.78x 1'463.32 897.93 12.61% 9.76% 1.98% 4.99% 4.27% 0.39% 25.5% 11.2% 7.8% 1.28 0.84 44.50% 109.57% 1.69 2.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.62 1'012.91 -41.83% -23.53% 1.619 18 2.556 16'108'580 13'633'240 8'837'452 FY+2

12/12 Y 12/13 Y 6'915.1 7'212.8 1.10x 1.03x 1'388.7 1'499.7 7.13x 6.60x 320.4 399.5 7.97x 6.65x 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

-

-

3.76 0.77 109.6% 51.8% 0.39 1.16 216.07 129.60 152.18 244.50

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 |


13.11.2012

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


13.11.2012

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 (12.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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

12/2011 09/yy 8.83 4.00 17'264'000.00 8.23 -6.80% 105.75% 98.55% 2'076.3 84'397.71 100'663.65 0.0 970.4 80'520.57 78'847.38

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 31.12.2007 171'997.4 7'374.3 2'300.8 -

40.0 M

4

Valuation Analysis

31.12.2008 31.12.2009 219'410.2 344'976.2 0.43x 0.22x 9'883.9 13'754.6 9.44x 5.41x 3'643.8 6'599.1 31.36x 16.38x Profitability

LTM-4Q 31.12.2010 456'187.2 0.18x 14'427.2 5.59x 4'246.2 23.34x

31.12.2011 443'319.3 0.14x 21'822.9 2.93x 7'854.3 5.42x 21'822.93 12'435.13 2.81% 2.27% 1.77% 11.66% 6.98% 1.00% 7.7% 5.3% 3.1% 1.8% 1.13 0.46 23.80% 155.47% 7.40 3.47

LTM

FY+1

1.51 1.47 1'887.54 68.87% 95.70% 1.474 26 4.308 19'185'860 18'566'870 15'610'750 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 0.0 109'391.7 462'610.0 501'239.8 #DIV/0! 0.62x 0.19x 0.18x 0.0 0.0 22'792.9 25'072.2 0.00x 0.00x 3.46x 3.14x 0.0 1'350.6 7'926.2 8'649.0 0.00x 0.00x 10.33x 9.27x 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

5.93 2.65 1.02 4.63 155.5% 60.5% 1.00 9.39 49.44 105.53 156.95 52.72

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 |


13.11.2012

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


13.11.2012

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 (24.02.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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

12/2011 09/yy 3.16 2.16 2'129'242.00 2.63 -16.77% 21.76% 52.00% 1'431.3 21'704.55 3'478.57 0.0 52.8 5'052.76 15'512.24

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 31.12.2007 10'269.1 5.97x 2'764.0 22.17x 1'430.8 26.48x

2

31.12.2008 31.12.2009 11'414.8 12'385.8 2.36x 2.65x 2'916.9 3'256.3 9.24x 10.09x 1'211.8 1'342.5 14.82x 14.69x Profitability

LTM-4Q 31.12.2010 13'484.4 1.74x 3'593.4 6.53x 1'486.1 12.35x

31.12.2011 14'690.8 0.97x 3'980.0 3.59x 1'804.1 8.92x 3'980.00 2'583.17 17.58% 16.19% 4.94% 6.30% 5.94% 0.46% 24.5% 14.8% 12.3% 2.00 1.84 10.80% 13.73% 24.79 -

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

0.76 1'431.30 1.34% 0.23% 0.757 10 3.600 2'140'279 3'855'703 3'531'246 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 14'583.3 15'440.4 1.09x 1.00x 3'397.6 3'665.3 4.57x 4.23x 1'388.2 1'548.2 10.95x 9.92x 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

22.84 17.43 -0.54 0.97 13.7% 12.1% 0.46 0.58 14.77 -

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 |


13.11.2012

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


13.11.2012

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 (07.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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

12/2011 09/yy 24.40 14.94 1'262'126.00 22.7 -6.97% 51.94% 87.32% 456.1 24'612.60 769.94 0.0 121.0 2'158.81 19'797.45

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 31.12.2007 1'541.8 6.62x 371.4 27.48x 347.4 33.62x

35

31.12.2008 31.12.2009 2'119.3 3'325.6 2.43x 4.34x 452.8 685.0 11.40x 21.06x 422.3 530.9 14.11x 28.57x Profitability

LTM-4Q 31.12.2010 5'831.3 4.68x 1'266.7 21.56x 852.1 32.78x

31.12.2011 7'079.1 1.94x 1'402.0 9.77x 1'184.4 12.67x 1'402.00 1'267.09 17.90% 19.51% 15.12% 24.36% 21.30% 0.90% 34.4% 19.8% 17.9% 16.7% 2.24 1.48 8.90% 14.48% 3.66 2.85

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

0.00 1.65 456.11 21.76% 36.07% 1.646 20 3.550 2'547'401 3'657'194 3'110'909 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 6'964.4 8'419.8 2.63x 2.13x 1'443.1 1'815.5 13.72x 10.90x 1'082.0 1'399.6 18.48x 13.91x 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

42.97 32.18 -0.99 0.55 14.5% 12.4% 0.90 4.52 99.60 128.08 74.17 153.51

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 |


13.11.2012

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


13.11.2012

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 (27.02.2012) 52-Week Low (18.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 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

12/2011 09/yy 3.42 2.48 2'823'600.00 2.99 -12.57% 20.56% 54.26% 5'406.3 16'164.86 8'356.20 0.0 0.0 11'853.51 15'058.67

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

31.12.2008 31.12.2009 11'264.4 13'852.7 1.75x 3'207.1 5'332.8 4.55x 1'910.4 3'528.8 7.63x Profitability

31.12.2010 10'521.9 1.02x 4'400.6 2.44x 2'595.9 7.65x

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

31.12.2011 10'305.7 0.79x 2'265.0 3.61x 1'105.0 10.79x 2'265.01 1'870.19 18.15% 14.83% 5.83% 10.92% 7.47% 0.43% 21.6% 23.9% 20.3% 10.7% 1.83 1.45 30.09% 53.30% 22.82 4.21

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

FY+1

0.00 0.88 1'402.11 17.72% 12.41% 0.877 2 4.000 4'652'916 4'429'957 3'079'616 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 13'377.0 15'836.0 1'864.0 2'062.0 7.51x 6.77x 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

4.88 -0.69 0.67 3.99 53.3% 34.8% 0.43 1.64 16.04 86.85 43.87 45.65

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 31.12.2007 7'521.3 1'699.6 852.2 -

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 |


13.11.2012

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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